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Inc. (the “Company” or “Movano” or “Our”) was incorporated in Delaware on January 30, 2018
as Maestro Sensors Inc. and changed its name to Movano Inc. on August 3, 2018. The Company is in the development-stage and is
a health-focused technology company creating simple, smart, and personalized wearables designed to help individuals on their health
journey optimize for good health today and to help prevent and manage chronic diseases in the future. The Company’s wearables
are being developed to provide vital health information, including glucose and blood pressure data, in a variety of form factors
to meet individual style needs and give users actionable feedback to improve the quality of their lives.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
inception, the Company has engaged in only limited research and development of product candidates and underlying technology. As
of December 31, 2020, the Company had not yet completed the development of its product and had not yet recorded any revenues.
From February 2020 to December 2020, the Company issued subordinated convertible promissory notes for approximately $11.1 million
in net proceeds (See Note 6). Additionally, in May 2020, the Company received a Paycheck Protection Program loan for $0.4 million
(See Note 5.)</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2019, a novel coronavirus and the resulting disease (“COVID-19”) was reported, and in January 2020, the World
Health Organization (“WHO”) declared it a Public Health Emergency of International Concern. In February 2020, the
WHO raised its assessment of the COVID-19 threat from high to very high at a global level due to the continued increase in the
number of cases and affected countries, and in March 2020, the WHO characterized COVID-19 as a pandemic. The Company is continuing
to ascertain the long-term impact of the COVID-19 pandemic on its business, but given the uncertainty about the situation, the
Company cannot estimate the impact to our financial statements from the economic crisis arising from COVID-19.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company’s Registration
Statement on Form S-1, as amended (Reg. No. 333-252671), was declared effective by the U.S. Securities and Exchange Commission (the “SEC”)
on March 23, 2021. The registration statement registered the securities offered in the Company’s initial public offering (“IPO”).
In the IPO, the Company sold 9,775,000 shares of common stock at a price to the public of $5.00 per share, including the full exercise
of the underwriters’ option to purchase additional shares. The IPO closed on March 25, 2021 and the underwriters exercised their
overallotment option as of March 25, 2021, as a result of which the Company raised net proceeds of $44.3 million after deducting $3.3
million in underwriting discounts, commissions, and expenses and $1.3 million in offering expenses paid or payable by the Company. National
Securities Corporation (“NSC”) was the underwriter for the IPO, and also received a warrant related to the IPO, which is
discussed in Note 9. No portion of the net proceeds from the IPO were used for payments made by the Company to its directors or officers
or persons owning ten percent or more of its common stock or to their associates, or to the Company’s affiliates, other than payments
in the ordinary course of business to officers for salaries and to nonemployee directors as compensation for board or board committee
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Company has incurred losses from operations and has generated negative cash flows from operating activities since inception. The
Company expects to continue to incur net losses for the foreseeable future as it continues the development of its technology.
The Company’s ultimate success depends on the outcome of its research and development and commercialization activities,
for which it expects to incur additional losses in the future. Through March 31, 2021, the Company has relied primarily on the
proceeds from equity offerings to finance its operations. The Company expects to require additional financing to fund its
future planned operations, including research and development and commercialization of its products. The Company will likely raise
additional capital through the issuance of equity, borrowings, or strategic alliances with partner companies. However, if such
financing is not available at adequate levels, the Company would need to reevaluate its operating plans.</font></p><br/>
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U.S. generally accepted accounting principles (GAAP) for interim financial information and in accordance with the instructions to
Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for
complete financial statements. The unaudited and condensed financial statements have been prepared on the same basis as the annual
financial statements. In the opinion of management, the accompanying unaudited and condensed financial statements reflect all
adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation. The results
of operations for the three months ended March 31, 2021 are not necessarily indicative of the results to be expected for the
year ending December 31, 2021. The condensed balance sheet as of December 31, 2020 has been derived from audited financial
statements at that date but does not include all the information required by GAAP for complete financial statements. These financial
statements should be read in conjunction with the audited financial statements and notes thereto for the preceding fiscal year
included in Amendment No. 2 to the Company’s Registration Statement on Form S-1 filed with the SEC on March 17,
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preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial
statements, and the reported amounts of expenses during the reporting periods.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant
estimates and assumptions reflected in these financial statements include, but are not limited to, the accrual of research and
development expenses, the valuation of common stock, stock options and warrants, the valuation of the embedded redemption derivative
liability and income taxes. Estimates are periodically reviewed considering changes in circumstances, facts, and experience. Changes
in estimates are recorded in the period in which they become known. Actual results could differ from those estimates or assumptions.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Segment
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chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance.
The Company views its operations and manages its business in one segment. The Company’s chief operating decision maker is
the chief executive officer.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cash
and Cash Equivalents</i></b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Concentrations
of Credit Risk and Off-Balance Sheet Risk</i></b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
and cash equivalents are financial instruments that are potentially subject to concentrations of credit risk. All cash and cash
equivalents are held in United States financial institutions. Cash equivalents consist of interest-bearing money market accounts.
The amounts deposited in the money market accounts exceeds federally insured limits. The Company has not experienced any losses
related to this account and believes the associated credit risk to be minimal due to the financial condition of the depository
institutions in which those deposits are held.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has no financial instruments with off-balance sheet risk of loss.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Prepaid
Expenses and Other Current Assets</i></b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid
expenses and other current assets were comprised of prepaid expenses, other current receivables, and deferred offering costs,
which consist of legal, accounting, filing and other fees related to the IPO that were capitalized prior to the IPO. The deferred
offering costs were offset against proceeds from the IPO upon the effectiveness of the IPO within additional paid-in capital.
As of March 31, 2021 and December 31, 2020, offering costs of approximately $0 and $0.5 million were capitalized, respectively.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Paycheck
Protection Program Loan</i></b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for funds received from the Paycheck Protection Program as a financial liability with interest accrued and expensed
over the term of the loan under the effective interest method. The loan will remain recorded as a liability until the Company
has been legally released from the liability or the Company repays the liability. Any amount that is ultimately forgiven by the
lender would be recognized in the statement of operations and comprehensive loss as a gain extinguishment.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Convertible
Financial Instruments</i></b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company bifurcates embedded redemption and conversion options from their host instruments and accounts for them as freestanding
derivative financial instruments at fair value if certain criteria are met. The criteria include circumstances in which (a) the
economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics
and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract
is not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value
reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would
be considered a derivative instrument. Debt discounts under these arrangements are amortized to interest expense using the interest
method over the earlier of the term of the related debt or their earliest date of redemption.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, the Company issues convertible financial instruments to nonemployees in payment for services that are provided.
Until the services are completely rendered, the Company will expense the principal and any interest earned prior to the service
completion to the representative expense account for the services performed and will record a noncurrent liability for the expected
amount of the principal balance. Upon completion of the services, the Company will reclassify the noncurrent liability balance
to the balance of an outstanding convertible financial instrument and assess the embedded redemption and conversion options that
are applicable at that time.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Beneficial
Conversion Feature</i></b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the conversion feature of conventional convertible promissory notes provides for a rate of conversion that is below market value, this
feature is characterized as a beneficial conversion feature (“BCF”). A BCF is recorded by the Company as a debt discount
and as additional paid-in capital on the condensed balance sheet. In those circumstances, the convertible debt is recorded net of the
discount related to the BCF and the Company amortizes the discount to interest expense over the life of the debt using the effective
interest method.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Redeemable
Convertible Preferred Stock</i></b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company records all shares of redeemable convertible preferred stock at their respective issuance price less issuance costs on the dates
of issuance. Under certain circumstances the Company will be required to redeem the Series A and Series B redeemable convertible
preferred stock unless an IPO has been consummated prior to April 1, 2021, or an extension or waiver is obtained upon approval of
a majority of the holders of such preferred stock. As the preferred stock becomes redeemable due to the passage of time, the Company
considers the preferred stock to be redeemable as of April 1, 2021. The Company records the accretion of the Series A and B preferred
stock balances to their respective redemption amounts using the effective interest method. The redeemable convertible preferred stock
is presented outside of stockholders’ deficit on the condensed balance sheet as of December 31, 2020. Upon the IPO, the redeemable
convertible preferred stock converted in to 11,436,956 shares of common stock.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Income
Taxes</i></b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are determined
based on differences between the financial statement and tax basis of assets and liabilities and net operating loss and credit carryforwards
using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are established
when necessary to reduce deferred tax assets to the amounts expected to be realized. As the Company maintained a full valuation allowance
against its deferred tax assets, the changes resulted in no provision or benefit from income taxes during the three months ended March
31, 2021 and 2020.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for unrecognized tax benefits using a more-likely-than-not threshold for financial statement recognition and
measurement of tax positions taken or expected to be taken in a tax return. The Company establishes a liability for tax-related
uncertainties based on estimates of whether, and the extent to which, additional taxes will be due. The Company records an income
tax liability, if any, for the difference between the benefit recognized and measured and the tax position taken or expected to
be taken on the Company’s tax returns. To the extent that the assessment of such tax positions changes, the change in estimate
is recorded in the period in which the determination is made. The liability is adjusted considering changing facts and circumstances,
such as the outcome of a tax audit. The provision for income taxes includes the impact of liability provisions and changes to
the liability that are considered appropriate. Changes in recognition or measurement are reflected in the period in which the
change in judgment occurs.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
interim periods, the Company estimates its annual effective income tax rate and applies the estimated rate to the year-to-date
income or loss before income taxes. The Company computes the tax provision or benefit related to items reported separately and
recognizes the items net of their related tax effect in the interim periods in which they occur. The Company recognizes the effect
of changes in enacted tax laws or rates in the interim periods in which the changes occur.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Stock-Based
Compensation</i></b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company measures equity classified stock-based awards granted to employees, directors, and nonemployees based on the estimated
fair value on the date of grant and recognizes compensation expense of those awards on a straight-line basis over the requisite
service period, which is generally the vesting period of the respective award. The fair value of each stock option grant is estimated
on the date of grant using the Black-Scholes option pricing model. This valuation model for stock-based compensation expense requires
the Company to make assumptions and judgments about the variables used in the calculation including the expected term, the volatility
of the Company’s common stock, and an assumed risk-free interest rate. The Company accounts for forfeitures as they occur.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Early
Exercised Stock Option Liability</i></b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the early exercise of stock options by employees, the Company records as a liability the purchase price of unvested common stock
that the Company has a right to repurchase if and when the employment of the stockholder terminates before the end of the requisite
service period. The proceeds originally recorded as a liability are reclassified to additional paid-in capital as the Company’s
repurchase right lapses.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Fair
Value Measurements</i></b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for certain of its financial assets and liabilities at fair value. The Company uses a three-level hierarchy,
which prioritizes, within the measurement of fair value, the use of market-based information over entity-specific information
for fair value measurements based on the nature of inputs used in the valuation of an asset or liability as of the measurement
date. Fair value focuses on an exit price and is defined as the price that would be received to sell an asset or paid to transfer
a liability in an orderly transaction between market participants at the measurement date. The inputs or methodology used for
valuing financial instruments are not necessarily an indication of the risk associated with investing in those financial instruments.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
three-tier fair value hierarchy is used to prioritize the inputs in measuring fair value as follows:</font></p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 0.25in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="width: 0.65in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level
1 </b>–</font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quoted prices in
active markets for identical assets or liabilities.</font></td></tr>
</table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify; width: 0.65in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level 2 </b>–</font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quoted prices for
similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that
are not active, or other inputs that are observable, either directly or indirectly.</font></td></tr>
</table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify; width: 0.65in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level 3 </b>–</font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant unobservable
inputs that cannot be corroborated by market data.</font></td></tr>
</table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following tables provide a summary of the assets and liabilities that are measured at fair value on a recurring basis as of March
31, 2021 and December 31, 2020 (in thousands).</font></p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="14" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">March 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: center; padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fair Value</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level 1</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level 2</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level 3</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; width: 52%">Assets – money market funds</td><td style="width: 1%"> </td>
<td style="text-align: left; width: 1%">$</td><td style="text-align: right; width: 9%">46,328</td><td style="text-align: left; width: 1%"> </td><td style="width: 1%"> </td>
<td style="text-align: left; width: 1%">$</td><td style="text-align: right; width: 9%">46,328</td><td style="text-align: left; width: 1%"> </td><td style="width: 1%"> </td>
<td style="text-align: left; width: 1%">$</td><td style="text-align: right; width: 9%">—</td><td style="text-align: left; width: 1%"> </td><td style="width: 1%"> </td>
<td style="text-align: left; width: 1%">$</td><td style="text-align: right; width: 9%">—</td><td style="text-align: left; width: 1%"> </td></tr>
</table><br/><table cellpadding="0" cellspacing="0" style=" width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="14" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: center; padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fair Value</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level 1</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level 2</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level 3</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left">Assets – money market funds</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,181</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,181</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Warrant liability</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">1,549</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">1,549</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Derivative liability</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">121</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">121</td><td style="text-align: left"> </td></tr>
</table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of
any input that is significant to the fair value measurement.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
in fair value measurements categorized within Level 3 of the fair value hierarchy are analyzed each period based on changes in
estimates or assumptions and recorded as appropriate. At December 31, 2020, the warrants related to the Series A preferred stock
issuance, the Series B preferred stock issuance, and the convertible promissory notes and the derivative liability related to
the issuance of convertible promissory notes are classified within level 3 of the valuation hierarchy. The instruments are not
present at March 31, 2021 in light of accounting ramifications of the IPO, which are discussed further in Note 6 and Note 9.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
carrying amounts of cash and cash equivalents, prepaid expenses, payroll tax credit, accounts payable and accrued liabilities
approximate fair value due to the short-term nature of these instruments.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
upon interest rates currently available to the Company for debt with similar terms, the carrying values of the Company’s
convertible promissory notes and Paycheck Protection Program Loan are approximately equal to their fair values.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Net
Loss per Share Attributable to Common Stockholders</i></b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic
net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders
by the weighted average number of shares of common stock outstanding during the period, without consideration for common stock
equivalents. The net loss attributable to common stockholders is calculated by adjusting the net loss of the Company for the accretion
on the Series A and B redeemable convertible preferred stock and cumulative dividends on Series A and B redeemable convertible
preferred stock. Diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable
to common stockholders, since the effects of potentially dilutive securities are antidilutive.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Recently
Adopted Accounting Pronouncements</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2019, the FASB issued Accounting Standards Update 2019-12, <i>Income Taxes (Topic 740</i>). The amendments in this update
provide further simplification of accounting standards for the accounting for income taxes. Certain exceptions for requirements
regarding the accounting for franchise taxes, tax basis of goodwill, and tax law rate changes are made. The Company early adopted
this guidance as of January 1, 2021 and the adoption did not have a significant impact on the financial statements and related
disclosures.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
June 2016, the FASB issued ASU 2016-13, <i>Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses
on Financial Instruments</i>, as amended, which requires the early recognition of credit losses on financing receivables and other
financial assets in scope. ASU 2016-13 requires the use of a transition model that will result in the earlier recognition of allowances
for losses. The Company early adopted this guidance as of January 1, 2021 and the adoption did not have a significant impact on
the financial statements and related disclosures.</font></p><br/>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Basis
of Presentation</i></b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying unaudited condensed financial statements include the accounts of the Company and have been prepared in accordance with
U.S. generally accepted accounting principles (GAAP) for interim financial information and in accordance with the instructions to
Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for
complete financial statements. The unaudited and condensed financial statements have been prepared on the same basis as the annual
financial statements. In the opinion of management, the accompanying unaudited and condensed financial statements reflect all
adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation. The results
of operations for the three months ended March 31, 2021 are not necessarily indicative of the results to be expected for the
year ending December 31, 2021. The condensed balance sheet as of December 31, 2020 has been derived from audited financial
statements at that date but does not include all the information required by GAAP for complete financial statements. These financial
statements should be read in conjunction with the audited financial statements and notes thereto for the preceding fiscal year
included in Amendment No. 2 to the Company’s Registration Statement on Form S-1 filed with the SEC on March 17,
2021.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Use
of Estimates</i></b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial
statements, and the reported amounts of expenses during the reporting periods.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant
estimates and assumptions reflected in these financial statements include, but are not limited to, the accrual of research and
development expenses, the valuation of common stock, stock options and warrants, the valuation of the embedded redemption derivative
liability and income taxes. Estimates are periodically reviewed considering changes in circumstances, facts, and experience. Changes
in estimates are recorded in the period in which they become known. Actual results could differ from those estimates or assumptions.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Segment
Information</i></b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the
chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance.
