The following discussion and analysis of our financial condition and results of
operations should be read together with our financial statements and the related
notes and other financial information included elsewhere in this report. Some of
the information contained in this discussion and analysis or set forth elsewhere
in this report, including information with respect to our plans and strategy for
our business, includes forward-looking statements that involve risks and
uncertainties. See "Cautionary Note Regarding Forward-Looking Statements."




Overview

We are an innovation company with a mission of Making Promising Innovations Possible, Together. We develop, build, and grow innovations with a focus on monitoring and modulating the immune system. We take a socialized approach to innovation by engaging stakeholders into all aspects of the process.

Our innovation portfolio includes the following programs:

- Adimune™ - Immune modulation technologies which are currently at the

pre-clinical stage and are designed to retrain the immune system to induce

tolerance with an objective of addressing rejection of transplanted organs,

autoimmune diseases, and allergies.

- AditxtScore™ - Immune monitoring technologies designed to provide a

personalized comprehensive profile of the immune system.






                                       40

ADI™ (Immune Modulation Program)





Background



The discovery of immunosuppressive (anti-rejection and monoclonal) drugs over 40
years ago has made possible life-saving organ transplantation procedures and
blocking of unwanted immune responses in autoimmune diseases. However, immune
suppression leads to significant undesirable side effects, such as increased
susceptibility to life-threatening infections and cancers, because it
indiscriminately and broadly suppresses immune function throughout the body.
While the use of these drugs has been justifiable because they prevent or delay
organ rejection, their use for treatment of autoimmune diseases and allergies
may not be acceptable because of the aforementioned side effects. Furthermore,
transplanted organs often ultimately fail despite the use of immune suppression,
and about 40% of transplanted organs survive no more than 5 years.



New, focused therapeutic approaches are needed that modulate only the immune
cells involved in rejection of the transplanted organ, as this approach can be
safer for patients than indiscriminate immune suppression. Such approaches are
referred to as immune tolerance, and when therapeutically induced, may be safer
for patients and potentially allow longer-term survival of transplanted tissues
and organs.



In the late 1990s, academic research on these approaches was conducted at the
Transplant Center in Loma Linda University ("LLU") in connection with a project
that secured initial grant funding from the U.S. Department of Defense. The
focus of that project was induction of tolerance for skin allografting for burn
victims. Twenty years of research at LLU and an affiliated incubator led to a
series of discoveries that have been translated into a large patent portfolio of
therapeutic approaches that may be applied to the modulation of the immune
system to induce tolerance to self and transplanted organs.



We have an exclusive worldwide license for commercializing Apoptotic DNA
Immunotherapy™ (ADI™), a nucleic acid-based technology (which is currently at
the pre-clinical stage), from LLU. ADI™ utilizes a novel approach that mimics
the way the body naturally induces tolerance to our own tissues
("therapeutically induced immune tolerance"). While immune suppression requires
continuous administration to prevent rejection of a transplanted organ,
induction of tolerance has the potential to retrain the immune system to accept
the organ for longer periods of time. Thus, ADI™ may allow patients to live with
transplanted organs with significantly reduced immune suppression. ADI™ is a
technology platform which we believe can be engineered to address a wide variety
of indications.



