<SEC-DOCUMENT>0001104659-21-042819.txt : 20210329
<SEC-HEADER>0001104659-21-042819.hdr.sgml : 20210329
<ACCEPTANCE-DATETIME>20210329090100
ACCESSION NUMBER:		0001104659-21-042819
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		12
CONFORMED PERIOD OF REPORT:	20201231
FILED AS OF DATE:		20210329
DATE AS OF CHANGE:		20210329

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Vallon Pharmaceuticals, Inc.
		CENTRAL INDEX KEY:			0001824293
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				824369909
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40034
		FILM NUMBER:		21779669

	BUSINESS ADDRESS:	
		STREET 1:		TWO LOGAN SQUARE
		STREET 2:		100 N. 18TH STREET, SUITE 300
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		(267) 207-3606

	MAIL ADDRESS:	
		STREET 1:		TWO LOGAN SQUARE
		STREET 2:		100 N. 18TH STREET, SUITE 300
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>tm2110271d1_10k.htm
<DESCRIPTION>FORM 10-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<HR SIZE="1" ALIGN="CENTER" STYLE="width: 25%">

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;10-K</B></P>

<HR SIZE="1" ALIGN="CENTER" STYLE="width: 25%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Mark&nbsp;One)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 3%"><FONT STYLE="font-size: 10pt"><B><FONT STYLE="font-family: Wingdings">&#120;</FONT></B></FONT></TD>
    <TD STYLE="width: 97%"><FONT STYLE="font-size: 10pt"><B>ANNUAL REPORT PURSUANT TO SECTION&nbsp;13 OR 15(d)&nbsp;OF THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>For the fiscal&nbsp;year ended December 31, 2020</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>or</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B><FONT STYLE="font-family: Wingdings">&#168;</FONT></B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>TRANSITION REPORT PURSUANT TO SECTION&nbsp;13 OR 15(d)&nbsp;OF THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>For the transition period from&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number 001-40034</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>VALLON
PHARMACEUTICALS, INC.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 75%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 49%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>82-4369909</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer Identification No.)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">incorporation and organization)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>100 N. 18<SUP>th</SUP> Street, Suite
        300, Philadelphia, PA&nbsp;&nbsp;19103</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices,
        including zip code)</P></TD>
    <TD STYLE="width: 51%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(267) 207&#45;3606</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&#8217;s telephone number, including
        area code)</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.25in">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Securities registered pursuant to Section&nbsp;12(b)&nbsp;of
the Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 38%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Title of each class</FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 26%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Trading Symbol(s)</FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 32%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Name of each exchange on which registered</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Common Stock, par value $0.0001 per share</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">VLON</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Nasdaq Capital Market</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the registrant is a well-known seasoned
issuer, as defined in Rule&nbsp;405 of the Securities Act. &nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the registrant is not required to
file reports pursuant to Section&nbsp;13 or Section&nbsp;15(d)&nbsp;of the Act. &nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt">Indicate by check mark whether the Registrant (1)&nbsp;has
filed all reports required to be filed by Section&nbsp;13 or 15(d)&nbsp;of the Securities Exchange Act of 1934 during the preceding
12&nbsp;months (or for such shorter period that the Registrant was required to file such reports), and (2)&nbsp;has been subject
to such filing requirements for the past 90&nbsp;days. &nbsp;&nbsp;Yes&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT>&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant has submitted
electronically every Interactive Data File required to be submitted pursuant to Rule&nbsp;405 of Regulation S-T (&sect;232.405
of this chapter) during the preceding 12&nbsp;months (or for such shorter period that the registrant was required to submit such
files). Yes&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT>&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth
company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting
company&#8221; and &#8220;emerging growth company&#8221; in Rule&nbsp;12b&#45;2 of the Exchange Act.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 53%; text-align: justify"><FONT STYLE="font-size: 10pt">Large accelerated filer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="width: 47%; text-align: justify"><FONT STYLE="font-size: 10pt">Accelerated filer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Non-accelerated filer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Smaller reporting company&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></FONT></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section&nbsp;13(a)&nbsp;of the Exchange Act. <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant has filed a report
on and attestation to its management&#8217;s assessment of the effectiveness of its internal control over financial reporting under
Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its
audit report. <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is a shell company
(as defined in Rule&nbsp;12b&#45;2 of the Exchange Act). &nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;
<FONT STYLE="font-family: Wingdings"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of March 1, 2021, the aggregate market value of voting stock
held by non-affiliates of the Registrant, based on the closing price of the Common Stock on March 1, 2021 (the most recent practicable
date after the initial public offering of the Company&#8217;s common stock, consummated on February 12, 2021) as quoted on the
Nasdaq Capital Market, was approximately $25.1 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of March 15, 2021, 6,811,122 shares of the Registrant&#8217;s
Common Stock were outstanding.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>VALLON PHARMACEUTICALS, INC. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="color: Black; width: 10%">&nbsp;</TD>
    <TD STYLE="color: Black; width: 80%">&nbsp;</TD>
    <TD STYLE="color: Black; border-bottom: black 1pt solid; width: 10%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Page&nbsp;No.</B></FONT></TD></TR>
<TR STYLE="color: Black; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black"><A HREF="#aa_001"><FONT STYLE="font-size: 10pt"><B>PART&nbsp;I</B>&nbsp;</FONT></A></TD>
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right"><A HREF="#aa_001">1</A></TD></TR>
<TR STYLE="color: Black; background-color: White">
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&nbsp;</TD></TR>
<TR STYLE="color: Black; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black"><A HREF="#aa_002" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Item&nbsp;1.</FONT></A></TD>
    <TD STYLE="color: Black"><A HREF="#aa_002" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Business</FONT></A></TD>
    <TD STYLE="color: Black; white-space: nowrap; text-align: right"><A HREF="#aa_002" STYLE="-sec-extract: exhibit">1</A></TD></TR>
<TR STYLE="color: Black; background-color: White">
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&nbsp;</TD></TR>
<TR STYLE="color: Black; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black"><A HREF="#aa_003" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Item&nbsp;1A.</FONT></A></TD>
    <TD STYLE="color: Black"><A HREF="#aa_003" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Risk Factors</FONT></A></TD>
    <TD STYLE="color: Black; white-space: nowrap; text-align: right"><A HREF="#aa_003" STYLE="-sec-extract: exhibit">22</A></TD></TR>
<TR STYLE="color: Black; background-color: White">
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&nbsp;</TD></TR>
<TR STYLE="color: Black; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black"><A HREF="#aa_004" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Item&nbsp;1B.</FONT></A></TD>
    <TD STYLE="color: Black"><A HREF="#aa_004" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Unresolved Staff Comments</FONT></A></TD>
    <TD STYLE="color: Black; white-space: nowrap; text-align: right"><A HREF="#aa_004" STYLE="-sec-extract: exhibit">59</A></TD></TR>
<TR STYLE="color: Black; background-color: White">
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&nbsp;</TD></TR>
<TR STYLE="color: Black; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black"><A HREF="#aa_005" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Item&nbsp;2.</FONT></A></TD>
    <TD STYLE="color: Black"><A HREF="#aa_005" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Properties</FONT></A></TD>
    <TD STYLE="color: Black; white-space: nowrap; text-align: right"><A HREF="#aa_005" STYLE="-sec-extract: exhibit">59</A></TD></TR>
<TR STYLE="color: Black; background-color: White">
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&nbsp;</TD></TR>
<TR STYLE="color: Black; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black"><A HREF="#aa_006" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Item&nbsp;3.&nbsp;</FONT></A></TD>
    <TD STYLE="color: Black"><A HREF="#aa_006" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Legal Proceedings</FONT></A></TD>
    <TD STYLE="color: Black; white-space: nowrap; text-align: right"><A HREF="#aa_006" STYLE="-sec-extract: exhibit">59</A></TD></TR>
<TR STYLE="color: Black; background-color: White">
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&nbsp;</TD></TR>
<TR STYLE="color: Black; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black"><A HREF="#aa_007" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Item&nbsp;4.&nbsp;</FONT></A></TD>
    <TD STYLE="color: Black"><A HREF="#aa_007" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Mine Safety Disclosures</FONT></A></TD>
    <TD STYLE="color: Black; white-space: nowrap; text-align: right"><A HREF="#aa_007" STYLE="-sec-extract: exhibit">59</A></TD></TR>
<TR STYLE="color: Black; background-color: White">
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&nbsp;</TD></TR>
<TR STYLE="color: Black; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black"><A HREF="#aa_008" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt"><B>PART&nbsp;II</B>&nbsp;</FONT></A></TD>
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right"><A HREF="#aa_008" STYLE="-sec-extract: exhibit">60</A></TD></TR>
<TR STYLE="color: Black; background-color: White">
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&nbsp;</TD></TR>
<TR STYLE="color: Black; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black"><A HREF="#aa_009" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Item&nbsp;5.&nbsp;</FONT></A></TD>
    <TD STYLE="color: Black"><A HREF="#aa_009" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Market for Registrant&#8217;s Common Equity, Related Stockholder Matters
    and Issuer Purchases of Equity Securities</FONT></A></TD>
    <TD STYLE="color: Black; white-space: nowrap; text-align: right"><A HREF="#aa_009" STYLE="-sec-extract: exhibit">60</A></TD></TR>
<TR STYLE="color: Black; background-color: White">
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&nbsp;</TD></TR>
<TR STYLE="color: Black; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black"><A HREF="#aa_010" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Item&nbsp;6.&nbsp;</FONT></A></TD>
    <TD STYLE="color: Black"><A HREF="#aa_010" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Selected Financial Data</FONT></A></TD>
    <TD STYLE="color: Black; white-space: nowrap; text-align: right"><A HREF="#aa_010" STYLE="-sec-extract: exhibit">61</A></TD></TR>
<TR STYLE="color: Black; background-color: White">
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&nbsp;</TD></TR>
<TR STYLE="color: Black; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black"><A HREF="#aa_011" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Item&nbsp;7.&nbsp;</FONT></A></TD>
    <TD STYLE="color: Black"><A HREF="#aa_011" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Management&#8217;s Discussion and Analysis of Financial Condition and
    Results of Operations</FONT></A></TD>
    <TD STYLE="color: Black; white-space: nowrap; text-align: right"><A HREF="#aa_011" STYLE="-sec-extract: exhibit">62</A></TD></TR>
<TR STYLE="color: Black; background-color: White">
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&nbsp;</TD></TR>
<TR STYLE="color: Black; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black"><A HREF="#aa_012" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Item&nbsp;7A.&nbsp;</FONT></A></TD>
    <TD STYLE="color: Black"><A HREF="#aa_012" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Quantitative and Qualitative Disclosures About Market Risk</FONT></A></TD>
    <TD STYLE="color: Black; white-space: nowrap; text-align: right"><A HREF="#aa_012" STYLE="-sec-extract: exhibit">74</A></TD></TR>
<TR STYLE="color: Black; background-color: White">
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&nbsp;</TD></TR>
<TR STYLE="color: Black; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black"><A HREF="#aa_013" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Item&nbsp;8.&nbsp;</FONT></A></TD>
    <TD STYLE="color: Black"><A HREF="#aa_013" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Financial Statements and Supplementary Data</FONT></A></TD>
    <TD STYLE="color: Black; white-space: nowrap; text-align: right"><A HREF="#aa_013" STYLE="-sec-extract: exhibit">74</A></TD></TR>
<TR STYLE="color: Black; background-color: White">
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&nbsp;</TD></TR>
<TR STYLE="color: Black; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black"><A HREF="#aa_014" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Item&nbsp;9.&nbsp;</FONT></A></TD>
    <TD STYLE="color: Black"><A HREF="#aa_014" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Changes In and Disagreements With Accountants on Accounting and Financial
    Disclosure</FONT></A></TD>
    <TD STYLE="color: Black; white-space: nowrap; text-align: right"><A HREF="#aa_014" STYLE="-sec-extract: exhibit">74</A></TD></TR>
<TR STYLE="color: Black; background-color: White">
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&nbsp;</TD></TR>
<TR STYLE="color: Black; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black"><A HREF="#aa_015" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Item&nbsp;9A.&nbsp;</FONT></A></TD>
    <TD STYLE="color: Black"><A HREF="#aa_015" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Controls and Procedures</FONT></A></TD>
    <TD STYLE="color: Black; white-space: nowrap; text-align: right"><A HREF="#aa_015" STYLE="-sec-extract: exhibit">75</A></TD></TR>
<TR STYLE="color: Black; background-color: White">
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&nbsp;</TD></TR>
<TR STYLE="color: Black; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black"><A HREF="#aa_016" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Item&nbsp;9B.&nbsp;</FONT></A></TD>
    <TD STYLE="color: Black"><A HREF="#aa_016" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Other Information</FONT></A></TD>
    <TD STYLE="color: Black; white-space: nowrap; text-align: right"><A HREF="#aa_016" STYLE="-sec-extract: exhibit">76</A></TD></TR>
<TR STYLE="color: Black; background-color: White">
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&nbsp;</TD></TR>
<TR STYLE="color: Black; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black"><A HREF="#aa_017" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt"><B>PART&nbsp;III</B>&nbsp;</FONT></A></TD>
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right"><A HREF="#aa_017" STYLE="-sec-extract: exhibit">77</A></TD></TR>
<TR STYLE="color: Black; background-color: White">
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&nbsp;</TD></TR>
<TR STYLE="color: Black; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black"><A HREF="#aa_018" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Item&nbsp;10.&nbsp;</FONT></A></TD>
    <TD STYLE="color: Black"><A HREF="#aa_018" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Directors, Executive Officers and Corporate Governance</FONT></A></TD>
    <TD STYLE="color: Black; white-space: nowrap; text-align: right"><A HREF="#aa_018" STYLE="-sec-extract: exhibit">77</A></TD></TR>
<TR STYLE="color: Black; background-color: White">
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&nbsp;</TD></TR>
<TR STYLE="color: Black; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black"><A HREF="#aa_019" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Item&nbsp;11.&nbsp;</FONT></A></TD>
    <TD STYLE="color: Black"><A HREF="#aa_019" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Executive Compensation</FONT></A></TD>
    <TD STYLE="color: Black; white-space: nowrap; text-align: right"><A HREF="#aa_019" STYLE="-sec-extract: exhibit">83</A></TD></TR>
<TR STYLE="color: Black; background-color: White">
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&nbsp;</TD></TR>
<TR STYLE="color: Black; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black"><A HREF="#aa_020" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Item&nbsp;12.&nbsp;</FONT></A></TD>
    <TD STYLE="color: Black"><A HREF="#aa_020" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Security Ownership of Certain Beneficial Owners and Management and
    Related Stockholder Matters</FONT></A></TD>
    <TD STYLE="color: Black; white-space: nowrap; text-align: right"><A HREF="#aa_020" STYLE="-sec-extract: exhibit">86</A></TD></TR>
<TR STYLE="color: Black; background-color: White">
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&nbsp;</TD></TR>
<TR STYLE="color: Black; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black"><A HREF="#aa_021" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Item&nbsp;13.&nbsp;</FONT></A></TD>
    <TD STYLE="color: Black"><A HREF="#aa_021" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Certain Relationships and Related Transactions and Director Independence</FONT></A></TD>
    <TD STYLE="color: Black; white-space: nowrap; text-align: right"><A HREF="#aa_021" STYLE="-sec-extract: exhibit">89</A></TD></TR>
<TR STYLE="color: Black; background-color: White">
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&nbsp;</TD></TR>
<TR STYLE="color: Black; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black"><A HREF="#aa_022" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Item&nbsp;14.&nbsp;</FONT></A></TD>
    <TD STYLE="color: Black"><A HREF="#aa_022" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Principal Accountant Fees and Services</FONT></A></TD>
    <TD STYLE="color: Black; white-space: nowrap; text-align: right"><A HREF="#aa_022" STYLE="-sec-extract: exhibit">93</A></TD></TR>
<TR STYLE="color: Black; background-color: White">
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&nbsp;</TD></TR>
<TR STYLE="color: Black; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black"><A HREF="#aa_023" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt"><B>PART&nbsp;IV</B>&nbsp;</FONT></A></TD>
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right"><A HREF="#aa_023" STYLE="-sec-extract: exhibit">95</A></TD></TR>
<TR STYLE="color: Black; background-color: White">
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&nbsp;</TD></TR>
<TR STYLE="color: Black; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black"><A HREF="#aa_024" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Item&nbsp;15.&nbsp;</FONT></A></TD>
    <TD STYLE="color: Black"><A HREF="#aa_024" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Exhibits and Financial Statement Schedules</FONT></A></TD>
    <TD STYLE="color: Black; white-space: nowrap; text-align: right"><A HREF="#aa_024" STYLE="-sec-extract: exhibit">95</A></TD></TR>
<TR STYLE="color: Black; background-color: White">
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&nbsp;</TD></TR>
<TR STYLE="color: Black; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black"><A HREF="#aa_025" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Item&nbsp;16.&nbsp;</FONT></A></TD>
    <TD STYLE="color: Black"><A HREF="#aa_025" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Form&nbsp;10&#45;K Summary</FONT></A></TD>
    <TD STYLE="color: Black; white-space: nowrap; text-align: right"><A HREF="#aa_025" STYLE="-sec-extract: exhibit">97</A></TD></TR>
<TR STYLE="color: Black; background-color: White">
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black; text-align: right">&nbsp;</TD></TR>
<TR STYLE="color: Black; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black">&nbsp;</TD>
    <TD STYLE="color: Black"><A HREF="#aa_027" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Signatures</FONT></A></TD>
    <TD STYLE="color: Black; white-space: nowrap; text-align: right"><A HREF="#aa_027" STYLE="-sec-extract: exhibit">98</A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SPECIAL NOTE REGARDING FORWARD-LOOKING
STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">This Annual Report on Form 10-K (this &#8220;<I>Annual
Report</I>&#8221;) contains forward-looking statements that are based on management&#8217;s beliefs and assumptions and on information
currently available to management. Some of the statements in the sections captioned &#8220;Item 1. Business,&#8221; &#8220;Item
1A. Risk Factors,&#8221; &#8220;Item 7. Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations,&#8221;
and elsewhere in this Annual Report contain forward-looking statements. In some cases, you can identify forward-looking statements
by the following words: &#8220;may,&#8221; &#8220;will,&#8221; &#8220;could,&#8221; &#8220;would,&#8221; &#8220;should,&#8221;
 &#8220;expect,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;estimate,&#8221;
 &#8220;predict,&#8221; &#8220;project,&#8221; &#8220;potential,&#8221; &#8220;continue,&#8221; &#8220;ongoing&#8221; or the negative
of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking
statements contained in this Annual Report include, but are not limited to, statements about:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the likelihood of our clinical trials and non-clinical studies demonstrating
safety and efficacy of our product candidates, and other positive results;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the timing of initiation of our future clinical trials, and the reporting
of data from our completed, current and future preclinical and clinical trials;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the size of the market opportunity for our product candidates;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">our plans relating to commercializing our product candidates, if approved,
including the geographic areas of focus and sales strategy;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the success of competing therapies that are or may become available;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">our estimates of the number of patients in the United States who suffer
from ADHD or narcolepsy and the number of patients that will enroll in our clinical trials;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the beneficial characteristics, safety and efficacy of our product
candidates;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the timing or likelihood of regulatory filings and approval for our
product candidates;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">our ability to obtain and maintain regulatory approval of our product
candidates;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">our plans relating to the further development and manufacturing of
our product candidates, including ADMIR;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the
                                         expected potential benefits of strategic collaborations with third parties, including
                                         MEDICE Arzneimittel P&uuml;tter GmbH &amp; Co. KG (&ldquo;<I>Medice</I>&rdquo;), which
                                         is affiliated with one of our principal stockholders, SALMON Pharma GmbH (&ldquo;<I>Salmon
                                         Pharma</I>&rdquo;), and represented by one member of our board of directors, and our
                                         ability to attract collaborators with development, regulatory and commercialization expertise;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">existing regulations and regulatory developments in the United States,
the European Union, and other geographic territories;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">our plans and ability to obtain or protect intellectual property rights,
including extensions of existing patent terms where available;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">our continued reliance on third parties to conduct additional clinical
trials of our product candidates, and for the manufacture of our product candidates for preclinical studies and clinical trials;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the need to hire additional personnel, and our ability to attract
and retain such personnel;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the accuracy of our estimates regarding expenses, future revenue,
capital requirements and needs for additional financing;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">our financial performance;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the sufficiency of our existing capital resources to fund our future
operating expenses and capital expenditure requirements;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the impacts of the COVID-19 pandemic on our operations;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">our expectations regarding the period during which we will qualify
as an emerging growth company under the JOBS Act;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">our ability to maintain the listing of our common stock on The Nasdaq
Capital Market.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25pt">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Although we believe that we have a reasonable
basis for each forward-looking statement contained in this Annual Report, we have based these forward-looking statements largely
on our current expectations and projections about our business, the industry in which we operate and financial trends that we believe
may affect our business, financial condition, results of operations and prospects, and these forward-looking statements are not
guarantees of future performance or development. You should refer to the &#8220;Risk Factors&#8221; section of this Annual Report
for a discussion of other important factors that may cause actual results to differ materially from those expressed or implied
by the forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Because forward-looking statements are inherently
subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward- looking
statements as predictions of future events. If the forward-looking statements prove to be inaccurate, the inaccuracy may be material.
In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation
or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame, or at all. The
forward-looking statements in this Annual Report represent our views as of the date of this Annual Report. We anticipate that subsequent
events and developments will cause our views to change, however, except as required by applicable law, we do not plan to publicly
update or revise any forward-looking statements contained herein until after we distribute this Annual Report, whether as a result
of any new information, future events or otherwise. You should, therefore, not rely on these forward-looking statements as representing
our views as of any date subsequent to the date of this Annual Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 20pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Annual Report includes trademarks and registered trademarks
of Vallon Pharmaceuticals, Inc. Products or service names of other companies mentioned in this Annual Report may be trademarks
or registered trademarks of their respective owners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 20pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As used in this Annual Report, unless the context requires otherwise,
the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us&#8221; and &#8220;our&#8221; refer to Vallon Pharmaceuticals, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="aa_001"></A><B>PART&nbsp;I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="aa_002"></A><B>Item&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BUSINESS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Overview </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We are a biopharmaceutical company primarily
focused on the development and commercialization of proprietary biopharmaceutical products. We are developing prescription drugs
for central nervous system (&#8220;<I>CNS</I>&#8221;) disorders and our current focus is the development of drugs with lower potential
for abuse than currently available drugs. Our clinical-stage product currently under development is&nbsp;<B>A</B>buse-<B>D</B>eterrent&nbsp;<B>A</B>mphetamine&nbsp;<B>I</B>mmediate-<B>R</B>elease
(&#8220;<I>ADAIR</I>&#8221;), a proprietary, abuse-deterrent oral formulation of immediate-release (short-acting) dextroamphetamine
for the treatment of attention-deficit/hyperactivity disorder (&#8220;<I>ADHD</I>&#8221;), and narcolepsy. It is estimated that
over 5&nbsp;million Americans abuse prescription ADHD stimulants annually.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We intend to develop ADAIR for registration
through the Section&nbsp;505(b)(2) approval pathway, which we expect to obviate the need for large Phase&nbsp;2 and Phase&nbsp;3
efficacy and safety studies. See the sections entitled &#8220;Business&#8201;&#8212;&#8201;Section&nbsp;505(b)(2) Pathway&#8221;
and &#8220;Business&#8201;&#8212;&#8201;Clinical Development&#8221; in this Annual Report for more information regarding Section&nbsp;505(b)(2)
of the FDCA. Although the FDA does not approve of a drug using the Section&nbsp;505(b)(2) pathway until submission and acceptance
of a new drug application (&#8220;<I>NDA</I>&#8221;), based on discussions held with FDA at a pre-IND meeting in January 2017 and
the minutes from such meeting, we believe the Section 505(b)(2) regulatory pathway is appropriate and will be acceptable to the
FDA. We expect to request additional labeling based on studies that demonstrate the abuse-deterrent characteristics of the product
as they relate to snorting, and possibly IV injection. While dextroamphetamine is approved by the FDA, our reformulation, ADAIR,
is not. Prescription drug abuse is a large and growing problem in the United States and globally.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We filed our Investigational New Drug (&#8220;<I>IND</I>&#8221;),
application for ADAIR in June&nbsp;2018 and the IND was cleared in July&nbsp;2018. Subsequently, we have successfully completed
a Phase&nbsp;1 pivotal bioequivalence study of ADAIR and a Phase&nbsp;1 food effect study. The bioequivalence study enrolled 24
subjects and the food effect study enrolled 22 subjects. Both studies were conducted by Altasciences, a contract research organization
(&#8220;<I>CRO</I>&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">In 2019, we conducted a Phase&nbsp;1 proof-of-concept
intranasal human abuse potential study designed to compare ADAIR when insufflated (snorted) as compared to the reference comparator,
crushed immediate release dextroamphetamine sulfate tablets. The study enrolled 16 subjects and was conducted at a single site
by BioPharma Services, a CRO with experience conducting similar trials. The study measured the pharmacokinetic levels of dextroamphetamine
of the two compounds when snorted, the subjective &#8220;drug-liking&#8221; of the two drugs, and the willingness of recreational
drug users to take each product again. The results of this study demonstrated that as compared to standard dextroamphetamine, ADAIR,
when snorted, demonstrated an attenuated pharmacokinetic profile and lower drug liking and other abuse liability scores, using
standard measures for human abuse potential studies. We have used the results of this proof of concept abuse study to design a
larger intranasal abuse study that we will conduct prior to seeking approval of ADAIR. We designed the study to follow the model
used in intranasal abuse studies that have been conducted for abuse deterrent opioids and following guidance issued by the FDA
for such studies. We began enrollment of subjects in this pivotal abuse study during the fourth quarter of 2020.We recently completed
a preclinical embryofetal study which showed no evidence of developmental effects and no clinical observations other than those
associated with the pharmacological effects of dextroamphetamine. We are currently conducting a 13-week preclinical toxicology
study on the final formulation of ADAIR. We also plan to conduct additional preclinical studies of unintended routes of administration
such as IV and intranasal administration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">On January&nbsp;6, 2020, Vallon entered into
a license agreement with Medice, who is affiliated with one of our principal stockholders, Salmon Pharma, and represented by one
member of our board of directors, which grants Medice an exclusive license, with the right to grant sublicenses, to develop, use,
manufacture, market and sell ADAIR throughout Europe. Medice currently markets several ADHD products in Europe and is the ADHD
market leader in Europe based on branded prescription market share. Medice is responsible for obtaining regulatory approval of
ADAIR in the licensed territory. Under the license agreement, Medice paid Vallon a minimal upfront payment and will pay milestone
payments of up to $6.3&nbsp;million in the aggregate upon first obtaining regulatory approval to market and sell ADAIR in any country,
territory or region in the licensed territory and upon achieving certain annual net sales thresholds. Medice will also pay tiered
royalties on annual net sales of ADAIR at rates in the low double-digits. The initial term of the license agreement will expire
five years after the date on which Medice first obtains regulatory approval in any country, territory or region in the licensed
territory.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We plan to develop other abuse-deterrent
products that have potential for abuse in their current forms, beginning with the development of an abuse deterrent formulation
of Ritalin&reg; (&#8220;<I>ADMIR</I>&#8221;), for which we are conducting formulation development work.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The U.S. market for ADHD treatment was estimated
to be approximately $9&nbsp;billion annually, which accounted for over 80% of the global ADHD market in 2019, and the European
Union (&#8220;<I>EU</I>&#8221;) market for ADHD treatment was estimated to be approximately $700&nbsp;million annually. We plan
to target the U.S. ADHD market once we receive FDA approval of ADAIR, followed by the EU market for ADHD with our partner, Medice,
who is affiliated with one of our principal stockholders, Salmon Pharma, and represented by one member of our board of directors,
once regulatory approval has been granted in the EU.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-indent: 20pt">The ADAIR assets were acquired by us on June&nbsp;22,
2018 pursuant to the terms and conditions of the Amended and Restated Asset Purchase Agreement with Arcturus Therapeutics, Ltd.
(&#8220;<I>Arcturus</I>&#8221;), and Amiservice Development Ltd., dated as of June&nbsp;22, 2018 (the &#8220;<I>Asset Purchase
Agreement</I>&#8221;). In exchange for the ADAIR assets, we issued 843,750 shares of our common stock to Arcturus, which comprised
30% of our then-outstanding common stock on a fully diluted basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Reverse Split</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On February 10, 2021, the Company filed
a certificate of amendment to its amended and restated certificate of incorporation with the Secretary of State of the State of
Delaware, which effected a one-for-40 reverse stock split (the &#8220;<I>reverse split</I>&#8221;) of its issued and outstanding
shares of common stock at 11:59 PM Eastern Time on that date. As a result of the reverse split, every 40 shares of common stock
issued and outstanding were reclassified into one share of common stock. No fractional shares were issued in connection with the
reverse split and any fractional shares were rounded up to the nearest whole share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The reverse split did not change the par
value of the common stock or the authorized number of shares of common stock. The reverse split affected all stockholders uniformly
and did not alter any stockholder&#8217;s percentage interest in equity. All outstanding options and other securities entitling
their holders to purchase or otherwise receive shares of common stock have been adjusted as a result of the reverse split, as required
by the terms of each security. The number of shares available to be awarded under the Company&#8217;s 2018 Equity Incentive Plan
have also been appropriately adjusted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All share and per share amounts contained
in this Annual Report on Form 10-K give retroactive effect to the reverse split.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our Strategy and Pipeline</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Stimulant abuse is a large and growing public
health challenge, yet the immediate-release segment of the ADHD market is entirely devoid of any abuse-deterrent products. We intend
to address this need by through our abuse-deterrent pharmaceutical products, such as ADAIR and other products we opt to pursue
in the future, including ADMIR. The following table summarizes our current product candidate portfolio:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><IMG SRC="tm2110271d1_10kimg001.jpg" ALT="" STYLE="height: 384px; width: 800px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our near-term strategic milestones include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;</TD>
    <TD STYLE="width: 96%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">seeking the necessary regulatory approvals to complete
the clinical development of ADAIR for the treatment of ADHD and, if successful, file for marketing approval in the United States
and other territories;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 96%; text-indent: 0in; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">preparing to commercialize ADAIR by establishing independent
distribution capabilities or in conjunction with other biopharmaceutical companies in the United States and other key markets,
such as the license agreement with Medice;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt"></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> commencing development of other abuse-deterrent products such as ADMIR; and</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="text-align: left; width: 96%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">continuing our business development activities and seek partnering, licensing, merger and acquisition opportunities or other transactions to further develop our pipeline and drug-development capabilities and take advantage of our financial resources for the benefit of increasing stockholder value.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;505(b)(2) Pathway</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">NDAs for most new drug products are based
on two adequate and well-controlled clinical trials which must contain substantial evidence of the safety and efficacy of the proposed
new product. These applications are submitted under Section&nbsp;505(b)(1) of the FDCA. The FDA is, however, authorized to approve
an alternative type of NDA under Section&nbsp;505(b)(2) of the FDCA. This type of application allows the applicant to rely, in
part, on the FDA&#8217;s previous findings of safety and efficacy for a similar product, or published literature. Specifically,
Section&nbsp;505(b)(2) applies to an NDA for a drug for which the investigations to show whether the drug is safe and effective
and relied upon by the applicant for approval of the application &#8220;were not conducted by or for the applicant and for which
the applicant has not obtained a right of reference or use from the person by or for whom the investigations were conducted.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Thus, Section&nbsp;505(b)(2) authorizes the
FDA to approve an NDA based in part on safety and effectiveness data that were not developed by the applicant. Section&nbsp;505(b)(2)
may provide an alternate and potentially more expeditious pathway to FDA approval for new or improved formulations or new uses
of previously approved products. If the Section&nbsp;505(b)(2) applicant can establish that reliance on the FDA&#8217;s previous
approval is scientifically appropriate, the applicant may eliminate the need to conduct certain preclinical studies or clinical
trials of the new product. The FDA may also require companies to perform additional studies or measurements to support the change
from the approved product. The FDA may then approve the new drug candidate for all or some of the label indications for which the
referenced product has been approved, as well as for any new indication sought by the Section&nbsp;505(b)(2) applicant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We expect that our clinical trials described
under the section entitled &#8220;Business&#8201;&#8212;&#8201;Clinical Development&#8221; will provide sufficient data to support
an NDA filing with the FDA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Prescription Stimulant Abuse and Misuse</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Abuse and Misuse</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Stimulants are among the most widely abused
substances. This class of drugs includes amphetamines and methylphenidate. Both of these substances are placed in Schedule&nbsp;II
of the U.S. Controlled Substances Act (&#8220;<I>CSA</I>&#8221;) and the rules and regulation of the U.S. Drug Enforcement Administration
(&#8220;<I>DEA</I>&#8221;), which is reserved for drugs that carry the highest risk of abuse and dependence that have been approved
for medicinal use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">While the most severe public health and societal
problems related to stimulants result from abuse of illicitly manufactured stimulants including methamphetamine, and various synthetic
stimulants, prescription stimulants are also widely misused and abused for non-medical uses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Abuse &mdash;</I>&nbsp;means the harmful or hazardous use of psychoactive substances, including alcohol and illicit drugs, and may include misusing a prescribed drug, through snorting, smoking or injecting, that is meant to be administered orally, to &ldquo;get high&rdquo; or produce &ldquo;euphoria.&rdquo;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 96%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Misuse
 &mdash;</I>&nbsp;means the use of a substance or drug for a purpose not consistent with legal or medical guidelines. For example,
ADHD medication may be misused through taking high dosages of the drug to enhance alertness and counteract fatigue and sleepiness
in order to meet occupational demands, increase alertness while driving, or improve academic performance.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;&#8203;&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Misuse and/or abuse can produce severe adverse
consequences, and on rare occasions also death, and contributes to diversion of medicines from prescribed users, as well as illicit
marketing. Furthermore, nonmedical use of prescription stimulants, even for the intent of occasional enhancement of alertness and
performance, can also lead to more harmful patterns of use of stimulants and other addictive substances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Prevalence</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">According to a 2017 report by the National
Survey on Drug Use and Health (the &#8220;<I>NSDUH</I>&#8221;) over 5&nbsp;million individuals ages 12&nbsp;years or older in the
United States misused prescription stimulants in the previous year. This figure has been rising over time and this represents approximately
2% of the U.S. population in that age group. Rates of misuse of prescription stimulants increase from age 12 and peak at age 21,
where an estimated 10% of the population reported misuse of prescription stimulants, before declining in older adults.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Harmful Effects of Stimulant Abuse</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Acute</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Acute stimulant intoxication may result in
a number of cardiovascular-related adverse events, including chest pain, myocardial infarction, palpitations, arrhythmias, thromboembolism,
tachycardia, sinus bradycardia, ventricular premature depolarization, ventricular tachycardia degeneration (resulting in the need
for defibrillation), asystole, peripheral vascular abnormalities, and/or sudden death from respiratory or cardiac arrest, as well
as other adverse events such as strokes, seizures, pneumothorax, headaches, and tinnitus. Acute stimulant intoxication is also
associated with several psychiatric symptoms, including rambling speech, transient ideas, paranoid thoughts, auditory hallucinations,
tactile hallucinations, and psychosis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">High dosages of amphetamines and other stimulants
can lead to aggressive or violent behavior (which may lead to self-harm or harm to others), intense temporary anxiety resembling
panic disorder, or generalized anxiety disorder or mania, as well as paranoid thoughts and psychotic episodes that resemble schizophrenia.
Taking extremely high doses of stimulants may also result in dangerously high body temperatures, irregular heartbeat, cardiovascular
problems, and seizures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Chronic</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Extended abuse of stimulants can lead to
psychological symptoms, such as hostility or paranoid psychosis. In addition to health status, the consequences of such substance
use impact the individuals using drugs, their families and society at large, with severe repercussions possible at both the individual
and public health level resulting from the chronic abuse and/or misuse of stimulants, such as teenage pregnancy, domestic violence,
motor vehicle accidents, crime, poor work performance, and impaired personal relationships. Stimulant misuse is also correlated
with a higher risk for substance use, with some evidence suggesting greater severity relative to controls, although it remains
unclear whether the misuse of controlled medications precedes other substance use behaviors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Long-term stimulant abuse can lead to stimulant
use disorder, which may be characterized by chaotic behavior, social isolation, aggressive behavior, and sexual dysfunction. Individuals
exposed to amphetamine-type stimulants have been reported to develop stimulant use disorder in as rapidly as one week.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Furthermore, individuals may increase their
stimulant use in an effort to increase the euphoria, energy, and social and vocational interactions that they feel while using
the medications. Individuals may crush and snort or inject the stimulants in order to produce even greater effects. Tolerance will
develop with repeated use, and individuals often increase the frequency and amount of use in order to achieve a similar sense of
euphoria.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Once tolerance has developed, individuals
may experience withdrawal symptoms (hypersomnia, increased appetite, and dysphoria) if they try to stop using the medication. Stimulant
withdrawal can lead to depression, suicidal thoughts, irritability, anhedonia, emotional lability, and disturbances in attention
and concentration. There may be temporary depressive symptoms that may meet the criteria for major depressive episode. The effects
of withdrawal often lead individuals to abuse the medications again.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About ADHD and Existing Treatment Options</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>ADHD Condition and Impact</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">ADHD is defined as a persistent pattern of
inattention and/or hyperactivity-impulsivity that interferes with functioning or development. ADHD causes significant impairment
during a patient&#8217;s childhood, and throughout the patient&#8217;s lifespan, as well as increased morbidity, mortality and
psychosocial adversity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Once believed to only affect children, ADHD
is now known to persist into adolescence and adulthood in a sizeable number of cases. The following table illustrates how the nature
of ADHD symptoms changes with age:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; width: 1%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&NegativeThickSpace;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 32%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Children</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&NegativeThickSpace;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&NegativeThickSpace;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 31%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Adolescents</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&NegativeThickSpace;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&NegativeThickSpace;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 31%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Adults</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&NegativeThickSpace;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hyperactive</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Easily
    distracted</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shifts
    activities</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&NegativeThickSpace;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aggressive</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inattentive</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Easily
    bored</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Low
    frustration tolerance</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impatient</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impulsive</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Approximately 50-60% of adults who suffered
from ADHD as children continue to have symptoms of the disorder as adults, with over 90% experiencing inattention symptoms and
about 35% experiencing hyperactivity-impulsivity symptoms. As the majority of sufferers of ADHD age, their symptoms tend toward
impatience, restlessness, boredom, and low concentration levels away from the more aggressive hyperactivity and impulsive behavior
evident in children.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Although the definitive causes of ADHD are
still unclear, current research suggests that ADHD is caused by an interaction between environmental factors and genetic predispositions.
Biologic factors that reportedly increase the risk of having ADHD include maternal smoking, drug or alcohol abuse during pregnancy,
brain injury, and exposure to toxins.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">ADHD is believed to be one of the most under-diagnosed
and under-treated mental health conditions facing children and adults. ADHD increases health risks, adverse social externalities
and economic costs as illustrated in the following table. Despite the disorder being highly treatable, most adults with ADHD remain
undiagnosed and untreated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table illustrates the effects on society when
ADHD remains untreated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-left: 20pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 32%; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Healthcare
    System</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&NegativeThickSpace;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&NegativeThickSpace;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 32%; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Patient</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&NegativeThickSpace;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&NegativeThickSpace;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 32%; text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Family</B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Increased ER visits</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Increased criminal activity</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Increased divorce/separation</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Increased car accidents</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Increased incarceration</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">More sibling fights</FONT></TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-left: 20pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 32%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>School
    and Occupation</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&NegativeThickSpace;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&NegativeThickSpace;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 32%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Society</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&NegativeThickSpace;</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&NegativeThickSpace;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 32%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Employer</B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">High
    rates of expulsion</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Substance
    use disorders:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increased
    parental absenteeism and</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">High
    drop-out rates</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Higher
    risk and earlier onset</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">lower
    productivity</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lower
    occupational status</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less
    likely to quit in adulthood</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Existing Treatment Options</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Current management of ADHD frequently includes
a combination of educational support, behavioral interventions, and pharmacotherapy. The current standard of care is the stimulant
class of medications including immediate- and extended-release methylphenidate and amphetamine. Amphetamine products comprise the
majority of the U.S. ADHD market and immediate-release amphetamines are the fastest growing segment of such market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Stimulant products represent more than 90%
of prescriptions of ADHD products in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&NegativeThickSpace;</B></FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&NegativeThickSpace;</B></FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&NegativeThickSpace;</B></FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Methylphenidate</B></FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&NegativeThickSpace;</B></FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&NegativeThickSpace;</B></FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amphetamine</B></FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&NegativeThickSpace;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Approx.
    30%)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Approx.
    60%)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Immediate-Release</B></FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="width: 31%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ritalin&reg;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&NegativeThickSpace;</FONT></TD>
    <TD STYLE="width: 31%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dexedrine&reg;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&NegativeThickSpace;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(Approx.
    40%)</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adderall&reg;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Extended-Release</B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Concerta&reg;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adderall
    XR&reg;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; font-size: 10pt"></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(Approx.
    50%)</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ritalin
    LA&reg;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vyvanse&reg;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Immediate-release (or short-acting) tablets
and capsules release the active ingredient within a short period of time, such as 30 minutes and demonstrate efficacy that lasts
for four to six hours. The patents covering most of these formulations have expired and most of these medications are now available
in generic forms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Extended-release (or long acting) tablets
and capsules release the active ingredient at a sustained and controlled release rate over the course of the day, typically demonstrating
efficacy for 10 to 14 hours. Some of these are currently covered by patents and are not available in generic form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The four highest-selling drugs for the treatment
of ADHD in 2019 on a worldwide basis are shown below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; border-collapse: collapse; margin-left: 20pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Brand</B></P></TD>
    <TD STYLE="border-bottom: white 1pt solid"><FONT STYLE="font-size: 10pt"><B>&#8203;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2019 Global Sales<BR>
    (in millions)</B></FONT></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: bottom; width: 87%; background-color: #CCEEFF"><FONT STYLE="font-size: 10pt">Vyvanse&reg;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; background-color: #CCEEFF; text-align: center"><FONT STYLE="font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCEEFF; text-align: right; width: 2%"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 10%; background-color: #CCEEFF; text-align: right"><FONT STYLE="font-size: 10pt">2,514</FONT></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Concerta&reg;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">696</FONT></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: bottom; background-color: #CCEEFF"><FONT STYLE="font-size: 10pt">Strattera&reg;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCEEFF; text-align: center"><FONT STYLE="font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCEEFF; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #CCEEFF; text-align: right"><FONT STYLE="font-size: 10pt">243</FONT></TD>
    </TR>
<TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Adderall XR&reg;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">223</FONT></TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">As of 2019, the two best-selling medications
were Vyvanse&reg; and Concerta&reg;, which are both extended-release stimulants. These and other extended-release stimulants are
prescribed for both adults and children. For children in particular, the long-acting formulation is preferred because it eliminates
the need for the child to take several doses during the school day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Despite the popularity of the long-acting
drugs, we believe there is a growing market opportunity for immediate-release treatments among children and adults with ADHD. For
instance, some patients taking the extended-release drugs benefit from the addition of a short-acting stimulant taken in the evening
to supplement the medication given earlier in the day. This allows the patient to alleviate their ADHD symptoms for an evening
meeting or class, without keeping the patient awake all night. In addition, the immediate-release products can be useful when evaluating
whether an individual will be able to tolerate a particular stimulant or respond to a dosage titration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Finally, some individuals with ADHD
prefer to manage their symptoms with medication only on an as-needed basis, and the immediate-release formulations give the
patient more flexibility with the dosing frequency. For instance, many patients experience varying degrees of side effects to
stimulant medication, including headaches, jitteriness, irritability, sleep problems, and decreased appetite, and some report
that stimulants decrease their creativity and spontaneity. For these reasons, many adults&#8201;&#8212;&#8201;who now
comprise more than 50% of the U.S. prescriptions for ADHD medication&#8201;&#8212;&#8201;prefer the short-acting
formulations. Therefore, although short-acting stimulants are only approved for use in children and adolescents, part of our
long-term plan involves seeking approval for use of short-acting stimulants in adults as well.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>ADHD Market</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">According to IQVIA (formerly, IMS Health),
the U.S. market for ADHD treatment was estimated to be approximately $9&nbsp;billion annually, which accounted for over 80% of
the global ADHD market in 2019. The difference in market sizes between the U.S. and other countries is driven by different rates
of diagnosis and treatment, different pricing, and the number of available brand name medications (non-U.S. markets are dominated
by generic drugs). Global prevalence rates of the disease are estimated to be approximately 8-10% of school-aged children and approximately
4-5% of the adult population. Adult diagnosis and treatment, which has grown at approximately 10% annually over the last few&nbsp;years,
is forecasted to grow in the near future due to increased disease awareness and less sociological stigmatization towards the condition.
In the United States, the rate of treatment with prescription medications is approximately 70% in children and 45% in adults. In
2019, over 75&nbsp;million prescriptions were filled in the United States for approved ADHD medications, whereas less than 44&nbsp;million
prescriptions were filled in 2009. The U.S. market is projected to continue to grow in mid-single digits, driven by an increased
prescription rate for adult ADHD. The growth of immediate-release amphetamines averaged over 7% annually from 2014-19 and is projected
to continue to grow faster than the overall ADHD market in the foreseeable future. In 2019, 28&nbsp;million prescriptions were
filled in the United States for immediate-release stimulants, such as Adderall and Ritalin. Immediate release amphetamine stimulants,
the segment which we are primarily targeting, currently represent approximately 30% of the ADHD medications market (prescriptions
and patients) and continue to gain market share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The international ADHD market is projected
to grow at a faster rate than the U.S. market in part because disease recognition and acceptance is expected to increase in both
Japan and Europe. The estimated growth rate for the non-U.S. markets is also higher due to the recent launches of major ADHD drugs
that have already been marketed in the United States, such as Vyvanse and Intuniv.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Potential for Abuse</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Stimulant abuse is unique and challenging
because the abuse and addiction risks of stimulants are not restricted to those who are prescribed the medications. Published data
reports that stimulants are almost twice as likely to be diverted (<I>i.e.</I>, given away or sold) as other scheduled medications,
such as opioid, sleep or anxiety medications. It has been reported that between 25-60% of teenagers and college students with ADHD
have been approached at some point to give away or sell their prescription stimulants and over 60% of college students with ADHD
admit to having diverted their ADHD prescription medication.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Approximately 90% of those who misuse/abuse
stimulants do so with prescription amphetamines based on data from the NSDUH.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The number of emergency room visits associated
with non-medical use of prescription stimulants increased more than four-fold from 2004 to 2011, according to the Drug Abuse Warning
Network (&#8220;<I>DAWN</I>&#8221;), and most of this increase was associated with amphetamine-based prescription stimulants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2110271d1_10kimage01.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Speed of onset and route of administration
has been accepted as being important in evaluating the potential for abuse of certain medications, such as stimulants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">In general, the oral route is associated
with lower abuse liability because of slower absorption rates and slower onset of effects compared to other routes of administration.
Inhalation, snorting, and intravenous (&#8220;<I>IV</I>&#8221;) injection of drugs are associated with far more rapid absorption
and faster onset of effects when compared to oral ingestion. In general, oral use of stimulants results in the slowest rate of
absorption, while snorting is relatively faster; smoking and IV injection of stimulants evoke even more rapid absorption and more
intense and rapid physiological and subjective responses. Published studies report that 40% or more of people who misuse or abuse
prescription stimulants, do so by IV injection or snorting. These methods of abuse drive a more rapid increase in dopamine levels
that drive the subjective, or re-enforcing effects of these drugs. Consequently, these abuse routes are thought to bring the abuser
one step closer to addiction and dependence. In addition, the quick entry of the drug into the bloodstream increases the risk of
chest pain, rapid / irregular heartbeat, heart attack, seizures, hallucinations, hostile/aggressive behavior, suicidal thoughts
and behaviors, and stroke.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2110271d1_10kimage02.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Immediate-release stimulants, including amphetamines,
are more prone to abuse than extended-release stimulants and are the fastest growing market in the ADHD market in recent&nbsp;years.
Amphetamine tablets are easy to crush into a powder suitable for snorting, or mixing with water and injecting. On the other hand,
long-acting stimulant capsules are abused less frequently because they contain a combination of immediate-release and extended-release
beads with different release profiles that are difficult to crush into a form that can be snorted, smoked, or mixed with water
and injected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The rate of amphetamine use disorders doubled between 2010 and
2016:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2110271d1_10kimage03.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Amphetamine forms molecules that are highly
soluble in lipids, which are then rapidly transported to the brain through the blood-brain barrier. Routes of administration that
deliver the drug directly into the bloodstream and bypass the digestive system (<I>i.e</I>., snorting, smoking, and IV injection)
would be expected to cause faster onset of psychoactive effects. Therefore, reducing the risk of abuse via snorting, smoking, and
injection is a potential public health goal because the speed of the absorption of stimulants is an important determinant of a
product&#8217;s abuse potential, as is the case for opioids, and is also related to the overall potential risks of the drug product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Many people who use amphetamines and other
stimulants for recreational use prefer routes of administration that provide rapid onset of effects. In order to achieve its maximum
pharmacologic effect, the largest quantity of drug must be delivered into the CNS in the shortest possible time. For instance,
a published study found that the reinforcing properties of methylphenidate occur when the drug elicits a large and fast dopamine
increase but has only therapeutic properties when there is a slow, steady-state increase in dopamine caused by the drug. This leads
drug abusers to progress from relatively safe methods of self-administration, such as oral ingestion of marketed doses of stimulants,
to increasingly higher dosages and more dangerous routes of administration, such as smoking, snorting, and injecting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our Solutions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>ADAIR</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Stimulant abuse is large and growing public
health challenge, yet the immediate-release segment of the ADHD market is entirely devoid of any abuse-deterrent products. This
unmet need led to the design of ADAIR as an oral formulation of an immediate-release dextroamphetamine. This included the development
and in vitro testing of multiple formulations, followed by the selection of the optimal, proprietary formulation of ADAIR that
is intended to introduce certain barriers to abuse of immediate-release dextroamphetamine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">ADAIR is an oral, semi-solid, liquid-filled,
hard gelatin capsule of dextroamphetamine sulfate, the active ingredient. This formulation resists manipulation and preparation
for snorting, and provides meaningful barriers to injection&#8201;&#8212;&#8201;demonstrated through a set of abuse-deterrence
studies conducted in collaboration with M.W. Encap Limited, an affiliate of Lonza Group AG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2110271d1_10kimage04.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">After subjecting ADAIR to grinding,
crushing, or cutting the capsule following thermal pre-treatment, minimal quantities of particles could appreciably pass
through a 500 micrometer (&#8220;<I>&micro;m</I>&#8221;) filter (a particle size deemed suitable for snorting). In contrast,
42-47% of the physically manipulated immediate-release dextroamphetamine reference tablet could pass through a 500 &micro;m
filter, suggesting that it could be readily crushed and snorted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2110271d1_10kimage05.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We also subjected ADAIR to multiple forms
of manipulation, but none of those yielded ADAIR particles that could be easily expelled from a syringe. ADAIR mixed in water yielded
a viscous, cloudy material, which was usually impossible, and at other times difficult, to syringe. Texture analysis demonstrated
that the force required to push the plunger with a manipulated ADAIR-filled syringe is far greater than that with manipulated immediate-release
dextroamphetamine reference tablet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2110271d1_10kimage06.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">In comparison with the immediate-release
dextroamphetamine reference tablet, ADAIR demonstrated reduced syringe-ability across a range of volumes of water (2, 5, and 10
milliliters), needle gauges (26, 23, 20, and 18 gauge), in ambient or hot water, and when passed through a cigarette filter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We believe these studies demonstrate that,
as compared to the immediate-release dextroamphetamine reference tablet, ADAIR could display deterrence properties against abuse
through snorting or IV injection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Our abuse-deterrent formulation may not meaningfully
discourage oral ingestion to enhance occupational or academic performance, or misuse; however, depending on the properties of the
formulation, an abuse-deterrent formulation could reduce the risks of adverse effects by anyone who would attempt to abuse it by
snorting, smoking, or injecting, and reduce the contribution of prescription stimulants to problems associated with stimulant abuse.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">In addition, the general pharmacologic rationale
for abuse-deterrent stimulants is similar to the rationale of abuse-deterrent opioids used to treat and manage pain as described
in the FDA 2015 Guidance on Abuse-Deterrent Opioid. The FDA clearly articulated the rationale for the development of abuse-deterrent
technologies, as well as cited its limitations, in its 2015 Guidance, pp. 1-2:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in"><I>Prescription opioid products are an important component
of modern pain management. However, abuse and misuse of these products have created a serious and growing public health problem.
One potentially important step towards the goal of creating safer opioid analgesics has been the development of opioids that are
formulated to deter abuse. FDA considers the development of these products a high public health priority. Because opioid products
are often manipulated for purposes of abuse by different routes of administration or to defeat extended-release (ER) properties,
most abuse-deterrent technologies developed to date are intended to make manipulation more difficult or to make abuse of the manipulated
product less attractive or less rewarding. It should be noted that&nbsp;<B>these technologies have not yet proven successful at
deterring the most common form of abuse&#8201;&#8212;&#8201;swallowing a number of intact capsules or tablets</B>&nbsp;to achieve
a feeling of euphoria. Moreover, the fact that a product has abuse-deterrent properties does not mean that there is no risk of
abuse. It means, rather, that&nbsp;<B>the risk of abuse is lower than it would be without such properties</B></I>. <I>Because opioid
products must in the end be able to deliver the opioid to the patient, there may always be some abuse of these products.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Although ADAIR is very difficult to manipulate
into a form that can be snorted, it is not impossible to do so. In order to conduct human abuse studies, Vallon hired a third-party
drug laboratory that was able to develop a time- consuming and laborious process to convert ADAIR into a form that could be insufflated.
