# EDGAR Filing Document

**Accession Number:** 0002102720
**File Stem:** 0001213900-26-058235
**Filing Date:** 2026-5
**Character Count:** 1385230
**Document Hash:** 62c41ca5139949fc9608b148109a9161
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-058235.hdr.sgml**: 20260518

**ACCESSION NUMBER**: 0001213900-26-058235

**CONFORMED SUBMISSION TYPE**: F-1/A

**PUBLIC DOCUMENT COUNT**: 57

**FILED AS OF DATE**: 20260518

**DATE AS OF CHANGE**: 20260518

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tarsier Pharma Ltd.
- **CENTRAL INDEX KEY:** 0002102720
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** L3
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** F-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-295210
- **FILM NUMBER:** 26991300

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 10 HAMA'APILIM ST.
- **CITY:** ZICHRON YAACOV
- **PROVINCE COUNTRY:** L3
- **ZIP:** 3093765
- **BUSINESS PHONE:** 972-4-639-8050

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 10 HAMA'APILIM ST.
- **CITY:** ZICHRON YAACOV
- **PROVINCE COUNTRY:** L3
- **ZIP:** 3093765

#### As filed with the Securities and Exchange Commission on May 18 , 2026.

#### Registration Number 333- 295210

#### UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

#### ______________________

#### AMENDM ENT NO. 1

#### T O<br> FORM F-1<br>REGISTRATION STATEMENT <br>UNDER <br>THE SECURITIES ACT OF 1933<br> ______________________

#### Tarsier Pharma Ltd.<br> (Exact Name of Registrant as Specified in its Charter)

#### ______________________

---

| | | |
|:---|:---|:---|
|  **State of Israel** | **2834** | **N/A** |
|  (State or other jurisdiction of<br>incorporation or organization) | (Primary Standard Industrial <br>Classification Code Number) | (I.R.S. Employer <br>Identification No.) |

---

#### 10 HaMa'apilim St.<br>Zichron Yaacov, Israel 3093765<br> Tel: + 972-4-639-8050
(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant's Principal Executive Offices)

#### ______________________

#### Puglisi & Associates<br>850 Library Ave., Suite 204<br>Newark, DE 19711<br>Tel: (302) 738-6680
(Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent for Service)

#### ______________________

#### with copies to:

---

| | | |
|:---|:---|:---|
|  **Barry I. Grossman, Esq. <br>Justin Grossman, Esq. <br>Nahal A. Nellis, Esq. <br>Ellenoff Grossman & Schole LLP** <br>**1345 Avenue of the Americas** <br>**New York, NY 10105** <br>**(212) 370**-1300 | **Yael Shimon**-Many**, Adv. <br>Benjamin Waltuch, Adv., <br>Yuval Mor, Adv., <br>Pearl Cohen Zedek Latzer Baratz, <br>121 Menachem Begin Rd., 53**<sup>rd</sup> **Floor <br>Tel Aviv**-Jaffa**, Israel 6701203 <br>+972**-3-303-9000 | **Joseph M. Lucosky, Esq. <br>Lawrence Metelitsa, Esq. <br>Sebastian A. Bacon, Esq. <br>Lucosky Brookman LLP <br>101 Wood Avenue South <br>Woodbridge, New Jersey 08830 <br>(732) 395**-4400 |

---

#### ______________________

#### Approximate date of commencement of proposed sale to public: <br> As soon as practicable after the effective date hereof.
If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☐

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.

Emerging growth company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

____________

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

**The registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.**

------

[**Table of Contents**](#TOC001)

#### EXPLANATORY NOTE
Prior to the completion of this offering, the Company intends to effect an 10-for-1 forward stock split of its issued and outstanding ordinary shares (the "Forward Stock Split"). As a result of the Forward Stock Split, each issued and outstanding ordinary share immediately prior to the effective time of the Forward Stock Split will be converted into ten ordinary shares.

Throughout this prospectus, all share and per share amounts have been adjusted to give effect to the Forward Stock Split, unless otherwise indicated. The financial statements have been prepared on a pre-split basis.

------

[**Table of Contents**](#TOC001)

**The information contained in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.**

#### Subject to completion, dated May 18 , 2026

#### PRELIMINARY PROSPECTUS

#### 5,000,000 Ordinary Shares
This is an initial public offering by Tarsier Pharma Ltd. of its ordinary shares, par value NIS 0.001 per share (the "ordinary shares"). We anticipate that the initial public offering price of our ordinary shares will be between $8.00 and $10.00, and the number of our ordinary shares offered hereby is based upon an assumed offering price of $9.00 per share, the midpoint of such estimated price range.

Prior to this offering, there has been no public market for our ordinary shares. We have applied to list our ordinary shares on the New York Stock Exchange (the "NYSE") under the symbol "TARX". This offering is contingent upon our ordinary shares being listed on the NYSE, and no assurance can be given that our application will be approved or that a trading market will develop.

We are both an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act") and a "foreign private issuer" as defined under the U.S. federal securities laws and have elected to comply with certain reduced public company reporting requirements. In addition, as long as we remain an emerging growth company, we will qualify for certain limited exceptions from the Sarbanes-Oxley Act of 2002. Additionally, following the offering, we plan to rely on available exemptions from certain corporate governance requirements. See "Risks Related to Investing in a Foreign Private Issuer or Israeli Company" — "As a "foreign private issuer" we are permitted to and follow certain home country corporate governance practices instead of otherwise applicable Securities and Exchange Commission ("SEC") and NYSE requirements, which may result in less protection than is accorded to investors under rules applicable to domestic U.S. issuers."

Certain of our officers, directors and greater than five percent (5%) shareholders have indicated interest in participating in this offering at the public offering price and on the same terms as the other purchasers in this offering. However, because indications of interest are not binding, we cannot guarantee if such officers, directors and greater than five percent (5%) shareholders will participate in this offering.

The offering is being underwritten on a firm commitment basis. We have granted the underwriter an option to buy up to an additional 750,000 ordinary shares to cover over-allotments. The underwriter may exercise this option at any time and from time to time during the 45-day period from the date of this prospectus.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **No Exercise of <br>Over-Allotment** | **No Exercise of <br>Over-Allotment** | **Full Exercise of <br>Over-Allotment** | **Full Exercise of <br>Over-Allotment** |
|  | **Per Share** | **Total** | **Per Share** | **Total** |
|  Initial public offering price | $| $| $| $|
|  Underwriting discounts and commissions<sup>(1)</sup> | $| $| $| $|
|  Proceeds to us, before expenses | $| $| $| $|

---

____________

(1) In addition, we agreed to reimburse the underwriter for its expenses. We have also agreed to issue to the underwriter certain warrant compensation in connection with this offering. Please see *"Underwriting"* beginning on page 139 for additional information regarding underwriter's compensation.

**Investing in our ordinary shares involves a high degree of risk. Before making any investment decision, you should carefully review and consider all the information in this prospectus including the risks and uncertainties described under *"Risk Factors"* beginning on page 12.**

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

The underwriter expects to deliver the ordinary shares to purchasers on or about , 2026.

#### Konik Capital Partners<br> a division of T.R. Winston & Co.
The date of this prospectus is , 2026

------

[**Table of Contents**](#TOC001)

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
|  [About this Prospectus](#T23) | iii |
|  [Prospectus Summary](#T22) | 1 |
|  [The Offering](#T21) | 10 |
|  [Risk Factors](#T20) | 12 |
|  [Cautionary Note Regarding Forward-Looking Statements](#T19) | 45 |
|  [Use of Proceeds](#T18) | 47 |
|  [Dividend Policy](#T17) | 49 |
|  [Capitalization](#T16) | 50 |
|  [Dilution](#T15) | 52 |
|  [Management's Discussion and Analysis of Financial Condition and Results of Operations](#T14) | 54 |
|  [Business](#T13) | 65 |
|  [Management](#T12) | 98 |
|  [Principal Shareholders](#T11) | 120 |
|  [Certain Relationships and Related Party Transactions](#T10) | 122 |
|  [Description of Share Capital and Articles of Association](#T9) | 124 |
|  [Shares Eligible For Future Sale](#T8) | 129 |
|  [Taxation](#T7) | 131 |
|  [Underwriting](#T6) | 139 |
|  [Expenses of the Offering](#T5) | 146 |
|  [Experts](#T4) | 146 |
|  [Legal Matters](#T3) | 146 |
|  [Service of Process and Enforcement of Civil Liabilities](#T2) | 147 |
|  [Where You Can Find More Information](#T1) | 148 |
|  [Index to Financial Statements](#T2409) | F-1 |

---

i

[**Table of Contents**](#TOC001)

#### Letter from the Chief Executive Officer
For many patients, uveitis begins early in life, marked by acute episodes of blurred vision and eye pain. Today, of the approximately 615,000 patients living with anterior non-infectious uveitis in the United States, an estimated 160,000 have progressed to uveitic glaucoma, a condition associated with one of the highest prevalences of blindness among non-genetic ocular diseases. The current standard of care in chronic and recurring uveitis, and specifically in uveitic glaucoma, can be part of the problem.

Before founding Tarsier, I spent my career as an executive, venture capitalist, and board member in the biotech and medtech sectors. Yet Tarsier is different for me. I was diagnosed with uveitis as a child and have lived with uveitic glaucoma ever since-a personal journey that profoundly shapes our mission today.

Tarsier Pharma is developing TRS01 and TRS02, novel product candidates based on dazdotuftide, a new molecule with a new mechanism of action for uveitis and uveitic glaucoma. We are attempting to address a significant, underserved market opportunity and have engaged closely with the FDA on our clinical development strategy, including a Special Protocol Assessment agreement for our planned pivotal trial.

Our progress reflects the dedication of our management team, Board of Directors, Scientific Advisory Board, and investors. We are preparing to initiate a pivotal Phase 3 trial for TRS01 in uveitis and uveitic glaucoma under our SPA Agreement with the FDA. In parallel, we are advancing TRS02, a slow-release injectable formulation, toward clinical trials in retinal blinding diseases.

Although we are still early in this journey, I believe we have the technology, the team, the discipline, and the persistence required to build an enduring company. For me, this mission is deeply personal, driven by the hope that we can one day offer meaningful relief to patients suffering from this debilitating disease.

Thank you for taking the time to learn about Tarsier and for considering joining us on this journey.

Sincerely,

Daphne Haim-Langford, Ph.D

Founder, CEO, Chair

ii

[**Table of Contents**](#TOC001)

#### ABOUT THIS PROSPECTUS
**You should rely only on the information contained in this prospectus and any free writing prospectus prepared by or on behalf of us or to which we have referred you. We have not, and the underwriter has not, authorized anyone to provide you with information that is different from that contained in this prospectus (including any amendment or supplement to this prospectus) or any free writing prospectus we may authorize to be delivered or made available to you. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. We and the underwriter are offering to sell our ordinary shares and are seeking offers to purchase our ordinary shares only in jurisdictions where offers and sales are permitted. The information contained in this prospectus is accurate only as of the date on the cover page of this prospectus, regardless of the time of delivery of this prospectus or any sale of our ordinary shares. Our business, financial condition, results of operations and prospects may have changed since the date on the front cover of this prospectus.**

In this prospectus, "we," "us," "our," the "Company" and "Tarsier" refer to Tarsier Pharma Ltd.

We are incorporated under the laws of the State of Israel. Under the rules of the Securities and Exchange Commission, or SEC, we are currently eligible for treatment as a "foreign private issuer." As a foreign private issuer, we will not be required to file periodic reports and financial statements with the SEC as frequently or as promptly as domestic registrants whose securities are registered under the Securities Exchange Act of 1934, or Exchange Act. We will also be exempt from certain rules under the Exchange Act that impose certain disclosure obligations and procedural requirements for proxy solicitations under Section 14 of the Exchange Act. In addition, our officers, directors and principal shareholders will be exempt from the reporting and "short-swing" profit recovery provisions under Section 16 of the Exchange Act.

This offering is being made in the United States (the "U.S.") and elsewhere based solely on the information contained in this prospectus.

For investors outside of the United States: Neither we nor the underwriter have done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. You are required to inform yourselves about and to observe any restrictions relating to this offering and the distribution of this prospectus.

#### Presentation of Financial Information
Our reporting currency and functional currency is the U.S. dollar. Unless otherwise expressly stated or the context otherwise requires, references in this prospectus to "NIS" are to New Israeli Shekels, references to "Euro" or "€" mean the currency of the European Union and references to "dollars" or "$" mean U.S. dollars. Unless otherwise noted, all translations from NIS to U.S. dollars in this prospectus were made at a rate of NIS 3.19 for $1.00, the exchange rate as of December 31, 2025, published by the Bank of Israel. The aforementioned exchange rate is provided solely for your convenience and may differ from the actual rates used in the preparation of the consolidated financial statements included in this prospectus and other financial data appearing in this prospectus.

We report our financial statements in accordance with generally accepted accounting principles in the United States ("U.S. GAAP").

#### Industry and Market Data
Unless otherwise indicated, information in this prospectus concerning economic conditions, our industry, our markets and our competitive position is based on a variety of sources, including information from third-party industry analysts and publications, epidemiology articles, and our own estimates and research. This information involves a number of assumptions, estimates and limitations.

The industry publications, surveys and forecasts and other public information generally indicate or suggest that their information has been obtained from sources believed to be reliable. None of the third-party industry publications used in this prospectus were prepared on our behalf. The industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors, including those described in *"Risk Factors"* in this prospectus. These and other factors could cause results to differ materially from those expressed in these publications.

iii

[**Table of Contents**](#TOC001)

#### Trademarks
We own or have rights to trademarks or trade names that we use in connection with the operation of our businesses, including our major trademarks, our corporate name, logos and website names. This prospectus contains references to our trademarks and service marks and to those belonging to other entities. Solely for convenience, trademarks and trade names referred to in this prospectus may appear without the® or™ symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent possible under applicable law, our rights or the rights of the applicable licensor to these trademarks and trade names. We do not intend our use or display of other companies' trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by any other companies. All other trademarks are the property of their respective owners.

iv

[**Table of Contents**](#TOC001)

#### PROSPECTUS SUMMARY
*This summary highlights information contained elsewhere in this prospectus. Because it is only a summary, it does not contain all of the information that you should consider before investing in our ordinary shares and it is qualified in its entirety by, and should be read in conjunction with, the more detailed information appearing elsewhere in this prospectus. Before you decide to invest in our ordinary shares, you should read the entire prospectus carefully, including the sections "Risk Factors," "Business," "Management's Discussion and Analysis of Financial Conditions and Results of Operations" and the financial statements and related notes included in this prospectus.*

*Prior to the completion of this offering, the Company intends to effect the Forward Stock Split. As a result of the Forward Stock Split, each issued and outstanding ordinary share immediately prior to the effective time of the Forward Stock Split will be converted into ten ordinary shares.*

*Unless the context indicates otherwise, as used in this prospectus, the terms "we," "us," "our," "our company," the "Company" and "Tarsier" refer to Tarsier Pharma Ltd.*

#### Our Company
We are a late clinical stage biopharmaceutical company, focused on the development and commercialization of novel pharmaceutical therapies to address unmet need in blinding diseases of the eye with underlying inflammatory pathologies. Our dazdotuftide platform technology is a bio-inspired immunomodulator, designed to treat blinding inflammatory ocular diseases, and is currently being developed as both eye drops (TRS01) and intravitreal injections (TRS02).

For the last seven decades, the standard of care for active non-infectious anterior uveitis ("NIAU") has remained unchanged: topical steroids. While steroids effectively resolve inflammation, they are directly associated with a critical, sight-threatening side effect known as elevated intraocular pressure ("IOP"). This steroid-induced IOP elevation may promptly progress to glaucoma. Uveitis with co-morbid glaucoma — uveitic glaucoma ("UG") — is a condition considered the end-stage of the disease. The clinical reality is severe. Vision loss in patients with uveitic glaucoma is nearly three-fold higher than in uveitis patients without glaucoma. Clinicians are forced to treat the inflammation that causes blindness with a drug that increases the risk for blindness via glaucoma. In the United States alone, there are approximately 160,000 patients with uveitic glaucoma who are trapped in this treatment cycle.

![](timage_001.jpg)

Based on the literature covering epidemiology data and disease course combined with a third-party payer survey that we commissioned, and subject to such epidemiology data's and survey's analysis and assumptions, the potential U.S. market for the treatment of non-infectious anterior uveitis in patients with uveitic glaucoma is estimated to be over $5 billion per year. The U.S. uveitis specialist community, comprising approximately 450 physicians who treat this patient population, represents a concentrated target prescriber base for TRS01 and also TRS02. This concentration we believe provides an opportunity to execute an efficient go-to-market strategy and capture significant commercial opportunities in a multi-billion-dollar market.

[**Table of Contents**](#TOC001)

![](timage_002.jpg)

Despite the known risks of steroid-induced glaucoma, there is currently no FDA-approved non-steroid alternative for treating active NIAU. Patients and physicians face an impossible choice: leave the inflammation untreated and risk vision loss, or use steroids and risk vision loss due to glaucoma. Current steroid-sparing agents, such as systemic immunosuppressants, are slow-acting, often taking two to twelve weeks to work, and are used for maintenance rather than for treating active flares. Consequently, for acute flares, which are ophthalmic emergencies, steroids remain the only option, perpetuating the cycle of ocular damage.

Awareness of the consequences of current standard of care for NIAU patients is increasing, which may lead to a shift in prescriber treatment practices once a safer drug will be available. A panel of ophthalmologists specializing in uveitis and glaucoma, the Uveitic Glaucoma Interest Group, recently presented recommendations to lower the IOP threshold in uveitis to a more stringent threshold, to safeguard vision. This stringent threshold presents a clinical challenge when using steroids given their associated IOP elevation side effect. Hence, we anticipate a potential decline in the use of steroids and a potential increase in demand for safer, yet effective treatments, once available.

Our lead product candidate, TRS01, is designed to break the cycle of ocular damage due to inflammation and steroid use. It is a steroid-free eye drop formulation of dazdotuftide, a new chemical entity. TRS01 is developed to be the first safer, effective alternative to steroids for active NIAU including patients with uveitic glaucoma. Our completed Phase 3 trial, the TRS4Vision trial, was a head to head trial with steroids, and while the primary endpoint (Anterior Chamber Cell ("ACC"); ACC=0) was not met, a majority of TRS01-treated patients (64%) reached clinically meaningful improvement, of zero or trace ACC (i.e., ≤5 cells) on Day 28 with a median time of 9 days. Ocular pain, changed from baseline, was found equivalent in TRS01 and steroid treatment arms. Importantly, TRS01-treated patients experienced meaningfully fewer IOP spikes compared to steroid-treated patients (with a p-value (as described below) of less than 0.05; post hoc). These observations are based on post hoc analyses and are exploratory in nature. We have secured a Special Protocol Assessment agreement with the FDA for our upcoming pivotal Phase 3 trial, Tarsier-04, which we refer to as the SPA Agreement (the "SPA Agreement"). The FDA has agreed to a primary endpoint of IOP safety (superiority to steroids) with inflammation resolution as a secondary endpoint, acknowledging that a safer drug constitutes a major clinical benefit.

TRS01 does not rely on broad immunosuppression like steroids. Instead, it utilizes dazdotuftide, a bio-inspired immunomodulator that promotes immune tolerance. Dazdotuftide is a conjugate of two molecules, tuftsin and phosphorylcholine, and is designed to modulate the immune system rather than suppressing it. Specifically, it shifts macrophages from an inflammatory state ("M1") to an anti-inflammatory, healing state, or M2. Crucially, dazdotuftide is designed to act without binding to glucocorticoid receptors in the eye, a mechanism that could reduce the risk of trabecular meshwork obstruction and associated IOP increases observed with corticosteroids.

[**Table of Contents**](#TOC001)

In addition to our lead product candidate, TRS01, we are developing our second product candidate, TRS02, which is a slow-release intravitreal injection formulation of dazdotuftide for the treatment of back-of-the-eye ocular diseases.

![](timage_012.jpg)

We plan to evaluate TRS02 in posterior uveitis, as well as in other blinding ocular diseases in the back of the eye, such as diabetic macular edema ("DME"), non-proliferative diabetic retinopathy ("NPDR"), and dry age-related macular degeneration ("dry-AMD"), all of which have underlying inflammatory pathologies. It is estimated that in the U.S. there are approximately 200,000 people with non-infectious intermediate posterior, or panuveitis, that account together for 20-25% of patients with non-infectious uveitis. Diabetic retinopathy ("DR") and dry-AMD are estimated to affect 9.6 million and 18.3 million people in the U.S., respectively, and these numbers were projected to rise.

#### Regulatory Status
We reached an SPA Agreement ("SPA") with the FDA, providing their written agreement that the proposed pivotal clinical trial's design and clinical endpoints are adequate to support a potential marketing application submission, providing guidance for ensuring that the upcoming pivotal trial under the SPA can be considered an adequate and well-controlled study that can support marketing approval. Once finalized, an SPA is intended to be binding on the FDA and the sponsor, provided the sponsor follows the agreed-upon protocol and relevant scientific standards, and unless a substantial scientific issue essential to product safety or efficacy is identified after the agreement is reached or if there's a paradigm shift in disease diagnosis or management. Even when a trial is conducted under an SPA, the resulting data remain subject to the FDA's standard NDA review procedures, including an assessment of the totality of the clinical evidence to determine whether the benefits outweigh the risks. Accordingly, an SPA does not guarantee approval by the FDA. The SPA Agreement followed a formal Type-C meeting held after completion of the TRS4Vision trial, to discuss the outcomes of the trial and seek guidance from the FDA on the adequacy of the proposed Clinical Development Plan to support an NDA submission. A key topic of discussion at the meeting was the concept of including IOP as a key study endpoint for assessing the effects of TRS01 and documenting the clinical advantages of TRS01 treatment. During the meeting discussion, FDA suggested that given the severe side effects and outcome with the standard of care, i.e. steroids treatment, approval for TRS01 will be based on benefit risk assessment and therefore suggested a primary endpoint comparing IOP changes in TRS01 vs. steroids, and a secondary endpoint of ACC clearance (the standard efficacy measure for resolution of ocular inflammation). Following the SPA Agreement we have also received an Advice/Information Request Letter from the FDA, acknowledging the SPA Agreement and including questions and recommendations related to the statistical methods for the pivotal trial under the SPA.

#### Our Market Opportunity
At this stage, our market opportunity assessment centers on our lead product candidate, TRS01, an eye drop formulation of dazdotuftide, targeting U.S. patient population with non-infectious anterior uveitis including patients with uveitic glaucoma. This represents the most advanced asset of our pipeline and the initial focus of our commercialization strategy, providing a clear view of the potential value creation in our core indication.

Based on the most recent report from the large-scale Kirupaharan et al epidemiology study of approximately 100 million lives in the US, the prevalence of uveitis (infectious + non-infectious) in the United States is 260 per 100,000 and anterior uveitis is approximately 75% of NIU cases. Non-infectious uveitis accounts for 91% of cases.

[**Table of Contents**](#TOC001)

Based on the same Kirupaharan et al epidemiology study, 26.6% of patients with NIAU had uveitic glaucoma, hence, the prevalence of anterior uveitic glaucoma in the United States can be estimated to be 47.2/100,000 in adults. In addition, according to Daniel et al, approximately 20% of NIAU develop ocular hypertension ("OHT"), hence, the prevalence of anterior uveitis with OHT in the United States can be estimated to be 35.5/100,000 in adults. Based on a population of more than 347 million people in the United States, this translates to approximately 160,000 people suffering from anterior UG and 123,000 people suffering from NIAU with OHT in the United States.

---

| | | | |
|:---|:---|:---|:---|
|  | **%** | **Prevalence** | **US patient <br>population <br>2025 <br>(Approximate)** |
|  Uveitis |  | 260 per 100,000 | 900000 |
|  Non-infectious uveitis | 91% | 236.6 per 100,000 | 820000 |
|  Anterior uveitis | 75% | 177.5 per 100,000 | 615000 |
|  **Anterior Non-infectious uveitis with OHT** | **20%** | **35.5 per 100,000** | **123000** |
|  **Uveitic glaucoma (Anterior Non-infectious uveitis with comorbid glaucoma)** | **26.6%** | **47.2 per 100,000** | **160000** |

---

#### Our Strategy
Our mission is to develop and commercialize novel pharmaceutical therapies to treat immune-mediated blinding diseases of the eye with high unmet need.

Seventy years after steroids were first administered to the eye, dazdotuftide represents a novel approach by promoting immune tolerance in NIAU. We intend to achieve this goal by pursuing the following key strategic objectives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Completing development and obtaining approval of TRS01 for the treatment of non***-infectious ***anterior uveitis, including in uveitis patients with comorbid glaucoma.*** Based on the TRS4Vision data, we plan to initiate a pivotal clinical trial of TRS01 in the same patient population with the same active control (i.e. topical steroids) and same duration using the revised endpoints required by the FDA in the SPA Agreement. To address the need to weigh in IOP safety, IOP is the primary endpoint (safety — superiority over steroids) and inflammation resolution is the key secondary endpoint, in line with the SPA Agreement with the FDA. The study will be considered successful if the IOP primary endpoint meets statistical significance, and FDA requirement for approval is that the TRS01 benefits outweigh the risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Launching focused marketing activities to commercialize TRS01 in the U.S. using a staged commercialization approach.*** There are approximately 160,000 patients with uveitic glaucoma in the U.S. and about 450 uveitis experts in the U.S., who focus on treating chronic and complicated uveitis eyes, among them patients with uveitic glaucoma. We have already begun discussions with potential prescribers of TRS01, i.e. uveitis specialists including uveitis key opinion leaders from various societies of uveitis experts. As part of our launch strategy, we plan to continue this effort and meet most of the potential prescribers before launch. As a result, we believe that at launch, less than 20 dedicated sales representatives will be able to reach a substantial number of these experts in a cost-effective manner. A third-party U.S. payer survey for TRS01, from various types of payors from different geographies, indicated that payors understand the unmet medical needs in the treatment of active non-infectious anterior uveitis in patients with uveitic glaucoma and that, if TRS01 is approved, they indicated that they may allow access to TRS01 for a premium price and minimal restrictions. We intend to leverage proceeds from initial sales to this concentrated group of prescribers to expand our commercialization to a larger group of doctors who treat patients with uveitis accompanied by OHT comorbidity, reflecting our strategy to sequentially broaden market adoption. Over time, we plan to engage general ophthalmologists and other eyecare providers to extend access to treatment for the broader population of patients with non-infectious anterior uveitis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Post launch, broadening the label of TRS01*.** Post-launch, additional studies are planned to support broadening of the label to maximize the benefit for patients for the first novel therapeutic in more than seventy years. Clinicians have advised the Company to design additional trials and expand the label (subject to any regulatory approval for label expansion) of TRS01, if approved, including for chronic use in an effort to extend quiescence. Lower dose of TRS01 may be beneficial as a maintenance dose for chronic use in those NIAU patients who are currently using systemic immunosuppressants in an effort to reduce frequency of uveitis flare ups. This requires a longer clinical trial.

[**Table of Contents**](#TOC001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Launch outside the United States***. We are in continuous dialogue with the European Medicines Agency ("EMA") and have already received their guidelines for the Chemistry, Manufacturing, and Controls ("CMC") requirements as part of a scientific advice process. We were granted an orphan designation in the EU for uveitis in November 2019, in which the EMA acknowledged the clinical advantages of dazdotuftide, if approved, in treating non-infectious uveitis, including significant benefit in uveitic glaucoma. An orphan designation is not a guarantee of success. Specifically, this designation may not lead to a faster development, regulatory review, or approval process, and it does not increase the likelihood that a product candidate will receive regulatory approval or marketing authorization. We see a significant commercial opportunity for our product candidates internationally. To address these markets, we may establish relationships with one or more distribution partners in Europe, with regional capabilities and infrastructure to support and potentially accelerate the commercialization of our product candidates, if approved, in such geographies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Developing TRS02 for additional indications associated with uveitis and other back***-of-the-eye ***ocular inflammatory diseases*.** Based on the fundamental role of macrophages in eye inflammation, we plan to pursue development of TRS02, a slow-release intravitreal formulation, in posterior uveitis, as well as in other indications in which inflammation plays a key role in the disease. DME, NPDR and dry-AMD, are all diseases resulting in severe visual loss due to underlying ocular inflammation pathologies, afflict significant patient populations. We plan to validate our technology platform with TRS01 and move steadily towards development of our pipeline for other immune-mediated indications where dazdotuftide may provide a novel mechanism of action. We will continue to seek advice from leading clinicians in the field to guide our pipeline decisions.

#### Our Competitive Strengths
We believe our Company and our current product candidates have the following key competitive and distinguishing characteristics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Dazdotuftide is a steroid***-free ***new chemical entity ("NCE") with a disruptive mechanism of action and an issued composition of matter patent issued with global coverage.*** Our patents, patent applications and licensed patents cover new chemical entities, formulations, synthesis and methods of treatment. Dazdotuftide is promoting immune tolerance and our pipeline aims to address a number of diseases across eye care, with high, unmet needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***TRS01 is currently in Phase 3 development targeting a field that has lacked innovation in the past 70 years.*** In the TRS4Vision Phase 3 trial, the results of TRS01 together with the totality of the *post hoc* IOP data we believe points to a potentially favorable benefit-risk profile of TRS01 for patients with active non-infectious anterior uveitis and specifically uveitic glaucoma. The *post hoc* IOP data was presented to the FDA as part of a Type C meeting (a formal, non-milestone FDA meeting between agency officials and the Company) which lay the groundwork for the SPA Agreement, and designing the upcoming pivotal trial's new primary endpoint to be a safety IOP endpoint. The planned pivotal trial is designed in line with an SPA Agreement from the FDA, in the same patient population with the same active control (i.e. topical steroids) and same duration as in the TRS4Vision trial, using the revised endpoints required by the FDA in the SPA Agreement. This upcoming pivotal trial is planned to have an IOP primary endpoint compared to the active control (p-value of less than 0.05 in the TRS4Vision *post hoc* analysis of the IOP endpoint). The upcoming pivotal trial, which we refer to as Tarsier-04, is expected to enroll approximately 300 patients from sites in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Large, underserved Non***-infectious ***Anterior Uveitis patient population with a focus on those with comorbid glaucoma initially; a market with a significant opportunity for growth and an approachable prescriber base*.** Our lead product TRS01 is being developed to serve as a steroid-free alternative treatment for the autoimmune eye disease non-infectious anterior uveitis; specifically in patients who are precluded from receiving steroids due to risks associated with that class of drugs. This includes those with comorbid glaucoma (uveitic glaucoma), those with ocular hypertension who are at risk of glaucoma due to their elevated IOP, and children with uveitis who will need a lifetime of therapy. Epidemiology studies confirm the size of the U.S. non-infectious anterior uveitis market to be more than 600,000 patients, with approximately 160,000 of those having comorbid glaucoma. Furthermore, studies indicate an increasing prevalence of vision loss in patients with uveitis, with approximately 1 in 3 patients with uveitic glaucoma

[**Table of Contents**](#TOC001)

reaching severe vision loss or blindness. These findings underscore the insidiousness of the disease over the long-term and the need for safer treatments to control the inflammation and ocular pain associated with active disease. Our commercial plan is based on a staged approach. Initially, we expect to target physicians who treat patients with non-infectious anterior uveitis who have already developed glaucoma. This patient population is served mainly by uveitis specialists representing approximately 450 experts in the U.S., a group that can be reached with a relatively small team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Seasoned Leadership Team and Board.*** Our leadership team brings deep expertise in developing and commercializing therapies for ophthalmic conditions. Both our management team and board of directors have a strong track record in advancing innovative eye-care products and have played key roles in bringing multiple leading treatments to market.