                                       41






We are developing ADI™ products for organ transplantation including skin
allografting, autoimmune diseases, and allergies, with the initial focus on
psoriasis, type 1 diabetes and skin allografting, indications for which we have
compelling preclinical data. To submit a Biologics License Application ("BLA")
for a biopharmaceutical product, clinical safety and efficacy must be
demonstrated in clinical studies conducted with human subjects. For products in
our class of drugs, the first-in-human trials will be a combination of Phase I
(safety/tolerability) and Phase II (efficacy) in affected subjects. To obtain
approval to initiate the Phase I/IIa studies, an Investigational New Drug or
Clinical Trial Application will be submitted that will include a compilation of
non-clinical efficacy data as well as manufacturing and pre-clinical
safety/toxicology data. To date, we have conducted non-clinical studies in a
stringent model of skin transplantation using genetically mismatched donor and
recipient animals demonstrating a 3-fold increase in the survival of the skin
allograft in animals that were tolerized with ADI™ compared to animals that
receive immune suppression alone. Prolongation of graft life was observed
despite discontinuation of immune suppression after the first 5 weeks. In a
non-obese diabetic mouse model of type 1 diabetes, we showed reversal of
hyperglycemia with 80% of the animals showing durable glycemic control for the
40-week study period. Additionally, in an induced non-clinical model for
psoriasis, ADI™ treatment resulted in a 69% reduction in skin thickness and a
38% decrease in skin flaking (two clinical parameters for assessment of
psoriasis skin lesions). The Phase I/IIa studies in psoriasis will evaluate the
safety/tolerability of ADI™ in patients diagnosed with psoriasis. Since the drug
will be administered in subjects diagnosed with psoriasis, effectiveness of the
drug to improve psoriatic lesions will also be evaluated. In the type 1 diabetes
clinical studies, newly diagnosed subjects will receive ADI™ treatment to
evaluate safety and efficacy. In another Phase I/IIa study, patients requiring
skin allografts will receive weekly intra-dermal injections of ADI™ in
combination with standard immune suppression to assess safety/tolerability and
possibility of reducing levels of immunosuppressive drugs as well as
prolongation of graft life.

AditxtScore™ (Immune Monitoring Program)





Background



We believe that understanding the status of an individual's immune system is key
to understanding health by the numbers and for developing therapeutics that
result in better outcomes for more individuals. We have secured an exclusive
worldwide license for commercializing a technology platform named AditxtScore™,
which provides a personalized comprehensive profile of the immune system.
AditxtScore™ is intended to be informative for individual immune responses to
viruses, bacteria, peptides, drugs, supplements, bone marrow and solid organ
transplants and cancer. It has broad applicability to many other agents of
clinical interest impacting the immune system, including those not yet
identified such as emerging infectious agents.



AditxtScore™ is being designed to allow individuals to understand, manage and
monitor their immune profiles in order to be informed about attacks on or by
their immune system. We believe AditxtScore™ can also assist the medical
community in anticipating possible immune responses and reactions to viruses,
bacteria, allergens and foreign tissues such as transplanted organs. This
capability may be possible by having the ability to determine the body's
potential response and for developing a plan to deal with an undesirable
reaction by the immune system. Its advantages include the ability to provide a
simple, rapid, accurate, high throughput assays that can be multiplexed to
determine the immune status with respect to several factors simultaneously, in
3-16 hours. In addition, it can determine and differentiate between various
types of cellular and humoral immune responses (T and B cells and other cell
types). It also provides for simultaneous monitoring of cell activation and
levels of cytokine release (i.e., cytokine storms).



We plan to utilize AditxtScore™ in our upcoming pre-clinical and clinical
studies to monitor subjects' immune response before, during and after ADI™ drug
administration. We are also evaluating plans to obtain regulatory approval for
AditxtScore™'s use as a clinical assay and seeking to secure manufacturing,
marketing and distribution partnerships for application in the various markets.
To obtain regulatory approval to use AditxtScore™ as a clinical assay, we have
conducted validation studies to evaluate its performance in detection of
antibodies and plan to continue conducting additional validation studies for new
applications in autoimmune diseases and transplantation.



                                       42

License Agreement with Loma Linda University


On March 8, 2018, we entered into an Assignment Agreement (the "Assignment
Agreement") with Sekris Biomedical, Inc. ("Sekris"). Sekris was a party to a
license agreement with LLU, entered and made effective on May 25, 2011, and
amended on June 24, 2011, July 16, 2012 and December 27, 2012 (the "Original
Agreement," and together with the Assignment Agreement, the "Sekris
Agreements"). Pursuant to the Assignment Agreement, Sekris transferred and
assigned all of its rights, obligations and liabilities under the Original
Agreement, of whatever kind or nature, to us. In exchange, on March 8, 2018, we
issued a warrant to Sekris to purchase up to 10,000 shares of our common stock
(the "Sekris Warrant"). The warrant was immediately exercisable and has an
exercise price of $200.00 per share. The expiration date of the warrant is March
8, 2023. On March 15, 2018, as amended on July 1, 2020, we entered into a LLU
License Agreement directly with Loma Linda University, which amends and restates
the Sekris Agreements.