The medical literature reports that recreational abusers of prescription medications are typically not willing to spend more than
a few minutes preparing a drug for misuse or abuse and our own research with recreational stimulant users documented that they
would not be willing to spend more than 10-12 minutes preparing a drug like ADAIR for snorting. In addition, although ADAIR is
difficult to solubilize into a form that can be injected, sophisticated drug abusers may be able to develop methods to manipulate
ADAIR into a form that can be injected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Regulatory communications regarding the application
of abuse-deterrent technologies for prescription stimulants continue to emerge. In 2014, Janet Woodcock, M.D., Director, Center
for Drug Evaluation and Research, stated that the FDA encourages the development of abuse-deterrent formulations for controlled
substances, while also noting that the science surrounding abuse-deterrent technology is relatively new. In public meetings, FDA
officials have made comments related to interest in the application of abuse-deterrent technologies for stimulants, as well as
other drugs of abuse. In practice, the FDA engages with sponsors of abuse-deterrent formulations on a product-by-product basis,
sometimes requiring an abuse-deterrent assessment as part of the development to inform approval and labeling processes by the FDA.
In September&nbsp;2019, the FDA issued a Federal Register notice to seek public comment on the development and evaluation of abuse
deterrent formulations (ADF) of ADHD stimulants and whether such products could play a role in addressing public health concerns
related to prescription stimulant misuse and abuse signaling their interest in this field.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Lastly, based on market research conducted
by us in conjunction with U.S. health insurers, who collectively manage over 100&nbsp;million covered lives, a strong majority
of insurers are receptive of the ADAIR product concept and indicate that they would be willing to have ADAIR, if approved, placed
on their prescription drug formulary and to reimburse the costs for ADAIR through their respective health insurance plans. In addition,
the continuing and heightened publicity surrounding the national opioid epidemic continues to result in heightened sensitivity
by many health care professionals to prescribe, and pharmacies to dispense, medications with the potential for abuse.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Development of ADMIR</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">ADMIR is an abuse deterrent formulation of
Ritalin for which we are conducting formulation development work. We have developed several prototype formulations that we are
continuing to refine. If our formulation development work is successful, we anticipate requesting a pre-IND meeting with the FDA
and filing an IND in 2021. ADMIR is designed to have abuse deterrent properties that are similar to ADAIR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Clinical Development</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We aim to be the first company to introduce
a proprietary abuse-deterrent immediate-release dextroamphetamine drug to the market and leverage our agility, flexibility, and
know-how to utilize such a position for the benefit of patients, physicians, and our community.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We filed our Investigational New Drug (&#8220;<I>IND</I>&#8221;)
application for ADAIR in June&nbsp;2018 and the IND was cleared in July&nbsp;2018. Subsequently, we have successfully completed
three Phase&nbsp;1 clinical studies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Phase&nbsp;1 Bioequivalence Study</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">In December 2018, we completed a Phase&nbsp;1
pivotal bioequivalence study of ADAIR, which was conducted by Altasciences. The study enrolled 24 subjects, who were dosed with
10 mg of ADAIR and reference dextroamphetamine orally on a single occasion for each study drug. There were no serious adverse events
(&#8220;<I>SAEs</I>&#8221;) during the study. The primary objective of the study was to evaluate and compare the pharmacokinetics
(&#8220;<I>PK</I>&#8221;) of ADAIR capsules to dextroamphetamine tablets under fasting conditions. The secondary objectives of
the study were to evaluate the safety and tolerability of the test and reference formulations in healthy subjects. The study met
the primary endpoint demonstrating bioequivalence and met the secondary endpoints.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Food Effect Study</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">In December 2018, we completed a Phase&nbsp;1
food effect study of ADAIR, which was conducted by Altasciences. The study enrolled 22 subjects who were dosed with 10 mg of ADAIR
orally twice, once when subjects were fasting and once when they had been fed. One SAE (miscarriage) was reported during the study.
A 33-year-old African American female subject had an unplanned pregnancy reported one week after the last study drug dose. The
miscarriage occurred at pregnancy day 35. The investigator considered the SAE possibly related to drug treatment. However, because
of the timing, background incidence, and risk factors (including age and race), we concluded that this SAE was unlikely to be related
to the study drug.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The primary objective of this study was to
evaluate and compare the PK of d-amphetamine from an abuse-deterrent capsule formulation of dextroamphetamine sulfate when dosed
under fasting and fed conditions. The secondary objective was to evaluate the safety and tolerability of the investigational product
in healthy subjects. The study met both the primary and secondary endpoints.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Human Abuse Proof of Concept Study</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">I&#8202;n November 2019, we completed a Phase&nbsp;1
proof-of-concept intranasal human abuse potential study designed to compare ADAIR when insufflated (snorted) as compared to the
reference comparator, crushed immediate release dextroamphetamine sulfate tablets. The study was conducted by BioPharma Services
and enrolled 16 subject who received one dose of ADAIR and reference dextroamphetamine administered intranasally each at a dose
of 30 mg. The primary objective was to assess safety and tolerability of manipulated ADAIR and crushed dextroamphetamine sulfate
IR (&#8220;<I>DEX</I>&#8221;), when administered intranasally to non-dependent, recreational stimulant users. The secondary objectives
were to evaluate and compare the PK profiles of ADAIR and DEX when administered intranasally to non-dependent, recreational stimulant
users. The exploratory objectives of this study were to assess and compare abuse liability of ADAIR and DEX when administered intranasally
to non- dependent, recreational stimulant to users. There were no SAEs in connection with this trial. The study met the primary,
secondary and exploratory endpoints.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The results of this study demonstrate that
as compared to DEX, ADAIR, when snorted, demonstrated an attenuated pharmacokinetic profile and lower drug liking and other abuse
liability scores, using standard measures for human abuse potential studies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We have used the results of this proof of
concept abuse study to design a larger intranasal abuse study that we will conduct prior to seeking approval of ADAIR. We designed
the study to follow the model used in intranasal abuse studies that have been conducted for abuse deterrent opioids and following
guidance issued by the FDA for such studies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Preclinical Studies and Other Clinical Development Plans</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We recently completed a preclinical embryofetal
study which showed no evidence of developmental effects and no clinical observations other than those associated with the pharmacological
effects of dextroamphetamine. We are currently conducting a 13-week preclinical toxicology study on the final formulation of ADAIR.
We also plan to conduct additional preclinical studies of unintended routes of administration such as IV and intranasal administration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We plan to develop other abuse-deterrent
products that have potential for abuse in their current forms, beginning with the development of an abuse deterrent formulation
of Ritalin&reg; (&#8220;<I>ADMIR</I>&#8221;), for which we are conducting formulation development work.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We expect that our clinical trials described
above will provide sufficient data to support an NDA filing with the FDA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Government Regulation and Product Approval</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Clinical trials, the drug approval process,
and the marketing of drugs are intensively regulated in the United States and in all major foreign countries. In the United States,
the FDA regulates drugs under the Federal Food, Drug, and Cosmetic Act (&#8220;<I>FDCA</I>&#8221;), and related regulations. Drugs
are also subject to other federal, state, and local statutes and regulations. Failure to comply with the applicable U.S. regulatory
requirements at any time during the product development process, approval process or after approval may subject an applicant to
administrative or judicial sanctions. These sanctions could include the imposition by the FDA Institutional Review Board (&#8220;<I>IRB</I>&#8221;)
of a clinical hold on trials, the FDA&#8217;s refusal to approve pending applications or supplements, withdrawal of an approval,
warning letters, product recalls, product seizures, total or partial suspension of production or distribution, injunctions, fines,
civil penalties or criminal prosecution. Any agency or judicial enforcement action could have a material adverse effect on us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The FDA and comparable regulatory agencies
in state and local jurisdictions and in foreign countries impose substantial requirements upon the clinical development, manufacture
and marketing of biopharmaceutical products. These agencies and other federal, state, and local entities regulate research and
development activities and the testing, manufacture, quality control, safety, effectiveness, labeling, storage, distribution, record
keeping, approval, advertising, and promotion of ADAIR or any other product we develop in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The FDA&#8217;s policies may change, and
additional government regulations may be enacted that could prevent or delay regulatory approval of any candidate drug product
or approval of new disease indications or label changes. We cannot predict the likelihood, nature or extent of adverse governmental
regulation that might arise from future legislative or administrative action, either in the United States or abroad.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Marketing Approval</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The process required by the FDA before new
drugs may be marketed in the United States generally involves the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>nonclinical laboratory and animal tests;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>submission of an IND application, which must become effective before clinical trials may begin;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>adequate and well-controlled human clinical trials to establish the safety and efficacy of the proposed drug for its intended
use or uses;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>pre-approval inspection of manufacturing facilities and clinical trial sites; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>FDA approval of an NDA which must occur before a drug can be marketed or sold.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The testing and approval process requires
substantial time and financial resources, and we cannot be certain that any approvals will be granted on a timely basis if at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We will need to successfully complete additional
clinical trials in order to be in a position to submit an NDA to the FDA. Future trials may not begin or be completed on schedule,
if at all. Trials can be delayed for a variety of reasons, including delays in:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>obtaining regulatory approval to commence a study;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>reaching agreement with third-party clinical trial sites and vendors and their subsequent performance in conducting accurate
and reliable studies on a timely basis;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>obtaining institutional review board approval to conduct a study at a prospective site;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>recruiting subjects to participate in a study; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>supply of the drug.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We must reach an agreement with the FDA on
the proposed protocols for our future clinical trials in the United States. A separate submission to the FDA must be made for each
successive clinical trial to be conducted during product development. Further, an independent IRB for each site proposing to conduct
the clinical trial must review and approve the plan for any clinical trial before it commences at that site. Informed consent must
also be obtained from each study subject. Regulatory authorities, an IRB, a data safety monitoring board, or the sponsor may suspend
or terminate a clinical trial at any time on various grounds, including a finding that the participants are being exposed to an
unacceptable health risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>ADAIR</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">ADAIR was specifically designed to limit
abuse by snorting or injecting. A pre-IND meeting with the FDA was held on January&nbsp;26, 2017 to discuss the details of the
development program using the Section&nbsp;505(b)(2) approval pathway. The FDA provided guidance on the necessary steps towards
an NDA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The development plan for ADAIR is to conduct
clinical trials and if those trials are successful, seek marketing approval from the FDA. To achieve this objective, the following
development plan was proposed by Arcturus and reviewed by the FDA:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Filing an IND application;<FONT STYLE="font-size: 10pt"></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Conducting a pivotal bioequivalence study in healthy volunteers comparing ADAIR and its reference listed drug;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Conducting a food effect study comparing ADAIR when taken orally after a period of fasting to ADAIR taken after consuming a
high fat meal;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Conducting further laboratory studies and Human Abuse Potential (HAP) studies (if feasible) to evaluate ADAIR&rsquo;s abuse
deterrent characteristics in order to establish labeling language regarding abuse deterrence against snorting and injecting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Conducting a 13-week preclinical toxicology study and preclinical embryofetal study on the final formulation of ADAIR.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">An NDA would be filed to the FDA only after
achieving success in each of the above milestones and any additional milestones the FDA may request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">As with similar products, the ADAIR development
program requires special regulatory management and controls, this may raise further risks to the program, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Good communication and collaboration with multiple departments within the FDA, e.g., Division of Psychiatry Products, Office
of Pharmaceutical Quality, Control Substance Staff, Office of Surveillance and Epidemiology, and also outside the Agency with the
DEA since dextroamphetamine is classified as a Schedule&nbsp;II drug product.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Following NDA submission, the FDA may call for an expert Advisory Committee (as seen with recent NDA applications for Abuse-Deterrent
Opioids products). Such committees, which are partially open to the public, are called to discuss the overall risk-benefit profile
of the product, and whether the applicant has demonstrated abuse-deterrent properties for their product that would support labeling.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&#8203;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>FDA Post-Approval Requirements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Any products manufactured or
distributed by us pursuant to FDA approvals are subject to continuing regulation by the FDA, including requirements for
record-keeping and reporting of adverse experiences with the drug. Drug manufacturers are required to register their
facilities with the FDA and certain state agencies and are subject to periodic unannounced inspections by the FDA and certain
state agencies for compliance with cGMPs, which impose certain quality processes, manufacturing controls, and documentation
requirements upon us and our third-party manufacturers in order to ensure that the product is safe, has the identity and
strength, and meets the quality and purity characteristics that it purports to have. Under the federal Prescription Drug
Marketing Act, the sampling and distribution and tracking of drugs is regulated. It is designed to discourage the sale of
counterfeit, adulterated, misbranded, subpotent, and expired prescription drugs. Certain states also impose requirements on
manufacturers and distributors to establish the pedigree of product in the chain of distribution, including some states that
require manufacturers and others to adopt new technology capable of tracking and tracing product as it moves through the
distribution chain. We cannot be certain that we or our present or future suppliers will be able to comply with the cGMP and
other FDA regulatory requirements. If our present or future suppliers are not able to comply with these requirements, the FDA
may halt our clinical trials, fail to approve any NDA or other application, require us to recall a drug from distribution,
shut down manufacturing operations or withdraw approval of the NDA for that drug. Noncompliance with cGMP or other
requirements can result in issuance of warning letters, civil and criminal penalties, seizures, and injunctive action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The FDA may request, or we may propose, to
implement a risk management program to educate physicians and parents or patients of appropriate use of ADAIR, and to monitor the
real-world use and reports of abuse of ADAIR following its approval. Such risk management programs are common with many medications
with abuse potential including many approved ADHD products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Labeling, Marketing and Promotion</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The FDA closely regulates the labeling, marketing,
and promotion of drugs. While doctors are free to prescribe any drug approved by the FDA for any use, a company can only make claims
relating to the safety and efficacy of a drug that are consistent with FDA approval and may only actively market a drug only for
the particular use and treatment approved by the FDA. In addition, any claims we make for our products in advertising or promotion
must be appropriately balanced with important safety information and otherwise be adequately substantiated. Failure to comply with
these requirements can result in adverse publicity, warning letters, corrective advertising, injunctions, and potential civil and
criminal penalties. Government regulators recently have increased their scrutiny of the promotion and marketing of drugs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Pediatric Research Equity Act</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The Pediatric Research Equity Act (&#8220;<I>PREA</I>&#8221;)
amended the FDCA to authorize the FDA to require certain research into drugs used in pediatric patients. The intent of the PREA
is to compel sponsors whose drugs have pediatric applicability to study those drugs in pediatric populations, rather than ignoring
pediatric indications for adult indications that could be more economically desirable. The Secretary of Health and Human Services
may defer or waive these requirements under specified circumstances. The FDA may decide that an NDA will be approved only following
completion of additional pediatric studies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Anti-Kickback and False Claims Laws</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">In the United States, the research, manufacturing,
distribution, sale and promotion of drug products and medical devices are potentially subject to regulation by various federal,
state and local authorities in addition to the FDA, including the Centers for Medicare &amp; Medicaid Services, other divisions
of the U.S. Department of Health and Human Services (e.g., the Office of Inspector General), the U.S. Department of Justice, state
Attorneys General, and other state and local government agencies. For example, sales, marketing, and scientific/educational grant
programs must comply with the Anti-Kickback Statute, the False Claims Act, as amended, the privacy regulations promulgated under
HIPAA, and similar state laws. Pricing and rebate programs must comply with the Medicaid Drug Rebate Program requirements of the
Omnibus Budget Reconciliation Act of 1990, as amended, and the Veterans Health Care Act of 1992, as amended. If products are made
available to authorized users of the Federal Supply Schedule of the General Services Administration, additional laws and requirements
apply. All of these activities are also potentially subject to federal and state consumer protection and unfair competition laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">In the United States, we are subject to complex
laws and regulations pertaining to healthcare &#8220;fraud and abuse,&#8221; including, but not limited to, the Anti-Kickback Statute,
the federal False Claims Act, and other state and federal laws and regulations. The Anti-Kickback Statute makes it illegal for
any person, including a prescription drug manufacturer (or a party acting on its behalf) to knowingly and willfully solicit, receive,
offer, or pay any remuneration that is intended to induce the referral of business, including the purchase, order, or prescription
of a particular drug, for which payment may be made under a federal healthcare program, such as Medicare or Medicaid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The federal civil False Claims Act prohibits,
among other things, any person or entity from knowingly presenting, or causing to be presented, a false or fraudulent claim for
payment to or approval by the federal government or knowingly making, using or causing to be made or used a false record or statement
material to a false or fraudulent claim to the federal government. A claim includes &#8220;any request or demand&#8221; for money
or property presented to the U.S. government. Violations of the False Claims Act can result in very significant monetary penalties
and treble damages. The federal government is using the False Claims Act, and the accompanying threat of significant liability,
in its investigation and prosecution of pharmaceutical companies throughout the country, for example, in connection with the promotion
of products for unapproved uses and other sales and marketing practices. The government has obtained multi-million and multi-billion-dollar
settlements under the False Claims Act in addition to individual criminal convictions under applicable criminal statutes. In addition,
the federal civil monetary penalties statute imposes penalties against any person or entity that, among other things, is determined
to have presented or caused to be presented a claim to a federal health program that the person knows or should know is for an
item or service that was not provided as claimed or is false or fraudulent. Given the significant size of actual and potential
settlements, it is expected that the government will continue to devote substantial resources to investigating healthcare providers&#8217;
and manufacturers&#8217; compliance with applicable fraud and abuse laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The federal Health Insurance Portability
and Accountability Act of 1996 (&#8220;<I>HIPAA</I>&#8221;), also created new federal criminal statutes that prohibit knowingly
and willfully executing, or attempting to execute, a scheme to defraud any healthcare benefit program, including private third-party
payors and knowingly and willfully falsifying, concealing or covering up a material fact or making any materially false, fictitious
or fraudulent statement in connection with the delivery of or payment for healthcare benefits, items or services. Similar to the
Anti-Kickback Statute a person or entity does not need to have actual knowledge of these statutes or specific intent to violate
them in order to have committed a violation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">There are also an increasing number of state
laws that require manufacturers to make reports to states on pricing and marketing information. Many of these laws contain ambiguities
as to what is required to comply with the laws. In addition, a similar federal requirement Section&nbsp;6002 of the Patient Protection
and Affordable Care Act, as amended by the Health Care and Education Affordability Reconciliation Act (the &#8220;<I>Affordable
Care Act</I>&#8221;) commonly referred to as the &#8220;Physician Payments Sunshine Act&#8221; requires manufacturers to track
and report to the federal government certain payments and &#8220;transfers of value&#8221; made to physicians and teaching hospitals,
as well as ownership and investment interests held by physicians and their immediate family members, made in the previous calendar
year. There are a number of states that have various types of reporting requirements as well. These laws may affect our sales,
marketing, and other promotional activities by imposing administrative and compliance burdens on us. In addition, given the lack
of clarity with respect to these laws and their implementation, our reporting actions could be subject to the penalty provisions
of the pertinent state, and soon federal, authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Patient Protection and Affordable Health Care Act</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">In March&nbsp;2010, the Affordable Care Act
was enacted, which includes measures that have or will significantly change the way health care is financed by both governmental
and private insurers. The fees, discounts, and other provisions of this law are expected to have a significant negative effect
on the profitability of pharmaceuticals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">This legislation is expected to impact the
scope of healthcare insurance, the insurance refunds from the insurance companies and possibly also on the costs of medical products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Other Regulations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We are also subject to numerous federal,
state and local laws relating to such matters as safe working conditions, manufacturing practices, environmental protection, fire
hazard control, and disposal of hazardous or potentially hazardous substances. We may incur significant costs to comply with such
laws and regulations now or in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Manufacturing</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We do not currently own or operate any manufacturing
facilities and we do not have any experience with commercial-scale manufacturing. We currently rely, and expect to continue to
rely for the foreseeable future, on a third-party manufacturer to produce our product candidates for preclinical and clinical testing,
as well as for commercial manufacture if our product candidates receive marketing approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Although we do not have a long-term commercial
supply arrangement in place with any of our contract manufacturers, it is our goal to contract with at least one manufacturer in
the United States for the commercial supply of ADAIR for the U.S. market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Our third-party manufacturers, their facilities,
and all pharmaceutical products used in our clinical trials are required to comply with cGMP. The cGMP regulations include requirements
relating to organization of personnel, buildings and facilities, equipment, control of components and drug product containers and
closures, production and process controls, packaging and labeling controls, holding and distribution, laboratory controls, records
and reports, and returned or salvaged products. The manufacturing facilities for our products must meet, and continue to meet,
cGMP requirements and FDA satisfaction before any product is approved and we can manufacture commercial products. Contract manufacturers
often encounter difficulties involving production yields, quality control and quality assurance, as well as shortages of qualified
personnel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Sales and Marketing</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We retain advisors and consultants to support
our pre-commercialization activities. However, we currently do not have any internal sales or distribution infrastructure. In the
event that we receive regulatory approval for ADAIR or any other product we may develop, we intend, where appropriate, to pursue
commercialization relationships with biopharmaceutical companies and other strategic partners providing for distribution through
their sales and marketing organizations, or to build an internal commercial infrastructure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Medice License Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">On January&nbsp;6, 2020, Vallon entered into
a license agreement with Medice, who is affiliated with one of our principal stockholders, Salmon Pharma, and represented by one
member of our board of directors, which grants Medice an exclusive license, with the right to grant sublicenses, to develop, use,
manufacture, market and sell ADAIR throughout Europe. Medice currently markets several ADHD products in Europe and is the ADHD
market leader in Europe based on branded prescription market share. Medice is responsible for obtaining regulatory approval of
ADAIR in the licensed territory. Under the license agreement, Medice paid Vallon a minimal upfront payment and will pay milestone
payments of up to $6.3&nbsp;million in the aggregate upon first obtaining regulatory approval to market and sell ADAIR in any country,
territory or region in the licensed territory and upon achieving certain annual net sales thresholds. For the term of the license
agreement, Medice will also pay tiered royalties on annual net sales of ADAIR at rates between 10% and 20%. The initial term of
the license agreement will expire five&nbsp;years after the date on which Medice first obtains regulatory approval in any country,
territory or region in the licensed territory. Medice has the option to extend the term of the license agreement for additional
periods of five&nbsp;years each. Medice has the right to terminate the license agreement at any time upon 12&nbsp;months&#8217;
prior written notice to Vallon. Vallon has the right to terminate the license agreement immediately upon notice if Medice challenges
the validity, enforceability or patentability of any patent right comprising the licensed intellectual property. Either party may
terminate the license agreement if the other party materially breaches its obligations under the license agreement, provided that
the terminating party gives the breaching party notice of the breach and a specified opportunity to cure the breach, or upon the
other party&#8217;s bankruptcy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Intellectual Property</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We strive to pursue, maintain and defend
patent rights developed internally and to protect the technology, inventions and improvements that are commercially important to
the development of our business. We currently have two issued U.S. patents directed to specific ADAIR formulations (i.e., composition
of matter) and one pending patent application for ADAIR that is under examination with the U.S. PTO. The U.S. patents will expire
in 2037. Our international PCT application has entered national phase is under examination in several foreign countries and territories,
including the EU, Canada, Japan and China. We also rely on know-how relating to our proprietary technology and product candidates
and continuing innovation to develop, strengthen and maintain our proprietary position. We also plan to rely on data exclusivity,
market exclusivity and patent term extensions when available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We cannot be sure that any additional
patents will be granted with respect to any of our pending patent applications or with respect to any patent applications we
may file in the future. There is also a significant risk that any issued patents will have substantially narrower claims than
those that are currently sought. Even with respect to any patents that may be issued to us, we cannot be sure that any such
patents will be commercially useful in protecting our technology. Our first two issued patents with respect to ADAIR expire
in 2037. Our commercial success will depend in part on our ability to obtain and maintain patent and other proprietary
protection for our technology, inventions and improvements; to defend and enforce our proprietary rights, including any
patents that we may own in the future; and to operate without infringing the valid and enforceable patents and other
proprietary rights of third parties. Intellectual property rights may <FONT STYLE="font-size: 10pt">not address all potential
threats to our competitive advantage. For a more comprehensive discussion of the risks related to our intellectual property,
please see &#8220;Risk Factors&#8201;&#8212;&#8201;Risks Relating to Intellectual Property.&#8221;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">With respect to our product candidates and
processes we intend to develop and commercialize in the normal course of business, we intend to pursue patent protection covering,
when possible, compositions, methods of use, dosing and formulations. We or our licensors also may pursue patent protection with
respect to manufacturing and drug development processes and technologies. Obtaining and maintaining patent protection depends on
compliance with various procedural, document submission, fee payment, and other requirements imposed by governmental patent agencies.
We or our licensors may not be able to obtain patent protections for our compositions, methods of use, dosing and formulations,
manufacturing and drug development processes and technologies throughout the world. Issued patents can provide protection for varying
periods of time, depending upon the date of filing of the patent application, the date of patent issuance and the legal term of
patents in the countries in which they are obtained. In general, patents issued for applications filed in the United States can
provide exclusionary rights for 20&nbsp;years from the earliest effective filing date. In addition, in certain instances, the term
of an issued U.S. patent that is directed to or claims an FDA-approved product can be extended to recapture a portion of the term
effectively lost as a result of the FDA regulatory review period, which is called &#8220;patent term extension.&#8221; The restoration
period cannot be longer than five&nbsp;years and the total patent term, including the restoration period, must not exceed 14&nbsp;years
following FDA approval. The term of patents outside of the United States varies in accordance with the laws of the foreign jurisdiction,
but typically is also 20&nbsp;years from the earliest effective filing date. However, the actual protection afforded by a patent
varies on a product-by-product basis, from country-to-country, and depends upon many factors, including the type of patent, the
scope of its coverage, the availability of regulatory-related extensions, the availability of legal remedies in a particular country,
and the validity and enforceability of the patent. The laws of some foreign countries may not protect intellectual property rights
to the same extent as the laws of the U.S.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Our success also depends in part on our ability
to preserve trade secrets; prevent third parties from infringing upon our proprietary rights; and operate our business without
infringing the patents and proprietary rights of third parties, both in the United States and internationally. We also protect
our proprietary technology and processes, in part, by confidentiality and invention assignment agreements with our employees, consultants,
scientific advisors and other contractors. These agreements may be breached, and we may not have adequate remedies for any breach.
In addition, our trade secrets may otherwise become known or be independently discovered by competitors. To the extent that our
employees, consultants, scientific advisors or other contractors use intellectual property owned by others in their work for us,
disputes may arise as to the rights in related or resulting know-how and inventions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The patent positions of companies like ours
are generally uncertain and involve complex legal and factual questions. No consistent policy regarding the scope of claims allowable
in patents in the field of biopharmaceuticals has emerged in the United States. The relevant patent laws and their interpretation
outside of the United States is also uncertain. Changes in either the patent laws or their interpretation in the United States
and other countries may diminish our ability to protect our technology or product candidates and could affect the value of such
intellectual property. In particular, our ability to stop third parties from making, using, selling, offering to sell or importing
products that infringe our intellectual property will depend in part on our success in obtaining and enforcing patent claims that
cover our technology, inventions and improvements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Competition</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">No immediate-release prescription stimulant
product with abuse-deterrent labeling currently exists on the market in the United States or internationally, however, we face
competition from established biopharmaceutical companies that currently market a wide range of drugs to treat ADHD. All of these
competitors have far greater marketing and research capabilities than we do. We also face potential competition from academic institutions,
government agencies, and private and public research institutions, among others, which may in the future develop products to treat
ADHD. Any of these companies and institutions may have products in development that are superior to ADAIR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">In addition, the biotechnology and pharmaceutical
industries are characterized by rapid technological advancement, significant competition and an emphasis on intellectual property.
Any product candidates that we successfully develop and commercialize will compete with current therapies and new therapies that
may become available in the future. Our commercial opportunity would be reduced significantly if our competitors develop and commercialize
products that are safer, more effective and convenient, have fewer side effects and/or are less expensive than the expected price
of ADAIR. Public announcements regarding the development of competing drugs could adversely affect the price of our stock and the
commercial potential of ADAIR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Neither the FDA nor any other regulatory
agency has approved any abuse-deterrent immediate-release stimulant. One company has submitted an application to the FDA for the
approval of an immediate release stimulant designed to resist physical manipulation. An FDA advisory committee recently recommended
against the approval of this product because it did not meet the primary endpoint of its human abuse liability study and based
on safety concerns that are specific to the formulation in the other product that do not apply to ADAIR. The formulation technology
and active ingredient in that product is distinct from that in ADAIR. While we are aware of several abuse-deterrent long-acting
stimulants under development, we do not believe that ADAIR will compete directly with those products because they are designed
to last longer and compete in a different segment of the ADHD market for a different patient population than ADAIR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Third-Party Reimbursement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Sales of biopharmaceutical products depend
in significant part on the availability of coverage and adequate reimbursement by third-party payors, such as state and federal
governments, including Medicare and Medicaid, managed care providers, and private insurance plans. Decisions regarding the extent
of coverage and amount of reimbursement to be provided for ADAIR will be made on a plan by plan basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Within the Medicare program, as a self-administered
drug, ADAIR would be reimbursed under the expanded prescription drug benefit known as Medicare Part&nbsp;D. This program is a voluntary
Medicare benefit administered by private plans that operate under contracts with the federal government. These Part&nbsp;D plans
negotiate discounts with drug manufacturers, which may be passed on to each of the plan&#8217;s enrollees. Historically, Part&nbsp;D
beneficiaries have been exposed to significant out-of-pocket costs after they surpass an annual coverage limit and until they reach
a catastrophic coverage threshold. However, changes made by recent legislation will reduce this patient coverage gap, known as
the donut hole, by reducing patient responsibility in that coverage range. Because the vast majority of patients treated with ADHD
medications are under 65&nbsp;years old, Medicare has a relatively small impact on ADHD medications and this would also be expected
for ADAIR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">An ongoing trend has been for third-party
payors, including the U.S. government, to apply downward pressure on the reimbursement of biopharmaceutical products. Also, the
trend towards managed health care in the United States and the concurrent growth of organizations such as health maintenance organizations
tend to result in lower reimbursement for biopharmaceutical products. We expect that these trends will continue as these payors
implement various proposals or regulatory policies, including various provisions of the recent health reform legislation that affect
reimbursement of these products. There are currently, and we expect that there will continue to be, a number of federal and state
proposals to implement controls on reimbursement and pricing, directly and indirectly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">There is an emerging trend in state legislation
requiring the addition of abuse-deterrent formulations of opioid painkillers to be added to managed care formularies. Because there
are no stimulants currently approved with similar abuse-deterrent labeling, such legislation has not had an impact on stimulants;
however, this could favorably impact the reimbursement of a product like ADAIR in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Asset Purchase Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">As described above, the ADAIR assets were
acquired by us pursuant to the terms and conditions of the Asset Purchase Agreement. In exchange for the ADAIR assets, we issued
843,750 shares of our common stock on June&nbsp;22, 2018 to Arcturus Inc., which comprised approximately 30% of our then-outstanding
common stock on a fully diluted basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The Asset Purchase Agreement also gives
Arcturus the right to appoint one director to serve as a member of our board of directors, which was effective immediately upon
the closing of the transaction contemplated by the Asset Purchase Agreement. Thereafter, Arcturus is entitled to appoint one director
for so long as it owns at least 10% of the company securities on a fully diluted basis.<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Employees and Human Capital Resources</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We recognize that attracting, motivating
and retaining talent is vital to our continued success. We aim to create an equitable, inclusive and empowering environment in
which our employees can grow and advance their careers, with the overall goal of developing, expanding and retaining our workforce
to support our current pipeline and future business goals. We value innovation, passion, data-driven decision making, persistence
and honesty, and are building a diverse environment where our employees and consultants can thrive and be inspired to make exceptional
contributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our current management team, board of directors,
and scientific advisors have significant experience in development and marketing of pharmaceutical product candidates from early
stage discovery to clinical trials, regulatory approval and commercialization. As of March 15, 2021, we had two full-time employees.
We also regularly work with several independent consultants and other contract organizations to support our business and we regularly
evaluate additional talent to help support our product development, financial, and other capabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our human capital resources objectives include
identifying, recruiting, retaining, and incentivizing our existing and new employees. We maintain an equity incentive plan, the
principal purposes of which are to attract, retain and reward personnel through the granting of stock-based compensation awards,
in order to increase stockholder value and the success of our company by motivating such individuals to perform to the best of
their abilities and achieve our objectives. To facilitate talent attraction and retention, we strive to make our company a safe
and rewarding workplace, with opportunities for our employees to grow and develop in their careers, supported by competitive compensation,
benefits and health and wellness programs, and by programs that build connections between our employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, as a result of the COVID-19
pandemic, we have taken steps to protect the health and safety of our employees in line with directives from state and the applicable
local governments, as well as guidance from the CDC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Facilities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Our executive offices are located at 100
N. 18th Street, Suite 300, Philadelphia, PA 19103. We believe that our current office space will be adequate for the next 12&nbsp;months.
We have no plans to lease additional space in the next twelve&nbsp;months. Should we be required to obtain additional space in
the future, we believe we can obtain the required facilities at competitive rates. We do not own any real property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Corporate Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Vallon Pharmaceuticals, Inc. was incorporated
in Delaware on January&nbsp;11, 2018, and completed its organization, formation and initial capitalization activities effective
as of June&nbsp;7, 2018. Our telephone number is 267-207-3606, and our email address is info@vallon-pharma.com. Our website address
is https://www.vallon-pharma.com. Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K,
including exhibits, proxy and information statements and amendments to those reports filed or furnished pursuant to Sections 13(a),
14, and 15(d) of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), are available through the &ldquo;Investors&rdquo;
portion of our website after we file such material with the SEC. The information contained on, or that can be accessed through,
our website is not part of this Annual Report and is not incorporated by reference. We have included our website address herein
solely as an inactive textual reference. Our filings with the SEC may be
accessed through the SEC&rsquo;s Interactive Data Electronic Applications system at https://www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We are an &#8220;emerging growth company,&#8221;
as defined in Section&nbsp;2(a) of the Securities Act of 1933, as amended (the&nbsp;&#8220;<I>Securities Act</I>&#8221;), as modified
by the Jumpstart Our Business Startups Act of 2012 (the &#8220;<I>JOBS Act</I>&#8221;). Emerging growth companies can delay adopting
new or revised accounting standards until such time as those standards apply to private companies. Therefore, we may not be subject
to the same new or revised accounting standards as other public companies that are not &#8220;emerging growth companies.&#8221;
For as long as we continue to be an emerging growth company, we also intend to take advantage of certain other exemptions from
various reporting requirements that are applicable to other public companies including, but not limited to, reduced disclosure
obligations regarding executive compensation in our periodic reports and proxy statements, exemptions from the requirements of
holding a nonbinding advisory stockholder vote on executive compensation and any golden parachute payments not previously approved,
exemption from the requirement of auditor attestation in the assessment of our internal control over financial reporting and exemption
from any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation
or a supplement to the auditor&#8217;s report providing additional information about the audit and the financial statements (auditor
discussion and analysis). We will remain an emerging growth company until the earliest of (i)&nbsp;the end of the fiscal year in
which the market value of our common stock that is held by non-affiliates exceeds $700&nbsp;million as of the end of the second
fiscal quarter, (ii)&nbsp;the end of the fiscal year in which we have total annual gross revenues of $1.07&nbsp;billion or more
during such fiscal year, (iii)&nbsp;the date on which we issue more than $1&nbsp;billion in non-convertible debt in a three-year
period, or (iv)&nbsp;the end of the fiscal year following the fifth anniversary of the date of the first sale of our Common Stock
pursuant to an effective registration statement filed under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="aa_003"></A><B>Item 1A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RISK FACTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>You should consider carefully the following
risks described below, together with the other information contained in this Annual Report and in our other public filings, in
evaluating our business. If any of the following risks actually occurs, our business, financial condition, results of operations
and future growth prospects would likely be materially and adversely affected. In these circumstances, the market price of our
common stock would likely decline.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Summary of Risk Factors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">The following is a
summary of the principal risks described below in Part I, Item 1A &#8220;Risk Factors&#8221; in this Annual Report on Form 10-K.
We believe that the risks described in the &#8220;Risk Factors&#8221; section are material to investors, but other factors not
presently known to us or that we currently believe are immaterial may also adversely affect us. The following summary should not
be considered an exhaustive summary of the material risks facing us, and it should be read in conjunction with the &#8220;Risk
Factors&#8221; section and the other information contained in this Annual Report on Form 10-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>We anticipate future losses and negative cash flow, and it is uncertain if or when we will become profitable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>We are a clinical-stage company with no approved products and a lack of operating history, which makes it difficult to assess
our future viability.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>As a result of our limited operating history, we may not be able to correctly estimate our future revenues, operating expenses,
need for investment capital, or stability of operations, which could lead to cash shortfalls.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>We do not currently have any drug products for sale, and only one clinical stage product under development, ADAIR. Our prospects
currently depend largely on the success of ADAIR, which is still in clinical development, and we may not be able to generate revenues
from ADAIR.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>If serious adverse or unacceptable side effects are identified during the development of ADAIR or any potential future products,
such as ADMIR, we may need to abandon or limit our development of some of such products.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>If ADAIR does not achieve broad market acceptance, the revenues that we generate from its sales will be limited.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>If we obtain approval to commercialize ADAIR, or any other future product, such as ADMIR, outside of the U.S., a variety of
risks associated with international operations could materially adversely affect our business.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>If the government or third-party payors fail to provide adequate coverage and payment rates for ADAIR or any future products,
such as ADMIR, we may develop, license or acquire, if any, our revenue and prospects for profitability will be limited.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>If we are unable to establish sales, marketing, and distribution capabilities or to enter into agreements with third parties
to market and sell ADAIR or any other future product, such as ADMIR, we may not be successful in commercializing ADAIR or any other
future product if and when they are approved.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>We will require substantial additional funding, which may not be available to us on acceptable terms, or at all, and, if not
so available, may require us to delay, limit, reduce or cease our operations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>We will continue to incur significant increased costs as a result of operating as a public company, and our management will
be required to devote substantial time to new compliance initiatives.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>We may not receive regulatory approval for ADAIR or any future product, such as ADMIR, or its or their approvals may be delayed,
which would have a material adverse effect on our business and financial condition.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Even if ADAIR or any other proposed product that we develop, such as ADMIR, receives marketing approval, we will continue to
face extensive regulatory requirements and the product may still face future development and regulatory difficulties.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>The abuse, misuse or off-label use of our products may harm our image in the marketplace, result in injuries that lead to product
liability suits or result in costly investigations, fines or sanctions by regulatory bodies if we are deemed to have engaged in
the promotion of these uses, any of which could be costly to our business.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>We have filed multiple patent applications and have two issued patents by the U.S. PTO. These or any other patent applications
may not result in issued patents, and as a result we may have limited protection of our proprietary technology in the marketplace.</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>If we are unable to obtain and maintain patent protection for our technology and products or if the scope of the patent protection
obtained is not sufficiently broad, our competitors could develop and commercialize technology and products similar or identical
to ours, and our ability to successfully commercialize our technology and products may be impaired.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Because it is difficult and costly to protect our proprietary rights, we may not be able to ensure their protection.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>If we cannot continue to satisfy the listing requirements of The Nasdaq Capital Market and other rules, including the director
independence requirements, our securities may be delisted, which could negatively impact the price of our securities and your ability
to sell them.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>Our stock may be subject to substantial price and volume fluctuations due to a number of factors, many of which are beyond
our control and may prevent our stockholders from reselling our common stock at a profit.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Relating to Our Business and Industry</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We anticipate future losses and negative cash flow, and
it is uncertain if or when we will become profitable.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We do not expect to generate any significant
revenues until we successfully complete development of our first product, including obtaining all required regulatory approvals,
and we are able to successfully commercialize the product through sales and licensing. As of the date of this Annual Report, our
product candidates are still in development and have not been approved by the FDA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We have not yet demonstrated our ability
to generate revenue, and we may never be able to produce revenues or operate on a profitable basis. We have incurred losses since
our inception (January&nbsp;11, 2018) and expect to experience operating losses and negative cash flow for the foreseeable future.
ADAIR or any other future product, such as ADMIR, may never be approved or become commercially viable. Even if we and any collaborators
are able to commercialize our technology, which may include licensing, we may never recover our research and development expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We are a clinical-stage company with no approved products
and a lack of operating history, which makes it difficult to assess our future viability.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We were incorporated on January&nbsp;11,
2018, and our operations to date have been limited to organizing and staffing our company, acquiring rights to ADAIR, preparing
and filing an IND application for ADAIR, conducting four Phase&nbsp;I studies and working on the commercial formulation and manufacturing
of ADAIR. We have not yet demonstrated an ability to successfully overcome many of the risks and uncertainties frequently encountered
by companies in new and rapidly evolving fields, particularly in the biopharmaceutical area. For example, to execute our business
plan, we will need to successfully:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>obtain adequate financing on terms that are acceptable to us;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>execute product development activities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>obtain required regulatory approvals for the development and commercialization of ADAIR or any other future product, such as
ADMIR;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>maintain, leverage, and expand our intellectual property portfolio;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>build and maintain robust sales, distribution, and marketing capabilities, either on our own or in collaboration with strategic
partners;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>gain market acceptance for ADAIR or any other future product, such as ADMIR;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>develop and maintain any strategic relationships we elect to enter into; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>manage our spending as costs and expenses increase due to clinical trials, regulatory approvals, and commercialization.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8203;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">If we are unsuccessful in accomplishing these
objectives, we may not be able to develop ADAIR or any other future product, such as ADMIR, raise capital, expand our business,
or continue our operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Further, our lack of operating history makes
it difficult to evaluate our business and prospects. Our prospects must be considered in light of the risks, uncertainties, expenses,
and difficulties frequently encountered by companies in their early stages of development, particularly companies in the biopharmaceutical
industry. As a young business, we may encounter unforeseen expenses, difficulties, complications, delays, and other known and unknown
factors. We will need to expand our capabilities to support commercial activities. We may not be successful in adding such capabilities.
The historical information in this Annual Report may not be indicative of our future financial condition and future performance.
We expect our financial condition and operating results to continue to fluctuate significantly from quarter to quarter and year
to year due to a variety of factors, many of which are beyond our control. Accordingly, you should not rely upon our past results
of as an indication of future operating performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>As a result of our limited operating history, we may not
be able to correctly estimate our future revenues, operating expenses, need for investment capital, or stability of operations,
which could lead to cash shortfalls.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We have a limited operating history from
which to evaluate our business. As a result, our historical financial data is of limited value in estimating future operating expenses.
In addition, although we are a clinical-stage company, we have not yet completed all of the non-clinical safety studies for ADAIR
or other pivotal clinical trials. We also have not obtained regulatory approvals for any of our products, manufactured a commercial
scale product, arranged for a third party to do so on our behalf, or conducted sales and marketing activities necessary for successful
product commercialization. Therefore, our budgeted operating expense levels are based in part on our expectations concerning the
FDA approval process and expenses related to development of other product candidates. Failing to reach our short-term developmental
milestones within anticipated timelines due to delays caused by the COVID-19 outbreak, serious adverse or unacceptable side effects
caused by our product candidates, or other events, many of which may be beyond our control, may cause our financial condition and
operating results to continue to fluctuate significantly from quarter to quarter and year to year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We do not currently have any drug products for sale, and
only one clinical stage product under development, ADAIR. Our prospects currently depend largely on the success of ADAIR, which
is still in clinical development, and we may not be able to generate revenues from ADAIR.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We do not have any prescription drug products
that have been approved by the FDA, or any similar regulatory authority. Our business success depends on our ability to obtain
regulatory approval for and successfully commercialize our only product currently under development, ADAIR, which will require
substantial investment, access to sufficient commercial manufacturing capacity, and significant marketing efforts before we can
generate any revenue from sales of ADAIR, if it is ever approved for commercialization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We have only one other prescription drug
candidate in early development today and so our business prospects currently depend primarily on the successful development, regulatory
approval, and commercialization of ADAIR, which may never occur. Even though ADAIR is in the clinical development stage, it has
an uncertain chance of successfully completing clinical development and gaining regulatory approval. Any significant delays in
obtaining approval for and commercializing ADAIR will have a substantial adverse impact on our business and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Even if approved, we may be unable to successfully
commercialize ADAIR and we may never generate meaningful revenues. Our ability to generate revenues from ADAIR will depend on our
ability to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>hire, train, deploy, and support our sales force, including any contract sales force engaged;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>create market demand for ADAIR through our own marketing and sales activities, and any other promotional arrangements we may
later establish;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>obtain sufficient quantities of ADAIR from our third-party manufacturers as required to meet commercial demand at launch and
thereafter;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>establish and maintain agreements with wholesalers, distributors and group purchasing organizations on commercially reasonable
terms; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>maintain patent protection and regulatory exclusivity for ADAIR.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, if the market for ADAIR develops less
rapidly than we anticipate, we may not have the ability to shift our resources to the development of alternative products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If serious adverse or unacceptable side effects are identified
during the development of ADAIR or any potential future products, such as ADMIR, we may need to abandon or limit our development
of some of such products.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">If ADAIR or potential future products, such
as ADMIR, are associated with undesirable side effects in preclinical studies or clinical trials or have characteristics that are
unexpected, we may need to abandon their development or limit development to more narrow uses or subpopulations in which the undesirable
side effects or other characteristics are less prevalent, less severe, or more acceptable from a risk-benefit perspective. In our
industry, many compounds that initially showed promise in early stage testing have later been found to cause side effects that
prevented further development of the compound. In the event that our clinical trials reveal a high and unacceptable severity and
prevalence of side effects, our trials could be suspended or terminated, and the FDA or comparable foreign regulatory authorities
could order us to cease further development or deny approval of ADAIR or potential future products for any or all targeted indications.
The FDA could also issue a letter requesting additional data or information prior to making a final decision regarding whether
or not to approve a product. The number of requests for additional data or information issued by the FDA in recent&nbsp;years has
increased, and resulted in substantial delays in the approval of several new drugs. Undesirable side effects caused by ADAIR or
potential future products could also result in the inclusion of unfavorable information in our product labeling, denial of regulatory
approval by the FDA, or other regulatory authorities for any or all targeted indications, and in turn prevent us from commercializing
and generating revenues from the sale of ADAIR or potential future products. Drug-related side effects could affect patient recruitment
or the ability of enrolled patients to complete the trial and could result in potential product liability claims.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Additionally, if one or more of our current
or potential future products, including ADAIR or ADMIR, receive marketing approval and we or others later identify undesirable
side effects caused by this product, a number of potentially significant negative consequences could result, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>regulatory authorities may require the addition of unfavorable labeling statements, specific warnings, or a contraindication;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>regulatory authorities may suspend or withdraw their approval of the product, or require it to be removed from the market;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>we may be required to change the way the product is administered, conduct additional clinical trials, or change the labeling
of the product; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>our reputation may suffer.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&#8203;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Any of these events could prevent us from
achieving or maintaining market acceptance of ADAIR or potential future products, such as ADMIR, or could substantially increase
our commercialization costs and expenses, which in turn could delay or prevent us from generating significant revenues from its
sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If ADAIR does not achieve broad market acceptance, the
revenues that we generate from its sales will be limited.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The commercial success of ADAIR, if approved
by the FDA, will depend upon its acceptance by the medical community, our ability to ensure that the drug is included in hospital
formularies, and coverage and reimbursement for ADAIR by third-party payors, including government payors. The degree of market
acceptance of ADAIR or any other product we may license or acquire will depend on a number of factors, including, but not necessarily
limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the efficacy and safety as demonstrated in clinical trials;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the timing of market introduction of such proposed product as well as competitive products;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the clinical indications for which the drug is approved;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>acceptance by physicians and patients of the drug as a safe and effective treatment;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the safety of such proposed product seen in a broader patient group, including its use outside the approved indications;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the availability, cost, and potential advantages of alternative treatments, including less expensive generic drugs;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the availability of adequate reimbursement and pricing by third-party payors and government authorities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the relative convenience and ease of administration of the proposed product for clinical practices;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the product labeling or product insert required by the FDA or regulatory authority in other countries;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the approval, availability, market acceptance, and reimbursement for a companion diagnostic, if any;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the prevalence and severity of adverse side effects;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the effectiveness of our sales and marketing efforts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>limitations or warnings contained in the product&rsquo;s FDA-approved labeling;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>changes in the standard of care for the targeted indications for ADAIR or any future product, such as ADMIR, which could reduce
the marketing impact of any superiority claims that we could make following FDA approval; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>potential advantages over, and availability of, alternative treatments.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8203;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">If any proposed product that we develop does
not provide a treatment regimen that is as beneficial as, or is not perceived as being as beneficial as, the current standard of
care or otherwise does not provide patient benefit, that proposed product, if approved for commercial sale by the FDA or other
regulatory authorities, likely will not achieve market acceptance. Our ability to effectively promote and sell ADAIR and any other
product we may license or acquire will also depend on pricing and cost effectiveness, including our ability to produce a product
at a competitive price and achieve acceptance of the product onto hospital formularies, as well as our ability to obtain sufficient
third-party coverage or reimbursement. Since many hospitals are members of group purchasing organizations, which leverage the purchasing
power of a group of entities to obtain discounts based on the collective buying power of the group, our ability to attract customers
will also depend on our ability to effectively promote ADAIR or any other future product to group purchasing organizations. We
will also need to demonstrate acceptable evidence of safety and efficacy, as well as relative convenience and ease of administration.
Market acceptance could be further limited depending on the prevalence and severity of any expected or unexpected adverse side
effects associated with ADAIR or any other future product, such as ADMIR. If ADAIR or any other future product are approved but
do not achieve an adequate level of acceptance by physicians, health care payors, and patients, we may not generate sufficient
revenue from these products, and we may not become or remain profitable. In addition, our efforts to educate the medical community
and third-party payors on the benefits of ADAIR or any other future product may require significant resources and may never be
successful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If we obtain approval to commercialize ADAIR, or any other
future product, such as ADMIR, outside of the U.S., a variety of risks associated with international operations could materially
adversely affect our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">If ADAIR, or any other future product, such
as ADMIR, is approved for commercialization outside the U.S., such as pursuant to the license agreement with Medice, who is affiliated
with one of our principal stockholders, Salmon Pharma, and represented by one member of our board of directors, we will likely
enter into agreements with third parties to market such product outside the U.S. We expect that we will be subject to additional
risks related to entering into or maintaining international business relationships, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>different regulatory requirements for drug approvals in foreign countries;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>differing U.S. and foreign drug import and export rules, particularly regarding controlled substances and scheduled products,
such as ADAIR;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>reduced protection for intellectual property rights in foreign countries;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>unexpected changes in tariffs, trade barriers, and regulatory requirements;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>different reimbursement systems;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>economic weakness, including inflation, or political instability in particular foreign economies and markets;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>compliance with tax, employment, immigration, and labor laws for employees living or traveling abroad;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>foreign taxes, including withholding of payroll taxes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>foreign currency fluctuations, which could result in increased operating expenses and reduced revenues, and other obligations
incident to doing business in another country;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>workforce uncertainty in countries where labor unrest is more common than in the United States;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>production shortages resulting from any events affecting raw material supply or manufacturing capabilities abroad;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>potential liability resulting from development work conducted by these distributors; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>business interruptions resulting from geopolitical actions, including war and terrorism, or natural disasters.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&#8203;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Any government investigation of alleged violations
of law could require us to expend significant time and resources in response, and could generate negative publicity. Any failure
to comply with ongoing regulatory requirements may significantly and adversely affect our ability to commercialize and generate
revenues from ADAIR or any other future product, such as ADMIR. If regulatory sanctions are applied or if regulatory approval is
withdrawn, the value of our company and our operating results will be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If the government or third-party payors fail to provide
adequate coverage and payment rates for ADAIR or any future products, such as ADMIR, we may develop, license or acquire, if any,
our revenue and prospects for profitability will be limited.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">In both domestic and foreign markets, our
sales of any future products, such as ADMIR, will depend in part upon the availability of coverage and reimbursement from third-party
payors. Such third-party payors include government health programs such as Medicare, Medicaid, managed care providers, private
health insurers and other organizations. Accordingly, ADAIR or any other future product that we may develop, in-license or acquire,
if approved, will face competition from other therapies and drugs for these limited payor financial resources. We may need to conduct
post-marketing studies in order to demonstrate the cost-effectiveness of any future products to the satisfaction of insurers, hospitals,
other target customers and their third-party payors. Such studies might require us to commit a significant amount of management
time and financial and other resources. Any of our future products might not ultimately be considered cost-effective. Adequate
third-party coverage and reimbursement might not be available to enable us to maintain price levels sufficient to realize an appropriate
return on investment in product development.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If we are unable to establish sales, marketing, and distribution
capabilities or to enter into agreements with third parties to market and sell ADAIR or any other future product, such as ADMIR,
we may not be successful in commercializing ADAIR or any other future product if and when they are approved.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Other than the license agreement with
Medice, we currently do not have a marketing or sales organization for the marketing, sales and distribution of
biopharmaceutical products. In order to commercialize any product that receives marketing approval, we would need to build
marketing, sales, distribution, managerial, and other non-technical capabilities or make arrangements with third parties to
perform these services, and we may not be successful in doing so. In the event of successful development and regulatory
approval of ADAIR or another future product, such as ADMIR, we expect to build a targeted specialist sales force to market or
co-promote the product. There are risks involved with establishing our own sales, marketing, and distribution capabilities.