The Company views its operations and manages its business in one segment. The Company’s chief operating decision maker is
the chief executive officer.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cash
and Cash Equivalents</i></b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Concentrations
of Credit Risk and Off-Balance Sheet Risk</i></b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
and cash equivalents are financial instruments that are potentially subject to concentrations of credit risk. All cash and cash
equivalents are held in United States financial institutions. Cash equivalents consist of interest-bearing money market accounts.
The amounts deposited in the money market accounts exceeds federally insured limits. The Company has not experienced any losses
related to this account and believes the associated credit risk to be minimal due to the financial condition of the depository
institutions in which those deposits are held.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has no financial instruments with off-balance sheet risk of loss.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Prepaid
Expenses and Other Current Assets</i></b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid
expenses and other current assets were comprised of prepaid expenses, other current receivables, and deferred offering costs,
which consist of legal, accounting, filing and other fees related to the IPO that were capitalized prior to the IPO. The deferred
offering costs were offset against proceeds from the IPO upon the effectiveness of the IPO within additional paid-in capital.
As of March 31, 2021 and December 31, 2020, offering costs of approximately $0 and $0.5 million were capitalized, respectively.</font></p>
0
500000
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Paycheck
Protection Program Loan</i></b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for funds received from the Paycheck Protection Program as a financial liability with interest accrued and expensed
over the term of the loan under the effective interest method. The loan will remain recorded as a liability until the Company
has been legally released from the liability or the Company repays the liability. Any amount that is ultimately forgiven by the
lender would be recognized in the statement of operations and comprehensive loss as a gain extinguishment.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Convertible
Financial Instruments</i></b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company bifurcates embedded redemption and conversion options from their host instruments and accounts for them as freestanding
derivative financial instruments at fair value if certain criteria are met. The criteria include circumstances in which (a) the
economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics
and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract
is not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value
reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would
be considered a derivative instrument. Debt discounts under these arrangements are amortized to interest expense using the interest
method over the earlier of the term of the related debt or their earliest date of redemption.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, the Company issues convertible financial instruments to nonemployees in payment for services that are provided.
Until the services are completely rendered, the Company will expense the principal and any interest earned prior to the service
completion to the representative expense account for the services performed and will record a noncurrent liability for the expected
amount of the principal balance. Upon completion of the services, the Company will reclassify the noncurrent liability balance
to the balance of an outstanding convertible financial instrument and assess the embedded redemption and conversion options that
are applicable at that time.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Beneficial
Conversion Feature</i></b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the conversion feature of conventional convertible promissory notes provides for a rate of conversion that is below market value, this
feature is characterized as a beneficial conversion feature (“BCF”). A BCF is recorded by the Company as a debt discount
and as additional paid-in capital on the condensed balance sheet. In those circumstances, the convertible debt is recorded net of the
discount related to the BCF and the Company amortizes the discount to interest expense over the life of the debt using the effective
interest method.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Redeemable
Convertible Preferred Stock</i></b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company records all shares of redeemable convertible preferred stock at their respective issuance price less issuance costs on the dates
of issuance. Under certain circumstances the Company will be required to redeem the Series A and Series B redeemable convertible
preferred stock unless an IPO has been consummated prior to April 1, 2021, or an extension or waiver is obtained upon approval of
a majority of the holders of such preferred stock. As the preferred stock becomes redeemable due to the passage of time, the Company
considers the preferred stock to be redeemable as of April 1, 2021. The Company records the accretion of the Series A and B preferred
stock balances to their respective redemption amounts using the effective interest method. The redeemable convertible preferred stock
is presented outside of stockholders’ deficit on the condensed balance sheet as of December 31, 2020. Upon the IPO, the redeemable
convertible preferred stock converted in to 11,436,956 shares of common stock.</font></p>
11436956
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Income
Taxes</i></b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are determined
based on differences between the financial statement and tax basis of assets and liabilities and net operating loss and credit carryforwards
using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are established
when necessary to reduce deferred tax assets to the amounts expected to be realized. As the Company maintained a full valuation allowance
against its deferred tax assets, the changes resulted in no provision or benefit from income taxes during the three months ended March
31, 2021 and 2020.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for unrecognized tax benefits using a more-likely-than-not threshold for financial statement recognition and
measurement of tax positions taken or expected to be taken in a tax return. The Company establishes a liability for tax-related
uncertainties based on estimates of whether, and the extent to which, additional taxes will be due. The Company records an income
tax liability, if any, for the difference between the benefit recognized and measured and the tax position taken or expected to
be taken on the Company’s tax returns. To the extent that the assessment of such tax positions changes, the change in estimate
is recorded in the period in which the determination is made. The liability is adjusted considering changing facts and circumstances,
such as the outcome of a tax audit. The provision for income taxes includes the impact of liability provisions and changes to
the liability that are considered appropriate. Changes in recognition or measurement are reflected in the period in which the
change in judgment occurs.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
interim periods, the Company estimates its annual effective income tax rate and applies the estimated rate to the year-to-date
income or loss before income taxes. The Company computes the tax provision or benefit related to items reported separately and
recognizes the items net of their related tax effect in the interim periods in which they occur. The Company recognizes the effect
of changes in enacted tax laws or rates in the interim periods in which the changes occur.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Stock-Based
Compensation</i></b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company measures equity classified stock-based awards granted to employees, directors, and nonemployees based on the estimated
fair value on the date of grant and recognizes compensation expense of those awards on a straight-line basis over the requisite
service period, which is generally the vesting period of the respective award. The fair value of each stock option grant is estimated
on the date of grant using the Black-Scholes option pricing model. This valuation model for stock-based compensation expense requires
the Company to make assumptions and judgments about the variables used in the calculation including the expected term, the volatility
of the Company’s common stock, and an assumed risk-free interest rate. The Company accounts for forfeitures as they occur.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Early
Exercised Stock Option Liability</i></b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the early exercise of stock options by employees, the Company records as a liability the purchase price of unvested common stock
that the Company has a right to repurchase if and when the employment of the stockholder terminates before the end of the requisite
service period. The proceeds originally recorded as a liability are reclassified to additional paid-in capital as the Company’s
repurchase right lapses.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Fair
Value Measurements</i></b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for certain of its financial assets and liabilities at fair value. The Company uses a three-level hierarchy,
which prioritizes, within the measurement of fair value, the use of market-based information over entity-specific information
for fair value measurements based on the nature of inputs used in the valuation of an asset or liability as of the measurement
date. Fair value focuses on an exit price and is defined as the price that would be received to sell an asset or paid to transfer
a liability in an orderly transaction between market participants at the measurement date. The inputs or methodology used for
valuing financial instruments are not necessarily an indication of the risk associated with investing in those financial instruments.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
three-tier fair value hierarchy is used to prioritize the inputs in measuring fair value as follows:</font></p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 0.25in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="width: 0.65in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level
1 </b>–</font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quoted prices in
active markets for identical assets or liabilities.</font></td></tr>
</table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify; width: 0.65in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level 2 </b>–</font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quoted prices for
similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that
are not active, or other inputs that are observable, either directly or indirectly.</font></td></tr>
</table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify; width: 0.65in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Level 3 </b>–</font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant unobservable
inputs that cannot be corroborated by market data.</font></td></tr>
</table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following tables provide a summary of the assets and liabilities that are measured at fair value on a recurring basis as of March
31, 2021 and December 31, 2020 (in thousands).</font></p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="14" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">March 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: center; padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fair Value</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level 1</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level 2</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level 3</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; width: 52%">Assets – money market funds</td><td style="width: 1%"> </td>
<td style="text-align: left; width: 1%">$</td><td style="text-align: right; width: 9%">46,328</td><td style="text-align: left; width: 1%"> </td><td style="width: 1%"> </td>
<td style="text-align: left; width: 1%">$</td><td style="text-align: right; width: 9%">46,328</td><td style="text-align: left; width: 1%"> </td><td style="width: 1%"> </td>
<td style="text-align: left; width: 1%">$</td><td style="text-align: right; width: 9%">—</td><td style="text-align: left; width: 1%"> </td><td style="width: 1%"> </td>
<td style="text-align: left; width: 1%">$</td><td style="text-align: right; width: 9%">—</td><td style="text-align: left; width: 1%"> </td></tr>
</table><br/><table cellpadding="0" cellspacing="0" style=" width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="14" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: center; padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fair Value</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level 1</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level 2</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level 3</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left">Assets – money market funds</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,181</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,181</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Warrant liability</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">1,549</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">1,549</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Derivative liability</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">121</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">121</td><td style="text-align: left"> </td></tr>
</table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of
any input that is significant to the fair value measurement.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
in fair value measurements categorized within Level 3 of the fair value hierarchy are analyzed each period based on changes in
estimates or assumptions and recorded as appropriate. At December 31, 2020, the warrants related to the Series A preferred stock
issuance, the Series B preferred stock issuance, and the convertible promissory notes and the derivative liability related to
the issuance of convertible promissory notes are classified within level 3 of the valuation hierarchy. The instruments are not
present at March 31, 2021 in light of accounting ramifications of the IPO, which are discussed further in Note 6 and Note 9.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
carrying amounts of cash and cash equivalents, prepaid expenses, payroll tax credit, accounts payable and accrued liabilities
approximate fair value due to the short-term nature of these instruments.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
upon interest rates currently available to the Company for debt with similar terms, the carrying values of the Company’s
convertible promissory notes and Paycheck Protection Program Loan are approximately equal to their fair values.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Net
Loss per Share Attributable to Common Stockholders</i></b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic
net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders
by the weighted average number of shares of common stock outstanding during the period, without consideration for common stock
equivalents. The net loss attributable to common stockholders is calculated by adjusting the net loss of the Company for the accretion
on the Series A and B redeemable convertible preferred stock and cumulative dividends on Series A and B redeemable convertible
preferred stock. Diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable
to common stockholders, since the effects of potentially dilutive securities are antidilutive.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Recently
Adopted Accounting Pronouncements</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2019, the FASB issued Accounting Standards Update 2019-12, <i>Income Taxes (Topic 740</i>). The amendments in this update
provide further simplification of accounting standards for the accounting for income taxes. Certain exceptions for requirements
regarding the accounting for franchise taxes, tax basis of goodwill, and tax law rate changes are made. The Company early adopted
this guidance as of January 1, 2021 and the adoption did not have a significant impact on the financial statements and related
disclosures.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
June 2016, the FASB issued ASU 2016-13, <i>Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses
on Financial Instruments</i>, as amended, which requires the early recognition of credit losses on financing receivables and other
financial assets in scope. ASU 2016-13 requires the use of a transition model that will result in the earlier recognition of allowances
for losses. The Company early adopted this guidance as of January 1, 2021 and the adoption did not have a significant impact on
the financial statements and related disclosures.</font></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="14" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">March 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: center; padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fair Value</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level 1</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level 2</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level 3</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; width: 52%">Assets – money market funds</td><td style="width: 1%"> </td>
<td style="text-align: left; width: 1%">$</td><td style="text-align: right; width: 9%">46,328</td><td style="text-align: left; width: 1%"> </td><td style="width: 1%"> </td>
<td style="text-align: left; width: 1%">$</td><td style="text-align: right; width: 9%">46,328</td><td style="text-align: left; width: 1%"> </td><td style="width: 1%"> </td>
<td style="text-align: left; width: 1%">$</td><td style="text-align: right; width: 9%">—</td><td style="text-align: left; width: 1%"> </td><td style="width: 1%"> </td>
<td style="text-align: left; width: 1%">$</td><td style="text-align: right; width: 9%">—</td><td style="text-align: left; width: 1%"> </td></tr>