#### Corporate Information
We are an Israeli corporation and were incorporated in Israel on February 21, 2016 and changed our name to Tarsier Pharma Ltd., from our original name Tarsius Pharma Ltd., on February 16, 2021. Our principal executive offices are located at 10 HaMa'apilim St., Zichron Yaacov, Israel. Our telephone number is +972-4-639-8050. Our website address is *www.tarsierpharma.com*. The references to our website are intended to be inactive textual references only. The information contained on, or that can be accessed through, our website is not incorporated by reference into, and is not part of, this prospectus. Our agent for service of process in the United States is Puglisi & Associates, 850 Library Ave., Suite 204, Newark, DE 19711, Tel: (302) 738-6680.

#### Implications of Being an Emerging Growth Company and a Foreign Private Issuer

#### Emerging Growth Company
We qualify as an "emerging growth company" as defined under the Securities Act of 1933, as amended (which we refer to as "the Securities Act"). As a result, we are permitted to, and intend to, rely on exemptions from certain disclosure requirements that are otherwise applicable to public companies. These provisions include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• being permitted to present only two years of audited financial statements and only two years of related *"Management's Discussion and Analysis of Financial Condition and Results of Operations"* in this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, as amended (the "Sarbanes-Oxley Act");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced disclosure obligations regarding executive compensation in our periodic reports, proxy statements and registration statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exemption from complying with recently enacted "pay versus performance" reporting obligations.

In addition, an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. This provision allows an emerging growth company to delay the adoption of some accounting standards until those standards would otherwise apply to private companies. We have elected to avail ourselves of this extended transition period. We will remain an emerging growth company until the earliest to occur of: (i) our reporting $1.235 billion or more in annual gross revenues; (ii) the end of fiscal year 2031; (iii) our issuance, in a three year period, of more than $1 billion in non-convertible debt; and (iv) the end of the fiscal year in which the market value of our ordinary shares held by non-affiliates exceeded $700 million on the last business day of our second fiscal quarter.

We have elected to take advantage of certain of the reduced disclosure obligations and may elect to take advantage of other reduced reporting requirements in future filings. As a result, the information that we provide to our shareholders may be different than the information you might receive from other public reporting companies in which you hold equity interests.

[**Table of Contents**](#TOC001)

#### Foreign Private Issuer
Upon the completion of this offering, we will report under the Exchange Act as a non-U.S. company with foreign private issuer status. Even after we no longer qualify as an emerging growth company, as long as we continue to qualify as a foreign private issuer under the Exchange Act, we will be exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rules under the Exchange Act requiring domestic filers to issue financial statements prepared under U.S. GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the sections of the Exchange Act requiring insiders to file public reports of their share ownership and trading activities and liability for insiders who profit from trades made in a short period of time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q containing unaudited financial statements and other specified information, and current reports on Form 8-K upon the occurrence of specified significant events.

Initially, we intend to rely on the "foreign private issuer exemption" with respect to the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In lieu of Section 123 of the NYSE Rules (as defined below), which provides for a quorum of at least 33(⅓)%, to follow Israeli practice, pursuant to which a company is allowed to determine in its amended and restated articles of association the required quorum for a shareholder meeting. Our amended and restated articles of association in effect prior to effectiveness of this Registration Statement. provide that the quorum for a general meeting of shareholders will consist of two or more shareholders holding at least 25% of the total voting rights in person or by proxy, or, for any adjourned shareholder general meeting, the quorum set forth in our amended and restated articles of association shall consist of at least one shareholder present in person or by proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In lieu of Section 804 of the NYSE Rules, which provides that nominations by our board of directors may be made by a majority of independent directors or by a nominating committee of the board of directors consisting solely of independent directors, the nominations for directors, which are presented to the Company's shareholders by the board of directors, are generally made by the board of directors itself, in accordance with the provisions of our amended and restated articles of association and the Companies Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company will not seek shareholder approval for corporate actions which are not subject to shareholder approval under Israeli law. In particular, Section 711 of the NYSE Rules requires shareholder approval for the establishment or material amendment of a stock option or purchase plan or other equity compensation arrangement pursuant to which options or stock may be acquired. Israeli law does not require shareholder approval for such plans. In addition, Section 713 of the NYSE Rules requires shareholder approval when the Company issues additional shares in a transaction that is not considered a public offering. Israeli law does not require shareholder approval for such transactions.

Notwithstanding these exemptions, we will file with the SEC, within four months after the end of each fiscal year, or such applicable time as required by the SEC, an annual report on Form 20-F containing financial statements audited by an independent registered public accounting firm.

We may take advantage of these exemptions until such time as we are no longer a foreign private issuer. We would cease to be a foreign private issuer at such time as more than 50% of our outstanding voting securities are held by U.S. residents and any of the following three circumstances applies: (i) the majority of our executive officers or directors are U.S. citizens or residents; (ii) more than 50% of our assets are located in the United States; or (iii) our business is administered principally in the United States.

Both foreign private issuers and emerging growth companies also are exempt from certain more stringent executive compensation disclosure rules. Thus, even if we no longer qualify as an emerging growth company, but remain a foreign private issuer, we will continue to be exempt from the more stringent compensation disclosures required of companies that are neither an emerging growth company nor a foreign private issuer.

[**Table of Contents**](#TOC001)

#### Summary of Risk Factors
***Investing in our ordinary shares involves a high degree of risk.*** Our business and ability to execute our business strategy are subject to a number of risks of which you should be aware before you decide to buy our ordinary shares. In particular, you should consider the following risks, which are discussed more fully in the section entitled *"Risk Factors"* in this prospectus:

*Risks Related to our Financial Condition and Capital Requirements*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are a clinical stage pharmaceutical company and we have incurred significant losses since our inception and anticipate that we will incur continued losses for the foreseeable future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We do not believe that our current cash on hand will be sufficient to fund our projected operating requirements. This raises substantial doubt about our ability to continue as a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Even if this offering is successful, we expect that we will need to raise substantial additional funding before we can expect to complete the commercialization of TRS01, the development of TRS02 or any other product candidate. This additional financing may not be available on acceptable terms, or at all.

*Risks Relating to Our Business, Strategy and Industry*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We depend substantially on the success of our product candidates and their clinical trials. The development process is inherently uncertain, and clinical trials may fail to demonstrate safety, efficacy, or other criteria required for approval. Even if trials are completed, we cannot give any assurance that any of our product candidates will receive regulatory approval, which is necessary before they can be commercialized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our prior phase 3 trial did not meet its primary endpoint (ACC = 0), and future trials may also fail, even though the FDA granted us an SPA Agreement based on a formal discussion of the results of the prior trial and a new primary endpoint. The SPA Agreement indicates that the planned phase 3 trial design is adequate to demonstrate that TRS01's benefits outweigh the risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Clinical drug development is a lengthy and expensive process with uncertain timelines and uncertain outcomes. If clinical trials of our product candidates are prolonged, delayed, failed or not commercially viable, we or our collaborators may be unable to obtain required regulatory approvals, and therefore may be unable to commercialize our product candidates on a timely basis or at all, which will adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The denial of regulatory approval for TRS01 could mean that we need to delay or even cease operations, and a delay in obtaining such approval would delay commercialization of our products and adversely impact our ability to generate revenue, business and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The results of pre-clinical studies, early and late-stage clinical trials, data obtained from real-world use, and published third-party studies may not be indicative of results in future clinical trials and we cannot assure you that any planned or future clinical trials will lead to results sufficient for the necessary regulatory approvals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We or others could discover that TRS01, or any product candidate, including TRS02, or others which we may pursue in the future, lacks sufficient efficacy, or that its benefit does not outweigh the risks due to undesirable side effects that were not previously identified, which could delay or prevent regulatory approval or commercialization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our pursuit of regulatory approval for TRS01 through the FDA's traditional 505(b)(1) pathway for a New Chemical Entity ("NCE") is inherently costly, time-consuming, and carries a high risk of failure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may seek designations for our product candidates with the FDA and other comparable regulatory authorities that are intended to confer benefits such as a faster development process or an accelerated regulatory pathway, but there can be no assurance that we will successfully obtain such designations. In addition, even if one or more of our product candidates are granted such designations, we may not be able to realize the intended benefits of such designations.

[**Table of Contents**](#TOC001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Even if any of our product candidates receives marketing approval, they may fail to achieve the degree of market acceptance by physicians, patients, third-party payors, pharmacists and others in the medical community necessary for commercial success.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We face intense competition in an environment of rapid technological change and the possibility that our competitors may develop products that are similar, more advanced, safer, or more effective than ours. As a result, we may be unable to effectively compete in our industry, which may adversely affect our financial condition and our ability to successfully market or commercialize our product candidates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We rely heavily on the knowledge and expertise of our founder and Chief Executive Officer and our Chief Operating Officer, and the loss of their services could adversely affect our business.

*Risks Related to Our Reliance on Third Parties*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are dependent on manufacturers for our product API and product formulations. Any delay, price increase or unavailability of our manufacturers could materially adversely affect our ability to conduct clinical trials and, if this were to occur after we obtained commercialization and marketing approval, could materially impact our operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We rely on a limited number of suppliers or, in some cases, single suppliers, for some of our materials and may not be able to find replacements or immediately transition to alternative suppliers on a cost-effective basis, or at all.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We rely on third parties to conduct our pre-clinical and clinical studies and perform other tasks for us. If these third parties do not successfully carry out their contractual duties, meet expected deadlines or comply with regulatory requirements, we may not be able to obtain regulatory approval for or commercialize our product candidates and our business could be substantially harmed.

*Risks Related to our Intellectual Property*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We license our core technology from TPCERA LTD., and although we believe our rights are irrevocable and not subject to termination, any attempt by TPCERA LTD. to challenge or terminate the license could materially affect our business, financial condition, and operating results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our inability to adequately protect our intellectual property could limit our competitive position and could adversely affect our business, financial condition, and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Third-party claims of intellectual property infringement may prevent or delay our development and commercialization efforts.

*Risks Related to this Offering*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No active trading market for our ordinary shares currently exists, and an active trading market may not develop or be sustained following this offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The trading price of our ordinary shares may be volatile, and you could lose all or part of your investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our management will have broad discretion in how we use the net proceeds of this offering and might not use them effectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may not be able to enforce covenants not-to-compete under current Israeli law that might result in added competition for our products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provisions of Israeli law and our amended and restated articles of association may delay, prevent or otherwise impede a merger with, or an acquisition of, us, which could prevent a change of control, even when the terms of such a transaction are favorable to us and our shareholders.

*Risks Related to Investing in a Foreign Private Issuer or Israeli Company*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As a "foreign private issuer" we are permitted to and follow certain home country corporate governance practices instead of otherwise applicable SEC and NYSE requirements, which may result in less protection than is accorded to investors under rules applicable to domestic U.S. issuers.

[**Table of Contents**](#TOC001)

#### THE OFFERING

---

| | |
|:---|:---|
|  **Ordinary shares offered by us** | 5,000,000 shares |
|  **Ordinary shares to be outstanding after this offering** | <br>28,736,270 shares (or 29,486,270 shares if the underwriter exercises its over-allotment option in full). |
|  **Over-allotment option** | We have granted the underwriter a 45-day option to purchase up to an additional 750,000 ordinary share at the initial public offering price to cover over-allotments, if any. |
|  **Use of proceeds** | We estimate that the net proceeds to us from this offering, after deducting underwriting discounts and commissions and estimated offering expenses payable by us, will be approximately $41.0 million, based on the assumed initial public offering price of $9.00 per share, which is the midpoint of the price range set forth on the cover page of this prospectus.<br> The net proceeds received by us from this offering will be used for (i) to advance the clinical development of TRS01 through the initiation and completion of a Phase III clinical program, (ii) to advance preparations toward our potential NDA submission for TRS01, (iii) for research and development in support of potential investigational new drug application filings for TRS02, (iv) approximately $678,000 to repay outstanding indebtedness and deferred compensation obligations owed to our Chief Executive Officer and (v) working capital, intellectual property protection and general corporate purposes. We may also use a portion of the net proceeds to acquire, license and invest in complementary products, technologies or additional businesses; however, we currently have no agreements or commitments to complete any such transaction. See *"Use of Proceeds*.*"* |
|  **Proposed NYSE symbol** | "TARX" |
|  **Risk Factors** | ***Investing in our ordinary shares involves a high degree of risk***. See *"Risk Factors"* beginning on page 12 and the other information in this prospectus for a discussion of the factors you should consider carefully before you decide to invest in our ordinary shares. |
|  **Lock-Up** | In connection with this offering, we, our directors, executive officers, and certain shareholders holding five percent (5.0%) or more of our ordinary shares have agreed not to offer, issue, sell, contract to sell, encumber, grant any option for the sale of or otherwise dispose of any of our securities for a period of one hundred and eighty (180) days following the closing of the offering of the shares. See *"Underwriting"* for more information. |
|  **Underwriter's Warrants** | We will issue to Konik Capital Partners, LLC, a division of T.R. Winston, the underwriter, upon closing of this offering compensation warrants entitling the underwriter or its designees to purchase up to three and a half percent (3.5%) of the aggregate number of our ordinary shares that we issue to investors in this offering. The warrants are exercisable for five years following the commencement of sales of our ordinary shares in this offering. The warrants will have an exercise price per share equal to 115% of the public offering price of our ordinary shares offered hereby. See "*Underwriting — Underwriter's Warrants*." |

---

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **Insider Participation** | Certain of our officers, directors and greater than five percent (5%) shareholders have indicated interest in participating in this offering at the public offering price and on the same terms as the other purchasers in this offering. However, because indications of interest are not binding, we cannot guarantee if such officers, directors and greater than five percent (5%) shareholders will participate in this offering. |

---

The actual number of ordinary shares that we will offer and that will be outstanding after this offering will be determined based on the actual public offering price. The number of ordinary shares to be outstanding immediately after this offering as shown above assumes that all of the ordinary shares offered hereby are sold, and is based on 23,736,270 ordinary shares outstanding as of the date of this prospectus after giving effect to the Forward Stock Split. This number excludes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 4,008,660 ordinary shares issuable upon the exercise of options, or share options, at a weighted average exercise price of $1.20 per ordinary share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 950,870 ordinary shares issuable upon exercise of any May 2025 SAFE Warrant or November 2025 SAFEs Warrants (in each case as defined below in the section entitled "*Management's Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — Current SAFEs*");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 120,350 ordinary shares reserved for future grants under the 2018 Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2,305,630 ordinary shares issuable for future grants under the 2026 Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 175,000 ordinary shares issuable upon exercise of the underwriter's warrant.

Unless otherwise indicated, all information in this prospectus assumes or gives effect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 100,020 ordinary shares issued upon the conversion of our 2024 Parity SAFEs (as defined below), between January 22, 2026, and February 2, 2026, in the aggregate amount of $300,000 at a price per share equal to $3.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 913,560 ordinary shares issuable upon the conversion of the Amended 2024 SAFEs and the November 2025 SAFEs (as defined below in the section entitled "*Management's Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — Current SAFEs*"), in the aggregate amount of $3,900,000, which will automatically convert into ordinary shares upon the effectiveness of the registration statement for this offering at a price per share of $4.27 (the lower of: (1) the price per share of the shares sold in the equity financing multiplied by 75% or (ii) a price per share reflecting a Company's pre money valuation of $115,000,000 on a fully diluted basis), based on an assumed public offering price of $9.00, which is the midpoint of the price range set forth on the cover page of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 13,889 ordinary shares issuable upon the conversion of the May 2025 SAFE (as defined below), in the aggregate amount of $100,000, which will automatically convert into ordinary shares upon the effectiveness of the registration statement for this offering at a price per share of $7.20, being the price per share of the shares sold in the equity financing multiplied by 80%, and based on an assumed public offering price of $9.00, which is the midpoint of the price range set forth on the cover page of this prospectus; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no exercise of the underwriter's over-allotment option and the Underwriter's Warrants.

[**Table of Contents**](#TOC001)

#### RISK FACTORS
*Investing in our ordinary shares involves a high degree of risk. You should consider and read carefully all of the risks and uncertainties described below, as well as other information included in this prospectus, including our consolidated financial statements and related notes appearing elsewhere in this prospectus, before making an investment decision. The risks described below are not the only ones we face. The occurrence of any of the following risks or additional risks and uncertainties not presently known to us or that we currently believe to be immaterial could materially and adversely affect our business, financial condition, or results of operations. In such case, the trading price of our ordinary shares could decline, and you may lose some or all of your original investment. This prospectus also contains forward*-looking *statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward*-looking *statements as a result of certain factors, including the risks faced by us described below and elsewhere in this prospectus. See "Cautionary Note Regarding Forward*-Looking *Statements."*

#### Risks Related to our Financial Condition and Capital Requirements
***We are a clinical stage pharmaceutical company and we have incurred significant losses since our inception and anticipate that we will incur continued losses for the foreseeable future.***

We are an emerging pharmaceutical company with a limited operating history. We have funded our operations to date primarily through proceeds from the private placement of securities, loans, and convertible notes. We expect to continue to incur substantial losses over the next several years during our clinical development phase. To execute our business plan of commercializing the TRS01, our expected first product, we estimate will cost between $65 million and $85 million. We will need to complete studies and certain development activities as well as manufacture the required clinical and commercial production batches in the pilot manufacturing plant. Further, our product candidates will require regulatory approval prior to commercialization, and we will need to establish sales, marketing and logistic infrastructures. These activities may span many years and require substantial expenditures to complete and may ultimately be unsuccessful. Any delays in completing these activities could adversely impact us. Management plans to seek additional equity financing through private and public offerings or strategic partnerships and, in the longer term, by generating revenues from product sales. We have incurred losses in each year since our inception. Our net loss for the years ended December 31, 2024 and 2025 were $2,456 thousand and $5,070 thousand, respectively. As of December 31, 2024, and December 31, 2025, we had an accumulated deficit of approximately $21,859 thousand and $26,929 thousand, respectively.

Until we can generate significant revenues, if ever, we expect to satisfy our future cash needs through existing cash, debt, royalty, licensing or equity financing. We cannot be certain that additional funding will be available to us on acceptable terms, if at all. If funds are not available, we may be required to delay, reduce the scope of, or eliminate research or development plans for, or commercialization efforts with respect to our products.

We expect to continue to incur significant losses until we are able to commercialize our product candidates, which we may not be successful in achieving. We anticipate that our expenses will increase substantially if and as we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• continue the research and development of our product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expand the scope of our current clinical studies for our product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seek regulatory and marketing approvals for our product candidates that successfully complete clinical studies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establish a sales, marketing, and distribution infrastructure to commercialize our product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seek to identify, assess, acquire, license, and/or develop other product candidates and subsequent generations of our current product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expand our manufacturing capabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seek to maintain, protect, and expand our intellectual property portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seek to attract and retain skilled personnel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• create additional infrastructure to support our operations as a public company and our product candidate development and planned future commercialization efforts.

[**Table of Contents**](#TOC001)

***We do not believe that our current cash on hand will be sufficient to fund our projected operating requirements. This raises substantial doubt about our ability to continue as a going concern.***

We do not believe that our current cash on hand will be sufficient to fund our projected operating requirements as set forth above until we generate significant revenue. This raises substantial doubt about our ability to continue as a going concern. If we cannot continue as a going concern, our investors may lose their entire investment in our securities. Until we can generate significant revenues, if ever, we expect to satisfy our future cash needs through debt, royalty or equity financing. Even if we raise the proceeds from this offering, we do not believe that such proceeds will be sufficient to complete all research and development activities necessary to commercialize our product candidates. We cannot be certain that additional funding will be available to us on acceptable terms, if at all. If funds are not available, we may be required to delay, reduce the scope of, or eliminate research or development plans for, or commercialization efforts with respect to our products.

***Even if this offering is successful, we expect that we will need to raise substantial additional funding before we can expect to complete the commercialization of TRS01, the development of TRS02 or any other product candidate. This additional financing may not be available on acceptable terms, or at all.***

Even if this offering is completed, we expect that we will require substantial additional capital to commercialize TRS01, develop our second product candidate, TRS02, and proceed with its clinical trial and other clinical trials and commercialize our product candidates. In addition, our operating plans may change as a result of many factors that may currently be unknown to us, and we may need to seek additional funds sooner than planned. Our future funding requirements will depend on many factors, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• commencement and completion of our clinical trials and our clinical trial results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost, timing and outcomes of seeking marketing approval of TRS01 for the patient population with active non-infectious anterior uveitis including patients with uveitic glaucoma, and other current or future product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of filing and prosecuting patent applications and the cost of defending our patents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost of prosecuting patent infringement actions against third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• development of other early-stage development product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the scope and costs of manufacturing development and commercial manufacturing activities and our ability to scale them up;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the costs associated with commercializing TRS01 or any other product candidate, if we receive marketing approval, including the cost and timing of establishing sales and marketing capabilities to market and sell such product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any product liability or other lawsuits related to our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the expenses needed to attract and retain skilled personnel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the costs associated with being a public company.

Any additional fundraising efforts may divert our management from their day-to-day activities, which may adversely affect our ability to develop and commercialize our product candidates. Moreover, the terms of any financing may adversely affect the holdings or the rights of holders of our securities and the issuance of additional securities, whether equity or debt, by us, or the possibility of such issuance, may cause the market price of our ordinary shares to decline. The incurrence of indebtedness could result in increased fixed payment obligations, and we may be required to agree to certain restrictive covenants, such as limitations on our ability to incur additional debt, limitations on our ability to acquire, sell or license intellectual property rights and other operating restrictions that could adversely impact our ability to conduct our business. We could also be required to seek funds through arrangements with collaborative partners or otherwise at an earlier stage than otherwise would be desirable, and we may be required to relinquish rights to some of our technologies or product candidates or otherwise agree to terms unfavorable to us, any of which may have a material adverse effect on our business, operating results and prospects. Even if we believe that we have sufficient funds for our current or future operating plans, we may seek additional capital if market conditions are favorable or if we have specific strategic considerations.

[**Table of Contents**](#TOC001)

#### Risks Relating to Our Business, Strategy and Industry
***We depend substantially on the success of our product candidates and their clinical trials. The development process is inherently uncertain, and clinical trials may fail to demonstrate safety, efficacy, or other criteria required for approval. Even if trials are completed, we cannot give any assurance that any of our product candidates will receive regulatory approval, which is necessary before they can be commercialized.***

We have invested almost all of our efforts and financial resources in general and administrative costs and the research and development of our product candidates. The process to develop, obtain regulatory approval for and commercialize pharmaceutical product candidates is long, complex, costly and inherently uncertain of outcome. We are not permitted to market any of our product candidates in the United States, the EU, or any other jurisdiction until we receive the requisite regulatory approvals. We cannot give any assurance that our current clinical development plan will proceed as planned, or that our product candidates will receive regulatory approval, or that such regulatory approval, if received, will be within a timeframe that allows us to effectively compete with our competitors, or be successfully marketed and commercialized.

We currently have no product candidates approved for marketing and are investing the majority of our efforts and financial resources in the development of TRS01 for the treatment of non-infectious uveitis including patients with uveitic glaucoma. Successful continued development and ultimate regulatory approval of TRS01 for our initial indication or potential additional indications is critical to the future success of our business. We will need to successfully complete our clinical development of TRS01 for the treatment of non-infectious uveitis including patients with uveitic glaucoma. We are also developing our second product candidate, TRS02, which is a slow-release intravitreal injection formulation of dazdotuftide for the treatment of back-of-the-eye blinding diseases. The future regulatory and commercial success of our product candidates is subject to a number of risks, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• successful completion of nonclinical studies and clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• successful patient enrollment in clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• successful data from our nonclinical studies and clinical trials that support an acceptable risk-benefit profile of our product candidates in the intended populations and indications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• satisfaction of applicable regulatory requirements, including to satisfy applicable rules governing combination products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential unforeseen safety issues or adverse side effects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• receipt and maintenance of marketing approvals from applicable regulatory authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• remaining in compliance with post-marketing regulatory requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• obtaining and maintaining patent and trade secret protection and regulatory exclusivity for our product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making arrangements or maintaining existing arrangements with third-party manufacturers, or establishing manufacturing capabilities, for both clinical and commercial supplies of our product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• entry into collaborations to further the development of TRS01 or any future product candidates including TRS02;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establishing sales, marketing and distribution capabilities and launching commercial sales of any approved products, whether alone or in collaboration with others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• successfully launching commercial sales of our product candidates, if and when approved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acceptance of our product candidates, if and when approved, by patients, the medical community and third-party payors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• obtaining and maintaining third-party coverage and adequate reimbursement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• products, following approval, maintaining a continued acceptable safety profile;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• effectively competing with other therapies;

[**Table of Contents**](#TOC001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ensuring that we promote and distribute our products consistent with all applicable healthcare laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enforcing and defending intellectual property rights and claims.

Many of these risks and the timing of the same are beyond our control, including the risks related to clinical development, the regulatory submissions and review processes, potential threats to our intellectual property rights and the manufacturing, marketing and sales efforts of any current or future collaboration partner. If we are unable to develop, receive regulatory approval for, or successfully commercialize TRS01 for the indications we are developing it for, or if we experience delays as a result of any of these risks or otherwise, our business will be materially harmed.

***Our prior phase 3 trial did not meet its primary endpoint (ACC = 0), and future trials may also fail, even though the FDA granted us an SPA Agreement based on the results of the prior trial and a new primary endpoint indicating that the planned phase 3 trial design is adequate to demonstrate that TRS01's benefits outweigh the risks.***

Our previous Phase 3 clinical trial did not meet its primary efficacy endpoint when compared to active control. Although the FDA subsequently granted us a Special Protocol Assessment ("SPA") agreement for a new Phase 3 trial based on a revised primary endpoint focused on safety against the same active control, and efficacy as key secondary endpoint, there is no assurance that future trials will be successful. The revised endpoint addresses a key safety parameter associated with the active control. Regulatory approval depends on the outcome of ongoing and future studies, and failure to achieve the SPA-agreed endpoint or other regulatory requirements could materially impact our ability to obtain approval and commercialize our product.

An SPA is a process in which the FDA provides written agreement that a proposed pivotal clinical trial's design, clinical endpoints, and statistical analyses are adequate to support a potential marketing application submission. Once finalized, an SPA is intended to be binding on the FDA and the sponsor, provided the sponsor follows the agreed-upon protocol and relevant scientific standards, and unless a substantial scientific issue essential to product safety or efficacy is identified after the agreement is reached or if there's a paradigm shift in disease diagnosis or management recognized by the scientific community and FDA. While the SPA confirms FDA's agreement on the adequacy of our Phase 3 trial design and primary endpoint, it does not limit FDA's authority to evaluate the totality of the clinical data during the regulatory review. As a result, even if the study meets its primary endpoint, the FDA may still determine that the efficacy demonstrated is not clinically meaningful or that the overall benefit risk profile is not favorable. In addition, while an SPA reflects the FDA's concurrence on the adequacy of the trial design, it does not guarantee that the trial will be successful or that any resulting marketing application will be approved.

***We rely in part on post hoc analyses of certain data from our prior clinical trials, which are exploratory in nature and may not be indicative of future results.***

Certain of our observations regarding intraocular pressure ("IOP") are based on post hoc analyses that were not prespecified endpoints of our prior clinical trials. As a result, these findings are exploratory and subject to inherent limitations, including an increased risk of statistical bias and false positive results. Regulatory authorities, including the FDA, may place limited weight on such analyses, and these findings may not be replicated in future clinical trials. If our future trials do not confirm these observations, our ability to obtain regulatory approval for our product candidates could be adversely affected.

***Clinical drug development is a lengthy and expensive process with uncertain timelines and uncertain outcomes. If clinical trials of our product candidates are prolonged, delayed, failed or not commercially viable, we or our collaborators may be unable to obtain required regulatory approvals, and therefore may be unable to commercialize our product candidates on a timely basis or at all, which will adversely affect our business.***

Clinical trials may also be delayed or terminated as a result of ambiguous or negative interim results. In addition, a clinical trial may be suspended or terminated by us, the FDA, IRBs, at the sites where the IRBs are overseeing a trial, a data safety monitoring board overseeing the clinical trial at issue or by other regulatory authorities due to a number of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to conduct the clinical trial in accordance with regulatory requirements or our clinical protocols;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inspection of the clinical trial operations or trial sites by the FDA or other regulatory authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unforeseen safety issues or lack of effectiveness; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lack of adequate funding to continue the clinical trial.

[**Table of Contents**](#TOC001)

Any of these occurrences may harm our business, financial condition and prospects significantly. In addition, many of the factors that cause, or lead to, a delay in the commencement or completion of clinical trials may also ultimately lead to the denial of regulatory approval of our product candidates or result in the development of our product candidates being stopped early.

***Even if we achieve the SPA-agreed primary endpoint, the FDA may determine our efficacy is insufficient for approval even though the SPA indicated that the trial design is adequate to demonstrate that TRS01's benefits outweigh the risks.***

Even if our Phase 3 trial meets the primary endpoint agreed upon under the SPA, the FDA may still conclude that our investigational drug does not demonstrate sufficient efficacy or that its overall benefit does not outweigh its risks. While the SPA confirms FDA's agreement on the adequacy of our Phase 3 trial design and primary endpoint, it does not limit FDA's authority to evaluate the totality of the clinical data during the regulatory review. As a result, even if the study meets its primary endpoint, the FDA may still determine that the efficacy demonstrated is not clinically meaningful or that the overall benefit risk profile is not favorable. Our current trial compares our drug to an active control rather than placebo, and there is no established placebo effect data for non-infectious uveitis. The main substantial placebo effect data in ocular inflammation comes from studies of post-cataract inflammation, where the placebo effect is generally low and may not be directly applicable to our indication. This lack of relevant placebo benchmarks makes efficacy assessment more challenging and introduces uncertainty regarding how the FDA will interpret the results. If the FDA determines that our efficacy data are inadequate or that the benefit-risk profile is unfavorable, we may be unable to obtain approval, which would materially impact our business and prospects. We have also received an Advice/Information Request Letter from the FDA, acknowledging the SPA Agreement. This letter included questions and recommendations related to the statistical methods for the pivotal trial under the SPA.

#### Our reliance on a safety-based primary endpoint in our planned pivotal trial may present additional regulatory and commercial risks.
Our planned pivotal Phase 3 trial is designed with a primary endpoint focused on intraocular pressure ("IOP") safety. While this approach was agreed with the FDA in the SPA Agreement, there is uncertainty as to how regulatory authorities will evaluate the results of such a trial, including whether they will determine that the overall benefit-risk profile supports approval. In addition, even if approved, physicians, payors, or other stakeholders may place greater emphasis on efficacy outcomes, which could limit market acceptance of our product.

***The denial of regulatory approval for TRS01 could mean that we need to delay or even cease operations, and a delay in obtaining such approval would delay commercialization of our products and adversely impact our ability to generate revenue, business and results of operations.***

We are not permitted to market TRS01 until we receive approval or marketing authorization from the relevant regulatory authority. Of the large number of pharmaceutical products in development, only a small percentage successfully complete the FDA, the EMA or other regulatory approval processes and are commercialized. The research, testing, manufacturing, labeling, approval, sale, marketing and distribution of pharmaceutical products are subject to extensive regulation by the FDA, the EMA, and other regulatory agencies in the United States, EU and other countries, and such regulations differ from country to country. If we are not successful in commercializing TRS01, or are significantly delayed in doing so, our business will be materially harmed, and we may need to curtail or cease operations. We currently have no pharmaceutical products approved for marketing, and we may never obtain regulatory approval to market and commercialize TRS01 for any indication. Similarly, we may not be successful in obtain regulatory approval for our second product candidate, TRS02, which is a slow-release intravitreal injection formulation of dazdotuftide for the treatment of back-of-the-eye blinding diseases.