For example, recruiting and training a sales force is expensive and time consuming and could delay any product launch. If the
commercial launch of a product for which we recruit a sales force and establish marketing capabilities is delayed or does not
occur for any reason, we would have prematurely or unnecessarily incurred these commercialization expenses. This may be
costly, and our investment would be lost if we cannot retain or reposition our sales and marketing personnel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Factors that may inhibit our efforts to commercialize
our products, if any, on our own include, but are not necessarily limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>our inability to recruit, train, and retain adequate numbers of effective sales and marketing personnel;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the inability of sales personnel to obtain access to physicians or persuade adequate numbers of physicians to prescribe any
future products;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the lack of complementary or other products to be offered by sales personnel, which may put us at a competitive disadvantage
from the perspective of sales efficiency relative to companies with more extensive product lines; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>unforeseen costs and expenses associated with creating an independent sales and marketing organization.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">As an alternative to establishing our own
sales force, we may choose to partner with third parties that have well-established direct sales forces to sell, market, and distribute
our products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We rely on a limited number of suppliers and manufacturers
for ADAIR and expect to continue to do so for any future product that we may develop, including ADMIR, and for commercialization
of our products. This reliance on a limited number of third parties increases the risk that we will not have sufficient quantities
of ADAIR or such quantities at an acceptable cost, which could delay, prevent or impair our development or commercialization efforts.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The manufacture of biopharmaceutical products
requires significant expertise and capital investment, including the development of advanced manufacturing techniques and process
controls and the use of specialized processing equipment. We have entered into an agreement to complete precommercial manufacturing
development activities with one contract manufacturer and expect to contract with them for the commercial manufacture of ADAIR.
However, we have not yet negotiated and signed a commercial supply agreement. The inability of a third-party manufacturer to successfully
manufacture ADAIR may materially harm our business and financial condition, and frustrate future development and any commercialization
efforts for this product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We do not have any of our own manufacturing
facilities or personnel. We rely, and expect to continue to rely, on third parties for the manufacture of ADAIR or any other future
product, such as ADMIR, for clinical testing, as well as for commercial manufacture if any of ADAIR or any other future product
receive marketing approval. This reliance on third parties increases the risk that we will not have sufficient quantities of ADAIR
or any other future product or such quantities at an acceptable cost or quality, which could delay, prevent, or impair our development
or commercialization efforts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We also expect to rely on third-party manufacturers
or third-party collaborators for the manufacture of commercial supply of any product for which our collaborators or we obtain marketing
approval. We may be unable to establish any agreements with third-party manufacturers or to do so on acceptable terms. Even if
we are able to establish agreements with third-party manufacturers, reliance on third-party manufacturers entails additional risks,
including, but not necessarily limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>reliance on the third party for regulatory compliance and quality assurance;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the possible breach of the manufacturing agreement by the third party;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>manufacturing delays if our third-party manufacturers give greater priority to the supply of other products over ADAIR or any
other future product, such as ADMIR, or otherwise do not satisfactorily perform according to the terms of the agreement between
us;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the possible misappropriation of our proprietary information, including our trade secrets and know-how; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the possible termination or nonrenewal of the agreement by the third party at a time that is costly or inconvenient for us.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">All of our contract manufacturers must comply
with strictly enforced federal, state, and foreign regulations, including current Good Manufacturing Practice (&#8220;<I>cGMP</I>&#8221;)
requirements enforced by the FDA through its facilities inspection program. We do not control the manufacturing process of, and
are completely dependent on, our contract manufacturers for compliance with cGMP regulations for manufacture of ADAIR or any other
future product, such as ADMIR. Our failure, or the failure of our third-party manufacturers, to comply with applicable regulations
or similar regulatory requirements outside the U.S. could result in sanctions being imposed on us, including clinical holds, fines,
injunctions, civil penalties, suspension of production, delays, suspension or withdrawal of approvals, license revocation, seizures
or recalls of products, operating restrictions and criminal prosecutions, any of which could significantly and adversely affect
supplies of our products. Any manufacturing defect or error discovered after products have been produced and distributed could
result in even more significant consequences, including costly recall procedures, re-stocking costs, damage to our reputation,
and potential for product liability claims.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">ADAIR and any products that we may develop
may compete with other products for access to manufacturing facilities. There are a limited number of manufacturers that operate
under cGMP regulations and that might be capable of manufacturing for us. Any performance failure on the part of our existing or
future manufacturers could delay clinical development or marketing approval. We do not currently have arrangements in place for
redundant supply or a second source for bulk drug substance. If our current contract manufacturers cannot perform as agreed, we
may be required to replace such manufacturers. We may incur added costs and delays in identifying and qualifying any replacement
manufacturers. The DEA restricts the importation of a controlled substance finished drug product when the same substance is commercially
available in the United States, which could reduce the number of potential alternative manufacturers for ADAIR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Our current and anticipated future dependence
upon others for the manufacture of ADAIR or any other future products, such as ADMIR, may adversely affect our future profit margins
and our ability to commercialize any products that receive marketing approval on a timely and competitive basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We also expect to rely on other third parties
to store and distribute drug supplies for our clinical trials. Any performance failure on the part of our distributors could delay
clinical development or marketing approval of ADAIR or any other future product, such as ADMIR, or commercialization of any of
our products, producing additional losses and depriving us of potential product revenue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Public health crises such as pandemics or similar outbreaks
could materially and adversely affect our preclinical and clinical trials, business, financial condition and results of operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">In March&nbsp;2020, the World Health Organization
declared COVID-19 a global pandemic and the United States declared a national emergency with respect to COVID-19. In response to
the COVID-19 pandemic, &#8220;shelter in place&#8221; orders and other public health guidance measures have been implemented across
much of the United States and Europe, including in the locations of our principal place of business, clinical trial sites, and
locations of our key vendors and partners. Our clinical development program and preclinical study timelines may be negatively affected
by COVID-19, which could materially and adversely affect our business, financial condition and results of operations. Further,
due to &#8220;shelter in place&#8221; orders and other public health guidance measures, we and our third-party vendors and suppliers
have implemented remote working policies. Our third-party vendors&#8217; and suppliers&#8217;, and our increased reliance on personnel
working from home may negatively impact productivity, or disrupt, delay or otherwise adversely impact our business. For example,
the COVID-19 pandemic caused some delays at our clinical trial sites, contract research organizations (&#8220;<I>CROs</I>&#8221;),
and third-party manufacturers, which in turn resulted in some delays in the FDA approval process; however, these delays have been
largely remediated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">As a result of the COVID-19 pandemic, or
similar pandemics, and related &#8220;shelter in place&#8221; orders and other public health guidance measures, we have and may
in the future experience disruptions that could materially and adversely impact our clinical trials, business, financial condition
and results of operations. Potential disruptions include but are not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>delays or difficulties in enrolling patients in our clinical trials;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>delays or difficulties in initiating or expanding clinical trials, including delays or difficulties with clinical site initiation
and recruiting clinical site investigators and clinical site staff;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>increased rates of patients withdrawing from our clinical trials following enrollment as a result of contracting COVID-19 or
other health conditions or being forced to quarantine;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>interruption of key clinical trial activities, such as clinical trial site data monitoring and efficacy, safety and translational
data collection, processing and analyses, due to limitations on travel imposed or recommended by federal, state or local governments,
employers and others or interruption of clinical trial subject visits, which may impact the collection and integrity of subject
data and clinical study endpoints;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>delays or disruptions in preclinical experiments and IND-enabling studies due to restrictions of on-site staff and unforeseen
circumstances at CROs and vendors, including any delays caused by the COVID-19 outbreak;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>interruption or delays in the operations of the FDA and comparable foreign regulatory agencies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>interruption of, or delays in receiving, supplies of our product candidates from our contract manufacturing organizations due
to staffing shortages, production slowdowns or stoppages&nbsp;and disruptions in delivery systems;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>delays in receiving approval from local regulatory authorities to initiate our planned clinical trials;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>limitations on employee or other resources that would otherwise be focused on the conduct of our clinical trials and pre-clinical
work, including because of sickness of employees or their families, the desire of employees to avoid travel or contact with large
groups of people, an increased reliance on working from home, school closures or mass transit disruptions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>changes in regulations as part of a response to the COVID-19 pandemic which may require us to change the ways in which our
clinical trials are conducted, which may result in unexpected costs, or to discontinue the clinical trials altogether;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>delays in necessary interactions with regulators, ethics committees and other important agencies and contractors due to limitations
in employee resources or forced furlough of government or contractor personnel; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>refusal of the FDA to accept data from clinical trials in affected geographies outside the United States.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">These and other factors arising from the
COVID-19 global pandemic could worsen in countries that are already afflicted with COVID-19, could continue to spread to additional
countries or could return to countries where the pandemic has been partially contained, each of which could further adversely impact
our ability to conduct clinical trials and our business generally, and could materially and adversely affect our business, financial
condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The COVID-19 global pandemic continues to
rapidly evolve. The extent to which the outbreak may affect our clinical trials, business, financial condition and results of operations
will depend on future developments, which are highly uncertain and cannot be predicted at this time, such as the ultimate geographic
spread of the disease, the duration of the outbreak, travel restrictions and actions to contain the outbreak or treat its impact,
such as social distancing and quarantines or lock-downs in the United States and other countries, business closures or business
disruptions and the effectiveness of actions taken in the United States and other countries to contain and treat the disease. Future
developments in these and other areas present material uncertainty and risk with respect to our clinical trials, business, financial
condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our future growth may depend on our ability to identify
and acquire or in-license products and if we do not successfully identify and acquire or in-license related product candidates
and products or integrate them into our operations, we may have limited growth opportunities.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">An important part of our business strategy
is to continue to develop a pipeline of product candidates and products by acquiring or in-licensing products, businesses or technologies
that we believe are a strategic fit with our business. Future in-licenses or acquisitions, however, may entail numerous operational
and financial risks, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>exposure to unknown liabilities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>disruption of our business and diversion of our management&rsquo;s time and attention to develop acquired products or technologies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>difficulty or inability to secure financing to fund development activities for such acquired or in-licensed technologies in
the current economic environment;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>incurrence of substantial debt or dilutive issuances of securities to pay for acquisitions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>higher than expected acquisition and integration costs;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>increased amortization expenses;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>difficulty and cost in combining the operations and personnel of any acquired businesses with our operations and personnel;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>impairment of relationships with key suppliers or customers of any acquired businesses due to changes in management and ownership;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>inability to retain key employees of any acquired businesses.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We have limited resources to identify and
execute the acquisition or in-licensing of third-party products, businesses and technologies and integrate them into our current
infrastructure. In particular, we may compete with larger biopharmaceutical companies and other competitors in our efforts to establish
new collaborations and in-licensing opportunities. These competitors likely will have access to greater financial resources than
us and may have greater expertise in identifying and evaluating new opportunities. Moreover, we may devote resources to potential
acquisitions or in-licensing opportunities that are never completed, or we may fail to realize the anticipated benefits of such
efforts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Expanding our product offerings may not be profitable.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We may choose to develop new products to
offer. We are currently developing an abuse deterrent formulation of Ritalin, ADMIR, another commonly prescribed product for the
treatment of ADHD. Developing new products involves inherent risks, including our inability to estimate demand for the new offerings,
competition from more established market participants, and a lack of market understanding. In addition, expanding into new geographic
areas and/or expanding product offerings will be challenging and may require integrating new employees into our culture as well
as assessing the demand in the applicable market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may expend our limited resources to pursue a particular
proposed product or indication, and fail to capitalize on a different proposed product or indication that may have been more profitable
or for which there would have been a greater likelihood of success.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Because we have limited financial and managerial
resources, we focus on research programs and proposed products that we identify for specific indications. As a result, we may forego
or delay pursuit of opportunities with other proposed products, or for other indications, that later prove to have greater commercial
potential. Our resource allocation decisions may cause us to fail to capitalize on viable commercial products or profitable market
opportunities. Our spending on current and future research and development programs and proposed products for specific indications
may not yield any commercially viable products. If we do not accurately evaluate the commercial potential or target market for
a particular proposed product, we may relinquish valuable rights to that proposed product through collaboration, licensing, or
other royalty arrangements in cases in which it would have been more advantageous for us to retain sole development and commercialization
rights to such proposed product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If we fail to effectively manage our growth, our business
and reputation, results of operations, and financial condition may be adversely affected.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We may experience a rapid growth in operations,
which may place significant demands on our management team and our operational and financial infrastructure. As we continue to
grow, we must effectively identify, integrate, develop and motivate new employees, and maintain the beneficial aspects of our corporate
culture. To attract top talent, we believe we will have to offer attractive compensation packages. The risks of over-hiring or
overcompensating and the challenges of integrating a rapidly growing employee base may impact profitability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Additionally, if we do not effectively
manage our growth, the quality of our services could suffer, which could adversely affect our business and reputation,
results of operations, and financial condition. If operational, technology, and infrastructure improvements are not
implemented successfully, our ability to manage our growth will be impaired and we may have to make significant additional
expenditures to address these issues. To effectively manage our growth, we will need to continue to improve our operational,
financial, and management controls and our reporting systems and procedures. This will require that we refine our information
technology systems to maintain effective online services and enhance information and communication systems to ensure that our
employees effectively communicate with each other and our growing base of customers. These system enhancements and
improvements will require significant incremental and ongoing capital expenditures and allocation of valuable management and
employee resources. If we fail to implement these improvements and maintenance programs effectively, our ability to manage
our expected growth and comply with the rules and regulations that are applicable to publicly reporting companies will be
impaired and we may incur additional expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may not be able to manage our business effectively
if we are unable to attract and retain key personnel.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Our key employees currently include David
Baker, our President and Chief Executive Officer, and Ms.&nbsp;Penny Toren, our Senior Vice President, Regulatory Affairs &amp;
Program Management, who is responsible for regulatory affairs, and consulting arrangements with individuals such as our Chief Medical
Officer, Dr.&nbsp;Timothy Whitaker, who is responsible for overseeing clinical development of our product candidates. Our future
growth and success depend on our ability to recruit, retain, manage, and motivate our employees and key consultants. The loss of
the services of our Chief Executive Officer, or any of our key employees or the inability to hire or retain experienced management
personnel could adversely affect our ability to execute our business plan and harm our operating results. Although we have employment
agreements in place with management, these agreements are terminable at will with minimal notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Because of the specialized scientific and
managerial nature of our business, we rely heavily on our ability to attract and retain qualified scientific and technical consultants.
We may not be able to attract or retain qualified management and commercial, scientific, and clinical personnel in the future due
to the intense competition for qualified personnel among biotechnology, pharmaceutical, and other businesses. In addition, the
loss of one or more of our senior executive officers or key consultants could be detrimental to us if we cannot recruit suitable
replacements in a timely manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We do not currently carry &#8220;key person&#8221;
insurance on the lives of members of senior management. The competition for qualified personnel in the biopharmaceutical field
is intense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">If we are not able to attract and retain
necessary personnel to accomplish our business objectives, we may experience constraints that will significantly impede the achievement
of our development objectives, our ability to raise additional capital and our ability to implement our business strategy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our directors, consultants and advisors are not obligated
to commit their time and attention exclusively to our business and therefore they may encounter conflicts of interest with respect
to the allocation of time and business opportunities between our operations and those of other businesses.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Our directors are not obligated to commit
their time and attention exclusively to our business and, accordingly, they may encounter conflicts of interest in allocating their
own time, or any business opportunities which they may encounter, between our operations and those of other businesses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Currently, our full-time employees consist
of David Baker, who is our President and Chief Executive Officer, and Penny Toren, who is Senior Vice President, Regulatory Affairs,
and our key consultants consist of Dr.&nbsp;Timothy Whitaker, our Chief Medical Officer, as well as consultants for finance, bookkeeping,
pre-clinical and formulation development, chemistry manufacturing and controls (CMC), and clinical operations. Currently, consulting
arrangements with individuals, such as Dr.&nbsp;Whitaker, only require them to devote an average of approximately 10 to 20 hours
per week to our business. In addition, our consultants and advisors may have other clients or projects that grow in scope or they
may acquire new clients and projects that require more of their time that may come at our expense. We also currently rely on consultants
for clinical operations, statistical support, and preclinical development. If the execution of our business plan demands more time
than is currently committed by any of our officers, directors, consultants or advisors, they will be under no obligation to commit
such additional time, and their failure to do so may adversely affect our ability to carry on our business and successfully execute
our business plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Additionally, all of our officers and
directors, in the course of their other business activities, may become aware of investments, business opportunities, or
information which may be appropriate for presentation to us as well as to other entities to which they owe a fiduciary duty.
They may also in the future become affiliated with entities that are engaged in business or other activities similar to those
we intend to conduct. As a result, they may have conflicts of interest in determining to which entity particular
opportunities or information should be presented. If, as a result of such conflict, we are deprived of investment, business
or information, the execution of our business plan and our ability to effectively compete in the marketplace may be adversely
affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our employees may engage in misconduct or other improper
activities, including noncompliance with regulatory standards and requirements, which could have a material adverse effect on our
business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We are exposed to the risk of employee fraud
or other misconduct. Misconduct by employees could include intentional failures to comply with FDA regulations, provide accurate
information to the FDA, comply with manufacturing standards we have established, comply with federal and state health-care fraud
and abuse laws and regulations, report financial information or data accurately or disclose unauthorized activities to us under
the Federal Physician Payments Sunshine Act and similar state laws. In particular, sales, marketing, and business arrangements
in the healthcare industry are subject to extensive laws and regulations intended to prevent fraud, kickbacks, self-dealing, making
or contributing to the making of a false claim for reimbursement to federal, state or private payors, and other abusive practices.
These laws and regulations may restrict or prohibit a wide range of pricing, discounting, marketing and promotion, sales commission,
customer incentive programs, and other business arrangements. Employee misconduct could also involve the improper use of information
obtained in the course of clinical trials, which could result in regulatory sanctions and serious harm to our reputation. The precautions
we take to detect and prevent this activity may not be effective in controlling unknown or unmanaged risks or losses or in protecting
us from governmental investigations or other actions or lawsuits stemming from a failure to comply with such laws or regulations.
If any such actions are instituted against us, and we are not successful in defending ourselves or asserting our rights, those
actions could have a significant impact on our business and results of operations, including the imposition of significant fines
or other sanctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our management has limited experience in managing the
day to day operations of a public company and, as a result, we may incur additional expenses associated with the management of
our company.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Our Chief Executive Officer is responsible
for the operations and reporting of our company. The requirements of operating as a small public company are new to our management.
This may require us to obtain outside assistance from legal, accounting, investor relations, or other professionals that could
be more costly than planned. We may also be required to hire additional staff to comply with additional SEC reporting requirements.
These compliance costs will make some activities significantly more time-consuming and costly. If we lack cash resources to cover
these costs in the future, our failure to comply with reporting requirements and other provisions of securities laws could negatively
affect our stock price and adversely affect our potential results of operations, cash flow, and financial condition after we commence
operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our market is subject to intense competition. If we are
unable to compete effectively, ADAIR or any other proposed product that we develop may be rendered noncompetitive or obsolete.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">There are a number of existing treatments
for ADHD currently on the market, all of which are marketed by pharmaceutical companies that are far larger and more experienced
than we are. Patients and doctors are often unwilling to change medications, and this factor will make it difficult for ADAIR or
any other proposed product to penetrate the market. Further, our industry is highly competitive and subject to rapid and significant
technological change. Our potential competitors include large pharmaceutical and biotechnology companies, specialty pharmaceutical
and generic drug companies, academic institutions, government agencies and research institutions. All of these competitors currently
engage in, have engaged in or may engage in the future in the development, manufacturing, marketing and commercialization of new
pharmaceuticals, some of which may compete with ADAIR or other proposed product we may have in the future. Smaller or early stage
companies may also prove to be significant competitors, particularly through collaborative arrangements with large, established
companies. These companies may have products in development that are superior to ADAIR or any other future product, such as ADMIR.
Key competitive factors affecting the commercial success of ADAIR and any other proposed product that we may develop in the future
are likely to be efficacy, time of onset, safety and tolerability profile, reliability, convenience of dosing, price, and reimbursement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Many of our potential competitors have
substantially greater financial, technical, and human resources than we do and significantly greater experience in the
discovery and development of drug candidates, obtaining FDA and other regulatory approvals of products, and the
commercialization of those products. Established competitors may invest heavily to quickly discover and develop novel
compounds that could make ADAIR or other proposed product we may develop obsolete. Other companies may be developing abuse
deterrent formulations of ADHD treatments that may be approved and marketed before ADAIR, limiting the commercial potential
of ADAIR. Accordingly, our competitors may be more successful than us in obtaining FDA and other marketing approvals, or more
favorable language in the prescription information, for their drugs, and achieving widespread market acceptance. Our
competitors&#8217; drugs may be more effective, or more effectively marketed and sold, than any drug we may commercialize and
may render ADAIR or any other proposed product that we develop obsolete or non-competitive before we can recover the expenses
of developing and commercializing the product. We anticipate that we will face intense and increasing competition as new
drugs enter the market and advanced technologies become available. Finally, the development of new treatment methods for the
diseases we are targeting could render ADAIR or any other proposed product that we develop non-competitive or obsolete.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We face potential product liability exposure, and if successful
claims are brought against us, we may incur substantial liability for ADAIR or other proposed product we may license or acquire
and may have to limit their commercialization.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The use of ADAIR and any other proposed product
we may license or acquire in clinical trials and the sale of any products for which we obtain marketing approval expose us to the
risk of product liability claims. For example, we may be sued if any product we develop allegedly causes injury or is found to
be otherwise unsuitable during clinical testing, manufacturing, marketing, or sale. Any such product liability claims may include
allegations of defects in manufacturing, defects in design, a failure to warn of dangers inherent in the product, negligence, strict
liability, or a breach of warranties. Product liability claims might be brought against us by consumers, health care providers,
or others using, administering, or selling our products. If we cannot successfully defend ourselves against these claims, we will
incur substantial liabilities. Regardless of merit or eventual outcome, liability claims may result in:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>withdrawal of clinical trial participants;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>termination of clinical trial sites or entire trial programs;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>decreased demand for any proposed product or products that we may develop;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>initiation of investigations by regulators;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>impairment of our business reputation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>costs of related litigation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>substantial monetary awards to patients or other claimants;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>loss of revenues;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>reduced resources of our management to pursue our business strategy; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the inability to commercialize ADAIR or any future product, such as ADMIR.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We will obtain limited product liability insurance coverage
for any and all of our clinical trials. However, our insurance coverage may not reimburse us or may not be sufficient to reimburse
us for any expenses or losses we may suffer. Moreover, insurance coverage is becoming increasingly expensive, and, in the future,
we may not be able to maintain insurance coverage at a reasonable cost or in sufficient amounts to protect us against losses due
to liability. When needed, we intend to expand our insurance coverage to include the sale of commercial products if we obtain
marketing approval for ADAIR or any other future product in development, such as ADMIR, but we may be unable to obtain commercially
reasonable product liability insurance for any product approved for marketing. On occasion, large judgments have been awarded
in class action lawsuits based on drugs that had unanticipated side effects. A successful product liability claim or series of
claims brought against us could cause our stock price to fall and, if judgments exceed our insurance coverage, could decrease
our cash and adversely affect our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our internal computer systems, or those used by third-party
CROs, manufacturers, or other contractors or consultants, may fail or suffer security breaches.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Despite the implementation of security
measures, our internal computer systems and those of our future CROs, manufacturers, and other contractors and consultants
are vulnerable to damage from computer viruses and unauthorized access. Although to our knowledge we have not experienced any
such material system failure or security breach to date, if such an event were to occur, it could result in a material
disruption of our development programs and our business operations. For example, the loss of clinical trial data from future
clinical trials could result in delays in our regulatory approval efforts and significantly increase our costs to recover or
reproduce the data. To the extent that any disruption or security breach were to result in a loss of, or damage to, our data
or applications, or inappropriate disclosure of confidential or proprietary information (such as individually identifiable
health information), we could incur significant liabilities and the further development and commercialization of ADAIR or any
other future product, including ADMIR, could be delayed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Medice may not successfully develop or commercialize ADAIR
in Europe.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">On January&nbsp;6, 2020, Vallon entered into
a license agreement with Medice, who is affiliated with one of our principal stockholders, Salmon Pharma, and represented by one
member of our board of directors, which grants Medice an exclusive license, with the right to grant sublicenses, to develop, use,
manufacture, market and sell ADAIR throughout Europe. Medice may be unsuccessful with the development program for ADAIR as required
to gain regulatory approval in European countries. The requirements for approval by European regulatory agencies may be deemed
too onerous and expensive to continue the development of ADAIR in Europe. Even if Medice is successful in gaining approval of ADAIR
in European countries, it may be unsuccessful in gaining favorable reimbursement of ADAIR by national payors of prescription medications
in Europe. Medice may not generate sufficient sales of ADAIR in Europe to support continued commercialization. All of the commercial
risks for ADAIR in the United States may also apply to Europe. In addition, Medice may not devote adequate marketing and sales
efforts to generate meaningful sales of ADAIR in Europe. The ADHD market in Europe is substantially smaller than in the United
States, estimated to be approximately $700&nbsp;million annually as compared to $9&nbsp;billion in the United States. Dextroamphetamine
products as a class capture much lower market share in Europe as compared to the United States. If European regulatory authorities
reject the approval of ADAIR in Europe, this may reflect poorly on ADAIR and diminish sales growth or overall sales in the United
States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Relating to Finances and Capital Requirements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We will require substantial additional funding, which
may not be available to us on acceptable terms, or at all, and, if not so available, may require us to delay, limit, reduce or
cease our operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Our operations have consumed substantial
amounts of cash since our inception. As of December 31, 2020, we had an accumulated deficit of $12.6&nbsp;million and our net loss
was $4.8 million for the year ended December 31, 2020. We expect to continue to incur significant expenses and increasing operating
losses for the foreseeable future. Our business will require additional capital for implementation of our long-term business plan
and product development and commercialization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Our ability to raise additional funds may
be adversely impacted by potential worsening global economic conditions and the recent disruptions to, and volatility in, the credit
and financial markets in the United States and worldwide resulting from the ongoing COVID-19 pandemic. As we require additional
funds, we may seek to fund our operations through the sale of additional equity securities, debt financing and/or strategic collaboration
agreements. We cannot be sure that additional financing from any of these sources will be available when needed or that, if available,
the additional financing will be obtained on favorable terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our future funding requirements will depend on many factors,
including, but not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the progress, timing, scope, and costs of our clinical trials, including the ability to timely enroll patients in our potential
future clinical trials;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the outcome, timing, and cost of regulatory approvals by the FDA and comparable regulatory authorities, including the potential
that the FDA or comparable regulatory authorities may require that we perform more studies than those that we currently expect;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the number and characteristics of ADAIR or any other future product, such as ADMIR, that we may in-license and develop;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>our ability to successfully commercialize ADAIR or any other future product, such as ADMIR;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the amount of sales and other revenues from ADAIR or any other future product, such as ADMIR, that we may commercialize, if
any, including the selling prices for such potential product and the availability of adequate third-party reimbursement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>selling and marketing costs associated with our potential products, including the cost and timing of expanding our marketing
and sales capabilities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the terms and timing of any potential future collaborations, licensing or other arrangements that we may establish;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>cash requirements of any future acquisitions and/or the development of other products;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the costs of operating as a public company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the cost and timing of completion of commercial-scale, outsourced manufacturing activities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the time and cost necessary to respond to technological and market developments;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>any disputes which may occur between us and Arcturus, employees, collaborators or other prospective business partners; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the costs of filing, prosecuting, defending, and enforcing any patent claims and other intellectual property rights.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">If we raise additional funds by selling shares
of our common stock or other equity-linked securities, the ownership interest of our current stockholders will be diluted. We may
seek to access the public or private capital markets whenever conditions are favorable, even if we do not have an immediate need
for additional capital at that time. If we raise additional funds through collaborations, strategic alliances or marketing, distribution
or licensing arrangements with third parties, we may have to relinquish valuable rights to our technologies, future revenue streams
or products or to grant licenses on terms that may not be acceptable to us. If we raise additional funds through debt financing,
we may have to grant a security interest on our assets to the future lenders, our debt service costs may be substantial, and the
lenders may have a preferential position in connection with any future bankruptcy or liquidation involving the company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">If we are unable to raise additional capital
when needed, we may be required to curtail the development of our technology or materially curtail or reduce our operations. We
could be forced to sell or dispose of our rights or assets. Any inability to raise adequate funds on commercially reasonable terms
could have a material adverse effect on our business, results of operations, and financial condition, including the possibility
that a lack of funds could cause our business to fail and our company to dissolve and liquidate with little or no return to investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We will continue to incur significant increased costs
as a result of operating as a public company, and our management will be required to devote substantial time to new compliance
initiatives.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">As a public company, we incur significant
legal, accounting, and other expenses under the Securities Exchange Act of 1934, as amended (&ldquo;<I>Exchange Act</I>&rdquo;),
the Sarbanes-Oxley Act, and other applicable securities rules and regulations. In addition, we are subject to the requirements
of The Nasdaq Capital Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">These rules impose various requirements on
public companies, including requiring establishment and maintenance of effective disclosure and financial controls and appropriate
corporate governance practices. Our management and other personnel have devoted and will continue to devote a substantial amount
of time to these compliance initiatives. Moreover, these rules and regulations increase our legal and financial compliance costs
and make some activities more time-consuming and costly. For example, these rules and regulations make it more difficult and more
expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced policy limits and
coverage or incur substantially higher costs to obtain the same or similar coverage. In addition, the listing requirements of The
Nasdaq Capital Market require that we satisfy certain corporate governance requirements relating to director independence, stockholder
meetings, approvals and voting, soliciting proxies, conflicts of interest and a code of conduct. Our management and other personnel
need to devote a substantial amount of time to ensure that we comply with all of these requirements. As a result, it may be difficult
for us to attract and retain qualified persons to serve on our board of directors, our board committees or as executive officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The Sarbanes-Oxley Act of 2002
requires, among other things, that we maintain effective internal controls for financial reporting and disclosure controls
and procedures. As a result, we are required to periodically perform an evaluation of our internal controls over financial
reporting to allow management to report on the effectiveness of those controls, as required by Section&nbsp;404 of the
Sarbanes-Oxley Act. Additionally, our independent auditors may be required to perform a similar evaluation and report on the
effectiveness of our internal controls over financial reporting. These efforts to comply with Section&nbsp;404 and related
regulations have required, and continue to require, the commitment of significant financial and managerial resources. While
we anticipate maintaining the integrity of our internal controls over financial reporting and all other aspects of
Section&nbsp;404, we cannot be certain that a material weakness will not be identified when we test the effectiveness of our
control systems in the future. If a material weakness is identified, we could be subject to sanctions or investigations by
the U.S. Securities and Exchange Commission (the &#8220;<I>SEC</I>&#8221;), or other regulatory authorities, which would
require additional financial and management resources, costly litigation or a loss of public confidence in our internal
controls, which could have an adverse effect on the market price of our stock. See the risk factor entitled &#8220;Financial
reporting obligations of being a public company in the United States require well defined disclosure and financial controls
and procedures that we did not have as a private company and that are expensive and time-consuming requiring our management
to devote substantial time to compliance matters.&#8221; in this Annual Report for more information on our internal controls
over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We are an &#8220;emerging growth company&#8221; and we
cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our securities less
attractive to investors.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We are an &#8220;emerging growth company,&#8221;
as defined in the JOBS Act. Emerging growth companies can delay adopting new or revised accounting standards until such time as
those standards apply to private companies. As an emerging growth company, we are not being required to comply with the auditor
attestation requirements of Section&nbsp;404 of the Sarbanes-Oxley Act, we have reduced disclosure obligations regarding executive
compensation in our periodic reports and proxy statements, and we are exempt from the requirements of holding a nonbinding advisory
vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Additionally,
as an emerging growth company, we have elected to delay the adoption of new or revised accounting standards that have different
effective dates for public and private companies until those standards apply to private companies. As such, our financial statements
may not be comparable to companies that comply with public company effective dates. We cannot predict if investors will find our
stock less attractive because we may rely on these provisions. If some investors find our stock less attractive as a result, there
may be a less active trading market for our shares and our stock price may be more volatile.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Further, Section&nbsp;102(b)(1) of the JOBS
Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private
companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of
securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The
JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply
to non-emerging growth companies but any such an election to opt out is irrevocable. We have elected not to opt out of such extended
transition period which means that when a standard is issued or revised and it has different application dates for public or private
companies, we, as an emerging growth company, will not adopt the new or revised standard until the time private companies are required
to adopt the new or revised standard. This may make comparison of our financial statements with another public company which is
neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult
or impossible because of the potential differences in accountant standards used.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">After we become a reporting company under
the Exchange Act, we will remain an emerging growth company until the earliest of (i)&nbsp;the end of the fiscal year in which
the market value of our common stock that is held by non-affiliates exceeds $700&nbsp;million as of the end of the second fiscal
quarter, (ii)&nbsp;the end of the fiscal year in which we have total annual gross revenues of $1.07&nbsp;billion or more during
such fiscal year, (iii)&nbsp;the date on which we issue more than $1&nbsp;billion in non-convertible debt in a three-year period,
or (iv)&nbsp;the end of the fiscal year following the fifth anniversary of the date of the first sale of our Common Stock pursuant
to an effective registration statement filed under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our ability to utilize our net operating loss (&#8220;NOL&#8221;)
carryforwards may be limited.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">As of December&nbsp;31, 2020, we had
NOL carryforwards available to reduce future taxable income, if any, for federal and state income tax purposes of
$11.6&nbsp;million. The federal net operating loss carryforwards do not expire. If not utilized, the state and local losses
begin to expire in the year ending December 31, 2038. Our ability to utilize NOL carryforward amounts to reduce taxable
income in future&nbsp;years may be limited for various reasons, including if future taxable income is insufficient to
recognize the full benefit of such NOL carryforward amounts prior to their expiration. Additionally, our ability to fully
utilize these U.S. tax assets can also be adversely affected by &#8220;ownership changes&#8221; within the meaning of
Section&nbsp;382 of the Internal Revenue Code of 1986, as amended (the &#8220;<I>Code</I>&#8221;), in a three-year period.
Any ownership change is generally defined as a greater than 50% increase in equity ownership by &#8220;5%
stockholders,&#8221; as that term is defined for purposes of Section&nbsp;382 of the Code in any three-year period. Further,
we may experience an ownership change in the future as a result of further shifts in our stock ownership. As a result, if we
earn net taxable income, our ability to use our pre-change NOL carryforwards to offset U.S. federal taxable income may be
subject to limitations, which could potentially result in increased future tax liability to us. In addition, at the state
level, there may be periods during which the use of NOL carryforwards is suspended or otherwise limited, which could
accelerate or permanently increase state taxes owed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The report of our independent registered public accounting
firm included a &#8220;going concern&#8221; explanatory paragraph.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The report of our independent registered
public accounting firm on our financial statements as of and for the year ended December&nbsp;31, 2020 included an explanatory
paragraph indicating that there is substantial doubt about our ability to continue as a going concern. We have financed our working
capital requirements to date by raising capital through private placements of shares of our common stock, issuing of short-term
and convertible notes, and the proceeds from our initial public offering completed in February 2021. If we are unable to raise
sufficient capital as and when needed, our business, financial condition and results of operations will be materially and adversely
affected, and we will need to significantly modify our operational plans to continue as a going concern. If we are unable to continue
as a going concern, we may have to liquidate our assets, and the values we receive for our assets in liquidation or dissolution
could be significantly lower than the values reflected in our financial statements. The inclusion of a going concern explanatory
paragraph by our independent registered public accounting firm, our lack of cash resources and our potential inability to continue
as a going concern may materially adversely affect our share price and our ability to raise new capital, enter into critical contractual
relations with third parties and otherwise execute our development strategy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Relating to Regulatory Matters</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may not receive regulatory approval for ADAIR or any
future product, such as ADMIR, or its or their approvals may be delayed, which would have a material adverse effect on our business
and financial condition.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">ADAIR and any other future product, such
as ADMIR, as well as the activities associated with their development and commercialization, including their design, testing, manufacture,
safety, efficacy, recordkeeping, labeling, storage, approval, advertising, promotion, sale and distribution, are subject to comprehensive
regulation by the FDA and other regulatory agencies in the United States and by the European Medicines Agency, and similar regulatory
authorities outside the U.S. Failure to obtain marketing approval for ADAIR or any future product will prevent us from commercializing
such products. We have not received approval to market ADAIR from regulatory authorities in any jurisdiction. We have only limited
experience in filing and supporting the applications necessary to gain marketing approvals and expect to rely on third-party contract
research organizations and regulatory consultants to assist us in this process. Securing marketing approval requires the submission
of extensive preclinical and clinical data and supporting information to regulatory authorities for each therapeutic indication
to establish the proposed product&#8217;s safety and efficacy. Securing marketing approval also requires the submission of information
about the product manufacturing process to, and inspection of manufacturing facilities by, the regulatory authorities. ADAIR or
any future product may not be effective, may be only moderately effective or may prove to have undesirable or unintended side effects,
toxicities or other characteristics that may preclude our obtaining marketing approval or prevent or limit commercial use. If ADAIR
or any future product receives marketing approval, the accompanying label may limit the approved use of our drug, which could limit
sales of the product. We may never succeed in convincing regulatory agencies to allow us to promote the abuse deterrent properties
of ADAIR, even if we are successful in demonstrating these characteristics in studies. The FDA and other regulatory agencies may
never allow us to study ADAIR in human abuse liability studies, thereby limiting our ability to generate differentiating data and
claims.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The process of obtaining marketing
approvals, both in the United States and abroad, is expensive, may take many&nbsp;years if approval is granted at all, and
can vary substantially based upon a variety of factors, including the type, complexity and novelty of the proposed product
involved. Changes in marketing approval policies during the development period, changes in or the enactment of additional
statutes or regulations, or changes in regulatory review for each submitted product application, may cause delays in the
approval or rejection of an application. Regulatory authorities have substantial discretion in the approval process and may
refuse to accept any application or may decide that our data is insufficient for approval and require additional preclinical
studies and/or clinical trials. In addition, varying interpretations of the data obtained from preclinical studies and/or
clinical testing could delay, limit, or prevent marketing approval of a proposed product. Any marketing approval we
ultimately obtain may be limited or subject to restrictions or post-approval commitments that render the approved product not
commercially viable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">If we experience delays in obtaining approval
or if we fail to obtain approval of our proposed product or any future product, the commercial prospects for our proposed product
may be harmed and our ability to generate revenue will be materially impaired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">In addition, even if we obtain approval,
regulatory authorities may approve our proposed product or any future product for fewer or more limited indications than we request,
may not approve the price we intend to charge for our product, may grant approval contingent on the performance of costly post-marketing
clinical trials, or may approve a proposed product with a label that does not include the labeling claims necessary or desirable
for the successful commercialization of that product. Any of these scenarios could compromise the commercial prospects for our
proposed product or any future product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Separately, in response to the global pandemic
of COVID-19, on March&nbsp;10, 2020 the FDA announced its intention to postpone most foreign inspections of manufacturing facilities
and products, and subsequently, on March&nbsp;18, 2020, the FDA announced its intention to temporarily postpone routine surveillance
inspections of domestic manufacturing facilities. The FDA reiterated its stance to Congress on June&nbsp;2, 2020 stating, &#8220;only
inspections deemed mission-critical will be considered on a case-by-case basis as this outbreak continues to unfold.&#8221; On
August 20, 2020, and subsequently updated on January 29, 2021, the FDA&#8217;s Guidance for Industry against stated, &#8220;foreign
pre-approval and for-cause inspection assignments that are not deemed mission-critical remain temporarily postponed, while those
deemed mission-critical will still be considered for inspection on a case-by-case basis.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Regulatory authorities outside the United
States may adopt similar restrictions or other policy measures in response to the COVID-19 pandemic. If a prolonged government
shutdown occurs, or if global health concerns continue to prevent the FDA or other regulatory authorities from conducting their
regular inspections, reviews, or other regulatory activities, it could significantly impact the ability of the FDA or other regulatory
authorities to timely review and process our regulatory submissions, which could have a material adverse effect on our business.
If the FDA becomes unable to continue its current level of performance, we could experience delays and setbacks for our product
candidates, including ADAIR and ADMIR, and for any approvals we may seek which could adversely affect our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Even if ADAIR or any other proposed product that we develop,
such as ADMIR, receives marketing approval, we will continue to face extensive regulatory requirements and the product may still
face future development and regulatory difficulties.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">ADAIR and any other proposed product we may
develop, such as ADMIR, or license or acquire, will also be subject to ongoing requirements and review of the FDA and other regulatory
authorities. These requirements include labeling, packaging, storage, advertising, promotion, record-keeping and submission of
safety and other post-market information and reports, registration and listing requirements, cGMP requirements relating to manufacturing,
quality control, quality assurance and corresponding maintenance of records and documents, and requirements regarding the distribution
of samples to physicians and recordkeeping of the drug.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The FDA may also impose requirements for
costly post-marketing studies or clinical trials and surveillance to monitor the safety or efficacy of the product. The FDA closely
regulates the post-approval marketing and promotion of drugs to ensure drugs are marketed only for the approved indications and
in accordance with the provisions of the approved labeling. The FDA imposes stringent restrictions on manufacturers&#8217; communications
regarding off-label use and if we do not market ADAIR or any other future product for only their approved indications, we may be
subject to enforcement action for off-label marketing. Violations of the FDCA, relating to the promotion of prescription drugs
may lead to investigations alleging violations of federal and state health care fraud and abuse laws, false claims acts, as well
as state consumer protection laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">In addition, later discovery of previously
unknown adverse events or other problems with ADAIR or any other future product, manufacturers or manufacturing processes, or failure
to comply with regulatory requirements, may yield various results, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>restrictions on such products, operations, manufacturers, or manufacturing processes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>restrictions on the labeling or marketing of a product;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>restrictions on product distribution or use;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: lightgrey"></FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>requirements to conduct post-marketing studies or clinical trials;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>warning letters;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>withdrawal of the products from the market;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>refusal to approve pending applications or supplements to approved applications that we submit;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>recall of products;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>fines, restitution, or disgorgement of profits;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>suspension or withdrawal of marketing or regulatory approvals;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>suspension of any ongoing clinical trials;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>refusal to permit the import or export of ADAIR or any other future product, such as ADMIR;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>product seizure; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>injunctions or the imposition of civil or criminal penalties.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">In addition, manufacturers of drug products
and their facilities are subject to continual review and periodic inspections by the FDA and other regulatory authorities for compliance
with cGMP and other regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The FDA&#8217;s policies may change, and
additional government regulations may be enacted that could prevent, limit or delay regulatory approval of our proposed product.
If we are slow or unable to adapt to changes in existing requirements or the adoption of new requirements or policies, or if we
are not able to maintain regulatory compliance, we may lose any marketing approval that we may have obtained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The abuse, misuse or off-label use of our products may
harm our image in the marketplace, result in injuries that lead to product liability suits or result in costly investigations,
fines or sanctions by regulatory bodies if we are deemed to have engaged in the promotion of these uses, any of which could be
costly to our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The products we market will be approved by
the FDA for specific treatments. We will train our marketing and direct sales force to not promote our products for uses outside
of the FDA-approved indications for use, known as &#8220;off-label uses.&#8221; We cannot, however, prevent a physician from using
our products off-label, when in the physician&#8217;s independent professional medical judgement, he or she deems it appropriate.
There may be increased risk of injury to patients if physicians attempt to use our products off-label. Furthermore, the use of
our products for indications other than those approved by the FDA or approved by any foreign regulatory body may not effectively
treat such conditions, which could harm our reputation in the marketplace among physicians and patients. In addition, although
ADAIR is very difficult to manipulate into a form that can be snorted, it is not impossible to do so, as was shown by a third-party
drug laboratory, hired by us in preparation for human abuse studies, that was able to develop a time-consuming and laborious process
to convert ADAIR into a form that could be insufflated. In addition, although ADAIR is difficult to solubilize into a form that
can be injected, sophisticated drug abusers may be able to develop methods to manipulate ADAIR into a form that can be injected.
We cannot assure you that users of ADAIR or such other products we may develop in the future will not manipulate our products with
the intention of abusing our products. Such abuse of our products may harm our image in the marketplace and damage our reputation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">If the FDA or any foreign regulatory
body determines that our promotional materials or training constitute promotion of an off-label use, it could request that we
modify our training or promotional materials or subject us to regulatory or enforcement actions, including the issuance of an
untitled letter, a warning letter, injunction, seizure, civil fine or criminal penalties. It is also possible that other
federal, state or foreign enforcement authorities might take action if they consider our business activities to constitute
promotion of an off-label use, which could result in significant penalties, including, but not limited to, criminal, civil
and administrative penalties, damages, fines, disgorgement, exclusion from participation in government healthcare programs,
and the curtailment of our operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">In addition, physicians may misuse our products
if they are not adequately trained, potentially leading to injury and an increased risk of product liability. If our products are
misused or used with improper technique, we may become subject to costly litigation by our customers or their patients. As described
elsewhere, product liability claims could divert management&#8217;s attention from our core business, be expensive to defend and
result in sizeable damage awards against us that may not be covered by insurance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our current and future relationships with customers and
third-party payors in the United States and elsewhere may be subject, directly or indirectly, to applicable anti-kickback, fraud
and abuse, false claims, transparency, health information privacy and security, and other healthcare laws and regulations, which
could expose us to criminal sanctions, civil penalties, contractual damages, reputational harm, administrative burdens, and diminished
profits and future earnings.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Healthcare providers, physicians and third-party
payors in the United States and elsewhere will play a primary role in the recommendation and prescription of any product for which
we obtain marketing approval. Our future arrangements with third-party payors and customers may expose us to broadly applicable
fraud and abuse and other healthcare laws and regulations, including, without limitation, the federal Anti-Kickback Statute and
the federal False Claims Act, which may constrain the business or financial arrangements and relationships through which we sell,
market, and distribute any product for which we obtain marketing approval. In addition, we may be subject to transparency laws
and patient privacy regulation by U.S. federal and state governments and by governments in foreign jurisdictions in which we conduct
our business. The applicable federal, state, and foreign healthcare laws and regulations that may affect our ability to operate
include, but are not necessarily limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the federal Anti-Kickback Statute, which prohibits, among other things, persons from knowingly and willfully soliciting, offering,
receiving or providing remuneration, directly or indirectly, in cash or in kind, to induce or reward, or in return for, either
the referral of an individual for, or the purchase, order or recommendation of, any good or service, for which payment may be made
under federal and state healthcare programs, such as Medicare and Medicaid;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>federal civil and criminal false claims laws and civil monetary penalty laws, including the federal False Claims Act, which
impose criminal and civil penalties, including civil whistleblower or qui tam actions, against individuals or entities for knowingly
presenting, or causing to be presented, to the federal government, including the Medicare and Medicaid programs, claims for payment
that are false or fraudulent or making a false statement to avoid, decrease or conceal an obligation to pay money to the federal
government; the federal Health Insurance Portability and Accountability Act of 1996 (&ldquo;<I>HIPAA</I>&rdquo;), which imposes
criminal and civil liability for executing a scheme to defraud any healthcare benefit program or making false statements relating
to healthcare matters;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>HIPAA, as amended by the Health Information Technology for Economic and Clinical Health Act of 2009 (&ldquo;<I>HITECH</I>&rdquo;)
and their respective implementing regulations, which impose obligations on covered healthcare providers, health plans, and healthcare
clearinghouses, as well as their business associates that create, receive, maintain or transmit individually identifiable health
information for or on behalf of a covered entity, with respect to safeguarding the privacy, security and transmission of individually
identifiable health information;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>the federal Open Payments program, which requires manufacturers of drugs, devices, biologics and medical supplies for which
payment is available under Medicare, Medicaid or the Children&rsquo;s Health Insurance Program, with specific exceptions, to report
annually to the Centers for Medicare&nbsp;&amp; Medicaid Services (&ldquo;<I>CMS</I>&rdquo;) information related to &ldquo;payments
or other transfers of value&rdquo; made to physicians, which is defined to include doctors, dentists, optometrists, podiatrists
and chiropractors, and teaching hospitals and applicable manufacturers and applicable group purchasing organizations to report
annually to CMS ownership and investment interests held by the physicians and their immediate family members. Data collection began
on August&nbsp;1, 2013 with requirements for manufacturers to submit reports to CMS by March&nbsp;31, 2014 and 90&nbsp;days after
the end each subsequent calendar year. Disclosure of such information was made by CMS on a publicly available website beginning
in September&nbsp;2014; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD>analogous state and foreign laws and regulations, such as state anti-kickback and false claims laws, which may apply to sales
or marketing arrangements and claims involving healthcare items or services reimbursed by non-governmental third-party payors,
including private insurers; state and foreign laws that require pharmaceutical companies to comply with the pharmaceutical industry&rsquo;s
voluntary compliance guidelines and the relevant compliance guidance promulgated by the federal government or otherwise restrict
payments that may be made to healthcare providers; state and foreign laws that require drug manufacturers to report information
related to payments and other transfers of value to physicians and other healthcare providers or marketing expenditures; and state
and foreign laws governing the privacy and security of health information in certain circumstances, many of which differ from each
other in significant ways and often are not preempted by HIPAA, thereby complicating compliance efforts.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Efforts to ensure that our business arrangements
with third parties will comply with applicable healthcare laws and regulations may involve substantial costs. It is possible that
governmental authorities will conclude that our business practices may not comply with current or future statutes, regulations
or case law involving applicable fraud and abuse or other healthcare laws and regulations. If our operations are found to be in
violation of any of these laws or any other governmental regulations that may apply to us, we may be subject to significant civil,
criminal and administrative penalties, including, without limitation, damages, fines, imprisonment, exclusion from participation
in government healthcare programs, such as Medicare and Medicaid, and the curtailment or restructuring of our operations, which
could have a material adverse effect on our business. If any of the physicians or other healthcare providers or entities with whom
we expect to do business, including our collaborators, is found not to be in compliance with applicable laws, it may be subject
to criminal, civil or administrative sanctions, including exclusions from participation in government healthcare programs, which
could also materially affect our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Regulatory approval for any approved product is limited
by the FDA to those specific indications and conditions for which clinical safety and efficacy have been demonstrated.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Any regulatory approval is limited to those
specific diseases and indications for which a product is deemed to be safe and effective by the FDA. In addition to the FDA approval
required for new formulations, any new indication for an approved product also requires FDA approval. If we are not able to obtain
FDA approval for any desired future indications for ADAIR or any other future product, such as ADMIR, our ability to effectively
market and sell ADAIR or any other future product may be reduced, and our business may be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">While physicians may choose to prescribe
drugs for uses that are not described in the product&#8217;s labeling and for uses that differ from those tested in clinical studies
and approved by the regulatory authorities, our ability to promote the products is limited to those indications that are specifically
approved by the FDA. These &#8220;off-label&#8221; uses are common across medical specialties and may constitute an appropriate
treatment for some patients in varied circumstances. Regulatory authorities in the United States generally do not regulate the
behavior of physicians in their choice of treatments. Regulatory authorities do, however, restrict communications by pharmaceutical
companies on the subject of off-label use. If our promotional activities fail to comply with these regulations or guidelines, we
may be subject to warnings from, or enforcement action by, these authorities. In addition, our failure to follow FDA rules and
guidelines relating to promotion and advertising may cause the FDA to send a Warning Letter to the Company (which becomes public)
alleging violations of the FDCA and subjecting the Company to other potential enforcement such as to suspend or withdraw an approved
product from the market, require a recall or institute fines, or could diminish our reputation and result in disgorgement of money,
operating restrictions, injunctions, or criminal prosecution, any of which could harm our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Public concern regarding the safety of drug products such
as ADAIR could delay or limit our ability to obtain regulatory approval, result in the inclusion of unfavorable information in
our labeling, or require us to undertake other activities that may entail additional costs.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">In light of widely publicized events
concerning the safety risk of certain drug products, the FDA, members of Congress, the Government Accountability Office,
medical professionals and the general public have raised concerns about potential drug safety issues. These events have
resulted in the withdrawal of drug products, revisions to drug labeling that further limit use of the drug products and the
establishment of risk management programs. The Food and Drug Administration Amendments Act of 2007
(&#8220;<I>FDAAA</I>&#8221;) grants significant expanded authority to the FDA, much of which is aimed at improving the safety
of drug products before and after approval. In particular, this law authorizes the FDA to, among other things, require
post-approval studies and clinical trials, mandate changes to drug labeling to reflect new safety information and require
risk evaluation and mitigation strategies for certain drugs, including certain currently approved drugs. It also
significantly expands the federal government&#8217;s clinical trial registry and results databank, which we expect will
result in significantly increased government oversight of clinical trials. Under the FDAAA, companies that violate these and
other provisions of this law are subject to substantial civil monetary penalties, among other regulatory, civil and criminal
penalties. The increased attention to drug safety issues may result in a more cautious approach by the FDA in its review of
data from our preclinical studies and clinical trials. Data from preclinical studies and clinical trials may receive greater
scrutiny, particularly with respect to safety, which may make the FDA or other regulatory authorities more likely to require
additional preclinical studies and/or clinical trials. If the FDA requires us to conduct additional preclinical studies or
clinical trials prior to approving ADAIR, our ability to obtain approval of this proposed product will be delayed. If the FDA
requires us to provide additional preclinical studies and/or clinical data following the approval of ADAIR, the indications
for which this proposed product is approved may be limited or there may be specific warnings or limitations on dosing, and
our efforts to commercialize ADAIR may be otherwise adversely impacted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If we experience delays or difficulties in the enrollment
of patients in clinical trials, our receipt of necessary regulatory approvals could be delayed or prevented.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We may not be able to continue existing clinical
trials, or initiate new clinical trials, for our proposed product if we are unable to locate and enroll a sufficient number of
eligible patients to participate in these trials as required by the FDA or similar regulatory authorities outside the U.S. Some
of our competitors have ongoing clinical trials for proposed products that treat the same indications as our proposed product,
and patients who would otherwise be eligible for our clinical trials may instead enroll in clinical trials of our competitors&#8217;
proposed products. Available therapies for the indications we are pursuing can also affect enrollment in our clinical trials. Patient
enrollment is affected by other factors including, but not necessarily limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the severity of the disease under investigation;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the eligibility criteria for the study in question;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the perceived risks and benefits of the proposed product under study;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the efforts to facilitate timely enrollment in clinical trials;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the patient referral practices of physicians;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the ability to monitor patients adequately during and after treatment;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the proximity and availability of clinical trial sites for prospective
patients; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">the availability of other approved drugs to treat the same condition, thereby creating competition
for our clinical trial enrollment and reducing the incentive for prospective patients to participate in our trials.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Our inability to enroll a sufficient number
of patients for our clinical trials would result in significant delays and could require us to abandon one or more clinical trials
altogether. Enrollment delays in our clinical trials may result in increased development costs for ADAIR or any future product,
such as ADMIR, which would cause the value of our company to decline and limit our ability to obtain additional financing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Current and future legislation may increase the difficulty
and cost for us to obtain marketing approval of and commercialize ADAIR or any other proposed product that we develop and affect
the prices we may set.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">In the United States and some foreign jurisdictions,
there have been a number of legislative and regulatory changes and proposed changes regarding the healthcare system that could
prevent or delay marketing approval for ADAIR or any other proposed product that we develop, restrict or regulate post-approval
activities and affect our ability to profitably sell ADAIR or any other proposed product for which we obtain marketing approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Legislative and regulatory proposals have
been made to expand post-approval requirements, restrict sales and promotional activities for pharmaceutical products, and regulate
pricing. We are not sure whether additional legislative changes will be enacted, or whether the FDA regulations, guidance or interpretations
will be changed, or what the impact of such changes on the marketing approvals of our proposed product, if any, may be. In addition,
increased scrutiny by the U.S. Congress of the FDA&#8217;s approval process may significantly delay or prevent marketing approval,
as well as subject us to more stringent product labeling and post-marketing testing and other requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Recently enacted legislation, future legislation and healthcare
reform measures may increase the difficulty and cost for us to obtain marketing approval for and commercialize ADAIR and for any
future product, such as ADMIR, and may affect the prices we may set.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">In the United States and some foreign jurisdictions,
there have been, and we expect there will continue to be, a number of legislative and regulatory changes to the healthcare system,
including cost-containment measures that may reduce or limit coverage and reimbursement for newly approved drugs and affect our
ability to profitably sell ADAIR and for any future product, such as ADMIR, for which we obtain marketing approval. In particular,
there have been and continue to be a number of initiatives at the U.S. federal and state levels that seek to reduce healthcare
costs, restrict or regulate post-approval activities and improve the quality of healthcare.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">In the United States, the Medicare Prescription
Drug, Improvement, and Modernization Act of 2003 (the &#8220;<I>MMA</I>&#8221;) changed the way Medicare covers and pays for pharmaceutical
products. The legislation expanded Medicare coverage for drug purchases by the elderly and introduced a new reimbursement methodology
based on average sales prices for drugs. In addition, this legislation authorized Medicare Part&nbsp;D prescription drug plans
to limit the number of drugs that will be covered in any therapeutic class. As a result of this legislation and the expansion of
federal coverage of drug products, we expect that there will be additional pressure to contain and reduce costs. These cost reduction
initiatives and other provisions of this legislation could decrease the coverage and price that we receive for any approved products
and could seriously harm our business. While the MMA applies only to drug benefits for Medicare beneficiaries, private payors often
follow Medicare coverage policy and payment limitations in setting their own reimbursement rates, and any reduction in reimbursement
that results from the MMA may result in a similar reduction in payments from private payors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">For example, in March&nbsp;2010, the Affordable
Care Act, was enacted in the United States. Among the provisions of the Affordable Care Act of importance to ADAIR and for any
future product, the Affordable Care Act: establishes an annual, nondeductible fee on any entity that manufactures or imports specified
branded prescription drugs and biologic agents; extends manufacturers&#8217; Medicaid rebate liability to covered drugs dispensed
to individuals who are enrolled in Medicaid managed care organizations; expands eligibility criteria for Medicaid programs; expands
the entities eligible for discounts under the Public Health program; increases the statutory minimum rebates a manufacturer must
pay under the Medicaid Drug Rebate Program; creates a new Medicare Part&nbsp;D coverage gap discount program; establishes a new
Patient-Centered Outcomes Research Institute to oversee, identify priorities in and conduct comparative clinical effectiveness
research, along with funding for such research; and establishes a Center for Medicare Innovation at CMS to test innovative payment
and service delivery models to lower Medicare and Medicaid spending.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">At this time, we are unsure of the full impact
that the Affordable Care Act will have on our business. There have been judicial and political challenges to certain aspects of
the Affordable Care Act. For example, since January&nbsp;2017, President Trump has signed two executive orders and other directives
designed to delay, circumvent, or loosen certain requirements of the Affordable Care Act. Concurrently, Congress has considered
legislation that would repeal or repeal and replace all or part of the Affordable Care Act. While Congress has not passed comprehensive
repeal legislation, two bills affecting the implementation of certain taxes under the Affordable Care Act have been signed into
law. The Tax Cuts and Jobs Act of 2017 (the &#8220;<I>Tax Act</I>&#8221;) included a provision repealing, effective January&nbsp;1,
2019, the tax-based shared responsibility payment imposed by the Affordable Care Act on certain individuals who fail to maintain
qualifying health coverage for all or part of a year that is commonly referred to as the &#8220;individual mandate.&#8221; On January&nbsp;22,
2018, President Trump signed a continuing resolution on appropriations for fiscal year 2018 that delayed the implementation of
certain Affordable Care Act-mandated fees, including the so-called &#8220;Cadillac&#8221; tax on certain high cost employer-sponsored
insurance plans, the annual fee imposed on certain health insurance providers based on market share. The Bipartisan Budget Act
of 2018 (the &#8220;<I>BBA</I>&#8221;) among other things, amends the Affordable Care Act, effective January&nbsp;1, 2019, to close
the coverage gap in most Medicare drug plans, commonly referred to as the &#8220;donut hole,&#8221; by increasing from 50&nbsp;percent
to 70&nbsp;percent the point-of-sale discount that is owed by pharmaceutical manufacturers who participate in Medicare Part&nbsp;D.