</table><table cellpadding="0" cellspacing="0" style=" width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="14" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31, 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold; text-align: center; padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fair Value</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level 1</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level 2</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Level 3</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; width: 52%; text-align: left">Assets – money market funds</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,181</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">5,181</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Warrant liability</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">1,549</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">1,549</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Derivative liability</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">121</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">121</td><td style="text-align: left"> </td></tr>
</table>
46328000
46328000
5181000
5181000
1549000
121000
121000
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>Note
3 – Property and Equipment</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
and equipment, net, as of March 31, 2021 and December 31, 2020, consisted of the following (in thousands):</font></p><br/><table cellpadding="0" cellspacing="0" style=" width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">Office equipment and furniture</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">43</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">43</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Test equipment</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">33</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">22</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Total property and equipment</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">76</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">65</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Less: accumulated depreciation</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(28</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(27</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 2pt">Total property and equipment, net</td><td style="padding-bottom: 2pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">48</td><td style="padding-bottom: 2pt; text-align: left"> </td><td style="padding-bottom: 2pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">38</td><td style="padding-bottom: 2pt; text-align: left"> </td></tr>
</table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
depreciation expense related to property and equipment was approximately $1,000 and $3,000 for the three months ended March 31,
2021 and 2020, respectively.</font></p><br/>
1000
3000
<table cellpadding="0" cellspacing="0" style=" width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">Office equipment and furniture</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">43</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">43</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Test equipment</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">33</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">22</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Total property and equipment</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">76</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">65</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Less: accumulated depreciation</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(28</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(27</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 2pt">Total property and equipment, net</td><td style="padding-bottom: 2pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">48</td><td style="padding-bottom: 2pt; text-align: left"> </td><td style="padding-bottom: 2pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">38</td><td style="padding-bottom: 2pt; text-align: left"> </td></tr>
</table>
43000
43000
-33000
-22000
76000
65000
28000
27000
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>Note
4 – Other Current Liabilities</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
current liabilities as of March 31, 2021 and December 31, 2020 consisted of the following (in thousands):</font></p><br/><table cellpadding="0" cellspacing="0" style=" width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">Accrued research and development</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">197</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Accrued compensation</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">380</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">184</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Accrued vacation</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">218</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">192</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Accrued legal expense</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">85</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">41</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Accrued accounting and consulting expense</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">228</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">40</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1.5pt">Other</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">63</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">12</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 2pt"> </td><td style="padding-bottom: 2pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">974</td><td style="padding-bottom: 2pt; text-align: left"> </td><td style="padding-bottom: 2pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">666</td><td style="padding-bottom: 2pt; text-align: left"> </td></tr>
</table><br/>
<table cellpadding="0" cellspacing="0" style=" width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left">Accrued research and development</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">197</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Accrued compensation</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">380</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">184</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Accrued vacation</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">218</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">192</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Accrued legal expense</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">85</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">41</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Accrued accounting and consulting expense</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">228</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">40</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1.5pt">Other</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">63</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">12</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 2pt"> </td><td style="padding-bottom: 2pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">974</td><td style="padding-bottom: 2pt; text-align: left"> </td><td style="padding-bottom: 2pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">666</td><td style="padding-bottom: 2pt; text-align: left"> </td></tr>
</table>
197000
380000
184000
218000
192000
85000
41000
228000
40000
63000
12000
974000
666000
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>NOTE
5 – PAYCHECK PROTECTION PROGRAM LOAN</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Paycheck Protection Program (“PPP”) was established under the Coronavirus Aid, Relief, and Economic Security Act (the
“CARES Act”) and is administered by the U.S. Small Business Administration (“SBA”). On April 23,
2020, the Company entered into a promissory note with Silicon Valley Bank evidencing an unsecured loan in the aggregate amount
of approximately $351,000 under the PPP (the “PPP Loan”). The interest rate on the PPP Loan was 1.00% and the term
was two years, with a deferral of payments for ten months from the date of origination. On May 7, 2020, the Company elected to
repay the PPP loan in full until further guidance was provided by the SBA on the loan origination and eligibility requirements.
On May 27, 2020, the Company entered into a promissory note with Silicon Valley Bank evidencing an unsecured loan in the
aggregate amount of approximately $351,000, with all other terms the same as the prior loan. Beginning eleven months from the
date of the PPP Loan, the Company is required to make monthly payments of principal and interest. The promissory note evidencing
the PPP Loan contains customary events of default relating to, among other things, payment defaults or breaching the terms of
the PPP Loan documents. The occurrence of an event of default may result in the repayment of all amounts outstanding, collection
of all amounts owing from the Company, or filing suit and obtaining judgment against the Company. The PPP Loan may be repaid at
any time by the Company without prepayment penalties.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Funds
from the PPP Loan may only be used for payroll costs, costs used to continue group health care benefits, mortgage payments, rent,
utilities, and interest on other debt obligations, if those debt obligations are incurred before February 15, 2020. The Company
intends to use the entire PPP Loan amount for qualifying expenses.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the terms of the CARES Act, PPP loan recipients can apply for and be granted forgiveness for all or a portion of the loan granted
under the PPP. Such forgiveness will be determined, subject to limitations, based on the use of loan proceeds for qualifying expenses.
No assurance is provided that the Company will obtain forgiveness of the PPP Loan in whole or in part.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of March 31, 2021, future minimum payments under the PPP loan are as follows: $323,000 in 2021; and $28,000 in 2022.</font></p><br/>
351000
0.0100
351000
$323,000
$28,000
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>NOTE
6 – CONVERTIBLE PROMISSORY NOTES</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
various dates between February 2020 and December 2020, the Company received total proceeds of approximately $11.8 million from
the issuance of subordinated convertible promissory notes (“Convertible Notes”) to investors. The Convertible Notes
accrued interest at 4% per year and the principal balance of the Convertible Notes, plus all accrued interest is due on February
28, 2022 (the Maturity Date).</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Convertible Notes were convertible upon the occurrence of certain events, including upon a change in control or a next equity
financing. The conversion features are described as follows:</font></p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 34%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Conversion
Event</b></font></td>
<td style="vertical-align: bottom; width: 2%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="vertical-align: bottom; width: 31%; border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description</b></font></td>
<td style="vertical-align: bottom; width: 2%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="vertical-align: bottom; width: 31%; border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Conversion
Price</b></font></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Automatic Conversion
– Next Qualified Equity Financing</font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon the closing
of a Next Qualified Equity Financing (defined as greater than $5,000,000), the Convertible Notes are converted into shares
issued equal to the outstanding balance divided by the Conversion Price</font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An amount equal
to the lower of (i) 80% of the lowest per-share selling price of such stock sold by the Company at the Next Qualified Equity
Financing or (ii) the implied per share price determined by dividing $60,000,000 by the total number of Common Stock Equivalents
(defined as fully diluted common shares for all outstanding securities, excluding common shares reserved for issuance or exercise
of options or grants in the future) immediately prior to Next Financing Closing</font></td></tr>
<tr style="vertical-align: top; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Automatic Conversion
– Change of Control (defined as consolidation or merger of the Company or transfer of a majority of share ownership
or disposition of substantially all assets of the Company)</font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If at any time before
payment or conversion of the balance, the Company effects a Change of Control, all of the balance outstanding immediately
prior to such Change of Control will automatically convert into the most senior series of Preferred Stock outstanding immediately
prior to such Change of Control at the Conversion Price.</font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An amount equal
to the implied per share price determined by dividing $60,000,000 by the total number of Common Stock Equivalents immediately
prior to such Change of Control.</font></td></tr>
<tr style="vertical-align: top; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Automatic Conversion
– Maturity Date</font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Company has
not paid or otherwise converted the entire balance before the Maturity Date, then on the Maturity Date, all of the balance
then outstanding will automatically convert into the most senior series of Preferred Stock outstanding as of the Maturity
Date at the Conversion Price then in effect.</font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An amount equal
to the implied per share price determined by dividing $60,000,000 by the total number of Common Stock Equivalents as of the
Maturity Date.</font></td></tr>
<tr style="vertical-align: top; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Automatic Conversion
– IPO</font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If at any time before
payment or conversion of the balance, the Company consummates an IPO, all of the balance outstanding immediately prior to
the IPO will automatically convert into Common Stock at the Conversion Price.</font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An amount equal
to the lower of (i) 80% of the lowest per-share selling price of the common stock sold by the Company in an IPO or (ii) the
implied per share price determined by dividing $60,000,000 by the total number of Common Stock Equivalents immediately prior
to closing of an IPO. </font></td></tr>
</table><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 34%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Conversion
Event</b></font></td>
<td style="vertical-align: bottom; width: 2%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="vertical-align: bottom; width: 31%; border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description</b></font></td>
<td style="vertical-align: bottom; width: 2%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="vertical-align: bottom; width: 31%; border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Conversion
Price</b></font></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify; width: 34%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Optional Conversion</font></td>
<td style="text-align: justify; width: 2%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify; width: 31%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If at any time while
the Convertible Notes are still outstanding the Company sells stock in a single transaction or in a series of related transactions
that does not constitute a Next Qualified Equity Financing (and thus is defined as a Non-qualified Financing), then, at the
closing of the Nonqualified Financing, the balance then outstanding may be converted, at the option of the holder, into that
number of shares of Non-qualified Preferred Stock (preferred stock sold in the Non-qualified Financing) determined by dividing
(i) the balance by (ii) the Conversion Price then in effect.</font></td>
<td style="text-align: justify; width: 2%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify; width: 31%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An amount equal
to the lowest per share selling price of Nonqualified Preferred Stock sold by the Company for new cash investment in the Non-Qualified
Financing.</font></td></tr>
</table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
part of the Convertible Note financing, the Company agreed to issue subordinated convertible promissory notes to nonemployees
in exchange for services totaling $747,000. </font></p><br/><p style="text-align: justify; font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif">As
of December 31, 2020, Convertible Notes totaling approximately $247,000 were issued to nonemployees </font> <font style="font-family: Times New Roman, Times, Serif">in
exchange for services. </font><font style="font-family: Times New Roman PS Std,serif">As of December 31, 2020, future services of
$500,000 of the original $747,000 had not been fully completed. A portion of those services that had been completed were recorded as
a component of other noncurrent liabilities of $150,000 on the condensed balance sheet at December 31, 2020.</font></p><br/><p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">During the three months ended March 31, 2021, additional nonemployee
services of $50,000 were completed, which were recorded as a component of other noncurrent liabilities. In connection with the IPO, a Convertible Note for $500,000 was issued for nonemployee services and
the $300,000 of the nonemployee services that remained to be completed was recorded in prepaid assets and other current expenses on the
condensed balance sheet. The Company calculated a BCF of approximately $0.5 million upon the issuance of this Convertible Note. During
the three months ended March 31, 2020, there were no nonemployee services completed.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the Convertible Notes, the Company issued 10,000 and 204,500 warrants to purchase common stock, to a noteholder and
its brokers, respectively. The warrants have a five-year life and are initially exercisable into common stock at $2.97 per share.