Even if we eventually complete clinical testing and receive approval of an NDA, marketing authorization application ("MAA") or other foreign marketing authorization for TRS01, the FDA, the EMA or other applicable foreign regulatory agency may grant approval contingent on the performance of costly additional clinical trials, which may be required after approval. The FDA, the EMA or other applicable foreign regulatory agency may also approve TRS01 for a more limited indication and/or a narrower patient population than we originally requested, and the FDA, the EMA or any other applicable foreign regulatory agency may not approve the labeling that we believe is necessary or desirable for the successful commercialization of TRS01. Any delay in obtaining, or inability to obtain, applicable regulatory approvals would delay or prevent commercialization of TRS01 and would materially adversely impact our business and prospects.

[**Table of Contents**](#TOC001)

***The results of pre-clinical studies, early and late-stage clinical trials, data obtained from real-world use, and published third-party studies may not be indicative of results in future clinical trials and we cannot assure you that any planned or future clinical trials will lead to results sufficient for the necessary regulatory approvals.***

The results of pre-clinical studies may not be predictive of the results of clinical trials, and the results of any completed clinical trials, including studies derived from real-world use and studies in published literature, or clinical trials we commence may not be predictive of the results of later-stage clinical trials. Additionally, interim results during a clinical trial do not necessarily predict final results. Later clinical trial results may not replicate earlier clinical trials for a variety of reasons, including differences in trial design, different trial endpoints (or lack of trial endpoints in exploratory studies), subject population, number of subjects, subject selection criteria, trial duration, drug dosage and formulation and lack of statistical power in the earlier studies.

The tolerability and release profile of TRS02 observed in pre-clinical studies, including those conducted in rabbits, may not be predictive of results in other species or in human clinical trials. Differences in ocular anatomy, physiology, and drug metabolism between animals and humans could result in variations in drug absorption, distribution, and tolerability. As a result, findings from animal studies may not accurately reflect the safety or performance of TRS02 in humans, and any differences could adversely affect the outcome of our TRS02 program.

The IOP safety profile observed in our prior Phase 3 clinical trial of TRS01 may not be replicated in future trials. Variability in patient populations could lead to different safety outcomes. If future studies fail to demonstrate an IOP safety advantage compared to the active control or show less favorable results compared to prior trials, this could negatively impact our ability to obtain regulatory approval and limit the commercial potential of TRS01.

There can be no assurance that any of our clinical trials will ultimately be successful or support further clinical development of any of our product candidates. A number of companies in the pharmaceutical and biotechnology industries have suffered significant setbacks in clinical development even after achieving promising results in earlier studies, and any such setbacks in our clinical development could have a negative impact on our business.

***We or others could discover that TRS01, or any product candidate, including TRS02, or others which we may pursue in the future, lacks sufficient efficacy, or that its benefit does not outweigh the risks due to undesirable side effects that were not previously identified, which could delay or prevent regulatory approval or commercialization.***

Even though we entered into an SPA Agreement with the FDA, we do not currently have any FDA approved products and our product candidates have been tested in relatively small patient populations and for limited durations to date. Therefore, our product candidates require additional clinical testing and it is possible that our clinical trials have or will indicate an apparent positive effect that is greater than the actual positive effect, if any, or that additional and unforeseen side effects may be observed as its development progresses. The discovery that TRS01 (or TRS02) lacks sufficient efficacy that support a positive benefit-risk assessment, or that it causes undesirable side effects (including side effects not previously identified in our completed clinical trials), could cause us or regulatory authorities to interrupt, delay or discontinue clinical trials and could result in the denial of regulatory approval by the FDA or other non-U.S. regulatory authorities for any or all targeted indications.

The discovery that TRS01, TRS02 or future product candidate, lacks sufficient efficacy or that it causes undesirable side effects that were not previously identified could prevent us from commercializing such product candidate and generating revenues from its sale. In addition, if we receive marketing approval for any of our current or future products and we or others later discover that it is less effective, or identify undesirable side effects caused by them:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory authorities may withdraw their approval of the product;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may be required to recall the product, change the way this product is administered, conduct additional clinical trials or change the labeling or distribution of the product;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• additional restrictions may be imposed on the marketing of, or the manufacturing processes for, the product;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may be subject to fines, injunctions or the imposition of civil or criminal penalties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we could be sued and held liable for harm caused to patients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the product may be rendered less competitive and sales may decrease; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our reputation may suffer generally both among clinicians and patients.

[**Table of Contents**](#TOC001)

Any one or a combination of these events could prevent us from achieving or maintaining market acceptance of the affected product or could substantially increase the costs and expenses of commercializing the product, which in turn could delay or prevent us from generating significant, or any, revenues from the sale of the product.

In this respect, in the SPA Agreement we have successfully agreed to a protocol with the FDA for the Phase 3 clinical trials before commencing this trial. However, the results of this trial or additional trials that we conduct may or may not be successful.

Even if we obtain FDA, EMA or other regulatory approval for TRS01 or any other product candidate, the approval might contain significant limitations related to use restrictions, warnings, precautions or contraindications, or may be subject to significant post-marketing studies or risk mitigation requirements. If we are unable to successfully commercialize TRS01 or other current or future product candidates, we may be forced to cease operations.

***Preliminary data that we or others announce or publish from time to time with respect to our product candidates may change as more data becomes available and are subject to audit and verification procedures that could result in material changes in the final data.***

From time to time, we may publish or seek to publish preliminary data or top-line results from ongoing clinical trials, which are based on a preliminary analysis of then-available data. Positive preliminary data may not be predictive of such trial's subsequent or overall results. Preliminary data are subject to the risk that one or more of the results and related findings and conclusions may materially change following a more comprehensive review of the data or as more data become available. Therefore, positive preliminary results in any ongoing clinical trial may not be predictive of such results in the completed trial. We also make assumptions, estimations, calculations and conclusions as part of our analyses of data, and we may not have received or had the opportunity to fully evaluate all data. As a result, preliminary data that we report may differ from future results from the same clinical trials, or different conclusions or considerations may qualify such results, once additional data have been received and fully evaluated. Preliminary data also remain subject to audit and verification procedures that may result in the final data being materially different from the preliminary data we previously published. As a result, preliminary data should be viewed with caution until the final data are available. Material adverse changes in the final data compared to preliminary data could significantly harm our business prospects.

Further, others, including regulatory agencies, may not accept or agree with our assumptions, estimates, calculations, conclusions or analyses or may interpret or weigh the importance of data differently, which could impact the value of the particular program, the approvability or commercialization of the particular product candidate or product and our company in general. In addition, the information we choose to publicly disclose regarding a particular study or clinical trial is based on what is typically extensive information, and you or others may not agree with what we determine is material or otherwise appropriate information to include in our disclosure. If the interim, top-line or preliminary data that we report differ from actual results, or if others, including regulatory authorities, disagree with the conclusions reached, our ability to obtain approval for, and commercialize, in scale, our product candidates may be harmed, which could harm our business, operating results, prospects or financial condition.

***Our product candidates may cause undesirable side effects or have other properties that could delay or prevent their regulatory approval, limit the commercial potential or result in significant negative consequences following regulatory approval, if obtained.***

During the conduct of clinical trials, patients may experience changes in their health, including illnesses, injuries or discomforts. It is possible that as we develop TRS01, TRS02 or other product candidates that we may seek to develop, in larger, longer and more extensive clinical trials as use of our product candidates becomes more widespread if they receive regulatory approval, illnesses, injuries, discomforts and other adverse events that were observed in earlier clinical trials, as well as conditions that did not occur or went undetected in previous clinical trials, will be reported by subjects. Many times, side effects are only detectable after investigational products are tested in larger scale, Phase 2 and 3 clinical trials or, in some cases, after they are made available to patients on a commercial scale after approval. If additional clinical experience indicates that TRS01 or other product candidates that we seek or may seek to develop, have side effects or cause serious or life-threatening side effects, the development of the product candidate may fail or be delayed, or, if the product candidate has received regulatory approval, such approval may be revoked or limited.

Additionally, if any of our product candidates receives marketing approval, the FDA or EMA could require us to adopt a risk evaluation and mitigation strategy, which we refer to as "REMS," to ensure that the benefits outweigh its risks, which may include, among other things, a medication guide outlining the risks of the product for distribution

[**Table of Contents**](#TOC001)

to patients, a communication plan to health care practitioners, and restrictions on how or where the product can be distributed, dispensed or used. Furthermore, if we or others later identify undesirable side effects caused by TRS01 or other current or future product candidates, several potentially significant negative consequences could result, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory authorities may suspend or withdraw approvals of such a product candidate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory authorities may require additional warnings on the label;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory authorities may issue negative publicity regarding the affected product, including safety communications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may be required to change the way the product is distributed, dispensed or administered, or conduct additional pre-clinical studies or clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may need to voluntarily recall our products; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we could be sued and held liable for harm caused to patients.

Any of these events could prevent us from achieving or maintaining market acceptance of the affected product candidate and could significantly harm our business, prospects, financial condition and results of operations.

#### Changes in methods of TRS01 manufacturing or TRS02 formulation may result in additional costs or delay.
As product candidates proceed through pre-clinical studies to late-stage clinical trials towards potential approval and commercialization, it is common that various aspects of the development program, such as manufacturing methods and formulation, are altered along the way in an effort to optimize processes and results. Such changes carry the risk that they will not achieve these intended objectives. Any of these changes could cause our product candidates to perform differently and affect the results of planned clinical trials or other future clinical trials conducted with the materials manufactured using altered processes. Such changes may also require additional testing, FDA or EMA notification or FDA approval. This could delay completion of clinical trials, require the conduct of bridging clinical trials or the repetition of one or more clinical trials, increase clinical trial costs, delay approval of our product candidates and jeopardize our ability to commence sales and generate revenue.

***We will need to obtain FDA approval of any proposed names for our product candidates that gain marketing approval, and any failure or delay associated with such naming approval may adversely impact our business.***

Any name we intend to use for our product candidates will require approval from the FDA regardless of whether we have secured a formal trademark registration from the U.S. Patent and Trademark Office, or the U.S. PTO. The FDA typically conducts a review of proposed product names, including an evaluation of whether proposed names may be confused with the names of other drug products. The FDA may object to any product name we submit if it believes the name inappropriately implies medical claims. If the FDA objects to any of our proposed product names, we may be required to adopt an alternative name for our product candidates, which could result in further evaluation of proposed names with the potential for additional delays and costs.

***Changes in FDA regulatory requirements, policies and guidance or unanticipated events during our clinical trials may occur, which may result in additional regulatory burdens, delays in development or limit or ability to obtain approval.***

The regulatory environment in the United States is subject to continual change, and the FDA regularly revises or updates its requirements, policies and guidance governing the development, approval, manufacturing and commercialization of drug products. Any such changes could require us to alter our development plans, conduct additional studies, implement new controls or otherwise incur significant additional costs. In some cases, the FDA may reinterpret or apply existing requirements in ways that are unexpected or more stringent, which can similarly create new obligations or delays.

If we are required to modify our development activities, repeat or expand clinical trials, revise our regulatory submissions, or meet new or more demanding standards, the timing of our development programs and regulatory reviews could be materially delayed. Such changes could also reduce the likelihood of obtaining regulatory approval or, if approval is obtained, impose burdensome post-approval requirements. As a result, our ability to advance our product candidates could be adversely affected.

[**Table of Contents**](#TOC001)

***Our pursuit of regulatory approval for TRS01 through the FDA's traditional 505(b)(1) pathway for a New Chemical Entity ("NCE") is inherently costly, time-consuming, and carries a high risk of failure.***

We are developing dazdotuftide, the active ingredient in TRS01, as an NCE, which is defined as a drug containing an active moiety that has never been approved by the FDA. Accordingly, we are pursuing a New Drug Application ("NDA") under Section 505(b)(1) of the Federal Food, Drug, and Cosmetic Act. This regulatory path requires us to conduct, fund, and submit full reports of new investigations of safety and effectiveness, including extensive and costly nonclinical (preclinical) and clinical trials.

Unlike the 505(b)(2) or 505(j) pathways, which allow reliance on the FDA's prior findings of safety or effectiveness for an already-approved drug, the 505(b)(1) pathway demands that we independently generate all necessary data to establish the safety and effectiveness of TRS01.

Because dazdotuftide, the active ingredient in TRS01 is an NCE, it is subject to a potentially higher degree of regulatory scrutiny by the FDA than modified or improved versions of existing drugs. The FDA may require more extensive or non-standard studies, including additional clinical trials, to fully characterize the compound's risk-benefit profile, which could significantly delay approval and increase our development expenses.

***We rely on an NCE as the active pharmaceutical ingredient for our lead product candidate, TRS01, and we currently have no viable alternative if this NCE becomes unavailable or is not approved by the FDA.***

Our development efforts are focused on a single NCE that serves as the active pharmaceutical ingredient in our lead product candidate. We do not currently have an alternative compound, formulation, or source that could replace this NCE. If the NCE becomes unavailable for any reason — including supply disruptions, manufacturing failures, intellectual property disputes, or regulatory requirements — we would be unable to continue developing or commercializing our product candidate unless and until a suitable alternative is identified and validated, which may never occur.

In addition, the FDA may ultimately determine that our NCE is not safe, effective, or otherwise appropriate for approval. If the FDA does not approve the NCE, imposes unexpected clinical or CMC requirements, requests additional studies, or delays approval for any reason, our development timelines would be significantly extended or halted. Because our pipeline and business strategy rely heavily on this single NCE, any inability to obtain, maintain, or rely on FDA approval for the NCE would materially and adversely affect our business, financial condition, and prospects.

***We may seek designations for our product candidates with the FDA and other comparable regulatory authorities that are intended to confer benefits such as a faster development process or an accelerated regulatory pathway, but there can be no assurance that we will successfully obtain such designations. In addition, even if one or more of our product candidates are granted such designations, we may not be able to realize the intended benefits of such designations.***

The FDA, and other comparable regulatory authorities, offer certain designations for product candidates that are intended to encourage the research and development of pharmaceutical products addressing conditions with significant unmet medical need. These designations may confer benefits such as additional interaction with regulatory authorities, a potentially accelerated regulatory pathway and priority review. There can be no assurance that we will successfully obtain any such designation for our products. In addition, while such designations could expedite the development or approval process, they generally do not change the standards for approval. Even if we obtain such designations for one or more of our product candidates, there can be no assurance that we will realize their intended benefits.

We previously submitted a request for Breakthrough Therapy Designation ("BTD") for TRS01 and did not receive the designation. While the FDA acknowledged that non infectious anterior uveitis and uveitic glaucoma is considered serious for BTD purposes and that our prior safety and efficacy data were positive, this feedback does not guarantee that BTD will be granted in the future or that TRS01 will ultimately be approved. The FDA indicated that BTD could be reconsidered if results from a larger trial remain positive; however, there can be no assurance that future trials will confirm these results or that the FDA will determine our product meets the criteria for BTD. Failure to obtain BTD could delay development and/or limit potential benefits such as expedited review, and adversely affect our business. For therapies that have Breakthrough Therapy designation, interaction and communication between the FDA and the sponsor of the trial can help to identify the most efficient path for clinical development while minimizing

[**Table of Contents**](#TOC001)

the number of patients placed in ineffective control regimens. Therapies with Breakthrough Therapy designation from the FDA are also eligible for accelerated approval. Designation as a breakthrough therapy is within the discretion of the FDA. In any event, the receipt of a Breakthrough Therapy designation for a product candidate may not result in a faster development process, review or approval compared to therapies considered for approval under conventional FDA procedures and does not assure ultimate approval by the FDA. In addition, even if one or more of our product candidates qualify for Breakthrough Therapy designation, the FDA may later decide that such product candidates no longer meet the conditions for qualification.

We may also seek Fast Track designation from the FDA for some of our product candidates. If a therapy is intended for the treatment of a serious or life-threatening condition and the therapy demonstrates the potential to address unmet medical needs for this condition, the therapy sponsor may apply for Fast Track designation. The FDA has broad discretion whether or not to grant this designation, so even if we believe a particular product candidate is eligible for this designation, there can be no assurance that the FDA would decide to grant it. Even if we do receive Fast Track designation, we may not experience a faster development process, review or approval compared to conventional FDA procedures, and receiving a Fast Track Designation does not provide assurance of ultimate FDA approval. The FDA may withdraw Fast Track designation if it believes that the designation is no longer supported by data from our clinical development program.

#### Even if we obtain regulatory approval for a product candidate, our products will remain subject to ongoing regulatory oversight.
Even if we obtain any regulatory approval for our product candidates, they will be subject to ongoing regulatory requirements for manufacturing, labeling, packaging, storage, advertising, promotion, sampling, record-keeping and submission of safety and other post-market information. Any regulatory approvals that we receive for our product candidates also may be subject to a REMS, limitations on the approved indicated uses for which the product may be marketed or to the conditions of approval, or contain requirements for potentially costly post-marketing testing, including Phase 4 clinical trials, and surveillance to monitor the quality, safety and efficacy of the product. The holder of an approved marketing application also must submit new or supplemental applications and obtain FDA approval for certain changes to the approved product, product labeling or manufacturing process. Advertising and promotional materials must comply with FDA rules and are subject to FDA review, in addition to other potentially applicable federal and state laws.

In addition, product manufacturers and their facilities are subject to payment of user fees and continual review and periodic inspections by the FDA and other regulatory authorities for compliance with current good manufacturing practices, or cGMP, requirements and adherence to commitments made in the NDA or foreign marketing application. If we, or a regulatory authority, discover previously unknown problems with a product, such as adverse events of unanticipated severity or frequency, or problems with the facility where the product is manufactured or disagrees with the promotion, marketing or labeling of that product, a regulatory authority may impose restrictions relative to that product, the manufacturing facility or us, including requiring recall or withdrawal of the product from the market or suspension of manufacturing.

If we fail to comply with applicable regulatory requirements, a regulatory authority may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issue an untitled letter or warning letter that we are in violation of the law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seek an injunction or impose administrative, civil or criminal penalties or monetary fines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• suspend or withdraw regulatory approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• suspend any ongoing clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• refuse to approve pending applications or supplements to applications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restrict the marketing or manufacturing of the product;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seize or detain the products or require the withdrawal of the product from the market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• refuse to permit the import or export of the products; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• refuse to allow us to enter into supply contracts, including government contracts.

[**Table of Contents**](#TOC001)

Any government investigation of alleged violations of law could require us to expend significant time and resources in response and could generate negative publicity. The occurrence of any event or penalty described above may inhibit our ability to commercialize our product candidates and adversely affect our business, financial condition, results of operations and prospects.

***International expansion of our business exposes us to business, regulatory, political, operational, financial and economic risks associated with doing business outside of the United States, Israel or the EU.***

Other than our headquarters and other operations which are located in Israel, we currently have limited international operations, but our business strategy incorporates potentially significant international expansion, particularly in anticipation of approval of our product candidates. If our products are approved for commercialization outside the United States, Israel, or the EU, we will likely enter into agreements with third parties to market the drugs in these additional global territories. We expect that we will be subject to additional risks related to entering into or maintaining international business relationships, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• different regulatory requirements for drug approvals in foreign countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• differing United States and foreign drug import and export rules, tariffs and other trade barriers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced protection for intellectual property rights in foreign countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure by us to obtain regulatory approvals for the use of our products in various countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• different reimbursement systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• economic weakness, including inflation, or political instability in particular foreign economies and markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• multiple, conflicting and changing laws and regulations such as privacy regulations, tax laws, export and import restrictions, employment laws, regulatory requirements and other governmental approvals, permits and licenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• complexities associated with managing multiple payor reimbursement regimes, government payors or patient self-pay systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial risks, such as longer payment cycles, difficulty collecting accounts receivable, the impact of local and regional financial crises on demand and payment for our products and exposure to foreign currency exchange rate fluctuations, which could result in increased operating expenses and reduced revenues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• workforce uncertainty in countries where labor unrest is more common than in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• production shortages resulting from any events affecting raw material supply or manufacturing capabilities abroad;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory and compliance risks that relate to maintaining accurate information and control over sales and activities that may fall within the purview of the U.S. Foreign Corrupt Practices Act, or FCPA, its books and records provisions or its anti-bribery provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential liability resulting from development work conducted by these distributors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• business interruptions resulting from geopolitical actions, including war and terrorism, or natural disasters.

Any of these factors could significantly harm our future international expansion and operations and, consequently, our results of operations.

[**Table of Contents**](#TOC001)

***Even if any of our product candidates receives marketing approval, they may fail to achieve the degree of market acceptance by physicians, patients, third-party payors, pharmacists and others in the medical community necessary for commercial success.***

The commercial success of our products will depend upon the acceptance of each product by the medical community, including physicians, patients and third-party payors. The degree of market acceptance of any approved product will depend on a number of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the efficacy and safety of the product;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the potential advantages of the product compared to available therapies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the convenience and ease of administration compared to alternative treatments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limitations or warnings, including use restrictions contained in the product's approved labeling;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• distribution and use restrictions imposed by the EMA, FDA or other regulatory authority or agreed to by us as part of a mandatory or voluntary risk management plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pricing and cost effectiveness in relation to alternative treatments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the product is included under physician treatment guidelines as a first-, second,-or third-line therapy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the strength of sales, marketing and distribution support;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the availability of third-party coverage and adequate reimbursement and the willingness of patients to pay out-of-pocket in the absence of coverage by third-party payors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the strength of sales, marketing and distribution support;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the willingness of patients to pay for drugs out of pocket in the absence of third-party coverage; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the willingness of the target patient population to try new therapies and of physicians to prescribe these therapies.

If our products are approved but do not achieve an adequate level of acceptance by physicians, third party payors and patients, we may not generate sufficient revenue from the product, and we may not become or remain profitable. In addition, our efforts to educate the medical community and third-party payors on the benefits of the product may require significant resources and may never be successful.

In addition, we may choose to collaborate with third parties that have direct sales forces and established distribution systems, either to augment our own sales force and distribution systems or in lieu of our own sales force and distribution systems. If we enter into arrangements with third parties to perform sales, marketing and distribution services for our products, the resulting revenues or the profitability from these revenues to us are likely to be lower than if we had sold, marketed and distributed our products ourselves. If we are unable to enter into such arrangements on acceptable terms or at all, we may not be able to successfully commercialize any of our product candidates that receive regulatory approval. Depending on the nature of the third-party relationship, we may have little control over such third parties, and any of these third parties may fail to devote the necessary resources and attention to sell, market and distribute our products effectively. If we are not successful in commercializing our product candidates, either on our own or through collaborations with one or more third parties, our future product revenue will suffer, and we may incur significant additional losses.

***Based on the timing our product pipeline, we currently have no marketing and sales organization. If we are unable to establish sales and marketing capabilities or enter into agreements with third parties to market and sell our product candidates, we may be unable to generate any product revenue.***

We have no experience selling and marketing our product candidates, and we currently have no marketing or sales organization. To successfully commercialize any product candidates that may result from our development programs, we will need to develop these capabilities, either on our own or with others. If our product candidates receive regulatory approval, we intend to establish a sales and marketing organization independently or by utilizing

[**Table of Contents**](#TOC001)

experienced third parties with technical expertise and supporting distribution capabilities to commercialize our product candidates in major markets, all of which will be expensive, difficult and time consuming. Any failure or delay in the development of our internal sales, marketing and distribution capabilities would adversely impact our ability to commercialize our product candidates.

Further, given our lack of prior experience in marketing and selling pharmaceutical products, our initial estimate of the size of the required sales force may be materially more or less than the size of the sales force actually required to effectively commercialize our product candidates. As such, we may be required to hire sales representatives and third-party distributors to adequately support the commercialization of our product candidates, or we may incur excess costs if we hire more sales representatives than necessary. With respect to certain geographical markets, we may enter into collaborations with other entities to utilize their local marketing and distribution capabilities, but we may be unable to enter into such agreements on favorable terms, if at all. We also may enter into collaborations with large pharmaceutical companies to develop and commercialize product candidates. If our future collaborators do not commit sufficient resources to develop and commercialize our future products, if any, and we are unable to develop the necessary marketing capabilities on our own, we will be unable to generate sufficient product revenue to sustain our business. We may compete with companies that currently have extensive and well-funded marketing and sales operations. Without an internal team or the support of a third party to perform marketing and sales functions, we may be unable to compete successfully against these more established companies.

Our efforts to educate the medical community, including physicians, hospital pharmacists and third-party payors on the benefits of our product candidates may require significant resources and may never be successful. If any of our product candidates are approved but fail to achieve market acceptance among physicians, patients or third-party payors, we will not be able to generate significant revenues from such product, which could have a material adverse effect on our business, financial condition, results of operations and prospects.

***Even if we are able to commercialize any product candidates, the products may become subject to unfavorable pricing regulations or third-party coverage and reimbursement policies, any of which could harm our business.***

Our ability to commercialize any product candidates successfully will depend, in part, on the extent to which coverage and reimbursement for these products and related treatments will be available from government health administration authorities, private health insurers and other organizations. Government authorities and third-party payors, such as private health insurers and health maintenance organizations, decide which medications they will pay for and impact reimbursement levels.

Obtaining and maintaining adequate reimbursement for our products may be difficult. We cannot be certain if and when we will obtain an adequate level of reimbursement for our products by third party payors. Even if we do obtain adequate levels of reimbursement, third-party payors, such as government or private healthcare insurers, carefully review and increasingly question the coverage of, and challenge the prices charged for, drugs. Reimbursement rates from private health insurance companies vary depending on the company, the insurance plan and other factors. A primary trend in the U.S. healthcare industry and elsewhere is cost containment. Government authorities and third-party payors have attempted to control costs by limiting coverage and the amount of reimbursement for particular medications. Increasingly, third-party payors are requiring that drug companies provide them with predetermined discounts from list prices and are challenging the prices charged for drugs. We may also be required to conduct expensive pharmacoeconomic studies to justify coverage and reimbursement or the level of reimbursement relative to other therapies. If coverage and reimbursement are not available or reimbursement is available only to limited levels, we may not be able to successfully commercialize any product candidate for which we obtain marketing approval, and the royalties resulting from the sales of those products may also be adversely impacted.

There may be significant delays in obtaining reimbursement for newly approved drugs, and coverage may be more limited than the purposes for which the drug is approved by the FDA or similar regulatory authorities outside the United States. Moreover, eligibility for reimbursement does not imply that a drug will be paid for in all cases or at a rate that covers our costs, including research, development, manufacture, sale and distribution. Interim reimbursement levels for new drugs, if applicable, may also not be sufficient to cover our costs and may not be made permanent. Reimbursement rates may vary according to the use of the drug and the clinical setting in which it is used, may be based on reimbursement levels already set for lower cost drugs and may be incorporated into existing payments for other services. Net prices for drugs may be reduced by mandatory discounts or rebates required by government healthcare programs or private payors and by any future relaxation of laws that presently restrict imports of drugs from countries where they may be sold at lower prices than in the United States. Our inability to promptly obtain coverage

[**Table of Contents**](#TOC001)

and adequate reimbursement rates from both government-funded and private payors for any approved products that we develop could have a material adverse effect on our operating results, our ability to raise capital needed to commercialize products and our overall financial condition.

The regulations that govern marketing approvals, pricing, coverage and reimbursement for new drug products vary widely from country to country. Current and future legislation may significantly change the approval requirements in ways that could involve additional costs and cause delays in obtaining approvals. Some countries require approval of the sale price of a drug before it can be reimbursed. In many countries, the pricing review period begins after marketing or product licensing approval is granted. In some foreign markets, prescription drug pricing remains subject to continuing governmental control, including possible price reductions, even after initial approval is granted. As a result, we might obtain marketing approval for a product in a particular country, but then be subject to price regulations that delay our commercial launch of the product, possibly for lengthy time periods, and negatively impact the revenues we are able to generate from the sale of the product in that country. Adverse pricing limitations may hinder our ability to recoup our investment in one or more product candidates, even if our product candidates obtain marketing approval. There can be no assurance that our product candidates, if they are approved for sale in the United States or in other countries, will be considered medically necessary or cost-effective for a specific indication, or that coverage or an adequate level of reimbursement will be available.

***If the market opportunities for any of our product candidates, if approved, are smaller than we estimate, our revenue may be adversely affected, and our business may suffer.***

The precise incidence and prevalence for all the conditions we aim to address with our product candidates are unknown. Our projections of both the number of people who have these diseases, as well as the subset of people with these diseases who have the potential to benefit from treatment with our product candidates, are based on a large epidemiology study covering approximately 100 million U.S. lives, conducted by an independent expert, rather than solely on our internal beliefs and estimates. This epidemiology study may prove to be incorrect. Based on the literature covering epidemiology data and disease course combined with a third-party payer survey that we commissioned, and subject to such epidemiology data's and survey's analysis and assumptions, we estimate the potential U.S. market for the treatment of non-infectious anterior uveitis in patients with uveitic glaucoma to be over $5 billion per year. Our estimates of the addressable market for our product candidates are based on a number of other assumptions, including pricing assumptions, treatment rates, and third-party payer surveys. These estimates are inherently uncertain and may not reflect actual market conditions. If the actual number of patients, pricing levels, reimbursement conditions, or treatment adoption rates differ materially from our assumptions, our future revenues and growth prospects could be adversely affected. Further, new information may change the estimated incidence or prevalence of these diseases. Even if the prevalence estimates are accurate, the number of disease exacerbations requiring treatment (flare-ups) may be lower than we expect, as our assumptions regarding flare-up frequency are based on third-party research, specifically scientific publications, which may prove to be incorrect. Moreover, the total addressable market across our product candidates will ultimately depend upon, among other things, the diagnosis criteria included in the final label for each of our product candidates approved for sale for these indications, the availability of alternative treatments and the safety, convenience, cost and efficacy of our product candidates relative to such alternative treatments, acceptance by the medical community and patient access, drug pricing and reimbursement. The number of patients in the United States and other major markets and elsewhere may turn out to be lower than expected, patients may not be otherwise amenable to treatment with our product candidates or new patients may become increasingly difficult to identify or gain access to, any of which could materially adversely affect our business, financial condition and results of operations.

***We face intense competition in an environment of rapid technological change and the possibility that our competitors may develop products that are similar, more advanced, safer, or more effective than ours. As a result, we may be unable to effectively compete in our industry, which may adversely affect our financial condition and our ability to successfully market or commercialize our product candidates.***

The biotechnology and pharmaceutical industries are characterized by intense competition and rapid innovation. While we believe our lead product candidate currently faces minimal direct competition, our pipeline programs are in therapeutic areas where numerous companies are developing or commercializing competing products, including major multinational pharmaceutical companies, established biotechnology companies, specialty pharmaceutical companies, and academic institutions. We are currently aware of various existing therapies in the market and in development that may in the future compete with our product candidates, including other products that address treatment of non-infectious uveitis. Other approaches may also emerge for the prevention or treatment of non-infectious uveitis or uveitic glaucoma.

[**Table of Contents**](#TOC001)

Similarly, for TRS02, other approaches may also emerge for the prevention or treatment of posterior uveitis, as well as in other blinding ocular diseases in the back of the eye.