Pursuant to the LLU License Agreement, we obtained the exclusive royalty-bearing
worldwide license in and to all intellectual property, including patents,
technical information, trade secrets, proprietary rights, technology, know-how,
data, formulas, drawings, and specifications, owned or controlled by LLU and/or
any of its affiliates (the "LLU Patent and Technology Rights") and related to
therapy for immune-mediated inflammatory diseases (the ADI™ technology). In
consideration for the LLU License Agreement, we issued 500 shares of common
stock to LLU.



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



The LLU License Agreement shall terminate on the last day that a patent granted
to us by LLU is valid and enforceable or the day that the last patent
application licensed to us is abandoned. The LLU License Agreement may be
terminated by mutual agreement or by us upon 90 days written notice to LLU. LLU
may terminate the LLU License Agreement in the event of (i) non-payments or late
payments of royalty, milestone and license maintenance fees not cured within 90
days after delivery of written notice by LLU, (ii) a breach of any non-payment
provision (including the provision that requires us to meet certain deadlines
for milestone events (each, a "Milestone Deadline")) not cured within 90 days
after delivery of written notice by LLU and (iii) LLU delivers notice to us of
three or more actual breaches of the LLU License Agreement by us in any 12-month
period. Additional Milestone Deadlines include: (i) the requirement to have
regulatory approval of an IND application to initiate first-in-human clinical
trials on or before March 31, 2022, which has been extended to March 31, 2023
due to payment of a $100,000 extension fee paid in March 2022, (ii) the
completion of first-in-human (phase I/II) clinical trials by March 31, 2024,
(iii) the completion of Phase III clinical trials by March 31, 2026 and (iv)
biologic licensing approval by the FDA by March 31, 2027.



                                       43

License Agreement with Leland Stanford Junior University ("Stanford")





On February 3, 2020, we entered into an exclusive license agreement (the
"February 2020 License Agreement") with Stanford regarding a patent concerning a
method for detection and measurement of specific cellular responses. Pursuant to
the February 2020 License Agreement, we received an exclusive worldwide license
to Stanford's patent regarding use, import, offer, and sale of Licensed Products
(as defined in the agreement). The license to the patented technology is
exclusive, including the right to sublicense, beginning on the effective date of
the agreement, and ending when the patent expires. Under the exclusivity
agreement, we acknowledged that Stanford had already granted a non-exclusive
license in the Nonexclusive Field of Use, under the Licensed Patents in the
Licensed Field of Use in the Licensed Territory (as those terms are defined in
the February 2020 License Agreement"). However, Stanford agreed to not grant
further licenses under the Licensed Patents in the Licensed Field of Use in the
Licensed Territory. On December 29, 2021, we entered into an amendment to the
February 2020 License Agreement which extended our exclusive right to license
the technology deployed in AditxtScoreTM and securing worldwide exclusivity in
all fields of use of the licensed technology.



We were obligated to pay and paid a fee of $25,000 to Stanford within 60 days of
February 3, 2020. We also issued 375 shares of the Company's common stock to
Stanford. An annual licensing maintenance fee is payable by us on the first
anniversary of the February 2020 License Agreement in the amount of $40,000 for
2021 through 2024 and $60,000 starting in 2025 until the license expires upon
the expiration of the patent. The Company is required to pay and has paid
$25,000 for the issuances of certain patents. The Company will pay milestone
fees of $50,000 on the first commercial sales of a licensed product and $25,000
at the beginning of any clinical study for regulatory clearance of an in vitro
diagnostic product developed and a potential licensed product. The Company paid
a milestone fee for a clinical study for regulatory clearance of an in vitro
diagnostic product developed and a potential licensed product of $25,000 in
March of 2022. We are also required to: (i) provide a listing of the management
team or a schedule for the recruitment of key management positions by March 31,
2020 (which has been completed), (ii) provide a business plan covering projected
product development, markets and sales forecasts, manufacturing and operations,
and financial forecasts until at least $10,000,000 in revenue by June 30, 2020
(which has been completed), (iii) conduct validation studies by September 30,
2020 (which has been completed), (iv) hold a pre-submission meeting with the FDA
by September 30, 2020 (which has been completed), (iv) submit a 510(k)
application to the FDA, Emergency Use Authorization ("EUA"), or a Laboratory
Developed Test ("LDT") by March 31, 2021 (which has been completed), (vi)
develop a prototype assay for human profiling by December 31, 2021 (which has
been completed), (vii) execute at least one partnership for use of the
technology for transplant, autoimmunity, or infectious disease purposes by March
31, 2022 (which has been completed) and (viii) provided further development and
commercialization milestones for specific fields of use in writing prior to
December 31, 2022.