(See Note 9 – Common Stock Warrants for fair value computation and discussion of the change in the exercise price). During
March 2021, 42,220 of these warrants to purchase common stock were cancelled.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
costs and commissions to brokers to obtain the Convertible Notes were recorded as a debt discount in the amount of approximately
$83,000 and $612,000, respectively.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company determined that the terms that would result in Convertible Notes automatically converting at (i) 80% of the lowest per-share
selling price of the stock sold by the Company in the Next Qualified Equity Financing or (ii) 80% of the lowest per-share selling price
of the Conversion Stock sold by the Company in an IPO are deemed a redemption feature. The Company also concluded that those redemption
features require bifurcation from the Convertible Notes and subsequent accounting in the same manner as a freestanding derivative. Accordingly,
subsequent changes in the fair value of these redemption features are measured at each reporting period and recognized in the condensed
statement of operations and comprehensive loss.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
sum of the fair value of the warrants, the fair value of the embedded redemption derivative liability, issuance costs, BCF and commission
payments for the Convertible Notes were recorded as debt discounts to be amortized to interest expense over the respective term using
the effective interest method. During the three months ended March 31, 2021 and 2020, the Company recognized interest expense of approximately
$0.8 million and $0 from the accretion of those debt discounts.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Convertible Notes automatically converted upon the closing of the IPO at the implied per share price determined by dividing $60,000,000
by the total number of Common Stock Equivalents immediately prior to the closing of the IPO. The outstanding principal ($12.5 million)
and interest due ($0.4 million) under the Convertible Notes, in an aggregate amount of $12.9 million, was converted into 5,015,494 shares
of the Company’s common stock at the implied per share conversion of $2.5736. The carrying value of the Convertible Notes was credited
to common stock and additional paid-in capital on the condensed balance sheet. The remaining unamortized discount of $0.4 million was
recorded to additional paid-in capital and no gain or loss was recognized on the conversion. The remaining unamortized discount related
to the BCF of $0.5 million was recognized immediately as interest expense in the condensed statement of operations and comprehensive
loss.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivative
Liability</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
described above, the redemption provisions embedded in the Convertible Notes required bifurcation and measurement at fair value
as a derivative. The fair value of the Convertible Note embedded redemption derivative liability was calculated by determining
the value of the debt component of the Convertible Notes at various conversion or maturity dates using a Probability Weighted
Expected Return valuation method. The fair value calculation placed greater probability on the occurrence of the conversion or
the maturity date scenario, with little or no weight given to other scenarios. The fair value of the embedded redemption derivative
liability is significantly influenced by the discount rate, the remaining term to maturity and the Company’s assumptions
related to the probability of a qualified financing or no financing prior to maturity. The Financing Date is the estimated date
of an automatic conversion as the result of a Next Qualified Equity Financing or an IPO.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company estimated the fair value of the embedded redemption derivative
liability using the following weighed average assumptions as of December 31, 2020:</p><br/><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"> </td><td style="font-weight: bold; padding-bottom: 1.5pt; text-align: center; vertical-align: bottom"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; vertical-align: bottom">Financing Date</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center; vertical-align: bottom"> </td><td style="font-weight: bold; padding-bottom: 1.5pt; text-align: center; vertical-align: bottom"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; vertical-align: bottom">Maturity Date</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center; vertical-align: bottom"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 66%; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Probability of Conversion at Financing</td><td style="width: 1%"> </td>
<td style="width: 15%; text-align: center; vertical-align: top">80%</td><td style="width: 1%; text-align: left"></td><td style="width: 1%"> </td>
<td style="width: 15%; text-align: center; vertical-align: top">20%</td><td style="width: 1%; text-align: left"></td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Expected Term</td><td> </td>
<td style="text-align: center; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 2021</font></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: center; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">February 2022</font></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Conversion Ratio</td><td> </td>
<td style="text-align: center; vertical-align: top">1.25</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: center; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</font></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Discount Rate</td><td> </td>
<td style="text-align: center; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.68% to 11.67%</font></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: center; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</font></td><td style="text-align: left"> </td></tr>
</table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company estimated the fair value of the embedded
redemption derivative liability using the following weighed average assumptions as of March 31, 2020:</p><br/><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr>
<td style="vertical-align: top"> </td>
<td style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financing Date</b></font></td>
<td style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Maturity Date</b></font></td>
<td style="vertical-align: bottom; text-align: center"> </td></tr>
<tr style="background-color: rgb(204,238,255)">
<td style="vertical-align: top; width: 66%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Probability of Conversion at Financing</font></td>
<td style="vertical-align: bottom; width: 1%"> </td>
<td style="vertical-align: top; width: 15%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</font></td>
<td style="vertical-align: bottom; width: 1%"> </td>
<td style="vertical-align: bottom; width: 1%"> </td>
<td style="vertical-align: top; width: 15%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</font></td>
<td style="vertical-align: bottom; width: 1%"> </td></tr>
<tr>
<td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected Term</font></td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: top; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 2021</font></td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: top; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">February 2022</font></td>
<td style="vertical-align: bottom"> </td></tr>
<tr style="background-color: rgb(204,238,255)">
<td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conversion Ratio</font></td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: top; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.25</font></td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: top; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</font></td>
<td style="vertical-align: bottom"> </td></tr>
<tr>
<td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discount Rate</font></td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: top; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.18% to 11.67%</font></td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: top; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</font></td>
<td style="vertical-align: bottom"> </td></tr>
</table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The embedded redemption derivative liability no
longer had significant value as of the date of the Company’s IPO since the conversion of the Convertible Notes occurred via a redemption
feature that was not bifurcated as a derivative. Upon the conversion of the Convertible Notes at the IPO, the Company recorded a final
change in the fair value of the derivative liability of $0.1 million in the condensed statement of operations and comprehensive loss,
and the derivative liability was extinguished.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
changes in the fair value of the derivative liability for the three months ended March 31, 2021 and 2020 were as follows:</font></p><br/><table cellpadding="0" cellspacing="0" style=" width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1.5pt solid; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrant
Issuance</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31,<br/>
2020</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
Value at<br/> issuance date</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change
in <br/> fair value</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 31,<br/>
2021</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<td style="width: 52%; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derivative
liability</font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">121</font></td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">—</font></td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(121</font></td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">—</font></td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
</table><br/><table cellpadding="0" cellspacing="0" style=" width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1.5pt solid; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrant
Issuance</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31,<br/>
2019</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
Value at<br/> issuance date</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change
in <br/> fair value</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 31,<br/>
2020</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<td style="width: 52%; text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derivative
liability</font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">—</font></td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</font></td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</font></td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">103</font></td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
</table><br/>
11800000
0.04
747000
247000
500000
$747,000
150000
50000
500000
300000
0.5
10000
204500
2970
42220
83000
612000
(i) 80% of the lowest per-share selling price of the stock sold by the Company in the Next Qualified Equity Financing or (ii) 80% of the lowest per-share selling price of the Conversion Stock sold by the Company in an IPO are deemed a redemption feature. The Company also concluded that those redemption features require bifurcation from the Convertible Notes and subsequent accounting in the same manner as a freestanding derivative.
0.80
800000
0
60000000
12500000
400000
12900000
5015494
2.5736
0.4
500000
0.1
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 34%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Conversion
Event</b></font></td>
<td style="vertical-align: bottom; width: 2%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="vertical-align: bottom; width: 31%; border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description</b></font></td>
<td style="vertical-align: bottom; width: 2%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="vertical-align: bottom; width: 31%; border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Conversion
Price</b></font></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Automatic Conversion
– Next Qualified Equity Financing</font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon the closing
of a Next Qualified Equity Financing (defined as greater than $5,000,000), the Convertible Notes are converted into shares
issued equal to the outstanding balance divided by the Conversion Price</font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An amount equal
to the lower of (i) 80% of the lowest per-share selling price of such stock sold by the Company at the Next Qualified Equity
Financing or (ii) the implied per share price determined by dividing $60,000,000 by the total number of Common Stock Equivalents
(defined as fully diluted common shares for all outstanding securities, excluding common shares reserved for issuance or exercise
of options or grants in the future) immediately prior to Next Financing Closing</font></td></tr>
<tr style="vertical-align: top; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Automatic Conversion
– Change of Control (defined as consolidation or merger of the Company or transfer of a majority of share ownership
or disposition of substantially all assets of the Company)</font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If at any time before
payment or conversion of the balance, the Company effects a Change of Control, all of the balance outstanding immediately
prior to such Change of Control will automatically convert into the most senior series of Preferred Stock outstanding immediately
prior to such Change of Control at the Conversion Price.</font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An amount equal
to the implied per share price determined by dividing $60,000,000 by the total number of Common Stock Equivalents immediately
prior to such Change of Control.</font></td></tr>
<tr style="vertical-align: top; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Automatic Conversion
– Maturity Date</font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the Company has
not paid or otherwise converted the entire balance before the Maturity Date, then on the Maturity Date, all of the balance
then outstanding will automatically convert into the most senior series of Preferred Stock outstanding as of the Maturity
Date at the Conversion Price then in effect.</font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An amount equal
to the implied per share price determined by dividing $60,000,000 by the total number of Common Stock Equivalents as of the
Maturity Date.</font></td></tr>
<tr style="vertical-align: top; ">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Automatic Conversion
– IPO</font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If at any time before
payment or conversion of the balance, the Company consummates an IPO, all of the balance outstanding immediately prior to
the IPO will automatically convert into Common Stock at the Conversion Price.</font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An amount equal
to the lower of (i) 80% of the lowest per-share selling price of the common stock sold by the Company in an IPO or (ii) the
implied per share price determined by dividing $60,000,000 by the total number of Common Stock Equivalents immediately prior
to closing of an IPO. </font></td></tr>
</table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="border-bottom: black 1.5pt solid; vertical-align: bottom; width: 34%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Conversion
Event</b></font></td>
<td style="vertical-align: bottom; width: 2%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="vertical-align: bottom; width: 31%; border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description</b></font></td>
<td style="vertical-align: bottom; width: 2%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="vertical-align: bottom; width: 31%; border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Conversion
Price</b></font></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
<td style="text-indent: -0.125in; padding-left: 0.125in; text-align: justify; width: 34%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Optional Conversion</font></td>
<td style="text-align: justify; width: 2%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify; width: 31%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If at any time while
the Convertible Notes are still outstanding the Company sells stock in a single transaction or in a series of related transactions
that does not constitute a Next Qualified Equity Financing (and thus is defined as a Non-qualified Financing), then, at the
closing of the Nonqualified Financing, the balance then outstanding may be converted, at the option of the holder, into that
number of shares of Non-qualified Preferred Stock (preferred stock sold in the Non-qualified Financing) determined by dividing
(i) the balance by (ii) the Conversion Price then in effect.</font></td>
<td style="text-align: justify; width: 2%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: justify; width: 31%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An amount equal
to the lowest per share selling price of Nonqualified Preferred Stock sold by the Company for new cash investment in the Non-Qualified
Financing.</font></td></tr>
</table>
Upon the closing of a Next Qualified Equity Financing (defined as greater than $5,000,000), the Convertible Notes are converted into shares issued equal to the outstanding balance divided by the Conversion Price
An amount equal to the lower of (i) 80% of the lowest per-share selling price of such stock sold by the Company at the Next Qualified Equity Financing or (ii) the implied per share price determined by dividing $60,000,000 by the total number of Common Stock Equivalents (defined as fully diluted common shares for all outstanding securities, excluding common shares reserved for issuance or exercise of options or grants in the future) immediately prior to Next Financing Closing
If at any time before payment or conversion of the balance, the Company effects a Change of Control, all of the balance outstanding immediately prior to such Change of Control will automatically convert into the most senior series of Preferred Stock outstanding immediately prior to such Change of Control at the Conversion Price.
An amount equal to the implied per share price determined by dividing $60,000,000 by the total number of Common Stock Equivalents immediately prior to such Change of Control.
If the Company has not paid or otherwise converted the entire balance before the Maturity Date, then on the Maturity Date, all of the balance then outstanding will automatically convert into the most senior series of Preferred Stock outstanding as of the Maturity Date at the Conversion Price then in effect.
An amount equal to the implied per share price determined by dividing $60,000,000 by the total number of Common Stock Equivalents as of the Maturity Date.
If at any time before payment or conversion of the balance, the Company consummates an IPO, all of the balance outstanding immediately prior to the IPO will automatically convert into Common Stock at the Conversion Price.
An amount equal to the lower of (i) 80% of the lowest per-share selling price of the common stock sold by the Company in an IPO or (ii) the implied per share price determined by dividing $60,000,000 by the total number of Common Stock Equivalents immediately prior to closing of an IPO.
If at any time while the Convertible Notes are still outstanding the Company sells stock in a single transaction or in a series of related transactions that does not constitute a Next Qualified Equity Financing (and thus is defined as a Non-qualified Financing), then, at the closing of the Nonqualified Financing, the balance then outstanding may be converted, at the option of the holder, into that number of shares of Non-qualified Preferred Stock (preferred stock sold in the Non-qualified Financing) determined by dividing (i) the balance by (ii) the Conversion Price then in effect.
An amount equal to the lowest per share selling price of Nonqualified Preferred Stock sold by the Company for new cash investment in the Non-Qualified Financing.