We have competitors both in the United States and internationally, including major multinational pharmaceutical companies and specialty pharmaceutical companies. The major market players within the non-infectious uveitis market and our primary competitors in the United States and abroad include companies commercializing steroids eye drops, among others. Some of these companies hold significant market share. Their dominant market position and significant control over the market could significantly limit our ability to introduce or effectively market and generate sales and capture market share. Many of our competitors have long histories and strong reputations within the industry. They have significantly greater brand recognition, financial and human resources than we do. They also have more experience and capabilities in researching and developing pharmaceutical products, obtaining and maintaining regulatory clearances, manufacturing and marketing those products and other resources, than we do. There is a significant risk that we may be unable to overcome the advantages held by our competition, and our inability to do so could lead to the failure of our business and the loss of your investment. In addition, we may be unable to develop additional products in the future or to keep pace with developments and innovations in the market and lose market share to our competitors.

Smaller or early-stage companies may also prove to be significant competitors, particularly as they develop novel approaches to treating disease indications that are also focused on treating uveitic glaucoma. Established pharmaceutical companies may also invest heavily to accelerate discovery and development of novel therapeutics or to in-license novel therapeutics that could make the product candidates that we develop obsolete. Mergers and acquisitions in the biotechnology and pharmaceutical industries may result in even more resources being concentrated in our competitors.

Our competitors may succeed in developing, acquiring or licensing on products that are more effective, safer, or less costly than any product candidate that we may develop, or achieve earlier patent protection, regulatory approval, product commercialization and market penetration than we do. Additionally, technologies developed by our competitors may render our potential product candidates uneconomical or obsolete, and we may not be successful in marketing our product candidates against competitors.

Further, competition in the pharmaceutical industry is intense, and can lead to, among other things, price reductions, longer selling cycles, lower product margins, loss of market share and additional working capital requirements. To succeed, we must, among other critical matters, gain consumer acceptance for our products, as compared to other solutions currently available in the market. For example, since the currently accepted treatment for uveitic glaucoma is topical steroids (administered as eye drops), we will need to invest resources in educating the medical community and consumers, and establish strategic collaborations before we will be able to gain market acceptance for our TRS01. If our competitors offer significant discounts on certain products and solutions, we may need to lower our prices or offer other favorable terms in order to compete successfully. Moreover, any broad-based changes to our prices and pricing policies could make it difficult to generate revenues or cause our revenues to decline. Moreover, if our competitors develop and commercialize products and solutions that are more effective or desirable than products and solutions that we may develop, we may not convince our customers to use our products and solutions. Any such changes would likely reduce our commercial opportunity and revenues potential and could materially adversely impact our operating results. See "*Business — Competition.*"

***If product liability lawsuits are brought against us, we may incur substantial liabilities, even if we have appropriate insurance policies, and we may be required to limit commercialization of our product candidates. Product liability or similar claims that could be expensive, damage our reputation and harm our business.***

We are exposed to potential product liability and professional indemnity risks that are inherent in the research, development, manufacturing, marketing and use of pharmaceutical products. Currently, we have no products that have been approved for marketing or commercialization; however, the use of our product candidates in clinical trials, and the sale of these product candidates, if approved, in the future, may expose us to liability claims. Product liability claims may be brought against us or our partners by participants enrolled in our clinical trials, patients, health care providers, pharmaceutical companies, our collaborators or others using, administering or selling any of our future approved products. If we cannot successfully defend ourselves against any such claims, we may incur substantial liabilities, even if we have product liability or such other applicable insurance policies in effect. We may not be able to maintain adequate levels of insurance for these liabilities at reasonable cost and/or reasonable terms.

[**Table of Contents**](#TOC001)

Excessive insurance costs or uninsured claims would add to our future operating expenses and adversely affect our financial condition. As a result of such lawsuits and their potential results, we may be required to limit commercialization of our product candidates. Regardless of the merits or eventual outcome, liability claims may result in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• decreased demand for our product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• termination of clinical trial sites or entire trial programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• injury to our reputation and negative media attention;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• product recalls or increased warnings on product labels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• withdrawal of clinical trial participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs of to defend the related litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• diversion of management and our resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• substantial monetary awards to, or costly settlements with, clinical trial participants, patients or other claimants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• higher insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of initiation of investigations by regulators or other authorities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the inability to successfully commercialize our product candidates, if approved.

Further, our business exposes us to an inherent risk of potential product liability or similar claims. The pharmaceutical industry has historically been litigious, and we face financial exposure to product liability or similar claims if the use of any of our products were to cause or contribute to injury or death. There is also the possibility that defects in the design or manufacture of any of our products might necessitate a product recall. Although we plan to maintain product liability insurance, the coverage limits of these policies may not be adequate to cover future claims. In the future, we may be unable to maintain product liability insurance on acceptable terms or at reasonable costs and such insurance may not provide us with adequate coverage against potential liabilities. A product liability claim, regardless of merit or ultimate outcome, or any product recall could result in substantial costs to us, damage to our reputation, customer dissatisfaction and frustration and a substantial diversion of management attention. A successful claim brought against us in excess of, or outside of, our insurance coverage could have a material adverse effect on our business, financial condition and results of operations.

***We may be subject to litigation for a variety of claims, including class actions, which could adversely affect our results of operations, harm our reputation or otherwise negatively impact our business.***

We may be subject to litigation for a variety of claims, including class actions and contract claims, arising from our normal business activities. These may include claims, suits, and proceedings involving labor and employment, wage and hour, commercial, contractual and other matters. The outcome of any litigation, regardless of its merits, is inherently uncertain. Further, we are unable to predict whether unknown claims and lawsuits may be brought against us that could become material. Any claims and lawsuits, and the disposition of such claims and lawsuits, could be time-consuming and expensive to resolve, divert management attention and resources, and lead to attempts on the part of other parties to pursue similar claims. Any adverse determination related to litigation could adversely affect our results of operations, harm our reputation or otherwise negatively impact our business. In addition, depending on the nature and timing of any such dispute, a resolution of a legal matter could materially affect our operating results, cash flows and our ability to raise capital.

***Legislative or regulatory healthcare reforms in the United States may make it more difficult and costly for us to obtain regulatory clearance or approval of our product candidates and to produce, market and distribute our products after clearance or approval is obtained.***

From time to time, legislation is drafted and introduced in Congress that could significantly change the statutory provisions governing the regulatory clearance or approval, manufacture and marketing of regulated products or the reimbursement thereof. In addition, FDA regulations and guidance are often revised or reinterpreted by the FDA in

[**Table of Contents**](#TOC001)

ways that may significantly affect our business and our products. Any new regulations or revisions or reinterpretations of existing regulations may impose additional costs or lengthen review times of our product candidates. We cannot determine what effect changes in regulations, statutes, legal interpretation or policies, when and if promulgated, enacted or adopted may have on our business in the future. Such changes could, among other things, require:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes to manufacturing methods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• change in protocol design;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• additional treatment arm (control);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recall, replacement, or discontinuance of one or more of our products; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• additional recordkeeping.

In addition, in the United States, there have been a number of legislative and regulatory proposals to change the health care system in ways that could affect our ability to sell our products profitably. The pharmaceutical industry in the United States, as an example, has been affected by the passage of the Patient Protection and Affordable Care Act 2010, as amended by the Health Care and Education Reconciliation Act of 2010 (collectively the "Affordable Care Act"), which, among other things, imposed new fees on entities that manufacture or import certain branded prescription drugs and expanded pharmaceutical manufacturer obligations to provide discounts and rebates to certain government programs. There have been executive, judicial and Congressional challenges to certain aspects of the Affordable Care Act. For example, on June 17, 2021, the U.S. Supreme Court dismissed a challenge on procedural grounds that argued the Affordable Care Act is unconstitutional in its entirety because the "individual mandate" was repealed by Congress. On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 ("IRA") into law, which among other things, extends enhanced subsidies for individuals purchasing health insurance coverage in Affordable Care Act marketplaces through plan year 2025. The IRA also eliminates the "donut hole" under the Medicare Part D program beginning in 2025 by significantly lowering the beneficiary maximum out-of-pocket cost and creating a new manufacturer discount program. It is possible that the Affordable Care Act will be subject to judicial or Congressional challenges in the future. It is unclear how any such challenges and any potential future healthcare reform measures of the Trump administration will impact the Affordable Care Act and our business.

Other legislative changes have been proposed and adopted in the United States since the Affordable Care Act was enacted. These changes include, among others, aggregate reductions to Medicare payments to providers of up to 2% per fiscal year, which went into effect in 2013 and, due to subsequent legislative amendments to the statute, will remain in effect until 2032 unless additional Congressional action is taken. Congress is considering additional health reform measures.

Further, there has been particular and increasing legislative and enforcement interest in the United States with respect to drug pricing practices in recent years, particularly with respect to drugs that have been subject to relatively large price increases over relatively short time periods. There have been several recent U.S. Presidential executive orders, Congressional inquiries and proposed bills designed to, among other things, bring more transparency to drug pricing, reduce the cost of prescription drugs under Medicare, review the relationship between pricing and manufacturer patient programs, and reform government program reimbursement methodologies for drugs.

Individual states in the United States have also become increasingly active in passing legislation and implementing regulations designed to control pharmaceutical product pricing, including price or patient reimbursement constraints, discounts, restrictions on certain product access and marketing cost disclosure and transparency measures, and in some cases, designed to encourage importation from other countries and bulk purchasing. For example, on January 5, 2024, the FDA approved Florida's Section 804 Importation Program ("SIP") proposal to import certain drugs from Canada for specific state healthcare programs. It is unclear how this program will be implemented, including which drugs will be chosen, and whether it will be subject to legal challenges in the United States or Canada. Other states have also submitted SIP proposals that are pending review by the FDA. Any such approved importation plans, when implemented, may result in lower drug prices for products covered by those programs.

In the future, there will likely continue to be proposals relating to the reform of the U.S. healthcare system, some of which could further limit coverage and reimbursement of drug products, including our product candidates. Any reduction in reimbursement from Medicare or other government programs may result in a similar reduction in payments from private payors. Our results of operations could be adversely affected by the Affordable Care Act and by other health care reforms that may be enacted or adopted in the future.

[**Table of Contents**](#TOC001)

In addition, the delivery of healthcare in the EU, including the establishment and operation of health services, is almost exclusively a matter for national, rather than EU, law and policy. National governments and health service providers have different priorities and approaches to the delivery of health care and the pricing and reimbursement of products in that context. Coupled with ever-increasing EU and national regulatory burdens on those wishing to develop and market products, this could prevent or delay additional marketing approval of product candidates or any initial marketing approval for our current or any future product candidates, restrict or regulate post-approval activities and affect our ability to commercialize any products for which we obtain marketing approval.

We are currently unable to predict what additional legislation or regulation, if any, relating to the health care industry may be enacted in the future or what effect recently enacted federal legislation or any such additional legislation or regulation would have on our business. The pendency or approval of such proposals or reforms could result in a decrease in the price of our Ordinary Shares or limit our ability to raise capital or to enter into collaboration agreements for the further development and potential commercialization of our products.

#### We may face challenges obtaining adequate reimbursement for our product candidates, which could limit their commercial success.
Even if our product candidates are approved, their commercial success will depend in part on the availability of adequate reimbursement from third-party payors, including government and private insurers. Payors may impose restrictions, require step therapy, or determine that our product candidates are not cost-effective compared to existing therapies, including low-cost generic steroids. If we are unable to obtain favorable reimbursement terms, the adoption of our products may be limited.

***Inadequate funding for the FDA and other government agencies and/or potentially shifting priorities under the new administration could hinder the FDA's and/or those other government agencies' ability to hire and retain key leadership and other personnel, prevent new products and services from being developed or commercialized in a timely manner, or otherwise prevent those agencies from performing normal business functions on which the operation of our business may rely, which could negatively impact our business.***

The ability of the FDA to review and approve new products, provide feedback on clinical trials and development programs, meet with sponsors and otherwise review regulatory submissions can be affected by a variety of factors, including government budget and funding levels; ability to hire and retain key personnel and accept the payment of user fees; and statutory, regulatory, and policy changes, among other factors. Average review times at the agency may fluctuate as a result. In addition, government funding of other government agencies on which our operations may rely is subject to the political process, which is inherently fluid and unpredictable.

Disruptions at the FDA and other agencies may also increase the time necessary for new drugs to be reviewed and/or approved by necessary government agencies or to otherwise respond to regulatory submissions, such as our future-planned NDA submission for TRS01, which would adversely affect our business. For example, the Trump administration has discussed several changes to the reach and oversight of the FDA, which could affect its relationship with the pharmaceutical industry, transparency in decision making and ultimately the cost and availability of prescription drugs. Additionally, over the last several years, the U.S. government has shut down multiple times, most recently in October and November 2025, and certain regulatory agencies, such as the FDA, have had to furlough critical FDA and other government employees and stop critical activities. If funding for the FDA is reduced, FDA priorities change, or a prolonged government shutdown occurs, it could significantly impact the ability of the FDA to timely review and process our regulatory submissions, including our future-planned NDA submission for TRS01, which could have a material adverse effect on our business.

***We rely heavily on the knowledge and expertise of our founder and Chief Executive Officer and our Chief Operating Officer, and the loss of their services could adversely affect our business.***

Our success depends significantly on the continued service and expertise of our founder and Chief Executive Officer and our Chief Operating Officer. These individuals possess unique knowledge of our product candidates, development programs, and strategic vision. The loss of any such individuals could delay or impair our development programs. We have a relatively small team, and the loss of any of these key executives, whether due to resignation, illness, or other reasons, could disrupt our operations, delay our development programs, and negatively impact our ability to execute our business strategy. We do not maintain key person insurance for these individuals, and there can be no assurance that we will be able to retain their services or attract suitable replacements in a timely manner.

[**Table of Contents**](#TOC001)

#### Risks Related to Our Reliance on Third Parties
***We are dependent on manufacturers for our product API and product formulations. Any delay, price increase or unavailability of our manufacturers could materially adversely affect our ability to conduct clinical trials and, if this were to occur after we obtained commercialization and marketing approval, could materially impact our operations.***

The FDA requires identification of raw material suppliers in applications for approval of drug products. If our product formulations were unavailable from a specified manufacturer, FDA approval of a new manufacturer, assuming one is found, could delay the manufacturing of the drug involved or delay any clinical trial we are then conducting or planning to conduct. Either such occurrence could have an adverse effect on our operations and reputation and could materially impact our operations.

Furthermore, there is a risk of a sole approved manufacturer significantly raising prices. If prices for raw materials were to be significantly increased, our profit margins and sales, if any, would be greatly reduced and, assuming our products were approved for commercialization or marketing, delay product launches, or delay clinical trials at earlier stages of development. Such price increase occurrences could be resolved by the successful FDA approval of an alternate supplier; however, such approval process can be lengthy and costly. There can be no guarantee that a resolution would be reached in the event of a significant price increase.

***We rely on a limited number of suppliers or, in some cases, single suppliers, for some of our materials and may not be able to find replacements or immediately transition to alternative suppliers on a cost-effective basis, or at all.***

We are currently engaging one third-party manufacturer to provide clinical supplies of dazdotuftide. If our manufacturer is unable to supply dazdotuftide to us in the quantities we require, or at all, or otherwise default on their supply obligations to us, we may not be able to obtain dazdotuftide from other manufacturers on acceptable terms in a timely manner. Without dazdotuftide, we will not be able to manufacture TRS01.

We are currently engaging one third-party manufacturer to provide clinical supplies of TRS01. If our manufacturer is unable to supply TRS01 to us in the quantities we require, or at all, or otherwise default on their supply obligations to us, we may not be able to obtain TRS01 from other manufacturers on acceptable terms in a timely manner.

Further, any natural or other disasters, epidemic or pandemic, acts of war or terrorism, shipping embargoes, labor unrest or political instability or similar events at our third-party suppliers' facilities that cause a loss of manufacturing capacity or a reduction in the quality of the items manufactured would heighten the risks that we face. Changes to, failure to renew or termination of our existing agreements or our inability to enter into new agreements with other suppliers could result in the loss of access to important components of our tests and could impair, delay or suspend our commercialization efforts or clinical trials. Our failure to maintain a continued and cost-effective supply of high-quality components could materially and adversely harm our business, operating results, and financial condition.

***We and our potential collaborators and contract manufacturers are subject to significant regulation with respect to manufacturing our product candidates. The manufacturing facilities on which we rely may not continue to meet regulatory requirements and have limited capacity.***

Manufacturers and their facilities are required to comply with extensive regulatory requirements, including ensuring that quality control and manufacturing procedures conform to Good Manufacturing Practice ("cGMPs"). These cGMP regulations cover all aspects of manufacturing relating to our product candidates. These regulations govern manufacturing processes and procedures (including record keeping) and the implementation and operation of quality systems to control and assure the quality of investigational product candidates and products approved for sale. Poor control of production processes can lead to the introduction of contaminants or to inadvertent changes in the properties or stability of our product candidates that may not be detectable in final product testing. We, our potential collaborators or our contract manufacturers must supply all necessary documentation in support of an NDA or MAA on a timely basis and must adhere to GLP and cGMP regulations enforced by the FDA and other regulatory authorities through their facilities inspection program. The facilities and quality systems of some or all of our potential and future collaborators and third-party contractors must pass a pre-approval inspection for compliance with the applicable regulations as a condition of regulatory approval of our product candidates or any of our other potential product candidates. In addition, the regulatory authorities may, at any time, audit or inspect a manufacturing facility involved with the preparation of our product candidates or our other potential product candidates or the associated quality systems for compliance with the regulations applicable to the activities being conducted. We do not control

[**Table of Contents**](#TOC001)

the manufacturing process of, and are completely dependent on, our contract manufacturing partners for compliance with the regulatory requirements. If these facilities do not pass a pre-approval plant inspection, regulatory approval of the product candidates may not be granted or may be substantially delayed until any violations are corrected to the satisfaction of the regulatory authority, if ever. Moreover, if our contract manufacturer's fail to achieve and maintain high manufacturing standards, in accordance with applicable regulatory requirements, or there are substantial manufacturing errors, this could result in patient injury or death, product shortages, product recalls or withdrawals, delays or failures in product testing or delivery, cost overruns or other problems that could seriously harm our business.

***We rely on third parties to conduct our pre-clinical and clinical studies and perform other tasks for us. If these third parties do not successfully carry out their contractual duties, meet expected deadlines or comply with regulatory requirements, we may not be able to obtain regulatory approval for or commercialize our product candidates and our business could be substantially harmed.***

We have relied upon and plan to continue to rely upon third-party contract research organizations ("CROs") to monitor and manage data for our ongoing pre-clinical and clinical programs. We rely on these parties for execution of our pre-clinical and clinical studies, and control only certain aspects of their activities. Nevertheless, we are responsible for ensuring that each of our studies is conducted in accordance with the applicable protocol, legal, regulatory and scientific standards and our reliance on the CROs does not relieve us of our regulatory responsibilities. We and our CROs and other vendors are required to comply with current Good Clinical Practices ("GCP") quality system requirements, ("QSR"), and Good Laboratory Practices, ("GLP") which are regulations and guidelines enforced by the FDA, the Competent Authorities of the Member States of the European Economic Area, and comparable foreign regulatory authorities for all of our product candidates in clinical development. Regulatory authorities enforce these regulations through periodic inspections of study sponsors, principal investigators, study sites and other contractors. If we or any of our CROs or vendors fail to comply with applicable regulations, the clinical data generated in our clinical studies may be deemed unreliable and the FDA, EMA or comparable foreign regulatory authorities may require us to perform additional clinical studies before approving our marketing applications. We cannot assure you that upon inspection by a given regulatory authority, such regulatory authority will determine that any of our clinical studies comply with GCP regulations. In addition, our clinical studies must be conducted with product candidates which are produced under cGMP regulations. Our failure to comply with these regulations may require us to repeat clinical studies, which would delay the regulatory approval process.

***Any collaboration arrangements that we may enter into in the future may not be successful, which could adversely affect our ability to develop and commercialize our current and potential future product candidates.***

We may seek collaboration arrangements with pharmaceutical or biotechnology companies for the development or commercialization of our current and potential future product candidates. We may enter into these arrangements on a selective basis depending on the merits of retaining commercialization rights for ourselves as compared to entering into selective collaboration arrangements with other pharmaceutical or biotechnology companies for each product candidate, both in the United States and internationally. We will face, to the extent that we decide to enter into collaboration agreements, significant competition in seeking appropriate collaborators. Moreover, collaboration arrangements are complex and time consuming to negotiate, document and implement. We may not be successful in our efforts to establish and implement collaborations or other alternative arrangements should we so choose to enter into such arrangements. The terms of any collaborations or other arrangements that we may establish may not be favorable to us.

Disagreements between parties to a collaboration arrangement regarding clinical development and commercialization matters can lead to delays in the development process or commercializing the applicable product candidate and, in some cases, termination of the collaboration arrangement. These disagreements can be difficult to resolve if neither of the parties has final decision-making authority.

Collaborations with pharmaceutical or biotechnology companies and other third parties often are terminated or allowed to expire by the other party. Any such termination or expiration could adversely affect us financially and could harm our business reputation.

[**Table of Contents**](#TOC001)

***Our reliance on third parties requires us to share our trade secrets, which increases the possibility that a competitor will discover them or that our trade secrets will be misappropriated or disclosed.***

Because we rely on third parties to develop and manufacture our product candidates, we must, at times, share trade secrets with them. We seek to protect our proprietary technology in part by entering into confidentiality agreements and, if applicable, material transfer agreements, collaborative research agreements, consulting agreements or other similar agreements with our collaborators, advisors, employees and consultants prior to beginning research or disclosing proprietary information. These agreements typically limit the rights of the third parties to use or disclose our confidential information, such as trade secrets. Despite the contractual provisions employed when working with third parties, the need to share trade secrets and other confidential information increases the risk that such trade secrets become known by our competitors, are inadvertently incorporated into the technology of others, or are disclosed or used in violation of these agreements. Given that our proprietary position is based, in part, on our know-how and trade secrets, a competitor's discovery of our trade secrets or other unauthorized use or disclosure would impair our competitive position and may have a material adverse effect on our business.

***Security breaches and attacks against our systems and network, and any potentially resulting breach or failure to otherwise protect confidential and proprietary information, could damage our reputation and negatively impact our business, as well as materially and adversely affect our financial condition and results of operations.***

We depend on information technology systems and third-party vendors to conduct and manage our operations, including activities related to our ongoing Phase 3 clinical trial. Our systems and those of our clinical trial sites, contract research organizations, manufacturing partners, and other service providers may be subject to cyberattacks, ransomware, phishing, data breaches, or other cybersecurity incidents. Because our Phase 3 trial will generate significant volumes of sensitive clinical data, any cybersecurity incident could compromise data integrity, disrupt trial operations, delay regulatory submissions, or adversely affect the timing and outcome of the trial.

Although we maintain cybersecurity controls and monitor the security posture of key vendors, these measures may not prevent service interruptions, unauthorized access to confidential information, or other adverse impacts. A significant cybersecurity event could result in operational delays, financial losses, reputational harm, and legal or regulatory exposure, including obligations under global data protection and privacy laws. As our reliance on third-party systems and cloud-based platforms increases, our cybersecurity risk profile may continue to expand.

#### Risks Related to our Intellectual Property
***We license our core technology from TPCERA LTD., and although we believe our rights are irrevocable and not subject to termination, any attempt by TPCERA LTD. to challenge or terminate the license could materially affect our business, financial condition, and operating results.***

The majority of our current intellectual property is licensed from TPCERA LTD. pursuant to a license agreement entered into on January 27, 2016 (the "License Agreement"). Under the License Agreement, we obtained an exclusive, worldwide, irrevocable, royalty-free, fully paid-up, transferable, sublicensable and perpetual license to the patent family related to dazdotuftide. By its terms, the License Agreement is expressly irrevocable and perpetual, and we do not believe that TPCERA LTD. would ever have any well-founded basis to terminate it. Nonetheless, there is always some amount of risk, albeit small and unlikely in our view, that TPCERA LTD. could attempt to challenge, dispute, or otherwise seek to terminate or limit our rights under the License Agreement.

Even an unfounded or unsuccessful attempt to terminate the License Agreement, or any dispute regarding its scope, validity, or enforceability, could result in significant costs, divert management's attention, or create uncertainty regarding our rights to the licensed technology. If we were ultimately unable to continue to rely on the License Agreement for any reason, including, for example, as a result of third-party intellectual property infringement claims brought against us or TPCERA LTD., our business, financial condition, and operating results would be adversely affected. Losing rights under the License Agreement could materially limit our ability to develop, manufacture, distribute, or sell our potential products and could require us to stop commercializing such products altogether. In such a scenario, we may be forced to acquire or develop alternative technology, which may not be possible on commercially reasonable terms, if at all, and which could require us to use technology of lower quality or performance. This could, in turn, delay or disrupt our product development efforts, reduce our competitiveness, and increase our costs, any of which could adversely affect our margins, market share, business, financial condition, and operating results.

[**Table of Contents**](#TOC001)

#### Our inability to adequately protect our intellectual property could limit our competitive position and could adversely affect our business, financial condition, and results of operations.
Our success depends to a significant degree on our ability to obtain, maintain, protect, and enforce our licensed and owned intellectual property rights, including those in our proprietary technologies, know-how, and brand. To protect our rights to our intellectual property, we rely on a combination of patent, trademark, copyright and trade secret laws, domain name registrations, confidentiality agreements, and other contractual arrangements with our employees, affiliates, clients, strategic partners, and others. However, the protective steps we have taken and plan to take, including any extensions relating to the patents, may be inadequate to deter misappropriation or other violation of or otherwise protect our intellectual property rights. We may be unable to detect the unauthorized use of, or take appropriate steps to enforce, our intellectual property rights. Effective patent, trademark, copyright, and trade secret protection may not be available to us or available in every jurisdiction in which we offer or intend to offer our services. Failure to adequately protect our intellectual property could harm our brand, devalue our proprietary technology and content, and adversely affect our ability to compete effectively. Further, even if we are successful, defending our intellectual property rights could result in the expenditure of significant financial and managerial resources, which could adversely affect our business, financial condition, and results of operations.

If we fail to protect our intellectual property rights adequately, our competitors may gain access to our licensed intellectual property and proprietary technology and develop and commercialize substantially identical offerings or technologies. Any patents, trademarks, copyrights, or other intellectual property rights that we have or may obtain may be challenged or circumvented by others or invalidated or held unenforceable through administrative process, including re-examination, *inter partes* review, interference and derivation proceedings, and equivalent proceedings in foreign jurisdictions (e.g., opposition proceedings), or litigation. There can be no assurance that our patent applications will result in issued patents and we may be unable to obtain or maintain patent protection for our technology. In addition, any patents issued from pending or future patent applications or licensed to us in the future may not provide us with claims sufficiently broad to provide meaningful competitive advantages or may be successfully challenged by third parties. There is also no guarantee that our pending trademark applications for any mark will proceed to registration; our pending applications may be opposed by a third party prior to registration; and even those trademarks that are registered could be challenged by a third party, including by way of revocation or invalidity actions. In addition, because patent applications in the United States are currently maintained in secrecy for a period of time prior to issuance, and patent applications in certain other countries generally are not published until more than 18 months after they are first filed, and because publication of discoveries in scientific or patent literature often lags behind actual discoveries, we cannot be certain that we were the first creator of inventions covered by our pending patent applications or that we were the first to file patent applications on such inventions. To maintain a proprietary market position in foreign countries, we may seek to protect some of our proprietary inventions through foreign counterpart patent applications. Statutory differences in patentable subject matter may limit the protection we can obtain on some of our inventions outside of the United States. The diversity of patent laws may make our expenses associated with the development and maintenance of intellectual property in foreign jurisdictions more expensive than we anticipate. We probably will not be able to obtain the same patent protection in every market in which we may otherwise be able to potentially generate revenue. Further, the laws of some foreign countries may not be as protective of intellectual property rights as those in the United States, and mechanisms for enforcement of intellectual property rights may be inadequate. Moreover, policing unauthorized use of our technologies, trade secrets, and intellectual property may be difficult, expensive, and time-consuming. Despite our precautions, it may be possible for unauthorized third parties to copy our offerings and capabilities and use information that we regard as proprietary to create offerings that compete with ours. Third parties may apply to register our trademarks or other trademarks similar to our trademarks in jurisdictions before us, thereby creating risks relating to our ability to use and register our trademarks in those jurisdictions. In addition, there could be potential trade name or trademark ownership or infringement claims brought by owners of other rights, including registered trademarks, in our marks or marks similar to ours. Any claims of infringement, brand dilution, or consumer confusion related to our brand (including our trademarks) or any failure to renew key license agreements on acceptable terms could damage our reputation and brand identity and substantially harm our business and results of operations. The value of our intellectual property could diminish if others assert rights in or ownership of our trademarks and other intellectual property rights, or trademarks that are similar to our trademarks. We may be unable to successfully resolve these types of conflicts to our satisfaction. In some cases, litigation or other actions may be necessary to protect or enforce our trademarks and other intellectual property rights.

[**Table of Contents**](#TOC001)

We generally enter into confidentiality and invention assignment agreements with our employees and consultants, as well as confidentiality agreements with other third parties, including suppliers and other partners. However, we cannot guarantee that we have entered into such agreements with each party that has or may have had access to our proprietary information, know-how, and trade secrets. Moreover, no assurance can be given that these agreements will be effective in controlling access to our proprietary information or the distribution, use, misuse, misappropriation, reverse engineering, or disclosure of our proprietary information, know-how, and trade secrets. Further, these agreements may not prevent our competitors from independently developing technologies that are substantially equivalent or superior to our offerings and capabilities. These agreements may be breached, and we may not have adequate remedies for any such breach.

We may be required to spend significant resources on monitoring and protecting our intellectual property rights. Litigation may be necessary in the future to enforce our intellectual property rights and to protect our trade secrets. Litigation brought to protect and enforce our intellectual property rights could be costly, time-consuming, and distracting to management, and could result in the impairment or loss of portions of our intellectual property rights. Further, our efforts to enforce our intellectual property rights may be met with defenses, counterclaims, and countersuits attacking the validity and enforceability of our intellectual property rights, and if such defenses, counterclaims, or countersuits are successful, we could lose valuable intellectual property rights. Further, any changes in law or interpretation of any such laws, particularly intellectual property laws, may impact our ability to protect, register, or enforce our intellectual property rights. Our inability to protect our proprietary technology against unauthorized copying or use, as well as any costly litigation or diversion of our management's attention and resources, could delay further sales or the implementation of our offerings and capabilities, impair the functionality of our offerings and capabilities, delay introductions of new offerings, result in our substituting inferior or more costly technologies into our offerings, or injure our reputation.

In addition to intellectual property protection, market exclusivity provisions under the FDCA also can delay the submission or the approval of certain applications. The FDCA provides a five-year period of non-patent marketing exclusivity within the United States to the first applicant to gain approval of an NDA for a new chemical entity. A drug is a new chemical entity if the FDA has not previously approved any other new drug containing the same active moiety, which is the molecule or ion responsible for the action of the drug substance. During the exclusivity period, the FDA may not accept for review an abbreviated new drug application, or ANDA, or a 505(b)(2) NDA submitted by another company for another version of such drug where the applicant does not own or have a legal right of reference to all the data required for approval. However, an application may be submitted after four years if it contains a certification of patent invalidity or non-infringement.

#### Third-party claims of intellectual property infringement may prevent or delay our development and commercialization efforts.
Our commercial success depends in part on our avoiding infringement of the patents and proprietary rights of third parties. Numerous U.S. and foreign issued patents and pending patent applications, which are owned by third parties, exist in the fields in which we are developing new product candidates. As our industries expand and more patents are issued, the risk increases that our product candidates may be subject to claims of infringement of the patent rights of third parties.