In addition to the annual license maintenance fees outlined above, we will pay
Stanford royalties on Net Sales (as such term is defined in the February 2020
License Agreement) during the of the term of the agreement as follows: 4% when
Net Sales are below or equal to $5 million annually or 6% when Net Sales are
above $5 million annually. The February 2020 License Agreement may be terminated
upon our election on at least 30 days advance notice to Stanford, or by Stanford
if we: (i) are delinquent on any report or payment; (ii) are not diligently
developing and commercializing Licensed Product; (iii) miss certain performance
milestones; (iv) are in breach of any provision of the February 2020 License
Agreement; or (v) provide any false report to Stanford. Should any events in the
preceding sentence occur, we have a thirty (30) day cure period to remedy such
violation.



Our Team




We have assembled a team of experts from a variety of scientific fields and
commercial backgrounds, with many years of collective experience that ranges
from founding startup biotech companies, to developing and marketing
biopharmaceutical products, to designing clinical trials, and to management of
private and public companies.



Going Concern



We were incorporated on September 28, 2017 and have not generated significant
revenues to date. During the year ended December 31, 2022, we had a net loss of
$27,649,876 and cash of $2,768,640 as of December 31, 2022. The Company will
require significant additional capital to operate in the normal course of
business and fund clinical studies in the long-term. As a result of the May 2022
purchase and sale of future receipts (a "Future Receipts Agreement"), the August
2022 Senior Secured Convertible Note, the August 2022 Future Receipts Agreement
and the September 2022 public offering we received net proceeds of approximately
$21,000,000 during the last twelve months. We believe that the remaining funds
on hand will not be sufficient to fund our operations for the next 12 months and
such creates substantial doubt about our ability to continue as a going concern
beyond one year.



                                       44





Financial Results




We have a limited operating history. Therefore, there is limited historical
financial information upon which to base an evaluation of our performance. Our
prospects must be considered in light of the uncertainties, risks, expenses, and
difficulties frequently encountered by companies in their early stages of
operations. Our financial statements as of December 31, 2022, show a net loss of
$27,649,876. We expect to incur additional net expenses over the next several
years as we continue to maintain and expand our existing operations. The amount
of future losses and when, if ever, we will achieve profitability are uncertain.



Results of Operations

Results of operations for the years ended December 31, 2022 and 2021


We generated revenue of $933,715 and $105,034 for the years ended December 31,
2022 and 2021, respectively. Cost of sales for the years ended December 31, 2022
and 2021 was $766,779 and $77,979, respectively.



During the years ended December 31, 2022, we incurred a loss from operations of
$25,480,098. This is due to general and administrative expenses of $15,985,552,
which includes $1,516,805 in stock-based compensation, research and development
of $7,268,084, which includes $591,518 in stock-based compensation, sales and
marketing expenses of $1,849,460, which includes $1,023,045 in stock-based
compensation and impairment on note receivable of $534,938. The $7,268,084 in
research and development is mainly comprised of $2,145,382 in consulting
expenses, and $3,375,757 in compensation offset by a one-time adjustment to
research and development purchases. During the year, the Company transitioned
from purchasing certain inventory items to internally manufacturing these items.



During the year ended December 31, 2021, we incurred a loss from operations of
$41,934,928. This is due to general and administrative expenses of $22,084,389,
which includes $3,927,551 in stock-based compensation, research and development
of $5,042,617, which includes $713,130 in stock-based compensation, sales and
marketing expenses of $334,977, and impairment on note receivable of
$14,500,000. The $5,042,617 in research and development is comprised of $76,455
in licensing fees, $1,960,196 in product development, $2,039,533 in
compensation, and $966,433 in other research and development expense.