In July&nbsp;2018, CMS published a final rule permitting further collections and payments to and from certain Affordable Care Act
qualified health plans and health insurance issuers under the Affordable Care Act risk adjustment program in response to the outcome
of federal district court litigation regarding the method CMS uses to determine this risk adjustment. On December&nbsp;14, 2018,
a U.S. District Court Judge in the Northern District of Texas (&#8220;<I>Texas District Court Judge</I>&#8221;) ruled that the
individual mandate is a critical and inseverable feature of the ACA, and therefore, because it was repealed as part of the Tax
Act, the remaining provisions of the ACA are invalid as well. While the Texas District Court Judge, as well as the Trump Administration
and CMS, have stated that the ruling will have no immediate effect, it is unclear how this decision, subsequent appeals, and other
efforts to repeal and replace the ACA will impact the ACA and our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">In addition, other legislative changes have
been proposed and adopted since the Affordable Care Act was enacted. The Coronavirus Aid, Relief, and Economic Security Act, which
was signed into law on March&nbsp;27, 2020, designed to provide financial support and resources to individuals and businesses affected
by the COVID-19 pandemic, suspended these reductions from May&nbsp;1, 2020 through December&nbsp;31, 2020, and extended the sequester
by one year, through 2030. In addition, on January&nbsp;2, 2013, the American Taxpayer Relief Act of 2012 was signed into law,
which, among other things, reduced Medicare payments to several providers, including hospitals, and increased the statute of limitations
period for the government to recover overpayments to providers from three to five&nbsp;years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Further, there has been heightened governmental
scrutiny in the United States of pharmaceutical pricing practices in light of the rising cost of prescription drugs. Such scrutiny
has resulted in several recent congressional inquiries and proposed and enacted federal and state legislation designed to, among
other things, bring more transparency to product pricing, review the relationship between pricing and manufacturer patient programs,
and reform government program reimbursement methodologies for products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">At the federal level, the Trump administration&#8217;s
budget proposal for fiscal year 2019 contains further drug price control measures that could be enacted during the 2019 budget
process or in other future legislation, including, for example, measures to permit Medicare Part&nbsp;D plans to negotiate the
price of certain drugs under Medicare Part&nbsp;B, to allow some states to negotiate drug prices under Medicaid and to eliminate
cost sharing for generic drugs for low-income patients. Additionally, the Trump administration released a &#8220;Blueprint&#8221;
to lower drug prices through proposals to increase manufacturer competition, increase the negotiating power of certain federal
healthcare programs, incentivize manufacturers to lower the list price of their products and reduce the out of pocket costs of
drug products paid by consumers. The U.S. Department of Health and Human Services has begun the process of soliciting feedback
on some of these measures and, at the same time, is implementing others under its existing authority. Although some of these, and
other, proposals will require authorization through additional legislation to become effective, Congress and the Trump administration
have each indicated that it will continue to seek new legislative and/or administrative measures to control drug costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">At the state level, legislatures have increasingly
passed legislation and implemented regulations designed to control pharmaceutical and biological product pricing, including price
or patient reimbursement constraints, discounts, restrictions on certain product access and marketing cost disclosure and transparency
measures, and, in some cases, designed to encourage importation from other countries and bulk purchasing. Legally mandated price
controls on payment amounts by third-party payors or other restrictions could harm our business, results of operations, financial
condition and prospects. In addition, regional healthcare authorities and individual hospitals are increasingly using bidding procedures
to determine what pharmaceutical products and which suppliers will be included in their prescription drug and other healthcare
programs. This could reduce the ultimate demand for ADAIR and for any future product, such as ADMIR, if approved, or put pressure
on our product pricing, which could negatively affect our business, results of operations, financial condition and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We expect that the Affordable Care Act, these
new laws and other healthcare reform measures that may be adopted in the future may result in additional reductions in Medicare
and other healthcare funding, more rigorous coverage criteria, new payment methodologies and additional downward pressure on the
price that we receive for any approved product. Any reduction in reimbursement from Medicare or other government programs may result
in a similar reduction in payments from private payors. The implementation of cost containment measures or other healthcare reforms
may prevent us from being able to generate revenue, attain profitability or commercialize ADAIR and for any future product, such
as ADMIR, if approved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We rely, and expect to continue to rely, on third parties
to conduct our clinical trials, and those third parties may not perform satisfactorily, including failing to meet deadlines for
the completion of such trials or complying with applicable regulatory requirements.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We rely on third-party contract research
organizations and clinical research organizations to conduct our clinical trials for ADAIR and for any future product, such as
ADMIR. We expect to continue to rely on third parties, such as contract research organizations, clinical research organizations,
clinical data management organizations, medical institutions and clinical investigators, to conduct all of our clinical trials.
The agreements with these third parties might terminate for a variety of reasons, including a failure to perform by the third parties.
If we need to enter into alternative arrangements, that could delay our product development activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Our reliance on these third parties for research
and development activities will reduce our control over these activities but will not relieve us of our responsibilities. For example,
we will remain responsible for ensuring that each of our clinical trials are conducted in accordance with the general investigational
plan and protocols for the trial and in accordance with good laboratory practice, as appropriate. Moreover, the FDA requires us
to comply with standards, commonly referred to as good clinical practices (&#8220;<I>GCPs</I>&#8221;) for conducting, recording
and reporting the results of clinical trials to assure that data and reported results are credible and accurate and that the rights,
integrity and confidentiality of trial participants are protected. Regulatory authorities enforce these requirements through periodic
inspections of trial sponsors, clinical investigators, and trial sites. If we or any of our clinical research organizations fail
to comply with applicable GCPs, the clinical data generated in our clinical trials may be deemed unreliable and the FDA or comparable
foreign regulatory authorities may require us to perform additional clinical trials before approving our marketing applications.
We cannot assure investors that upon inspection by a given regulatory authority, such regulatory authority will determine that
any of our clinical trials complies with GCP regulations. In addition, our clinical trials must be conducted with product produced
under cGMP regulations. Our failure to comply with these regulations may require us to repeat clinical trials, which would delay
the regulatory approval process. We also are required to register ongoing clinical trials and post the results of completed clinical
trials on a government-sponsored database, ClinicalTrials.gov, within specified timeframes. Failure to do so can result in fines,
adverse publicity and civil and criminal sanctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The third parties with whom we have contracted
to help perform our clinical trials may also have relationships with other entities, some of which may be our competitors. If these
third parties do not successfully carry out their contractual duties, meet expected deadlines, or conduct our clinical trials in
accordance with regulatory requirements or our stated protocols, we will not be able to obtain, or may be delayed in obtaining,
marketing approvals for our proposed product and will not be able to, or may be delayed in our efforts to, successfully commercialize
our proposed product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">If any of our relationships with these third-party
contract research organizations or clinical research organizations terminates, we may not be able to enter into arrangements with
alternative contract research organizations or clinical research organizations or to do so on commercially reasonable terms. Switching
or adding additional contract research organizations or clinical research organizations involves additional cost and requires management
time and focus. In addition, there is a natural transition period when a new contract research organization or clinical research
organization commences work. As a result, delays could occur, which could compromise our ability to meet our desired development
timelines. Though we carefully manage our relationships with our contract research organizations or clinical research organizations,
there can be no assurance that we will not encounter similar challenges or delays in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We rely on clinical data and results obtained by third
parties that could ultimately prove to be inaccurate or unreliable.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">As part of our strategy to mitigate development
risk, we seek to develop proposed products with validated mechanisms of action, and we utilize biomarkers to assess potential clinical
efficacy early in the development process. This strategy necessarily relies upon clinical data and other results obtained by third
parties that may ultimately prove to be inaccurate or unreliable. Further, such clinical data and results may be based on products
or proposed products that are significantly different from ADAIR or any future product, such as ADMIR. If the third-party data
and results we rely upon prove to be inaccurate, unreliable or not applicable to ADAIR or any future product, we could make inaccurate
assumptions and conclusions about our proposed product and our research and development efforts could be compromised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If we fail to comply with environmental, health, and safety
laws and regulations, we could become subject to fines or penalties or incur costs that could harm our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We are subject to numerous environmental,
health, and safety laws and regulations, including those governing laboratory procedures and the handling, use, storage, treatment,
and disposal of hazardous materials and wastes. Our operations involve the use of hazardous and flammable materials, including
chemicals and biological materials. Our operations also produce hazardous waste products. We generally contract with third parties
for the disposal of these materials and wastes. We cannot eliminate the risk of contamination or injury from these materials. Although
we believe that the safety procedures for handling and disposing of these materials comply with the standards prescribed by these
laws and regulations, we cannot eliminate the risk of accidental contamination or injury from these materials. In the event of
contamination or injury resulting from our use of hazardous materials, we could be held liable for any resulting damages, and any
liability could exceed our resources. We also could incur significant costs associated with civil or criminal fines and penalties
for failure to comply with such laws and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Although we maintain workers&#8217; compensation
insurance to cover us for costs and expenses we may incur due to injuries to our employees resulting from the use of hazardous
materials, this insurance may not provide adequate coverage against potential liabilities. We do not maintain insurance for environmental
liability or toxic tort claims that may be asserted against us in connection with our storage or disposal of biological, hazardous
or radioactive materials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">In addition, we may incur substantial costs
in order to comply with current or future environmental, health and safety laws and regulations. These current or future laws and
regulations may impair our research, development or production efforts. Our failure to comply with these laws and regulations also
may result in substantial fines, penalties or other sanctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If the FDA does not conclude that ADAIR is sufficiently
bioequivalent, or demonstrate comparable bioavailability to its reference listed drug (&#8220;RLD &#8220;), or if the FDA otherwise
does not conclude that ADAIR satisfies the requirements of Section&nbsp;505(b)(2) of the FDCA, approval pathway, the approval pathway
for this proposed product will likely take significantly longer, cost significantly more and entail significantly greater complications
and risks than anticipated, and the FDA may not approve this proposed product.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">A key element of our strategy is to seek
FDA approval for ADAIR through Section&nbsp;505(b)(2) approval pathway. Section&nbsp;505(b)(2) of the FDCA permits the filing
of an NDA that contains full safety and efficacy reports but where at least some of the information required for approval comes
from studies not conducted by or for the applicant. Such information could include the FDA&#8217;s findings of safety and efficacy
in the approval of a similar drug, and for which the applicant has not obtained a right of reference and/or published literature.
Such reliance is typically predicated on a showing of bioequivalence or comparable bioavailability to an approved drug.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">If the FDA does not allow us to pursue the
Section&nbsp;505(b)(2) approval pathway for ADAIR, or if we cannot demonstrate bioequivalence or comparable bioavailability of
ADAIR to an approved product, we may need to conduct additional clinical trials, provide additional data and information, and meet
additional standards for regulatory approval. If this were to occur, the time and financial resources required to obtain FDA approval
for ADAIR would increase. Moreover, our inability to pursue the Section&nbsp;505(b)(2) approval pathway could result in new competitive
products reaching the market sooner than ADAIR, which could have a material adverse effect on our competitive position and our
business prospects. Even if we are allowed to pursue the Section&nbsp;505(b)(2) approval pathway, we cannot assure investors that
ADAIR will receive the requisite approval for commercialization on a timely basis, if at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">In addition, notwithstanding the approval
of a number of products by the FDA under the Section&nbsp;505(b)(2) approval pathway over the last few&nbsp;years, pharmaceutical
companies and others have objected to the FDA&#8217;s interpretation of Section&nbsp;505(b)(2). If the FDA&#8217;s interpretation
of Section&nbsp;505(b)(2) is successfully challenged, the FDA may change its policies and practices with respect to the Section&nbsp;505(b)(2)
approval pathway, which could delay or even prevent the FDA from approving any NDA that we submit under Section&nbsp;505(b)(2).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Even if ADAIR is approved under Section&nbsp;505(b)(2),
the approval may be subject to limitations on the indicated uses for which the product may be marketed or to other conditions of
approval, or may contain requirements for costly post-marketing testing and surveillance to monitor the safety or efficacy of the
product, including additional clinical trials.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>ADAIR contains a controlled substance, the manufacture,
use, sale, importation, exportation, and distribution of which are subject to regulation by state, federal, and foreign law enforcement
and other regulatory agencies.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">ADAIR contains, and any future product, such
as ADMIR, if any, may contain, controlled substances which are subject to state, federal, and foreign laws and other regulations
regarding their manufacturing, use, sale, importation, exportation, and distribution. ADAIR&#8217;s active ingredient, dextroamphetamine,
is classified as a controlled substance under the CSA, and regulations of the DEA. A number of states also independently regulate
these drugs as controlled substances. Controlled substances are classified by the DEA as Schedule&nbsp;I, II, III, IV, or V substances,
with Schedule&nbsp;I substances considered to present the highest risk of substance abuse and Schedule&nbsp;V substances the lowest
risk. The active ingredient in ADAIR, dextroamphetamine, is listed by the DEA as a Schedule&nbsp;II controlled substance under
the CSA. For our current proposed product, and any potential future product, such as ADMIR, containing a controlled substance,
we and our suppliers, manufacturers, contractors, customers, and distributors are required to obtain and maintain applicable registrations
from state, federal, and foreign law enforcement and regulatory agencies and comply with their laws and regulations regarding the
manufacturing, use, sale, importation, exportation, and distribution of controlled substances. An example of such practice is that
all Schedule&nbsp;II drug prescriptions must be signed by a physician, physically presented to a pharmacist and may not be refilled
without a new prescription. Furthermore, the amount of Schedule&nbsp;II substances that can be obtained for clinical trials and
commercial distribution is limited by the CSA and DEA regulations. We may not be able to obtain sufficient quantities of these
controlled substances in order to complete our clinical trials or meet commercial demand, even if ADAIR is approved for marketing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">In addition, controlled substances are subject
to regulations governing manufacturing, labeling, packaging, testing, dispensing, production and procurement quotas, recordkeeping,
reporting, handling, shipment, and disposal. These regulations increase the personnel needs and the expense associated with development
and commercialization of proposed products that include controlled substances. The DEA and some states conduct periodic inspections
of registered establishments that handle controlled substances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Failure to obtain and maintain required registrations
or to comply with any applicable regulations, including quotas imposed by the DEA, could delay or preclude us from developing and
commercializing our proposed product that contains a controlled substance and subject us to enforcement action. The DEA may seek
civil penalties, refuse to renew necessary registrations, or initiate proceedings to revoke those registrations. In some circumstances,
violations could lead to criminal proceedings. Because of their restrictive nature, these regulations could limit commercialization
of our proposed product containing controlled substances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">If we, our drug products or the manufacturing
facilities for our drug products fail to comply with applicable regulatory requirements, a regulatory agency may:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">issue warning letters or untitled letters;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">seek an injunction or impose civil or criminal penalties or monetary
fines;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">suspend or withdraw marketing approval;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">suspend any ongoing clinical trials;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">refuse to approve pending applications or supplements to applications;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">suspend or impose restrictions on operations, including costly new
manufacturing requirements;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">seize or detain products, refuse to permit the import or export of
products or request that we initiate a product recall; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt">refuse
to allow us to enter into supply contracts, including government contracts.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We cannot predict the likelihood, nature
or extent of government regulation that may arise from future legislation or administrative action, either in the United States
or abroad. If we are slow or unable to adapt to changes in existing requirements or the adoption of new requirements or policies,
or if we are not able to maintain regulatory compliance, we may lose any marketing approval that we may have been obtained and
we may not achieve or sustain profitability, which would adversely affect our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The FDA may not approve product labeling for ADAIR that
would permit us to market and promote our product in the United States by describing its abuse-deterrent features.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We have invested resources conducting Laboratory
Manipulation and Extraction Studies (Category 1), and may spend substantial additional resources conducting Pharmacokinetic Studies
(Category 2) and Clinical Abuse Potential Studies (Category 3) to support ADAIR&#8217;s abuse-deterrence characteristics, and we
believe such studies are consistent with the April&nbsp;2015 final FDA guidance on opioid medications (the &#8220;<I>2015 FDA Guidance</I>&#8221;),
as no guidance exists on stimulants. However, we have not yet received regulatory approval to market ADAIR and additional data
may emerge that could change the FDA&#8217;s position on the proposed product label, and there can be no assurance that ADAIR or
our other current or any future product, such as ADMIR, will receive FDA-approved product labeling that describes abuse-deterrent
features of such product given the current absence of specific FDA guidance on development of abuse-deterrent amphetamines. Our
failure to achieve FDA approval of product labeling containing information on abuse-deterrence characteristics of ADAIR will prevent
or substantially limit our promotion of the abuse-deterrent features of ADAIR. This type of limitation would make it difficult
for us to differentiate ADAIR from other amphetamine-containing products, may cause us to lower the price of our product to the
extent that there are competing products with abuse-deterrent claims on their product labels and as a result, our product would
be less competitive in the market. The FDA closely regulates promotional materials and other promotional activities, even if the
FDA initially approves product labeling that includes a description of the abuse- deterrent characteristics of ADAIR and therefore
the FDA may object to our marketing claims and product advertising campaigns. This could lead to the issuance of warning letters
or untitled letters, suspension or withdrawal of our product from the market, recalls, fines, disgorgement of money, operating
restrictions, injunctions, and civil or criminal prosecution. Any of these consequences would harm the commercial success of ADAIR
or any other future product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Even if any other proposed products are approved
for marketing with certain abuse-deterrence claims, the 2015 FDA Guidance may not apply to such proposed product, as the said guidance
is not binding law and may be superseded or modified at any time. Also, if the FDA determines that our post-marketing data do not
demonstrate that the abuse-deterrent properties result in reduction of abuse, or demonstrate a shift to routes of abuse that present
a greater risk, the FDA may find that product labeling revisions are needed, and may require the removal of our abuse-deterrence
claims. Although ADAIR is very difficult to manipulate into a form that can be snorted, it is not impossible to do so, as was shown
by a third-party drug laboratory, hired by us in preparation for human abuse studies, that was able to develop a time-consuming
and laborious process to convert ADAIR into a form that could be insufflated. In addition, although ADAIR is difficult to solubilize
into a form that can be injected, sophisticated drug abusers may be able to develop methods to manipulate ADAIR into a form that
can be injected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Further, in October 2020, an FDA advisory
committee reviewed another abuse deterrent stimulant which relied on different delivery technology and a different active molecule
than ADAIR. The advisory committee recommended against the approval of the other product, voting that the benefits did not outweigh
the risks. In particular, the advisory committee determined that the other product had not established that it could deter the
risk of intranasal abuse based on the results of its human abuse liability study because it failed the study&#8217;s primary endpoint.
Further the advisory committee voted that the safety of the other product had not been adequately characterized because of safety
concerns with two inactive ingredients contained in the other product. ADAIR does not contain either of these inactive ingredients.
Nevertheless, we may not be able to conduct a successful pivotal human abuse trial and an FDA advisory committee could vote that
the benefits of ADAIR or ADMIR do not outweigh the risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may need to comply with the requirements of the Drug
Supply Chain Security Act, which outlines critical steps required to build an electronic, interoperable system to identify and
trace certain prescription drugs as they are distributed in the United States.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We may need to comply with the requirements
of the Drug Supply Chain Security Act, including those related to product tracing, verification, and authorized trading partners.
Signed into law in 2013, the Drug Supply Chain Security Act, amended the FDCA, and is being implemented over a 10-year period.
The law&#8217;s requirements include the ability to quarantine and promptly investigate a suspect product, such as a potentially
counterfeit, diverted or stolen product, to determine if it is illegitimate, and notify our trading partners and the FDA of any
illegitimate product. Such compliance may be time consuming and expensive to implement. Also, in the event that we fail to comply
with these requirements, we may face regulatory actions that could affect our ability to commercialize ADAIR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Even if ADAIR or any other future product, such as ADMIR,
we may develop receives marketing approval, there could be adverse effects not discovered during development.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Even if any of our proposed products receive
marketing approval, we or others may later identify undesirable side-effects caused by the product or problems with our third-party
manufacturers or manufacturing processes, and in either event a number of potentially significant negative consequences could result,
including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">regulatory authorities may suspend or withdraw their approval of the
product;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">regulatory authorities may require the addition of labeling statements,
such as warnings or contraindications or distribution and use restrictions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">regulatory authorities may require us to issue specific communications
to healthcare professionals, such as &ldquo;Dear Doctor&rdquo; letters;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">regulatory authorities may issue negative publicity regarding the
affected product, including safety communications;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">we may be required to change the way the product is administered,
conduct additional clinical trials or restrict the distribution or use of the product;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">we could be sued and held liable for harm caused to patients; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our reputation may suffer.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Any of these events could prevent us from
achieving or maintaining market acceptance of the affected product and could substantially increase commercialization costs or
even force us to cease operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our products may cause or contribute to adverse medical
events that we are required to report to the FDA and if we fail to do so, we would be subject to sanctions that would materially
harm our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Post-marketing safety data collection and
adverse event reporting are critical elements of FDA&#8217;s oversight of drugs and therapeutic biologics available to the American
public. The testing that helps to establish the safety of products, such as drugs and therapeutic biologics, is typically conducted
on small groups before FDA approves the products for sale. Some problems can remain unknown, only to be discovered when a product
is used by a large number of people. An adverse event is any unanticipated experience or side effect associated with the use of
a drug or therapeutic biologic in humans, whether or not it is considered related to the product. An adverse event could occur:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">with use in professional practice;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">from overdose whether accidental or intentional;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">from abuse;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">from withdrawal; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">due to lack of expected effectiveness.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">During inspections, FDA investigators will
review a company&#8217;s post-marketing adverse event information to ensure compliance with federal laws and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Our marketed products are subject to adverse
event reporting (ADR) which require that we report to the FDA events related to our products. The timing of our obligation to report
under the ADR regulations is triggered by the date we become aware of the adverse event as well as the nature of the event. We
may fail to report adverse events of which we become aware within the prescribed timeframe. We may also fail to recognize that
we have become aware of a reportable adverse event, especially if it is not reported to us as an adverse event or if it is an adverse
event that is unexpected or removed in time from the use of our products. If we fail to comply with our reporting obligations,
the FDA could take action, including warning letters, untitled letters, administrative actions, criminal prosecution, imposition
of civil monetary penalties, revocation of our device clearances or approvals, seizure of our products, or delay in clearance or
approval of future products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our products may in the future be subject to product recalls.
A recall of our products, either voluntarily or at the direction of the FDA or another governmental authority, or the discovery
of serious safety issues with our products, could have a significant adverse impact on us.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The FDA and similar foreign governmental
authorities have the authority to require the recall of commercialized products in the event of material deficiencies or defects
in their design or manufacture. A government-mandated or voluntary recall could occur as a result of an unacceptable risk to health,
contaminated product, manufacturing errors, or labeling defects or other deficiencies and issues. Recalls of any of our products
would divert managerial and financial resources and have an adverse effect on our reputation, results of operations and financial
condition, which could impair our ability to produce our products in a cost-effective and timely manner in order to meet our customers&#8217;
demands. We may also be subject to liability claims, be required to bear other costs, or take other actions that may have a negative
impact on our future sales and our ability to generate profits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Changes in regulatory requirements and guidance or unanticipated
events during our clinical trials may occur, which may result in necessary changes to clinical trial protocols, which could result
in increased costs to us, delay our development timeline or reduce the likelihood of successful completion of our clinical trials.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Changes in regulatory requirements and guidance
or unanticipated events during our clinical trials may occur, as a result of which we may need to amend clinical trial protocols.
Amendments may require us to resubmit our clinical trial protocols to IRBs for review and approval, which may impact the cost,
timing or successful completion of a clinical trial. If we experience delays in completion of, or if we terminate, any of our clinical
trials, the commercial prospects for our proposed product would be harmed and our ability to generate product revenue would be
delayed, possibly materially.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our amended and restated certificate of incorporation
designate specific courts as the exclusive forum for certain litigation that may be initiated by the Company&#8217;s stockholders,
which could limit its stockholders&#8217; ability to obtain a favorable judicial forum for disputes with us.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Pursuant to our amended and restated certificate
of incorporation, unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of
Delaware is the sole and exclusive forum for any state law claims for (1)&nbsp;any derivative action or proceeding brought on our
behalf; (2)&nbsp;any action asserting a claim of or based on a breach of a fiduciary duty owed by any director, officer or other
employee of ours to us or our stockholders; (3)&nbsp;any action asserting a claim pursuant to any provision of the Delaware General
Corporation Law, our amended and restated certificate of incorporation; or (4)&nbsp;any action asserting a claim governed by the
internal affairs doctrine (the &#8220;<I>Delaware Forum Provision</I>&#8221;). The Delaware Forum Provision will not apply to any
causes of action arising under the Securities Act or the Exchange Act. Our amended and restated certificate of incorporation further
provide that unless we consent in writing to the selection of an alternative forum, the federal district courts of the United States
of America shall be the sole and exclusive forum for resolving any complaint asserting a cause of action arising under the Securities
Act (the &#8220;<I>Federal Forum Provision</I>&#8221;). In addition, our amended and restated certificate of incorporation provide
that any person or entity purchasing or otherwise acquiring any interest in shares of our capital stock is deemed to have notice
of and consented to the Delaware Forum Provision and the Federal Forum Provision; provided, however, that stockholders cannot and
will not be deemed to have waived our compliance with the federal securities laws and the rules and regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We recognize that the Delaware Forum Provision
in our amended and restated certificate of incorporation may impose additional litigation costs on stockholders in pursuing any
such claims, particularly if the stockholders do not reside in or near the State of Delaware. Additionally, the forum selection
clauses in our amended and restated certificate of incorporation may limit our stockholders&#8217; ability to bring a claim in
a judicial forum that they find favorable for disputes with us or our directors, officers or employees, which may discourage the
filing of lawsuits against us and our directors, officers and employees, even though an action, if successful, might benefit our
stockholders. In addition, while the Delaware Supreme Court ruled in March&nbsp;2020 that federal forum selection provisions purporting
to require claims under the Securities Act be brought in federal court are &#8220;facially valid&#8221; under Delaware law, there
is uncertainty as to whether other courts will enforce our Federal Forum Provision. If the Federal Forum Provision is found to
be unenforceable, we may incur additional costs associated with resolving such matters. The Federal Forum Provision may also impose
additional litigation costs on stockholders who assert that the provision is not enforceable or invalid. The Court of Chancery
of the State of Delaware and the United States District Court may also reach different judgments or results than would other courts,
including courts where a stockholder considering an action may be located or would otherwise choose to bring the action, and such
judgments may be more or less favorable to us than our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Relating to Intellectual Property</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We have filed multiple patent applications and have two
issued patents by the U.S. PTO. These or any other patent applications may not result in issued patents, and as a result we may
have limited protection of our proprietary technology in the marketplace.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We have had two patents granted and one additional
patent application directed to ADAIR for ADHD and narcolepsy filed in the United States, and we are seeking patent protection for
ADAIR internationally in several foreign countries and territories, including the EU, Canada, Japan and China. The U.S. patents
will expire in 2037. It is impossible to predict whether or how our PCT application will result in any issued patent. Even if the
pending application issues, it may issue with claims significantly narrower than those we currently seek.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The patent position of biotechnology and
biopharmaceutical companies is generally uncertain because it involves complex legal and factual considerations. The standards
applied by the U.S. PTO and foreign patent offices in granting patents are not always applied uniformly or predictably. For example,
there is no uniform worldwide policy regarding patentable subject matter or the scope of claims allowable in biotechnology and
biopharmaceutical patents. Consequently, a patent may not issue from our pending patent applications. Therefore, we do not know
the degree of future protection that we will have on any proprietary product or technology that we have or may develop.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If we are unable to obtain and maintain patent protection
for our technology and products or if the scope of the patent protection obtained is not sufficiently broad, our competitors could
develop and commercialize technology and products similar or identical to ours, and our ability to successfully commercialize our
technology and products may be impaired.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Our commercial success will depend in part
on obtaining and maintaining patent protection and trade secret protection in the United States and other countries with respect
to ADAIR or any other future product, such as ADMIR, that we may license or acquire and the methods we use to manufacture them,
as well as successfully defending these patents and trade secrets against third-party challenges. We seek to protect our proprietary
position by filing patent applications in the United States and abroad related to our proposed products. We will only be able to
protect our technologies from unauthorized use by third parties to the extent that valid and enforceable patents or trade secrets
cover them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The patent prosecution process is expensive
and time-consuming, and we may not be able to file and prosecute all necessary or desirable patent applications at a reasonable
cost or in a timely manner. It is also possible that we will fail to identify patentable aspects of our research and development
output before it is too late to obtain patent protection. If our licensors or we fail to obtain or maintain patent protection or
trade secret protection for ADAIR or any other future product, such as ADMIR, we may license or acquire, third parties could use
our proprietary information, which could impair our ability to compete in the market and adversely affect our ability to generate
revenues and achieve profitability. Moreover, should we enter into other collaborations we may be required to consult with or cede
control to collaborators regarding the prosecution, maintenance, and enforcement of our patents. Therefore, these patents and applications
may not be prosecuted and enforced in a manner consistent with the best interests of our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The patent position of biotechnology and
biopharmaceutical companies generally is highly uncertain, involves complex legal and factual questions, and has in recent&nbsp;years
been the subject of much litigation. In addition, no consistent policy regarding the breadth of claims allowed in biopharmaceutical
or biotechnology patents has emerged to date in the United States. The patent situation outside the U.S. is even more uncertain.
The laws of foreign countries may not protect our rights to the same extent as the laws of the U.S. For example, European patent
law restricts the patentability of methods of treatment of the human body more than U.S. law does. Publications of discoveries
in the scientific literature often lag behind the actual discoveries, and patent applications in the United States and other jurisdictions
are typically not published until eighteen (18) months after a first filing, or in some cases at all. Therefore, we cannot know
with certainty whether we or our licensors were the first to make the inventions claimed in our owned or licensed patents or pending
patent applications, or whether we were the first to file for patent protection of such inventions. In the event that a third
party has also filed a U.S. patent application relating to our proposed products or a similar invention, we may have to participate
in interference proceedings declared by the U.S. <FONT STYLE="font-size: 10pt">PTO to determine priority of invention in the United
States. The costs of these proceedings could be substantial, and it is possible that our efforts would be unsuccessful, resulting
in a material adverse effect on our U.S. patent position. As a result, the issuance, scope, validity, enforceability, and commercial
value of our patent rights are highly uncertain. Our pending and future patent applications may not result in patents being issued
which protect our technology or products, in whole or in part, or which effectively prevent others from commercializing competitive
technologies and products. Changes in either the patent laws or interpretation of the patent laws in the United States and other
countries may diminish the value of our patents or narrow the scope of our patent protection.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Recent patent reform legislation could increase
the uncertainties and costs surrounding the prosecution of our patent applications and the enforcement or defense of our issued
patents. On September&nbsp;16, 2011, the Leahy-Smith America Invents Act (the &#8220;<I>Leahy-Smith Act</I>&#8221;) was signed
into law. The Leahy-Smith Act includes a number of significant changes to U.S. patent law. These include provisions that affect
the way patent applications are prosecuted and may also affect patent litigation. The U.S. PTO recently developed new regulations
and procedures to govern administration of the Leahy-Smith Act, and many of the substantive changes to patent law associated with
the Leahy-Smith Act, and in particular, the first to file provisions, only became effective on March&nbsp;16, 2013. Accordingly,
it is not clear what, if any, impact the Leahy-Smith Act will have on the operation of our business. However, the Leahy-Smith Act
and its implementation could increase the uncertainties and costs surrounding the prosecution of our patent applications and the
enforcement or defense of our issued patents, all of which could have a material adverse effect on our business and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Moreover, we may be subject to a third-party
pre-issuance submission of prior art to the U.S. PTO, or become involved in opposition, derivation, reexamination,&nbsp;<I>inter
parties</I>&nbsp;review, post-grant review or interference proceedings challenging our patent rights or the patent rights of others.
An adverse determination in any such submission, patent office trial, proceeding or litigation could reduce the scope of, render
unenforceable, or invalidate, our patent rights, allow third parties to commercialize our technology or products and compete directly
with us, without payment to us, or result in our inability to manufacture or commercialize products without infringing third-party
patent rights. In addition, if the breadth or strength of protection provided by our patents and patent applications is threatened,
it could dissuade companies from collaborating with us to license, develop or commercialize current or future product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Even if our patent applications issue as
patents, they may not issue in a form that will provide us with any meaningful protection, prevent competitors from competing with
us or otherwise provide us with any competitive advantage. Our competitors may be able to circumvent our owned or licensed patents
by developing similar or alternative technologies or products in a non-infringing manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The issuance of a patent does not foreclose
challenges to its inventorship, scope, validity or enforceability. Therefore, our owned and licensed patents may be challenged
in the courts or patent offices in the United States and abroad. Such challenges may result in loss of exclusivity or freedom to
operate or in patent claims being narrowed, invalidated or held unenforceable, in whole or in part, which could limit our ability
to stop others from using or commercializing similar or identical technology and products, or limit the duration of the patent
protection of our technology and products. Given the amount of time required for the development, testing, and regulatory review
of new proposed products, patents protecting such proposed products might expire before or shortly after such proposed products
are commercialized. As a result, our owned and licensed patent portfolio may not provide us with sufficient rights to exclude others
from commercializing products similar or identical to ours.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Because it is difficult and costly to protect our proprietary
rights, we may not be able to ensure their protection.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The degree of future protection for our proprietary
rights is uncertain, because legal means afford only limited protection and may not adequately protect our rights or permit us
to gain or keep our competitive advantage. For example:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">our licensors might not have been the first to make the inventions
covered by each of our pending patent applications and issued patents;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">our licensors might not have been the first to file patent applications
for these inventions;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.25pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">others may independently develop similar or alternative technologies
or duplicate ADAIR or any future product, such as ADMIR;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">it is possible that none of the pending patent applications licensed
to us will result in issued patents;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the issued patents covering ADAIR or any future product, such as ADMIR,
may not provide a basis for market exclusivity for active products, may not provide us with any competitive advantages, or may
be challenged by third parties;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">we may not develop additional proprietary technologies that are patentable;
or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">patents of others may have an adverse effect on our
business.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may become involved in lawsuits to protect or enforce
our patents or other intellectual property, which could be expensive, time consuming and unsuccessful.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Competitors may infringe our issued patents
or other intellectual property. To counter infringement or unauthorized use, we may be required to file infringement claims, which
can be expensive and time consuming. Any claims we assert against perceived infringers could provoke these parties to assert counterclaims
against us alleging that we infringe their patents. In addition, in a patent infringement proceeding, a court may decide that a
patent of ours is invalid or unenforceable, in whole or in part, construe the patent&#8217;s claims narrowly or refuse to stop
the other party from using the technology at issue on the grounds that our patents do not cover the technology in question. An
adverse result in any litigation proceeding could put one or more of our patents at risk of being invalidated, rendered unenforceable,
or interpreted narrowly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If we are sued for infringing intellectual property rights
of third parties, it will be costly and time consuming, and an unfavorable outcome in any litigation would harm our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Our ability to develop, manufacture, market
and sell ADAIR or any other future product, such as ADMIR, that we may license or acquire depends upon our ability to avoid infringing
the proprietary rights of third parties. Numerous U.S. and foreign issued patents and pending patent applications, which are owned
by third parties, exist in the general fields of ADHD and cover the use of numerous compounds and formulations in our targeted
markets. Because of the uncertainty inherent in any patent or other litigation involving proprietary rights, we and our licensors
may not be successful in defending intellectual property claims by third parties, which could have a material adverse effect on
our results of operations. Regardless of the outcome of any litigation, defending the litigation may be expensive, time-consuming
and distracting to management. In addition, because patent applications can take many&nbsp;years to issue, there may be currently
pending applications, unknown to us, which may later result in issued patents that ADAIR may infringe. There could also be existing
patents of which we are not aware that ADAIR may inadvertently infringe</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">There is a substantial amount of litigation
involving patent and other intellectual property rights in the biotechnology and biopharmaceutical industries generally. If a third
party claims that we infringe on their patents or misappropriated their technology, we could face a number of issues, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">infringement and other intellectual property claims, which, with or
without merit, can be expensive and time consuming to litigate and can divert management&rsquo;s attention from our core business;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">substantial damages for past infringement which we may have to pay
if a court decides that our product infringes on a competitor&rsquo;s patent;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">a court prohibiting us from selling or licensing our product unless
the patent holder licenses the patent to us, which it would not be required to do;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">if a license is available from a patent holder, we may have to pay
substantial royalties or grant cross licenses to our patents; and</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">redesigning our processes so they do not infringe,
which may not be possible or could require substantial funds and time.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Intellectual property litigation could cause us to spend
substantial resources and distract our personnel from their normal responsibilities.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Even if resolved in our favor, litigation
or other legal proceedings relating to intellectual property claims may cause us to incur significant expenses, and could distract
our technical and management personnel from their normal responsibilities. In addition, there could be public announcements of
the results of hearings, motions or other interim proceedings or developments and if securities analysts or investors perceive
these results to be negative, it could have a substantial adverse effect on the price of our common stock. Such litigation or proceedings
could substantially increase our operating losses and reduce the resources available for development activities or any future sales,
marketing or distribution activities. We may not have sufficient financial or other resources to conduct such litigation or proceedings
adequately. Some of our competitors may be able to sustain the costs of such litigation or proceedings more effectively than we
can because of their greater financial resources. Uncertainties resulting from the initiation and continuation of patent litigation
or other proceedings could compromise our ability to compete in the marketplace.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may need to license certain intellectual property from
third parties, and such licenses may not be available or may not be available on commercially reasonable terms.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">A third party may hold intellectual property,
including patent rights that are important or necessary to the development and commercialization of ADAIR or any other future product,
such as ADMIR. It may be necessary for us to use the patented or proprietary technology of third parties to commercialize ADAIR
or any other future product. If we are unable to obtain a license from these third parties, or unable to obtain a license, on commercially
reasonable terms, our business could be harmed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If we fail to comply with our obligations in our intellectual
property licenses and funding arrangements with third parties, we could lose rights that are important to our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">In the future, we may become party to licenses
that are important for product development and commercialization. If we fail to comply with our obligations under current or future
license and funding agreements, our counterparties may have the right to terminate these agreements, in which event we might not
be able to develop, manufacture or market any product or utilize any technology that is covered by these agreements or may face
other penalties under the agreements. Such an occurrence could materially and adversely affect the value of a proposed product
being developed under any such agreement or could restrict our drug discovery activities. Termination of these agreements or reduction
or elimination of our rights under these agreements may result in our having to negotiate new or reinstated agreements with less
favorable terms, or cause us to lose our rights under these agreements, including our rights to important intellectual property
or technology.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>We may be subject to claims that our employees have wrongfully
used or disclosed alleged trade secrets of their former employers.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">As is common in the biotechnology and biopharmaceutical
industry, we employ individuals who were previously employed at other biotechnology or biopharmaceutical companies, including our
competitors or potential competitors. Although no claims against us are currently pending, we may be subject to claims that these
employees or we have inadvertently or otherwise used or disclosed trade secrets or other proprietary information of their former
employers. Litigation may be necessary to defend against these claims. Even if we are successful in defending against these claims,
litigation could result in substantial costs and be a distraction to management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If we are unable to protect the confidentiality of our
trade secrets, our business and competitive position would be harmed.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">In addition to seeking patent protection
for ADAIR or any future product, such as ADMIR, we also rely on trade secrets, including unpatented know-how, technology, and other
proprietary information, to maintain our competitive position, particularly where we do not believe patent protection is appropriate
or obtainable. However, trade secrets are difficult to protect. We limit disclosure of such trade secrets where possible, but we
also seek to protect these trade secrets, in part, by entering into non-disclosure and confidentiality agreements with parties
who do have access to them, such as our employees, our licensors, corporate collaborators, outside scientific collaborators, contract
manufacturers, consultants, advisors, and other third parties. We also enter into confidentiality and invention or patent assignment
agreements with our employees and consultants. Despite these efforts, any of these parties may breach the agreements and may unintentionally
or willfully disclose our proprietary information, including our trade secrets, and we may not be able to obtain adequate remedies
for such breaches. Enforcing a claim that a party illegally disclosed or misappropriated a trade secret is difficult, expensive
and time-consuming, and the outcome is unpredictable. In addition, some courts inside and outside the U.S. are less willing or
unwilling to protect trade secrets. Moreover, if any of our trade secrets were to be lawfully obtained or independently developed
by a competitor, we would have no right to prevent them, or those to whom they communicate it, from using that technology or information
to compete with us. If any of our trade secrets were to be disclosed to or independently developed by a competitor, our competitive
position would be harmed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Relating to Securities Markets and Our Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>An active, liquid and orderly market for our common stock
may not be maintained.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Prior to our February 2021 initial public
offering, there had been no public market for our common stock. Our common stock only recently began trading on the Nasdaq Capital
Market, but we can provide no assurance that we will be able to develop and sustain an active trading market for our common stock.
Even if an active trading market is developed, it may not be sustained. The lack of an active market may impair your ability to
sell your shares at the time you wish to sell them or at a price that you consider reasonable. An inactive market may also impair
our ability to raise capital by selling shares and may impair our ability to acquire other businesses or technologies using our
shares as consideration, which, in turn, could materially adversely affect our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If we cannot continue to satisfy the listing requirements
of The Nasdaq Capital Market and other rules, including the director independence requirements, our securities may be delisted,
which could negatively impact the price of our securities and your ability to sell them.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Although common stock is listed on The Nasdaq
Capital Market, we may be unable to continue to satisfy the listing requirements and rules, including the director independence
requirements and certain financial metrics for our stockholders&#8217; equity and market value of listed securities or net income
from continuing operations. If we are unable to satisfy The Nasdaq Capital Market criteria for maintaining our listing, our securities
could be subject to delisting. If The Nasdaq Capital Market delists our securities, we could face significant consequences, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">a limited availability for market quotations for our securities;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">reduced liquidity with respect to our securities;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">a determination that our common stock is a &ldquo;penny stock,&rdquo;
which will require brokers trading in our common stock to adhere to more stringent rules and possibly result in reduced trading;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">activity in the secondary trading market for our common stock;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">limited amount of news and analyst coverage; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a decreased ability to issue additional securities or obtain additional financing in the future.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">In addition, we would no longer be subject
to The Nasdaq Capital Market rules, including rules requiring us to have a certain number of independent directors and to meet
other corporate governance standards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our stock may be subject to substantial price and volume
fluctuations due to a number of factors, many of which are beyond our control and may prevent our stockholders from reselling our
common stock at a profit.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The market prices for securities of biotechnology
and biopharmaceutical companies have historically been highly volatile, and the market has from time to time experienced significant
price and volume fluctuations that are unrelated to the operating performance of particular companies. In particular, the trading
prices for pharmaceutical, biopharmaceutical and biotechnology companies have been highly volatile as a result of the COVID-19
pandemic.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The market price of our common stock is likely
to be highly volatile and may fluctuate substantially due to many factors, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">results from, and any delays in, our clinical trials for our product
candidates, including ADAIR and ADMIR, or any other future clinical development programs, including any delays related to the COVID-19
pandemic;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcements concerning the progress of our efforts
to obtain regulatory approval for and commercialize ADAIR or any future product, including ADMIR, including any requests we receive
from the FDA for additional studies or data that result in delays in obtaining regulatory approval or launching such proposed product,
if approved;</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">market conditions in the biopharmaceutical and biotechnology sectors
or the economy as a whole;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">price and volume fluctuations in the overall stock market;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the failure of ADAIR or any future product, such as ADMIR, if approved,
to achieve commercial success;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">announcements of the introduction of new products by us or our competitors;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">developments concerning product development results or intellectual
property rights of others;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">litigation or public concern about the safety of our potential products;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">actual fluctuations in our quarterly operating results, and concerns
by investors that such fluctuations may occur in the future;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">deviations in our operating results from the estimates of securities
analysts or other analyst comments;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">additions or departures of key personnel;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">health care reform legislation, including measures directed at controlling
the pricing of biopharmaceutical products, and third-party coverage and reimbursement policies;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">developments concerning current or future strategic collaborations;
and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">discussion of us or our stock price by the financial
and scientific press and in online investor communities.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">In addition, the stock markets have experienced
extreme price and volume fluctuations that have affected and continue to affect the market prices of equity securities of many
biopharmaceutical companies. If we were to become involved in securities litigation, it could subject us to substantial costs,
divert resources and the attention of management from our business and adversely affect, our business, operating results, financial
condition and cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>If securities or industry analysts do not publish or cease
publishing research or reports about us, our business or our market, or if they adversely change their recommendations or publish
negative reports regarding our business or our common stock, a liquid trading market, if any, for our common stock may not develop,
and if it does, our share price and trading volume could decline.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The trading market for our common stock will
be influenced by the research and reports that industry or securities analysts may publish about us, our business, our market or
our competitors. We do not have any control over these analysts and analysts may not provide favorable coverage, or any coverage
at all. If any of the analysts that do cover us make an adverse recommendation regarding our stock, or provide more favorable relative
recommendations about our competitors, our stock price would likely decline. If any analyst who may cover us were to cease coverage
of our company or fail to regularly publish reports on us, we could lose visibility in the financial markets, which in turn could
cause our share price or trading volume to decline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Because we do not intend to declare cash dividends on
our common stock in the foreseeable future, stockholders must rely on appreciation of the value of our common stock for any return
on their investment.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We have never declared or paid cash dividends
on our common stock. We currently anticipate that we will retain future earnings for the development, operation and expansion of
our business and do not anticipate declaring or paying any cash dividends in the foreseeable future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our significant stockholders may exert a substantial influence
on actions requiring a stockholder vote, potentially in a manner that you do not support.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">As of March 15, 2021, Medice, through its
affiliated entity, Salmon Pharma owns approximately 22.4% of our issued and outstanding shares of common stock, and accordingly
controls approximately 22.4% of our voting power. In addition, Arcturus owns approximately 12.4% of our issued and outstanding
shares of common stock, and accordingly controls approximately 12.4% of our voting power. Members of our board of directors and
management beneficially own approximately 39.4% of our issued and outstanding shares of common stock, and accordingly will control
approximately 39.4% of our voting power, assuming exercise of all stock options exercisable within 60&nbsp;days of March 15, 2021.