Third parties may assert that we are employing their proprietary technology without authorization. There may be third-party patents or patent applications with claims to materials, designs or methods of manufacture related to the use or manufacture of our product candidates. There may be currently pending patent applications that may later result in issued patents that our product candidates may infringe. In addition, third parties may obtain patents in the future and claim that use of our technologies infringes upon these patents.

If any third-party patents were held by a court of competent jurisdiction to cover aspects of our formulations, processes for designs, or methods of use, the holders of any such patents may be able to block our ability to develop and commercialize the applicable product candidate unless we obtain a license or until such patent expires or is finally determined to be invalid or unenforceable. In either case, such a license may not be available on commercially reasonable terms or at all.

Parties making claims against us may obtain injunctive or other equitable relief, which could effectively block our ability to further develop and commercialize one or more of our product candidates. Defense of these claims, regardless of their merit, would involve substantial litigation expense and would be a substantial diversion of employee

[**Table of Contents**](#TOC001)

resources from our business. In the event of a successful claim of infringement against us, we may have to pay substantial damages, including treble damages and attorneys' fees for willful infringement, pay royalties, redesign our infringing product candidates or obtain one or more licenses from third parties, which may be impossible or require substantial time and monetary expenditure.

#### We may incur costs to defend against, face liability or for being vulnerable to intellectual property infringement claims brought against us by others.
Third parties may assert claims against us alleging that we infringe upon, misappropriate, dilute or otherwise violate their intellectual property rights, particularly as we expand our business and the number of products we offer. These risks have been amplified by the increase in third parties whose sole or primary business is to assert such claims. We may be particularly vulnerable to such claims, as companies having a substantial online presence are frequently subject to litigation based on allegations of infringement or other violations of intellectual property rights. As we gain an increasingly high public profile, the possibility of intellectual property rights claims against us grows. Our competitors and others may now and in the future have significantly larger and more mature patent portfolios than us.

We rely on contracts and releases for ownership of copyrighted materials and the right to use images of individuals on our webpage and marketing material, and we may be subject to claims that we did not properly obtain rights, consent, a release, or permission to use certain content or imagery. Many potential litigants have the ability to dedicate substantial resources to the assertion of their intellectual property rights. Any claim of infringement by a third party, even those without merit, could cause us to incur substantial costs defending against the claim, could distract our management from our business, could require us to cease use of such intellectual property, and could create ongoing obligations if we are subject to agreements or injunctions (stipulated or imposed) preventing us from engaging in certain acts. Furthermore, because of the substantial amount of discovery required in connection with intellectual property litigation, we risk compromising our confidential information during this type of litigation. Our defense of any claim, regardless of its merit, could be expensive and time consuming and could divert management resources. We cannot predict the outcome of lawsuits and cannot ensure that the results of any such actions will not have an adverse effect on our business, financial condition, or results of operations. Successful infringement claims against us could result in significant monetary liability or prevent us from selling some of our products. In addition, resolution of claims may require us to redesign or rebrand our products, license rights from third parties on potentially unfavorable terms, cease using certain brand names or other intellectual property rights altogether, make substantial payments for royalty or license fees, legal fees, settlement payments or other costs or damages, or admit liability. Such outcomes could encourage others to bring claims against us. To the extent we seek a license to continue offerings or operations found or alleged to infringe third-party intellectual property rights, such a license may be non-exclusive, and therefore our competitors may have access to the same technology licensed to us. In the event we are required to develop alternative, non-infringing technology, this could require significant time (during which we would be unable to continue to offer our affected offerings), effort and expense, and may ultimately not be successful. Any of these events could harm our business and cause our results of operations, liquidity, and financial condition to suffer.

#### Risks Related to this Offering

#### No active trading market for our ordinary shares currently exists, and an active trading market may not develop or be sustained following this offering.
Prior to this offering, there has not been an active trading market for our ordinary shares. If an active trading market for our ordinary shares does not develop following this offering, you may not be able to sell your shares quickly or at the market price. Our ability to raise capital to continue to fund operations by selling our ordinary shares and our ability to acquire other companies or technologies by using our ordinary shares as consideration may also be impaired. The initial public offering price of our ordinary shares will be determined by negotiations between us and the underwriter and may not be indicative of the market prices of our ordinary shares that will prevail in the trading market.

#### The trading price of our ordinary shares may be volatile, and you could lose all or part of your investment.
Prior to this offering, there has not been a public market for our ordinary shares. The initial public offering price of our ordinary shares was determined through negotiations between us and the underwriter. This price does not necessarily reflect the price at which investors in the market will be willing to buy and sell our ordinary shares

[**Table of Contents**](#TOC001)

following this offering. In addition, the trading price of our ordinary shares following this offering is likely to be volatile and could be subject to fluctuations in response to various factors, some of which are beyond our control. These fluctuations could cause you to lose all or part of your investment in our ordinary shares as you might be unable to sell your shares at or above the price you paid in this offering. Factors that could cause fluctuations in the trading price of our ordinary shares include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• price and volume fluctuations in the overall stock market from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• volatility in the trading prices and trading volumes of similar stocks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sales of our ordinary shares by us or our shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure of securities analysts to maintain coverage of us, changes in financial estimates by securities analysts who follow our company, or our failure to meet these estimates or the expectations of investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the financial projections we may provide to the public, any changes in those projections, or our failure to meet those projections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the public's reaction to our press releases, other public announcements and filings with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• rumors and market speculation involving us or other companies in our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or anticipated changes in our results of operations or fluctuations in our results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or anticipated developments in our business, our competitors' businesses or the competitive landscape generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• litigation involving us, our industry, or both, or investigations by regulators into our operations or those of our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developments or disputes concerning our intellectual property or other proprietary rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• new laws or regulations or new interpretations of existing laws or regulations applicable to our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in accounting standards, policies, guidelines, interpretations or principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any significant change in our management; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic conditions and slow or negative growth in the markets in which we operate.

In recent years, the stock markets generally have experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of listed companies. Broad market and industry factors may significantly affect the market price of our ordinary shares, regardless of our actual operating performance. These fluctuations may be even more pronounced in the trading market for our ordinary shares shortly following this offering. If the market price of shares of our ordinary shares after this offering does not ever exceed the initial public offering price, you may not realize any return on your investment in us and may lose some or all of your investment.

In addition, in the past, following periods of volatility in the overall market and in the market price of a particular company's securities, securities class action litigation has often been instituted against these companies. This litigation, if instituted against us, could result in substantial costs and a diversion of our management's attention and resources.

#### Sales of a substantial number of our ordinary shares in the public market by our existing shareholders could cause our share price to fall.
Sales of a substantial number of our ordinary shares in the public market or the perception that these sales might occur could depress the market price of our ordinary shares and could impair our ability to raise capital through the sale of additional equity securities. We are unable to predict the effect that sales may have on the prevailing market price of our ordinary shares. While the ordinary shares sold to non-affiliates in this offering will be freely tradable, without restriction, in the public market, substantially all of the ordinary shares owned prior to this offering or purchased in this offering by our existing shareholders are expected to be subject to lock-up agreements with the underwriter of this offering that restrict the ability of these shareholders' to transfer our ordinary shares held by them for at least one hundred and eighty (180) days from the date of this prospectus. These outstanding shares that are subject to lock-up

[**Table of Contents**](#TOC001)

agreements are expected to become eligible for unrestricted sale upon expiration of the lockup period, as described in the section of this prospectus entitled "*Shares Eligible for Future Sale*." In addition, shares issued or issuable upon exercise of share options vested as of the expiration of the lock-up period will be eligible for sale at that time. Sales of shares by these shareholders could have a material adverse effect on the trading price of our ordinary shares.

#### Our management will have broad discretion in how we use the net proceeds of this offering and might not use them effectively.
Our management will have considerable discretion over the use of proceeds from this offering. We currently intend to use the net proceeds from this offering as described in *"Use of Proceeds*.*"* You will not have the opportunity, as part of your investment decision, to assess whether the proceeds are being used in a manner which you may consider most appropriate. Our management might spend a portion or all of the net proceeds from this offering in ways that our shareholders do not desire or that do not necessarily improve our operating results or enhance the value of our ordinary shares. The failure of our management to apply these proceeds effectively could, among other things, result in unfavorable returns and uncertainty about our prospects, each of which could cause the price of our ordinary shares to decline.

#### You will experience immediate and substantial dilution as a result of this offering and may experience additional dilution in the future.
You will incur immediate and substantial dilution as a result of this offering. After giving effect to the sale by us of 5,000,000 ordinary shares in this offering at an assumed initial public offering price of $9.00 per share (the midpoint of the estimated price range set forth on the cover page of this prospectus), and after deducting underwriting discounts and estimated offering expenses payable by us, investors in this offering can expect an immediate dilution of $7.52 per share at the assumed initial public offering price. Additionally, to the extent that these warrants, or options we will grant to our officers, directors and employees, are ultimately exercised, you will sustain future dilution. We may also acquire new businesses or finance strategic alliances by issuing equity, which may result in additional dilution to our shareholders. Following the completion of this offering, our board of directors (the "Board") has the authority, within any limitations prescribed by relevant laws and our charter documents, to issue all or any part of our authorized but unissued ordinary shares, including shares issuable upon the exercise of options, or shares of our authorized but unissued preferred shares. Issuances of our ordinary shares or voting preferred shares would reduce your influence over matters on which our shareholders vote and, in the case of issuances of preferred shares, would likely result in your interest in us being subject to the prior rights of holders of that preferred share. See the section entitled "*Dilution*."

#### Future sales of our ordinary shares or securities convertible into our ordinary shares may depress our share price.
Sales of a substantial number of shares of our ordinary shares or securities convertible into our ordinary shares in the public market after the completion of this offering, or the perception that these sales could occur, could adversely affect the market price of our ordinary shares and could materially impair our ability to raise capital through equity offerings in the future.

The ordinary shares sold in this offering will be freely tradable without restriction or further registration under the Securities Act, and shares held by our existing shareholders may also be sold in the public market in the future subject to the restrictions in Rule 144 under the Securities Act and the applicable lock-up agreements. Following the consummation of our initial public offering, there will be 29,486,270 ordinary shares outstanding immediately after this offering assuming full exercise of the underwriter's over-allotment option, and 28,736,270 ordinary shares assuming no exercise of the underwriter's over-allotment option. In connection with this offering, we and each of our directors and officers named in the section "*Management,*" and shareholders of five percent (5%) or more of our ordinary shares have agreed not to sell our ordinary shares for a period of one hundred and eighty (180) days from the date of the offering without the prior written consent of the underwriter, subject to customary exceptions. However, the underwriter may release these securities from these restrictions at any time, subject to applicable regulations of the Financial Industry Regulatory Authority, Inc. ("FINRA"). We cannot predict what effect, if any, market sales of securities held by our significant shareholders or any other shareholder or the availability of these securities for future sale will have on the market price of our ordinary shares. See "*Underwriting*" and "*Shares Eligible for Future Sale*" for a more detailed description of the restrictions on selling our securities after this offering.

[**Table of Contents**](#TOC001)

***If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, our share price and trading volume could decline.***

The trading market for our ordinary shares will depend in part on the research and reports that securities or industry analysts publish about us or our business. We do not currently have and may never obtain research coverage by securities and industry analysts. If no securities or industry analysts commence coverage of our company, the trading price for our shares would be negatively impacted. If we obtain securities or industry analyst coverage and if one or more of the analysts who covers us downgrades our shares or publishes inaccurate or unfavorable research about our business, our share price would likely decline. If one or more of these analysts ceases coverage of us or fails to publish reports on us regularly, demand for our shares could decrease, which could cause our share price and trading volume to decline.

#### We have never paid dividends on our capital shares, and we do not anticipate paying dividends for the foreseeable future.
We have never declared or paid any cash dividends on our capital shares, and we do not anticipate paying any cash dividends in the foreseeable future. The payment of dividends, if any, in the future is within the discretion of our board of directors and will depend on our earnings, capital requirements and financial condition and other relevant facts. We currently intend to retain all future earnings, if any, to finance the development and growth of our business. Accordingly, you must rely on the sale of your ordinary shares after price appreciation, which may never occur, as the only way to realize any future gain on your investment.

***An investment in our company may involve tax implications, and you are encouraged to consult your own advisors as neither we nor any related party is offering any tax assurances or guidance regarding our company or your investment.***

An investment in our company generally involves complex tax considerations. No taxing authority in any jurisdiction has reviewed the transactions described herein, and any taxing authority may take different positions than the ones contemplated by management. You are strongly urged to consult your own tax and other advisors prior to investing, as neither we nor any of our officers, directors or related parties is offering you tax or similar advice, nor are any such persons making any representations and warrants regarding such matters.

***Unanticipated changes in effective tax rates or adverse outcomes resulting from examination of our income or other tax returns could adversely affect our financial condition and results of operations.***

We may be subject to direct or indirect taxes by tax authorities in the markets in which we plan to operate, Our future effective tax rates could be subject to volatility or adversely affected by a number of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the valuation of our deferred tax assets and liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• allocation of expenses to and among different jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected timing and amount of the release of any tax valuation allowances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax effects of share-based compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs related to intercompany restructurings; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in tax laws, regulations or interpretations thereof.

In addition, we may be subject to audits of our income, sales and other transaction taxes by tax authorities in different jurisdictions. Outcomes from these audits could have an adverse effect on our financial condition and results of operations.

***We are an emerging growth company and the reduced disclosure requirements applicable to emerging growth companies may make our ordinary shares less attractive to investors.***

We are an emerging growth company, as defined in the JOBS Act, and we may take advantage of certain exemptions from various requirements that are applicable to other public companies that are not emerging growth companies.

[**Table of Contents**](#TOC001)

For as long as we remain an emerging growth company we are permitted and intend to rely on exemptions from certain disclosure requirements that are applicable to other public companies that are not "emerging growth companies." These exemptions include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• being permitted to provide only two years of audited financial statements, in addition to any required unaudited condensed interim financial statements, with correspondingly reduced *"Management's discussion and analysis of financial condition and results of operations"* disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not being required to comply with the auditor attestation requirements in the assessment of our internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not being required to comply with any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation or a supplement to the auditor's report providing additional information about the audit and the financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced disclosure obligations regarding executive compensation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

We will remain an emerging growth company until the earliest of: (i) the last day of our fiscal year during which we have total annual gross revenues of at least $1.235 billion; (ii) the last day of our fiscal year following the fifth anniversary of the closing of this offering; (iii) the date on which we have, during the previous three-year period, issued more than $1.0 billion in non-convertible debt; or (iv) the date on which we are deemed to be a "large accelerated filer" under the Exchange Act. We have elected to avail ourselves of this extended transition period.

When we are no longer deemed to be an emerging growth company, we will not be entitled to the exemptions provided in the JOBS Act discussed above. We cannot predict if investors will find our ordinary shares less attractive as a result of our reliance on exemptions under the JOBS Act. If some investors find our ordinary shares less attractive as a result, there may be a less active trading market for our ordinary shares and our share price may be more volatile.

#### We may not be able to enforce covenants not-to -compete under current Israeli law that might result in added competition for our products.
We have non-competition agreements with all of our employees, all of which are governed by Israeli law. These agreements prohibit our employees from competing with or working for our competitors, generally during their employment and for up to 12 months after termination of their employment. However, Israeli courts are reluctant to enforce non-compete undertakings of former employees and tend, if at all, to enforce those provisions for relatively brief periods of time in restricted geographical areas, and only when the employee has obtained unique value to the employer specific to that employer's business and not just regarding the professional development of the employee. If we are not able to enforce non-compete covenants, we may be faced with added competition.

***Provisions of Israeli law and our amended and restated articles of association may delay, prevent or otherwise impede a merger with, or an acquisition of, us, which could prevent a change of control, even when the terms of such a transaction are favorable to us and our shareholders.***

Israeli corporate law regulates mergers, requires tender offers for acquisitions of securities above specified thresholds, requires special approvals for transactions involving directors, officers or significant shareholders and regulates other matters that may be relevant to such types of transactions. For example, a merger may not be consummated unless at least 50 days have passed from the date on which a merger proposal is filed by each merging company with the Israel Registrar of Companies and at least 30 days have passed from the date on which the shareholders of both merging companies have approved the merger. In addition, a majority of each class of securities of the target company must approve a merger. Moreover, a tender offer for all of a company's issued and outstanding securities can only be completed if the acquirer receives positive responses from the holders of at least 95% of the issued share capital. Completion of the tender offer also requires approval of a majority of the offerees that do not have a personal interest in the tender offer, unless the aggregate holdings of the shareholders who rejected or failed to respond to the tender offer is less than 2% of the Company's outstanding securities. Furthermore, the shareholders, including those who indicated their acceptance of the tender offer, may, at any time within six months following the completion of the tender offer,

[**Table of Contents**](#TOC001)

claim that the consideration for the acquisition of the securities does not reflect their fair market value, and petition an Israeli court to alter the consideration for the acquisition accordingly, unless the acquirer stipulated in its tender offer that a shareholder that accepts the offer may not seek such appraisal rights, and the acquirer or the company published all required information with respect to the tender offer prior to the tender offer's response date.

Furthermore, Israeli tax considerations may make potential transactions unappealing to us or to our shareholders whose country of residence does not have a tax treaty with Israel exempting such shareholders from Israeli tax. For example, Israeli tax law does not recognize tax-free share exchanges to the same extent as U.S. tax law. With respect to mergers, Israeli tax law allows for tax deferral in certain circumstances but makes the deferral contingent on the fulfilment of a number of conditions, including, in some cases, a holding period of two years from the date of the transaction during which sales and dispositions of securities of the participating companies are subject to certain restrictions. Moreover, with respect to certain share swap transactions, the tax deferral is limited in time, and when such time expires, the tax becomes payable even if no disposition of the securities has occurred. These provisions could delay, prevent or impede an acquisition of us or our merger with another company, even if such an acquisition or merger would be beneficial to us or to our shareholders.

***Our Chief Financial Officer currently devotes only a portion of his time to our company, which may impair our financial reporting, controls, and strategic execution, and we may not be able to timely or successfully hire a full-time Chief Financial Officer.***

Our Chief Financial Officer ("CFO") currently spends approximately 50% of his professional time on our business. As a result, our financial reporting processes, internal controls, strategic financial planning, and overall finance-related functions may not receive the full level of oversight and attention typically provided by a full-time CFO. This could increase the risk of delays in financial reporting, inaccuracies in financial reporting, less effective internal controls, or reduced support for our operational and strategic initiatives.

We intend to hire a full-time CFO within six months following our consummation of our IPO; however, there can be no assurance that we will be able to identify and recruit a qualified candidate within this timeframe, or at all, on acceptable terms. Any delay or inability to hire a full-time CFO could prolong the risks associated with our current structure and could adversely affect our business, financial condition, and results of operations.

***Our Chief Medical Officer currently devotes only a portion of his time to our company, which could materially and adversely affect our business, financial condition, and results of operations.***

Our Chief Medical Officer, Dr. Neumann, currently provides services to the Company on a part-time basis pursuant to the terms of his engagement. As a result, he is not exclusively dedicated to our business and may have other professional commitments that compete for his time and attention. Although we believe that his current level of involvement is sufficient to meet our present operational and development needs, particularly given our stage of development and current clinical activities, the limited time he devotes to the Company may constrain our ability to respond rapidly to regulatory developments, clinical matters or other business needs. If our clinical programs expand, regulatory demands increase, or unforeseen issues arise that require significant medical oversight, we may need to increase his level of engagement or recruit additional medical leadership, which could result in increased costs and may not be achievable on a timely basis.

#### Risks Related to Investing in a Foreign Private Issuer or Israeli Company
***As a "foreign private issuer" we are permitted to and follow certain home country corporate governance practices instead of otherwise applicable SEC and NYSE requirements, which may result in less protection than is accorded to investors under rules applicable to domestic U.S. issuers.***

Our status as a foreign private issuer also exempts us from compliance with certain SEC laws and regulations and certain regulations of the NYSE, including the proxy rules, the short-swing profits recapture rules, and certain governance requirements such as independent director oversight of the nomination of directors and executive compensation. In addition, we are not required, under the Exchange Act, to file current reports and financial statements with the SEC as frequently or as promptly as U.S. domestic companies whose securities are registered under the Exchange Act and we are generally exempt from filing quarterly reports with the SEC. Also, although the Companies Law requires us to disclose the annual compensation of our five most highly compensated directors and

[**Table of Contents**](#TOC001)

senior officers on an individual basis, this disclosure is not as extensive as that required of a U.S. domestic issuer. For example, the disclosure required under Israeli law would be limited to compensation paid in the immediately preceding year without any requirement to disclose option exercises and vested stock options, pension benefits or potential payments upon termination or a change of control. Furthermore, as a foreign private issuer, we are also not subject to the requirements of Regulation FD (Fair Disclosure) promulgated under the Exchange Act.

These exemptions and leniencies will reduce the frequency and scope of information and protections to which you are entitled as an investor.

***We may be a "passive foreign investment company" (a "PFIC") for U.S. federal income tax purposes in the current taxable year or may become one in any subsequent taxable year. There generally would be negative tax consequences for U.S. taxpayers that are holders of our ordinary shares if we are or were to become a PFIC.***

We will be treated as a PFIC for U.S. federal income tax purposes in any taxable year in which either (1) at least 75% of our gross income is "passive income" or (2) on quarterly average at least 50% of our assets by value produce passive income or are held for the production of passive income. Passive income for this purpose generally includes, among other things, certain dividends, interest, royalties, rents and gains from commodities and securities transactions and from the sale or exchange of property that gives rise to passive income. Passive income also includes amounts derived by reason of the temporary investment of funds, including those raised in a public offering. In determining whether a non-U.S. corporation is a PFIC, a proportionate share of the income and assets of each corporation in which it owns, directly or indirectly, at least a 25% interest (by value) is taken into account.

The determination of whether we are a PFIC is made on an annual basis and will depend on the composition of our income and assets from time to time. It is difficult to make accurate projections of future income and assets which are relevant to this determination. In addition, our PFIC status may depend in part on the market value of our ordinary shares. Based on the projected composition of our income and valuation of our assets, we do not expect to be a PFIC for 2025 and we do not expect to become a PFIC in the future. However, there can be no assurance that we were not a PFIC for 2025 or that the United States Internal Revenue Service, or the IRS, will agree with any position we take regarding PFIC status for such taxable year. There can also be no assurance that we will not be a PFIC in any subsequent taxable year, as our operating results for any such years may cause us to be a PFIC.

If we are a PFIC in any taxable year during which a U.S. taxpayer holds our Equity Securities (as defined below), such U.S. taxpayer would be subject to certain adverse U.S. federal income tax rules. In particular, if the U.S. taxpayer did not make an election to treat us as a "qualified electing fund" ("QEF") or make a "mark-to-market" election, then "excess distributions" to the U.S. taxpayer, and any gain realized on the sale or other disposition of our ordinary shares by the U.S. taxpayer: (1) would be allocated ratably over the U.S. taxpayer's holding period for our ordinary shares; (2) the amount allocated to the current taxable year and any period prior to the first day of the first taxable year in which we were a PFIC would be taxed as ordinary income; and (3) the amount allocated to each of the other taxable years would be subject to tax at the highest rate of tax in effect for the applicable class of taxpayer for that year, and an interest charge for the deemed deferral benefit would be imposed with respect to the resulting tax attributable to each such other taxable year. In addition, if the IRS determines that we are a PFIC for a year with respect to which we have determined that we were not a PFIC, it may be too late for a U.S. taxpayer to make a timely QEF or mark-to-market election. U.S. taxpayers that have held our ordinary shares during a period when we were a PFIC will be subject to the foregoing rules, even if we cease to be a PFIC in subsequent years, subject to exceptions for U.S. taxpayer who made a timely QEF or mark-to-market election. A U.S. taxpayer can make a QEF election by completing the relevant portions of and filing IRS Form 8621 in accordance with the instructions thereto. We do not intend to notify U.S. taxpayers that hold our Equity Securities if we believe we will be treated as a PFIC for any taxable year in order to enable U.S. taxpayers to consider whether to make a QEF election. In addition, we do not intend to furnish such U.S. taxpayers annually with information needed in order to complete IRS Form 8621 and to make and maintain a valid QEF election for any year in which we are a PFIC. Therefore, the QEF election would be unavailable with respect to our ordinary shares. A QEF election and mark-to-market election would be unavailable with respect to our warrants. U.S. taxpayers that hold our Equity Securities are strongly urged to consult their tax advisors about the PFIC rules, including tax return filing requirements and the eligibility, manner, and consequences to them of making a QEF or mark-to-market election with respect to our ordinary shares in the event that we are a PFIC. See "*Taxation — U.S. Federal Income Tax Considerations — Passive Foreign Investment Companies*" for additional information.

[**Table of Contents**](#TOC001)

***Potential political, economic and military instability in Israel, where our headquarters, members of our management team, and employees are located, may adversely affect our results of operations even though manufacturing of our products performed in Europe and clinical trials in the US.***

Even though the Company relies solely on third party manufacturers outside of Israel, our headquarters and principal offices are located in the State of Israel. In addition, most of our key employees and officers are residents of Israel. Accordingly, political, economic and military conditions in Israel may directly affect our business. Since the establishment of the State of Israel in 1948, a number of armed conflicts have taken place between Israel and countries in the region or groups in neighboring countries. In addition, several countries, principally in the Middle East, restrict doing business with Israel, and additional countries may impose restrictions on doing business with Israel and Israeli companies whether as a result of hostilities in the region or otherwise.

Political and military instability in Israel presents significant risks to our business. Following the October 7, 2023, Hamas attack, Israel has engaged in hostilities with Hamas, Hezbollah, the Houthi movement in Yemen, and Iran, leading to several uncertain ceasefires. On February 28, 2026, the State of Israel and the United States launched a joint offensive in Iran, targeting Iran's missile systems and additional assets of the Iranian regime. In response, Iran began launching missiles and unmanned aerial vehicles toward Israel and other countries in the region. In the beginning of March 2026, the campaign was expanded to Lebanon due to fire directed at Israel by Hezbollah. While the Israeli government may cover direct damages from war, this is not guaranteed to be sufficient or maintained. The potential for renewed conflict could adversely affect our operations and financial results. Further, extensive military reserve call-ups may disrupt our personnel or our Israeli service providers. As of April 2026, our operations have not been materially impacted, but the situation remains a risk we continue to monitor.

In addition, there have been increased efforts by certain countries, activists and organizations to cause companies, research institutions and consumers to boycott Israeli goods and cooperation with Israeli-related entities based on Israeli government policies. Such actions, particularly if they become more widespread, may adversely impact our ability to collaborate with other third parties. Any hostilities involving Israel, terrorist activities, political instability, violence in the region or the interruption or curtailment of trade or transport between Israel and its trading partners could adversely affect our ordinary shares.

Additionally, political conditions within Israel may affect our operations. Many citizens and groups have responded strongly against the Israeli government's pursuit of judicial reform. To date, these initiatives have been substantially put on hold. Actual or perceived instability in Israel or any negative changes in the political environment may individually or in the aggregate adversely affect the Israeli economy and, in turn, our business, financial condition, results of operations and growth prospects.

#### We expect to be exposed to fluctuations in currency exchange rates, which could adversely affect our results of operations.
We incur expenses in NIS, U.S. dollars, and Euros, but our functional currency is the U.S. dollar. Accordingly, we face exposure to adverse movements in currency exchange rates. Accordingly, we face exposure to adverse movements in the currency exchange rate of the U.S. dollars against these foreign currencies, which may have a negative effect on our revenue and costs. If the U.S. dollar strengthens against any of these currencies, the translation of these foreign currency denominated transactions will result in decreased revenue in U.S. dollars. Changes in currency exchange rates may have a negative effect on our financial results. If the U.S. dollar weakens against the NIS and Euro, the translation of the NIS and Euro currency denominated transactions to U.S. dollar will result in increased operating expenses. Similarly, if the U.S. dollar strengthens against NIS and Euro denominated, the translation of these NIS and Euro denominated transactions to U.S. dollars will result in decreased expenses. As exchange rates vary, sales and other operating results, when translated, may differ materially from our or the capital market's expectations.

#### The termination or reduction of tax and other incentives that the Israeli government provides to Israeli companies may increase our costs and taxes.
The Israeli government currently provides tax and capital investment incentives to Israeli companies, as well as grant and loan programs relating to research and development and marketing and export activities. In recent years, the Israeli government has reduced the benefits available under these programs and the Israeli governmental authorities may in the future further reduce or eliminate the benefits of these programs. While we have not previously received any such benefits or grants, we may take advantage of these benefits and programs in the future; however, there can be

[**Table of Contents**](#TOC001)

no assurance that such benefits and programs will be available to us. If we qualify for such benefits and programs and fail to meet the conditions thereof, the benefits could be canceled and we could be required to refund any benefits we might already have enjoyed and become subject to penalties. Additionally, if we qualify for such benefits and programs and they are subsequently terminated or reduced, it could have an adverse effect on our financial condition and results of operations.

***We may be required to pay monetary remuneration to our Israeli employees for their inventions, even if the rights to such inventions have been duly assigned to us.***

We enter into agreements with our Israeli employees pursuant to which such individuals agree that any inventions created in the scope of their employment are either owned exclusively by us or are assigned to us, depending on the jurisdiction, without the employee retaining any rights. A portion of our intellectual property has been developed by our Israeli employees during their employment for us. Under the Israeli Patent Law, 5727-1967, or the Patent Law, inventions conceived by an employee during the course of his or her employment and within the scope of said employment are considered "service inventions." Service inventions belong to the employer by default, absent a specific agreement between the employee and employer otherwise. The Patent Law also provides that if there is no agreement regarding the remuneration for the service inventions, even if the ownership rights were assigned to the employer, the Israeli Compensation and Royalties Committee, or the Committee, a body constituted under the Patent Law, shall determine whether the employee is entitled to remuneration for these inventions. Although our Israeli employees have agreed that we exclusively own any rights related to their inventions, we may face claims demanding remuneration in consideration for employees' service inventions. As a result, we could be required to pay additional remuneration or royalties to our current and/or former employees, or be forced to litigate such claims, which could negatively affect our business.

***It may be difficult to enforce a judgment of a U.S. court against us and our executive officers and directors and the Israeli experts named in this prospectus in Israel or the United States, to assert U.S. securities laws claims in Israel or to serve process on our executive officers and directors and these experts.***

We were incorporated in Israel. Substantially most of our executive officers and directors reside outside of the United States, and all of our assets and most of the assets of these persons are located outside of the United States. Therefore, a judgment obtained against us, or any of these persons, including a judgment based on the civil liability provisions of the U.S. federal securities laws, may not be collectible in the United States and may not be enforced by an Israeli court. It also may be difficult for you to effect service of process on these persons in the United States or to assert U.S. securities law claims in original actions instituted in Israel. Additionally, it may be difficult for an investor, or any other person or entity, to initiate an action with respect to U.S. securities laws in Israel. Israeli courts may refuse to hear a claim based on an alleged violation of U.S. securities laws reasoning that Israel is not the most appropriate forum in which to bring such a claim. In addition, even if an Israeli court agrees to hear a claim, it may determine that Israeli law and not U.S. law is applicable to the claim. If U.S. law is found to be applicable, the content of applicable U.S. law must be proven as a fact by expert witnesses, which can be a time consuming and costly process. Certain matters of procedure will also be governed by Israeli law. There is little binding case law in Israel that addresses the matters described above. As a result of the difficulty associated with enforcing a judgment against us in Israel, you may not be able to collect any damages awarded by either a U.S. or foreign court (see "*Enforceability of Civil Liabilities*" for additional information on your ability to enforce a civil claim against us and our executive officers or directors named in this prospectus).