The decrease in expenses during the year ended December 31, 2022 compared to the
year ended December 31, 2021 was due to the impairment on note receivable during
the year ended December 31, 2021.

Liquidity and Capital Resources


We have incurred substantial operating losses since inception and expect to
continue to incur significant operating losses for the foreseeable future and
may never become profitable. As of December 31, 2022, we had an accumulated
deficit of $95,040,362 We had working capital of $1,099,839 as of December 31,
2022. During year ended December 31, 2022, we purchased $367,079 in fixed
assets. These fixed assets were purchased to continue the buildout of our
operations. Approximately $300,000 of purchased fixed assets were lab equipment,
$62,000 were computers, and $5,000 were office furniture.

Our financial statements have been prepared assuming that we will continue as a going concern.





We have funded our operations from proceeds from the sale of equity and debt
securities. On July 2, 2020, we completed our IPO and raised approximately $9.5
million in net proceeds. At the time of the IPO, we believed that these funds
would be sufficient to fund our operations for the foreseeable future.



On September 10, 2020, we completed a follow-on public offering. In connection
therewith, we issued 48,000 units, or Follow-On Units, excluding the
underwriters' option to cover overallotments, at an offering price of $200.00
per Follow-On Unit, resulting in gross proceeds of approximately $9.6 million.



                                       45





On January 25, 2021, we entered into a securities purchase agreement with an
institutional accredited investor (the "Investor") for the sale of a $6,000,000
senior secured convertible note (the "Convertible Note"). The Convertible Note
had a term of 24 months, was originally convertible at a price of $200.00 per
share and was issued at an original issuance discount of $1,000,000. On August
30, 2021, the Company entered into a defeasance and waiver agreement with the
Investor, pursuant to which the Investor has agreed in exchange for (a) a cash
payment by the Company to the Investor of $1.2 million (the Cash Payment"), (b)
a waiver, in part of the conversion price adjustment provision such that the
January 2021 Note shall be convertible into 96,050 shares of common stock
(without giving effect to the conversion notice received by the Company from the
Investor prior to the date hereof totaling (20,115 shares), and (c) a voluntary
and permanent reduction by the Company of the exercise price of the warrant to
purchase 16,000 shares of the common stock of the Company (the "January 2021
Warrant") to $126.50 per share. As of December 31, 2022, the outstanding
principle of the convertible note had been converted to 96,050 shares of common
stock.

On August 30, 2021, we completed a registered direct; offering and raised approximately $10.1 million in net proceeds.

On October 20, 2021, we completed an offering for net proceeds of $3.8 million. As part of this offering, we issued 56,667 shares of the Company's common stock.





On December 6, 2021, we completed an offering for net proceeds of $16.0 million.
As part of this offering, we issued 164,929 units consisting of shares of the
Company's common stock and warrant to purchase shares of the Company's common
stock and 166,572 prefunded warrants. The warrant issued as part of the units
had an exercise price of $57.50 and the prefunded warrants had an exercise

price
of $0.001.



On September 20, 2022, we completed a public offering for net proceeds of
$17.2 million (the "September 2022 Offering"). As part of the September 2022
Offering, we issued 1,224,333 of shares of the Company's common stock,
pre-funded warrants to purchase 2,109,000 shares of the Company's common stock
and warrants to purchase 3,333,333 shares of the Company's common stock. The
warrants had an exercise price of $6.00 and the pre-funded warrants had an
exercise price of $0.001.



We may need to raise significant additional capital to continue to fund our
operations and the clinical trials for our product candidates. We may seek to
sell common stock, preferred stock or convertible debt securities, enter into a
credit facility or another form of third-party funding or seek other debt
financing. In addition, we may seek to raise cash through collaborative
agreements or from government grants. The sale of equity and convertible debt
securities may result in dilution to our stockholders and certain of those
securities may have rights senior to those of our common shares. If we raise
additional funds through the issuance of preferred stock, convertible debt
securities, or other debt financing, these securities or other debt could
contain covenants that would restrict our operations. Any other third-party
funding arrangement could require us to relinquish valuable rights.