If Salmon Pharma, Arcturus or any member of our board or management acquires additional shares of common stock in the aftermarket
or in privately negotiated transactions, this would increase their control. Factors that would be considered in making such additional
purchases would include consideration of the current trading price of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Salmon Pharma and Arcturus&#8217;s large
ownership stake may allow it to exert a substantial influence on actions requiring a stockholder vote, potentially in a manner
that you do not support, including amendments to our amended and restated certificate of incorporation, election of our board of
directors, removal of any of our directors, adoption of measures that could delay or prevent a change in control or impede a merger,
takeover, or other business combination involving us, and approval of other major corporate transactions. In addition, Salmon Pharma
and Arcturus&#8217;s stock ownership may discourage a potential acquirer from making a tender offer or otherwise attempting to
obtain control of us, which in turn could reduce our stock price or prevent our stockholders from realizing a premium over our
stock price. Accordingly, our stockholders other than Salmon Pharma and Arcturus may be unable to influence management and exercise
control over our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our charter documents and Delaware law may inhibit a takeover
that stockholders consider favorable.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Certain provisions of our amended and restated
certificate of incorporation and our amended and restated bylaws and applicable provisions of Delaware law may delay or discourage
transactions involving an actual or potential change in control or change in our management, including transactions in which stockholders
might otherwise receive a premium for their shares, or transactions that our stockholders might otherwise deem to be in their best
interests. The provisions in our amended and restated certificate of incorporation and amended and restated bylaws:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">limit who may call stockholder meetings;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">do not provide for cumulative voting rights;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">provide that all vacancies may be filled only by the affirmative vote
of a majority of directors then in office, even if less than a quorum;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">provide that the Court of Chancery of the State of Delaware will be
the exclusive forum for certain legal claims; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 22.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">provide that the federal district courts of the United
States of American will be the exclusive forum for legal claims under the Securities Act.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">In addition, once we become a publicly traded
corporation, Section&nbsp;203 of the Delaware General Corporation Law may limit our ability to engage in any business combination
with a person who beneficially owns 15% or more of our outstanding voting stock unless certain conditions are satisfied. This
restriction lasts for a period of three&nbsp;years following the share acquisition. These provisions may have the effect of entrenching
our management team and may deprive you of the opportunity to sell your shares to potential acquirers at a premium over prevailing
prices. This potential inability to obtain a control premium could reduce the price of our common stock. See Exhibit 4.5 &#8220;Description
of Capital Stock&#8221; for additional information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Financial reporting obligations of being a public company
in the United States require well defined disclosure and financial controls and procedures that are expensive and time-consuming
requiring our management to devote substantial time to compliance matters.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">As a publicly traded company, we incur significant
legal, accounting and other expenses that we did not incur as a privately held company prior to the completion of our initial public
offering in February 2021. For example, as a privately held company, we were not required to have, and did not have, well defined
disclosure and financial controls and procedures or systems of internal controls over financial reporting that are generally required
of publicly held companies. We determined that our internal controls over financial reporting include material weaknesses that
need to be remedied. Although we intend to take steps to remedy these material weaknesses in order to assure compliance with our
future financial reporting obligations, there can be no assurance that we will be able to do so in a timely manner or at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">These reporting obligations associated with
being a public company in the United States require significant expenditures and place significant demands on our management and
other personnel, including costs resulting from our reporting obligations under the Exchange Act and the rules and regulations
regarding corporate governance practices, including those under the Sarbanes-Oxley Act, the Dodd-Frank Wall Street Reform and
Consumer Protection Act, as amended, (the &#8220;<I>Dodd-Frank Act</I>&#8221;), and the listing requirements of The Nasdaq Capital
Market. These rules require the establishment and maintenance of effective disclosure and financial controls and procedures, internal
control over financial reporting and changes in corporate governance practices, among many other complex rules that are often
difficult to implement, monitor and maintain compliance with. Moreover, despite recent reforms made possible by the JOBS Act,
the reporting requirements, rules, and regulations may make some activities more time-consuming and costly, particularly after
we are no longer an &#8220;emerging growth company.&#8221; In addition, we expect these rules and regulations to make it more
difficult and more expensive for us to maintain director and officer liability insurance. Our management and other personnel need
to devote a substantial amount of time to ensure that we comply with all of these requirements and to keep pace with new regulations,
otherwise we may fall out of compliance and risk becoming subject to litigation or being delisted, among other potential problems.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">If we fail to comply with the rules under
the Sarbanes-Oxley Act related to accounting controls and procedures in the future, or, if we discover additional material weaknesses
and other deficiencies in our internal control and accounting procedures, our stock price could decline significantly and raising
capital could be more difficult. Section&nbsp;404 of the Sarbanes-Oxley Act requires annual management assessments of the effectiveness
of our internal control over financial reporting after a transition period ending with our second annual report on Form 10-K filed
under Section&nbsp;13(a) of the Exchange Act. If we fail to comply with the rules under the Sarbanes-Oxley Act related to disclosure
controls and procedures in the future, or, if in the future we discover additional material weaknesses and other deficiencies in
our internal control and accounting procedures, our stock price could decline significantly and raising capital could be more difficult.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Raising additional capital may cause dilution to our stockholders
restrict our operations, or require us to relinquish rights to our technologies or product candidates.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Until such time, if ever, as we can generate
substantial revenue, we may finance our cash needs through a combination of equity offerings, debt financings, marketing and distribution
arrangements and other collaborations, strategic alliances and licensing arrangements or other sources. We do not currently have
any committed external source of funds. In addition, we may seek additional capital due to favorable market conditions or strategic
considerations, even if we believe that we have sufficient funds for our current or future operating plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">To the extent that we raise additional capital
through the sale of equity or convertible debt securities, your ownership interest will be diluted, and the terms of these securities
may include liquidation or other preferences that adversely affect your rights as a common stockholder. Debt financing and preferred
equity financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific
actions, such as incurring additional debt, making capital expenditures or declaring dividends. If we raise additional funds through
collaborations, strategic alliances or marketing, distribution or licensing arrangements with third parties, we may be required
to relinquish valuable rights to our technologies, intellectual property, future revenue streams or product candidates or grant
licenses on terms that may not be favorable to us. If we are unable to raise additional funds through equity or debt financings
when needed, we may be required to delay, limit, reduce or terminate product candidate development or future commercialization
efforts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="aa_004"></A><B>Item&nbsp;1B.&nbsp;&nbsp;&nbsp;UNRESOLVED STAFF COMMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><A NAME="aa_005"></A><B>Item&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PROPERTIES&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our executive offices are located at 100
N. 18th Street, Suite 300, Philadelphia, PA 19103. We believe that our current office space will be adequate for the next 12 months.
We have no plans to lease additional space in the next twelve months. Should we be required to obtain additional space in the future,
we believe we can obtain the required facilities at competitive rates. We do not own any real property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><A NAME="aa_006"></A><B>Item&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LEGAL
PROCEEDINGS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are not currently a party to any material
legal proceedings. From time to time, we may be subject to various legal proceedings and claims that arise in the ordinary course
of our business activities. Regardless of the outcome, litigation can have a material adverse effect on us because of defense and
settlement costs, diversion of management resources, and other factors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><A NAME="aa_007"></A><B>Item&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MINE
SAFETY DISCLOSURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-indent: 0.25in; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="aa_008"></A><B>PART&nbsp;II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.5pt; text-indent: -42.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.5pt; text-indent: -42.5pt"><A NAME="aa_009"></A><B>Item&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MARKET
FOR REGISTRANT&#8217;S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.5pt; text-indent: -42.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Market Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our common stock is traded on The Nasdaq
Capital Market under the symbol &#8220;VLON&#8221; since February 11, 2021. Prior to that, there was no public trading market for
our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Holders of Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As of March 15, 2021, there were 18 holders
of record of our common stock. As of such date, there were 6,811,122 shares of our common stock outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The actual number of stockholders is greater
than this number of record holders, and includes stockholders who are beneficial owners, but whose shares are held in street name
by brokers and other nominees. This number of holders of record also does not include stockholders whose shares may be held in
trust by other entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Dividend Policy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have never declared or paid any cash
dividends on our common stock. We currently intend to retain all available funds and any future earnings to support our operations
and finance the growth and development of our business. Any future determination related to our dividend policy will be made at
the discretion of our board of directors and will depend upon, among other factors, our results of operations, financial condition,
capital requirements, contractual restrictions, business prospects and other factors our board of directors may deem relevant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Securities Authorized for Issuance Under Equity Compensation
Plans</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">See Part III, Item 12. &#8220;Security
Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters&#8221; for information relating to our equity
compensation plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Recent Sales of Unregistered Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><I>2021 Convertible Note Financing</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On January 11, 2021, we entered into a
Convertible Promissory Note Purchase Agreement with certain existing stockholders, including Salmon Pharma, an affiliate
of Medice, and David Baker, our Chief Executive Officer, pursuant to which we issued convertible promissory notes (the &#8220;<I>2021
Convertible Notes</I>&#8221;) for cash proceeds of $350,000. The 2021 Convertible Notes bear an interest rate of 7.0% per annum,
non-compounding, and had a maturity date of September 30, 2021. The 2021 Convertible Notes were convertible into shares of our
capital stock offered to investors in any subsequent equity financing after the date of their issuance in which we issued any
of our equity securities (a &#8220;<I>Qualified Financing</I>&#8221;), and were convertible at a twenty percent (20%) discount
to the price per share offered in such Qualified Financing. Such Qualified Financing included the initial public offering of our
common stock, consummated on February 12, 2021; therefore, the 2021 Convertible Notes converted into an aggregate of 54,906 shares
of our common stock immediately prior to the closing of the initial public offering, as agreed upon among the parties thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Based in part upon the representations
of Salmon Pharma and David Baker, the offering and sale of the 2021 Convertible Notes and the shares of our common stock issued
upon conversion thereof were exempt from registration under Section 4(a)(2) of the Securities Act. The sales of our common stock
issued upon conversion of the 2021 Convertible Notes will not be registered under the Securities Act or any state securities laws
and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from the registration
requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>Use of Proceeds from Registered
Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On February 9, 2021, our Registration Statement
on Form S-1 (File No. 333-249636) relating to the initial public offering of our common stock was declared effective by the SEC.
Pursuant to such Registration Statement, we sold an aggregate of 2,250,000 shares of our common stock at a price of $8.00 per share
for aggregate cash proceeds of approximately $15.5 million, which amount is net of $1.6 million in underwriter&#8217;s discounts,
commissions and expenses, and $895,000 of other expenses incurred in connection with the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">There has been no material change in the
expected use of the net proceeds from our initial public offering, as described in our final prospectus filed with the SEC on February
11, 2021 pursuant to Rule 424(b) under the Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>Purchases of Equity Securities
By the Issuer and Affiliated Purchasers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Neither we nor any affiliated purchaser
or anyone acting on our behalf or on behalf of an affiliated purchaser made any purchases of shares of our common stock during
the year ended December 31, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><A NAME="aa_010"></A><B>Item&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SELECTED
FINANCIAL DATA</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Not applicable to a smaller reporting company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.5pt; text-indent: -42.5pt"><A NAME="aa_011"></A><B>Item&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MANAGEMENT&#8217;S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.5pt; text-indent: -42.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><I>You should read the following discussion
and analysis of our financial condition and results of operations together with our financial statements and related notes beginning
on page F-1 of this Annual Report. Some of the information contained in this discussion and analysis or set forth elsewhere in
this Annual Report, including information with respect to our plans and strategy for our business and related financing, includes
forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth
in the section entitled &#8220;Item 1A. Risk Factors&#8221; of this Annual Report, our actual results could differ materially from
the results described in or implied by the forward-looking statements contained in the following discussion and analysis.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We are a biopharmaceutical company primarily
focused on the development and commercialization of proprietary biopharmaceutical products. Our only clinical-stage product currently
under development is ADAIR, a proprietary, abuse-deterrent oral formulation of immediate-release (short-acting) dextroamphetamine
for the treatment of Attention-deficit/hyperactivity disorder (&#8220;<I>ADHD</I>&#8221;), and Narcolepsy. In the future, we plan
to develop other abuse-deterrent products that have potential for abuse in their current forms, beginning with the development
of ADMIR, an abuse deterrent formulation of Ritalin, for which we are conducting formulation development work.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The ADAIR assets were acquired by us on
June&nbsp;22, 2018 pursuant to the terms and conditions of the Amended and Restated Asset Purchase Agreement with Arcturus Therapeutics,
Inc. (the successor to Arcturus Therapeutics Ltd., referred to herein as &ldquo;<I>Arcturus</I>&rdquo;), and Amiservice Development
Ltd., dated as of June&nbsp;22, 2018 (the &#8220;<I>Asset Purchase Agreement</I>&#8221;). In exchange for the ADAIR assets, we
issued 843,750 shares of our common stock to Arcturus (valued at approximately $1.4&nbsp;million based upon the price at which
the common stock was issued and sold in the June 2018 private placement transaction described below under the heading &#8220;Financing
Activities&#8221;) which comprised 30% of our then-outstanding common stock on a fully diluted basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">On January&nbsp;6, 2020, we entered into
a license agreement with Medice, who is affiliated with one of our principal stockholders, Salmon Pharma, and represented by one
member of our board of directors, which grants Medice an exclusive license, with the right to grant sublicenses, to develop, use,
manufacture, market and sell ADAIR throughout Europe. Medice currently markets several ADHD products in Europe and is the ADHD
market leader in Europe based on branded prescription market share. Medice is responsible for obtaining regulatory approval of
ADAIR in the licensed territory. Under the license agreement, Medice paid us a minimal upfront payment and will pay milestone payments
of up to $6.3&nbsp;million in the aggregate upon first obtaining regulatory approval to market and sell ADAIR in any country, territory
or region in the licensed territory and upon achieving certain annual net sales thresholds. Medice will also pay tiered royalties
on annual net sales of ADAIR at rates in the low double-digits. The initial term of the license agreement will expire five&nbsp;years
after the date on which Medice first obtains regulatory approval in any country, territory or region in the licensed territory.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Our objective is to develop and commercialize
proprietary biopharmaceutical products. To this effect, we intend to develop and seek marketing approvals from the FDA and other
worldwide regulatory bodies for ADAIR, and any other products we opt to pursue in the future, such as ADMIR. To achieve these objectives,
we plan to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="vertical-align: top; width: 0.25in; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">seek the necessary regulatory approvals to complete the clinical development of ADAIR for the
                                                                              treatment of ADHD and, if successful, file for marketing approval in the United States and other territories;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="vertical-align: top; width: 0.25in; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">prepare to commercialize ADAIR by establishing independent distribution capabilities or in
                                                                              conjunction with other biopharmaceutical companies in the United States and other key markets;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="vertical-align: top; width: 0.25in; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">commence development of other abuse-deterrent products such as ADMIR; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="vertical-align: top; width: 0.25in; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">continue our business development activities and seek partnering, licensing, merger and
                                                                                                                                                       acquisition opportunities or other transactions to further develop our pipeline and drug-development capabilities and take
                                                                                                                                                       advantage of our financial resources for the benefit of increasing stockholder value.</TD>
</TR></TABLE>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Emerging growth companies can delay
adopting new or revised accounting standards until such time as those standards apply to private companies. Therefore, we may
not be subject to the same new or revised accounting standards as other public companies that are not &#8220;emerging growth
companies.&#8221; For as long as we continue to be an emerging growth company, we also intend to take advantage of certain
other exemptions from various reporting requirements that are applicable to other public companies including, but not limited
to, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, exemptions
from the requirements of holding a nonbinding advisory stockholder vote on executive compensation, and any golden parachute
payments not previously approved, exemption from the requirement of auditor attestation in the assessment of our internal
control over financial reporting and exemption from any requirement that may be adopted by the Public Company Accounting
Oversight Board regarding mandatory audit firm rotation or a supplement to the auditor&#8217;s report providing additional
information about the audit and the financial statements (auditor discussion and analysis). After we become a reporting
company under the Exchange Act, we will remain an emerging growth company until the earliest of (i)&nbsp;the end of the
fiscal year in which the market value of our common stock that is held by non-affiliates exceeds $700&nbsp;million as of the
end of the second fiscal quarter, (ii)&nbsp;the end of the fiscal year in which we have total annual gross revenues of
$1.07&nbsp;billion or more during such fiscal year, (iii)&nbsp;the date on which we issue more than $1&nbsp;billion in
non-convertible debt in a three-year period, or (iv)&nbsp;the end of the fiscal year following the fifth anniversary of the
date of the first sale of our Common Stock pursuant to an effective registration statement filed under the Securities
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The global COVID-19 pandemic continues to
rapidly evolve, and we will continue to monitor the COVID-19 situation closely. The COVID-19 pandemic caused some delays at our
clinical trial sites, CROs, and third-party manufacturers, which in turn resulted in some delays in the FDA approval process; however,
these delays have been largely remediated. However, the extent of the impact of the COVID-19 on our business, operations and clinical
development timelines and plans remains uncertain, and will depend on certain developments, including the duration and spread of
the outbreak and its future impact on our clinical trial enrollment, clinical trial sites, CROs, third-party manufacturers, and
other third parties with whom we do business, as well as its impact on regulatory authorities and our key scientific and management
personnel. The ultimate impact of the COVID-19 pandemic or a similar health epidemic is highly uncertain and subject to change.
To the extent possible, we are conducting business as usual, with necessary or advisable modifications to employee travel and with
most of our employees and consultants working remotely. We will continue to actively monitor the rapidly evolving situation related
to COVID-19 and may take further actions that alter our operations, including those that may be required by federal, state or local
authorities, or that we determine are in the best interests of our employees and other third parties with whom we do business.
At this point, the extent to which the COVID-19 pandemic may affect our business, operations and clinical development timelines
and plans, including the resulting impact on our expenditures and capital needs, remains uncertain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Reverse Split</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">On February 10, 2021, the Company filed
a certificate of amendment to its amended and restated certificate of incorporation with the Secretary of State of the State of
Delaware, which effected a one-for-40 reverse stock split (the &#8220;<I>reverse split</I>&#8221;) of its issued and outstanding
shares of common stock at 11:59 PM Eastern Time on that date. As a result of the reverse split, every 40 shares of common stock
issued and outstanding were reclassified into one share of common stock. No fractional shares were issued in connection with the
reverse split and any fractional shares were rounded up to the nearest whole share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The reverse split did not change the par
value of the common stock or the authorized number of shares of common stock. The reverse split affected all stockholders uniformly
and did not alter any stockholder&#8217;s percentage interest in equity. All outstanding options and other securities entitling
their holders to purchase or otherwise receive shares of common stock have been adjusted as a result of the reverse split, as required
by the terms of each security. The number of shares available to be awarded under the Company&#8217;s 2018 Equity Incentive Plan
have also been appropriately adjusted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All share and per share amounts, excluding
the number of authorized shares and par value, contained in this Annual
Report on Form 10-K give retroactive effect to the reverse split.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Recent Events</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Initial Public Offering; Underwriting Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As previously disclosed, on February 12,
2021, we consummated the initial public offering of our common stock through which we sold 2,250,000 shares of our common stock
for total gross proceeds of $18.0 million, resulting in net proceeds of approximately $15.5 million, which amount is net of $1.6
million in underwriter&#8217;s discounts, commissions and expenses, and $895,000 of other expenses incurred in connection with
the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">As part of the closing of the initial
public offering, we also issued warrants to purchase an aggregate of 112,500 shares of common stock to certain of the
underwriter&#8217;s affiliates. Such warrants may be exercised beginning on August 11, 2021 (180 days from the commencement
of sales of the initial public offering) until February 12, 2026 (five years after the commencement of sales in the initial
public offering). The initial exercise price of each warrant is $10.00 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>2021 Convertible Note Financing</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">On January 11, 2021, we entered into a Convertible
Promissory Note Purchase Agreement with certain existing stockholders, including Salmon Pharma, an affiliate of Medice,
and David Baker, our Chief Executive Officer, pursuant to which we issued convertible promissory notes (the &#8220;<I>2021 Convertible
Notes</I>&#8221;) for cash proceeds of $350,000. The 2021 Convertible Notes bear an interest rate of 7.0% per annum, non-compounding,
and had a maturity date of September 30, 2021. The 2021 Convertible Notes were convertible into shares of our capital stock offered
to investors in any subsequent equity financing after the date of their issuance in which we issued any of our equity securities
(a &#8220;<I>Qualified Financing</I>&#8221;), and were convertible at a twenty percent (20%) discount to the price per share offered
in such Qualified Financing. Such Qualified Financing included the initial public offering of our common stock, consummated on
February 12, 2021; therefore, the 2021 Convertible Notes converted into an aggregate of 54,906 shares of our common stock immediately
prior to the closing of the initial public offering, as agreed upon among the parties thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Going Concern</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Our financial statements have been presented
on the basis that it is a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal
course of business. We have not generated any revenues from operations since inception, and do not expect to do so in the foreseeable
future. We have experienced operating losses and negative operating cash flows since inception, and expect to continue to do so
for at least the next few&nbsp;years. We have financed our working capital requirements to date by raising capital through private
placements of shares of our common stock, issuing of short-term and convertible notes, and from the proceeds from our initial public
offering completed in February 2021. On December 31, 2020, we had cash and cash equivalents totaling approximately $109,000. Therefore,
management has concluded that there is substantial doubt about the Company&#8217;s ability to continue as a going concern within
one year of the date the financial statements were issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Our ability to continue as a going concern
is dependent on our ability to raise additional capital to fund our business activities, including our research and development
program. To begin to address our funding needs, we completed the 2021 Convertible Notes financing and our IPO generating $15.9
million in net proceeds. Our ability to raise additional funds may be adversely impacted by potential worsening global economic
conditions and the recent disruptions to, and volatility in, the credit and financial markets in the United States and worldwide
resulting from the ongoing COVID-19 pandemic.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Our objective is to develop and commercialize
biopharmaceutical products that treat CNS disorders, but there can be no assurances that we will be successful in this regard.
Therefore, we intend to raise capital through additional issuances of common stock and or short-term notes. Furthermore, we may
not be able to obtain additional financing on acceptable terms and in the amounts necessary to fully fund our future operating
requirements. If we are unable to obtain sufficient cash resources to fund our operations, we may be forced to reduce or discontinue
our operations entirely. Our financial statements do not include any adjustments that might result from the outcome of these uncertainties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Because we are currently engaged in research
at a relatively early stage, it will take a significant amount of time and resources to develop any product or intellectual property
capable of generating sustainable revenues. Accordingly, our business is unlikely to generate any sustainable operating revenues
in the next several&nbsp;years, and may never do so. In addition, to the extent that we are able to generate operating revenues,
there can be no assurances that we will be able to achieve positive earnings and operating cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Critical Accounting Policies and Use of Estimates</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Our discussion and analysis of our
financial condition and results of operations are based on our financial statements, which have been prepared in accordance
with accounting principles generally accepted in the United States (&#8220;<I>GAAP</I>&#8221;). The preparation of these
financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities,
revenues, and expenses and the disclosure of contingent assets and liabilities in our financial statements. On an ongoing
basis, we evaluate our estimates and judgments, including those related to accrued expenses, valuation allowance on deferred
tax assets, borrowing rate on the finance lease, revenue recognition and stock-based compensation. We base our estimates on
historical experience, known trends and events, and various other factors that are believed to be reasonable under the
circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities
that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions
or conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">While our significant accounting policies
are described in more detail in the notes to our financial statements appearing at the end of this Annual Report, we believe that
the following accounting policies are those most critical to the judgments and estimates used in the preparation of our financial
statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Revenue Recognition</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We have accounted for the Medice license
agreement described in Note G to our financial statements for the three-month and one year periods ended December 31, 2020 in accordance
with Accounting Standards Codification (&#8220;<I>ASC</I>&#8221;) Topic 606, Revenue from Contracts with Customers (adopted by
us in 2019) as we determined that a contract does exist and Medice, who is affiliated with one of our principal stockholders, Salmon
Pharma, and represented by one member of our board of directors, is a customer in the context of our business. We determined there
is a single performance obligation with respect to our involvement in the joint development committee and thus the entire $100,000
allocable consideration was assigned to that accounting unit and recognized in the first quarter of 2020. We estimated the costs
of our participation on the joint development committee (which is estimated to occur from the first quarter of 2020 through the
first quarter of 2025), at $100,000 and accrued for this at the date of agreement. The accrual will be released on a straight-line
basis of an initially estimated period of 5.25&nbsp;years through the first quarter of 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Stock-based Compensation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We recognize expense for employee and non-employee
stock-based compensation in accordance with ASC Topic 718, Stock-Based Compensation. ASC 718 requires that such transactions be
accounted for using a fair value-based method. The estimated fair value of the options is amortized over the vesting period, based
on the fair value of the options on the date granted, and is calculated using the Black-Scholes option-pricing model. We account
for forfeitures as incurred. In considering the fair value of the underlying stock when we granted options, we considered several
factors including the fair values established by market transactions. Stock option-based compensation includes estimates and judgments
of when stock options might be exercised and stock price volatility. The timing of option exercises is out of our control and depends
upon a number of factors including our market value and the financial objectives of the option holders. These estimates can have
a material impact on the stock compensation expense but will have no impact on the cash flows. The estimation of share-based awards
that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from original estimates,
such amounts are recorded as a cumulative adjustment in the period the estimates are revised. The Company elected to use the expected
term, rather than the contractual term, for both employee and consultant options issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Leases</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We account for leases in accordance with
ASU 2016-02,&nbsp;<I>Leases (Topic 842)</I>&nbsp;and ASU 2018-10,&nbsp;<I>Codification Improvements to Topic 842, Leases</I>, and
ASU 2018-11,&nbsp;<I>Leases (Topic 842): Targeted Improvements</I>, both of which clarify and enhance the certain amendments made
in ASU 2016-02. The ASUs increase transparency and comparability among entities by recognizing for all leases lease assets and
lease liabilities on the balance sheet and disclosing key information about lease arrangements. We entered into one lease for manufacturing
equipment for ADAIR which we determined was a finance lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Financial Operations Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Revenue</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We have not generated any significant revenue,
and we do not expect to generate any revenue from the sale of any products unless or until we obtain regulatory approval of and
commercialize ADAIR. As of December 31, 2020, the only revenue we have generated was the license fee from the Medice license agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Research and Development Expenses</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Since our incorporation, our operations
have primarily been limited to building our management and corporate team, acquiring the ADAIR assets from Arcturus and
conducting our clinical program for ADAIR. Research and development costs are expensed as incurred. Research and development
expenses include personnel costs associated with research and development activities, including third party contractors to
perform research, conduct clinical trials and manufacture drug supplies and materials. The Company accrues for costs incurred
by external service providers, including contract research organizations and clinical investigators, based on its estimates
of service performed and costs incurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Our research and development expenses from
inception (January&nbsp;11, 2018) through December 31, 2020 were $9.1&nbsp;million and consisted primarily of in-process research
and development expenses which consisted of non-cash costs acquiring the ADAIR assets of $1.7&nbsp;million, costs incurred in preparing
for and conducting the development program for ADAIR, working on commercial manufacturing of ADAIR and developing formulations
for ADMIR. We expect to significantly increase our research and development efforts by conducting the remaining studies necessary
for the development and approval of ADAIR and for preparing for commercial supplies of the product. Future research and development
expenses may include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="vertical-align: top; width: 0.25in; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">employee-related expenses, such as salaries, bonuses
and benefits, consultant-related expenses such as consultant fees and bonuses, share-based compensation, overhead related expenses
and travel related expenses for our research and development personnel;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="vertical-align: top; width: 0.25in; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">expenses incurred under agreements with contract research organizations (&ldquo;CROs&rdquo;),
                                                                              as well as consultants that support the implementation of the clinical studies described above;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="vertical-align: top; width: 0.25in; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">manufacturing and packaging costs in connection with conducting clinical trials and for
                                                                                                                                                       stability and other studies required to support the NDA filing as well as manufacturing drug product for commercial
                                                                                                                                                       launch;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="vertical-align: top; width: 0.25in; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">formulation, research and development expenses related to ADMIR; and other products we may
                                                                              choose to develop; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="vertical-align: top; width: 0.25in; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">costs for sponsored research.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Research and development activities will
continue to be central to our business model. Products in later stages of clinical development generally have higher development
costs than those in earlier stages of clinical development, primarily due to the increased size and duration of later-stage clinical
trials. We expect our research and development expenses to be significant over the next several&nbsp;years as we increase personnel
and compensation costs and conduct the studies described above, and prepare to seek regulatory approval for ADAIR and any other
future product, such as ADMIR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The duration, costs and timing of clinical
trials of ADAIR and any other future product, such as ADMIR, will depend on a variety of factors that include, but are not limited
to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="vertical-align: top; width: 0.25in; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">the number of trials required for approval;</TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="vertical-align: top; width: 0.25in; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">the per patient trial costs;</TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="vertical-align: top; width: 0.25in; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">the number of patients that participate in the trials;</TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="vertical-align: top; width: 0.25in; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the number of sites included in the trials;</TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="vertical-align: top; width: 0.25in; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">the countries in which the trial is conducted;</TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="vertical-align: top; width: 0.25in; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">the length of time required to enroll eligible patients;</TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="vertical-align: top; width: 0.25in; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">the number of doses that patients receive;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="vertical-align: top; width: 0.25in; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">the drop-out or discontinuation rates of patients;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="vertical-align: top; width: 0.25in; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">the potential additional safety monitoring or other studies requested by regulatory
                                                                              agencies;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="vertical-align: top; width: 0.25in; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">the duration of patient follow-up;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="vertical-align: top; width: 0.25in; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">the timing and receipt of regulatory approvals; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="vertical-align: top; width: 0.25in; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">the efficacy and safety profile of our product candidates.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">In addition, the probability of success for
ADAIR and any other future products, such as ADMIR, will depend on numerous factors, including competition, manufacturing capability
and commercial viability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>General and Administrative Expenses</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">General and administrative expenses consist
primarily of compensation and consulting related expenses for executives and other administrative personnel, professional fees
and other corporate expenses, including legal and accounting fees, travel expenses, facilities-related expenses, and consulting
services relating to our formation and corporate matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We anticipate that our general and administrative
expenses will increase in the future to support our continued research and development activities and increased costs of operating
as a public company. These increases will likely include increased costs related to the hiring of personnel, including compensation
and employee-related expenses, including stock-based compensation, and fees to outside consultants, lawyers and accountants, among
other expenses. Additionally, we anticipate increased costs associated with being a public company, including expenses related
to services associated with maintaining compliance with The Nasdaq Capital Market and SEC requirements, insurance and investor
relations costs. In addition, if ADAIR obtains regulatory approval for marketing, we expect that we would incur expenses associated
with building a commercialization team if we have not sold or licensed the rights to commercialize ADAIR to a third party in territories
not under the license agreement with Medice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Interest Expense and Revaluation of Derivative Instruments</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">In April&nbsp;2019, we entered into a Convertible
Promissory Note Purchase Agreement pursuant to which we issued $1.15&nbsp;million in convertible promissory notes (the &#8220;<I>2019
Convertible Notes</I>&#8221;) to certain existing stockholders and Salmon Pharma. The 2019 Convertible Notes automatically converted
into 383,849 shares of our common stock concurrently with the closing of the common stock financing transaction that we completed
in July&nbsp;2019 (the &#8220;<I>July&nbsp;2019 Financing</I>&#8221;). We identified the mandatory conversion into shares our common
stock as a redemption feature, which requires bifurcation from the 2019 Convertible Notes and treated it as a derivative liability
under ASC 815 as the redemption feature was not clearly and closely related to the debt. We evaluated the fair value of the derivative
liability as of April&nbsp;2019 and determined the value was $180,000. Such amounts were reflected at its fair value at the end
of June&nbsp;30, 2019. The 2019 Convertible Notes were subject to a conversion discount of 10% or 20%, respectively. The discounts
were accounted for as a debt discount and were amortized using the effective interest method over the term of the notes and such
amortization was added to the contractual interest expense. Upon the conversion of the 2019 Convertible Notes to common stock at
the closing of the July&nbsp;2019 Financing, the embedded derivative liability was remeasured and removed from the balance sheet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Equity-Based Compensation Expense</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We have issued stock options to purchase
our common stock to employees and consultants under the 2018 Equity Incentive Plan, under which we may issue stock options, restricted
stock and other equity-based awards as well as certain options outside of the 2018 Equity Incentive Plan. As of December 31, 2020,
all equity awards granted from the 2018 Equity Incentive Plan were in the form of stock options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We measure equity-based awards granted
to employees, and nonemployees based on their fair value on the date of the grant and recognize compensation expense for
those awards over the requisite service period or performance-based period, which is generally the vesting period of the
respective award. The measurement date for equity awards is the date of grant, and equity-based compensation costs are
recognized as expense over the requisite service period, which is the vesting period or for certain performance-based awards
we record the expense for these awards if we conclude that it is probable that the performance condition will be achieved.
The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model,
which requires inputs based on certain subjective assumptions, including the expected stock price volatility, the expected
term of the option, the risk-free interest rate for a period that approximates the expected term of the option, and our
expected dividend yield. Expected volatility is calculated based on reported volatility data for a representative group of
publicly traded companies for which historical information is available. We select companies with comparable characteristics
to us with historical share price information that approximates the expected term of the equity-based awards. We compute the
historical volatility data using the daily closing prices for the selected companies&#8217; shares during the equivalent
period that approximates the calculated expected term of our stock options. We will continue to apply this method until a
sufficient amount of historical information regarding the volatility of our stock price becomes available. The risk-free
interest rate is based on the U.S. Treasury yield curve in effect at the time of grant commensurate with the expected term
assumption. We use the simplified method, under which the expected term is presumed to be the midpoint between the vesting
date and the end of the contractual term. We utilize this method due to lack of historical exercise data. The expected
dividend yield is assumed to be zero as we have no current plans to pay any dividends on common stock. The fair value of each
restricted common stock award is estimated on the date of grant based on the fair value of our common stock on that same
date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Determination of the Fair Value of Common Stock</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Prior to our initial public offering, the
estimated fair value of our common stock was determined by our board of directors as of the date of each option grant with input
from management, considering our most recently available third-party valuations of common stock, and our board of directors&#8217;
assessment of additional objective and subjective factors that it believed were relevant and which may have changed from the date
of the most recent valuation through the date of the grant. These third-party valuations were performed in accordance with the
guidance outlined in the American Institute of Certified Public Accountants&#8217; Accounting and Valuation Guide, Valuation of
Privately-Held-Company Equity Securities Issued as Compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The assumptions underlying these valuations
were highly complex and subjective and represented management&#8217;s best estimates, which involved inherent uncertainties and
the application of management&#8217;s judgment. As a result, if we had used significantly different assumptions or estimates, the
fair value of our common stock and our stock-based compensation expense could be materially different.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Subsequent to the completion of our initial
public offering in February 2021, our board determines the fair value of our common stock based on the quoted market price of our
common stock as reported by The Nasdaq Capital Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Awards Granted</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The following table summarize each equity
award grant between January&nbsp;11, 2018 (inception) through December 31, 2020:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Grant Date</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Award type</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of<BR> shares subject to<BR> awards granted</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Per share<BR> exercise price of<BR> awards</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair value per<BR> common share<BR> on grant date</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Per share estimated<BR> fair value of awards(1)</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 30%; font-size: 10pt">October&nbsp;1, 2018</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: left">Stock Options</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">109,375</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1.840</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1.840</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1.280</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">February&nbsp;5, 2019</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Stock Options</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">61,250</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">2.200</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">2.200</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1,600</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">October&nbsp;11, 2019</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Stock Options</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">3.817</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">3.800</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">2.520</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">January&nbsp;2, 2020</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Stock Options</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">15,625</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">4.720</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">4.720</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">3.240</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">May&nbsp;22, 2020</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">Stock Options</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">75,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">4.720</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">4.720</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">3.280</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>The per share estimated fair value of options reflects the weighted-average fair value of options granted on each grant date
determined using the Black-Scholes option-pricing model.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Results of Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Comparison of the Years Ended December&nbsp;31, 2020 and
2019 </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table sets forth our results
of operations for the year ended December 31, 2020 compared to the year ended December 31, 2019 (in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December 31,</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Change</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; font-size: 10pt; text-align: left">License revenue &ndash; from related party</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">100</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">-</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">100</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Operating expenses:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Research and development</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,707</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,882</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,825</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left; padding-bottom: 1pt">General and administrative</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,181</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,272</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(91</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left; padding-bottom: 1pt">Total operating expenses</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">4,888</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">3,154</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,734</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Loss from operations</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(4,788</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(3,154</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,634</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Change in fair value of derivative liability</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(113</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">113</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Interest expense, net</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(34</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(197</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">163</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Net loss</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(4,822</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(3,464</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(1,358</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Net Loss</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We recorded $4.8 million in net loss for
the year ended December 31, 2020, as compared to $3.5 million in net loss during the year ended December 31, 2019. The increase
in net loss was primarily due to: increases of $1.8 million in research and development expenses offset by a decrease of $91,000
in general and administrative expenses and further offset by decreases of $276,000 in primarily non-cash changes in fair value
of a derivative liability and interest expense and an increase in licensing revenue of $100,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>License Revenue &#8211; From Related Party</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We determined there is a single performance
obligation with respect to our involvement in the joint development committee in regards to the Medice license agreement and thus
the entire $100,000 allocable consideration was assigned to that accounting unit and recognized in the first quarter of 2020. No
such revenue was recognized in previous periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Research and Development Expenses</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Research and development expenses increased
by approximately $1.8 million to $3.7 million from the year ended December 31, 2019 to the year ended December 31, 2020. The increase
in research and development expenses was primarily due to increases of: $1.2 million primarily related to the registration development
program of ADAIR; $177,000 related to the formulation work for ADMIR; $39,000 related to salaries, bonuses and benefits for our
employees and costs for our consultants involved with managing our development programs; $78,000 related to non-cash stock compensation;
$255,000 related to manufacturing of ADAIR; and $49,000 in estimated expenses required to complete the services related to the
Medice license agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>General and Administrative Expenses</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">General and administrative expenses decreased
by approximately $91,000 to $1.2 million from the year ended December 31, 2019 to the year ended December 31, 2020. The decrease
was primarily related to decreased legal fees of $204,000 and decreased travel, meal and conference expenses of $44,000 offset
by increases of $78,000 in accounting and audit related services, $32,000 in estimated expenses required to complete the services
related to the Medice license agreement, $24,000 in director fees and $18,000 in insurance expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Change in Fair Value of Derivative Liability</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For the year ended December 31, 2019, pursuant
to ASC-815, we revalued the embedded derivative liability associated with the Convertible Notes from the initial value of $180,000
as of April&nbsp;11, 2019 to $293,000 as of the July 2019 Financing, resulting in an increase of $113,000 in the fair value of
the derivative liability associated with the Convertible Notes. We did not record any change in fair value of derivative liability
during the Year Ended December 31, 2020 as the derivative was removed from the balance sheet upon the conversion of the Convertible
Notes to common stock at the closing of the July&nbsp;2019 Financing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Interest Expense, net</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For the year ended December 31, 2019, interest
expense was primarily related to the Convertible Notes which had an interest rate of 7.0% per annum, non-compounding, and had a
maturity date of January&nbsp;1, 2020. Accrued interest on these Convertible Notes as of the July 2019 Financing was $22,000. The
original debt discount of $180,000 was amortized using the effective interest method over the term of the notes and as such was
added to the contractual interest expense. We did not record any interest expense during the year ended December 31, 2020 as the
Convertible Notes were converted into our common stock at the closing of the July&nbsp;2019 Financing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Income Taxes</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">For the year ended December 31, 2020 and
2019, respectively, no income tax expense or benefit was recognized. Our deferred tax assets are comprised primarily of net operating
loss carryforwards. We maintain a full valuation allowance on our deferred tax assets since we have not yet achieved sustained
profitable operations. As a result, we have not recorded any income tax benefit since our inception.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Liquidity and Capital Resources</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Overview</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">For the period from January&nbsp;11,
2018 (inception) through December 31, 2020, we had net losses of $12.6&nbsp;million. As of December 31, 2020, we had cash and
cash equivalents of $109,000. We do not expect to have positive cash flow for the foreseeable future. In February 2021, we
closed on the initial public offering of our common stock on The Nasdaq Capital Market, in which we received net proceeds of
approximately <FONT STYLE="font-size: 10pt">$15.5 million, which amount is net of $1.6 million in underwriter&#8217;s
discounts, commissions and expenses, and $895,000 of other expenses incurred in connection with the offering. Management
estimates that the net $15.9 million raised pursuant to the IPO and the 2021 Convertible Notes provides funding for our
ongoing business activities into the third quarter of 2022; however, we have based this estimate on assumptions that may
prove to be wrong, and we could use our capital resources sooner than we expect, therefore, there is substantial doubt about
our ability to continue as a going concern. We expect to continue to incur significant and increasing operating losses at
least for the foreseeable future. We do not expect to generate product revenue unless and until we successfully complete
development, obtain regulatory approval for, and successfully commercialize ADAIR, or any other future products, including
ADMIR. Our net losses may fluctuate significantly from quarter-to-quarter and year-to-year, depending on the timing of
planned clinical trials and our expenditures on other research and development activities. We anticipate that our expenses
will increase substantially as we:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="vertical-align: top; width: 0.25in; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">conduct clinical trials and non-clinical studies;</TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="vertical-align: top; width: 0.25in; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">scale up manufacturing capabilities with third-party contract manufacturer(s);</TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="vertical-align: top; width: 0.25in; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">conduct ongoing stability studies of ADAIR;</TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="vertical-align: top; width: 0.25in; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">seek to identify, acquire, develop and commercialize additional products, such as ADMIR;</TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="vertical-align: top; width: 0.25in; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">integrate acquired technologies into a comprehensive regulatory and product development
                                                                              strategy;</TD>
</TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="vertical-align: top; width: 0.25in; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">maintain,expand and protect our intellectual property
portfolio;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="vertical-align: top; width: 0.25in; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">hire scientific, clinical, quality control and administrative personnel;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="vertical-align: top; width: 0.25in; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">add operational, financial and management information systems and personnel, including
                                                                              personnel to support our drug development efforts;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="vertical-align: top; width: 0.25in; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">seek regulatory approvals for any products that successfully complete clinical trials;</TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="vertical-align: top; width: 0.25in; text-align: center"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">ultimately establish a sales, marketing and distribution infrastructure and scale up external
                                                                              manufacturing capabilities to commercialize any drug candidates for which we may obtain regulatory approval, including
                                                                              through the license agreement with Medice; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">operate
                                         as a public company.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Financing Activities</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>2019 Convertible Note Financing</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">On April&nbsp;11, 2019, we entered into a
Convertible Promissory Note Purchase Agreement with certain existing stockholders and Salmon Pharma, an affiliate of Medice, pursuant
to which we issued the 2019 Convertible Notes for cash proceeds of $1,150,000. The 2019 Convertible Notes bore an interest rate
of 7.0% per annum, non-compounding, and had a maturity date of January&nbsp;1, 2020. The terms of the 2019 Convertible Notes included
a mandatory conversion upon a qualified financing, such as the July&nbsp;2019 Financing discussed below, and were convertible into
shares of our capital stock that are offered to investors in a subsequent equity financing at a discount to the price per share
offered in such subsequent financing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">On July&nbsp;25, 2019, upon the closing of
the July&nbsp;2019 Financing, the 2019 Convertible Notes converted into an aggregate of 383,849 shares of our common stock at a
conversion price of $3.04 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The foregoing is only a summary of the terms
of the 2019 Convertible Notes and it is qualified in its entirety by the terms of the Convertible Promissory Note Purchase Agreement
and the form of the 2019 Convertible Note, both of which are filed as exhibits to this Annual Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

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<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>2019 Private Placement</I></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">On July&nbsp;25, 2019, we consummated the
July&nbsp;2019 Financing, in which we entered into a Stock Purchase Agreement with Salmon Pharma, pursuant to which we sold and
issued 1,309,861 shares of our common stock for aggregate cash proceeds of $5.0&nbsp;million.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Future Funding Requirements</I></B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Based on our current financial condition,
our research and development plans and our timing expectations related to the conduct of clinical trials described above, management
estimates that the net $15.9 million raised pursuant to the IPO and the 2021 Convertible Notes provides funding for our ongoing
business activities into the third quarter of 2022. However, we have based this estimate on assumptions that may prove to be wrong,
and we could use our capital resources sooner than we expect.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The funds received to date pursuant to the
financings referenced above will not be sufficient to enable us to complete all necessary development and commercialization of
ADAIR, or any other future product candidate, including ADMIR. Accordingly, we will be required to obtain further funding through
other public or private offerings of our capital stock, debt financing, collaboration and licensing arrangements or other sources,
the requirements for which will depend on many factors, including:</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the scope, timing, rate of progress and costs of our drug development
efforts, preclinical development activities, laboratory testing and clinical trials for our product candidates;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the number and scope of clinical programs we decide to pursue;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the cost, timing and outcome of preparing for and undergoing regulatory
review of our product candidates;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the scope and costs of development and commercial manufacturing activities;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the cost and timing associated with commercializing our product candidates,
if they receive marketing approval;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the extent to which we acquire or in-license other product candidates
and technologies;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the costs of preparing, filing and prosecuting patent applications,
maintaining and enforcing our intellectual property rights and defending intellectual property-related claims;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">our ability to establish and maintain collaborations on favorable
terms, if at all;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">our efforts to enhance operational systems and our ability to attract,
hire and retain qualified personnel, including personnel to support the development of our product candidates and, ultimately,
the sale of our products, following FDA approval;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">our implementation of operational, financial and management systems;
and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the costs associated with being a public company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">A change in the outcome of any of these or
other variables with respect to the development of any of our product candidates could significantly change the costs and timing
associated with the development of that product candidate. Furthermore, our operating plans may change in the future, and we will
continue to require additional capital to meet operational needs and capital requirements associated with such operating plans.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Adequate additional funding may not be available
to us on acceptable terms, or at all. If we are unable to raise capital in sufficient amounts or on terms acceptable to us, we
may have to significantly delay, scale back or discontinue the development or commercialization of ADAIR, any future product, including
ADMIR, or potentially discontinue operations.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Until such time, if ever, as we can generate
substantial product revenue from sales of ADAIR or any future proposed product, including ADMIR, we expect to finance our cash
needs through a combination of equity offerings, debt financings and potential collaboration, license or development agreements.
We do not currently have any committed external source of funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the extent that we raise additional capital through the sale
of equity or convertible debt securities, your ownership interest will be diluted, and the terms of these securities may include
liquidation or other preferences that adversely affect your rights as a common stockholder. Debt financing and preferred equity
financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific actions,
such as incurring additional debt, making capital expenditures or declaring dividends.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">If we raise additional funds through collaborations,
strategic alliances or marketing, distribution or licensing arrangements with third parties, we may be required to relinquish valuable
rights to our technologies, future revenue streams, research programs or proposed products, or to grant licenses on terms that
may not be favorable to us. If we are unable to raise additional funds through equity or debt financings when needed, we may be
required to delay, limit, reduce or terminate our drug development or future commercialization efforts or grant rights to develop
and market ADAIR or any other future product, such as ADMIR, that we would otherwise prefer to develop and market ourselves.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Summary Statement of Cash Flows</I></B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The following table sets forth a summary
of our cash flows for the years ended December&nbsp;31, 2020 and 2019 (in thousands).</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="font: normal 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font: normal 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font: normal 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Year
    Ended</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font: normal 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="font: normal 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font: normal 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font: normal 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>December&nbsp;31,</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font: normal 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif">2020</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font: bold 10pt Times New Roman, Times, Serif">2019</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font: 10pt Times New Roman, Times, Serif; text-align: left">Net cash used in operating activities</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">(3,706</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">(2,884</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Net cash used in investing activities &nbsp;&nbsp;&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">Net cash (used in) provided by financing activities &nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(4</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6,092</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Net increase (decrease) in cash and cash equivalents &nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(3,712</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,208</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Cash Flows from Operating Activities</I></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">For the years ended December&nbsp;31, 2020
and 2019, $3.7 million and $2.9&nbsp;million were used in operating activities, respectively. The $822,000 increase was primarily
due to the $1.4 million increase in our net loss and an $464,000 increase in prepaid expenses during the period offset by an increase
in our accounts payable and accrued expenses of $1.4 million. The net loss for the year ended December 31, 2020 included $154,000
in non-cash stock compensation and $74,000 amortization of finance lease right-of-use asset.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Cash Flows used in Investing Activities</I></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Net cash used in investing activities was
$2,000 for the year ended December 31, 2020 and zero for the year ended December 31, 2019.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Cash Flows from Financing Activities</I></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Net cash used in financing activities was
$4,000 during the year ended December 31, 2020, which was related to proceeds received from a PPP note of $61,000 offset by payments
related to our finance lease of $65,000. The PPP, established as part of the Coronavirus Aid, Relief and Economic Security Act,
provides for loans to qualifying businesses for amounts up to 2.5 times the average monthly payroll expenses of the qualifying
business, calculated as provided under the PPP. The PPP provides a mechanism for forgiveness of up to the full amount borrowed
after 24 weeks as long as the borrower uses the loan proceeds during the 24-week period after the loan origination for eligible
purposes, including payroll costs, certain benefits costs, rent and utilities costs or other permitted purposes, and maintains
its payroll levels, subject to certain other requirements and limitations. The amount of loan forgiveness is subject to reduction,
among other reasons, if the borrower terminates employees or reduces salaries during the measurement period. The Company submitted
its application for loan forgiveness in the third quarter of 2020 and was notified that the PPP note was forgiven in January 2021.
The PPP note was unsecured, evidenced by a promissory note given by the Company as borrower through its bank, serving as the lender.
The interest rate on the promissory note was 1.0% per annum. Payments of principal and interest were deferred for seven&nbsp;months
from the date of the promissory note (the &#8220;<I>deferral period</I>&#8221;).</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 20pt">Net cash provided by financing activities
was $6.1&nbsp;million during the year ended December 31, 2019, due to net proceeds from the sale of the 2019 Convertible Notes
of $1.1&nbsp;million and net proceeds from the private placement of common stock of $5.0&nbsp;million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Contractual Obligations and Other Commitments</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We enter into contracts in the normal course
of business with third-party contract organizations for clinical trials, preclinical studies, manufacturing and other services
and products for operating purposes. These contracts generally provide for termination following a certain period after notice
and therefore we believe that our non-cancelable obligations under these agreements are not material.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Embedded Derivative of the 2019 Convertible Notes</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We evaluate the 2019 Convertible Notes to
determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for in
accordance with ASC Topic 815. The result of this accounting treatment is that the fair value of the embedded derivative is marked-to-market
each balance sheet date and recorded as a liability. In the event that the fair value is recorded as a liability, the change in
fair value is recorded in the statements of operations as other income or expense. Upon conversion or exercise of a derivative
instrument, the instrument is marked to fair value at the conversion date and then that fair value is reclassified to equity.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">In circumstances where the embedded conversion
option in a convertible instrument is required to be bifurcated and there are also other embedded derivative instruments in the
convertible instrument that are required to be bifurcated the bifurcated derivative instruments are accounted for as a single,
compound derivative instrument.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Recently Issued Accounting Pronouncements</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We consider the applicability and impact
of all Accounting Standards Updates (&#8220;<I>ASUs</I>&#8221;). ASUs not discussed below were assessed and determined to be either
not applicable or are expected to have minimal impact on the financial statements.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">On January&nbsp;1, 2020, we adopted ASU 2018-13&#8201;&#8212;&#8201;Fair
Value Measurement (Topic 820)&#8201;&#8212;&#8201;Disclosure Framework&#8201;&#8212;&#8201;Changes to the Disclosure Requirements
for Fair Value Measurement, which modifies the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement.
Certain amendments apply prospectively with all other amendments applied retrospectively to all periods presented upon their effective
date. The guidance has not had a material effect on the financial statements.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">On January&nbsp;1, 2020, we adopted ASU 2018-18&#8201;&#8212;&#8201;Collaborative
Arrangements&#8201;&#8212;&#8201;Clarifying the Interaction between Topic 808 and Topic 606, which clarifies that certain transactions
between collaborative arrangement participants should be accounted for as revenue under Topic 606 when the collaborative arrangement
participant is a customer in the context of a unit of account. In those situations, all the guidance in Topic 606 should be applied,
including recognition, measurement, presentation, and disclosure requirements. The guidance has been applied retrospectively to
all contracts that were not completed at the date of initial application of Topic 606. The guidance has not had a material effect
on the financial statements because it did not change the Company&#8217;s accounting for existing collaborative arrangements.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Accounting Pronouncements Yet to be Adopted</I></B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 20pt">In December&nbsp;2019, the FASB issued ASU
2019-12, &#8220;Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes&#8221;. ASU 2019-12 simplifies the accounting
for income taxes by removing certain exceptions to the general principals in Topic 740. The amendments also improve consistent
application of and simplify GAAP for other areas of Topic 740 by clarifying and amending the existing guidance. For public business
entities, the guidance is effective for annual periods, and interim periods within those annual periods, beginning after December&nbsp;15,
2020. Early adoption is permitted, including adoption in any interim period. Management is currently assessing the impact of ASU
2019-12 on the Company&#8217;s financial statements.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Off-Balance Sheet Arrangements</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We have not entered into any off-balance sheet arrangements.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>JOBS Act</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We are an &#8220;emerging growth company,&#8221;
as defined in Section&nbsp;2(a) the Securities Act, as modified by the JOBS Act. Emerging growth companies can delay adopting new
or revised accounting standards until such time as those standards apply to private companies. Therefore, we may not be subject
to the same new or revised accounting standards as other public companies that are not &#8220;emerging growth companies.&#8221;
For as long as we continue to be an emerging growth company, we also intend to take advantage of certain other exemptions from
various reporting requirements that are applicable to other public companies including, but not limited to, reduced disclosure
obligations regarding executive compensation in our periodic reports and proxy statements, exemptions from the requirements of
holding a nonbinding advisory stockholder vote on executive compensation and any golden parachute payments not previously approved,
exemption from the requirement of auditor attestation in the assessment of our internal control over financial reporting and exemption
from any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation
or a supplement to the auditor&#8217;s report providing additional information about the audit and the financial statements (auditor
discussion and analysis). After we become a reporting company under the Exchange Act, we will remain an emerging growth company
until the earliest of (i)&nbsp;the end of the fiscal year in which the market value of our common stock that is held by non-affiliates
exceeds $700&nbsp;million as of the end of the second fiscal quarter, (ii)&nbsp;the end of the fiscal year in which we have total
annual gross revenues of $1.07&nbsp;billion or more during such fiscal year, (iii)&nbsp;the date on which we issue more than $1&nbsp;billion
in non-convertible debt in a three-year period or (iv)&nbsp;the end of the fiscal year following the fifth anniversary of the date
of the first sale of our Common Stock pursuant to an effective registration statement filed under the Securities Act.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Market Risk Considerations</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">As of December 31, 2020, we had cash and
cash equivalents of $109,000. Historically, our cash and cash equivalents consist primarily of money market funds that are invested
in U.S. Treasury obligations. Our primary exposure to market risk is interest rate sensitivity, which is affected by changes in
the general level of U.S. interest rates. Due to the short-term nature of our cash equivalents and investments, a sudden change
in interest rates would not be expected to have material effect on our business, financial condition or results of operations.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We are not currently exposed to significant
market risk related to changes in foreign currency exchange rates. Our operations may be subject to fluctuations in foreign currency
exchange rates in the future.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Inflation generally affects us by increasing
our cost of labor. We do not believe that inflation had a material effect on our business, financial condition or results of operations
during the years ended December&nbsp;31, 2020 and 2019.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><A NAME="aa_012"></A><B>Item&nbsp;7A.&nbsp;&nbsp;&nbsp;QUANTITATIVE
AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Not applicable to a smaller reporting company.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><A NAME="aa_013"></A><B>Item&nbsp;8.&nbsp;&nbsp;&nbsp;FINANCIAL
STATEMENTS AND SUPPLEMENTARY DATA</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The financial statements required pursuant
to this item are incorporated by reference herein from the applicable information included in Item 15 of this annual report and
are presented beginning on page F-1.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><A NAME="aa_014"></A><B>Item&nbsp;9.&nbsp;&nbsp;&nbsp;CHANGES
IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">None.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><A NAME="aa_015"></A><B>Item&nbsp;9A.&nbsp;&nbsp;&nbsp;CONTROLS
AND PROCEDURES</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Evaluation of Disclosure Controls and Procedures</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our Chief Executive
Officer evaluated the effectiveness of our disclosure controls and procedures as of December 31, 2020. We maintain disclosure
controls and procedures that are designed to ensure that information required to be disclosed in our periodic and current
reports that we file with the SEC is recorded, processed, summarized and reported within the time periods specified in the
SEC&#8217;s rules and forms, and that such information is accumulated and communicated to our management, including our
principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required
disclosure. In designing and evaluating the disclosure controls and procedures, management recognized that any controls and
procedures, no matter how well designed and operated, can provide only reasonable and not absolute assurance of achieving the
desired control objectives. In reaching a reasonable level of assurance, management necessarily was required to apply its
judgment in evaluating the cost-benefit relationship of possible controls and procedures. In addition, the design of any
system of controls is based in part upon certain assumptions about the likelihood of future events, and there can be no
assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time,
controls may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may
deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may
occur and not be detected.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Based on the evaluation of our disclosure
controls and procedures as of March 25, 2021, our Chief Executive Officer has concluded that, as of such date, our disclosure controls
and procedures, as defined above, are effective.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Material Weakness in Internal Control Over Financial Reporting</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The closing of our
initial public offering occurred on February 12, 2021. As a newly  public company under the Exchange Act, we are not
required to evaluate the effectiveness of our internal controls over financial reporting until the end of the fiscal year
after we file our Annual Report on Form 10-K for the year ended December 31, 2020. Although our management did not conduct an
evaluation of our internal control over financial reporting, in connection with the audit of our financial statements for the
years ended December 31, 2020, 2019 and 2018, we became aware of material weaknesses in our internal controls over financial
reporting. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial
reporting such that there is a reasonable possibility that a material misstatement of our annual or interim financial
statements will not be prevented or detected on a timely basis. The material weaknesses related to a lack of segregation of
duties in the financial reporting process due to the small size of our accounting and finance department, lack of sufficient
documentation of various accounting processes, and  the design over controls related to recording
certain transactions. We plan to remediate the material weaknesses by hiring additional accounting and finance staff, and
implementing new controls, processes and technologies to formalize internal controls frameworks and procedures. While we have
initiated our remediation plan, we cannot assure you when or if these remediation measures will be fully completed or that
they will prevent future control deficiencies or material weaknesses.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Attestation Report of the Registered Public Accounting Firm</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This Annual Report does not include an
attestation report of our registered public accounting firm due to an exemption provided by the JOBS Act for &#8220;emerging growth
companies.&#8221;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Changes in Internal Control Over Financial Reporting</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We are taking actions to remediate the
material weaknesses relating to our internal controls over financial reporting as described above. Except as otherwise disclosed
herein, there have been no changes in our internal control over financial reporting during the year ended December 31, 2020 that
have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Inherent Limitations on Effectiveness of Controls</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Management recognizes that a control system,
no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control
system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits
of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation
of controls can provide absolute assurance that all control issues and instances of fraud or error, if any, have been detected.