***Your rights and responsibilities as a shareholder will be governed in key respects by Israeli laws, which differs in some material respects from the rights and responsibilities of shareholders of U.S. companies.***

The rights and responsibilities of the holders of our securities are governed by our amended and restated articles of association and by Israeli law. These rights and responsibilities differ in some material respects from the rights and responsibilities of shareholders in U.S. companies. In particular, a shareholder of an Israeli company has a duty to act in good faith and in a customary manner in exercising its rights and performing its obligations towards the company and other shareholders, and to refrain from abusing its power in such company, including, among other things, in voting at a general meeting of shareholders on matters such as amendments to a company's amended and restated articles of association, increases in a company's authorized share capital, mergers and acquisitions and related party transactions requiring shareholder approval, as well as a general duty to refrain from discriminating against other shareholders. In addition, a shareholder who is aware that it possesses the power to determine the outcome of a vote at a meeting of

[**Table of Contents**](#TOC001)

the shareholders or to appoint or prevent the appointment of a director or executive officer in the company has a duty of fairness toward the company. There is limited case law available to assist us in understanding the nature of these duties or the implications of these provisions. These provisions may be interpreted to impose additional obligations and liabilities on holders of our securities that are not typically imposed on shareholders of U.S. companies.

#### Our amended and restated articles of association to be effective upon the consummation of this offering may be deemed to have an anti-takeover effect.
Certain provisions of our amended and restated articles of association to be effective upon the effectiveness of the registration statement for this offering may make a change in control of us more difficult to affect.

Our articles of association will provide for a staggered board of directors consisting of three classes of directors. Directors of each class are chosen for three-year terms upon the expiration of their current terms and each year one class of our directors will be elected by our shareholders. This classified board of directors provision could have the effect of making the replacement of incumbent directors more time consuming and difficult. At least two annual meetings of shareholders, instead of one, will generally be required to effect a change in a majority of our board of directors. Thus, the classified board of directors provision could increase the likelihood that incumbent directors will retain their positions. The staggered terms of directors may delay, defer or prevent an attempt to change control of us, even though a change in control might be considered by our shareholders to be in their best interest.

[**Table of Contents**](#TOC001)

#### CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This prospectus contains forward-looking statements concerning our business, operations and financial performance and condition, as well as our plans, objectives and expectations for our business operations and financial performance and condition. Many of the forward-looking statements contained in this prospectus can be identified by the use of forward-looking words such as "may," "could," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "project," "continue" or other similar expressions that are predictions of or indicate future events and future trends, although not all forward-looking statements contain these identifying words.

Forward-looking statements should not be read as a guarantee of future performance or results and may not be accurate indications of when such performance or results will be achieved. Forward-looking statements are based on information we have when those statements are made or management's good faith belief as of that time with respect to future events and are subject to significant risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our limited operating history and history of incurring significant losses and negative cash flows since our inception, which we anticipate will continue for the foreseeable future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our recurring operating losses and the substantial doubt they raise regarding our ability to continue as a going concern;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our dependence on the success of our lead product candidate, TRS01, including our obtaining of regulatory approval to market TRS01 in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our limited experience in conducting clinical trials and reliance on clinical research organizations and others to conduct them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to advance our preclinical product candidates into clinical development and through regulatory approval and commercialization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the results of our clinical trials, which may fail to adequately demonstrate the safety and efficacy of our product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to achieve the broad degree of physician adoption and use and market acceptance necessary for commercial success;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our reliance on third parties in marketing, producing or distributing products and research materials for certain raw materials, compounds and components necessary to produce TRS01 and TRS02 for clinical trials and to support commercial scale production of TRS01, if approved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our receipt of regulatory clarity and approvals for our therapeutic candidates and the timing of other regulatory filings and approvals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• estimates of our expenses, revenues, capital requirements and our needs for additional financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our efforts to obtain, protect or enforce our patents and other intellectual property rights related to our product candidates and technologies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of the public health, political and security situation in Israel, the U.S. and other countries in which we may obtain approvals for our products or our business.

[**Table of Contents**](#TOC001)

The preceding list does not represent an exhaustive list of matters that may be covered by the forward-looking statements contained herein or risk factors that we are faced with. Forward-looking statements necessarily involve risks and uncertainties, and our actual results could differ materially from those anticipated in the forward-looking statements due to a number of factors, including those set forth above and under *"Risk Factors"* and elsewhere in this prospectus. The factors set forth above under *"Risk Factors"* and other cautionary statements made in this prospectus should be read and understood as being applicable to all related forward-looking statements wherever they appear in this prospectus. As a result of these factors, we cannot assure you that the forward-looking statements in this prospectus will prove to be accurate. Furthermore, if our forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame, or at all.

In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. The forward-looking statements and opinions contained in this prospectus are based upon information available to us as of the date of this prospectus and, while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information.

The forward-looking statements contained in this prospectus speak only as of the date of this prospectus, and unless otherwise required by law, we do not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances or to reflect the occurrence of unanticipated events. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained above and throughout this prospectus. Prior to investing in our ordinary shares, you should read this prospectus and the documents we have filed as exhibits to the registration statement, of which this prospectus is a part, completely and with the understanding that our actual future results may be materially different from what we currently expect. See the section entitled *"Where You Can Find More Information."*

[**Table of Contents**](#TOC001)

#### USE OF PROCEEDS
We estimate that the net proceeds from the sale of the ordinary shares we are offering will be approximately $41.0 million based on an assumed offering price of $9.00 per share (which represents the mid-point of the estimated range of the initial public offering price shown on the front cover of this prospectus). If the underwriter fully exercises the over-allotment option, the net proceeds of the shares we sell will be approximately $47.28 million. "Net proceeds" is what we expect to receive after deducting the underwriting discount and commission and estimated offering expenses payable by us.

We intend to use the net proceeds received by us from this offering (i) to advance the clinical development of TRS01 through the initiation and completion of a Phase III clinical program, (ii) to advance preparations toward our potential NDA submission for TRS01, (iii) for research and development in support of potential investigational new drug application filings for TRS02, (iv) approximately $678,000 to repay outstanding indebtedness and deferred compensation obligations owed to our Chief Executive Officer and (v) working capital, intellectual property protection and general corporate purposes. We may also use a portion of the net proceeds to acquire, license and invest in complementary products, technologies or additional businesses; however, we currently have no agreements or commitments to complete any such transaction.

We anticipate an approximate allocation of the use of net proceeds from this offering, together with our existing cash, as follows:

---

| | | |
|:---|:---|:---|
|  **Use of Net Proceeds** | **$(in millions)\*** | **%** |
|  To advance the clinical development of TRS01 through the initiation and completion of a Phase III clinical program | 25 | 61 |
|  To advance preparations toward our potential NDA submission for TRS01 | 6 | 14 |
|  Research and development in support of potential investigational new drug application filings for TRS02 | 4 | 10 |
|  Repayment of outstanding indebtedness and deferred compensation owed to our Chief Executive Officer | 0.678 | 2 |
|  Working capital, intellectual property protection and general corporate purposes. | 5.322 | 13 |
|  **Total** | 41.0 | 100 |

---

____________

\* Assumes the over-allotment option is not exercised.

The indebtedness to be repaid was incurred pursuant to a loan made by our Chief Executive Officer in April 2022 (the "CEO Loan"). The CEO Loan is non-interest-bearing and does not have a stated maturity date. Repayment of this indebtedness constitutes a related-party transaction. The deferred compensation payable to our Chief Executive Officer arose from amounts earned but unpaid under her employment arrangement during prior periods. Payment of such deferred compensation also constitutes a related-party transaction.

While we expect to use the net proceeds for the purposes described above, the amounts and timing of our actual expenditures could vary and will depend upon numerous factors, including the aggregate amount raised in this offering. The expected net proceeds from the sale of the ordinary shares offered hereby, if added to our current cash and cash equivalents and operating revenues, is anticipated to be sufficient to fund our operations for at least the next 24 months. In the event that our plans change, our assumptions change or prove to be inaccurate, or the net proceeds of this offering are less than as set forth herein or otherwise prove to be insufficient, it may be necessary or advisable to reallocate proceeds or curtail expansion activities, or we may be required to seek additional financing or curtail our operations. As a result of the foregoing, our success will be affected by our discretion and judgment with respect to the application and allocation of the net proceeds of this offering.

Each $1.00 increase (decrease) in the assumed initial public offering price of $9.00 per share (the midpoint of the estimated price range set forth on the cover page of this prospectus) would increase (decrease) the net proceeds to us from this offering, after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us, by approximately $4,650,000, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same. We may also increase or decrease the number of shares we are offering. An increase (decrease) of 500,000 in the number of shares we are offering would increase (decrease) the net proceeds to us from this offering, after deducting the underwriting discounts and commissions and estimated offering expenses payable

[**Table of Contents**](#TOC001)

by us, by approximately $4,185,000, assuming the initial public offering price stays the same. An increase of 500,000 in the number of shares we are offering, together with a $1.00 increase in the assumed initial public offering price of $9.00 per share (the midpoint of the estimated price range set forth on the cover page of this prospectus), would increase the net proceeds to us from this offering, after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us, by approximately $9,300,000. We do not expect that a change in the offering price or the number of shares by these amounts would have a material effect on our intended uses of the net proceeds from this offering, although it may impact the amount of time prior to which we may need to seek additional capital.

Pending their use, we plan to invest the net proceeds from this offering in short- and intermediate-term, interest-bearing obligations, investment-grade instruments, or certificates of deposit.

[**Table of Contents**](#TOC001)

#### DIVIDEND POLICY
We have never declared or paid any cash dividends on our equity interests, and we do not anticipate paying any cash dividends in the foreseeable future. The payment of dividends, if any, in the future is within the discretion of our board of directors and will depend on then-existing conditions, including our financial condition, operating results, contractual restrictions, capital requirements, business prospects and other factors our board of directors may deem relevant. We currently intend to retain all future earnings, if any, to finance the development and growth of our business.

Under the Companies Law, repurchase of shares is considered a dividend distribution.

The Companies Law imposes further restrictions on our ability to declare and pay dividends. Under the Companies Law, we may declare and pay dividends only if, upon the determination of our board of directors, there is no reasonable concern that the distribution will prevent us from being able to meet the terms of our existing and foreseeable obligations as they become due. Under the Companies Law, the distribution amount is further limited to the greater of retained earnings or earnings generated over the two most recent years legally available for distribution according to our then last reviewed or audited financial statements, provided that the end of the period to which the financial statements relate is not more than six months prior to the date of distribution, generally referred to as the Earnings Criteria. In the event that we do not meet such earnings criteria, we may seek the approval of a court in order to distribute a dividend. The court may approve our request if it is convinced that there is no reasonable concern that the payment of a dividend will prevent us from satisfying our existing and foreseeable obligations as they become due, generally referred to as the Solvency Criteria.

However, under the exemptions applicable as of March 12, 2024, generally referred to as the Exemptions Regulations, an Israeli company whose shares are listed outside of Israel, is permitted to perform distribution in a way of repurchasing its own shares, even if the Earnings Criteria is not met, without the need for court's approval. The exemption is subject to certain conditions, including, among others: (i) The distribution meets the Solvency Criteria; and (ii) no rejection was filed by any of the company's creditors to the court. If any creditor objects to the distribution, the company will be required to obtain the court's approval for the distribution.

Payment of dividends may be subject to Israeli withholding taxes (see "*Taxation — Israeli Tax Considerations and Government Programs*").

[**Table of Contents**](#TOC001)

#### CAPITALIZATION
The following table sets forth our cash and cash equivalents and capitalization as of December 31, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on an actual basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on a *pro forma* basis to give effect to (i) the issuance of 100,020 ordinary shares issued upon the conversion of our 2024 Parity SAFEs into our ordinary shares between January 22, 2026 and February 2, 2026; and (ii) the issuance of 927,449 ordinary shares to be issued upon the conversion of the Amended 2024 SAFEs, May 2025 SAFE and November 2025 SAFEs upon the effectiveness of the registration statement for this offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on a *pro forma* as adjusted basis to give effect to the sale of our ordinary shares in this offering, assuming an initial public offering price of $9.00 per share (the mid-point of the price range set forth on the cover page of this prospectus), after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

The adjustments reflected below are subject to change and are based upon available information and certain assumptions that we believe are reasonable. Total shareholders' equity and total capitalization following the completion of this offering are subject to adjustments based on the actual initial public offering price and other terms of this offering determined at pricing.

You should read the information in this table together with our financial statements and accompanying notes, *"Use of Proceeds"* and *"Management's Discussion and Analysis of Financial Condition and Results of Operations"* appearing elsewhere in this prospectus.

---

| | | | |
|:---|:---|:---|:---|
|  ***U.S. dollars in thousands*** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  ***U.S. dollars in thousands*** | **Actual** | ***Pro Forma*** | ***Pro Forma* <br>As<br> Adjusted<sup>(1)</sup>** |
|  Cash and cash equivalents | 1999 | 1999 | 42999 |
|  Convertible securities |  |  |  |
|  Shareholders' equity (deficit): |  |  |  |
|  100,000,000 shares (NIS 0.001 par value (authorized as of December 31, 2025; 23,736,270 (NIS 0.001 par value) issued and outstanding as of December 31, 2025 ordinary shares on a pro forma basis and 28,736,270 ordinary shares on a pro forma as adjusted basis. | 6 | 6 | 6 |
|  Receivable for issuance of shares | (3) | (3) | (3) |
|  Additional Paid-In Capital | 21935 | 28439 | 69439 |
|  Accumulated deficit | (26929) | (26929) | (26929) |
|  Total shareholders' equity (deficit) | (4991) | 1513 | 42513 |
|  Total capitalization | (4991) | 1513 | 42513 |

---

The number of ordinary shares issued and outstanding, actual, is based on 22,708,800 ordinary shares outstanding as of December 31, 2025 and excludes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 4,008,660 ordinary shares issuable upon the exercise of options, or share options, at a weighted average exercise price of $1.20 per ordinary share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 120,350 ordinary shares reserved for future grants under the 2018 Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2,305,630 ordinary shares issuable for future grants under the 2026 Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 950,870 ordinary shares issuable upon exercise of any May 2025 SAFE Warrant or November 2025 SAFEs Warrants (in each case as defined below in the section entitled "*Management's Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — Current SAFEs*");

[**Table of Contents**](#TOC001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 100,020 ordinary shares issued upon the conversion of our 2024 Parity SAFEs, between January 22, 2026 and February 2, 2026, in the aggregate amount of $300,000 at a price per share equal to $3.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 913,560 ordinary shares issuable upon the conversion of the Amended 2024 SAFEs and the November 2025 SAFEs (as defined below in the section entitled "*Management's Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — Current SAFEs"*), in the aggregate amount of $3,900,000, which will automatically convert into ordinary shares upon the effectiveness of the registration statement for this offering at a price per share of $4.27 (the lower of: (1) the price per share of the shares sold in the equity financing multiplied by 75% or (ii) a price per share reflecting a Company's pre money valuation of $115,000,000 on a fully diluted basis), based on an assumed public offering price of $9.00, which is the midpoint of the price range set forth on the cover page of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 13,889 ordinary shares issuable upon the conversion of the May 2025 SAFE, in the aggregate amount of $100,000, which will automatically convert into ordinary shares upon the effectiveness of the registration statement for this offering at a price of $7.20, being the price per share of the shares sold in the equity financing multiplied by 80%, and based on an assumed public offering price of $9.00, which is the midpoint of the price range set forth on the cover page of this prospectus; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no exercise of the underwriter's over-allotment option and the Underwriter's Warrants.

[**Table of Contents**](#TOC001)

#### DILUTION
If you purchase our ordinary shares in this offering, your interest will be diluted immediately to the extent of the difference between the initial public offering and the pro forma as adjusted net tangible book value per ordinary share immediately upon the consummation of this offering. As of December 31, 2025, we had a historical net tangible book value of ($4,991,000), or ($0.22) per share. Our historical net tangible book value per share represents total tangible assets less total liabilities, divided by the number of our ordinary shares outstanding as of December 31, 2025.

Our pro forma net tangible book value as of December 31, 2025 was $1.51 million, or $0.06 per share. Pro forma net tangible book value represents the amount of our total tangible assets less our total liabilities, after giving effect to (i) the issuance of 100,020 ordinary shares upon the conversion of our 2024 Parity SAFEs at a conversion price of $3.00 per share between January 22, 2026 and February 2, 2026; (ii) the issuance of 913,560 ordinary shares upon the conversion of our Amended 2024 SAFEs and the November 2025 SAFEs at a conversion price of $4.27 per share upon the effectiveness of the registration statement for this offering; and (iii) the issuance of 13,889 ordinary shares upon the conversion of our May 2025 SAFE at a conversion price of $7.20 per share upon the effectiveness of the registration statement for this offering.

After giving effect to our sale of 5,000,000 ordinary shares in this offering at an assumed public offering price of $9.00 per share (the mid-point of the range appearing on the front cover of this prospectus), and after deducting underwriter's commissions and estimated offering expenses, our pro forma as adjusted net tangible book value as of December 31, 2025, would have been $42.5 million, or $1.48 per share. This represents an immediate increase in net tangible book value of $1.70 per share to existing shareholders and an immediate dilution in net tangible book value of $7.52 per share to purchasers of shares in this offering.

The following table illustrates this dilution on a per ordinary share basis assuming the underwriter does not exercise its option to purchase additional ordinary shares:

---

| | | |
|:---|:---|:---|
|  Assumed public offering price per share |  | $9.00 |
|  Net tangible book value per share as of December 31, 2025 | $(0.22) |  |
|  Pro forma net tangible book value per share as of December 31, 2025 | $0.06 |  |
|  Pro forma as adjusted net tangible book value per share as of December 31, 2025, after giving effect to the offering | $1.48 |  |
|  Pro forma adjusted increase in net tangible book value per share attributable to new investors | $1.70 |  |
|  Dilution per share to new investors in the offering |  | $7.52 |

---

The dilution information discussed above is illustrative only and may change based on the actual initial public offering price and other terms of this offering.

A $1.00 increase in the assumed initial public offering price of $9.00 per ordinary share would increase our pro forma as adjusted net tangible book value after giving effect to this offering by $4.65 million, or by $0.16 per ordinary share, assuming the number of shares offered by us remains the same and after deducting the estimated underwriting discount. A $1.00 decrease in the assumed initial public offering price per share would result in equal changes in the opposite direction.

If the underwriter exercises its option in full to purchase 750,000 additional ordinary shares in this offering at the assumed offering price of $9.00 per share, the pro forma as adjusted net tangible book value per share after this offering would be $1.65 per ordinary share, the increase in the pro forma as adjusted net tangible book value per share to existing shareholders would be $1.87 per ordinary share and the dilution to new investors purchasing securities in this offering would be $7.35 per ordinary share.

[**Table of Contents**](#TOC001)

The following tables set forth, on a pro forma as adjusted basis, the number of ordinary shares that will be owned by our shareholders and to be owned by new investors purchasing ordinary shares in this offering, the total consideration paid to us, the average price per ordinary share paid by our existing shareholders and the average price per share to be paid by new investors purchasing ordinary shares in this offering. The calculation below is based on an assumed initial public offering price of $9.00 per share (the mid-point of the range appearing on the front cover of this prospectus) before deducting underwriting discounts and commissions and estimated offering expenses payable by us:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **<br>Shares Purchased** | **<br>Shares Purchased** | **<br>Total Consideration** | **<br>Total Consideration** | **Average<br>Price<br>Per Share<br>($)** |
|  | **Amount<br> (#)** | **Percent<br> (%)** | **Amount<br> ($)** | **Percent<br> (%)** | **Average<br>Price<br>Per Share<br>($)** |
|  Existing shareholders | 23736270 | 82.60% | 28439000 | 38.72% | $1.20 |
|  New investors | 5000000 | 17.40% | 45000000 | 61.28% | $9.00 |
|  Total | 28736270 | 100.0% | 73439000  | 100.0% | $2.56 |

---

The number of ordinary shares outstanding before and after this offering reflected in the tables and discussion above are based on (i) ordinary shares outstanding as of the date of this prospectus after giving effect to the Forward Stock Split and (ii) ordinary shares outstanding on a pro forma as adjusted basis and exclude, as of that date, the following.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 4,008,660 ordinary shares issuable upon the exercise of options, or share options, at a weighted average exercise price of $1.20 per ordinary share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 950,870 ordinary shares issuable upon exercise of any May 2025 SAFE Warrant or November 2025 SAFEs Warrants (in each case as defined below in the section entitled "*Management's Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — Current SAFEs*");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 120,350 ordinary shares reserved for future grants under the 2018 Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2,305,630 ordinary shares issuable for future grants under the 2026 Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 175,000 ordinary shares issuable upon exercise of the underwriter's warrant.

The table below assumes the underwriter's exercises its over-allotment option in full:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **<br>Shares Purchased** | **<br>Shares Purchased** | **<br>Total Consideration** | **<br>Total Consideration** | **Average<br>Price<br>Per Share<br>($)** |
|  | **Amount<br> (#)** | **Percent<br> (%)** | **Amount<br> ($)** | **Percent<br> (%)** | **Average<br>Price<br>Per Share<br>($)** |
|  Existing shareholders | 23736270 | 80.50% | 28439000  | 35.46% | $1.20 |
|  New investors | 5750000 | 19.50% | 51750000 | 64.54% | $9.00 |
|  Total | 29486270 | 100.0% | 80189000  | 100.0% | $2.72 |

---

The number of ordinary shares outstanding before and after this offering reflected in the tables and discussion above are based on (i) ordinary shares outstanding as of the date of this prospectus after giving effect to the Forward Stock Split and (ii) ordinary shares outstanding on a pro forma as adjusted basis and exclude, as of that date, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 4,008,660 ordinary shares issuable upon the exercise of options, or share options, at a weighted average exercise price of $1.20 per ordinary share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 950,870 ordinary shares issuable upon exercise of any May 2025 SAFE Warrant or November 2025 SAFEs Warrants (in each case as defined below in the section entitled "*Management's Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — Current SAFEs*");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 120,350 ordinary shares reserved for future grants under the 2018 Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2,305,630 ordinary shares issuable for future grants under the 2026 Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 201,250 ordinary shares issuable upon exercise of the underwriter's warrant.

[**Table of Contents**](#TOC001)

#### MANAGEMENT'S DISCUSSION AND ANALYSIS OF <br>FINANCIAL CONDITION AND RESULTS OF OPERAT IONS
*You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and related notes included elsewhere in this prospectus. Data for the years ended December 31, 2025 and 2024 and the selected statement of financial position data as of December 31, 2025 have been derived from our audited financial statements included elsewhere in this prospectus. This discussion and other parts of this prospectus contain forward*-looking *statements, such as those relating to our plans, objectives, expectations, intentions, and beliefs, which involve risks and uncertainties. Our actual results could differ materially from those discussed in these forward*-looking *statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in the sections titled "Cautionary Note Regarding Forward*-Looking *Statements" and "Risk Factors" included elsewhere in this prospectus.*

#### Overview of our Business
We are a late clinical stage biopharmaceutical company, focused on the development and commercialization of novel pharmaceutical therapies to address unmet need in ocular diseases with underlying inflammatory pathologies. Our dazdotuftide platform technology is a bio-inspired immunomodulator designed to treat blinding inflammatory ocular diseases, and is currently being developed as both eye drops and intravitreal injections.

#### Financial Overview
We have incurred significant net operating losses every year since our inception and expect to continue to incur significant operating expenses and increasing operating losses for the foreseeable future. Our net losses were $2,456 thousand and $5,070 thousand for the years ended December 31, 2024 and 2025, respectively. Our net losses may fluctuate significantly from quarter to quarter and year to year and could be substantial. As of December 31, 2024 and December 31, 2025, since our inception, we had an accumulated deficit of $21,859 thousand and $26,929 thousand, respectively, from research and development and general and administrative activities. We anticipate that our operating expenses will increase significantly as we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• conduct additional clinical trials of our lead product candidate, TRS01, for the treatment of anterior NIU and UG including our Phase 3 program, Tarsier-04;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• advance the clinical development of TRS02, dazdotuftide slow-release formulation for the treatment of back-of-the-eye blinding diseases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seek regulatory and marketing approvals for TRS01 and TRS02 upon successful completion of clinical development;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establish our own salesforce in the United States to commercialize our products for which we obtain regulatory approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage with contract manufacturers to ensure sufficient supply chain capacity to provide commercial quantities of any products for which we may obtain marketing approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintain, expand and protect our intellectual property portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• hire additional staff, including clinical, scientific, technical, regulatory, marketing, operations, financial, and other support personnel, to execute our business plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• add information systems and personnel to support our product development and potential future commercialization efforts, and to enable us to operate as a public company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to establish subsidiaries in select international jurisdictions to support our operational, clinical, and commercial activities as we advance toward regulatory approvals and future product launches.

We do not have any products approved for sale and we have not yet generated any revenue from product sales or other sources. We do not expect to generate revenues from product sales unless and until we successfully complete clinical development and obtain regulatory approval for a product candidate and commercially launch such product. Until such time as we can generate significant revenue from product sales, if ever, we expect to finance

[**Table of Contents**](#TOC001)

our operations through private or public equity, royalty or debt financings, or collaborations, strategic alliances, or licensing arrangements with third parties. Our financing activities are described below under "Liquidity and Capital Resources".

We do not believe that the net proceeds from this offering will be sufficient to fund our operations through commercialization of any product candidate. Adequate funding may not be available to us when needed on acceptable terms, or at all. If we raise additional funds through collaborations, strategic alliances, or licensing arrangements with third parties, we may have to relinquish valuable rights to our intellectual property, future revenue streams, research programs or product candidates or grant licenses on terms that may not be favorable to us. If we are unable to raise additional capital or enter into such agreements as and when needed, we could be forced to significantly delay, scale back, or discontinue our product development and/or commercialization plans, which would negatively and adversely affect our financial condition.

Because of the numerous risks and uncertainties associated with drug product development, we are unable to accurately predict the timing or amount of increased expenses or when or if we will be able to achieve or maintain profitability. Even if we are able to generate revenue from product sales, we may not become profitable. If we fail to become profitable or are unable to sustain profitability on a continuing basis, then we may be unable to continue our operations at planned levels.

As of December 31, 2025, our aggregate cash and cash equivalents was $1,999 thousand. As of December 2025, we received $2.10 million in gross cash proceeds from issuance of convertible securities in the form of SAFEs. For more information, see below under "— *Liquidity and Capital Resources — Sources of Liquidity — Current SAFEs.*" Based on our current operating plan, we do not believe that our existing cash and cash equivalents, without giving effect to this offering, or unless we raise additional liquidity, will be sufficient to fund our operating requirements for the next 12 months, which raises substantial doubt about our ability to continue as a going concern. We believe that the net proceeds from this offering together with our existing cash and cash equivalents will enable us to fund our operating expenses and capital expenditure requirements for at least the next 24 months. However, we will need to raise additional liquidity following this offering to fund our operations through the period of commercialization of any product candidate.

#### In-License Agreements for dazdotuftide
In January 2016, our Chief Executive Officer executed on behalf of the Company a licensing agreement for the composition-of-matter patent covering the dazdotuftide molecule, and which we refer to as the License Agreement. Following incorporation, the Company ratified such action and assumed and retained all rights under this license. This is an exclusive, worldwide, irrevocable, royalty-free, fully paid, transferable and sub-licensable license to use, develop, make, have made, use, sell and offer for sale products in the field of local delivery of dazdotuftide for any ophthalmic indication (the "Agreed Field"). We plan to utilize these license rights in developing and marketing our TRS01 and TRS02. As consideration for this license, we issued equity to the inventors. Subsequently, the inventors established a new entity and transferred rights to the molecule to that entity, excluding the Agreed Field covered under our License Agreement. This new entity has fully adopted and assumed the License Agreement with the Company.

We believe that we have certain know-how and trade secrets relating to our technology and product candidates. We rely on trade secrets to protect certain aspects of our technology related to our current and future product candidates.

#### Components of our Results of Operations

#### Operating Expenses
Our operating expenses since inception have consisted solely of research and development expenses and general and administrative expenses.

#### Research and Development Expenses
Our research and development expenses consist of expenses incurred in connection with the development of our product candidates, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fees paid to third parties to conduct certain research and development activities on our behalf, including under agreements with CROs;

[**Table of Contents**](#TOC001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• consulting costs and certain allocated payroll and employee-related expenses (including stock-based compensation and salaries) for personnel engaged in research and development functions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs related to compliance with clinical regulatory requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs of procuring drug substance, drug products for use in our preclinical studies and clinical trials;

We recognize external research and development costs based on an evaluation of the progress to completion of specific tasks or patient dosing using information provided to us by our service providers.

We track our external research and development expenses on a program-by-program basis, such as fees paid to CROs, CMOs and research laboratories in connection with our pre-clinical development, process development, manufacturing and clinical development activities. However, we do not track our internal research and development expenses on a program-by-program basis as they primarily relate to compensation, early research and other costs which are deployed across multiple projects under development. For the years ended December 31, 2024 and 2025, substantially all of our research and development expenses are attributable to our TRS01 program for anterior NIU and UG.

Research and development activities are central to our business model. Product candidates in later stages of clinical development, such as TRS01, generally have higher development costs than those in earlier stages of clinical development, primarily due to the increased size and duration of later-stage clinical trials. We expect our research and development expenses to increase substantially following this offering and in the future, as we seek to initiate and progress additional clinical trials for our product candidates, including TRS02 for the potential treatment of back-of-the-eye blinding diseases, complete our clinical programs, pursue regulatory approval of our product candidates, and if approved, prepare for the possible commercialization of TRS01 and TRS02. The successful development of our product candidates is highly uncertain. As this time, we cannot precisely estimate the aggregate costs required to complete significant portions of our clinical programs or additional costs associated with the validation of our contract manufacturers and suppliers as required by the FDA. See "*Risk Factors*" for a discussion of risks and uncertainties associated with our research and development projects.

#### General and Administrative Expenses
Our general and administrative expenses consist of personnel-related costs including payroll, benefits, and stock-based compensation for our executive, finance, and other administrative functions. Other general and administrative expenses include consulting fees, legal services, and other general operating expenses not otherwise classified as research and development expenses.

We expect that our general and administrative expenses will increase substantially in the future as a result of expanding our operations, including hiring personal, preparing for potential commercialization of our product candidates, and facility and subsidiary establishment costs, as well various incremental costs associated with being a public company (including increased legal and accounting fees, regulatory costs associated with maintaining compliance with the rules of the NYSE Stock Market and SEC regulations, investor relations activities, directors and officers liability insurance premiums, and other accompanying compliance and governance costs).

#### Income Tax Provision
As of December 31, 2025, we had deferred tax assets, including Israeli net operating loss carryforwards, of $5,193 thousand.

[**Table of Contents**](#TOC001)

#### Results of Operations

#### Comparison of the Years Ended December 31, 2024 and 2025
The following table summarizes our results of operations for the years ended December 31, 2024 and 2025 (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended <br>December 31,** | **Year Ended <br>December 31,** | **Change** |
|  | **2024** | **2025** | **Change** |
|  | **(in thousands)** | **(in thousands)** | |
|  Operating expenses: |  |  |  |
|  Research and development | 2034 | 2010 | (24) |
|  General and administrative | 364 | 544 | 180 |
|  Total operating expenses | 2398 | 2554 | 156 |
|  Loss from operations before other expense (income) and income taxes | 2398 | 2554 | 156 |
|  Other expense (income): |  |  |  |
|  Interest expense (income), net | (6) | 53 | 59 |
|  Loss on extinguishment of convertible notes | 64 | 2463 | 2399 |
|  Total expense (income), net | 2456 | 5070 | 2614 |
|  Provision for income taxes |  |  |  |
|  Net loss | 2456 | 5070 | 2614 |

---

#### Research and Development Expenses
Research and development expenses decreased by $24 thousand for the year ended December 31, 2025. The decrease was primarily due to decrease in research and development expenses, salaries and other totaling $506 thousand, offset by $482 thousand increase in share based compensation. We expect our research and development expenses to increase substantially in the future as we conduct additional clinical trials of TRS01 and advance the clinical development of TRS02.