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"> </td><td style="font-weight: bold; padding-bottom: 1.5pt; text-align: center; vertical-align: bottom"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; vertical-align: bottom">Financing Date</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center; vertical-align: bottom"> </td><td style="font-weight: bold; padding-bottom: 1.5pt; text-align: center; vertical-align: bottom"> </td>
<td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; vertical-align: bottom">Maturity Date</td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center; vertical-align: bottom"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 66%; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Probability of Conversion at Financing</td><td style="width: 1%"> </td>
<td style="width: 15%; text-align: center; vertical-align: top">80%</td><td style="width: 1%; text-align: left"></td><td style="width: 1%"> </td>
<td style="width: 15%; text-align: center; vertical-align: top">20%</td><td style="width: 1%; text-align: left"></td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Expected Term</td><td> </td>
<td style="text-align: center; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 2021</font></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: center; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">February 2022</font></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Conversion Ratio</td><td> </td>
<td style="text-align: center; vertical-align: top">1.25</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: center; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</font></td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Discount Rate</td><td> </td>
<td style="text-align: center; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.68% to 11.67%</font></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: center; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</font></td><td style="text-align: left"> </td></tr>
</table><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr>
<td style="vertical-align: top"> </td>
<td style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financing Date</b></font></td>
<td style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; text-align: center"> </td>
<td style="vertical-align: bottom; border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Maturity Date</b></font></td>
<td style="vertical-align: bottom; text-align: center"> </td></tr>
<tr style="background-color: rgb(204,238,255)">
<td style="vertical-align: top; width: 66%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Probability of Conversion at Financing</font></td>
<td style="vertical-align: bottom; width: 1%"> </td>
<td style="vertical-align: top; width: 15%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</font></td>
<td style="vertical-align: bottom; width: 1%"> </td>
<td style="vertical-align: bottom; width: 1%"> </td>
<td style="vertical-align: top; width: 15%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</font></td>
<td style="vertical-align: bottom; width: 1%"> </td></tr>
<tr>
<td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected Term</font></td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: top; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 2021</font></td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: top; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">February 2022</font></td>
<td style="vertical-align: bottom"> </td></tr>
<tr style="background-color: rgb(204,238,255)">
<td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conversion Ratio</font></td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: top; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.25</font></td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: top; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</font></td>
<td style="vertical-align: bottom"> </td></tr>
<tr>
<td style="vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Discount Rate</font></td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: top; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.18% to 11.67%</font></td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: bottom"> </td>
<td style="vertical-align: top; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</font></td>
<td style="vertical-align: bottom"> </td></tr>
</table>
0.80
0.20
2021
February 2022
P1Y3M
0.0168
0.1167
0.80
0.20
2021
February 2022
P1Y3M
0.0618
0.1167
<table cellpadding="0" cellspacing="0" style=" width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1.5pt solid; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrant
Issuance</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31,<br/>
2020</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
Value at<br/> issuance date</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change
in <br/> fair value</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 31,<br/>
2021</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<td style="width: 52%; text-align: left; font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derivative
liability</font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">121</font></td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">—</font></td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(121</font></td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">—</font></td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
</table><table cellpadding="0" cellspacing="0" style=" width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; border-bottom: Black 1.5pt solid; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrant
Issuance</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31,<br/>
2019</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
Value at<br/> issuance date</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change
in <br/> fair value</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 31,<br/>
2020</font></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<td style="width: 52%; text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Derivative
liability</font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">—</font></td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</font></td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</font></td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">103</font></td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
</table>
121000
-121000
71000
32000
103000
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>Note
7 – REDEEMABLE Convertible Preferred Stock</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 28, 2019, the Company’s Second Amended and Restated Certificate of Incorporation was filed with the Delaware Secretary
of State which (i) increased the number of shares of common stock the Company is authorized to issue to 22,069,652; (ii) increased
the number of shares of preferred stock the Company was authorized to issue to 7,930,348, of which 2,692,253 shares were designated
as Series A preferred stock and 5,238,095 shares were designated as Series B preferred stock; (iii) amended and set a fixed conversion
price of Series A preferred stock to $1.40; and (iv) extended the IPO Commitment Date from April 1, 2020 to no later than
March 31, 2021.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company assessed the accounting treatment of the amendment of the Certificate of Incorporation related to the Series A preferred
stock and determined that the amendment is a modification for accounting purposes. After considering the nature of the changes
as a result of the amendment, the Company determined the modification of the Series A preferred stock did not have a significant
impact on the financial statements.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
various dates from March 2019 through August 2019, the Company issued 4,942,319 shares of Series B preferred stock at $2.10 per
share for net cash proceeds of $9.3 million. The Series B preferred stock has a liquidation preference of an amount equal
to the greater of (i) two times the original issue price of $2.10 per share (adjusted for stock splits, stock dividends, stock
combination, recapitalizations and certain similar events) plus any declared and unpaid dividends thereon or (ii) the amount per
share that would have been received by the holders had the Series B preferred stock been converted into common stock immediately
prior to such liquidation, dissolution or winding-up plus any declared and unpaid dividends thereon, pari passu with the Series
A preferred stock and in preference to any distributions to the holders of common stock.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Series B preferred stock was measured and
recorded at the transaction price net of issuance costs, resulting in an initial value of $9.3 million. The accretion to the carrying
value of the Series B preferred stock was recorded as a charge to additional paid in capital. The accumulated accretion as of the IPO
date was $11.5 million, which resulted in an adjusted Series B preferred stock carrying value of $20.8 million.</p><br/><p style="text-align: justify; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The accretion to the carrying value of the Series A preferred stock
was recorded as a charge to additional paid in capital. The accumulated accretion as of the IPO date was $8.2 million, which resulted
in an adjusted Series A preferred stock carrying value of $14.5 million.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
the IPO, the redeemable convertible preferred stock converted in to 11,436,956 shares of common stock and no shares of redeemable
convertible preferred stock remain outstanding as of March 31, 2021.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 24, 2021, the Company’s Third Amended and Restated Certificate of Incorporation was filed with the Delaware Secretary
of State which (i) eliminated the Company’s Series A and Series B preferred stock, (ii) increased the authorized number
of shares of common stock to 75,000,000 and (iii) authorized 5,000,000 shares of preferred stock at par value of $0.0001 per share.
The significant rights and preferences of the preferred stock will be established by the Company’s Board of Directors (the
“Board”) upon issuance of any such series of preferred stock in the future.</font></p><br/>
(i) increased the number of shares of common stock the Company is authorized to issue to 22,069,652; (ii) increased the number of shares of preferred stock the Company was authorized to issue to 7,930,348, of which 2,692,253 shares were designated as Series A preferred stock and 5,238,095 shares were designated as Series B preferred stock; (iii) amended and set a fixed conversion price of Series A preferred stock to $1.40; and (iv) extended the IPO Commitment Date from April 1, 2020 to no later than March 31, 2021.
4942319
2100
9300000
2.10
9300000
11500000
20800000
8200000
14500000
11436956
(i) eliminated the Company’s Series A and Series B preferred stock, (ii) increased the authorized number of shares of common stock to 75,000,000 and (iii) authorized 5,000,000 shares of preferred stock at par value of $0.0001 per share. The significant rights and preferences of the preferred stock will be established by the Company’s Board of Directors (the “Board”) upon issuance of any such series of preferred stock in the future.
0
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>Note
8 – Common Stock</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of March 31, 2021 and December 31, 2020, the Company was authorized to issue 75,000,000 and 22,069,652 shares of common stock
with a par value of $0.0001 per share, and 32,772,060 and 6,393,069 shares were issued and outstanding, respectively.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Conversion
of Redeemable Convertible Preferred Stock</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the closing of the IPO, on March 25, 2021, the outstanding shares of the Company’s Series A and Series B
redeemable convertible preferred stock was converted into 11,436,956 shares of the Company’s common stock. The holders of
the common stock with respect to the conversion shares are subject to lock-up requirements with respect to the conversion shares
until September 25, 2021.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Conversion
of Convertible Notes</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the funding of the IPO, on March 25, 2021, the principal and interest due under the Company’s Convertible
Notes, in an aggregate amount of $12.9 million, was converted into 5,015,494 shares of the Company’s common stock. The purchasers
of the convertible notes are subject to lock-up requirements with respect to the conversion shares until September 25, 2021.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Third
Amended and Restated Certificate of Incorporation</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the IPO, the Third Amended and Restated Certificate of Incorporation became effective and authorized 75,000,000
shares of common stock at par value of $0.0001 per share. Dividends may be declared and paid on the common stock when and if determined
by the Board of Directors. Upon liquidation, each common stockholder is entitled to receive an equal portion of the distribution.
Each holder of common stock will have one vote in respect of each share of common stock held. The rights and privileges listed
above will be subject to preferential rights of any then outstanding shares of preferred stock.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the IPO date, the Company issued 17,000 shares of common stock for nonemployee services valued at $85,000.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common
stock reserved for future issuance as March 31, 2021 is summarized as follows:</font></p><br/><table cellpadding="0" cellspacing="0" style=" width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<td style="width: 88%; text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants
to purchase common stock</font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,938,143</font></td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock
options outstanding</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,367,637</font></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock
options available for future grants</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,340,322</font></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</font></td><td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,646,102</font></td><td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
</table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Restricted
Stock Purchase Agreements</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2018, 400,000 shares were issued to the Company’s founder at inception pursuant to a Restricted Stock Purchase Agreement.
The Restricted Stock Purchase Agreement stipulates that in the event of the voluntary or involuntary termination of the Company’s
founder’s continuous service status for any reason (including death or disability), with or without cause, the Company or
its assignees(s) shall have an option (“Repurchase Option”) to repurchase all or any portion of the shares held by
the Purchaser as of the termination date which have not yet been released from the Company’s Repurchase Option at the original
purchase price of $0.0125 per share. Shares are to be released from the Repurchase Option over four years. The initial 12/48ths
of the shares were released on January 30, 2019, and an additional 1/48th of the shares are being released monthly thereafter.
As of March 31, 2021 and December 31, 2020, 83,333 and 108,333 of the shares issued to the Company’s founder remain subject
to the Repurchase Option, respectively. These shares were originally purchased by the Company’s founder at $0.0125 per share.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In 2018, 3,640,000 shares
were also issued pursuant to a Restricted Stock Purchase Agreement. The holders of these shares are considered related parties of the
Company because the holders are directly related either to the founder or to the legal counsel of the Company. The same terms described
above apply to these issuances. As of March 31, 2021 and December 31, 2020, 758,334 and 985,834 of the shares issued to these holders
remain subject to the Repurchase Option, respectively. These shares were originally purchased by the holders at $0.0125 per share.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Early
Exercised Stock Option Liability</b>.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the three months ended March 31, 2021, 50,000 shares were issued upon the early exercise of common stock options. The Exercise
Notice (Early Exercise) Agreement states that the Company has the option to repurchase all or a portion of the unvested shares
in the event of the separation of the holder from service to the Company. The shares continue to vest in accordance with the original
vesting schedules of the former option agreements. There were no early exercises during the three months ended March 31, 2020.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of March 31, 2021 and December 31, 2020, the Company has recorded a repurchase liability for approximately $406,000 and $417,000
for 826,127 and 856,814 shares that remain unvested. The weighted average remaining vesting period is approximately 3 years.</font></p><br/>
11436956
11436956
12900000
5015494
75000000
0.0001
17000
85000
400000
0.0125
83333
108333
12.5
0.0125
3640000
758334
985834
0.0125
50000
406000
417000
826127
856814
P3Y
<table cellpadding="0" cellspacing="0" style=" width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<td style="width: 88%; text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants
to purchase common stock</font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,938,143</font></td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock
options outstanding</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,367,637</font></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock
options available for future grants</font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; border-bottom: Black 1.5pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,340,322</font></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</font></td><td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,646,102</font></td><td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
</table>
1938143
4367637
1340322
7646102
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>Note
9 – Common Stock Warrants</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Preferred
A Placement Warrants</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 22, 2018, the Company entered into an agreement with NSC, pursuant to which the Company engaged NSC as the Company’s
exclusive financial advisor and placement agent in connection with an offering or series of offerings of Company securities. Specifically,
NSC was the placement agent in connection with the sale of its Series A preferred stock.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the closing of Series A preferred stock offering, the Company issued warrants (“Preferred A Placement Warrants”)
to purchase a total of 133,648 shares of its common stock to NSC on March 14, 2018 and April 23, 2018. On June 1, 2018, the
Preferred A Placement Warrants were reassigned among NSC and three individuals at LPV. The Preferred A Placement Warrants have
a term of five years and the exercise price is equal to the conversion price of Series A preferred stock upon its conversion.
The Preferred A Placement Warrants included an adjustment provision pursuant to which upon completion of the IPO, and the conversion
of the Series B preferred stock in connection therewith, the number of shares issuable upon exercise of the warrants was adjusted
to be equal to 10% of the aggregate number of common stock shares issued by the Company upon conversion of 1,336,485 shares of
Series A preferred stock (the “Preferred A Adjustment Provision”).</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Second Amended and Restated Certificate of Incorporation that was approved on March 28, 2019 amended and fixed the conversion
price of the Series A preferred stock at $1.40. As a result, on August 28, 2019, the Company elected to amend and reissue the
Preferred A Placement Warrants, thereby reducing the exercise price to $1.40 and increasing the number of warrant shares by 109,200
to a total of 242,848 warrant shares.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In connection with the IPO, pursuant to the Preferred A Adjustment
Provision variable settlement provision, the number of shares of common stock subject to the Preferred A Placement Warrants settled, resulting
in an additional 50,195 shares of common stock.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Preferred
A Lead Investor Warrants</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
February 2021, a total of 52,500 warrants for common stock were issued to advisors to the Company at a weighted average exercise
price of $0.0125 per share. The resulting fair value of the warrants for common stock is not significant.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Preferred
B Placement Warrants</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 16, 2019, in connection with the Series B preferred stock offering, the Company issued warrants (“Preferred B Placement
Warrants”) to purchase 414,270 shares of its common stock to NSC, Newbridge Securities Corporation, and five individuals
at LPV. The Preferred B Placement Warrants have a term of five years and their exercise price is equal to $2.10, the conversion
price of Series B preferred stock. The Preferred B Placement Warrants included an adjustment provision pursuant to which upon
completion of the IPO, and the conversion of the Series B preferred stock in connection therewith, the number of shares issuable
upon exercise of the warrants was adjusted to be equal to 10% of the aggregate number of common stock shares issued by the Company
upon conversion of 4,142,270 shares of Series B preferred stock(the “Preferred B Adjustment Provision”).</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In connection with the IPO, pursuant to the Preferred B Adjustment
Provision variable settlement provision, the number of shares of common stock subject to the Preferred B Placement Warrants settled, resulting
in an additional 49,528 shares of common stock.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Convertible
Note Placement Warrants</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In connection with the Convertible Notes, the Company issued 10,000
and 204,500 warrants to purchase common stock, to a noteholder and its brokers, respectively. The warrants have a five-year life and are
initially exercisable into common stock at $2.97 per share with the warrants ultimately being exercisable into common stock at the final
Conversion Price of the Convertible Notes. When the Convertible Notes converted at the IPO date as described in Note 7, the exercise price
of the warrants was adjusted to equal the Conversion Price, which is $2.57. During March 2021, 42,220 of these warrants to purchase common
stock were cancelled.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underwriter
Warrants</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the IPO, the Company issued the underwriter a warrant to purchase shares of common stock equal to 9.79% of the
shares of common stock sold in the IPO or 956,973 shares. The warrant is exercisable at $6.00 per share and has a 5-year term.