These inherent limitations include the realities that judgments in decision making can be faulty, and that breakdowns can occur
because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion
of two or more people, or by management override of the controls. The design of any system of controls also is based in part upon
certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving
its stated goals under all potential future conditions; over time, controls may become inadequate because of changes in conditions,
or the degree of compliance with policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective
control system, misstatements due to error or fraud may occur and not be detected.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Management&#8217;s Report on Internal Control over Financial
Reporting</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This Annual Report does
not include a report of management&#8217;s assessment regarding internal control over financial reporting or an attestation report
of our independent registered public accounting firm due to a transition period established by the rules of the Securities
and Exchange Commission for newly public companies.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><A NAME="aa_016"></A><B>Item&nbsp;9B.&nbsp;&nbsp;OTHER
INFORMATION</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="aa_017"></A><B>PART&nbsp;III</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="aa_018"></A><B>Item&nbsp;10.&nbsp;&nbsp;&nbsp;DIRECTORS, EXECUTIVE OFFICERS
AND CORPORATE GOVERNANCE MANAGEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The following table sets forth certain information
about our directors, director nominees, our executive officers, and a key consultant.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 34%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 4%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Age</B></FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; width: 50%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Position</B></FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Executive
    Officers</I></B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David
    Baker</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">57</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President,
    Chief Executive Officer and Director</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(Principal
    Executive, Financial, and Accounting Officer)</I></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Penny
    S. Toren</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior
    Vice President, Regulatory Affairs &amp; Program Management</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Non-Employee
    Directors and Director Nominee</I></B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ofir
    Levi(1)(3)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director,
    Chairman of the Board</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joseph
    Payne(1)(2)(3)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Richard
    Ammer</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marella
    Thorell(1)(2)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director
    </FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Key
    Consultant</I></B></FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Timothy
    Whitaker, M.D.</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Medical Officer</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">(1) Member of the audit committee.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2) Member of the compensation committee.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3) Member of the nominating and corporate governance committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Executive Officers</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><B><I>&nbsp;</I></B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><B><I>David Baker</I></B>&nbsp;has served
as our President and Chief Executive Officer since January&nbsp;15, 2019, and as a member of the Board from that time until August&nbsp;23,
2019, and upon the consummation of the initial public offering of our common stock on February 12, 2021, he was again appointed
as a director. Prior to being appointed our President and Chief Executive Officer, he served as a consultant to our company since
January&nbsp;15, 2018. He previously served as the Interim Chief Executive Officer and Chief Commercial Officer of Alcobra Ltd
(now known as Arcturus), where he oversaw the development of ADAIR. Prior to joining Alcobra Ltd., he worked at Shire Pharmaceuticals
for 10&nbsp;years, including as Vice President of Commercial Strategy and New Business in the Neuroscience Business Unit. In that
role, Mr.&nbsp;Baker led the commercial assessment of neuroscience licensing opportunities, managed commercial efforts on pipeline
CNS products, and led the long-term strategic planning process. Previously, he served as Global General Manager for Shire&#8217;s
Vyvanse&reg; where he led the launch of Vyvanse and led global expansion efforts including successful establishment of a partnership
in Japan and launches in Canada and Brazil. Prior to that, Mr.&nbsp;Baker served as Vice President of Marketing for all of Shire&#8217;s
ADHD products. From 1990 through 2004, Mr.&nbsp;Baker worked at Merck &amp; Co., where he held positions of increasing responsibility
in marketing, sales, market research, and business development. In addition to his knowledge and experience with CNS medications,
Mr.&nbsp;Baker&#8217;s expertise includes therapeutics for osteoporosis, migraine, and hyperlipidemia. He has been directly involved
with the marketing of five medications with annual sales in excess of $1&nbsp;billion each. Mr.&nbsp;Baker graduated Magna Cum
Laude with a bachelor&#8217;s degree in Economics and Computer Science from Duke University. He earned a Master of Business Administration
in Marketing from Duke&#8217;s Fuqua School of Business. Mr.&nbsp;Baker also serves on the board of directors of Benchworks, Inc.,
a private healthcare advertising agency.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We believe Mr.&nbsp;Baker&#8217;s extensive
experience in the biopharmaceuticals industry and his in-depth understanding of our business, strategy and management team qualifies
him to serve on our board of directors.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><B><I>Penny S.
Toren</I></B>&nbsp;has served as our Senior Vice President, Regulatory Affairs, since April&nbsp;2018. She brings over
25&nbsp;years of Regulatory and Clinical Development experience in the pharmaceutical industry from Glaxo SmithKline,
AstraZeneca, Cephalon, and Teva. At Vallon, Ms.&nbsp;Toren heads the Regulatory Affairs &amp; Program Management function,
providing regulatory strategies to optimize the most efficient and effective outcomes for Vallon&#8217;s drug products as
well as ensuring full compliance with FDA and DEA regulations for products in development through post approval. From 2003
until April&nbsp;2018, Ms.&nbsp;Toren developed the Global Regulatory Policy &amp; Intelligence function for Teva&#8217;s
Specialty, Generic, &amp; Biosimilar portfolio. In this role, Ms.&nbsp;Toren participated in several FDA, PhRMA, and BIO
cross company working groups to address regulatory policy for abuse deterrent products. Prior to that, Ms.&nbsp;Toren led the
successful registration of Fentora&reg;, negotiated approval of the first RiskMap for opioids, and was a driver of the
initial development of the Fentora&reg; and Actiq&reg; REMS programs. Ms.&nbsp;Toren earned her bachelor&#8217;s degree in
Chemistry and Biology from Florida Atlantic University, an MS in Biostatistics and Epidemiology from New York Medical
College.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Non-Executive Directors</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><B><I>Ofir Levi</I></B>&nbsp;has served as
a member of our Board since inception and has served as the Chairman of the Board since our inception. He is an accomplished biotech
entrepreneur with over 16&nbsp;years of experience establishing, managing and investing in early to late stage life science companies.
He was a research consultant for Adamas Health Care Fund from its inception in 2014 until January&nbsp;2020 where he led a research
team that conducts deep scientific analysis of publicly traded pharmaceutical and biotechnology companies. Prior to his engagement
with Adamas Health Care Fund, Dr.&nbsp;Levi was the founder and CEO at Bioassociate Ltd., an expertise-based consulting, research
and analysis company focused on the pharmaceutical, biotechnology and life science sectors. Until 2011, Dr.&nbsp;Levi was the CEO
of Radmor Biocap LLC, a company that invested and managed seed and early stage companies, pharmaceutical development, clinical
diagnostics and medical devices. Led by Dr.&nbsp;Levi Radmor, signed several license agreements with leading universities around
the world for novel technologies, and established companies developing these technologies. Dr.&nbsp;Levi completed his Ph.D. studies
in Prof.&nbsp;Daniel Michaelson&#8217;s neurobiology lab at Tel-Aviv University. During the four&nbsp;years of his Ph.D. studies,
he led a research group in both in-house research and several international collaborations. Dr.&nbsp;Levi&#8217;s PhD thesis focused
on neurogenesis processes in Alzheimer&#8217;s Disease.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We believe Dr.&nbsp;Levi&#8217;s extensive
experience as an investor and entrepreneur in the biopharmaceuticals industry and his in-depth understanding of our business, strategy
and management team qualifies him to serve on our board of directors.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><B><I>Joseph Payne</I></B>&nbsp;joined our
board of directors on June&nbsp;22, 2018 in connection with the Asset Purchase Agreement, as the designated director nominee of
Arcturus pursuant to the terms of the 2018 Voting Agreement (as hereinafter defined), which agreement terminated upon the filing
of the&nbsp;registration statement&nbsp;in connection with the initial public offering of our common stock. See &#8220;Item 1.
Business&#8201;&#8212;&#8201;Asset Purchase Agreement&#8221; in this Annual Report for more information. He also serves on the
board of directors of Arcturus since November&nbsp;2017. Mr.&nbsp;Payne previously served as President and Chief Executive Officer
of Arcturus and on its board of directors from March&nbsp;2013 to February&nbsp;2018. Prior to joining Arcturus, Mr.&nbsp;Payne
served as Senior Manager of Nitto Denko Corporation, a life sciences research company, from June&nbsp;2009 until February&nbsp;2013.
Mr.&nbsp;Payne&#8217;s background includes over 20&nbsp;years of drug discovery experience at Arcturus, Nitto Denko Corporation,
Kalypsys Inc., Merck Research Labs, Bristol-Myers Squibb Co. and DuPont Pharmaceuticals Co. Mr.&nbsp;Payne received a bachelor&#8217;s
degree in Chemistry, magna cum laude from Brigham Young University, a Master of Science in Synthetic Organic Chemistry from the
University of Calgary and an Executive Training Certificate from MIT Sloan School of Management.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We believe Mr.&nbsp;Payne&#8217;s extensive
experience in the biopharmaceuticals industry and as a chief executive officer of a biopharmaceutical company qualifies him to
serve on our board of directors.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><B><I>Richard Ammer, M.D., Ph.D.</I></B>,
Since 2003, Dr.&nbsp;Ammer serves as general manager and since 2012 as managing owner of MEDICE Arzneimittel P&uuml;tter GmbH &amp;
Co. KG, a family-owned mid-sized pharmaceutical enterprise, where he is responsible for search and development, medical and regulatory
affairs, manufacturing, market access and international marketing and distribution. Since 2008, Dr.&nbsp;Ammer has served as a
board member and Vice President of the German Pharmaceutical Association with a focus on research and development. Dr.&nbsp;Ammer
graduated with a degree in medicine from Technical University, Munich, and internship at Harvard Medical School, Boston. Dr.&nbsp;Ammer
pursued his clinical and scientific education in internal medicine at Massachusetts General Hospital in Boston from 1996 until
2000, the German Heart Center from 2000 until 2001, and the University Hospital in Muenster 2001, where he has been responsible
for patients undergoing cardiac and renal care. He also established a nation-wide network of excellence and competence on cardiac
arrhythmias, sponsored by the federal ministry of science (BMBF), for which he served as its general manager from 2002 to 2004.
His research on atrial fibrillation, for which he obtained his PhD in 2000 from Technical University, Munich, was awarded by the
European Society in Cardiology with the Young Investigator Award in Basic Science in 2001. Dr.&nbsp;Ammer also studied business
administration and economics at University St. Gallen from 1992 until 1996, and at Harvard Extension School from 1996 until 1998
and obtained a PhD in 2005 from University St. Gallen. Since 2001, Dr.&nbsp;Ammer has also served as lecturer at University St.
Gallen, Switzerland.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We believe Dr.&nbsp;Ammer&#8217;s extensive
experience in the biopharmaceuticals industry and as a chief executive officer of a biopharmaceutical company qualifies him to
serve on our board of directors.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><B><I>Marella Thorell</I></B> has
served as a director and as the chairperson of our audit committee since February 12, 2021. Since February 2021, she has served
as Head of Finance of Centessa Pharmaceuticals Limited, a next-generation biopharmaceutical company, formed by Medicxi through
the merger of ten private biotech companies and completion of a $250 million Series A financing. Prior to that, Ms. Thorell was
the Chief Financial Officer of Palladio BioSciences, Inc. Ms. Thorell has more than 25 years of experience in executive financial
and operational roles and has successfully led multiple M&amp;A, licensing, and fundraising transactions. Ms. Thorell also served
as CFO/COO and an Executive Director of Realm Therapeutics, which was acquired by ESSA Pharma in July 2019, having previously
held a number of other senior positions within Realm Therapeutics. Ms. Thorell was appointed a director of ESSA following the
acquisition. Ms. Thorell worked at Campbell Soup Company, in several financial and management roles of increasing responsibility.
She was also an executive consultant focusing on financial and human capital projects. She began her career and earned her CPA
qualification with Ernst &amp; Young, LLP. Ms. Thorell earned a BS in Business from Lehigh University, magna cum laude.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We believe Ms. Thorell&#8217;s extensive
experience and education in finance and accounting in the biopharmaceuticals industry qualifies her to serve on our board of directors.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Key Consultant</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><B><I>Timothy Whitaker, M.D.</I></B>&nbsp;is
a part-time consultant that has served as our Chief Medical Officer since April&nbsp;2018. He brings over 20&nbsp;years of experience
in the pharmaceutical industry and nearly a decade in academic medicine. His pharmaceutical industry experience involves extensive
leadership and management of many global clinical development programs, achieving numerous global regulatory approvals. The majority
of this work has been in neuroscience and includes leading the development and approval of multiple ADHD medications. Most recently,
Dr.&nbsp;Whitaker served as the Chief Medical Officer at Alder Biopharmaceuticals leading a positive Phase&nbsp;III study in the
development of a CGRP antagonist for migraine. Prior to that, Dr.&nbsp;Whitaker worked at Shire for more than 10&nbsp;years, most
recently as VP and Neuroscience Therapeutic Area Head, Global Clinical Development. Prior to Shire, Dr.&nbsp;Whitaker served as
a Senior Director&#8201;&#8212;&#8201;Neuroscience at Wyeth Research with a focus on sleep disorders and life cycle management
for Effexor&reg;. Prior to joining industry, Dr.&nbsp;Whitaker held a variety of clinical and teaching positions at the University
of Vermont (UVM) College of Medicine and the Medical Center Hospital of Vermont, including Associate Professor of Psychiatry, Director
of the Inpatient Services, Executive Committee of the Vermont Regional Sleep Disorders Center, and Director of the Psychopharmacology
Clinic. He earned his bachelor&#8217;s degree from Duke University, and his medical degree from Wake Forest University School of
Medicine. He completed a residency training program in psychiatry and a fellowship in clinical psychopharmacology at UVM/Medical
Center Hospital of Vermont in Burlington.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Family Relationships</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">There is no family relationship between any
director, executive officer or person nominated to become a director or executive officer.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Composition of Our Board of Directors</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Our amended and restated certificate of incorporation
and amended and restated bylaws provide that the number of directors on our board shall be determined from time to time by resolution
of the Board or the Company&#8217;s stockholders, and the current size of our Board is five members.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Our amended and restated bylaws also provide
that our directors may be removed from office with or without cause by vote of the holders of a majority of the shares of stock
entitled to vote in the election of directors.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Our current and future executive officers
and significant employees serve at the discretion of our board of directors. Our board of directors may also choose to form certain
committees, such as a compensation and an audit committee.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Our board of directors is divided into three
classes with staggered three-year terms. At each annual meeting of stockholders, the directors whose terms then expire will be
subject to re-election to serve until the third annual meeting following re-election. As a result, only one class of directors
will be elected at each annual meeting of our stockholders, with the other classes continuing for the remainder of their respective
three-year terms. Our directors are divided among the three classes as follows:</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the Class&nbsp;I directors are David Baker and Ofir Levi, and their
term expires at the annual meeting of stockholders to be held in 2021;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the Class&nbsp;II directors are Richard Ammer and Marella Thorell,
and their term expires at the annual meeting of stockholders to be held in 2022; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the Class&nbsp;III directors are Joseph Payne, and his term expires
at the annual meeting of stockholders to be held in 2023.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt">Our amended and restated certificate of incorporation
and amended and restated bylaws provide that only our board of directors can fill vacancies on the board, including due to increases
in the size of the board. Any additional directorships resulting from an increase in the authorized number of directors would be
placed among the three classes so that, as nearly as possible, each class consists of one-third of the authorized number of directors.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The classification of our board of directors
may have the effect of delaying or preventing changes in our control or management. See Exhibit 4.5 &#8220;Description of Capital
Stock&#8201;&#8212;&#8201;Anti-Takeover Effects of our Certificate of Incorporation and Bylaws and Delaware Law.&#8221;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Director Independence</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Under the listing requirements of The Nasdaq
Capital Market, independent directors must comprise a majority of a listed company&#8217;s board of directors within twelve months
from the date of listing. In addition, subject to specified exceptions, each member of a listed company&#8217;s audit, compensation
and nominating and governance committees must be independent within twelve months from the date of listing. Audit committee members
must also satisfy additional independence criteria, including those set forth in Rule 10A-3 under the Securities Exchange Act of
1934, as amended (the Exchange Act), and compensation committee members must also satisfy the independence criteria set forth in
Rule 10C-1 under the Exchange Act. A director will only qualify as an &#8220;independent director&#8221; if, in the opinion of
that company&#8217;s board of directors, that person does not have a relationship that would interfere with the exercise of independent
judgment in carrying out the responsibilities of a director. In order to be considered independent for purposes of Rule 10A-3 under
the Exchange Act, a member of an audit committee of a listed company may not, other than in his or her capacity as a member of
the audit committee, the board of directors or any other board committee: (1) accept, directly or indirectly, any consulting, advisory
or other compensatory fee from the listed company or any of its subsidiaries, other than compensation for board service; or (2)
be an affiliated person of the listed company or any of its subsidiaries. In order to be considered independent for purposes of
Rule 10C-1, the board of directors must consider, for each member of a compensation committee of a listed company, all factors
specifically relevant to determining whether a director has a relationship to such company which is material to that director&#8217;s
ability to be independent from management in connection with the duties of a compensation committee member, including, but not
limited to: the source of compensation of the director, including any consulting advisory or other compensatory fee paid by such
company to the director, and whether the director is affiliated with the company or any of its subsidiaries or affiliates.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Our board of directors has determined that
all members of the board of directors and our director nominees, except Richard Ammer and David Baker, are independent directors,
including for purposes of the rules of The Nasdaq Capital Market and the SEC. In making such independence determination, our board
of directors considered the relationships that each non-employee director has with us and all other facts and circumstances that
our board of directors deemed relevant in determining their independence, including the beneficial ownership of our capital stock
by each non-employee director. The composition and functioning of our board of directors and each of our committees comply with
all applicable requirements of The Nasdaq Capital Market and the rules and regulations of the SEC.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Board Oversight of Risk</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">One of the key functions of our board of
directors is informed oversight of our risk management process. In particular our board of directors is responsible for monitoring
and assessing strategic risk exposure. Our executive officers are responsible for the day-to-day management of the material risks
we face. Our board of directors administers its oversight function directly as a whole. Our board of directors also administers
its oversight through various standing committees, which address risks inherent in their respective areas of oversight. For example,
our audit committee is responsible for overseeing the management of risks associated with financial reporting, accounting and auditing
matters; our compensation committee oversees the management of risks associated with our compensation policies and programs; and
our nominating and corporate governance committee oversees the management of risks associated with director independence, conflicts
of interest, composition and organization of our board of directors and director succession planning.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Board Committees</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Our board of
directors established an audit committee, a compensation committee and a nominating and corporate governance committee and
may establish other committees to facilitate the management of our business. Members serve on these committees until their
resignation or until otherwise determined by our board of directors. Our board of directors and its committees set meeting
schedules throughout the year and can also hold special meetings and act by written consent from time to time, as
appropriate.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Our board of directors expects to delegate
various responsibilities and authority to committees as generally described below. The committees regularly report on their activities
and actions to the full board of directors. Each member of each committee of our board of directors qualifies as an independent
director in accordance with the listing standards of The Nasdaq Capital Market. Each committee of our board of directors has a
written charter that was approved by our board of directors.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Copies of each charter are posted on our
website at www.vallon-pharma.com under the Investor Relations section. Information contained on our website is not incorporated
by reference into this Annual Report.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Audit Committee</I></B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The members of our audit committee are Ofir
Levi, Joseph Payne and Marella Thorell, who is the chair of the audit committee.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Our audit committee assists our board of
directors with its oversight of the integrity of our financial statements; our compliance with legal and regulatory requirements;
the qualifications, independence and performance of the independent registered public accounting firm; the design and implementation
of our financial risk assessment and risk management. Among other things, our audit committee is responsible for reviewing and
discussing with our management the adequacy and effectiveness of our disclosure controls and procedures. Our audit committee also
discusses with our management and independent registered public accounting firm the annual audit plan and scope of audit activities,
scope and timing of the annual audit of our financial statements, and the results of the audit, quarterly reviews of our financial
statements and, as appropriate, initiates inquiries into certain aspects of our financial affairs.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Our audit committee is responsible for establishing
and overseeing procedures for the receipt, retention and treatment of any complaints regarding accounting, internal accounting
controls or auditing matters, as well as for the confidential and anonymous submissions by our employees of concerns regarding
questionable accounting or auditing matters. In addition, our audit committee has direct responsibility for the appointment, compensation,
retention and oversight of the work of our independent registered public accounting firm. Our audit committee has sole authority
to approve the hiring and discharging of our independent registered public accounting firm, all audit engagement terms and fees
and all permissible non-audit engagements with the independent auditor. Our audit committee reviews and oversees all related person
transactions in accordance with our policies and procedures.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Each member of our
audit committee is independent under the rules and regulations of the SEC and the listing standards of the Nasdaq Capital
Market applicable to audit committee members. Our board of directors has determined that Marella Thorell qualifies as an
audit committee financial expert within the meaning of SEC regulations and meets the financial sophistication requirements of
The Nasdaq Capital Market listing standards. In making this determination, our board has considered Ms. Thorell&#8217;s prior
experience, business acumen and independence. Both our independent registered public accounting firm and management
periodically meets privately with our audit committee.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We believe that the composition and functioning
of our audit committee complies with all applicable requirements of Section&nbsp;404 of the Sarbanes-Oxley Act of 2002, and all
applicable SEC and The Nasdaq Capital Market rules and regulations. We intend to comply with future requirements to the extent
they become applicable to us.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Compensation Committee</I></B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The members of our compensation committee
are Marella Thorell and Joseph Payne, who is the chair of the compensation committee.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Each member of our compensation committee
is independent under the rules and regulations of the SEC and the listing standards of The Nasdaq Capital Market applicable to
compensation committee members. Our compensation committee assists our board of directors with its oversight of the forms and amount
of compensation for our executive officers (including officers reporting under Section&nbsp;16 of the Exchange Act), the administration
of our equity and non-equity incentive plans for employees and other service providers and certain other matters related to our
compensation programs. Our compensation committee, among other responsibilities, evaluates the performance of our chief executive
officer and, in consultation with him, evaluates the performance of our other executive officers (including officers reporting
under Section&nbsp;16 of the Exchange Act).</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Nominating and Corporate Governance Committee</I></B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The members of our nominating and corporate
governance committee are Joseph Payne and Ofir&nbsp;Levi, who is the chair of the nominating and corporate governance committee.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Each member of our nominating and governance
committee is independent under the rules and regulations of the SEC and the listing standards of The Nasdaq Capital Market, applicable
to nominating and governance committee members. Our nominating and corporate governance committee assists our board of directors
with its oversight of and identification of individuals qualified to become members of our board of directors, consistent with
criteria approved by our board of directors, and selects, or recommends that our board of directors selects, director nominees;
develops and recommends to our board of directors a set of corporate governance guidelines and oversees the evaluation of our board
of directors.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Communicating with Our Board of Directors</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">You may communicate with our board of directors
as a group, or to specific directors, by writing to the Chairman of our board of directors at our offices located at 100 N. 18th
Street, Suite 300, Philadelphia, PA 19103, or board@vallon-pharma.com, who will then forward all such correspondence to the Chairman.
The Chairman will review all such correspondence and regularly forward to our full board of directors such correspondence and copies
of all correspondence that, in the opinion of the Chairman, deals with the functions of our board of directors or committees thereof
or that he otherwise determines requires their attention. Directors may at any time review a log of all correspondence we receive
that is addressed to members of our board of directors and request copies of any such correspondence. Concerns relating to accounting,
internal controls, or auditing matters may be communicated in this manner. These concerns will be immediately brought to the attention
of our board of directors and handled in accordance with procedures established by our board of directors. Notwithstanding the
foregoing, the non-management directors have requested that the Chairman not forward to them advertisements, solicitations for
periodicals or other subscriptions, and other similar communications.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Compensation Committee Interlocks and Insider Participation</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">None of our current or former executive officers
serve as a member of the compensation committee. None of our officers serve, or have served during the last completed fiscal year,
on the board of directors or compensation committee, or other committee serving an equivalent function, of any other entity that
has one or more of its executive officers serving as a member of our board of directors or our compensation committee. For a description
of transactions between us and members of our compensation committee and affiliates of such members, see the section entitled &#8220;Certain
Relationships and Related Party Transactions.&#8221;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Code of Business Conduct and Ethics</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We adopted a Code of Business Conduct and
Ethics that applies to all directors, officers and employees. Our Code of Business Conduct and Ethics is available on our website
at&nbsp;<U>https://www.vallon-pharma.com/</U>. A copy of our code of ethics will also be provided to any person without charge,
upon written request sent to us at our offices located at 100 N. 18th Street, Suite 300, Philadelphia, PA 19103.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Delinquent Section 16 Reports</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Not applicable.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="aa_019"></A><B>Item&nbsp;11.&nbsp;&nbsp;&nbsp;EXECUTIVE COMPENSATION&nbsp;</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Summary Compensation Table</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">As an emerging growth company, we are required
to disclose the compensation earned by or paid to our named executive officers for the last two completed fiscal years.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="font-size: 9pt; vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">Name and Principal Position</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt">Year</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt">Salary ($)</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center">Option<BR>
    <FONT STYLE="font-size: 9pt">Awards ($)(1)</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt">All
    Other<BR> Compensation<BR></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>($)(2)</B></FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt">Total ($)</FONT></TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 9pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 9pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 49%; text-align: left"><FONT STYLE="font-size: 9pt">David Baker,
    President and Chief Executive Officer (3)</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 8%; text-align: center"><FONT STYLE="font-size: 9pt">2020</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 8%; text-align: right"><FONT STYLE="font-size: 9pt">330,000</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 8%; text-align: right"><FONT STYLE="font-size: 9pt">123,000</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 8%; text-align: right"><FONT STYLE="font-size: 9pt">9,900</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 8%; text-align: right"><FONT STYLE="font-size: 9pt">462,900</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 9pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt">2019</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">246,000</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">98,000</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">7,843</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">351,843</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 9pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">Penny S. Toren, Senior
    Vice President, Regulatory Affairs</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt">2020</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">235,000</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">57,000</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">7,050</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">299,050</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 9pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;<FONT STYLE="font-size: 9pt">&amp; Program Management</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt">2019</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">235,244</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">12,600</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">6,840</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">254,684</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reflects the aggregate grant date fair value of stock options granted during the fiscal year calculated in accordance with FASB ASC Topic 718. See Note F to our audited financial statements for the period ended December&nbsp;31, 2020, included elsewhere in this Annual Report, for a discussion of the assumptions made by us in determining the grant date fair value of our equity awards.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reflects matching contributions to a SIMPLE IRA.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In February 2021, the Board approved a bonus payment of $206,250 to Mr. Baker.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In February 2021, the Board approved a bonus payment of $58,750 to Ms. Toren as well as an increase to her annual base salary of 7% to $251,450 effective March 1, 2021.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Compensation Arrangements for Executive Officers</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Employment Agreements</I></B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">On January&nbsp;15, 2019, David Baker entered
into an employment agreement (the &#8220;<I>Baker Agreement</I>&#8221;) to serve as our President and Chief Executive Officer.
Pursuant to the Baker Agreement, Mr.&nbsp;Baker will receive an annual base salary of $300,000, with a 10% increase on the date
we raise gross proceeds of $4.0&nbsp;million (or more) by way of either a private or public offering of our common stock (the &#8220;<I>$4.0
Million Raise</I>&#8221;). Mr.&nbsp;Baker will also receive a target annual bonus opportunity of 50% of base salary, as described
below. The Baker Agreement includes a severance benefit equal to two&nbsp;months of base salary prior to the $4.0 Million Raise,
four&nbsp;months of base salary on and after the $4.0 Million Raise, and six&nbsp;months of base salary after the listing of our
common stock on a securities exchange (&#8220;<I>Exchange Listing</I>&#8221;), plus one additional month for each year of completed
employment during the period commencing on the date of the first Exchange Listing (up to a maximum of six additional&nbsp;months,
so that total severance does not ever exceed twelve&nbsp;months), and twelve&nbsp;months after a change in control, with continued
medical benefits during the applicable severance period and an opportunity to earn a pro-rated bonus in the year of termination.
The Baker Agreement also provides for the acceleration of vesting of the stock options granted to Mr.&nbsp;Baker on October&nbsp;1,
2018 covering 46,875 shares of the Company&#8217;s common stock under the 2018 Plan at an exercise price of $1.84; and a grant
of additional options under the 2018 Plan to purchase up to 2.0% of the fully diluted shares of common stock of the Company at
an exercise price per share of $2.20 (which was the fair value of one share of common stock on the date of grant), that shall vest
in installments and become exercisable as follows: 50.0% on the date the Company closes a firm-commitment underwritten public offering
of its common stock pursuant to an effective registration statement, and 50.0% on the earlier of (a)&nbsp;an Exchange Listing,
or (b)&nbsp;the achievement of a market capitalization for the Company equal to $50.0&nbsp;million or more, with accelerated vesting
on a change in control. The initial public offering completed February 12, 2021 triggered the vesting of 100% of the options. Mr.&nbsp;Baker&#8217;s
base compensation as of January&nbsp;1, 2021 is $330,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 20pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">On April&nbsp;2, 2018, Ms.&nbsp;Toren
entered into an Employment Agreement (the &#8220;<I>Toren Agreement</I>&#8221;) to serve as our Senior Vice President,
Regulatory Affairs &amp; Program Management. The Toren Agreement provides for an annual base salary of $228,000 and a
one-time cash signing bonus of $28,500, and a short-term incentive (&#8220;<I>STI</I>&#8221;) bonus opportunity with a target
of 75% of annual base salary. Effective as of October&nbsp;1, 2019, Ms.&nbsp;Toren received a 3.1% increase and a cash bonus
of $23,000 for 2018 performance. Effective as of March 1, 2021, Ms. Toren received a 7% increase and a cash bonus of $58,750.
In addition, on October&nbsp;11, 2019, Ms.&nbsp;Toren received a grant of options to purchase 5,000 shares of common stock,
at an exercise price equal to $3.8172 per share (which was the fair value of one share of common stock on the date of grant),
which vest in equal installments on each of October&nbsp;11, 2020, 2021, and 2022. Ms.&nbsp;Toren will be eligible to
participate in an annual bonus plan under terms and conditions no less favorable <FONT STYLE="font-size: 10pt">than other
similarly situated executives of the Company, provided that her target annual bonus opportunity will be 20% of her annual
base a salary. She is also entitled to receive a one-time performance bonus of $130,000 related to the development and
commercialization of ADAIR, which will vest in installments on the following dates: (i)&nbsp;$25,000 on the date the FDA
completes its 30-day review period of our IND application for ADAIR (the &#8220;<I>First Milestone</I>&#8221;), which
occurred in July&nbsp;2018 (ii)&nbsp;$25,000 on the date that we successfully complete the human abuse liability study for
ADAIR (the &#8220;<I>Second Milestone</I>&#8221;), (iii)&nbsp;$30,000 on the date that we submit an NDA filing for ADAIR (the
 &#8220;<I>Third Milestone</I>&#8221;), and (iv)&nbsp;$50,000 on the later of the date when the FDA approves the NDA and the
date we engage in exclusive collaboration for commercialization of the product (the &#8220;<I>Fourth Milestone</I>&#8221;).
October 1, 2018, Ms.&nbsp;Toren was also granted an option to purchase up to 46,875 shares of our Common Stock under the 2018
Plan at an exercise price per share equal to $1.84 (which was the fair value of one share of common stock on the date of
grant). The stock options will vest in installments and become exercisable as follows: 1/6 on the date of the grant, 1/6 on
the date the Second Milestone is achieved, 1/3 on the date the Third Milestone is achieved, and 1/3 on the date the Fourth
Milestone is achieved.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The Toren Agreement entitles Ms.&nbsp;Toren
to certain severance benefits if the Company terminates the executive&#8217;s employment other than for death, Disability or Cause,
or if she terminates her employment for Good Reason. In such event, subject to Ms.&nbsp;Toren signing and not revoking a release
of claims in favor of Vallon, we would pay her, among other things, continued annual base salary for the period beginning on the
date of termination and ending two&nbsp;months thereafter, and increased by an additional one month for every whole year of service
performance by Ms.&nbsp;Toren for Vallon and its affiliates, provided that such period is subject to a maximum of six&nbsp;months.
The Toren Agreement contains standard ownership of works, confidentiality, non-compete, non-solicitation and non-disparagement
covenants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Employee Benefit and Incentive Plans</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><I>&nbsp;</I></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"><I>Qualified Retirement Plan</I>. We offer
our employees, including our Chief Executive Officer and Senior Vice President, Regulatory Affairs &amp; Program Management, retirement
and certain other benefits, including participation in the tax-qualified SIMPLE IRA retirement plan sponsored by the Company in
the same manner as all other Company other employees. Pursuant to the SIMPLE IRA program, employees are eligible to contribute
to an individual SIMPLE IRA account on a tax-deferred basis. If an employee participates in the SIMPLE IRA plan, the Company makes
a matching contribution to the employee&#8217;s SIMPLE IRA account in an amount up to 3% of the employee&#8217;s base salary (subject
to applicable IRS compensation limits). In 2019, Mr.&nbsp;Baker and Ms.&nbsp;Toren contributed to the SIMPLE IRA and received a
related matching contribution. Participants are fully vested in both their own contribution and the matching contributions at all
times.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We do not maintain any deferred compensation,
pension, or profit-sharing plans. Our board of directors have adopted the 2018 Plan, the material terms of which are described
below, allowing for the grant of equity and cash-based awards to our employees and directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Outstanding Equity Awards at Fiscal Year-End</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Stock Option Awards</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table sets forth the outstanding
stock option awards as of December 31, 2020 held by our named executive officers, on an award-by-award basis, setting forth the
total number of shares underlying each stock option award that are (i) exercisable, but not yet exercised, (ii) unexercisable and
not yet exercised, and (iii) total aggregate amount underlying each award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif">Name</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center">Number of<BR> securities<BR> underlying<BR> unexercised, but<BR> vested stock<BR> options (1)</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center">Number of<BR> securities<BR> underlying<BR> unexercised, but<BR> unvested stock<BR> options (time<BR> based) (1)</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center">Number of<BR> securities<BR> underlying<BR> unexercised, but<BR> unvested stock<BR> options<BR> (performance<BR> based) (1) (4)</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center">Total securities<BR> underlying the<BR> stock options</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center">Option<BR> exercise<BR> price</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center">Option<BR> expiration <BR> date</TD></TR>
<TR STYLE="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 14%; text-align: left">David Baker</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 12%; text-align: right">46,875</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 12%; text-align: right">-</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 11%; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 11%; text-align: right">46,875</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">(2)</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 11%; text-align: right">1.84</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 13%; text-align: right">10/1/2028</TD></TR>
<TR STYLE="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">Chief Executive Officer</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">61,250</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">61,250</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">(3)</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">2.20</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">2/5/2029</TD></TR>
<TR STYLE="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">37,500</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">37,500</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">4.72</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">5/22/2030</TD></TR>
<TR STYLE="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">Penny Toren</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">7,813</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">39,062</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">46,875</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">(5)</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">1.84</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">10/1/2028</TD></TR>
<TR STYLE="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif">SVP, Regulatory Affairs and Project Management</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">1,666</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">3,334</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">5,000</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">(6)</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">3.82</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">10/11/2029</TD></TR>
<TR STYLE="font: 9pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">17,500</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">17,500</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">4.72</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right">5/22/2030</TD></TR>
</TABLE>

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">All stock option awards were granted under our 2018 Equity Incentive Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">The stock option award is fully vested.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: left">The stock option vested as to 50% of the underlying shares upon the closing of our initial public offering of our common stock,
and 50% on the earlier of (a) the listing of our common stock on a national stock exchange, or (b) the achievement of a market
capitalization for the Corporation equal to $50 million or more, with accelerated vesting on a change in control.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: left">The stock option vests upon satisfaction of certain performance milestones.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(5)</TD><TD STYLE="text-align: left">The stock option vests as to one-sixth of the underlying shares of common stock upon the date of grant, then upon satisfaction
of certain performance milestones.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(6)</TD><TD STYLE="text-align: left">The stock option vests as to one-third of the underlying shares of common stock on each of October 11, 2020, October 11, 2021and
October 11, 2022.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Stock Awards</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have not granted any stock awards to
any of our named executive officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Director Compensation and Compensation Table</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Beginning in April&nbsp;2020 and ending in
August&nbsp;2020, Dr.&nbsp;Levi received a consulting fee of $6,000 per month for his advisory services. None of our other directors
receive, nor have received, any compensation for their service as a director since inception. See also the section entitled &#8220;Item
13. Certain Relationships and Related Transactions, and Director Independence&#8212;Ofir Levi.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We intend to pay our directors an annual
retainer of $25,000 in cash, to be paid quarterly and prorated for any partial year of Board service. In addition, the Board may
grant stock options under the 2018 Plan, or a cash payment, including for any service on a committee of the Board. Directors will
also be eligible to receive stock option awards under the 2018 Plan. In addition, the chairperson of our audit committee shall
receive an additional annual cash retainer of $10,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The following table provides information
on compensation paid to our non-employee directors in 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-bottom: 1.15pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Name</B></P></TD>
    <TD STYLE="border-bottom: white 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>&#8203;</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>&#8203;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-bottom: 1.15pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fees Earned<BR>
or Paid in<BR>
Cash (US$)</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>&#8203;</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>&#8203;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-bottom: 1.15pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 78%; padding-top: 2.25pt; padding-bottom: 0.5pt"><FONT STYLE="font-size: 10pt">Richard Ammer</FONT></TD>
    <TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="width: 2%; text-align: left">$<FONT STYLE="font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="width: 1%; padding-top: 2.25pt; padding-bottom: 0.5pt; text-align: right"><FONT STYLE="font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; padding-top: 2.25pt; padding-bottom: 0.5pt; text-align: right">&#45;</TD>
    <TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="width: 2%; text-align: left">$<FONT STYLE="font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="width: 1%; padding-top: 2.25pt; padding-bottom: 0.5pt; text-align: right"><FONT STYLE="font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; padding-top: 2.25pt; padding-bottom: 0.5pt; text-align: right"><FONT STYLE="font-size: 10pt">&#45;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2.5pt; padding-bottom: 0.5pt"><FONT STYLE="font-size: 10pt">Ofir Levi</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="padding-left: 10.15pt; text-align: center"><FONT STYLE="font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="padding-top: 2.5pt; padding-bottom: 0.5pt; text-align: right"><FONT STYLE="font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2.5pt; padding-bottom: 0.5pt; text-align: right"><FONT STYLE="font-size: 10pt">24,000</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="padding-left: 10.15pt; text-align: center"><FONT STYLE="font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="padding-top: 2.5pt; padding-bottom: 0.5pt; text-align: right"><FONT STYLE="font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2.5pt; padding-bottom: 0.5pt; text-align: right"><FONT STYLE="font-size: 10pt">24,000</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-top: 2.5pt; padding-bottom: 0.5pt"><FONT STYLE="font-size: 10pt">Joseph Payne</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="padding-left: 10.15pt; text-align: center"><FONT STYLE="font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="padding-top: 2.5pt; padding-bottom: 0.5pt; text-align: right"><FONT STYLE="font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2.5pt; padding-bottom: 0.5pt; text-align: right">&#45;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="padding-left: 10.15pt; text-align: center"><FONT STYLE="font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="padding-top: 2.5pt; padding-bottom: 0.5pt; text-align: right"><FONT STYLE="font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2.5pt; padding-bottom: 0.5pt; text-align: right">&#45;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-top: 2.5pt; padding-bottom: 0.5pt"><FONT STYLE="font-size: 10pt">Marella Thorell (1)</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="padding-left: 10.15pt; text-align: center"><FONT STYLE="font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="padding-top: 2.5pt; padding-bottom: 0.5pt; text-align: right"><FONT STYLE="font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2.5pt; padding-bottom: 0.5pt; text-align: right"><FONT STYLE="font-size: 10pt">&#45;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="padding-left: 10.15pt; text-align: center"><FONT STYLE="font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="padding-top: 2.5pt; padding-bottom: 0.5pt; text-align: right"><FONT STYLE="font-size: 10pt">&#8203;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-top: 2.5pt; padding-bottom: 0.5pt; text-align: right">&#45;</TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Ms. Thorell joined our board of directors effective February 12, 2021 and was granted 15,000 options which vest monthly over
a period of 24 months.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="aa_020"></A><B>Item&nbsp;12.&nbsp;&nbsp;&nbsp;SECURITY OWNERSHIP OF CERTAIN
BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The following table sets forth certain information
known to us regarding beneficial ownership of our capital stock as of March 15, 2021 for:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>each person or group of affiliated persons known by us to be the beneficial owner of more than five&nbsp;percent of our capital
stock;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>each of our named executive officers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>each of our directors; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.2in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>all of our executive officers, and directors as a group.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We have determined beneficial ownership in
accordance with the rules and regulations of the SEC, and the information is not necessarily indicative of beneficial ownership
for any other purpose. Under those rules, beneficial ownership includes any shares as to which the individual or entity has sole
or shared voting power or investment power, and includes securities that the individual or entity has the right to acquire, such
as through the exercise of stock options, within 60&nbsp;days of March 15, 2021. Except as noted by footnote, and subject to community
property laws where applicable, we believe, based on the information provided to us, that the persons and entities named in the
table below have sole voting and investment power with respect to all common stock shown as beneficially owned by them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The&nbsp;percentage of beneficial ownership
in the table below is based on 6,811,122shares of common stock deemed to be outstanding as of March 15, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Unless otherwise indicated, the address for
each beneficial owner is c/o&nbsp;Vallon Pharmaceuticals, Inc., 100 N. 18th Street, Suite 300, Philadelphia, PA 19103.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; font-weight: bold">Common Stock<BR> Beneficially Owned</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Name and Address of Beneficial&nbsp;Owner</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Number of
    Shares and<BR> Nature of Beneficial<BR>
 Ownership</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Percentage of
    Total<BR> Common Stock</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Greater than 5% Stockholders</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 60%; font-size: 10pt; text-align: left; text-indent: 9pt">SALMON Pharma GmbH (1)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">1,523,797</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">22.4</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Arcturus Therapeutics Inc. (2)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">843,750</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">12.4</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Tomer Feingold (4)(10)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">509,781</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7.5</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Dov Malnik (3)(4)(10)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">509,781</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7.5</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Directors and Named Executive Officers</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">David Baker (5)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">115,968</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1.7</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Penny Toren (6)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,813</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">*</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Ofir Levi</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">196,875</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2.9</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Richard Ammer (7)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,523,797</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">22.4</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Joseph Payne (8)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">843,750</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">12.4</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: 9pt">Marella Thorell (9)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,875</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">*</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">All directors and executive officers as a group (5 persons)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">2,688,828</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">39.4</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">*Less than 1.0%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">SALMON Pharma GmbH&#8217;s address is Sankt-Jakobs-Strasse 90, CH-9002 Basel, Switzerland.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">Arcturus Therapeutics Inc.&#8217;s address is 10628 Science Center Drive, Suite 250, San Diego, California&nbsp;92121.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: left">Mr.&nbsp;Malnik has granted Ariel Malnik a power of attorney to vote and dispose of the shares held individually by Mr.&nbsp;Malnik.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(4)</TD><TD STYLE="text-align: left">On March&nbsp;3, 2020, the Securities and Exchange Commission filed an action against Tomer Feingold and Dov Malnik in the
U.S. District Court for the Southern District of New York (SEC v. Feingold, et al., Civ. Action No. 20-cv-01881) alleging violations
of Section&nbsp;10(b) of the Exchange Act and Rule&nbsp;10b-5 thereunder, Section&nbsp;14(e) of the Exchange Act and Rule&nbsp;14e-3
thereunder, and requesting other equitable relief. Adamas is named as a relief defendant in the action. The action is pending.
Vallon Pharmaceuticals, Inc. is not a named party or identified in this action.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(5)</TD><TD STYLE="text-align: left">Consists of (i) 108,125 shares of common stock issuable pursuant to stock options exercisable within 60&nbsp;days of March
15, 2021, and (ii) 7,843&nbsp;shares of common stock.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(6)</TD><TD STYLE="text-align: left">Consists of 7,813 shares of common stock issuable pursuant to stock options exercisable within 60&nbsp;days of March 15, 2021.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(7)</TD><TD STYLE="text-align: left">Consists of 1,476,734 shares of common stock held by SALMON Pharma GmbH (&#8220;<I>Salmon Pharma</I>&#8221;), of which Dr.&nbsp;Ammer
is an affiliate and may be deemed to have shared voting and dispositive power over the shares beneficially owned by Salmon Pharma,
but disclaims such beneficial ownership except to the extent of his pecuniary interest therein, if any.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(8)</TD><TD STYLE="text-align: left">Consists of 843,750 shares of common stock held by Arcturus, of which Mr.&nbsp;Payne is an affiliate and may be deemed to have
shared voting and dispositive power over the shares beneficially owned by Arcturus, but disclaims such beneficial ownership except
to the extent of his pecuniary interest therein, if any.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(9)</TD><TD STYLE="text-align: left">Consists of 1,875 shares of common stock issuable pursuant to stock options exercisable within 60&nbsp;days of March 15, 2021.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(10)</TD><TD STYLE="text-align: left">On December&nbsp;30, 2020, we entered into the 2020 Voting Agreement with Dov Malnik and Tomer Feingold, pursuant to which
at every meeting of our stockholders, and at every adjournment or postponement thereof, Messrs.&nbsp;Malnik and Feingold (in their
capacity as stockholders) shall have the right to vote all common stock held by them collectively constituting no more than 9.99%
of the total number of shares of common stock issued and outstanding as of the record date for voting on the matters presented
at such meeting or taking action by written consent. The common stock held or otherwise beneficially owned by Messrs.&nbsp;Malnik
and Feingold in excess of the Share Voting Cap shall be voted at every meeting of the stockholders of the Company, and at every
adjournment or postponement thereof, and on every action or approval by written consent of the stockholders, in a manner that is
proportionate to the manner in which all other holders of the issued and outstanding shares of Common Stock vote in respect of
each matter presented at any such meeting and in respect of each action taken by written consent. See the section entitled &#8220;Certain
Relationships and Related Party Transactions&#8212;2020 Voting Agreement&#8221;.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>Equity Compensation Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our 2018 Equity Incentive Plan is our sole
equity incentive plan approved and adopted by our stockholders, and provides for the issuance of shares of our common stock to
our officers and other employees, directors and consultants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following table presents information
as of December 31, 2020 with respect to compensation plans or arrangements under which shares of our common stock may be issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">Plan category</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of
    securities<BR> to be issued upon<BR> exercise of<BR> outstanding options,<BR> warrants and rights</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted-<BR> average exercise<BR> price of<BR> outstanding<BR> options, warrants<BR> and rights</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of<BR> securities<BR> remaining<BR> available for<BR> future issuance<BR> under equity<BR> compensation<BR> plans</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%; font-size: 10pt; text-align: left">Equity compensation plans approved by security holders (1)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">248,125</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">2.22</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">192,648</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">Equity compensation plans not approved by security holders</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">18,125</TD><TD STYLE="font-size: 10pt; text-align: left">(2)</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">4.72</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">Total</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">266,250</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">2.94</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: left">Includes shares of our common stock under our 2018 Equity Incentive Plan. For a description of this plan, refer to Note F to
the financial statements included in this Annual Report on Form 10-K.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: left">The 18,125 stock options referenced above were granted to an advisor in January 2020 and May 2020 outside of the 2018 Equity
Incentive Plan, and are subject to separate stock option award agreements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="aa_021"></A><B>Item&nbsp;13.&nbsp;&nbsp;&nbsp;CERTAIN RELATIONSHIPS AND
RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.6in; text-indent: -0.6in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Certain Relationships and Related Party Transactions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The following is a summary of each transaction
or series of similar transactions since the inception of Vallon Pharmaceuticals (January&nbsp;11, 2018) to which it was or is a
party and that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 2%; text-align: left">&bull;</TD><TD STYLE="text-align: justify">the amount involved exceeded or exceeds $120,000 or is greater than 1% of our total assets;
                                                                                and</TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 2%; text-align: left">&bull;</TD><TD STYLE="text-align: left">any of our directors or executive officers, any holder of 5% of our capital stock or any
                                                                            member of their immediate family had or will have a direct or indirect material interest.</TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Asset Purchase Agreement</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">In June&nbsp;2018, we entered into the Asset
Purchase Agreement with Arcturus, a holder of more than 5% of our common stock, the terms for which are described above under the
heading &#8220;Item 1. Business&#8201;&#8212;&#8201;Asset Purchase Agreement&#8221;. Mr.&nbsp;Payne, a member of our board of directors,
has served on the board of directors of Arcturus since November&nbsp;2017. In connection with the Asset Purchase Agreement, we
also entered into a voting agreement (the &#8220;<I>2018 Voting Agreement</I>&#8221;), entitling Arcturus to designate a member
of our board of directors; however, the 2018 Voting Agreement terminated upon the filing of the registration statement in connection
with the initial public offering of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Additionally, on June&nbsp;26, 2018, we entered
into a Payment and Release Agreement with Amiservice Development Ltd. (&#8220;<I>Amiservice</I>&#8221;), a British Virgin Islands
corporation, pursuant to which we reimbursed Amiservice for making a capital infusion into Arcturus of $250,000, as part of the
transactions contemplated by the Asset Purchase Agreement, and paying other miscellaneous transaction expenses on our behalf. Amiservice
is a company wholly owned by Dov Malnik, a holder of more than 5% of our common stock. We reimbursed Amiservice an aggregate sum
of $562,493 as full repayment for all of the foregoing expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Ofir Levi</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Beginning in June&nbsp;2020 and ending in
October&nbsp;2020, Dr.&nbsp;Levi, a member of our board of directors, received a consulting fee of $6,000 per month for his advisory
services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">On July&nbsp;2, 2018, we entered into a Payment
and Release Agreement with O2 Capital Advisors (&#8220;<I>O2</I>&#8221;), pursuant to which we reimbursed O2 for certain consulting
services by David Siner. O2 is owned by Ofir Levi, a member of our board of directors and a shareholder of the Company. The Company
expensed approximately $186,000 and $161,000 for services rendered by Mr.&nbsp;Siner for the fiscal year ended December&nbsp;31,
2019 and from our inception (January&nbsp;11, 2018) through December&nbsp;31, 2018, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Medice</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Medice, through its affiliated entity, Salmon
Pharma, owns approximately 22.4% of our issued and outstanding shares of common stock, and accordingly controls approximately 22.4%
of our voting power. On January&nbsp;6, 2020, we entered into a license agreement with Medice, which grants Medice an exclusive
license, with the right to grant sublicenses, to develop, use, manufacture, market and sell ADAIR throughout Europe. Medice currently
markets several ADHD products in Europe and is the ADHD market leader in Europe based on branded prescription market share. Medice
is responsible for obtaining regulatory approval of ADAIR in the licensed territory. See &#8220;Item 1. Business&#8201;&#8212;&#8201;Medice
License&#8221; for additional information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Since the completion of our initial public
offering, Salmon Pharma is entitled to rights with respect to the registration of the shares of common stock held by it under the
Securities Act. These rights are provided under the terms of an investor&#8217;s rights agreement between us and Salmon Pharma.