#### General and Administrative Expenses
General and administrative expenses increased by $180 thousand for the year ended December 31, 2025. The increase was primarily due to decrease in professional services, salaries and other totaling of $29 thousand, offset by $209 thousand from an increase in share based compensation. We expect our general and administrative expenses to increase substantially in the future as a result of expanding our operations, including hiring personal, and preparing for potential commercialization of our TRS01 and TRS02.

#### Interest Income (Expense), Net
During the year ended December 31, 2025 interest expense recognized was $59 thousand and was primarily due to exchange rate differences.

#### Liquidity and Capital Resources

#### Sources of Liquidity
Since our inception in 2016 through December 31, 2025, our operations have been substantially financed by net cash proceeds of $22.381 million from private placements of ordinary shares and convertible securities in the form of Simple Agreements for Future Equity ("SAFEs"). We will continue to be dependent upon equity, royalty and debt financing, and/or other forms of capital raises at least until we are able to generate significant positive cash flows from our operations. As of December 31, 2025, we had cash and cash equivalents of $1,999 thousand.

[**Table of Contents**](#TOC001)

*Prior Simple Agreements for Future Equity ("SAFEs")*

In July 2022, the Company completed a financing round by issuing SAFEs in an aggregate amount of $1,600,000 to certain accredited investors (the "First 2022 SAFEs"). The First SAFE holder are entitled to in the case of an equity financing prior to the maturity of the First 2022 SAFEs, to convert such holder's 2022 SAFE into the lower of: (i) the price per share of the shares sold in the equity financing multiplied by 80% or (ii) a price per share reflecting a Company's pre money valuation of $115,000,000 on a fully diluted basis. The First 2022 SAFEs also included an automatic conversion upon the Maturity Date (as defined in the First 2022 SAFEs) at a price per share reflecting a Company fully diluted pre-money valuation of US $115,000,000, multiplied by 70% (the "Maturity Conversion Terms"). In February 2023, the Company completed a financing round by issuing SAFEs on the same terms as the First 2022 SAFEs in an aggregate amount of $700,000 to certain accredited investors (the "Second 2022 SAFEs"). In September 2023, the Company completed a financing round by issuing SAFEs on the same terms as the First 2022 SAFEs in an aggregate amount of $650,000 to certain accredited investors (the "Third 2022 SAFEs", collectively, with the First 2022 SAFEs and Second 2022 SAFEs, the "2022 SAFEs"). To date, the Company has issued an aggregate of 110,108 ordinary shares as a result of conversions of the 2022 SAFEs, all of which were issued pursuant to the Maturity Conversion Terms.

In 2024, the Company completed a financing round by issuing SAFEs in an aggregate amount of $2,200,000 to certain accredited investors. Of these SAFEs issued in 2024, $300,000 were issued on the same terms as the 2022 SAFEs (the "2024 Parity SAFEs"). Between January 22, 2026 and February 2, 2026, the Company issued an aggregate of 100,020 ordinary shares to holders upon the maturity of these 2024 Parity SAFEs based on the Maturity Conversion Terms (which are identical to those included in the 2022 SAFEs).

*Current SAFEs*

In 2024, the Company completed a financing round by issuing SAFEs in an aggregate amount of $2,200,000 to certain accredited investors. SAFEs in the amount of $300,000 consisting of the 2024 Parity SAFEs were converted into ordinary shares in January and February 2026, as described above, resulting in $1,900,000 of SAFEs issued in 2024 remaining outstanding. During November 2025 the investor of the remaining $1,900,000 of SAFEs issued in 2024 (the "2024 SAFEs") opted to utilize the 'Most Favored Nation' clause included in the 2024 SAFEs, such that the 2024 SAFEs were amended and restated into the form of the November 2025 SAFE (see details below). We refer to these as the "Amended 2024 SAFEs."

In 2025, the Company completed two financing rounds in May 2025 and November and December 2025 by issuing SAFEs in an aggregate amount of $2,100,000 to certain accredited investors (collectively, the "2025 SAFEs").

In May 2025 the Company issued one SAFE in the amount of $100,000, which entitles its holder, in the case of an "equity financing" prior to its termination (or the termination of the November 2025 SAFEs referred to below), to conversion based on the price per share of the shares sold in the equity financing multiplied by 80%. We refer to this SAFE as the "May 2025 SAFE." The sale of this SAFE also included, in the event of the occurrence of an equity financing, a warrant equal to one hundred percent (100%) of the holder's SAFE purchase amount and exercisable at the conversion price of the May 2025 SAFE, and with a term of two years from the initial public offering (or other date of such equity financing). We refer to this warrant as the "May 2025 SAFE Warrant." The May 2025 SAFE Warrant is issued upon and subject to the occurrence of an "equity financing" (as defined in such SAFE) and its term is calculated beginning from the occurrence of such equity financing and for two years thereafter. The term "equity financing" in this SAFE includes our initial public offering, which is the offering contemplated by this prospectus.

In November and December 2025, the Company issued SAFEs in the amount of $2,000,000 which entitled their holders, in the case of an equity financing prior to the termination of the 2025 SAFEs, to convert such holder's 2025 SAFE based on the lower of: (1) the price per share of the shares sold in the equity financing multiplied by 75% or (ii) a price per share reflecting a Company's pre money valuation of $115,000,000 on a fully diluted basis. We refer to these as the "November 2025 SAFEs." Prior to the date of our audit report for the fiscal year ended December 31, 2024, which audit report was dated December 21, 2025 and included elsewhere in this prospectus, the amount of November 2025 SAFEs consisted of $1,850,000. Subsequent to December 21, 2025 being such date of our audit report

[**Table of Contents**](#TOC001)

for the fiscal year end 2024, an additional $150,000 in November 2025 SAFEs were subscribed for by an investor on December 22, 2025, and which we refer to as the "Subsequent December 2025 SAFEs" (and which are included in the aggregate principal amount of $2,000,000 of our November 2025 SAFEs referred to in this prospectus).

Additionally, the sale of the November 2025 SAFEs included, in the event of occurrence of an equity financing, a warrant for each such SAFE equal to two hundred percent (200%) of the holder's SAFE purchase amount and exercisable at the conversion price of the November 2025 SAFEs, and with a term of three years from the initial public offering (or other date of such equity financing). We refer to these warrants as the "November 2025 SAFEs Warrants." Each of the November 2025 SAFEs Warrants is issued upon and subject to the occurrence of an "equity financing" (as defined in such SAFEs) and its term is calculated beginning from the occurrence of such equity financing and for three years thereafter. The term "equity financing" in these November 2025 SAFEs includes our initial public offering, which is the offering contemplated by this prospectus.

In connection with and upon the consummation of the Company's initial public offering, the Company will issue an aggregate of 927,449 ordinary shares relating to the exercise of the Amended 2024 SAFEs, May 2025 SAFE and November 2025 SAFEs to the holders of such SAFEs.

#### Funding Requirements
Our primary use of cash is to fund operating expenditures, consisting of research and development expenses (including activities within our pre-clinical, clinical, regulatory, and drug manufacturing initiatives) and general and administrative expenses. Our use of cash is impacted by the timing and extent of the required payments for each of these activities.

We believe that the net proceeds from this offering, in combination with our existing cash and cash equivalents, will enable us to fund our operating expenses and capital expenditure requirements for at least the next 24 months. We have based these estimates on our current assumptions that may require future adjustments based on our ongoing business decisions. Accordingly, we may require additional capital resources earlier than we currently expect.

To date, we have not generated any revenue. We do not expect to generate any product revenue unless and until we (1) successfully complete development of any of our product candidates; (2) obtain applicable regulatory approvals; and (3) successfully commercialize or enter into collaborative agreements for our product candidates. We do not know with certainty when, or if, any of these items will ultimately occur. We expect to incur continuing significant losses for the foreseeable future and our losses to increase as we ramp up our clinical development programs and begin activities related to commercial launch readiness. We may encounter unforeseen expenses, difficulties, complications, delays and other currently unknown factors that could adversely affect our business. Moreover, following the completion of this offering, we will incur material incremental costs in operating as a publicly traded company.

We will require additional capital to develop our product candidates and fund our operations until commercialization of our lead product. We anticipate that we will eventually need to raise substantial additional capital, the requirements for which will depend on many factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the scope, timing, rate of progress and costs of our drug discovery efforts, preclinical development activities, laboratory testing and clinical trials for our product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number and scope of clinical programs we decide to pursue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost, timing and outcome of preparing for and undergoing regulatory review of our product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the scope and costs of development and commercial manufacturing activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the cost and timing associated with commercializing our product candidates, if they receive marketing approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount of revenue, if any, received from commercial sales of our product candidates, should any of our product candidates receive marketing approval;

[**Table of Contents**](#TOC001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the achievement of milestones or occurrence of other developments that trigger payments under any collaboration agreements we might have at such time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the extent to which we acquire or in-license other product candidates and technologies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the costs of preparing, filing and prosecuting patent applications, maintaining and enforcing our intellectual property rights and defending intellectual property-related claims;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to establish and maintain collaborations on favorable terms, if at all;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability establish subsidiaries in select international jurisdictions to support our operational, clinical, and commercial activities as we advance toward regulatory approvals and future product launches;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our efforts to enhance operational systems and our ability to attract, hire and retain qualified personnel, including personnel to support the development of our product candidates and, ultimately, the sale of our products, following FDA approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our implementation of various computerized information systems; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the costs associated with being a public company

A change in the outcome of any of these or other variables with respect to the development of any of our product candidates could significantly change the costs and timing associated with the development of that product candidate. Furthermore, our operating plans may change in the future, and we will continue to require additional capital to meet operational needs and capital requirements associated with such operating plans. If we raise additional funds by issuing equity securities, our stockholders may experience dilution.

#### Summary Statement of Cash Flows
The following table sets forth the primary sources and uses of cash, cash equivalents and restricted cash for each of the periods presented below:

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br>December 31,** | **Year Ended <br>December 31,** |
|  | **2024** | **2025** |
|  | **(in thousands)** | **(in thousands)** |
|  Net cash (used in) provided by: |  |  |
|  Operating activities | (1913) | (1318) |
|  Investing activities | (1) | (1) |
|  Financing activities | 2200 | 2100 |
|  Net increase (decrease) in cash, cash equivalents and restricted cash | (286) | (781) |

---

*Net Cash Used in Operating Activities*

Net cash used in operating activities was $1.9 million for the year ended December 31, 2024, which was primarily due to our net loss of $2.5 million and increase in non-cash items totaling $124 thousand, offset by $64 thousand from revaluation of financial instrument convertible to shares, and $603 thousand share-based compensation.

Net cash used in operating activities was $1.3 million for the year ended December 31, 2025, which was primarily due to our net loss of $5.0 million and offset by non-cash items totaling $3.8 million: $2.5 million from revaluation of financial instrument convertible to shares, and 1.3 share based compensation.

*Cash Used in Investing Activities*

We had no net cash used in investing activities during the years ended December 31, 2024 and 2025.

[**Table of Contents**](#TOC001)

*Net Cash Provided by Financing Activities*

Net cash provided by financing activities was $2.2 million for the year ended December 31, 2024, due to issuance of convertible securities in the form of SAFE.

Net cash provided by financing activities was $2.1 million for the year ended December 31, 2025, due to issuance of convertible securities in the form of SAFE.

#### Contractual Obligations and Commitments
The following table summarizes our contractual obligations as of December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
|  | **Less than <br>1 year** | **1 to 3 years** | **3 to 5 years** | **More than <br>5 years** | **Total** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
|  Operating obligations | $— | $— | $— | $— | $— |
|  Total | $— | $— | $— | $— | $— |

---

____________

(1) We enter into contracts in the normal course of business with (i) clinical research organizations and clinical sites, (ii) contract manufacturers for pre-clinical and clinical drug supply, (iii) regulatory consultants and (iv) various other vendors in operating our business. These contracts generally provide for termination provisions with notice, and therefore we believe that our non-cancelable obligations under these agreements were not material as of December 31, 2025.

The Company owes a total of $678,000 consisting of a non-interest-bearing $117,000 shareholder loan without maturity date from our Chief Executive Officer received in April 2022 and approximately $561,000 in deferred compensation representing earned but unpaid salary and/or bonus amounts, each of which remains outstanding obligations to our Chief Executive Officer.

#### Critical Accounting Policies, Significant Judgments and Use of Estimates
Our management's discussion and analysis of financial condition and results of operations is based on our financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP. The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported expenses incurred during the reporting periods. Our estimates are based on our historical experience and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates under different assumptions or conditions.

While our significant accounting policies are described in the notes to our financial statements also included in this registration statement, we believe these critical accounting policies are the most important to understanding and evaluating our reported financial results.

#### Fair Value Measurements
Critical accounting estimates include the valuation of our convertible securities, including SAFEs, which are measured at fair value on a recurring basis with changes in fair value reported in the consolidated statements of operations. We elected the fair value option in accordance with ASC 825, Financial Instruments. As of December 31, 2025 the SAFE were valued using a probability weighted expected return method ("PWERM") valuation approach of two liquidation scenarios as follow: (1) a distribution in case of an IPO scenario in which the Company's capital will convert to common stocks and will be distributed at a price per stock equal to the Company value on the date of the IPO, divided by the total number of stocks and (2) a distribution in case of an M&A scenario in which the total consideration will be distributed in accordance with the SAFE terms to the SAFE investors and the other shareholders. For the IPO scenario the valuation based on the management's assumption for the Company's equity value and discounted the equity value by the Company's WACC of 28.0%. For the M&A scenario, the Company estimates the Fair Value of the SAFE and the ordinary shares using the Income Approach, specifically the discounted cash flow ("DCF") model, which reflects the present value of the expected future cash flows. The projected cash flows are derived from the

[**Table of Contents**](#TOC001)

Company's long term financial projections, including, inter alia, the planned market penetration and the prevalence rates in the population, pricing assumptions, operating cost structure, and regulatory approval milestones which are based on market research and industry benchmarks. The DCF model incorporates a discount rate (WACC) of 28% for 2025, in addition to considering the success probabilities of drug candidates at this stage of development. As of December 31, 2024 the Company estimates the Fair Value of the SAFE and the ordinary shares using the Income Approach, specifically the discounted cash flow ("DCF") model, which reflects the present value of the expected future cash flows. The projected cash flows are derived from the Company's long-term financial projections, including, inter alia, the planned market penetration and the prevalence rates in the population, pricing assumptions, operating cost structure, and regulatory approval milestones which are based on market research and industry benchmarks. The DCF model incorporates a discount rate (WACC) of 31.0% for 2024, in addition to considering the success probabilities of drug candidates at this stage of development.

#### Warrants and SAFEs Accounting
We account for warrants or SAFEs as either equity-classified or liability-classified instruments based on an assessment of the warrants' or SAFEs' specific terms and applicable authoritative guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 480, "*Distinguishing Liabilities from Equity"* ("ASC 480") and ASC 815, "*Derivatives and Hedging"* ("ASC 815").

#### SAFE Warrants
The 2025 SAFE Warrant (in each case as defined above in the section entitled "*Management's Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — Current SAFEs*") are issued upon and subject to the occurrence of an "Equity Financing", as defined in the agreements for the 2025 SAFEs.

The 2025 SAFE Warrants derive their exercise price from the conversion price of the 2025 SAFEs, and are exercisable to purchase the same shares as those the respective SAFE is converted into ("SAFE Shares"). The number of shares for which the 2025 SAFE Warrants are exercisable into is equal to the number of shares issued to the relevant investor upon conversion of the respective SAFE.

Since the 2025 SAFE Warrants are only issued upon and subject to the occurrence of an "Equity Financing", being an event which also converts the SAFE (see below), the 2025 SAFE Warrants are not assignable by themselves prior to the conversion of the SAFE. As such, the 2025 SAFE Warrants are not a freestanding financial instrument, but rather embedded within the SAFE agreement, since they are neither entered separately and apart from the SAFEs nor are they legally detachable and separately exercisable from the SAFEs. Thus, the classification of the 2025 SAFE Warrants and 2025 SAFE agreements is a single unit of account.

#### Classification of SAFE agreements issued before 2025
The number of SAFE Shares issuable upon an Equity Financing is determined by dividing the SAFEs' purchase amount by the SAFE price. The SAFE price is the lower of (i) a Company Valuation Cap of $115 million divided by the Company's capitalization and (ii) the Discount Price.

The "Discount Price" is determined with reference to the price per share sold in an Equity Financing, multiplied by a discount rate of 80%.

For SAFE agreements issued before 2025, if an Equity Financing does not occur until expiration of the SAFE agreement after 24 months, the SAFE price is determined with reference to a Company value of $115 million applying a discount rate of 70%.

Applying ASC 815-40-15-7E, the number of SAFE Shares to be issued varies with reference to the occurrence/non-occurrence of an Equity Financing before expiration of the SAFEs. This is because the SAFE agreement includes a different conversion formula for each scenario. The SAFEs are classified as liabilities because they fail Step 2 of ASC 815-40's indexation guidance.

[**Table of Contents**](#TOC001)

#### Classification of SAFEs issued in May 2025 ("2025 SAFEs")
The SAFEs issued in May 2025 do not expire after a predetermined period. Under these agreements, SAFEs are settled, inter alia, upon a Liquidity Event (as defined therein), such as a change in control, direct listing or IPO. The settlement formula of those SAFEs is different for Liquidity Events that are change in control and other types of Liquidity Events. As such, these SAFEs are classified as liabilities because they fail Step 2 of ASC 815-40's indexation guidance.

The fair value of the liability-classified 2025 SAFEs incorporates both the expected number of SAFE Shares to be issued and 2025 SAFE Warrants.

#### Stock-Based Compensation
We account for share-based compensation in accordance with ASC Topic 718, "Compensation-Stock Compensation." We calculate the fair value of share options on the date of grant using the Black-Scholes option-pricing model, and the expense is recognized over the requisite service period for awards expected to vest using the graded vesting method. This model requires various significant judgmental assumptions in order to derive a final fair value determination for each type of award, including the expected term, expected volatility, expected dividend yield, risk-free interest rate, and fair value of our share on the date of grant. The requisite service period for share options is generally four years.

As there is no public market for our ordinary shares, the fair value of our equity is being approved by our board of directors as of the date share-based awards were granted. In estimating the fair value of our ordinary shares, we used the assistance of a third-party valuation specialist and considered factors we believed are material to the valuation process, including, but not limited to, the price at which recent equity was issued by us to independent third parties or transacted between third parties, risks, prospects, and economic and market conditions, among other factors. We believe the combination of these factors provided an appropriate estimate of our expected fair value and reflects the best estimate of the fair value of our ordinary shares at each grant date.

The valuations of our ordinary shares were determined in accordance with the guidelines outlined in the American Institute of Certified Public Accountants Practice Aid, Valuation of Privately-Held-Company Equity Securities Issued as Compensation, or the AICPA Practice Aid. The assumptions used in the valuation model are based on future expectations combined with management judgment. Our board of directors, with input from management, exercised significant judgment and considered numerous objective and subjective factors to determine the fair value of our ordinary shares as of the date of each option grant, including the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• independent valuations performed at periodic intervals by independent third-party valuation specialist;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our current business projections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our stage of development;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prices, rights, preferences and privileges of our convertible classes of ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• current business conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the likelihood of a liquidity event for the ordinary shares underlying these share options, such as an initial public offering or sale of our company, given prevailing market conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any adjustments necessary due to the lack of marketability of our ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the purchase of our ordinary shares by third party investors in arms-length transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the market performance of comparable publicly traded companies.

#### Seasonality
Seasonality does not materially affect our business or the results of our operations.

[**Table of Contents**](#TOC001)

#### Quantitative and Qualitative Disclosure About Market Risk
We are exposed to market risks in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates. Our market risk exposure is primarily a result of foreign currency exchange rates, which is discussed in detail in the following paragraph.

#### Foreign Currency Exchange Risk
While the majority of our expenses are denominated in U.S. dollars, we operate in Israel and utilize manufacturing resources in Europe, which results in a portion of our expenses being incurred in New Israeli Shekels (NIS) and euros. We are therefore exposed to market risk, which represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates. We are subject to fluctuations in foreign currency rates in connection with these arrangements.

As of December 31, 2025, we have not entered into any hedging transactions, but we may do so in the future. Even if we do enter into such hedging transactions in the future, we cannot guarantee that such measures will effectively protect us from adverse effects due to the impact of fluctuations in currency exchange rates.

#### Off-Balance Sheet Arrangements
Since our inception, we have not engaged in any off-balance sheet arrangements, as defined in the rules and regulations of the SEC.

#### Internal Controls and Procedures
We are not currently required to comply with the SEC's rules implementing Section 404 of Sarbanes Oxley and are therefore not required to make a formal assessment of the effectiveness of our internal control over financial reporting for that purpose. Upon becoming a public company, we will be required to comply with the SEC's rules Sections 302 and 404 of the Sarbanes-Oxley Act, which will require management to certify financial and other information in certain of our reports and provide an annual management report on the effectiveness of controls over financial reporting. We will not be required to make our first annual assessment of our internal control over financial reporting pursuant to Section 404 until the year following our first annual report required to be filed with the SEC.

Further, our independent registered public accounting firm is not yet required to formally attest to the effectiveness of our internal controls over financial reporting, and will not be required to do so for as long as we are an "emerging growth company" pursuant to the provisions of the JOBS Act. See "*Status as an Emerging Growth Company*."

[**Table of Contents**](#TOC001)

#### BUSINESS

#### Overview
We are a late clinical stage biopharmaceutical company, focused on the development and commercialization of novel pharmaceutical therapies to address unmet need in ocular diseases with underlying inflammatory pathologies. Our dazdotuftide platform technology is a bio-inspired immunomodulator designed to treat blinding inflammatory ocular diseases, and is currently being developed as both eye drops and intravitreal injections.

Our lead product candidate, TRS01, is poised to commence a Phase 3 clinical trial (called Tarsier-04) which will assess the safety and efficacy of TRS01. TRS01 is an eye drop formulation of dazdotuftide, a new chemical entity ("NCE"), which is being developed for the treatment of non-infectious anterior uveitis ("NIAU"), including NIAU patients diagnosed with glaucoma (or so-called comorbid glaucoma). The uvea is the pigmented layer of the eye, situated between the retina and cornea. Uveitis, an autoimmune disease of the eye, characterized by acute, recurrent or chronic inflammation and is a painful condition that can lead to blindness. Uveitic glaucoma is uveitis with comorbid glaucoma, and it is considered an end-stage of uveitis, with severe vision loss and blindness. We expect to initiate the Tarsier-04 trial in the third quarter of 2026. According to the reported prevalence in a large epidemiology study published by Kirupaharan et al. in the American Journal of Ophthalmology in March 2025, in the U.S. alone, prevalence of vision loss associated with uveitis has increased 2.7-fold in the last decade, and it is estimated that there are approximately 615,000 patients with NIAU, out of which approximately 160,000 have progressed to uveitic glaucoma. In addition, according to the SITE study as reported by Daniel et al, approximately 20% of NIAU patients develop OHT which translate to approximately 120,000 patients in the U.S. OHT is a precursor to glaucoma without documented vision loss, and these patients are at higher risk for glaucoma. According to the study published in the American Journal of Ophthalmology, an increase in prevalence of uveitis in the last decade was reported. According to the Chu 2024 epidemiology study, vision loss in uveitic glaucoma is nearly 3-fold higher than in uveitis without glaucoma, despite multiple treatment options for glaucoma, both surgical and medical.

Despite available treatment options, prolonged vision loss occurs in two thirds of patients with NIAU according to Durrani et al. 2004. The standard of care for acute/active NIAU has not changed in the last seven decades. It consists of topical steroids (administered as eye drops) which are effective in treating inflammation but are directly associated with a risk of intraocular pressure ("IOP") elevation and glaucoma, a critical driver of long-term morbidity and high risk for blindness. This risk is also reflected in the warnings included in the product labeling of topical steroids. Currently there is no alternative to steroids for patients with an active disease. Clinicians and patients must balance controlling inflammation with the risk of steroid-induced ocular complications, which can contribute to a cycle of progressive vision loss.

Our goal for TRS01 is therefore to provide a safer and effective treatment. It is an eye drop formulation of dazdotuftide, a peptide conjugate that promotes immune tolerance. TRS01 is aimed to serve as a steroid-free alternative to treat active NIAU. Based on the data from our clinical trials of TRS01 in active non-infectious anterior uveitis, including in patients with uveitic glaucoma, TRS01 has the potential, if approved, to become first-line treatment for active uveitis in patients with uveitic glaucoma, and a better treatment option for those with active NIU without glaucoma, given the lack of currently available safe treatment options. Based on the amount of literature published in recent years, we believe that awareness of the consequences of current standard of care for NIAU patients is increasing, which we believe could lead to a shift in prescriber treatment practices once a safer drug becomes available. A panel of ophthalmologists specializing in uveitis and glaucoma, the Uveitic Glaucoma Interest Group, recently presented recommendations to lower the IOP threshold in uveitis to a more stringent threshold of 16 mmHg, to safeguard vision. This stringent threshold presents a clinical challenge for steroidal treatment given their associated IOP elevation side effect.

Based on the literature covering epidemiology data and disease course combined with a third-party payer survey that we commissioned, and subject to such epidemiology data's and survey's analysis and assumptions, the potential U.S. market for the treatment of non-infectious anterior uveitis in patients with uveitic glaucoma is estimated to be over $5 billion per year. The U.S. uveitis specialist community, comprising approximately 450 physicians who treat this patient population, represents a concentrated target prescriber base for TRS01 and also TRS02. This concentration provides an opportunity to execute an efficient go-to-market strategy and capture significant commercial opportunities in a multi-billion-dollar market.

In the three Company sponsored trials of the TRS01 program to date, we have treated a total of 133 patients with various doses of TRS01, out of them 107 patients with the intended commercial dose. After completion of the TRS4Vision Phase 3 trial, we met with the U. S. Food and Drug Administration ("FDA"). Following this meeting,

[**Table of Contents**](#TOC001)

based on the FDA's guidance, we submitted a Special Protocol Assessment ("SPA") Request, to request the FDA's written agreement that the proposed pivotal clinical trial's design, clinical endpoints, and statistical analyses are adequate to support a potential marketing application submission. We then received an SPA Agreement. An SPA Agreement is intended to be binding on the FDA and the sponsor, provided the sponsor follows the agreed-upon protocol and relevant scientific standards, and unless a substantial scientific issue essential to product safety or efficacy is identified after the agreement is reached or if there's a paradigm shift in disease diagnosis or management.

We expect to initiate the Phase 3 clinical trial for TRS01 in the U.S. in the third quarter of 2026 and report top-line results in 2027. The trial is designed to support potential approval of TRS01 for the patient population with active non-infectious anterior uveitis including patients with uveitic glaucoma, as set forth in the SPA Agreement. If we receive FDA approval for TRS01, we plan to concentrate our initial commercial efforts on clinicians who treat uveitis patients who have progressed to uveitic glaucoma, because these patients are at the highest risk for blindness, higher risk for further glaucoma progression from the use of steroids and are being treated by a relatively small and approachable group of uveitis specialists. Subsequently, we intend to expand our commercial footprint to cover a larger group of physicians, including general ophthalmologists who treat patients with uveitis accompanied by OHT comorbidity, with eventual potential expansion to the optometry community, which will enable access to the broader NIAU population.

In addition to our lead product candidate, TRS01, we are developing our second product candidate, TRS02, which is a slow-release intravitreal injection formulation of dazdotuftide for the treatment of back-of-the-eye ocular diseases. We plan to evaluate TRS02 in posterior uveitis, as well as in other blinding ocular diseases in the back of the eye, such as diabetic macular edema ("DME"), non-proliferative diabetic retinopathy ("NPDR"), and dry age-related macular degeneration ("dry-AMD"), all of which have underlying inflammatory pathologies. It is estimated that in the U.S. there are approximately 200,000 people with non-infectious intermediate posterior, or panuveitis, that account together for 20-25% of patients with non-infectious uveitis. Diabetic retinopathy ("DR") and dry-AMD are estimated to affect 9.6 million and 18.3 million people in the U.S., respectively, and these numbers were projected to rise.

#### Background on Uveitis
Non-infectious uveitis is an autoimmune eye inflammation that affects the middle layer of tissue in the eye, called the uvea. The specific types of uveitis are referred to based on their position in the eye, uveitis that occurs in the front of the eye is referred to as anterior uveitis; if the inflammation is in the middle of the eye, it is called intermediate uveitis; and if it is in the back of the eye it is called posterior uveitis. Panuveitis is when all layers of the uvea are inflamed, from the front to the back of the eye.

#### Types of Uveitis by Anatomical Location
![](timage_003.jpg)

[**Table of Contents**](#TOC001)

Uveitis may occur at any age. According to studies, the average age of onset of the disease is approximately 40 years old, although up to 10% of cases are diagnosed in children under the age of 16.

The average cost per patient for treating uveitis is similar to, and potentially higher than, the cost for treating diabetes or hypertension, and per patient cost similar to some cancers. Additionally, uveitis has a heavy socioeconomic impact given the associated vision loss and need for lifelong management since the majority of uveitis patients are professionally active when diagnosed.

Autoimmune diseases including non-infectious uveitis are characterized by recurrent flare-ups of inflammation interspersed with remission, or quiescent periods. An active uveitis flare is an ophthalmic emergency leading to vision loss and pain and requiring urgent treatment. The goal of non-infectious uveitis treatment is to rapidly suppress active inflammation and pain. Following the acute phase, the treatment goal is to achieve long-lasting remission and to prevent complications and cumulative ocular damage. There is currently no way to cure the underlying autoimmune mechanism or to prevent flare-ups.

Local administration of steroids as eye drops is the current standard of care for active anterior non-infectious uveitis. For back of the eye non-infectious uveitis, steroids are administered as eye drops and via periocular injection, intravitreal injection, or sustained release drug implants. In more severe cases, treatment may be administered systemically, with either oral or intravenous steroids.

Steroids' use in the eye has well-documented concerns regarding side effects. Side effects possibly resulting from use of topical steroids in the eye, include possible glaucoma. As a result, systemic immunosuppressive agents may be additionally given to a patient on such steroid regimen in an effort to prolong the remission or quiescent period and to reduce steroid exposure. These immunosuppressive agents do not treat the active disease stage, as they require 2-12 weeks to take effect. Immunosuppressive agents, used with close monitoring, include systemic steroids, T-cell inhibitors (e.g. sirolimus, cyclosporine, tacrolimus), antimetabolites (e.g. azathioprine, methotrexate, mycophenolate mofetil, leflunomide), alkylating agents (e.g. cyclophosphamide, chlorambucil), and biologic drugs (e.g. adalimumab). Despite these possibly side effects and risks, topical steroids has remained the only available treatment for non-infectious anterior uveitis flares.