The warrant is subject to a six-month lock-up period. Additionally, the underwriter has contractually agreed that it will not
sell, transfer, assign, pledge, or hypothecate this warrant or the securities underlying this warrant, nor will it engage in any
hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of this warrant
or the underlying securities for a period of 540 days (approximately 18 months) from the IPO.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a summary of the Company’s warrant activity for the three months ended March 31, 2021:</font></p><br/><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-weight: bold; text-align: left; border-bottom: Black 1.5pt solid">Warrant Issuance</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Issuance</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Exercise<br/> Price</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Outstanding,<br/> December 31,<br/> 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Granted</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Exercised</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Canceled/<br/> Expired</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Variable Settlement Provision Adjustment</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Outstanding,<br/> March 31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Expiration</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 12%; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Preferred A Placement Warrants</td><td style="width: 1%"> </td>
<td style="width: 9%; text-align: center">March and April 2018 and August 2019</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">1.40</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">242,847</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">50,195</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">293,042</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">March and April 2023</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Preferred A Lead Investor Warrants</td><td> </td>
<td style="text-align: center">February 2021</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">0.0125</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">52,500</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">52,500</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">March 2023</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Preferred B Placement Warrants</td><td> </td>
<td style="text-align: center">April 2019</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">2.10</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">414,270</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">49,528</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">463,798</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">April 2024</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Convertible Notes Placement Warrants</td><td> </td>
<td style="text-align: center">August 2020</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">2.97</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">214,050</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(42,220</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">171,830</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">August 2025</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Underwriter warrants</td><td style="padding-bottom: 1.5pt"> </td>
<td style="text-align: center; padding-bottom: 1.5pt">March 2021</td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left">$</td><td style="padding-bottom: 1.5pt; text-align: right">6.00</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">—</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">956,973</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">—</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">—</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">—</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">956,973</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">March 2026</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td>
<td style="text-align: center; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td>
<td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt; text-align: right"> </td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">871,167</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">1,009,473</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">—</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">(42,220</td><td style="padding-bottom: 2pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">99,723</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">1,938,143</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt; text-align: right"> </td><td style="padding-bottom: 4pt; text-align: left"> </td></tr>
</table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Warrants
Classified as Liabilities</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><font style="text-decoration:underline">Preferred A Placement Warrants and Preferred
B Placement Warrants</font></i></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Preferred A Placement Warrants and Preferred
B Placement Warrants were initially classified as a derivative liability because their variable terms did not qualify these as being
indexed to the Company’s own common stock and will be measured at fair value on a recurring basis.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of the conversion of the
Preferred Stock into common stock in connection with the IPO, and the related impact of the Preferred A Adjustment Provision and the
Preferred B Adjustment Provision, the number of warrant shares that are convertible is no longer variable. Accordingly, the
Preferred A Placement Warrants and Preferred B Placement Warrants were determined to be indexed to the Company’s own common
stock and will no longer be measured at fair value on a recurring basis. Instead the Preferred A Placement Warrants and the
Preferred B Placement Warrants were determined to be equity instruments, and the liability was recorded at fair value with the
change in fair value recorded in the condensed statement of operations and comprehensive loss and reclassified to additional paid-in
capital at their estimated fair value at the IPO date.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><font style="text-decoration:underline">Convertible
Notes Placement Warrants</font></i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Convertible Notes Placement Warrants are classified as a derivative liability because the exercise price was variable, thus
these do not qualify as being indexed to the Company’s own common stock and will be measured at fair value on a
recurring basis.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of the conversion of the Convertible
Notes into common stock in connection with the IPO, the exercise price is no longer variable. Accordingly, the Convertible Notes Placement
Warrants were determined to be indexed to the Company’s own common stock and will no longer be measured at fair value on a recurring
basis. Instead the Convertible Notes Placement Warrants were determined to be equity instruments, and the liability was recorded at fair value with the change in fair value
recorded in the condensed statement of operations and comprehensive loss and reclassified to additional paid-in
capital at their estimated fair value at the IPO date.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><font style="text-decoration:underline">Estimated
Fair Value of Outstanding Warrants Classified as Liabilities</font></i></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
estimated fair value of outstanding warrants classified as liabilities is determined at each balance sheet date. Any decrease
or increase in the estimated fair value of the warrant liability since the most recent balance sheet date is recorded in the condensed
statements of operations and comprehensive loss as a change in fair value of warrant liability.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The changes in fair value of the outstanding warrants
classified as liabilities for the three months ended March 31, 2021 were as follows (in thousands):</p><br/><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-weight: bold; border-bottom: Black 1.5pt solid">Warrant Issuance</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Warrant liability,<br/> December 31,<br/> 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fair value <br/> of warrants granted</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fair value <br/> of warrants exercised</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Change in fair<br/> value of warrants</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Reclassified<br/> to additional<br/> paid-in<br/> capital</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Warrant<br/> liability,<br/> March 31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 46%; text-align: left; text-indent: -9pt; padding-left: 9pt">Preferred A Placement Warrants</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">518</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">575</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">(1,093</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Preferred B Placement Warrants</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">708</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">800</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,508</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Convertible Notes Placement Warrants</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">323</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">—</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">—</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">206</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(529</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">—</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,549</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">—</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">—</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,581</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(3,130</td><td style="padding-bottom: 2pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">—</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr>
</table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif">The changes
in fair value of the warrant liability for the three months ended March 31, 2020 were as follows (in thousands):</font></p><br/><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-weight: bold; text-align: left; border-bottom: Black 1.5pt solid">Warrant Issuance</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Warrant liability,<br/> December 31,<br/> 2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fair value<br/> of warrants granted</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fair value <br/> of warrants exercised</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Change in fair<br/> value of warrants</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Warrant liability,<br/> March 31,<br/> 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%; text-align: left; text-indent: -9pt; padding-left: 9pt">Preferred A Placement Warrants</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">12</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(8</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Preferred B Placement Warrants</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">20</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">—</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">—</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(15</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">32</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">—</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">—</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(23</td><td style="padding-bottom: 2pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">9</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr>
</table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">The
fair values of the outstanding warrants accounted for as liabilities at the IPO date are calculated using the Black-Scholes option pricing
model with the following assumptions:</font></p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="font-weight: bold; padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif">Black-Scholes
Fair Value Assumptions at IPO Date</font></td><td style="padding-bottom: 1.5pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1.5pt solid; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif">Warrant
Issuance</font></td><td style="font-weight: bold; padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif">Dividend<br/>
Yield</font></td><td style="padding-bottom: 1.5pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="font-weight: bold; padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif">Expected<br/>
Volatility</font></td><td style="padding-bottom: 1.5pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="font-weight: bold; padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif">Risk-Free<br/>
Interest<br/> Rate</font></td><td style="padding-bottom: 1.5pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="font-weight: bold; padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif">Expected<br/>
Life</font></td><td style="padding-bottom: 1.5pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 52%; text-align: left; text-indent: -9pt; padding-left: 9pt"><font style="font-family: Times New Roman, Times, Serif">Preferred
A Placement Warrants</font></td><td style="width: 1%"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="width: 9%; text-align: right"><font style="font-family: Times New Roman, Times, Serif">–</font></td><td style="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif">%</font></td><td style="width: 1%"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="width: 9%; text-align: right"><font style="font-family: Times New Roman, Times, Serif">59.21</font></td><td style="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif">%</font></td><td style="width: 1%"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="width: 9%; text-align: right"><font style="font-family: Times New Roman, Times, Serif">0.14</font></td><td style="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif">%</font></td><td style="width: 1%"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; width: 1%; text-align: center"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="vertical-align: bottom; width: 9%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.0
years</font></td><td style="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><font style="font-family: Times New Roman, Times, Serif">Preferred
B Placement Warrants</font></td><td><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">–</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif">%</font></td><td><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">58.51</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif">%</font></td><td><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">0.30</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif">%</font></td><td><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.0
years</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><font style="font-family: Times New Roman, Times, Serif">Convertible
Note Placement Warrants</font></td><td><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">–</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif">%</font></td><td><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">52.28</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif">%</font></td><td><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">0.82</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif">%</font></td><td><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4
years</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td></tr>
</table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">Upon
the conversion of the redeemable convertible preferred stock and the Convertible Notes into common stock at the IPO date, the estimated
fair value of the outstanding warrants accounted for as liabilities of $3.1 million was reclassified to additional paid-in capital.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">The
fair values of the outstanding warrants accounted for as liabilities at December 31, 2020 are calculated using the Black-Scholes option
pricing model with the following assumptions:</font></p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td colspan="13" style="border-bottom: black 1.5pt solid; vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Black-Scholes
Fair Value Assumptions - December 31, 2020</b></font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Warrant
Issuance</b></font></td>
<td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dividend<br/>
Yield</b></font></td>
<td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Expected<br/>
Volatility</b></font></td>
<td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk-Free<br/>
Interest<br/>
Rate</b></font></td>
<td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1.5pt solid; vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Expected<br/>
Life</b></font></td>
<td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif"> </font></td></tr>
<tr style="background-color: #CCEEFF">
<td style="vertical-align: top; width: 52%; padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preferred
A Placement Warrants</font></td>
<td style="vertical-align: bottom; width: 1%"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; width: 1%"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">–</font></td>
<td style="vertical-align: bottom; width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td>
<td style="vertical-align: bottom; width: 1%"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; width: 1%"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.75</font></td>
<td style="vertical-align: bottom; width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td>
<td style="vertical-align: bottom; width: 1%"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; width: 1%"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.13</font></td>
<td style="vertical-align: bottom; width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td>
<td style="vertical-align: bottom; width: 1%"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; width: 10%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2
years</font></td>
<td style="vertical-align: bottom; width: 1%"><font style="font-family: Times New Roman, Times, Serif"> </font></td></tr>
<tr>
<td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preferred
B Placement Warrants</font></td>
<td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">–</font></td>
<td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td>
<td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">55.76</font></td>
<td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td>
<td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.17</font></td>
<td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td>
<td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3
years</font></td>
<td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif"> </font></td></tr>
<tr style="background-color: #CCEEFF">
<td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible
Note Placement Warrants</font></td>
<td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">–</font></td>
<td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td>
<td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52.93</font></td>
<td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td>
<td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.36</font></td>
<td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td>
<td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7
years</font></td>
<td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif"> </font></td></tr>
</table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">The
fair values of the outstanding warrants accounted for as liabilities at March 31, 2020 are calculated using the Black-Scholes option
pricing model with the following assumptions:</font></p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td colspan="14" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>Black-Scholes
Fair Value Assumptions – March 31, 2020</b></font></p></td><td style="padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1.5pt solid; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif">Warrant
Issuance</font></td><td style="font-weight: bold; padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif">Dividend<br/>
Yield</font></td><td style="padding-bottom: 1.5pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="font-weight: bold; padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif">Expected<br/>
Volatility</font></td><td style="padding-bottom: 1.5pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="font-weight: bold; padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif">Risk-Free<br/>
Interest<br/> Rate</font></td><td style="padding-bottom: 1.5pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="font-weight: bold; padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif">Expected<br/>
Life</font></td><td style="padding-bottom: 1.5pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 52%; text-align: left; text-indent: -9pt; padding-left: 9pt"><font style="font-family: Times New Roman, Times, Serif">Preferred
A Placement Warrants</font></td><td style="width: 1%"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="width: 9%; text-align: right"><font style="font-family: Times New Roman, Times, Serif">–</font></td><td style="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif">%</font></td><td style="width: 1%"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="width: 9%; text-align: right"><font style="font-family: Times New Roman, Times, Serif">48.82</font></td><td style="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif">%</font></td><td style="width: 1%"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="width: 9%; text-align: right"><font style="font-family: Times New Roman, Times, Serif">0.29</font></td><td style="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif">%</font></td><td style="width: 1%"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; width: 1%; text-align: center"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="vertical-align: bottom; width: 9%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.0
years</font></td><td style="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><font style="font-family: Times New Roman, Times, Serif">Preferred
B Placement Warrants</font></td><td><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">–</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif">%</font></td><td><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">63.28</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif">%</font></td><td><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">2.40</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.0
years</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td></tr>
</table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Warrants
Classified as Equity</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">Certain
warrants are classified as equity instruments since they do not meet the characteristics of a liability or a derivative and are recorded
at fair value on the date of issuance using the Black-Scholes option pricing mod</font>el with the following assumptions. The fair value
as determined at the issuance date is recorded as an issuance cost of the related stock. Those warrants and the assumptions used to calculate
the fair value at issuance are as follows for the warrants issued during the three months ended March 31, 2021. There were no warrants
issued during the three months ended March 31, 2020.</p><br/><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-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="19" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Black-Scholes Fair Value Assumptions</td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold; text-align: left; border-bottom: Black 1.5pt solid">Warrant Issuance</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Issuance Date</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fair <br/> Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Dividend<br/> Yield</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Expected<br/> Volatility</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Risk-Free<br/> Interest<br/> Rate</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Expected<br/> Life</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 28%; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Underwriter Warrants</td><td style="width: 1%"> </td>
<td style="width: 11%; text-align: center">March 2021</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,349</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">–</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">52.58</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">0.82</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td>
<td style="vertical-align: bottom; width: 11%; text-align: center">5.0 years</td></tr>
</table><br/>
133648
133648
P5Y
0.10
1336485
1.40
1.40
109200
242848
52500
0.0125
414270
P5Y
2.10
0.10
4142270
49528
10000
204500
P5Y
2.97
2.57
42220
0.0979
956973
6.00
P5Y
3.1
<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-weight: bold; text-align: left; border-bottom: Black 1.5pt solid">Warrant Issuance</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Issuance</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Exercise<br/> Price</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Outstanding,<br/> December 31,<br/> 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Granted</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Exercised</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Canceled/<br/> Expired</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Variable Settlement Provision Adjustment</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Outstanding,<br/> March 31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Expiration</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 12%; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Preferred A Placement Warrants</td><td style="width: 1%"> </td>
<td style="width: 9%; text-align: center">March and April 2018 and August 2019</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 7%; text-align: right">1.40</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">242,847</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">50,195</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">293,042</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 7%; text-align: right">March and April 2023</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Preferred A Lead Investor Warrants</td><td> </td>
<td style="text-align: center">February 2021</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">0.0125</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">52,500</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">52,500</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">March 2023</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Preferred B Placement Warrants</td><td> </td>
<td style="text-align: center">April 2019</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">2.10</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">414,270</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">49,528</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">463,798</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">April 2024</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in">Convertible Notes Placement Warrants</td><td> </td>
<td style="text-align: center">August 2020</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">2.97</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">214,050</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(42,220</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">171,830</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">August 2025</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt; text-indent: -0.125in; padding-left: 0.125in">Underwriter warrants</td><td style="padding-bottom: 1.5pt"> </td>