See Exhibit 4.5 &#8220;Description of Capital Stock&#8201;&#8212;&#8201;Registration Rights&#8221; for additional information regarding
these registration rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>2020 Voting Agreement</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">On December&nbsp;30, 2020, we entered
into the 2020 Voting Agreement with Dov Malnik and Tomer Feingold, pursuant to which at every meeting of our stockholders,
and at every adjournment or postponement thereof, Messrs.&nbsp;Malnik and Feingold (in their capacity as stockholders) shall
have the right to vote all common stock held by them collectively constituting no more than 9.99% of the total number of
shares of common stock issued and outstanding as of the record date for voting on the matters presented at such meeting or
taking action by written consent (the &#8220;<I>Share Voting Cap</I>&#8221;). The common stock held or otherwise beneficially
owned by Messrs. Malnik and Feingold in excess of the Share Voting Cap (&#8220;<I>Excess Shares</I>&#8221;) shall be voted at
every meeting of the stockholders of the Company, and at every adjournment or postponement thereof, and on every action or
approval by written consent of the stockholders, in a manner that is proportionate to the manner in which all other holders
of the issued and outstanding shares of Common Stock vote in respect of each matter presented at any such meeting and in
respect of each action taken by written consent. Furthermore, each of Messrs. Malnik and Feingold executed an irrevocable
proxy for the voting of the Excess Shares in accordance with the 2020 Voting Agreement. The 2020 Voting Agreement terminates
on the earliest to occur of (i)&nbsp;the date following the effective date of the 2020 Voting Agreement on which
Messrs.&nbsp;Malnik and Feingold collective beneficial own less than 9.99% of our outstanding common stock, (ii)&nbsp;the
date following written notice to them that we have withdrawn this registration statement and do not intend to proceed with
the IPO, (iii)&nbsp;the third anniversary of the effectiveness of this registration statement, or (iv)&nbsp;with respect to
either Messrs.&nbsp;Malnik or Feingold, the date on which any proceeding before or brought by the SEC against such
stockholder has been terminated or otherwise concluded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Equity Financings</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>2018 Private Placement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">In June&nbsp;2018, we raised approximately
$3.0&nbsp;million through a private placement of 1,771,687 shares of our common stock pursuant to the Section&nbsp;4(a)(2) exemption
from registration under the Securities Act (the &#8220;<I>2018 Private Placement</I>&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The following table sets forth the aggregate
number of common stock acquired by 5% holders in the 2018 Private Placement described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Participants</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Common Stock</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Aggregate Purchase Price</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Greater than 5% Stockholders(1)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>&#8203;</B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>&#8203;</B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 72%; font-size: 10pt; text-align: left">Tomer Feingold</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-size: 10pt; text-align: right">442,969</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 11%; font-size: 10pt; text-align: right">750,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Dov Malnik</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">442,969</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">750,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Adamas Health Care Fund(2)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">280,547</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">475,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Additional details regarding these stockholders and their equity holdings are provided in this Annual Report under the section
entitled &#8220;Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.&#8221;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Mr.&nbsp;Malnik, Mr. Feingold, and Dr.&nbsp;Levi were affiliated with Adamas Health Care Fund at the time of the 2018 Private
Placement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>2019 Convertible Note Financing</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">In April&nbsp;2019, we entered into a Convertible
Promissory Note Purchase Agreement with certain existing stockholders and Salmon Pharma, an affiliate of Medice, pursuant to which
we issued the 2019 Convertible Notes for cash proceeds of $1,150,000. The 2019 Convertible Notes bore an interest rate of 7.0%
per annum, non-compounding, and had a maturity date of January&nbsp;1, 2020. The terms of the 2019 Convertible Notes included a
mandatory conversion upon a qualified financing, such as the July&nbsp;2019 Financing discussed below, and were convertible into
shares of our capital stock that are offered to investors in a subsequent equity financing at a discount to the price per share
offered in such subsequent financing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">On July&nbsp;25, 2019, upon the closing of
the July&nbsp;2019 Financing, the 2019 Convertible Notes converted into an aggregate of 383,849 shares of our common stock at a
conversion price of $3.04 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The following table sets forth the principal
amounts under the 2019 Convertible Notes acquired by 5% holders in the financing transaction described above, and the number of
shares of common stock such 2019 Convertible Notes converted into in connection with the July&nbsp;2019 Financing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Participants</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Principal Amount<BR> under<BR> 2019 Convertible Notes</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of Shares of<BR> Common Stock upon<BR> Conversion in July&nbsp;2019</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Greater than 5% Stockholders(1)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>&#8203;</B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>&#8203;</B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 72%; font-size: 10pt; text-align: left">Tomer Feingold</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 11%; font-size: 10pt; text-align: right">200,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-size: 10pt; text-align: right">66,812</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Dov Malnik</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">200,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">66,812</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">SALMON Pharma GmbH(2)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">500,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">166,873</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8203;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Additional details regarding these stockholders and their equity holdings are provided in this Annual Report under the section
entitled &#8220;Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.&#8221;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Dr.&nbsp;Ammer is affiliated with Salmon Pharma.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>2019 Private Placement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">On July&nbsp;25, 2019, we consummated the
July&nbsp;2019 Financing, in which we entered into a Stock Purchase Agreement with Salmon Pharma, pursuant to which we sold and
issued 1,309,861 shares of our common stock for aggregate cash proceeds of $5.0&nbsp;million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>2021 Convertible Note Financing</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">In January&nbsp;2021, we entered into a Convertible
Promissory Note Purchase Agreement with certain existing stockholders, including Salmon Pharma, an affiliate of Medice, and David
Baker, our Chief Executive Officer, pursuant to which we issued the 2021 Convertible Notes, for cash proceeds of $350,000. The
2021 Convertible Notes bear an interest rate of 7.0% per annum, non-compounding, and had a maturity date of September&nbsp;30,
2021. The 2021 Convertible Notes are convertible into shares of our capital stock that are offered to investors in any subsequent
equity financing after the date of their issuance in which we issued any of our equity securities (a &#8220;<I>Qualified Financing</I>&#8221;)
and are convertible at a twenty&nbsp;percent (20%) discount to the price per share offered in such Qualified Financing. Such Qualified
Financing included the initial public offering of our common stock, consummated on February 12, 2021; therefore, the 2021 Convertible
Notes converted into an aggregate of 54,906 shares of our common stock immediately prior to the closing of the initial public offering,
as agreed upon among the parties thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The following table sets forth the principal
amounts under the 2021 Convertible Notes acquired by our directors and officers, and 5% holders in the financing transaction described
above, and the number of shares of common stock such 2021 Convertible Notes converted into in connection with the initial public
offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Participants</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Principal Amount<BR> under<BR> 2021 Convertible Notes</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Approximate Number of<BR> Shares of Common Stock<BR> upon Conversion</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Greater than 5% Stockholders(1)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>&#8203;</B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 10pt"><B>&#8203;</B></FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 72%; font-size: 10pt; text-align: left">SALMON Pharma GmbH(2)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 11%; font-size: 10pt; text-align: right">300,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-size: 10pt; text-align: right">47,063</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">David Baker</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">50,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,843</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Additional details regarding these stockholders and their equity holdings are provided in this Annual Report under the section
entitled &#8220;Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.&#8221;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Dr.&nbsp;Ammer is affiliated with Salmon Pharma.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.6in; text-indent: -0.6in"><B>Review, Approval or Ratification
of Transactions with Related Parties</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.6in; text-indent: -0.6in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our written related party
transactions policy states that our employees, officers and directors, and any members of the immediate family of and any
entity affiliated with any of the foregoing persons are not permitted to enter into a material related party transaction with
us without the review and approval of our Audit Committee. The policy provides that any request for us to enter into a
transaction with such parties in which the amount involved exceeds $120,000 must be notify the Company&#8217;s general
counsel, or, if the Company does not then have a general counsel, the Company&#8217;s principal executive, financial, or
accounting officer (each a&nbsp;&#8220;<I>Designated Officer</I>&#8221;)<FONT STYLE="font-size: 10pt">, of the facts and
circumstances of the proposed transaction. Should an employee of the Company become aware of a related party transaction,
regardless of whether such employee is a party to such transaction, such employee will report the Related Party Transaction
to the Designated Officer. The Designated Officer shall report such Related Party Transaction to the Committee for review. In
approving or rejecting any such proposal, our Audit Committee considers the relevant facts and circumstances available and
deemed relevant to the committee, including, but not limited to, (i) whether the transaction was undertaken in the ordinary
course of business; (ii) whether the related party transaction was initiated by us, a subsidiary, or the related party; (iii)
whether the transaction with the related party is proposed to be, or was, entered into on terms no less favorable to the
company than terms that could have been reached with an unrelated third party; (iv) the purpose of, and the potential
benefits to us of, the Related Party Transaction; (v) the approximate dollar value of the amount involved in the related
party transaction, particularly as it relates to the related party; (vi) the related party&#8217;s interest in the related
party transaction; (vii) whether the related party transaction would impair the independence of an otherwise independent
director; and (viii) any other information regarding the related party transaction or the related party that would be
material to investors in light of the circumstances of the particular transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.6in; text-indent: -0.6in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.6in; text-indent: -0.6in"><B>Employment Agreements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.6in; text-indent: -0.6in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have entered into employment agreements
with certain of our executive officers. See &#8220;Item 11-Executive Compensation&#8212;Compensation Arrangements for Executive
Officers&#8212;Employment Agreements.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.6in; text-indent: -0.6in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.6in; text-indent: -0.6in"><B>Equity Grants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.6in; text-indent: -0.6in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have granted stock options to certain
of our executive officers and members of our board of directors. See &#8220;Item 11-Executive Compensation.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.6in; text-indent: -0.6in"><B>Indemnification and Limitation
on Liability</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.6in; text-indent: -0.6in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Section 145 of the Delaware General Corporation
Law (the &#8220;<I>DGCL</I>&#8221;) authorizes a corporation to indemnify its directors and officers against liabilities arising
out of actions, suits and proceedings to which they are made or threatened to be made a party by reason of the fact that they have
served or are currently serving as a director or officer to a corporation. The indemnity may cover expenses (including attorneys&#8217;
fees) judgments, fines and amounts paid in settlement actually and reasonably incurred by the director or officer in connection
with any such action, suit or proceeding. Section 145 permits corporations to pay expenses (including attorneys&#8217; fees) incurred
by directors and officers in advance of the final disposition of such action, suit or proceeding. In addition, Section 145 provides
that a corporation has the power to purchase and maintain insurance on behalf of its directors and officers against any liability
asserted against them and incurred by them in their capacity as a director or officer, or arising out of their status as such,
whether or not the corporation would have the power to indemnify the director or officer against such liability under Section 145.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have adopted provisions in our amended
and restated certificate of incorporation and our amended and restated bylaws that limit or eliminate the personal liability of
our directors to the fullest extent permitted by the DGCL, as it now exists or may in the future be amended. Consequently, a director
will not be personally liable to us or our stockholders for monetary damages or breach of fiduciary duty as a director, except
for liability for:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 2%; text-align: left">&bull;</TD><TD STYLE="text-align: justify">any breach of the director&#8217;s duty of loyalty to us or our stockholders;</TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8203;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 2%; text-align: left">&bull;</TD><TD STYLE="text-align: justify">any act or omission not in good faith or that involves intentional misconduct or a knowing
                                                                             violation of law;</TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8203;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 2%; text-align: left">&bull;</TD><TD STYLE="text-align: justify">any unlawful payments related to dividends or unlawful stock purchases, redemptions or other
                                                                             distributions; or</TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8203;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 2%; text-align: left">&bull;</TD><TD STYLE="text-align: justify">any transaction from which the director derived an improper personal benefit.</TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#8203;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">These limitations of liability do not alter
director liability under the federal securities laws and do not affect the availability of equitable remedies such as an injunction
or rescission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, our bylaws provide that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 2%; text-align: left">&bull;</TD><TD STYLE="vertical-align: top; text-align: left">we will indemnify our directors, officers and, in the discretion of our board of directors,
                                                                             certain employees to the fullest extent permitted by the DGCL, as it now exists or may in the future be amended; and</TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 2%; text-align: left">&bull;</TD><TD STYLE="text-align: justify">we will advance reasonable expenses, including attorneys&#8217; fees, to our directors and,
                                                                             in the discretion of our board of directors, to our officers and certain employees, in connection with legal proceedings
                                                                             relating to their service for or on behalf of us, subject to limited exceptions.</TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have entered into indemnification agreements
with each of our directors, and intend to enter into such agreements with our executive officers. These agreements provide that
we will indemnify each of our directors, our executive officers and, at times, their affiliates to the fullest extent permitted
by Delaware law. We will advance expenses, including attorneys&#8217; fees (but excluding judgments, fines and settlement amounts),
to each indemnified director, executive officer or affiliate in connection with any proceeding in which indemnification is available
and we will indemnify our directors and officers for any action or proceeding arising out of that person&#8217;s services as a
director or officer brought on behalf of us or in furtherance of our rights. Additionally, certain of our directors or officers
may have certain rights to indemnification, advancement of expenses or insurance provided by their affiliates or other third parties,
which indemnification relates to and might apply to the same proceedings arising out of such director&#8217;s or officer&#8217;s
services as a director referenced herein. Nonetheless, we have agreed in the indemnification agreements that our obligations to
those same directors or officers are primary and any obligation of such affiliates or other third parties to advance expenses or
to provide indemnification for the expenses or liabilities incurred by those directors are secondary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Insurance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We also maintain general liability insurance
which covers certain liabilities of our directors and officers arising out of claims based on acts or omissions in their capacities
as directors or officers, including liabilities under the Securities Act of 1933, as amended, or the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.6in; text-indent: -0.6in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.6in; text-indent: -0.6in"><B>Director Independence</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.6in; text-indent: -0.6in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">See &#8220;Item 10. Directors, Executive Officers and Corporate
Governance Management&#8212;Director Independence.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.6in; text-indent: -0.6in"><B>Committees of our Board of
Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.6in; text-indent: -0.6in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our board of directors has established
an audit committee, a compensation committee and a nominating and corporate governance committee, each of which operates pursuant
to a written charter adopted by our board of directors. See &#8220;Item 10. Directors, Executive Officers and Corporate Governance
Management&#8212;Board Committees.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.6in; text-indent: -0.6in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><A NAME="aa_022"></A><B>Item&nbsp;14.&nbsp;&nbsp;&nbsp;PRINCIPAL
ACCOUNTANT FEES AND SERVICES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">The following
table represents aggregate fees incurred for EisnerAmper LLP services during the years ended December 31, 2020 and 2019 by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">December&nbsp;31,</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center">December&nbsp;31,</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left">Audit Fees (1)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">196,070</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">82,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Audit Related Fees (2)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Tax Fees (3)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">All Other Fees (4)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt">Total</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">196,070</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">82,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Audit fees consist of fees billed for professional services performed by EisnerAmper LLP for the audit of our annual financial
statements, the review of interim financial statements, and review of the Registration Statement on Form S-1 for the initial public
offering of our common stock, and related services that are normally provided in connection with statutory and regulatory filings
or engagements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Audit related fees consist of fees billed for assurance and related services that are reasonably related to the performance
of the audit or review of our financial statements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>Tax fees consist of fees for professional services, including tax consulting, compliance, and transfer pricing services.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Audit Committee will approve in advance
the engagement and fees of the independent registered public accounting firm for all audit services and non-audit services, based
upon independence, qualifications and, if applicable, performance. The Audit Committee may form and delegate to subcommittees
of one or more members of the Audit Committee the authority to grant pre-approvals for audit and permitted non-audit services,
up to specific amounts. All audit services provided by EisnerAmper LLP for the periods presented were ratified by our board of
directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Pre-Approval of Audit and Non-Audit Services</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Our audit committee has adopted policies
and procedures relating to the approval of all audit and non-audit services that are to be performed by our registered public accounting
firm. These policies and procedures generally provide that we will not engage our registered public accounting firm to render audit
or non-audit services unless the service is specifically approved in advance by our audit committee or the engagement is entered
into pursuant to one of the pre-approval procedures described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">From time to time, our audit committee
may pre-approve specified types of services that are expected to be provided to us by our registered public accounting firm during
the next 12 months. Any such pre-approval is detailed as to the particular service or type of services to be provided and is also
generally subject to a maximum dollar amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Consistent with requirements of the SEC
and the Public Company Accounting Oversight Board regarding auditor independence, our Audit Committee is responsible for the appointment,
compensation and oversight of the work of our independent registered public accounting firm. In recognition of this responsibility,
our Audit Committee, or the chair if such approval is needed between meetings of the audit committee, pre-approves all audit and
permissible non-audit services provided by the independent registered public accounting firm. These services may include audit
services, audit-related services, tax services and other services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

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




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="aa_023"></A><B>PART&nbsp;IV</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="aa_024"></A><B>Item&nbsp;15.&nbsp;&nbsp;&nbsp;EXHIBITS, FINANCIAL STATEMENT
SCHEDULES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a) The following documents are filed as part of this report:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>(1) Financial </I>Statements. The financial
statements of the Company, together with the report thereon of EisnerAmper LLP, an independent registered public accounting firm,
are included in this Annual Report beginning on page F-1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>(2) Financial Statement </I>Schedules.
All schedules have been omitted because the information required to be set forth therein is not applicable or is shown in the financial
statements or notes thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>(3) Exhibits. </I>See (b) below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b) Exhibits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The exhibits listed in the Exhibit&nbsp;Index
below are filed or incorporated by reference as part of this Annual Report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Exhibit&nbsp;No.</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid"><FONT STYLE="font-size: 10pt"><B>&#8203;</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid"><FONT STYLE="font-size: 10pt"><B>&#8203;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 8%; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1824293/000110465921022369/tm2030737d19_ex1-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">1.1</FONT></A></TD>
    <TD STYLE="width: 1%"><A HREF="http://www.sec.gov/Archives/edgar/data/1824293/000110465921022369/tm2030737d19_ex1-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD STYLE="width: 1%"><A HREF="http://www.sec.gov/Archives/edgar/data/1824293/000110465921022369/tm2030737d19_ex1-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD STYLE="width: 90%"><A HREF="http://www.sec.gov/Archives/edgar/data/1824293/000110465921022369/tm2030737d19_ex1-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Underwriting Agreement (incorporated by reference to Exhibit 1.1 to the Current Report on Form 8-K, filed with the SEC on February 16, 2021) </FONT></A></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1824293/000110465921022369/tm2030737d19_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">3.1</FONT></A></TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1824293/000110465921022369/tm2030737d19_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1824293/000110465921022369/tm2030737d19_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1824293/000110465921022369/tm2030737d19_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Amended and Restated Certificate of Incorporation of Vallon Pharmaceuticals, Inc. (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K, filed with the SEC on February 16, 2021)</FONT></A></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="http://www.sec.gov/Archives/edgar/data/1824293/000110465921022369/tm2030737d19_ex3-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">3.2</FONT></A></TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1824293/000110465921022369/tm2030737d19_ex3-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1824293/000110465921022369/tm2030737d19_ex3-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="http://www.sec.gov/Archives/edgar/data/1824293/000110465921022369/tm2030737d19_ex3-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Amended and Restated Bylaws of Vallon Pharmaceuticals, Inc. (incorporated by reference to Exhibit 3.3 to the Current Report on Form 8-K, filed with the SEC on February 16, 2021)</FONT></A></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465920117717/tm2030737d4_ex3-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">3.3</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465920117717/tm2030737d4_ex3-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465920117717/tm2030737d4_ex3-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465920117717/tm2030737d4_ex3-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Certificate of Incorporation of Vallon Pharmaceuticals, Inc., as amended (incorporated by reference to Exhibit 3.3 to the Registration Statement on Form S-1, initially filed with the SEC on October 23, 2020, as amended)</FONT></A></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465920117717/tm2030737d4_ex3-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">3.4</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465920117717/tm2030737d4_ex3-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465920117717/tm2030737d4_ex3-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465920117717/tm2030737d4_ex3-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Bylaws of Vallon Pharmaceuticals, Inc (incorporated by reference to Exhibit 3.4 to the Registration Statement on Form S-1, initially filed with the SEC on October 23, 2020, as amended)</FONT></A></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921022369/tm2030737d19_ex3-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">3.5</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921022369/tm2030737d19_ex3-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921022369/tm2030737d19_ex3-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921022369/tm2030737d19_ex3-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Certificate of Amendment of Vallon Pharmaceuticals, Inc. (incorporated by reference to Exhibit 3.2 to the Current Report on Form 8-K, filed with the SEC on February 16, 2021)</FONT></A></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921008880/tm2030737d10_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.1</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921008880/tm2030737d10_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921008880/tm2030737d10_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921008880/tm2030737d10_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Specimen
    certificate evidencing shares of common stock (incorporated by reference to Exhibit 4.1 to the Registration Statement on Form S-1,
    initially filed with the SEC on October 23, 2020, as amended on January, 28, 2021)</FONT></A></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465920117717/tm2030737d4_ex4-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.2</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465920117717/tm2030737d4_ex4-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465920117717/tm2030737d4_ex4-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465920117717/tm2030737d4_ex4-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Convertible Promissory Note Purchase Agreement, dated as of April&nbsp;11, 2019 (incorporated by reference to Exhibit 4.2 to the Registration Statement on Form S-1, initially filed with the SEC on October 23, 2020, as amended)</FONT></A></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465920117717/tm2030737d4_ex4-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.3</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465920117717/tm2030737d4_ex4-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465920117717/tm2030737d4_ex4-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465920117717/tm2030737d4_ex4-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Form of Convertible Promissory Note (incorporated by reference to Exhibit 4.3 to the Registration Statement on Form S-1, initially filed with the SEC on October 23, 2020, as amended)</FONT></A></TD>
    </TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921022369/tm2030737d19_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.4</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921022369/tm2030737d19_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921022369/tm2030737d19_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921022369/tm2030737d19_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Form of Underwriter Warrant (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K, filed with the SEC on February 16, 2021)</FONT></A></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="tm2110271d1_ex4-5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.5</FONT></A></TD>
    <TD><A HREF="tm2110271d1_ex4-5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="tm2110271d1_ex4-5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="tm2110271d1_ex4-5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Description of the securities of Vallon Pharmaceuticals, Inc. registered under Section 12 of the Exchange Act.</FONT></A></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-17.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">9.1</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-17.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-17.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-17.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Voting
    Agreement, dated as of December&nbsp;30, 2020, by and among Vallon Pharmaceuticals, Inc. and certain of its stockholders
    (incorporated by reference to Exhibit 10.17 to the Registration Statement on Form S-1, initially filed with the SEC on
    October 23, 2020, as amended)</FONT></A></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.1</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Amended and Restated Asset Purchase Agreement, dated as of June&nbsp;22, 2017, by and among&nbsp;Arcturus Therapeutics, Ltd. (and its subsidiary, Arcturus Therapeutics, Inc.), Amiservice&nbsp;Development Ltd. and Vallon Pharmaceuticals, Inc. (incorporated by reference to Exhibit 10.1 to the Registration Statement on Form S-1, initially filed with the SEC on October 23, 2020, as amended)</FONT></A></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.2#</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Consulting Agreement with Whitaker Biopharmaceutical Consulting LLC, dated April&nbsp;2, 2018 (incorporated by reference to Exhibit 10.2 to the Registration Statement on Form S-1, initially filed with the SEC on October 23, 2020, as amended)</FONT></A></TD>
    </TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.3#</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Employment Agreement between Vallon Pharmaceuticals, Inc. and Penny S. Toren, dated&nbsp;April&nbsp;2, 2018 (incorporated by reference to Exhibit 10.3 to the Registration Statement on Form S-1, initially filed with the SEC on October 23, 2020, as amended)</FONT></A></TD>
    </TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right; width: 8%"><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.4#</FONT></A></TD>
    <TD STYLE="width: 1%"><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD STYLE="width: 1%"><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD STYLE="width: 90%"><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Employment Agreement between Vallon Pharmaceuticals, Inc. and David Baker, dated&nbsp;January&nbsp;15, 2019 (incorporated by reference to Exhibit 10.4 to the Registration Statement on Form S-1, initially filed with the SEC on October 23, 2020, as amended)</FONT></A></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465920117717/tm2030737d4_ex10-5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.5#</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465920117717/tm2030737d4_ex10-5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465920117717/tm2030737d4_ex10-5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465920117717/tm2030737d4_ex10-5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Vallon Pharmaceuticals, Inc. 2018 Equity Incentive Plan (incorporated by reference to Exhibit 10.5 to the Registration Statement on Form S-1, initially filed with the SEC on October 23, 2020, as amended)</FONT></A></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465920117717/tm2030737d4_ex10-6.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.6#</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465920117717/tm2030737d4_ex10-6.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465920117717/tm2030737d4_ex10-6.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465920117717/tm2030737d4_ex10-6.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Form of Stock Option Agreement under Vallon Pharmaceuticals, Inc. 2018 Equity Incentive&nbsp;Plan (incorporated by reference to Exhibit 10.6 to the Registration Statement on Form S-1, initially filed with the SEC on October 23, 2020, as amended)</FONT></A></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465920117717/tm2030737d4_ex10-7.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.7#</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465920117717/tm2030737d4_ex10-7.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465920117717/tm2030737d4_ex10-7.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465920117717/tm2030737d4_ex10-7.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Form of Incentive Stock Option Agreement under Vallon Pharmaceuticals, Inc. 2018 Equity&nbsp;Incentive Plan (incorporated by reference to Exhibit 10.7 to the Registration Statement on Form S-1, initially filed with the SEC on October 23, 2020, as amended)</FONT></A></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-8.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.8#</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-8.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-8.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-8.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Form of Nonqualified Stock Option Agreement under Vallon Pharmaceuticals, Inc. 2018&nbsp;Equity Incentive Plan (incorporated by reference to Exhibit 10.8 to the Registration Statement on Form S-1, initially filed with the SEC on October 23, 2020, as amended)</FONT></A></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-9.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.9#</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-9.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-9.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-9.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Form of Directors&#8217; and Officers&#8217; Indemnity Agreement (incorporated by reference to Exhibit 10.9 to the Registration Statement on Form S-1, initially filed with the SEC on October 23, 2020, as amended)</FONT></A></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-10.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.10</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-10.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-10.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-10.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Patent and Patent Application Assignment Agreement between Arcturus Therapeutics, Ltd.&nbsp;and Vallon Pharmaceuticals, Inc., dated June&nbsp;22, 2018 (incorporated by reference to Exhibit 10.10 to the Registration Statement on Form S-1, initially filed with the SEC on October 23, 2020, as amended)</FONT></A></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-11.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.11</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-11.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-11.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-11.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Form of Subscription Agreement (incorporated by reference to Exhibit 10.11 to the Registration Statement on Form S-1, initially filed with the SEC on October 23, 2020, as amended)</FONT></A></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-12.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.12</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-12.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-12.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-12.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Form of Stock Purchase Agreement, dated June&nbsp;7, 2018, among Vallon Pharmaceuticals, Inc.&nbsp;and the investors listed therein (incorporated by reference to Exhibit 10.12 to the Registration Statement on Form S-1, initially filed with the SEC on October 23, 2020, as amended)</FONT></A></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-13.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.13</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-13.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-13.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-13.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Form of Stock Purchase Agreement, dated July&nbsp;25, 2019, between Vallon Pharmaceuticals,
    Inc. and SALMON Pharma GmbH (incorporated by reference to Exhibit 10.13 to the Registration Statement on Form S-1, initially
    filed with the SEC on October 23, 2020, as amended)</FONT></A></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-14.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.14</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-14.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-14.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-14.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Investor&#8217;s Rights Agreement, dated as of July&nbsp;25, 2019, by and between Vallon Pharmaceuticals, Inc. and SALMON  Pharma GmbH (incorporated by reference to Exhibit 10.14 to the Registration Statement on Form S-1, initially filed with the SEC on October 23, 2020, as amended)</FONT></A></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465920125904/tm2030737d6_ex10-15.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.15&#8224;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465920125904/tm2030737d6_ex10-15.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465920125904/tm2030737d6_ex10-15.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465920125904/tm2030737d6_ex10-15.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">License Agreement, effective as of January&nbsp;6, 2020, by and between Vallon Pharmaceuticals, Inc. and MEDICE Arzneimittel Putter GmbH &amp; Co. KG (incorporated by reference to Exhibit 10.15 to the Registration Statement on Form S-1, initially filed with the SEC on October 23, 2020, as amended)</FONT></A></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-16.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.16</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-16.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-16.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-16.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Form of Lock Up Agreement (incorporated by reference to Exhibit 10.16 to the Registration Statement on Form S-1, initially filed with the SEC on October 23, 2020, as amended)</FONT></A></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-18.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.17</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-18.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-18.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-18.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Form of Convertible Promissory Note Purchase Agreement, dated as of January&nbsp;11, 2021, by&nbsp;and among Vallon Pharmaceuticals and the investors named therein (incorporated by reference to Exhibit 10.18 to the Registration Statement on Form S-1, initially filed with the SEC on October 23, 2020, as amended)</FONT></A></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-19.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.18</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-19.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-19.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1824293/000110465921003928/tm2030737d8_ex10-19.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Form of Convertible Promissory Note (incorporated by reference to Exhibit 10.19 to the Registration Statement on Form S-1, initially filed with the SEC on October 23, 2020, as amended)</FONT></A></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="tm2110271d1_ex21-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">21.1</FONT></A></TD>
    <TD><A HREF="tm2110271d1_ex21-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="tm2110271d1_ex21-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="tm2110271d1_ex21-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">List of subsidiaries</FONT></A></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#aa_026"><FONT STYLE="font-size: 10pt">24.1</FONT></A></TD>
    <TD><A HREF="#aa_026"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="#aa_026"><FONT STYLE="font-size: 10pt">&#8203;</FONT></A></TD>
    <TD><A HREF="#aa_026"><FONT STYLE="font-size: 10pt">Powers of Attorney for directors and certain executive officers (contained on the signature page)</FONT></A></TD>
    </TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="tm2110271d1_ex31-1.htm" STYLE="-sec-extract: exhibit">31.1</A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tm2110271d1_ex31-1.htm" STYLE="-sec-extract: exhibit">Certification of Principal Executive and Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</A></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="tm2110271d1_ex32-1.htm" STYLE="-sec-extract: exhibit">32.1+</A></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="tm2110271d1_ex32-1.htm" STYLE="-sec-extract: exhibit">Certification of Principal Executive and Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002</A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: normal 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->96<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless otherwise indicated, exhibits are filed herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">#</TD><TD>Indicates a management contract or any compensatory plan, contract or arrangement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">&#8224;</TD><TD>Indicates that portions of this exhibit (indicated by bracketed asterisks) are omitted in accordance with the rules of the
Securities and Exchange Commission because they are both (i)&nbsp;not material and (ii)&nbsp;would be competitively harmful if
publicly disclosed.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">+</TD><TD STYLE="text-align: justify">The certification attached as Exhibit 32.1 that accompany
this Annual Report on Form 10-K is not deemed filed with the Securities and Exchange Commission and is not to be incorporated
by reference into any filing of the Registrant under the Securities Act of 1933, as amended, or the Securities Exchange Act of
1934, as amended, whether made before or after the date of this Annual Report on Form 10-K, irrespective of any general incorporation
language contained in such filing.</TD>
</TR></TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><A NAME="aa_025"></A><B>Item&nbsp;16.&nbsp;&nbsp;&nbsp;Form&nbsp;10&#45;K
Summary</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="aa_027"></A><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of Section&nbsp;13
or 15(d)&nbsp;of the Securities Exchange Act of 1934, the Registrant has duly caused this Annual Report to be signed on its behalf
by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">VALLON PHARMACEUTICALS, INC.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>Date: March 29, 2021</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;/s/ David Baker</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: David Baker</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: President and Chief Executive Officer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="aa_026"></A><B>SIGNATURES AND POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS, that
each person whose signature appears below constitutes and appoints David Baker as his or her true and lawful attorneys-in-fact
and agents, each with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in
any and all capacities, to sign any and all amendments to this Annual Report on Form 10&#45;K and to file the same, with all exhibits
thereto and all documents in connection therewith, with the U.S. Securities and Exchange Commission, granting unto said attorneys-in-fact
and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to
be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and
confirming all that such attorneys-in-fact and agents or any of them, or his or her or their substitute or substitutes, may lawfully
do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, this Annual Report has been signed below by the following persons on behalf of the Registrant and in the
capacities and on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 38%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Title</B></FONT></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 23%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Date</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ David Baker</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">President, Chief Executive Officer and Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">March 29, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">David Baker</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Principal Executive, Financial and Accounting Officer)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Ofir Levi</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director, Chairman of the Board</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">March 29, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Ofir Levi</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Joseph Payne</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">March 29, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Joseph Payne</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Richard Ammer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">March 29, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Richard Ammer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Marella Thorell</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">March 29, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Marella Thorell</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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




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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INDEX TO FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; width: 89%"><A HREF="#f_004"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Report of Independent Registered Public Accounting Firm</FONT></A></TD>
    <TD STYLE="vertical-align: bottom; width: 11%"><A HREF="#f_004"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F-1</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#f_005"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Balance Sheets at December 31, 2020 and December 31, 2019</FONT></A></TD>
    <TD STYLE="vertical-align: bottom"><A HREF="#f_005"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F-2</FONT></A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#f_006"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Statements of Operations for the Years Ended December 31, 2020 and 2019</FONT></A></TD>
    <TD STYLE="vertical-align: bottom"><A HREF="#f_006"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F-3</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#f_001"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Statements of
    Stockholders&#8217; (Deficit) Equity for the Years Ended December 31, 2020 and 2019</FONT></A></TD>
    <TD STYLE="vertical-align: bottom"><A HREF="#f_001"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F-4</FONT></A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top"><A HREF="#f_002"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Statements of Cash Flows for the Years Ended December 31, 2020 and 2019</FONT></A></TD>
    <TD STYLE="vertical-align: bottom"><A HREF="#f_002"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F-5</FONT></A></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top"><A HREF="#f_003"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Notes to Financial Statements</FONT></A></TD>
    <TD STYLE="vertical-align: bottom"><A HREF="#f_003"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">F-6</FONT></A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="f_004"></A><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the Board of Directors and Stockholders
of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Vallon Pharmaceuticals, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Opinion on the Financial Statements
</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have audited the accompanying balance
sheets of Vallon Pharmaceuticals, Inc. (the &ldquo;Company&rdquo;) as of December 31, 2020 and 2019, and the related statements of
operations, stockholders&rsquo; (deficit) equity, and cash flows for each of the years then ended, and the related notes
(collectively referred to as the &ldquo;financial statements&rdquo;). In our opinion, the financial statements present fairly, in
all material respects, the financial position of the Company as of December 31, 2020 and 2019, and the results of its operations and
its cash flows for each of the years then ended, in conformity with accounting principles generally accepted in the United States of
America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Going Concern </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying financial statements have
been prepared assuming that the Company will continue as a going concern. As discussed in Note A[3] to the financial statements,
the Company has sustained a net loss and has experienced cash outflows from operations since inception that raise substantial doubt
about its ability to continue as a going concern. Management&rsquo;s plans in regard to these matters are also described in Note
A[3]. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #0070c0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Basis for Opinion </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These financial statements are the responsibility
of the Company&rsquo;s management. Our responsibility is to express an opinion on the Company&rsquo;s financial statements based
on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (&ldquo;PCAOB&rdquo;)
and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conducted our audits in accordance with
the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have,
nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required
to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the
effectiveness of the Company&rsquo;s internal control over financial reporting. Accordingly, we express no such opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our audits included performing procedures
to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made
by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a
reasonable basis for our opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ EisnerAmper LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have served as the Company&rsquo;s auditors
since 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">EISNERAMPER LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Iselin, New Jersey</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">March 29, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>VALLON PHARMACEUTICALS, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="f_005"></A><B>BALANCE SHEETS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(in thousands, except share and per share
amounts)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">December 31,</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">December 31,</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2020</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2019</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Current assets:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; width: 74%; text-align: left">Cash and cash equivalents</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">109</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">3,821</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Prepaid expenses and other current assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">565</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">101</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Total current assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">674</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,922</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">Finance lease right-of-use asset, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">279</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">353</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Property and equipment, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.375in; text-align: left; padding-bottom: 2.5pt">Total assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">955</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">4,276</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Liabilities and Stockholders' (Deficit) Equity</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Current liabilities:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left">Accounts payable</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,226</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">246</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left">Accrued expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">847</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">476</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left">Note payable, current</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">47</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; color: #212529; text-align: left; padding-bottom: 1pt">Finance lease liability, current</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">105</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">86</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Total current liability</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,225</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">808</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">Note payable, non-current</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">14</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left; padding-bottom: 1pt">Finance lease liabilities, non-current</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">170</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">254</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Total liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,409</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,062</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Commitments and contingencies (Note E)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Stockholders' (deficit) equity:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left">Common stock, $0.0001 par value; 250,000,000 shares authorized; 4,506,216 shares issued and outstanding as of December 31, 2020 and December&nbsp;31, 2019, respectively, which gives retroactive effect to the one-for-40 reverse stock split. See Notes A and K to these financial statements.</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Additional paid-in-capital</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">11,145</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10,991</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Accumulated deficit</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(12,599</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(7,777</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Total stockholders' (deficit) equity</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,454</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,214</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 2.5pt">Total
    liabilities and stockholders' (deficit) equity </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">955</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">4,276</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">See accompanying notes to these financial
statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>VALLON PHARMACEUTICALS, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="f_006"></A><B>STATEMENTS OF OPERATIONS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(in thousands, except share and per share
amounts)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Year Ended December 31, </TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2020</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2019</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Licensing revenue &ndash; related party</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">100</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 75%; text-align: left">Operating expenses:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left">Research and development</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,707</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,882</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">General and administrative</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,181</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,272</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left; padding-bottom: 1pt">Total operating expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">4,888</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,154</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Loss from operations</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(4,788</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(3,154</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Change in fair value of derivative liability</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(113</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Interest expense, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(34</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(197</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Net loss</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(4,822</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(3,464</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt">Net loss per share attributable to common stockholders, <BR>basic and diluted</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(1.07</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(0.98</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt">Weighted-average common shares outstanding <BR>basic and diluted</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">4,506,216</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,550,313</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">See accompanying notes to these financial
statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B>&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>VALLON PHARMACEUITACLS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="f_001"></A><B>STATEMENTS OF STOCKHOLDERS&#8217;
(DEFICIT)</B> <B>EQUITY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(in thousands, except shares)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Common Stock</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><B>Stockholders&rsquo;</B></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Shares(1)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Amount</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Additional<BR> Paid in Capital</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Accumulated<BR> Deficit</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">(Deficit)<BR>
Equity</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 35%">Balance, December&nbsp;31, 2018</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">2,812,506</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">4,466</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">(4,313</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">153</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Issuance of common stock for convertible <BR>notes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">383,849</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,465</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,465</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Issuance of common stock for July 2019 <BR>financing</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,309,861</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,980</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,980</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Stock-based compensation</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">80</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">80</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Net loss</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(3,464</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(3,464</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Balance, December 31, 2019</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,506,216</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">-</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10,991</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(7,777</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,214</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Stock-based compensation</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">154</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">154</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Net loss</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(4,822</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(4,822</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Balance, December 31, 2020</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">4,506,216</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">11,145</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(12,599</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,454</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">The number of shares above give retroactive effect to the one-for-40 reverse stock split. See Notes
A and K to these financial statements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">See accompanying notes to these financial
statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>VALLON PHARMACEUTICALS, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="f_002"></A><B>STATEMENTS OF CASH FLOWS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(in thousands)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Year Ended December 31,</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><B>2020</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2019</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Cash flows from operating activities:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; width: 74%; text-align: left">Net loss</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">(4,822</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">(3,464</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left">Adjustments to reconcile net loss to cash used in operating activities:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Amortization of debt discount and deferred financing fees</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">190</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Amortization of finance lease right-of-use asset</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">74</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">15</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Change in fair value of derivative liability</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">113</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Non-cash interest expense</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">22</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Stock-based compensation expense</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">154</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">80</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Depreciation expense</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Change in operating assets and liabilities:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.375in; text-align: left">Prepaid expenses and other current assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(464</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(77</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.375in; text-align: left">Accounts payable</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">980</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(40</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.375in; text-align: left; padding-bottom: 1pt">Accrued expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">371</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">276</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.625in; text-align: left; padding-bottom: 1pt">Net cash used in operating activities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(3,706</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(2,884</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Cash flows from investing activities:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Purchase of property and equipment</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.625in; text-align: left; padding-bottom: 1pt">Net cash used in investing activities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Cash flows from financing activities:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left">Proceeds from common stock issuance, net of offering expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,980</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left">Proceeds from notes payable</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">61</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left">Proceeds from convertible notes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,150</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left">Deferred financing fees related to convertible notes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(10</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Payment of finance lease liability</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(65</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(28</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.625in; text-align: left; padding-bottom: 1pt">Net cash (used in) provided by financing activities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6,092</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Net (decrease) increase in cash and cash equivalents</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(3,712</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,208</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Cash and cash equivalents, at beginning of year</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,821</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">613</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt">Cash and cash equivalents, at end of year</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">109</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,821</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Supplemental disclosure of cash flows information:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left">Interest paid</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Noncash financing activities:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left">Finance lease ROU asset obtained in exchange for lease obligation</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">368</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left">Debt discount for derivative liability</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">180</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">See accompanying notes to these financial
statements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>VALLON PHARMACEUTICALS,
INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><A NAME="f_003"></A><B>NOTES TO DECEMBER
31, 2020 AND 2019 FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>Note A - Nature of
Operations, Business, Going Concern and Liquidity</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.35in"><B>[1]</B></TD><TD><B>Nature of operations:</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: left">Vallon Pharmaceuticals, Inc.
(&quot;Vallon&quot; or the &quot;Company&quot;), a Delaware corporation, is a biopharmaceutical company based in Philadelphia,
PA, which is focused on the development and commercialization of proprietary biopharmaceutical products. The Company&#8217;s only
clinical-stage product currently under development is ADAIR, a proprietary, abuse-deterrent oral formulation of immediate-release
(short-acting) dextroamphetamine for the treatment of Attention-deficit/hyperactivity disorder, or ADHD, and Narcolepsy. The Company
plans to develop other abuse-deterrent products which have potential for abuse in their current forms, beginning with the development
of ADMIR, an abuse deterrent formulation of Ritalin, for which the Company is conducting formulation development work.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: left">Vallon Pharmaceuticals, Inc.
was incorporated in Delaware on January 11, 2018, which is the date of inception. The Company's fiscal-year ends on December 31.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: left"><FONT STYLE="background-color: white">Immediately
prior to the closing of the IPO (as defined below), the Company effected a </FONT>one-for-40 reverse stock split of its common
stock. All share and per share amounts, excluding the number of authorized shares and par value, contained in these financial statements
and accompanying notes, and this Annual Report on Form 10-K give retroactive effect to the reverse split.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.35in"><B>[2]</B></TD><TD><B>Business formation:</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: left">On November 15, 2017, before
the Company&#8217;s formation, Amiservice Development Ltd., a BVI corporation (&#8220;Amiservice&#8221;) entered into an agreement
for the purchase of the ADAIR product rights for a payment of $250,000. The Asset Purchase Agreement (&#8220;the APA&#8221;), by
and between Amiservice and Arcturus Therapeutics Ltd. (&#8221;Arcturus&#8221;), was subject to several closing conditions. One
of the key terms and conditions of the APA was that the purchasers provide funding of at least $2.75 million towards the development
of ADAIR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: left">On February 11, 2018, Ofir Levi,
Chairman of the newly formed Vallon, purchased 196,875 common shares from the Company at par value for $788. On June 7, 2018, Vallon
entered into a stock purchase agreement with several investors pursuant to which Vallon issued 1,771,881 common shares for $3.0
million (&#8220;Private Placement&#8221;). Subsequently, on June 22, 2018, the Company executed the amended APA, by and between
Arcturus Therapeutics Ltd. Such APA was amended and restated from the initial agreement discussed above, dated as of November 15,
2017. In exchange for the ADAIR product rights, Vallon issued 843,750 common shares to Arcturus, valued at approximately $1.4 million
based upon the price at which the common shares were issued and sold in the Private Placement, which comprised approximately 30%
of the then-outstanding common stock of the Company, on a fully diluted basis. In addition, Amiservice signed a consent and release
agreement to all rights to the APA in exchange for approximately $562,000 which represented a reimbursement for expenses Amiservice
incurred on Vallon&#8217;s behalf in the amount of approximately $310,000, the repayment of two promissory notes totaling approximately
$192,000 including interest, and approximately $60,000 of other operating expenses incurred. The assets acquired in the ADAIR acquisition
are classified as in-process research and development (&#8220;IPR&amp;D&#8221;). Accounting for IPR&amp;D assets in an asset acquisition
follows the guidance in Accounting Standards Codifications (&#8220;ASC&#8221;) 730, <I>Research and Development</I>, which requires
that both tangible and intangible identifiable research and development assets with no alternative future use be allocated a portion
of the consideration transferred and charged to expense at the acquisition date. The Company recorded $1.7 million to research
and development expense on June 22, 2018, the date of acquisition, which included $1.4 million of common shares issued for the
acquisition, as well as, the original $250,000 exclusivity payment and approximately $60,000 in transaction fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>VALLON PHARMACEUTICALS,
INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>NOTES TO DECEMBER
31, 2020 AND 2019 FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>Note A - Nature of
Operations, Business and Going Concern Liquidity (continued)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.35in"><B>[3]</B></TD><TD><B>Going Concern and Liquidity:</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: left">The accompanying financial statements
have been prepared on the basis that the Company is a going concern, which contemplates, among other things, the realization of
assets and satisfaction of liabilities in the normal course of business. The Company has not generated any significant revenues
from operations since inception, and does not expect to do so in the foreseeable future. The Company has incurred operating losses
in the amount of $4.8&nbsp;million for the year ended December 31, 2020 and negative operating cash flows since inception, and
expects to continue to do so for at least the next few years. The Company has financed its working capital requirements to date
through the issuance of common stock, convertible notes, short-term promissory notes, and a Paycheck Protection Program note (PPP)
as described in Note A[2] and C. On December 31, 2020, the Company had cash and cash equivalents totaling approximately $109,000.
As a result, management has concluded that there is substantial doubt about the Company&#8217;s ability to continue as a going
concern within one year of the date that the financial statements are being issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: left">On January 11, 2021, the Company
completed a $350,000 convertible note financing and on February 12, 2021, the Company closed on its initial public offering (IPO)
raising net proceeds of $15.5 million as described in Note K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: left">The Company&#8217;s ability to
continue as a going concern is dependent on its ability to raise additional capital to fund its business activities, including
its research and development program. The Company&#8217;s objective is to develop and commercialize biopharmaceutical products
that treat central nervous system disorders, but there can be no assurances that we will be successful in this regard. Therefore,
the Company intends to raise capital through additional issuances of common stock and /or short-term notes. Furthermore, the Company
may not be able to obtain additional financing on acceptable terms and in the amounts necessary to fully fund its future operating
requirements. If the Company is unable to obtain sufficient cash resources to fund its operations, it may be forced to reduce or
discontinue its operations entirely. The accompanying 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 result from this uncertainty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>Note B - Summary of
Significant Accounting Policies</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.35in"><B>[1]</B></TD><TD STYLE="text-align: justify"><B>Use of estimates:</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: left">The preparation of financial
statements in conformity with accounting principles generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Estimates
and assumptions are primarily made in relation to the valuation of share options, valuation allowances relating to deferred tax
assets, revenue recognition, accrued expenses and estimation of the incremental borrowing rate for the finance lease. If actual
results differ from the Company&#8217;s estimates, or to the extent these estimates are adjusted in future periods, the Company&#8217;s
results of operations could either benefit from, or be adversely affected by, any such change in estimate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>VALLON PHARMACEUTICALS,
INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO DECEMBER
31, 2020 AND 2019 FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Note
B - Summary of Significant Accounting Policies (continued)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.35in; text-align: left"><B>[2]</B></TD><TD STYLE="text-align: justify"><B>Revenue recognition:</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: left">The Company has accounted for
its license agreement with MEDICE&nbsp;Arzneimittel&nbsp;P&uuml;tter&nbsp;GmbH &amp; Co. KG, or&nbsp;Medice, described in Note
G in accordance with ASC 606&#8211; <I>Revenue from Contracts with Customers</I> (adopted by the Company in 2019) as it determined
that a contract does exist and Medice, a related party, is a customer in the context of the Company&#8217;s business. The Company
determined there is a single performance obligation with respect to its involvement in the joint development committee and thus
the entire $100,000 allocable consideration was assigned to that accounting unit and recognized in the first quarter of 2020. The
Company estimated the estimated costs of the Company&#8217;s participation on the JDC (which is estimated to occur from the first
quarter of 2020 through the first quarter of 2025), at $100,000 and accrued for this at the date of agreement. The accrual will
be released on a straight-line basis of an initially estimated period of 5.25 years through the first quarter of 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.35in; text-align: left"><B>[3]</B></TD><TD STYLE="text-align: justify"><B>Stock-based compensation:</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: left">The Company recognizes expense
for employee and non-employee stock-based compensation in accordance with Accounting Standards Codification (&#8220;ASC&#8221;)
Topic 718, <I>Stock-Based Compensation</I>. ASC 718 requires that such transactions be accounted for using a fair value based method.
The estimated fair value of the options is amortized over the vesting period, based on the fair value of the options on the date
granted, and is calculated using the Black-Scholes option-pricing model. The Company accounts for forfeitures as incurred. In considering
the fair value of the underlying stock when the Company granted options, the Company considered several factors including the fair
values established by market transactions. Stock option-based compensation includes estimates and judgments of when stock options
might be exercised and stock price volatility. The timing of option exercises is out of the Company's control and depends upon
a number of factors including the Company's market value and the financial objectives of the option holders. These estimates can
have a material impact on the stock compensation expense but will have no impact on the cash flows. The estimation of share-based
awards that will ultimately vest requires judgment, and to the extent actual results or updated estimates differ from original
estimates, such amounts are recorded as a cumulative adjustment in the period the estimates are revised. The stock options granted,
other than the 61,250 granted to Mr. Baker described in Note E[1], as of December 31, 2020 vest primarily upon specified performance
milestones. As Mr. Baker&#8217;s stock option grant is pursuant to milestones associated with an underwritten public offering or
a listing on a national stock exchange, management determined that no expense should be recognized for this grant until such time
that the milestone becomes probable. The options vested on February 12, 2021, concurrent with the closing of the Company&#8217;s
IPO. The Company elected to use the expected term, rather than the contractual term, for both employee and consultant options issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.35in; text-align: left"><B>[4]</B></TD><TD STYLE="text-align: justify"><B>Concentration of credit risk:</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: left">The Company from time to time
during the period covered by these financial statements may have had bank account balances in excess of federally insured limits.
The Company has not experienced losses in such accounts. The Company believes that it is not subject to unusual credit risk beyond
the normal credit risk associated with commercial banking relationships.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.35in; text-align: left"><B>[5]</B></TD><TD STYLE="text-align: justify"><B>Research and development:</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: left">Research and development costs
are expensed as incurred. Research and development expenses include personnel costs associated with research and development activities,
including third party contractors to perform research, conduct clinical trials and manufacture drug supplies and materials. The
Company accrues for costs incurred by external service providers, including contract research organizations and clinical investigators,
based on its estimates of service performed and costs incurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>VALLON PHARMACEUTICALS,
INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO DECEMBER
31, 2020 AND 2019 FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Note
B - Summary of Significant Accounting Policies (continued)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.35in; text-align: left"><B>[6]</B></TD><TD STYLE="text-align: justify"><B>Deferred financing fees:</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: left">Deferred financing fees related
to a recognized debt liability are presented in the balance sheets as a direct deduction from the carrying amount of that debt
liability, consistent with debt discounts. Debt discounts and deferred financing fees are amortized to interest expense over the
term of the related debt using the effective interest method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.35in; text-align: left"><B>[7]</B></TD><TD STYLE="text-align: justify"><B>Cash equivalents:</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: left">Cash equivalents are highly-liquid
investments that are readily convertible into cash with original maturities of three months or less when purchased and as of December
31, 2020 and 2019 included investment in money market funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.35in; text-align: left"><B>[8]</B></TD><TD STYLE="text-align: justify"><B>Fair value measurements:</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: left">The Company follows ASC 820,
<I>Fair Value Measurements and Disclosures</I>, to measure the fair value of its financial statements and disclosures about fair
value of its financial instruments. ASC 820 establishes a framework for measuring fair value in GAAP, and expands disclosures about
fair value measurements. Fair value is defined as the price that would be received from selling an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement date. To increase consistency and comparability
in fair value measurements and related disclosures, ASC 820 establishes a fair value hierarchy which prioritizes the inputs to
valuation techniques used to measure fair value into three broad levels. The three levels of fair value hierarchy defined by ASC
820 are described below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 45pt 0pt 99pt; text-align: justify; text-indent: -45pt">Level 1:&nbsp;&nbsp;&nbsp;&nbsp;Quoted
market prices available in active markets for identical assets or liabilities as of the reporting date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 45pt 0pt 99pt; text-align: justify; text-indent: -45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 45pt 0pt 99pt; text-align: justify; text-indent: -45pt">Level 2:&nbsp;&nbsp;Pricing
inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of
the reporting date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 45pt 0pt 99pt; text-align: justify; text-indent: -45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 45pt 0pt 99pt; text-align: justify; text-indent: -45pt">Level 3:&nbsp;&nbsp;&nbsp;&nbsp;Pricing
inputs that are generally unobservable inputs and not corroborated by market data.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: left">The fair value hierarchy gives
the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lower priority
to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described
above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument.