The source, timing, and availability of any future financing will depend
principally upon market conditions, and, more specifically, on the progress of
our clinical development program. Funding may not be available when needed, at
all, or on terms acceptable to us. Lack of necessary funds may require us to,
among other things, delay, scale back or eliminate expenses including some or
all our planned development, including our clinical trials. While we may need to
raise funds in the future, we believe the current cash reserves should be
sufficient to fund our operation for the foreseeable future. Because of these
factors, we believe that this creates doubt about our ability to continue as a
going concern.



Contractual Obligations



The following table shows our contractual obligations as of December 31, 2022:



                                                            Payment Due by Year
                                     Total           2023            2024           2025          2026
Lease                             $ 3,269,311     $ 1,129,853     $ 1,004,982     $ 710,546     $ 423,930

Financed asset                        409,983         409,983               -             -             -

Total contractual obligations $ 3,679,294 $ 1,539,836 $ 1,004,982 $ 710,546 $ 423,930






                                       46

Critical Accounting Polices and Estimates


Our financial statements are prepared in accordance with generally accepted
accounting principles in the United States. The preparation of our financial
statements and related disclosures requires us to make estimates, assumptions
and judgments that affect the reported amount of assets, liabilities, revenue,
costs and expenses, and related disclosures. We believe that our critical
accounting policies described under the heading "Management's Discussion and
Analysis of Financial Condition and Plan of Operations-Critical Accounting
Policies" in our Prospectus, dated September 1, 2020, filed with the SEC
pursuant to Rule 424(b), are critical to fully understanding and evaluating our
financial condition and results of operations. The following involve the most
judgment and complexity:



 ? Research and development

? Stock-based compensation expense


Accordingly, we believe the policies set forth above are critical to fully
understanding and evaluating our financial condition and results of operations.
If actual results or events differ materially from the estimates, judgments and
assumptions used by us in applying these policies, our reported financial
condition and results of operations could be materially affected.

Off-Balance Sheet Arrangements

From time to time the Company enters short term research and development contracts. These contracts have payment provisions which require payment once regulatory and completion milestones are met. As of December 31, 2022, the Company has approximately $1.6 million outstanding, subject to these milestones.





JOBS Act



On April 5, 2012, the JOBS Act was enacted. Section 107 of the JOBS Act provides
that an "emerging growth company" can take advantage of the extended transition
period provided in Section 7(a)(2)(B) of the Securities Act, for complying with
new or revised accounting standards. In other words, an "emerging growth
company" can delay the adoption of certain accounting standards until those
standards would otherwise apply to private companies.



When favorable, we have chosen to take advantage of the extended transition
periods available to emerging growth companies under the JOBS Act for complying
with new or revised accounting standards until those standards would otherwise
apply to private companies provided under the JOBS Act.



We are in the process of evaluating the benefits of relying on other exemptions
and reduced reporting requirements provided by the JOBS Act. Subject to certain
conditions set forth in the JOBS Act, as an "emerging growth company," we intend
to rely on certain of these exemptions, including without limitation,
(i) providing an auditor's attestation report on our system of internal
controls over financial reporting pursuant to Section 404(b) of the
Sarbanes-Oxley Act and (ii) complying with any requirement that may be adopted
by the Public Company Accounting Oversight Board ("PCAOB") regarding mandatory
audit firm rotation or a supplement to the auditor's report providing additional
information about the audit and the financial statements, known as the auditor
discussion and analysis. We will remain an "emerging growth company" until the
earliest of (i) the last day of the fiscal year in which we have total annual
gross revenues of $1.07 billion or more; (ii) the last day of our fiscal year
following the fifth anniversary of the date of the completion of our IPO
(December 31, 2025); (iii) the date on which we have issued more than $1 billion
in nonconvertible debt during the previous three years; or (iv) the date on
which we are deemed to be a large accelerated filer under the rules of the SEC.

Recently Issued and Adopted Accounting Pronouncements

See Note 3 - Summary of Significant Accounting Policies to the accompanying financial statements for a description of other accounting policies and recently issued accounting pronouncements.





                                       47





Recent Developments

See Note 12 - Subsequent Event to the accompanying financial statements for a description of material recent developments.

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