<td style="text-align: center; padding-bottom: 1.5pt">March 2021</td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left">$</td><td style="padding-bottom: 1.5pt; text-align: right">6.00</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">—</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">956,973</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">—</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">—</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">—</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">956,973</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt; text-align: right">March 2026</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td>
<td style="text-align: center; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td>
<td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt; text-align: right"> </td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">871,167</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">1,009,473</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">—</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">(42,220</td><td style="padding-bottom: 2pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">99,723</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">1,938,143</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt; text-align: right"> </td><td style="padding-bottom: 4pt; text-align: left"> </td></tr>
</table>
March and April 2018 and August 2019
1.40
242847
50195
293042
March and April 2023
February 2021
0.0125
52500
52500
March 2023
April 2019
2.10
414270
49528
463798
April 2024
August 2020
2.97
214050
42220
171830
August 2025
March 2021
6.00
956973
956973
March 2026
871167
1009473
42220
99723
1938143
<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-weight: bold; border-bottom: Black 1.5pt solid">Warrant Issuance</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Warrant liability,<br/> December 31,<br/> 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fair value <br/> of warrants granted</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fair value <br/> of warrants exercised</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Change in fair<br/> value of warrants</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Reclassified<br/> to additional<br/> paid-in<br/> capital</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Warrant<br/> liability,<br/> March 31,<br/> 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 46%; text-align: left; text-indent: -9pt; padding-left: 9pt">Preferred A Placement Warrants</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">518</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">575</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">(1,093</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Preferred B Placement Warrants</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">708</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">800</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">(1,508</td><td style="text-align: left">)</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Convertible Notes Placement Warrants</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">323</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">—</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">—</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">206</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(529</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; text-align: right">—</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,549</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">—</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">—</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,581</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(3,130</td><td style="padding-bottom: 2pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">—</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr>
</table><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="font-weight: bold; text-align: left; border-bottom: Black 1.5pt solid">Warrant Issuance</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Warrant liability,<br/> December 31,<br/> 2019</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fair value<br/> of warrants granted</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fair value <br/> of warrants exercised</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Change in fair<br/> value of warrants</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Warrant liability,<br/> March 31,<br/> 2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%; text-align: left; text-indent: -9pt; padding-left: 9pt">Preferred A Placement Warrants</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">12</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(8</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 9pt">Preferred B Placement Warrants</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">20</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">—</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">—</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(15</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">32</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">—</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">—</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(23</td><td style="padding-bottom: 2pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">9</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr>
</table>
518000
575000
1093000
708000
800000
1508000
323000
206000
529000
1549000
1581000
3130000
12000
-8000
4000
20000
-15000
5000
32000
-23000
9000
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="font-weight: bold; padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td colspan="14" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif">Black-Scholes
Fair Value Assumptions at IPO Date</font></td><td style="padding-bottom: 1.5pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1.5pt solid; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif">Warrant
Issuance</font></td><td style="font-weight: bold; padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif">Dividend<br/>
Yield</font></td><td style="padding-bottom: 1.5pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="font-weight: bold; padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif">Expected<br/>
Volatility</font></td><td style="padding-bottom: 1.5pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="font-weight: bold; padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif">Risk-Free<br/>
Interest<br/> Rate</font></td><td style="padding-bottom: 1.5pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="font-weight: bold; padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif">Expected<br/>
Life</font></td><td style="padding-bottom: 1.5pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 52%; text-align: left; text-indent: -9pt; padding-left: 9pt"><font style="font-family: Times New Roman, Times, Serif">Preferred
A Placement Warrants</font></td><td style="width: 1%"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="width: 9%; text-align: right"><font style="font-family: Times New Roman, Times, Serif">–</font></td><td style="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif">%</font></td><td style="width: 1%"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="width: 9%; text-align: right"><font style="font-family: Times New Roman, Times, Serif">59.21</font></td><td style="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif">%</font></td><td style="width: 1%"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="width: 9%; text-align: right"><font style="font-family: Times New Roman, Times, Serif">0.14</font></td><td style="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif">%</font></td><td style="width: 1%"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; width: 1%; text-align: center"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="vertical-align: bottom; width: 9%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.0
years</font></td><td style="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><font style="font-family: Times New Roman, Times, Serif">Preferred
B Placement Warrants</font></td><td><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">–</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif">%</font></td><td><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">58.51</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif">%</font></td><td><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">0.30</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif">%</font></td><td><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.0
years</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><font style="font-family: Times New Roman, Times, Serif">Convertible
Note Placement Warrants</font></td><td><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">–</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif">%</font></td><td><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">52.28</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif">%</font></td><td><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">0.82</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif">%</font></td><td><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4
years</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td></tr>
</table>
0.5921
0.0014
P2Y
0.5851
0.0030
P3Y
0.5228
0.0082
P4Y146D
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
<td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td colspan="13" style="border-bottom: black 1.5pt solid; vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Black-Scholes
Fair Value Assumptions - December 31, 2020</b></font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Warrant
Issuance</b></font></td>
<td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dividend<br/>
Yield</b></font></td>
<td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Expected<br/>
Volatility</b></font></td>
<td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk-Free<br/>
Interest<br/>
Rate</b></font></td>
<td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="border-bottom: black 1.5pt solid; vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Expected<br/>
Life</b></font></td>
<td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif"> </font></td></tr>
<tr style="background-color: #CCEEFF">
<td style="vertical-align: top; width: 52%; padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preferred
A Placement Warrants</font></td>
<td style="vertical-align: bottom; width: 1%"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; width: 1%"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">–</font></td>
<td style="vertical-align: bottom; width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td>
<td style="vertical-align: bottom; width: 1%"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; width: 1%"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.75</font></td>
<td style="vertical-align: bottom; width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td>
<td style="vertical-align: bottom; width: 1%"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; width: 1%"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; width: 9%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.13</font></td>
<td style="vertical-align: bottom; width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td>
<td style="vertical-align: bottom; width: 1%"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; width: 10%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2
years</font></td>
<td style="vertical-align: bottom; width: 1%"><font style="font-family: Times New Roman, Times, Serif"> </font></td></tr>
<tr>
<td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preferred
B Placement Warrants</font></td>
<td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">–</font></td>
<td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td>
<td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">55.76</font></td>
<td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td>
<td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.17</font></td>
<td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td>
<td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.3
years</font></td>
<td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif"> </font></td></tr>
<tr style="background-color: #CCEEFF">
<td style="vertical-align: top; padding-left: 9pt; text-indent: -9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible
Note Placement Warrants</font></td>
<td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">–</font></td>
<td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td>
<td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52.93</font></td>
<td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td>
<td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.36</font></td>
<td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</font></td>
<td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7
years</font></td>
<td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif"> </font></td></tr>
</table><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td colspan="14" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif"><b>Black-Scholes
Fair Value Assumptions – March 31, 2020</b></font></p></td><td style="padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1.5pt solid; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif">Warrant
Issuance</font></td><td style="font-weight: bold; padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif">Dividend<br/>
Yield</font></td><td style="padding-bottom: 1.5pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="font-weight: bold; padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif">Expected<br/>
Volatility</font></td><td style="padding-bottom: 1.5pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="font-weight: bold; padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif">Risk-Free<br/>
Interest<br/> Rate</font></td><td style="padding-bottom: 1.5pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="font-weight: bold; padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td colspan="2" style="vertical-align: bottom; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif">Expected<br/>
Life</font></td><td style="padding-bottom: 1.5pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 52%; text-align: left; text-indent: -9pt; padding-left: 9pt"><font style="font-family: Times New Roman, Times, Serif">Preferred
A Placement Warrants</font></td><td style="width: 1%"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="width: 9%; text-align: right"><font style="font-family: Times New Roman, Times, Serif">–</font></td><td style="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif">%</font></td><td style="width: 1%"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="width: 9%; text-align: right"><font style="font-family: Times New Roman, Times, Serif">48.82</font></td><td style="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif">%</font></td><td style="width: 1%"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="width: 9%; text-align: right"><font style="font-family: Times New Roman, Times, Serif">0.29</font></td><td style="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif">%</font></td><td style="width: 1%"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; width: 1%; text-align: center"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="vertical-align: bottom; width: 9%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.0
years</font></td><td style="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><font style="font-family: Times New Roman, Times, Serif">Preferred
B Placement Warrants</font></td><td><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">–</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif">%</font></td><td><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">63.28</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif">%</font></td><td><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">2.40</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif"> </font></td><td style="vertical-align: bottom; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.0
years</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td></tr>
</table>
0.6775
0.0013
P2Y73D
0.5576
0.0017
P3Y109D
0.5293
0.0036
P4Y255D
0.4882
0.0029
P3Y
0.6328
0.0240
P5Y
<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-weight: bold; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="19" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Black-Scholes Fair Value Assumptions</td></tr>
<tr style="vertical-align: bottom">
<td style="font-weight: bold; text-align: left; border-bottom: Black 1.5pt solid">Warrant Issuance</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Issuance Date</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Fair <br/> Value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Dividend<br/> Yield</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Expected<br/> Volatility</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Risk-Free<br/> Interest<br/> Rate</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td style="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Expected<br/> Life</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 28%; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Underwriter Warrants</td><td style="width: 1%"> </td>
<td style="width: 11%; text-align: center">March 2021</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">2,349</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">–</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">52.58</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">0.82</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%"> </td>
<td style="vertical-align: bottom; width: 11%; text-align: center">5.0 years</td></tr>
</table>
March 2021
2349000
0.5258
0.0082
P5Y
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>Note
10 – Stock-based Compensation</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2019
Equity Incentive Plan</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
as of November 18, 2019, the Company adopted the 2019 Omnibus Incentive Plan (“2019 Plan”) administered by the Board.
The 2019 Plan provides for the issuance of incentive stock options, non-statutory stock options, and restricted stock awards,
for the purchase of up to a total of 4,000,000 shares of the Company’s common stock to employees, directors, and consultants
and replaces the previous plan. The Board or a committee of the Board has the authority to determine the amount, type, and terms
of each award. The options granted under the 2019 Plan generally have a contractual term of ten years and a vesting term of four
years with a one-year cliff. The exercise price for options granted under the 2019 Plan must generally be at least equal to 100%
of the fair value of the Company’s common stock at the date of grant, as determined by the Board. The incentive stock options
granted under the 2019 Plan to 10% or greater stockholders must have an exercise price at least equal to 110% of the fair value
of the Company’s common stock at the date of grant, as determined by the Board, and have a contractual term of ten years.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 30, 2020, the Board approved an increase in the aggregate number of shares of common stock that may be issued pursuant
to the 2019 Plan from 4,000,000 to 4,500,000.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 7, 2020, the Board approved an increase
in the aggregate number of shares of common stock that may be issued pursuant to the 2019 Plan from 4,500,000 to 6,000,000. </p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the closing of the IPO, effective
as of March 25, 2021 the 2019 Plan was amended and restated as a result of which the aggregate number of shares of common stock that may
be issued pursuant to the 2019 Plan was increased from 6,000,000 to 7,400,000.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of March 31, 2021, the Company had 1,340,322
shares available for future grant under the 2019 Plan.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Stock
Options</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock
option activity for the three months ended March 31, 2021 was as follows (in thousands, except share, per share, and remaining
life data):</font></p><br/><table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number
of<br/>
Options</font></td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted
Average Exercise Price</font></td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted
Average Remaining Life</font></td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intrinsic<br/>
Value</font></td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
<td style="width: 53%; text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding
at December 31, 2020</font></td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,188,011</font></td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.66</font></td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="width: 9%; text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.0
years</font></td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,155</font></td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; ">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-indent: -0.125in; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Granted</font></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,415,000</font></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.26</font></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-indent: -0.125in; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercised</font></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(134,541</font></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.56</font></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; ">
<td style="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-indent: -0.125in; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cancelled</font></td><td style="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(100,833</font></td><td style="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></td><td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="padding-bottom: 1.5pt; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.47</font></td><td style="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="padding-bottom: 1.5pt; text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="padding-bottom: 1.5pt; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
<td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding
at March 31, 2021</font></td><td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,367,637</font></td><td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="padding-bottom: 2pt; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.51</font></td><td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="padding-bottom: 2pt; text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.1
years</font></td><td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="padding-bottom: 2pt; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,410</font></td><td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; ">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
<td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercisable
as of March 31, 2021</font></td><td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,590,688</font></td><td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="padding-bottom: 2pt; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.46</font></td><td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="padding-bottom: 2pt; text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.8
years</font></td><td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="padding-bottom: 2pt; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,143</font></td><td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; ">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
<td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vested
and expected to vest as of March 31, 2021</font></td><td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,317,437</font></td><td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="padding-bottom: 2pt; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.52</font></td><td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="padding-bottom: 2pt; text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.2
years</font></td><td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="padding-bottom: 2pt; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,410</font></td><td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
</table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
weighted-average grant date fair value of options granted during the three months ended March 31, 2021 and 2020 was $2.66 and
$0.21 per share, respectively. During the three months ended March 31, 2021 and 2020, 134,531 and no options were exercised for
proceeds of $76,000 and $0, respectively. The fair value of the 187,763 and 152,899 options that vested during the three months
ended March 31, 2021 and 2020 was approximately $0.1 million and $32,000, respectively.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company estimated the fair value of stock options using the Black-Scholes option pricing model. The fair value of the stock options
was estimated using the following weighted average assumptions for the three months ended March 31, 2021 and 2020.</font></p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td>
<td colspan="6" style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b>Three
months ended</b></font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td>
<td colspan="6" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b>March 31,</b></font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
<td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b>2021</b></font></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b>2020</b></font></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><font style="font: 10pt Times New Roman, Times, Serif">Dividend
yield</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">–</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">–</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
<td style="font: 10pt Times New Roman, Times, Serif; width: 76%; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><font style="font: 10pt Times New Roman, Times, Serif">Expected
volatility</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">67.70</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">61.93</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><font style="font: 10pt Times New Roman, Times, Serif">Risk-free
interest rate</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.64</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.48</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><font style="font: 10pt Times New Roman, Times, Serif">Expected
life</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6.05
years</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5.57
years</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
</table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Dividend
Rate</i>—The expected dividend rate was assumed to be zero, as the Company had not previously paid dividends on common stock and
has no current plans to do so.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Expected
Volatility</i>—The expected volatility was derived from the historical stock volatilities of several public companies within
the Company’s industry that the Company considers to be comparable to the business over a period equivalent to the expected
term of the stock option grants.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Risk-Free
Interest Rate</i>—The risk-free interest rate is based on the interest yield in effect at the date of grant for zero coupon
U.S. Treasury notes with maturities approximately equal to the option’s expected term.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Expected
Term</i>—The expected term represents the period that the Company’s stock options are expected to be outstanding.