The Company uses this framework for measuring fair value and disclosures about fair value measurement. The Company uses fair value
measurements in areas that include derivative instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: left">The Company recognizes transfers
between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. The carrying
amounts reported in the balance sheets for cash and cash equivalents, prepaid expenses and other current assets, accounts payable,
accrued expenses, and note payable approximate their fair value based on the short-term maturity of these instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>VALLON PHARMACEUTICALS,
INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO DECEMBER 31, 2020 AND 2019 FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Note
B - Summary of Significant Accounting Policies (continued)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.35in; text-align: left"><B>[9]</B></TD><TD STYLE="text-align: justify"><B>Derivative Instruments:</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: left">The Company evaluated its convertible
notes to determine if those contracts or embedded components of those contracts qualified as derivatives to be separately accounted
for in accordance with ASC 815, <I>Derivatives and Hedging</I>. The result of this accounting treatment is that the fair value
of the embedded derivative is marked to market each balance sheet date and recorded as a liability. In the event that the fair
value is recorded as a liability, the change in fair value is recorded in the statements of operations as other income or expense.
Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at the conversion date and then
that fair value is reclassified to equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: left">In circumstances where the embedded
conversion option in a convertible instrument is required to be bifurcated and there are also other embedded derivative instruments
in the convertible instrument that are required to be bifurcated, the bifurcated derivative instruments are accounted for as a
single, compound derivative instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: left">Equity instruments that are
initially classified as equity that become subject to reclassification are reclassified to liability at the fair value of the instrument
on the reclassification date. Derivative instrument liabilities are classified in the balance sheets as current or non&#45;current
to correspond with its host instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.35in; text-align: left"><B>[10]</B></TD><TD STYLE="text-align: justify"><B>Income taxes:</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: left">The Company accounts for income
taxes using the asset-and-liability method in accordance with ASC Topic 740, <I>Income Taxes</I>. Deferred tax assets and liabilities
are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of
existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets
and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled. The effect on the deferred tax assets and liabilities of a change in tax rate
is recognized in the period that includes the enactment date. A valuation allowance is recorded if it is more-likely-than-not that
some portion or all of the deferred tax assets will not be realized in future periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt">The Company follows the guidance in ASC Topic 740-10
in assessing uncertain tax positions. The standard applies to all tax positions and clarifies the recognition of tax benefits in
the financial statements by providing for a two-step approach of recognition and measurement. The first step involves assessing
whether the tax position is more-likely-than-not to be sustained upon examination based upon its technical merits. The second step
involves measurement of the amount to be recognized. Tax positions that meet the more-likely-than-not threshold are measured at
the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate finalization with the taxing
authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: left">The Company&#8217;s policy is
to record income tax related interest and penalties as a component of income tax expense, in which there were no amounts recorded
for the years ended December 31, 2020 or 2019. The Company did not identify any uncertain tax positions taken or expected to be
taken that would require an adjustment or disclosure in the financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.35in; text-align: left"><B>[11]</B></TD><TD STYLE="text-align: justify"><B>Property and equipment:</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: left">Property and equipment are stated
at cost. The Company commences depreciation when the asset is placed in service. Computers and peripheral equipment are depreciated
on a straight-line method over useful lives of three years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>VALLON PHARMACEUTICALS,
INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO DECEMBER 31, 2020 AND 2019 FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Note
B - Summary of Significant Accounting Policies (continued)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.35in; text-align: left"><B>[12]</B></TD><TD STYLE="text-align: justify"><B>Loss per share:</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: left">Basic loss per share is computed
based on the weighted average number of shares of common stock outstanding during each year. Diluted loss per share is computed
based on the weighted average number of shares of common stock outstanding during each year, plus the dilutive effect of options
considered to be outstanding during each year, in accordance with ASC 260, <I>Earnings Per Share</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.35in; text-align: left"><B>[13]</B></TD><TD STYLE="text-align: justify"><B>Recent accounting pronouncements:</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: left">The Company considers the applicability
and impact of all Accounting Standards Updates (&#8220;ASUs&#8221;). ASUs not discussed below were assessed and determined to be
either not applicable or are expected to have minimal impact on the financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: left"><FONT STYLE="background-color: white">In
February 2016, the FASB issued ASU 2016-02, <I>Leases (Topic 842)</I>. This new standard was issued to increase transparency and
comparability among entities by recognizing for all leases lease assets and lease liabilities on the balance sheet and disclosing
key information about lease arrangements. </FONT>This new standard is <FONT STYLE="background-color: white">effective for public
companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Subsequently, in
July of 2018, the FASB issued ASU 2018-10, <I>Codification Improvements to Topic 842, Leases</I>, and ASU 2018-11, <I>Leases (Topic
842): Targeted Improvements</I>, both of which clarify and enhance the certain amendments made in ASU 2016-02. The Company adopted
these</FONT> standards on January 1, 2019. Refer to Note H for further detail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 27pt">On January 1, 2020, the Company adopted ASU 2018-13
 &#8211; Fair Value Measurement (Topic 820) - Disclosure Framework&#8212; Changes to the Disclosure Requirements for Fair Value
Measurement, which modifies the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement. Certain
amendments apply prospectively with all other amendments applied retrospectively to all periods presented upon their effective
date. The adoption of this standard effective January 1, 2020 did not have a material impact on the Company&#8217;s financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 27pt">On January 1, 2020, the Company adopted ASU 2018-18
 &#8211; Collaborative Arrangements &#8212; Clarifying the Interaction between Topic 808 and Topic 606, which clarifies that certain
transactions between collaborative arrangement participants should be accounted for as revenue under Topic 606 when the collaborative
arrangement participant is a customer in the context of a unit of account. In those situations, all the guidance in Topic 606 should
be applied, including recognition, measurement, presentation, and disclosure requirements. The guidance has been applied retrospectively
to all contracts that were not completed at the date of initial application of Topic 606. The adoption of this standard effective
January 1, 2020 did not have a material impact on the Company&#8217;s financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><B><I>Accounting pronouncements
yet to be adopted: </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: left">In December 2019, the FASB issued
ASU 2019-12, &quot;Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes&#8221;. ASU 2019-12 simplifies the accounting
for income taxes by removing certain exceptions to the general principals in Topic 740. The amendments also improve consistent
application of and simplify generally accepted accounting principles (GAAP) for other areas of Topic 740 by clarifying and amending
the existing guidance. For public business entities, the guidance is effective for annual periods, and interim periods within those
annual periods, beginning after December 15, 2020. Early adoption is permitted, including adoption in any interim period. The Company
is currently assessing the impact of ASU 2019-12 on the Company&#8217;s financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>VALLON PHARMACEUTICALS,
INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO DECEMBER 31, 2020 AND 2019 FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Note
B - Summary of Significant Accounting Policies (continued)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.35in; text-align: left"><B>[14]</B></TD><TD STYLE="text-align: justify"><B>Leases:</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: left; color: #212529">The Company
determines whether an arrangement is a lease at contract inception by establishing if the contract conveys the right to use, or
control the use of, identified property, plant, or equipment for a period of time in exchange for consideration. Leases may be
classified as finance leases or operating leases. Lease right-of-use (ROU) assets and lease liabilities recognized in the accompanying
balance sheet represent the right to use an underlying asset for the lease term and an obligation to make lease payments arising
from the lease respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: left; color: #212529">The Company
has a finance lease in relation to equipment that will be utilized in its commercial product manufacturing process. Financing lease
ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of minimum lease payments
over the lease term. The Company utilized the interest rate implicit in the lease. The lease term is based on the non-cancellable
period in the lease contract. Any termination fees are included in the calculation of the ROU asset and lease liability when it
is assumed that the lease will be terminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: left; color: #212529">At each reporting
date, the finance lease liabilities are increased by interest and reduced by repayments made under the lease agreements. The ROU
asset is subsequently measured at the amount of the remeasured lease liability (i.e. the present value of the remaining lease payments),
any cumulative prepaid or accrued rent if the lease payments are uneven throughout the lease term, and any unamortized initial
direct costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: left; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>Note C &#8211; PPP
Note and Convertible Notes</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: left">There were no notes payable
outstanding as of December 31, 2019. In May 2020, the Company entered into a note under the PPP totaling $61,000. As of December
31, 2020, the Company has utilized the entire proceeds from such note for payroll costs (greater than 75%), costs related to health
care benefits and rent payments. As such, the Company believes the note meets the requirements for forgiveness under the program
and intends to seek such note forgiveness. The Company has accounted for the note under ASC 470. The note has a stated interest
rate of 1% and has a two year maturity. Payments are required to be made over a 1.5 year period beginning November 1, 2020 unless
forgiven. The Company has not imputed interest on the note as the rate is determined to be a below-market rate due to the scope
exception in ASC 835-30-15-3(e) for government-mandated interest rates. If all or a portion of the PPP note is ultimately forgiven,
the Company will record income from the extinguishment of its obligation when it is legally released from being the primary obligor
in accordance with ASC 405-20-40-1. Amounts due under the next twelve months are presented as notes payable &#8211; current on
the Company&#8217;s balance sheet. In January 2021, the PPP note was entirely forgiven. See Note K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: left">In April 2019, the Company entered
into Convertible Promissory Note Purchase Agreements with certain existing stockholders and SALMON Pharma GmbH (&ldquo;<I>Salmon
Pharma</I>&rdquo;), an affiliate of Medice, pursuant to which the Company issued Convertible Notes for cash proceeds of $1,150,000.
The Convertible Notes had an interest rate of 7.0% per annum, non-compounding, and had a maturity date of January 1, 2020. Upon
the maturity date, the principal amount was due and payable to the note holder in one lump sum. Accrued interest on these Convertible
Notes as of July 25, 2019 was $22,000. These notes contained a mandatory conversion feature of the notes into a variable number
of shares of the identical equity security issued to the investors upon future qualified financing at a price per share equal
to 90% of the price per share paid by other investors purchasing the securities in the qualified financing if the qualified financing
occurred on or prior to the 45<SUP>th</SUP> day after April 11, 2019 and 80% of the price per share paid by other investors purchasing
the securities in the qualified financing if the qualified financing occurred after the 45<SUP>th</SUP> day after April 11, 2019.
On July 25, 2019, the Company entered into a Stock Purchase Agreement with Salmon Pharma pursuant to which the Company sold and
issued 1,309,861 shares of its common stock for aggregate cash proceeds of $5.0 million, the &#8220;July 2019 Financing&#8221;.
Pursuant to the terms of the Convertible Notes, the Convertible Notes, inclusive of accrued interest, converted into an aggregate
of 383,849 shares of the Company&#8217;s common stock at a conversion price of $3.04 per share upon closing of the July 2019 Financing.
The Company identified the mandatory conversion into shares as a redemption feature, which requires bifurcation from the notes
and treated it as a derivative liability under ASC 815 as the redemption feature is not clearly and closely related to the debt
host. The Company evaluated the fair value of the derivative liability at inception and determined the value was $180,000. Such
amounts are reflected at its fair value at the end of each reporting period. Each of the series of notes were subject to a conversion
discount of 10% or 20%, respectively. The discounts have been accounted for as a debt discount and were amortized using the effective
interest method over the term of the notes. Upon the closing of the July 2019 Financing, the embedded derivative liability was
remeasured and then adjusted to zero as part of the conversion of the Convertible Notes to the Company&#8217;s common stock.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-variant: small-caps"><B>VALLON PHARMACEUTICALS, INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-variant: small-caps"><B>NOTES TO DECEMBER 31, 2020 AND 2019 FINANCIAL STATEMENTS&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>Note D - Fair Value
Measurements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: left">The fair value of the embedded
derivative liability identified in Convertible Notes was estimated using a Monte Carlo simulation. The derivative liability was
a Level 3 fair value measurement. The significant probability is that of a qualified financing occurring. At the fair value determination
date, the Company estimated a 65% probability of a qualified financing occurring before the 45<SUP>th</SUP> day from April 11,
2019 and a 25% probability of a qualified financing occurring after the 45<SUP>th</SUP> day from April 11, 2019. An increase (decrease)
in the probability of a qualified financing occurring would result in an increase (decrease) to the fair value. As of July 25,
2019, the embedded derivative was remeasured based upon the conversion price of $3.04 per share upon closing of the July 2019 Financing.
As such, an additional expense of $28,000 was recorded in the third quarter of 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>&nbsp;&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: left">For the year ended December
31, 2019, the Company recognized amortization of the debt discount as an additional interest charge in the amount of $180,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: left">The following table presents
the activity for the liability measured at estimated fair value using unobservable inputs for the year ended December 31, 2019
(in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%; margin-left: 8%">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Beginning balance at January 1, 2019</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 87%; text-align: left">Additions during the year</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">180</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Change in fair value</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">113</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Transfer in and/or out of Level 3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(293</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Balance at December 31, 2019</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B></B></FONT></P>

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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-variant: small-caps"><B>VALLON PHARMACEUTICALS, INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-variant: small-caps"><B>NOTES TO DECEMBER 31, 2020 AND 2019 FINANCIAL STATEMENTS&nbsp;</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>Note E &#8211; Commitments,
Contingencies and Uncertainties</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.35in; text-align: left"><B>[1]</B></TD><TD STYLE="text-align: justify"><B>Employment agreements:</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: left">On January 15, 2019, the
Company entered into an employment agreement with David Baker (the &#8220;Baker Agreement&#8221;), to serve as its President
and Chief Executive Officer. The Baker Agreement includes a severance benefit equal to four months of base salary or one year
of base salary after the listing of the Company&#8217;s common stock on a securities exchange, plus one additional month for
each year of completed employment during the period commencing on the date of the first Exchange Listing (up to a maximum of
nine additional months, so that total severance does not ever exceed twelve months), and twelve months after a change in
control, with continued medical benefits during the applicable severance period and an opportunity to earn a pro-rated bonus
in the year of termination. In addition, the Baker Agreement also provided for the acceleration of vesting of the stock
options granted to Mr. Baker on October 1, 2018 covering 31,250 unvested shares of the Company&#8217;s common stock; and a
grant of an additional option to purchase up to 2.0% of the fully diluted shares of common stock of the Company at an
exercise price per share of $2.20, that shall vest in installments and become exercisable as follows: 50.0% on the date the
Company closes a firm-commitment underwritten public offering of its common stock pursuant to an effective registration
statement, and 50.0% on the earlier of (a) an Exchange Listing (which occurred on February 9, 2021), or (b) the achievement
of a market capitalization for the Company equal to $50.0 million or more, with accelerated vesting on a change in control.
Such options totaling 61,250 were granted on February 5, 2019. The acceleration of vesting of the stock options granted on
October 1, 2018 resulted in stock compensation expense of $54,000 for the year ended December 31, 2019. Pursuant to the
completion of the Company&rsquo;s IPO discussed in Note K, the February 5, 2019 options were fully vested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.35in; text-align: left"><B>[2]</B></TD><TD STYLE="text-align: justify"><B>Clinical trial agreements<FONT STYLE="font-variant: small-caps">:</FONT></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: left">In May 2019, the Company entered
into a service agreement with a clinical research organization to provide clinical trial management services to the Company to
assist the Company in its now completed Phase 1 clinical trial of ADAIR, Study VAL-103. Approximately $50,000 and $592,000 was
expensed under the agreement during the years ended December 31, 2020 and 2019, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: left">In January 2020, the Company
entered into a service agreement, amended August 2020, with a clinical research organization to provide clinical trial management
services to the Company to assist the Company in its Phase 3 clinical trial of ADAIR, Study VAL-104. The agreement may be terminated
by either party upon thirty days prior written notice. The total clinical trial cost is expected to be $2.5 million of which approximately
$870,000 and $6,000 was expensed to research and development under the agreement during the years ended December 31, 2020 and 2019,
respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>VALLON PHARMACEUTICALS,
INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>NOTES TO DECEMBER 31, 2020 AND 2019 FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>Note E - Commitments,
Contingencies and Uncertainties (Continued)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.35in; text-align: left"><B>[3]</B></TD><TD STYLE="text-align: justify"><B>Consulting agreements<FONT STYLE="font-variant: small-caps">:</FONT></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: left">Effective January 15, 2018,
the Company entered into a consulting agreement with a consultant to serve in the lead commercial and operating role in the development
of ADAIR. Pursuant to the consulting agreement, the Company paid for monthly services and agreed to pay $150,000 in cash bonuses
upon the achievement of certain development milestones. In addition, the Company granted the consultant 46,875 options. Effective
January 1, 2019 the consultant became an employee of the Company as described in Note E[1].</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: left">Effective April 2, 2018, the
Company entered into a consulting agreement with a consultant to serve as the Chief Medical Officer for the Company. Pursuant to
the consulting agreement, the consultant is paid $10,000 per month for his services. On October 1, 2018, the Company granted the
consultant 15,625 options. For the years ended December 31, 2020 and 2019, the Company has incurred consulting fees in the amount
of approximately $122,000 and $121,000, respectively, under the agreement. The agreement may be terminated by either party with
30 days&#8217; notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.35in; text-align: left"><B>[4]</B></TD><TD STYLE="text-align: justify"><B>Manufacturing agreements:</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: left">In August 2019, the Company
entered into an agreement with a contract manufacturer for the commercial scale up and registration batches for ADAIR. The total
contract is estimated at $1.4 million of which approximately $423,000 and $179,000 was expensed under the agreement during the
years ended December 31, 2020 and 2019, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: left">In October 2019, the Company entered
into an agreement with a contract manufacturer for the formulation and development for an abuse-deterrent formulation of Ritalin.
The total contract is estimated at $232,000, of which $182,000 and $5,000 was expensed during the years ended December 31, 2020
and 2019, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.35in; text-align: left"><B>[5]</B></TD><TD STYLE="text-align: justify"><B>Pre-clinical agreement included in research and development
expense:</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: left">In November 2019, the Company
entered into an agreement with a clinical research organization for pre-clinical services. The total contract currently authorized
is estimated at $1.1 million of which $808,000 and $6,000 was expensed during the year ended December 31, 2020 and 2019, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.35in; text-align: left"><B>[6]</B></TD><TD STYLE="text-align: justify"><B>COVID-19 impact</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: left">The global COVID-19 pandemic
continues to rapidly evolve, and the Company continues to monitor the COVID-19 situation closely. The COVID-19 pandemic caused
some delays at the Company&#8217;s clinical trial sites, contract research organizations, or CROs, and third-party manufacturers,
which in turn resulted in some delays in the FDA approval process; however, these delays have been largely remediated. However,
the extent of the impact of the COVID-19 on the Company&#8217;s business, operations and clinical development timelines and plans
remains uncertain, and will depend on certain developments, including the duration and spread of the outbreak and its future impact
on the Company&#8217;s clinical trial enrollment, clinical trial sites, CROs, third-party manufacturers, and other third parties
with whom it does business, as well as its impact on regulatory authorities and the Company&#8217;s key scientific and management
personnel. The ultimate impact of the COVID-19 pandemic or a similar health epidemic is highly uncertain and subject to change.
To the extent possible, the Company is conducting business as usual, with necessary or advisable modifications to employee travel
and with many of its employees and consultants working remotely. The Company will continue to actively monitor the rapidly evolving
situation related to COVID-19 and may take further actions that alter its operations, including those that may be required by federal,
state or local authorities, or that it determines are in the best interests of its employees and other third parties with whom
the Company does business. At this point, the extent to which the COVID-19 pandemic may affect the Company&#8217;s business, operations
and clinical development timelines and plans, including the resulting impact on its expenditures and capital needs, remains uncertain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: left">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>VALLON PHARMACEUTICALS,
INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>NOTES TO DECEMBER 31, 2020 AND 2019 FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Note
F - Equity Incentive Plan</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: left">On October 1, 2018, the Company
adopted the 2018 Equity Incentive Plan (the &quot;Plan&quot;). The Plan provides for the granting of stock options, restricted
stock, or restricted stock units (collectively, the &quot;Awards&quot;). The Plan gives authority to the Board of Directors to
administer and implement the Plan, including authority to determine the terms and conditions for all grants of Awards. The terms
and conditions of each Award are determined by the Board or a committee designated by the Board. Under the Plan, the administrator
may grant incentive stock options or non-qualified stock options with a term not to exceed 10 years from the grant date and at
an exercise price per share that shall not be less than 100% of the fair market value of the share on the date of the grant. Restricted
stock may be issued either alone or in conjunction with other awards. Any awards that expire, terminate or are cancelled or forfeited
for any reason without having been exercised in full will again become available for grant under the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: left">The original maximum number
of shares that may be subject to Awards under the Plan is 148,025. On January 1, 2020 and 2019 the Board authorized an increase
to the Awards under the Plan by 4% of the then outstanding common shares pursuant to the terms of the Plan, totaling 180,248 and
112,500, respectively; thus the total number of shares authorized under the Plan as of December 31, 2020 was 440,773.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: left">On October 1, 2018, the Company
granted 46,875 options to a consultant, who as of January 15, 2019 became an employee, which were to vest upon certain milestone
events and one-sixth of which vested on grant; 15,625 options to a second outside consultant which vest upon certain milestone
events and 46,875 options to a third outside consultant which vest upon certain milestone events. On January 15, 2019, the Company
accelerated the 31,250 unvested options granted to the outside consultant pursuant to an employment agreement with the consultant.
<FONT STYLE="color: #222222; background-color: white">The weighted average grant date fair value of options granted under the Plan
in October 2018, using the Finnerty option-pricing model and taking into account the lack of marketability was approximately $1.84
per share which the Company utilized for the exercise price of the granted options.&nbsp; The Company utilized an outside valuation
firm to determine the overall value of the Company based upon a discounted cash flow analysis and a market approach.&nbsp;&nbsp;On
February 5, 2019, pursuant to the January 15, 2019 employment agreement, the Company granted the employee 61,250 options.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="color: #222222; background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="color: #222222; background-color: white"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>VALLON PHARMACEUTICALS,
INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>NOTES TO DECEMBER
31, 2020 AND 2019 FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Note
F - Equity Incentive Plan (continued)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify; color: #222222">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: left"><FONT STYLE="color: #222222; background-color: white">For
the calculation of the fair value of stock option awards upon grant, the Company utilized the </FONT>Black-Scholes option valuation
model.&nbsp; <FONT STYLE="color: #222222; background-color: white">Expected stock price volatility was calculated based on the
weighted-average of historical information of similar public entities.&nbsp; The risk-free rate was based on the U.S. Treasury
yield curve in effect at the time of grant commensurate with the expected life assumption.&nbsp; The average expected life was
determined based on anticipated exercise strategy and cancellation behavior for employees and nonemployees.&nbsp; The Company has
not paid and does not anticipate paying cash dividends; therefore, the expected dividend rate was assumed to be 0%. The following
table provides the assumptions used for each grant date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 91%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 9pt; text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="18" STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt">Date
    of Grant</FONT></TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 9pt; vertical-align: bottom">
    <TD STYLE="font-size: 9pt; text-align: justify"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt">October
    1, <BR>
    2018</FONT></TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt">February
    5,<BR>
    2019</FONT></TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt">October
    11,<BR>
    2019</FONT></TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt">January
    2,<BR>
    2020(1)</FONT></TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 9pt">May
    22, <BR>
    2020(2)</FONT></TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 9pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; width: 35%; text-align: justify"><FONT STYLE="font-size: 9pt">Options
    granted</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 8%; text-align: right"><FONT STYLE="font-size: 9pt">109,375</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 8%; text-align: right"><FONT STYLE="font-size: 9pt">61,250</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 8%; text-align: right"><FONT STYLE="font-size: 9pt">5,000</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 8%; text-align: right"><FONT STYLE="font-size: 9pt">15,625</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 8%; text-align: right"><FONT STYLE="font-size: 9pt">75,000</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 9pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 9pt">Weighted-average
    volatility</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">77.5%</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">89%</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">75</FONT>%</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">85%</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">85%</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="font-size: 9pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 9pt">Expected term</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; white-space: nowrap; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">5.5-6.2
                                         years</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">5.6
                                         years</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">6.0
                                         years</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">6.0
                                         years</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">5.8
                                         years</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 9pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 9pt">Risk-free interest
    rate</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">3.0%</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">2.6%</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">1.6</FONT>%</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">2.2%</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.425%</FONT></TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.38in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>Options granted outside the Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.38in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>2,500 of the options were granted outside of the Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt">The table below represents the activity of stock options
granted to employees and consultants:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 91%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Period from December 31, 2018 through December 31, 2020</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Number of<BR> options</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Weighted <BR> average <BR> exercise <BR>
price</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Weighted average<BR> remaining <BR> contractual<BR> terms (years)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Aggregate<BR> intrinsic <BR> value ($ <BR> 000)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 48%">Outstanding at December 31, 2018</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">109,375</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">1.84</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">4.875</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Granted during 2019</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">66,250</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2.32</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Outstanding at December 31, 2019</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">175,625</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2.04</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4.450</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">474</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Granted during 2020</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">90,625</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4.72</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Outstanding at December 31, 2020</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">266,250</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2.94</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">4.109</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">474</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Exercisable at December 31, 2020</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">71,981</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2.11</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3.840</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">180</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>VALLON PHARMACEUTICALS,
INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>NOTES TO DECEMBER
31, 2020 AND 2019 FINANCIAL STATEMENTS</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-variant: small-caps"><B>Note
F - Equity Incentive Plan (continued)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #222222">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: left">As of December 31, 2020, there
was approximately $229,000 of total unrecognized compensation cost related to non-vested stock-based compensation arrangements
granted to employees. Of that amount $131,000 is expected to be recognized over a weighted-average period of one year. The unrecognized
compensation cost related to one employee&#8217;s options totaling $98,000 will be recognized once the milestone events become
probable. Upon the closing of the Company&#8217;s IPO, this milestone was achieved and therefore the $98,000 will be recognized
in the first quarter of 2021. The aggregate intrinsic value of options is calculated as the difference between the exercise price
of the underlying options and the deemed fair value of the Company&#8217;s common stock for those shares that had exercise prices
lower than the deemed fair value of the Company&#8217;s common stock. As of December 31, 2020, there was approximately $51,000
of total unrecognized compensation cost related to non-vested stock-based compensation arrangements granted to consultants. That
cost is expected to be recognized over a weighted-average period of one year. Stock compensation expense included within the statement
of operations includes <FONT STYLE="color: #212529; background-color: white">($ in thousands):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 95%; margin-left: 0.35in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Year Ended</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December 31,</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2020</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2019</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 74%; text-align: left">Research and development</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">103</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">25</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">General and administrative</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">51</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">55</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">154</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">80</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: -22.5pt"><FONT STYLE="font-variant: small-caps"><B>Note
G - Related Party Transactions</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: left">The Company expensed approximately
$186,000 for certain consulting services provided by O2 Capital Advisors which is owned by Ofir Levi, a member of the Company&#8217;s
board of directors and a shareholder of the Company for the year ended December 31, 2019. Of these amounts $96,000 was included
in accounts payable as of December 31, 2019. In April&nbsp;2020, the Company&#8217;s board authorized payments of $6,000 per month,
for four&nbsp;months, to Mr.&nbsp;Levi for his board work to the Company of which $24,000 was incurred and expensed for the year
ended December 31, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: -22.5pt"><FONT STYLE="font-variant: small-caps"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: left">On January 6,&nbsp;2020, the
Company&nbsp;entered into a license agreement with Medice which grants&nbsp;Medice&nbsp;an exclusive license, with the right to
grant sublicenses, to develop, use, manufacture, market and sell ADAIR&nbsp;throughout&nbsp;Europe.&nbsp;&nbsp;Medice&nbsp;is responsible
for obtaining regulatory approval of ADAIR in the licensed territory.&nbsp; Under the license agreement,&nbsp;Medice&nbsp;paid&nbsp;Vallon&nbsp;a
$100,000 upfront payment&nbsp;and is required to pay milestone payments upon first obtaining regulatory approval to market and
sell ADAIR in any country, territory or region in the licensed territory and upon achieving certain annual net sales thresholds.&nbsp;&nbsp;Medice&nbsp;will
also pay tiered royalties on annual net sales of ADAIR at rates in the low double-digits. The initial term of the license agreement
will expire five years after the date on which&nbsp;Medice&nbsp;first obtains regulatory approval in any country, territory or
region in the licensed territory.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>VALLON PHARMACEUTICALS,
INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>NOTES
TO DECEMBER 31, 2020 AND 2019 FINANCIAL STATEMENTS</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>Note H - Finance Lease</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; color: #212529"><FONT STYLE="background-color: white">The
Company entered into a finance lease in October 2019 in relation to equipment utilized in the commercial scale manufacturing of
ADAIR ($ in thousands). </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; color: #212529">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">December 31,</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">2020</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">2019</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 74%; color: black; text-align: left">Initial lease right-of-use asset</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: black; text-align: right">368</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: black; text-align: right">368</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Accumulated amortization</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">89</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">15</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Weighted-average remaining lease term - finance lease</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">2.75 years</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black">3.75 years</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">Weighted-average discount rate - finance lease</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">13.50</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">13.50</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt"><B>Other information (in thousands):</B></FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 93%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">Year Ended December 31,</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">2020</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: black; text-align: center">2019</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 74%; text-align: left">Operating cash flows from finance lease amortization</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: black; text-align: right">74</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; color: black; text-align: right">15</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Financing cash flows from finance lease payments</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">65</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">28</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; color: #212529"><FONT STYLE="background-color: white">The
maturities of the finance lease liability as of December 31, 2020 (in thousands):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; color: #212529">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 65%; margin-left: 4%">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 87%; text-align: left">2021</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">143</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">2022</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">114</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">2023</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">76</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Total lease payments</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">333</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; text-align: left; padding-bottom: 1pt">Less: Imputed interest</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: black; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; color: black; text-align: right">58</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; color: black; padding-bottom: 2.5pt">Present value of lease liability</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">275</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; color: #212529">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; color: #212529"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>VALLON
PHARMACEUTICALS, INC.<BR>
NOTES TO DECEMBER 31, 2020 AND 2019 FINANCIAL STATEMENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>Note I - Accrued Expenses</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December 31,<BR> 2020 </TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="font-size: 1pt; vertical-align: bottom">
    <TD STYLE="font-size: 1pt">&nbsp;</TD><TD STYLE="font: bold 1pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 1pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: bold 1pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt">&nbsp;</TD><TD STYLE="font: bold 1pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 1pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: bold 1pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">(In thousands)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Payroll and related</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">342</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">221</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Clinical and preclinical trial and regulatory related</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">137</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">204</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Chemistry and manufacturing related</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">117</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Financing related</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">97</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Licensing related</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">81</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Other</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">73</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">48</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt">Total accrued</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">847</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">476</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>VALLON
PHARMACEUTICALS, INC.<BR>
NOTES TO DECEMBER 31, 2020 AND 2019 FINANCIAL STATEMENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>Note J - Income Tax
</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The reconciliation
of federal statutory income tax rate to the Company&#8217;s effective income tax rate is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December&nbsp;31,</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2020</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2019</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 74%; text-align: left">Expected income tax benefit at the federal statutory rate</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">21.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">21.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">State and local taxes, net of federal benefit</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">12.8</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7.9</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Non-deductible items</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(9.6</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Prior year provision to return adjustments</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6.4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Valuation allowance</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(40.2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(19.3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; padding-bottom: 2.5pt">Total</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Deferred income taxes reflect
the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes
and the amounts used for income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The principal components of the
Company&#8217;s deferred tax assets consisted of the following as of December&nbsp;31, 2020 and 2019 (in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 85%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">December&nbsp;31,</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2020</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2019</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Deferred tax assets:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; width: 74%; text-align: left">Federal and state net operating loss carryforwards</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">3,939</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">2,052</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in">Share based compensation</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">97</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">38</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left">Lease liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">96</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">100</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; padding-bottom: 1pt">Accruals and other</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">108</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">120</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Gross deferred tax assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,240</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,310</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Less: deferred tax liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(94</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(102</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Less: valuation allowance</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(4,146</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(2,208</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt">Net deferred tax assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&ndash;&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&ndash;&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Based on the Company&#8217;s
history of losses, the Company recorded a full valuation allowance against its deferred tax assets as of December&nbsp;31, 2020
and 2019. The Company increased its valuation allowance by approximately $1.9&nbsp;million for the&nbsp;year ended December&nbsp;31,
2020. The Company intends to maintain a valuation allowance until sufficient positive evidence exists to support a reversal of
the allowance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">As of December&nbsp;31, 2020,
the Company had federal, state and local net operating loss carryforwards of $11.6&nbsp;million. The federal net operating loss
carryforwards do not expire. The state and local losses begin to expire in the&nbsp;year ending December&nbsp;31, 2038.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">Under the provisions of Sections&nbsp;382
and 383 of the Internal Revenue Code (the &#8220;IRC&#8221;), certain substantial changes in the Company&#8217;s ownership may
have limited, or may limit in the future, the amount of net operating loss and credit carryforwards that can be used to reduce
future income taxes if there has been a significant change in ownership of the Company, as defined by the IRC. Future owner or
equity shifts could result in limitations on net operating loss and credit carryforwards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>VALLON
PHARMACEUTICALS, INC.<BR>
NOTES TO DECEMBER 31, 2020 AND 2019 FINANCIAL STATEMENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>Note J - Income Tax
(continued)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">The Company evaluates tax positions
for recognition using a more&#45;likely&#45;than&#45;not recognition threshold, and those tax positions eligible for recognition
are measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon the effective settlement
with a taxing authority that has full knowledge of all relevant information. As of December&nbsp;31, 2020 and 2019, the Company
had no unrecognized income tax benefits that would affect the Company&#8217;s effective tax rate if recognized. The Company would
recognize both accrued interest and penalties related to unrecognized benefits in income tax expense. The Company&#8217;s uncertain
tax positions yet to be determined would be related to years that remain subject to examination by relevant tax authorities. Since
the Company is in a loss carryforward position, the Company is generally subject to examination by the U.S. federal, state and
local income tax authorities for all tax years in which a loss carryforward is available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps"><B>Note K -
Subsequent Events</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: left">On January 1, 2021, the Company&#8217;s
Board authorized an increase to Awards under the Plan by 4% of the then outstanding common shares pursuant to the terms of the
Plan totaling 180,249 and thus the number of Awards available for issuance under the Plan as of January 1, 2021 totals 621,022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.5in">On January 5, 2021, the Company was notified that its
PPP loan had been forgiven for the full $61,000 plus accrued interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 0.5in">On January 11, 2021, the Company entered into a Convertible
Promissory Note Purchase Agreement with certain existing stockholders, including Salmon Pharma, an affiliate
of Medice, and David Baker, our Chief Executive Officer, pursuant to which we issued convertible promissory notes, or the 2021
Convertible Notes, for cash proceeds of $350,000. The 2021 Convertible Notes bear an interest rate of 7.0% per annum, non-compounding,
and had a maturity date of September 30, 2021. The 2021 Convertible Notes are convertible into shares of our capital stock that
are offered to investors in any subsequent equity financing after the date of their issuance in which we issued any of our equity
securities, or a Qualified Financing, and are convertible at a twenty percent (20%) discount to the price per share offered in
such Qualified Financing. Upon the closing of the IPO, described below, the 2021 Convertible Notes were converted into 54,906 shares
of the Company&#8217;s common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">On February 12, 2021, the Company completed its <FONT STYLE="background-color: white">IPO
of 2,250,000 shares of common stock at a public price offering of $8.00 per share. The gross proceeds from the offering,
before deducting underwriting discounts, commissions and other offering expenses payable by Vallon, were $18.0 million.
Underwriting discounts, commissions and expenses totaled $1.6 million and the Company incurred approximately $895,000 of
additional expenses related to completing the IPO, of which $494,000 were incurred as of December 31, 2020 and included in
prepaids and other current assets on the Company&#8217;s balance sheet; thus aggregate net proceeds are estimated at $15.5
million. Immediately prior to the closing of the IPO, the Company effected a </FONT>one-for-40 reverse stock split of its
common stock. All share and per share amounts, excluding the number of authorized shares and par value, contained in these
financial statements and accompanying notes, and this Annual Report on Form 10-K give retroactive effect to the reverse
split.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

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<DOCUMENT>
<TYPE>EX-4.5
<SEQUENCE>2
<FILENAME>tm2110271d1_ex4-5.htm
<DESCRIPTION>EXHIBIT 4.5
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 4.5</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DESCRIPTION OF CAPITAL STOCK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The following descriptions are summaries
of the material terms of our amended and restated certificate of incorporation and our amended and restated bylaws. We refer in
this section to our amended and restated certificate of incorporation as our certificate of incorporation, and we refer to our
amended and restated bylaws as our bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Our authorized capital stock consists of
250,000,000 shares of common stock, par value $0.0001 per share, and 10,000,000 shares of preferred stock, par value $0.0001 per
share, all of which shares of preferred stock are undesignated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">As of March 15, 2021, 6,811,122 shares of
our common stock and no shares of preferred stock were outstanding and held by 18 stockholders of record.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The holders of our common stock are entitled
to one vote for each share held on all matters submitted to a vote of the stockholders. The holders of our common stock do not
have any cumulative voting rights. Holders of our common stock are entitled to receive ratably any dividends declared by our board
of directors out of funds legally available for that purpose, subject to any preferential dividend rights of any outstanding preferred
stock. Our common stock has no preemptive rights, conversion rights or other subscription rights or redemption or sinking fund
provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">On December&nbsp;30, 2020, we entered into
the 2020 Voting Agreement with Dov Malnik and Tomer Feingold, pursuant to which, at every meeting of our stockholders, and at every
adjournment or postponement thereof, Messrs.&nbsp;Malnik and Feingold (in their capacity as stockholders) shall have the right
to vote all common stock held by them collectively constituting no more than the Share Voting Cap. Any Excess Shares shall be voted
at every meeting of the stockholders of the Company, and at every adjournment or postponement thereof, and on every action or approval
by written consent of the stockholders, in a manner that is proportionate to the manner in which all other holders of the issued
and outstanding shares of Common Stock vote in respect of each matter presented at any such meeting and in respect of each action
taken by written consent. Furthermore, each of Messrs.&nbsp;Malnik and Feingold executed an irrevocable proxy for the voting of
the Excess Shares in accordance with the 2020 Voting Agreement. The 2020 Voting Agreement terminates on the earliest to occur of
(i)&nbsp;the date following the effective date of the 2020 Voting Agreement on which Messrs.&nbsp;Malnik and Feingold collective
beneficial own less than 9.99% of our outstanding common stock, (ii)&nbsp;the date following written notice to them that we have
withdrawn the registration statement in connection with the initial public offering of our common stock, (iii)&nbsp;the third anniversary
of the effectiveness of the registration statement in connection with the initial public offering of our common stock, or (iv)&nbsp;with
respect to either Messrs.&nbsp;Malnik or Feingold, the date on which any proceeding before or brought by the SEC against such stockholder
has been terminated or otherwise concluded. See the section entitled &#8220;Certain Relationships and Related Party Transactions&#8212;2020
Voting Agreement&#8221;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">In the event of our liquidation, dissolution
or winding up, holders of our common stock are entitled to share ratably in all assets remaining after payment of all debts and
other liabilities and any liquidation preference of any outstanding preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Our board of directors have the authority,
without further action by our stockholders, to issue up to 10,000,000 shares of preferred stock in one or more series and to fix
the rights, preferences, privileges and restrictions thereof. These rights, preferences and privileges could include dividend rights,
conversion rights, voting rights, terms of redemption, liquidation preferences, sinking fund terms and the number of shares constituting,
or the designation of, such series, any or all of which may be greater than the rights of common stock. The issuance of our preferred
stock could adversely affect the voting power of holders of common stock and the likelihood that such holders will receive dividend
payments and payments upon our liquidation. In addition, the issuance of preferred stock could have the effect of delaying, deferring
or preventing a change in control of our company or other corporate action. No shares of preferred stock are outstanding, and we
have no present plan to issue any shares of preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Registration Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Salmon Pharma is entitled to rights with
respect to the registration of the shares of common stock held by it under the Securities Act. These rights are provided under
the terms of an investor&#8217;s rights agreement between us and Salmon Pharma. The investor&#8217;s rights agreement includes
piggyback registration rights. All fees, costs and expenses of underwritten registrations under this agreement will be borne by
us and all selling expenses, including estimated underwriting discounts and selling commissions, will be borne by the holders of
the shares being registered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Piggyback Registration Rights</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Pursuant to the investor&#8217;s rights agreement,
if we register any of our securities, Salmon Pharma is entitled to include their shares in the registration; provided that Salmon
Pharma accepts the terms of the underwriting as agreed upon between us and the underwriters, and then only in such quantity as
the underwriters in their sole discretion determine will not jeopardize the success of the offering. Subject to certain exceptions
contained in the amended and restated investor&#8217;s rights agreement, we and the underwriters may terminate or withdraw any
registration initiated before the effective date of such registration in our sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Indemnification</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Our investor&#8217;s rights agreement contains
customary cross-indemnification provisions, under which we are obligated to indemnify holders of registrable securities in the
event of material misstatements or omissions in any registration statement attributable to us, and they are obligated to indemnify
us for material misstatements or omissions attributable to them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Expiration of Registration Rights</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The registration rights terminate upon the
earlier to occur of (i)&nbsp;such time after consummation of the initial public offering of our common stock as Rule&nbsp;144 or
another similar exemption under the Securities Act is available for the sale of all of Salmon Pharma&#8217;s shares without limitation
during a three-month period without registration, or (ii)&nbsp;the third anniversary of the initial public offering of our common
stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Anti-Takeover Effects of our Certificate of Incorporation
and Bylaws and Delaware Law</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Our amended and restated certificate of incorporation
and amended and restated bylaws includes a number of provisions that may have the effect of delaying, deferring or preventing another
party from acquiring control of us and encouraging persons considering unsolicited tender offers or other unilateral takeover proposals
to negotiate with our board of directors rather than pursue non-negotiated takeover attempts. These provisions include the items
described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Board Composition and Filling Vacancies</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Our amended and restated certificate of incorporation
provides for the division of our board of directors into three classes serving staggered three-year terms, with one class being
elected each year. Our amended and restated certificate of incorporation provides that directors may be removed only for cause
and then only by the affirmative vote of the holders of two-thirds or more of the shares then entitled to vote at an election of
directors. Furthermore, any vacancy on our board of directors, however occurring, including a vacancy resulting from an increase
in the size of our board, may only be filled by the affirmative vote of a majority of our directors then in office even if less
than a quorum. The classification of directors, together with the limitations on removal of directors and treatment of vacancies,
has the effect of making it more difficult for stockholders to change the composition of our board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>No Written Consent of Stockholders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Our amended and restated certificate of incorporation
provides that all stockholder actions are required to be taken by a vote of the stockholders at an annual or special meeting, and
that stockholders may not take any action by written consent in lieu of a meeting. This limit may lengthen the amount of time required
to take stockholder actions and would prevent the amendment of our bylaws or removal of directors by our stockholders without holding
a meeting of stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I></I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Meetings of Stockholders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Our amended and restated certificate of incorporation
and amended and restated bylaws provides that only our chief executive officer, chairman of the board, and a majority of the members
of our board of directors then in office may call special meetings of stockholders and only those matters set forth in the notice
of the special meeting may be considered or acted upon at a special meeting of stockholders. Our amended and restated bylaws limit
the business that may be conducted at an annual meeting of stockholders to those matters properly brought before the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Advance Notice Requirements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Our amended and restated bylaws establish
advance notice procedures with regard to stockholder proposals relating to the nomination of candidates for election as directors
or new business to be brought before meetings of our stockholders. These procedures provide that notice of stockholder proposals
must be timely given in writing to our corporate secretary prior to the meeting at which the action is to be taken. Generally,
to be timely, notice must be received at our principal executive offices not less than 90&nbsp;days nor more than 120&nbsp;days
prior to the first anniversary date of the annual meeting for the preceding year. Our amended and restated bylaws will specify
the requirements as to form and content of all stockholders&#8217; notices. These requirements may preclude stockholders from bringing
matters before the stockholders at an annual or special meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Amendment to Amended and Restated Certificate of Incorporation
and Amended and Restated Bylaws</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Any amendment of our amended and restated
certificate of incorporation must first be approved by a majority of our board of directors, and if required by law or our amended
and restated certificate of incorporation, must thereafter be approved by a majority of the outstanding shares entitled to vote
on the amendment and a majority of the outstanding shares of each class entitled to vote thereon as a class, except that the amendment
of the provisions relating to removal of our directors, and the amendment of our amended and restated bylaws must be approved by
not less than 66 2/3% of the outstanding shares entitled to vote on the amendment. Our amended and restated bylaws may be amended
by the affirmative vote of a majority of the directors then in office, subject to any limitations set forth in the amended and
restated bylaws; and may also be amended by the affirmative vote of 66 2/3% of the outstanding shares entitled to vote on the amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Preferred Stock</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Our amended and restated certificate of incorporation
provides for 10,000,000 authorized shares of preferred stock. The existence of authorized but unissued shares of preferred stock
may enable our board of directors to discourage an attempt to obtain control of us by means of a merger, tender offer, proxy contest
or otherwise. For example, if in the due exercise of its fiduciary obligations, our board of directors were to determine that a
takeover proposal is not in the best interests of our stockholders, our board of directors could cause shares of preferred stock
to be issued without stockholder approval in one or more private offerings or other transactions that might dilute the voting or
other rights of the proposed acquirer or insurgent stockholder or stockholder group. In this regard, our amended and restated certificate
of incorporation grants our board of directors broad power to establish the rights and preferences of authorized and unissued shares
of preferred stock. The issuance of shares of preferred stock could decrease the amount of earnings and assets available for distribution
to holders of shares of common stock. The issuance may also adversely affect the rights and powers, including voting rights, of
these holders and may have the effect of delaying, deterring or preventing a change in control of us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Choice of Forum</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Our amended and restated certificate of incorporation
provides that unless we consent in writing to an alternative forum, the Court of Chancery of the State of Delaware will be the
sole and exclusive forum for any state law claim for (i)&nbsp;any derivative action or proceeding brought on our behalf, (ii)&nbsp;any
action asserting a claim of breach of fiduciary duty owed by any of our directors, officers, and employees to us or our stockholders,
(iii)&nbsp;any action asserting a claim arising pursuant to any provision of the Delaware General Corporation Law, our amended
and restated certificate of incorporation or our amended and restated certificate of incorporation, or (iv)&nbsp;any action asserting
a claim that is governed by the internal affairs doctrine, in each case subject to the Court of Chancery having personal jurisdiction
over the indispensable parties named as defendants therein (the &#8220;<I>Delaware Forum Provision</I>&#8221;). This choice of
forum provision does not preclude or contract the scope of exclusive federal jurisdiction for any actions brought under the Exchange
Act. Section&nbsp;27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability
created by the Exchange Act or the rules and regulations thereunder. As a result, the exclusive forum provision will not apply
to suits brought to enforce any duty or liability created by the Exchange Act or any other claim for which the federal courts have
exclusive jurisdiction, and the Company does not intend for the exclusive forum provision to apply to Exchange Act claims. Additionally,
this choice of forum provision will not apply to claims as to which the Court of Chancery of the State of Delaware does not have
subject matter jurisdiction.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Our amended and restated certificate of incorporation
further provides that unless we consent in writing to the selection of an alternative forum, the federal district courts of the
United States of America shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under
the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">In addition, our amended and restated certificate
of incorporation provides that any person or entity purchasing or otherwise acquiring any interest in shares of our common stock
is deemed to have notice of and consented to the foregoing provisions; provided, however, that stockholders cannot and will not
be deemed to have waived our compliance with the federal securities laws and the rules and regulations thereunder. The enforceability
of similar choice of forum provisions in other companies&#8217; certificates of incorporation and bylaws has been challenged in
legal proceedings, and it is possible that a court could find these types of provisions to be inapplicable or unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section&nbsp;203 of the Delaware General Corporation Law</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">We are subject to the provisions of Section&nbsp;203
of the Delaware General Corporation Law. In general, Section&nbsp;203 prohibits a publicly held Delaware corporation from engaging
in a &#8220;business combination&#8221; with an &#8220;interested stockholder&#8221; for a three-year period following the time
that this stockholder becomes an interested stockholder, unless the business combination is approved in a prescribed manner. Under
Section&nbsp;203, a business combination between a corporation and an interested stockholder is prohibited unless it satisfies
one of the following conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">before the stockholder became interested, our board of directors approved
either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">upon consummation of the transaction which resulted in the stockholder
becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding
at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding, shares owned by persons
who are directors and also officers, and employee stock plans, in some instances, but not the outstanding voting stock owned by
the interested stockholder; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">at or after the time the stockholder became interested, the business
combination was approved by our board of directors and authorized at an annual or special meeting of the stockholders by the affirmative
vote of at least two-thirds of the outstanding voting stock which is not owned by the interested stockholder.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 38.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Section&nbsp;203 defines a business combination to include:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">any merger or consolidation involving the corporation and the interested
stockholder;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">any sale, transfer, lease, pledge or other disposition involving the
interested stockholder of 10% or more of the assets of the corporation;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">subject to exceptions, any transaction that results in the issuance
or transfer by the corporation of any stock of the corporation to the interested stockholder;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">subject to exceptions, any transaction involving the corporation that
has the effect of increasing the proportionate share of the stock of any class or series of the corporation beneficially owned
by the interested stockholder; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the receipt by the interested stockholder of the benefit of any loans,
advances, guarantees, pledges or other financial benefits provided by or through the corporation.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">In general, Section&nbsp;203 defines an interested
stockholder as any entity or person beneficially owning 15% or more of the outstanding voting stock of the corporation and any
entity or person affiliated with or controlling or controlled by the entity or person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Listing</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">Our common stock is listed on The Nasdaq
Capital Market under the trading symbol &#8220;VLON.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Transfer Agent and Registrar</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">The transfer agent and registrar for our
common stock is VStock Transfer, LLC. The transfer agent and registrar&#8217;s address is 18&nbsp;Lafayette Place, Woodmere, NY&nbsp;11598.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<TYPE>EX-21.1
<SEQUENCE>3
<FILENAME>tm2110271d1_ex21-1.htm
<DESCRIPTION>EXHIBIT 21.1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 21.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Subsidiaries of Vallon Pharmaceuticals,
Inc. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in; text-align: left">&nbsp;</P>


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<TYPE>EX-31.1
<SEQUENCE>4
<FILENAME>tm2110271d1_ex31-1.htm
<DESCRIPTION>EXHIBIT 31.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 31.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION OF PRINCIPAL EXECUTIVE
AND FINANCIAL OFFICER PURSUANT TO<BR>
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, David Baker, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>I have reviewed this Annual Report on Form 10-K of Vallon Pharmaceuticals, Inc.;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with
respect to the period covered by this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in
all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods
presented in this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>The registrant&rsquo;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined
in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the period in which this report is being prepared;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>Evaluated the effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on
such evaluation; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>Disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting that occurred during
the registrant&rsquo;s most recent fiscal quarter (the registrant&rsquo;s fourth fiscal quarter in the case of an annual report)
that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial
reporting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD>The registrant&rsquo;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the registrant&rsquo;s auditors and the audit committee of the registrant&rsquo;s board of directors
(or persons performing the equivalent functions):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the registrant&rsquo;s ability to record, process, summarize and report financial
information; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s
internal control over financial reporting.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 52%; text-indent: 0"><FONT STYLE="font-size: 10pt">Date: March 29, 2021</FONT></TD>
    <TD STYLE="padding: 0; width: 3%; text-indent: 0"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; width: 33%; text-indent: 0"><FONT STYLE="font-size: 10pt">/s/ David Baker</FONT></TD>
    <TD STYLE="padding: 0; width: 12%; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"></TD>
    <TD STYLE="padding: 0; text-indent: 0">David Baker</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"></TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">President and Chief Executive Officer</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0"></TD>
    <TD STYLE="white-space: nowrap; padding: 0; text-indent: 0">(Principal Executive, Financial and Accounting Officer)</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
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<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>5
<FILENAME>tm2110271d1_ex32-1.htm
<DESCRIPTION>EXHIBIT 32.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;32.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION OF PRINCIPAL EXECUTIVE
AND FINANCIAL OFFICER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO 18 U.S.C. SECTION 1350,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AS ADOPTED PURSUANT TO</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECTION 906 OF THE SARBANES-OXLEY ACT
OF 2002</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, David Baker, President and Chief Executive Officer of Vallon
Pharmaceuticals, Inc. (the &ldquo;<I>Company</I>&rdquo;), do hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>the Annual Report on Form 10-K of the Company for the year ended December 31, 2020 (the &ldquo;<I>Annual Report</I>&rdquo;)
fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>the information contained in the Annual Report fairly presents, in all material respects, the financial condition and results
of operations of the Company.&#9;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; width: 52%; text-indent: 0"><FONT STYLE="font-size: 10pt">Date: March 29, 2021</FONT></TD>
    <TD STYLE="padding: 0; width: 3%; text-indent: 0"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 0; width: 33%; text-indent: 0"><FONT STYLE="font-size: 10pt">/s/ David Baker</FONT></TD>
    <TD STYLE="padding: 0; width: 12%; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">David Baker</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">President and Chief Executive Officer</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Executive, Financial and Accounting Officer)</FONT></TD>
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