The expected term of option grants that are considered to be “plain vanilla” are determined using the simplified method.
The simplified method deems the term to be the average of the time-to-vesting and the contractual life of the options. For other
option grants not considered to be “plain vanilla,” the Company determined the expected term to be the contractual
life of the options.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Forfeiture
Rate</i>—The Company made the one-time policy election to recognize forfeitures when they occur.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has recorded stock-based compensation expense for the three months ended March 31, 2021 and 2020 related to the issuance
of stock option awards to employees and nonemployees in the statement of operations and comprehensive loss as follows:</font></p><br/><table cellpadding="0" cellspacing="0" style=" width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></font></td>
<td colspan="6" style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Three
months ended</b></font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></font></td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></font></td>
<td colspan="6" style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March 31,</b></font></td><td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></font></td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></font></td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></font></td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></font></td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2020</b></font></td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<td style="width: 76%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research
and development</font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">79</font></td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</font></td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
and administrative</font></td><td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">276</font></td><td style="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</font></td><td style="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2pt; padding-left: 0.125in; text-indent: -0.125in; text-align: left; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">355</font></td><td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</font></td><td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
</table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of March 31, 2021, unamortized compensation expense related to unvested stock options was approximately $6.5 million, which
is expected to be recognized over a weighted average period of 3.2 years.</font></p><br/>
4000000
P10Y
1.00
0.10
1.10
P10Y
4000000
4500000
4500000
6000000
6000000
7400000
1340322
2.66
0.21
134531
76000
0
187763
152899
0.1
32000
6500000
P3Y73D
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number
of<br/>
Options</font></td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted
Average Exercise Price</font></td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted
Average Remaining Life</font></td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Intrinsic<br/>
Value</font></td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
<td style="width: 53%; text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding
at December 31, 2020</font></td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,188,011</font></td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.66</font></td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="width: 9%; text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.0
years</font></td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,155</font></td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; ">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-indent: -0.125in; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Granted</font></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,415,000</font></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.26</font></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-indent: -0.125in; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercised</font></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(134,541</font></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.56</font></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; ">
<td style="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-indent: -0.125in; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cancelled</font></td><td style="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(100,833</font></td><td style="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></td><td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="padding-bottom: 1.5pt; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.47</font></td><td style="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="padding-bottom: 1.5pt; text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="padding-bottom: 1.5pt; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
<td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding
at March 31, 2021</font></td><td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,367,637</font></td><td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="padding-bottom: 2pt; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.51</font></td><td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="padding-bottom: 2pt; text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.1
years</font></td><td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="padding-bottom: 2pt; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,410</font></td><td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; ">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
<td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercisable
as of March 31, 2021</font></td><td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,590,688</font></td><td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="padding-bottom: 2pt; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.46</font></td><td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="padding-bottom: 2pt; text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.8
years</font></td><td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="padding-bottom: 2pt; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,143</font></td><td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; ">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
<td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vested
and expected to vest as of March 31, 2021</font></td><td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,317,437</font></td><td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="padding-bottom: 2pt; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.52</font></td><td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="padding-bottom: 2pt; text-align: center; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.2
years</font></td><td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="padding-bottom: 2pt; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,410</font></td><td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
</table>
3188011
0.66
P9Y
8155
1415000
3.26
134541
0.56
100833
0.47
1.51
P9Y36D
16410
1590688
0.46
P8Y292D
7143
4317437
1.52
P9Y73D
16410
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td>
<td colspan="6" style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b>Three
months ended</b></font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td>
<td colspan="6" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b>March 31,</b></font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
<td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b>2021</b></font></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b>2020</b></font></td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font: 10pt Times New Roman, Times, Serif"><b> </b></font></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><font style="font: 10pt Times New Roman, Times, Serif">Dividend
yield</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">–</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">–</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
<td style="font: 10pt Times New Roman, Times, Serif; width: 76%; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><font style="font: 10pt Times New Roman, Times, Serif">Expected
volatility</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">67.70</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">61.93</font></td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><font style="font: 10pt Times New Roman, Times, Serif">Risk-free
interest rate</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">0.64</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1.48</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; ">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><font style="font: 10pt Times New Roman, Times, Serif">Expected
life</font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6.05
years</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td>
<td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5.57
years</font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"> </font></td></tr>
</table>
0.6770
0.6193
0.0064
0.0148
P6Y18D
P5Y208D
<table cellpadding="0" cellspacing="0" style=" width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></font></td>
<td colspan="6" style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Three
months ended</b></font></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></font></td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></font></td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></font></td>
<td colspan="6" style="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>March 31,</b></font></td><td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></font></td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="font: bold 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></font></td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></font></td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></font></td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></font></td>
<td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2020</b></font></td><td style="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<td style="width: 76%; text-align: left; padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Research
and development</font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">79</font></td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="width: 1%; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</font></td><td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; padding-bottom: 1.5pt; padding-left: 0.125in; text-indent: -0.125in; vertical-align: top; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
and administrative</font></td><td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">276</font></td><td style="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</font></td><td style="padding-bottom: 1.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255); font: 10pt Times New Roman, Times, Serif">
<td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2pt; padding-left: 0.125in; text-indent: -0.125in; text-align: left; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">355</font></td><td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</font></td><td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
</table>
79000
13000
276000
36000
355000
49000
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>Note
11 – Commitments and Contingencies</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operating
Leases</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of March 31, 2021, the Company had one office
lease for facility space in Dublin, California. The lease expires in September 2021, and future minimum lease payments during 2021 are
approximately $27,600. Rent expense for the three months ended March 31, 2021 and 2020 is insignificant.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Litigation</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, the Company may become involved in various litigation and administrative proceedings relating to claims arising
from its operations in the normal course of business. Management is not currently aware of any matters that may have a material
adverse impact on the Company’s business, financial position, results of operations or cash flows.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Indemnification</b></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company enters into standard indemnification agreements in the ordinary course of business. Pursuant to these arrangements, the
Company indemnifies, holds harmless and agrees to reimburse the indemnified parties for losses suffered or incurred by the indemnified
party, in connection with any trade secret, copyright, patent or other intellectual property infringement claim by any third party
with respect to its technology. The term of these indemnification agreements is generally perpetual after the execution of the
agreement. The maximum potential amount of future payments the Company could be required to make under these agreements is not
determinable because it involves claims that may be made against the Company in the future, but have not yet been made. The Company
has not incurred costs to defend lawsuits or settle claims related to these indemnification agreements.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors
and officers against liabilities that may arise by reason of their status or service as directors or officers, other than liabilities
arising from willful misconduct of the individual.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
amounts associated with such indemnifications have been recorded as of March 31, 2021.</font></p><br/>
27600
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>Note
12 – NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets for the computation of the basic and diluted net loss per share attributable to common stockholders during
the three months ended March 31, 2021 and 2020 is as follows (in thousands, except share and per share data):</font></p><br/><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">Three Months Ended March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">Three Months Ended March 31,</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>Numerator:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="width: 76%; text-align: left; text-indent: -9pt; padding-left: 0.25in">Net loss and comprehensive loss</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(5,608</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(2,025</td><td style="width: 1%; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 0.25in">Accretion and dividends on redeemable convertible preferred stock</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,489</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,956</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 0.25in">Net loss attributable to common stockholders</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(8,097</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(3,981</td><td style="padding-bottom: 4pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -9pt; padding-left: 9pt">Denominator:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 0.25in">Weighted-average common shares outstanding</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">8,049,048</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">2,524,209</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -9pt; padding-left: 9pt"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Net loss per share attributable to common stockholders, basic and diluted</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(1.01</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(1.58</td><td style="padding-bottom: 4pt; text-align: left">)</td></tr>
</table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">The
potential shares of common stock that were excluded from the computation of diluted net loss per share attributable to common stockholders
for the three months ended March 31, 2021 and 2020 because including them would have been antidilutive are as follows:</font></p><br/><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: center; font-weight: bold; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Three
Months Ended March 31,</font></td><td style="text-align: center; font-weight: bold; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: center; font-weight: bold; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Three
Months Ended March 31,</font></td><td style="text-align: center; font-weight: bold; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</font></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</font></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
of redeemable convertible preferred stock</font></td><td style="width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="width: 9%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">—</font></td><td style="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="width: 9%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,849,933</font></td><td style="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; ">
<td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-vested
shares under restricted stock grants</font></td><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">841,667</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,851,667</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
related to convertible promissory notes</font></td><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">—</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">588,220</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; ">
<td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
subject to options to purchase common stock</font></td><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,317,437</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,062,478</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
subject to warrants to purchase common stock</font></td><td style="padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,938,143</font></td><td style="padding-bottom: 1.5pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">960,117</font></td><td style="padding-bottom: 1.5pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 2pt; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</font></td><td style="padding-bottom: 2pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="border-bottom: Black 4pt double; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="border-bottom: Black 4pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,097,247</font></td><td style="padding-bottom: 2pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="padding-bottom: 2pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="border-bottom: Black 4pt double; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="border-bottom: Black 4pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,312,</font><font style="font-family: Times New Roman, Times, Serif">415</font></td><td style="padding-bottom: 2pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td></tr>
</table><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the three months ended March 31, 2021 and 2020, performance based option awards for 50,200 shares of common stock are not included in
in the table above or considered in the calculation of diluted earnings per share until the performance conditions of the option award
are considered probable by the Company.</font></p><br/>
50200
50200
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">Three Months Ended March 31,</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td>
<td colspan="2" style="font-weight: bold; text-align: center">Three Months Ended March 31,</td><td style="font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td>
<td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td>Numerator:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="width: 76%; text-align: left; text-indent: -9pt; padding-left: 0.25in">Net loss and comprehensive loss</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(5,608</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(2,025</td><td style="width: 1%; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; padding-bottom: 1.5pt; text-indent: -9pt; padding-left: 0.25in">Accretion and dividends on redeemable convertible preferred stock</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,489</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,956</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 0.25in">Net loss attributable to common stockholders</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(8,097</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(3,981</td><td style="padding-bottom: 4pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -9pt; padding-left: 9pt">Denominator:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 0.25in">Weighted-average common shares outstanding</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">8,049,048</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left"> </td><td style="border-bottom: Black 4pt double; text-align: right">2,524,209</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-indent: -9pt; padding-left: 9pt"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Net loss per share attributable to common stockholders, basic and diluted</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(1.01</td><td style="padding-bottom: 4pt; text-align: left">)</td><td style="padding-bottom: 4pt"> </td>
<td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(1.58</td><td style="padding-bottom: 4pt; text-align: left">)</td></tr>
</table>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: center; font-weight: bold; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Three
Months Ended March 31,</font></td><td style="text-align: center; font-weight: bold; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: center; font-weight: bold; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td colspan="2" style="vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Three
Months Ended March 31,</font></td><td style="text-align: center; font-weight: bold; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-indent: -0.125in; padding-left: 0.125in; vertical-align: top; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</font></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td colspan="2" style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</font></td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; width: 76%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
of redeemable convertible preferred stock</font></td><td style="width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="width: 9%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">—</font></td><td style="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="width: 9%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,849,933</font></td><td style="width: 1%; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; ">
<td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-vested
shares under restricted stock grants</font></td><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">841,667</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,851,667</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
related to convertible promissory notes</font></td><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">—</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">588,220</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; ">
<td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
subject to options to purchase common stock</font></td><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,317,437</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,062,478</font></td><td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
subject to warrants to purchase common stock</font></td><td style="padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,938,143</font></td><td style="padding-bottom: 1.5pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="padding-bottom: 1.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1.5pt solid; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="border-bottom: Black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">960,117</font></td><td style="padding-bottom: 1.5pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; ">
<td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 2pt; vertical-align: top"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</font></td><td style="padding-bottom: 2pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="border-bottom: Black 4pt double; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="border-bottom: Black 4pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,097,247</font></td><td style="padding-bottom: 2pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="padding-bottom: 2pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="border-bottom: Black 4pt double; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="border-bottom: Black 4pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,312,</font><font style="font-family: Times New Roman, Times, Serif">415</font></td><td style="padding-bottom: 2pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif"> </font></td></tr>
</table>
10849933
841667
1851667
588220
4317437
3062478
1938143
960117
7097247
17312415
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><b>Note
13 – Subsequent Events</b></font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 15, 2021, the Company executed a lease agreement for corporate office space. The lease will commence when the improvements are
completed by the landlord and the Company has access to the facility. The lease term is 40 months, and the base rent is approximately
$14,000 per month for the first twelve months, with subsequent escalation provisions for latter months. The Company paid a security deposit
of approximately $47,000.</font></p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">The
Company has granted common stock options t</font>o purchase 395,000 shares of common stock to new employees during April and May 2021.</p><br/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 28, 2021, the Company established Movano Ireland Limited, organized under the laws of Ireland, as a wholly owned subsidiary
of the Company.</font></p><br/>
P40M
14000
47000
395000
395000