#### Our Lead Indication — Uveitic Glaucoma
Uveitis with comorbid glaucoma (i.e. uveitic glaucoma) is a condition in which ocular inflammation and/or its treatment, namely topical steroids, causes a prolonged, persistent, or recurrent IOP elevation with development of characteristic glaucomatous optic nerve damage and visual field loss.

#### Estimated Number of Patients in U.S.

[**Table of Contents**](#TOC001)

In contrast to primary glaucoma without uveitis, uveitic glaucoma patients exhibit significantly higher IOP levels and a more variable response to IOP-lowering medications, all of which contribute to a nearly twofold faster rate of glaucoma progression compared to glaucoma without uveitis.

Importantly, many patients who develop uveitic glaucoma are already receiving multiple IOP-lowering medications and, in many cases, have undergone one or more glaucoma surgeries. As a result, their ability to further tolerate or respond to additional anti-glaucoma therapy is limited. Therefore, the management of IOP elevation in these patients cannot be adequately addressed simply by intensifying conventional glaucoma treatments, underscoring the need for an anti-inflammatory drug that does not increase IOP.

A recent epidemiology study of approximately 90 million lives in the US found that uveitis with co-morbid glaucoma has the 3<sup>rd</sup> highest prevalence of severe vision loss and blindness, a higher rate of blindness than any non-genetic ocular disease. Importantly, the same study showed the prevalence of severe vision loss and blindness in uveitic glaucoma is approximately three times higher than in uveitis patients without glaucoma (12.63% vs. 33.23%). This corresponds to an estimated 70,000 NIAU patients experiencing severe vision loss or blindness, the majority of whom have uveitic glaucoma.

#### Drawbacks of the Current Standard of Care of Uveitis
Steroid eye drops have been the cornerstone therapy for active NIAU for over seven decades. No alternatives to steroids are currently approved for active NIAU. While topical steroids effectively control inflammation and relieve pain, potential complications include cataracts and increased risk of ocular infection. Of particular concern, the most common and sight-threatening side effect of steroids is elevated IOP, which can be irreversible and may ultimately progress to glaucoma, a key driver of long-term morbidity. A study from the British journal of ophthalmology found in patients with uveitis, progression from uveitis-related OHT to glaucoma, an irreversible damage to the optic nerve leading to progressive loss of vision (i.e. glaucomatous optic neuropathy) occurred with a median time of 1.2 years. A large study from 2025 found cumulative incidence of new glaucoma or OHT after uveitis with a mean time of 16 months. In eyes already with glaucoma, steroid-induced IOP elevation occurs in 90% of eyes.

Steroids induce IOP elevation through Glucocorticoid Receptors ("GR") in the trabecular meshwork, which is the ocular primary location of aqueous humor outflow. According to recent studies, steroids have been shown in animal models to increase the resistance in the trabecular meshwork, creating irreversible structural changes and mechanical obstruction.

A substantial body of clinical data and numerous publications have firmly established the link between ocular steroid use and significant adverse effects, most notably elevated IOP and cataract formation. IOP is a risk factor for glaucoma and blindness, similar to blood pressure being a risk factor for stroke, or cholesterol for cardiovascular disease. Indeed, OHT is regarded as the primary risk factor for glaucoma; therefore, IOP control remains the main strategy to prevent glaucoma in at-risk individuals and to slow disease progression in patients with established glaucoma. Topical steroids carry a class label warning for IOP elevation, e.g., the labels of Pred Forte and Lotemax, include warnings related to IOP elevation and use of steroids with caution in the presence of glaucoma. Nevertheless, there is presently no alternative to steroid for active inflammation associated with non-infectious anterior uveitis.

The IOP side effect of steroids is of special importance in NIAU since NIAU is a chronic lifelong disease with recurrent flare-ups requiring recurrent treatment courses with steroids, thereby increasing the long-term risk for glaucoma. Steroid-induced OHT can worsen over time, persist after the steroids have been discontinued and become refractory to topical IOP-lowering agents. A 25-year follow-up National Eye Institute ("NEI") study on >7,000 uveitis patients showed that any daily use of topical steroids increased the risk for OHT when compared with eyes that were not receiving any topical steroids. In pediatric patients with uveitis, even one or two drops per day can increase the risk of IOP elevation, and this effect tends to be dose-dependent. The Multicenter Uveitis Steroid Treatment ("MUST") study, concluded that an increase in IOP is a prime driver of glaucoma in uveitis patients, and that even a modest rise in IOP between 16 and 20 mmHg was associated with a higher incidence of glaucoma.

Patients with active non-infectious uveitis receive steroids in the United States today, because it is the only FDA approved treatment alternative for this condition and therefore we believe these patients may have no treatment alternative. Management of the inflammation and pain caused by the uveitis, while preserving long-term vision is notoriously challenging. In patients who have already progressed to comorbid glaucoma, the lack of alternatives is even more dire as continued treatment with steroids could exacerbate glaucoma or even lead to vision loss or blindness.

[**Table of Contents**](#TOC001)

Because of the risk of steroids, and based on our discussions with certain clinicians and published literature, we believe that clinicians may in some cases prefer choose undertreatment of the disease. Based on our discussions with some clinicians, we believe that clinicians often prefer the presence of trace inflammatory cells without an associated increase in IOP rather than eliminating cells at the cost of elevated IOP with steroid treatment. That is because long-term or repeated episodes of increased IOP are generally considered more likely to contribute to vision loss, than leaving a patient with trace inflammatory cells. This tendency to minimize steroid use, even at the expense of leaving trace inflammation is a common clinical approach to balance the risk of steroid-induced IOP elevation against the potential harm of persistent inflammation.

Overall, despite treatment, prolonged visual loss occurs in two thirds of patients with NIAU, and the incidence and prevalence of vision loss and blindness from uveitis-related conditions continue to rise. A recent epidemiology study from authors at Johns-Hopkins University based on medical claims data of approximately 100 million lives in the US over 10 years (2013-2023), reported that prevalence of vision loss associated with uveitis has increased 2.7-fold in the last decade. Elevated IOP and glaucoma are one of the leading causes of vision loss in uveitis patients with the prevalence of severe vision loss and blindness in uveitic glaucoma nearly 3-fold higher than in uveitis without glaucoma.

#### From Inflammation to Blindness
![](timage_004.jpg)

Vision loss and eye disorders significantly impact health-related quality of life. Based on a 2022 study, the estimated economic burden of visual impairment was approximately $61.6 billion for people younger than 65 years old. In a 2013 study, the economic burden was approximately $27.5 billion in the U.S. population younger than 40 years old.

![](timage_005.jpg)

Given the preponderance of evidence, to safeguard vision in uveitis, an international panel of ophthalmologists specializing in uveitis and glaucoma, the Uveitic Glaucoma Interest Group, recently published a consensus paper recommending clinicians to maintain an IOP threshold in uveitis patients beneath 16 mmHg. This threshold is lower

[**Table of Contents**](#TOC001)

than that typically applied to glaucoma patients without uveitis and is particularly challenging to maintain in uveitic eyes, which often require repeated courses of steroid treatment, with their associated side effect of IOP elevation. This challenge has also been confirmed in the TRS4Vision Phase 3 data, as will be discussed below.

![](timage_006.jpg)

Most uveitic glaucoma patients are managed by ophthalmologists with special training in uveitis. There are about 450 such specialists in the U.S.; the vast majority of whom are affiliated with two key national societies — the American Uveitis Society ("AUS") or the Foster Ocular Inflammation Society ("FOIS")–and two major international organizations, the International Uveitis Study Group ("IUSG") and the International Ocular Inflammation Society ("IOIS"). These specialist clinicians represent a highly approachable and well-defined prescriber base.

In a survey conducted by the IUSG during the summer of 2020, 34 global key opinion leaders in uveitis, all from tertiary centers, confirmed that uveitic glaucoma is a complex disease with a lack of available treatments and a much worse prognosis than uveitis alone. According to this Tarsier sponsored survey, the burden of care for uveitic glaucoma patients is substantially higher than for uveitis patients without glaucoma.

#### Results of International Uveitis Study Group (IUSG) Survey
![](timage_007.jpg)

[**Table of Contents**](#TOC001)

![](timage_008.jpg)

Treatments for increased IOP like beta-blockers and carbonic anhydrase, which are typically used to treat glaucoma, are prescribed to manage the IOP in uveitic glaucoma patients. If patients are refractory to IOP-lowering medications, surgeries may be considered (as done in "glaucoma-only" patients); however, in patients with uveitic glaucoma, such surgeries are prone to more complications and, according to the IUSG survey 79% of experts indicated that glaucoma surgeries in the uveitic eye have higher chance to fail because of the uveitis. Only one expert responded that uveitis patients' response to surgery is the same as for other glaucoma patients, and 79% agreed that surgery in uveitis patients also has higher rate of complications than for other glaucoma patients.

#### Results of International Uveitis Study Group (IUSG) Survey — Poor response to glaucoma surgery in patients with uveitic glaucoma compared to glaucoma without uveitis
![](timage_009.jpg)

In summary, non-infectious anterior uveitis is a chronic autoimmune disease. The only treatment for painful vision-impairing flares is topical steroids, which when used recurrently, result in irreversible changes to the trabecular meshwork, increasing IOP and often resulting in glaucoma. Approximately 160,000 U.S. patients live with non-infectious anterior uveitis with comorbid glaucoma. Uveitic glaucoma patients must continue to use topical steroids to treat their uveitis flares, despite class warnings for caution in patients with glaucoma, forcing the impossible choice between vision loss from uveitis, or vision loss from repeated IOP increases that further damage the optic nerve.

We therefore believe that the need for an effective and safe treatment option for active inflammatory ocular disease is clear.

[**Table of Contents**](#TOC001)

#### Our Approach — Promoting Immune Tolerance
Dazdotuftide, is an NCE with a novel mechanism of action. Dazdotuftide is a peptide conjugate that is the product of two potent anti-inflammatory molecules: tuftsin and phosphorylcholine ("PC"). When bound together, the molecule dazdotuftide promotes immune tolerance by shifting macrophages from an inflammatory M1 state to an anti-inflammatory M2 state, which in turn increases IL-10 secretion, and induces regulatory T cells ("Treg"), together promoting the resolution of inflammation.

Phosphorylcholine is an active moiety secreted by parasitic worms. It has been shown to attenuate the activities of the human immune system as part of the worm's sophisticated survival strategy. PC is known to suppress the Nf-kB transcription factor, which regulates a large array of genes involved in a variety of immune and inflammatory responses.

Tuftsin, on the other hand, is a short peptide that is an immunomodulator secreted by the human spleen and has been shown to induce anti-inflammatory IL-10 secreting macrophages. When bound together, the new molecule dazdotuftide has been shown in earlier development to have a strong synergistic effect compared to either molecule on its own.

![](timage_010.jpg)

Dazdotuftide is not anticipated to bind to glucocorticoid receptors in the trabecular meshwork, which was theorized to provide a potentially benefit over steroids in patients who have comorbid glaucoma or are at risk.

#### Clinical Results to Date for TRS01
Presently, the evaluation of new treatments for NIAU relies predominantly on a single efficacy-related endpoint: resolution of inflammation. This does not account for the ocular safety burden associated with both short- and long-term disease management — particularly in patients at risk for uveitic glaucoma. The continued use of steroids and the resulting risk of elevated IOP underscore the need for a comprehensive benefit-risk assessment that incorporates IOP safety as part of new treatment evaluation. This need is further supported by the recent recommendation from the Uveitic Glaucoma Interest Group to adopt a more stringent IOP target of 16 mmHg in patients with uveitis, highlighting a critical gap in care. Elevated IOP and glaucoma are key drivers of vision loss in this population, and topical steroids — the current standard of care — directly contribute to IOP elevation. Consequently, evaluating both efficacy and safety parameters is essential to addressing the primary causes of irreversible vision loss. Resolution of inflammation alone is insufficient to safeguard vision in these patients.

[**Table of Contents**](#TOC001)

TRS01 ophthalmic solution of dazdotuftide has been evaluated in three randomized, controlled, masked trials by the Company — two Phase 1/2 trials and one Phase 3 trial. The Phase 1/2 studies provided initial evidence that the TRS01 is well tolerated. The Phase 3 study, which had the same patient population with the same active control (i.e. topical steroids) and same duration as the planned pivotal trial agreed with the FDA under an SPA Agreement, enrolled the largest patient population of all 3 trials and provides the most robust clinical data. For these reasons, while brief summaries of all three trials are provided below, the results of the Phase 3 study are presented in detail.

The totality of the data gathered in these trials supported the revision of the primary endpoint in the planned Tarsier-04 pivotal trial as agreed upon with FDA in the SPA Agreement. The outcomes in the trials below are preliminary and do not reflect FDA conclusions regarding such trials or approval, or the approval or conclusions of any other foreign regulatory organization.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Trial and <br>indication** | **Phase** | **Sample size** | **Duration** | **Primary endpoint** | **Key outcome** |
|  TARSIUS 2020<br> Patients with post-operative ocular inflammation following uncomplicated cataract surgery | 1/2 | Total: 37<br> TRS01 1%: 9<br> TRS01 medium dose: 10<br> TRS01 low dose: 8<br> Vehicle: 10 | 2-week treatment period | To evaluate the safety of TRS01 eye drops (incidence and severity of Adverse Events) | TRS01 eye drops were well tolerated in patients with post-surgical inflammation following cataract surgery with no related Serious Adverse Events ("SAEs"). |
|  GADOT 20/20<br> Patients with active <br>non-infectious anterior uveitis | 1/2 | Total: 16<br> TRS01 1%: 8<br> TRS01 low dose: 8 | 4-week treatment period; 6-week follow-up period | To evaluate the safety of TRS01 eye drops (incidence and severity of Adverse Events) | TRS01 eye drops were well tolerated in patients with non-infectious anterior uveitis with no related SAEs.  |
|  TRS4Vision<br> Patients with active non-infectious anterior uveitis including with uveitic glaucoma | 3 | Total (Safety Analysis Set): 139<br> TRS01 1%: 90<br> Prednisolone acetate: 49 | 4-week treatment period; 2-week follow-up period | Resolution of inflammation (The proportion of patients with ACC Grade=0 on Day 28 in the study eye) – non-inferiority to steroids on Day 28 | TRS01 eye drops were well tolerated in patients with non-infectious anterior uveitis with no related SAEs. While the primary endpoint of ACC = 0 was not met, 64% of TRS01-treated patients experienced clinically meaningful improvement (reached ACC Grade = 0 or 1, i.e., ≤5 cells) with a median time of 9 days and with fewer IOP spikes compared to topical steroids. Based on pre-specified analysis, TRS01 was nominally non-inferior to topical steroids to control flare and ocular pain.<sup>(1)</sup> |

---

____________

(1) Note: Regarding this nominally non-inferior (or equivalent) data, ocular pain means change from baseline -1.3 in the TRS01 group and -1.2 in the steroids group on Day 28 (95.1% CI: -0.29, 0.15; p=0.52), and flare change from baseline -0.8 in the TRS01 group and -0.7 in the steroids group on Day 28 (95.1% CI: -0.12, 0.19; p=0.63).

[**Table of Contents**](#TOC001)

#### Safety Results to Date for TRS01
Overall, in the three trials in the TRS01 program to date, 133 patients received various doses of TRS01, out of those 107 patients received the intended commercial dose. TRS01 was well tolerated. In the TRS4Vision trial, the incidence of ocular TEAEs (treatment emergent adverse events) was lower in TRS01 compared to prednisolone acetate treated patients (TRS01, 18 patients (20.0%); prednisolone acetate, 15 patients (30.6%)). In the majority of patients with an ocular TEAE, the event was unrelated to study drug. The most common ocular TEAE was dry eye, recorded for 3 (3.3%) TRS01-treated patients and 1 (2.0%) prednisolone acetate patient, all unrelated to study drug. Punctate keratitis also was recorded for 3 (3.3%) TRS01-treated patients, all with medical history of other ocular diseases. The most common non-ocular TEAE was headache, recorded for 6 (6.7%) TRS01-treated patients and 5 (10.2%) prednisolone acetate patients. In the TRS01 group 6 patients (6.7%) experienced an ocular TEAE in the study eye that was deemed possibly related or related to study drug compared to 4 (8.1%) in the prednisolone acetate group. No ocular SAE was recorded in the study eye of any patient, there were no treatment-related SAEs, and no patient discontinued the study because of an AE.

#### TRS4Vision, Phase 3 Trial Design and Results
TRS4Vision trial was a multinational (U.S., France, Germany) Phase 3 randomized, active-controlled, double-masked study to evaluate the safety and efficacy of TRS01 Eye Drops in the treatment of patients with active non-infectious anterior uveitis including patients with uveitic glaucoma. Adults (≤75 years of age) and pediatric patients, with anterior uveitis, with or without uveitic glaucoma, requiring steroid treatment for an active NIAU flare-up were randomized 2:1 to TRS01 1.0% or prednisolone acetate 1.0%, respectively, both administered as eye drops four times/day for 28 days. The study enrolled patients with moderate to intense inflammation (baseline ACC grade of 2 or 3) — levels of inflammation that rarely resolve without treatment.

#### Tarsier Grading Image Scale
![](timage_011.jpg)

The TRS4Vision study was designed as a non-inferiority trial compared to active control because placebo-controlled trials in active non-infectious anterior uveitis are generally not recommended by physicians due to the risk for fast disease progression and irreversible damage. Notably, historical placebo-controlled trials in non-NIAU ocular inflammation suggest that less than 20% of patients with ocular inflammation treated with placebo will reach complete resolution of inflammation.

[**Table of Contents**](#TOC001)

The primary efficacy endpoint was resolution of inflammation, defined as an anterior chamber cell ("ACC") grade of 0. The following parameters were also assessed at various time points throughout the trial: ACC, pain, flare, and photophobia. The data for these parameters were assessed as time-to-event (e.g., time to ACC score of 0 or trace; time to pain resolution i.e., pain grade = 0), change from baseline, and/or the proportion of patients achieving a grade of 0 or for ACC grade 0 or 1. Pain was assessed using subject-rated ocular pain assessment based on a grading scale of 0-5, with 0 being absence of pain and 5 being severe pain.

In hierarchical testing procedures like those used in our statistical analysis plan, the primary endpoint must demonstrate statistical significance before any formal statistical testing of secondary endpoints is conducted. If the primary endpoint is not met, all secondary endpoints are provided for informational purposes.

Safety assessments included slit-lamp examination findings, adverse events, and, most importantly, changes in IOP. To further evaluate the risk-benefit profile of TRS01, additional post hoc analyses of IOP parameters were conducted. Moreover, to allow a benefit-risk comparison between the TRS01 and steroid arm, IOP analysis was also conducted on the subgroup of patients benefiting most from the anti-inflammatory effect, reaching ACC=0.

*TRS4Vision Results*

136 patients were included in the Full Analysis Set (FAS), 10.3% pediatrics and 19.1% with uveitic glaucoma. Baseline characteristics, including mean baseline IOP, were generally balanced between the treatment arms, however, the TRS01 group had higher percentage of patients with baseline ACC grade 3 (more severe NIAU) compared with the prednisolone acetate group (50.6% TRS01, 44.9% prednisolone acetate).

On Day 28, 46.3% of TRS01-treated patients (47.9% in per protocol analysis set) achieved total resolution of inflammation (ACC Grade=0) in the study eye and almost two thirds (63.4%) of patients achieved control of inflammation, i.e. zero or trace cells (≤5 cells) – a clinically relevant endpoint in uveitis recognized by clinicians. Importantly, Kaplan-Meier analysis confirmed an improvement in inflammation with a median time from baseline to clinically meaningful improvement (ACC zero or trace) in the study eye of 9 days in the TRS01 arm.

Change from baseline in ocular pain was found equivalent in both arms; the mean change from baseline was -1.3 in the TRS01 group and -1.2 in the prednisolone group on Day 28 (95.1% CI: -0.29, 0.15; p = 0.52).

**Kaplan-Meier Plot of Time from Baseline to ACC Grade=0 or 1 (i.e. ≤5 cells count) and to ocular pain grade =0, through Day 28, Study Eye (FAS)**

![](tlinechart_001.jpg)

____________

Note: Each of the two graphical charts above reflects all patients in the TRS4Vision trial that received treatment and were included in the Full Analysis Set (FAS), described above. Follow-up was measured to the earliest event prior to rescue therapy for patients experiencing an event prior to rescue therapy. Otherwise, patients were censored at the earliest of the following: date of the latest completed visit up to and including Visit 5, date of study discontinuation, or date of first rescue therapy.

[**Table of Contents**](#TOC001)

The totality of the IOP data, both pre-specified safety analysis and post hoc analysis, both for the FAS and for the subgroup of patients reaching ACC=0 on day 28, including the result of the analysis that is planned for the upcoming pivotal trial, supported entry into the SPA Agreement with the FDA. Since IOP results were generally consistent between the FAS and the subset of patients achieving complete resolution of inflammation (ACC = 0) on Day 28, we present here the IOP results for this subgroup. By focusing on patients who achieved resolution of inflammation, this analysis reduces potential confounding from inflammation-related effects on IOP and provides insight into the IOP profile in patients most responsive to treatment. Collectively, the IOP data from this subgroup contributes to a more comprehensive understanding of the benefit-risk profile of our approach.

In the Study Eye on Day 28, mean change from baseline in IOP showed a difference of -1.7 mmHg (LS mean; p value of less than 0.05) between TRS01 and steroids. Also, higher proportions of prednisolone-treated patients had an IOP increase from baseline at each of the thresholds evaluated (≥5 mmHg, ≥7 mmHg, ≥10 mmHg; see graph below) and, as a result, are at an increased risk for glaucoma development or worsening of existing glaucoma. Importantly, and in line with the new recommendations for an IOP<16 mmHg in uveitis, our data demonstrated that only 7.4% of TRS01-treated patients who reached ACC=0 on Day 28 had an IOP increase from <16 mmHg at baseline to ≥16 mmHg on Day 28, compared to 31.8% of prednisolone-treated patients who reached ACC=0 on Day 28. The TRS4Vision results suggest that the anti-inflammatory benefits of steroid treatment may come with a substantially greater risk for glaucoma. The term p-value is a statistical measure between 0 and 1 that indicates the probability that the reported result was achieved purely by chance (that there is no significant difference, effect, or relationship between variables or populations). Generally, a p-value of less than or equal to 0.05 indicates that there is less than or equal to 5% probability that the difference between the control group and the treatment group is purely due to chance. If the control group was a placebo/active control, this would mean that there is less than or equal to 5% probability that the difference between the placebo/active control group and the group receiving the treatment, is purely due to chance. A p-value less than or equal to 0.05 typically represents a statistically significant result.

#### Proportions of Patients with IOP increase from baseline on Day 28 (Subset ACC=0)
![](tbarchart_002.jpg)

____________

\* p-value < 0.05; consistent with FAS

A, B, Bar graphs showing for the Subset with ACC=0 on Day 28 (A) Proportion of patients with IOP increase from baseline on Day 28 of ≥5, 7 or 10 mmHg (B) Proportion of Patients with IOP<16 mmHg at Baseline and ≥16 mmHg on Day 28. \*P-value <0.05 versus Prednisolone acetate 1% and p-value >0.05 where no asterisk is shown. In conclusion, in the TRS4Vision trial TRS01 was shown to control inflammation in nearly two thirds of patients, that is, showing zero or trace cells (≤5 cells). TRS01 also demonstrated a change from baseline in ocular pain, which we believe is comparable to steroids. Even though TRS01 was inferior to steroids in resolution of inflammation alone, the inflammation control and pain resolution results of TRS01, together with the totality of the *post hoc* IOP data from the TRS4Vision study, we believe points to a potentially favorable benefit-risk profile of TRS01 for patients with active non-infectious anterior uveitis and specifically for those with uveitic glaucoma. The importance of the benefits-risk profile generally was also recently highlighted by UGIG to have the new recommendation for a more stringent IOP threshold of 16mmHg in uveitis.

[**Table of Contents**](#TOC001)

Confirmatory evidence is required to support a potential marketing application as a new clinical entity. As the primary efficacy endpoint compared to active control was not met, the endpoints in the planned Phase 3 trial have been re-discussed with the FDA and the trial is prospectively designed in the same patient population with the same active control (i.e. topical steroids) and same duration as in TRS4Vision, using the revised endpoints required by the FDA in the SPA Agreement to confirm the benefit-risk profile and will be conducted pursuant to the previously finalized SPA Agreement with the FDA. In addition, the FDA has indicated to us that treatment of active non-infectious anterior uveitis including subjects with uveitic glaucoma meets the criteria for a serious or life-threatening disease or condition for the purpose of seeking eligibility as a breakthrough therapy designated product and we are hopeful to receive such designation in the future. This acknowledgment is significant for patients and will be valuable in future regulatory discussions. Based on our discussions with FDA, we believe that if results of the benefit risk profile will remain positive in the Tarsier-04 trial, breakthrough therapy designation will be considered by FDA. Breakthrough therapy designation often enables more streamlined development programs. Moreover, the FDA has recently announced plans to issue a guideline that may allow approval based on a single trial. Once published, the Company intends to discuss the applicability of this change to its SPA-agreed program. While there is no assurance the guideline will apply or that a single trial will be sufficient, the Company views this potential development as an opportunity to streamline its pathway.

#### Regulatory Status
We reached an SPA Agreement from the FDA, providing via written agreement that the Company's proposed pivotal clinical trial's design, clinical endpoints, and statistical analyses are adequate to support a potential marketing application submission. (Once finalized, an SPA Agreement is intended to be binding on the FDA and the sponsor, provided the sponsor follows the agreed-upon protocol and relevant scientific standards, and unless a substantial scientific issue essential to product safety or efficacy is identified after the agreement is reached or if there's a paradigm shift in disease diagnosis or management). The SPA Agreement followed a formal Type-C meeting held after completion of the TRS4Vision trial, to discuss the outcomes of the trial and seek guidance from the FDA on the adequacy of the proposed Clinical Development Plan to support an NDA submission. A key topic of discussion at the meeting was the concept of including IOP as a key study endpoint for assessing the effects of TRS01 and documenting the clinical advantages of TRS01 treatment. During the meeting discussion, FDA suggested that given the severe side effects and outcome with the standard of care, i.e. steroids treatment, approval for TRS01 will be based on benefit risk assessment and therefore suggested a primary endpoint comparing IOP changes in TRS01 versus steroids, and a secondary endpoint of ACC clearance. Following the SPA Agreement, we have also received an Advice/Information Request Letter from the FDA, acknowledging the SPA Agreement and including questions and recommendations related to the statistical methods for the Phase III trial under the SPA.

#### Our Strategy
Our mission is to develop and commercialize novel pharmaceutical therapies to treat immune-mediated blinding diseases of the eye with high unmet need.

Seventy years after steroids were first administered to the eye, dazdotuftide represents a novel approach by promoting immune tolerance in NIAU. We intend to achieve this goal by pursuing the following key strategic objectives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Completing development and obtaining approval of TRS01 for the treatment of non***-infectious ***anterior uveitis, including in uveitis patients with comorbid glaucoma.*** Based on the TRS4Vision data, we plan to initiate a pivotal clinical trial of TRS01 in the same patient population with the same active control (i.e. topical steroids) and same duration as in TRS4Vision, using the revised endpoints required by the FDA in the SPA Agreement. To address the need to weigh in IOP safety, IOP is the primary endpoint (safety — superiority over steroids) and inflammation resolution is the key secondary endpoint, in line with the SPA Agreement from the FDA. The study will be considered successful if the IOP primary endpoint meets statistical significance, and FDA requirement for approval is that the TRS01 benefits outweigh the risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Launching focused marketing activities to commercialize TRS01 in the U.S. a staged commercialization approach.*** There are approximately 160,000 patients with uveitic glaucoma in the U.S. and about 450 uveitis experts in the U.S., who focus on treating chronic and complicated uveitis eyes, among them patients with uveitic glaucoma. We have already begun discussions with potential prescribers of TRS01, i.e., uveitis specialists including uveitis key opinion leaders from various societies of uveitis experts.

[**Table of Contents**](#TOC001)

As part of our launch strategy, we plan to continue this effort and meet most of the potential prescribers before launch. As a result, we believe that at launch, less than 20 dedicated sales representatives will be able to reach a substantial number of these experts in a cost-effective manner. A third-party payer survey for TRS01, from various types of payors from different geographies, indicated that payors understand the unmet medical needs in the treatment of active non-infectious anterior uveitis in patients with uveitic glaucoma and that, if TRS01 is approved, they indicated that they may allow access to TRS01 for a premium price and minimal restrictions. We intend to leverage proceeds from initial sales to this concentrated group of prescribers to expand our commercialization to a larger group of doctors who treat patients with uveitis accompanied by OHT comorbidity, reflecting our strategy to sequentially broaden market adoption. Over time, we plan to engage general ophthalmologists and other eyecare providers to extend access to treatment for the broader population of patients with non-infectious anterior uveitis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Post launch, broadening the label of TRS01.*** Post-launch, additional studies are planned to support broadening of the label to maximize the benefit for patients for the first novel therapeutic in more than seventy years. Clinicians have advised the Company to design additional trials and expand the label of TRS01, if approved, including for chronic use in an effort to extend quiescence. Lower dose of TRS01 may be beneficial as a maintenance dose for chronic use in those NIAU patients who are currently using systemic immunosuppressants in an effort to reduce frequency of uveitis flare ups. This requires a longer clinical trial.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Launch outside the United States.*** We are in continuous dialogue with the European Medicines Agency (EMA) and have already received their guidelines for the Chemistry, Manufacturing, and Controls (CMC) requirements as part of a scientific advice process. We were granted an orphan designation in the EU for uveitis in November 2019, in which the EMA acknowledged the clinical advantages of dazdotuftide, if approved, in treating non-infectious uveitis, including significant benefit in uveitic glaucoma. An orphan designation is not a guarantee of success. Specifically, this designation may not lead to a faster development, regulatory review, or approval process, and it does not increase the likelihood that a product candidate will receive regulatory approval or marketing authorization. We see a significant commercial opportunity for our product candidates internationally. To address these markets, we may establish relationships with one or more distribution partners in Europe, with regional capabilities and infrastructure to support and potentially accelerate the commercialization of our product candidates, if approved, in such geographies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Developing TRS02 for additional indications associated with uveitis and other back***-of-the-eye ***ocular inflammatory diseases.*** Based on the fundamental role of macrophages in eye inflammation, we plan to pursue development of TRS02, a slow-release intravitreal formulation, in posterior uveitis, as well as in other indications in which inflammation plays a key role in the disease. DME, NPDR and dry-AMD, are all diseases resulting in severe visual loss due to underlying ocular inflammation pathologies, afflict significant patient populations. We plan to validate our technology platform with TRS01 and move steadily towards development of our pipeline for other immune-mediated indications where dazdotuftide may provide a novel mechanism of action. We will continue to seek advice from leading clinicians in the field to guide our pipeline decisions.

#### Our Competitive Strengths
We believe our Company and our current product candidates have the following key competitive and distinguishing characteristics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Dazdotuftide is a steroid***-free ***new chemical entity (NCE) with a disruptive mechanism of action and an issued composition of matter patent issued with global coverage.*** Our patents, patent applications and licensed patents cover new chemical entities, formulations, synthesis and methods of treatment. Dazdotuftide is promoting immune tolerance and our pipeline aims to address a number of diseases across eye care, with high, unmet needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• TRS01 is currently in Phase 3 development targeting a field that has lacked innovation in the past 70 years.*** In the TRS4Vision Phase 3 trial, the results together with the totality of the *post hoc* IOP data we believe points to a favorable benefit-risk profile potential of TRS01 for patients with active non-infectious anterior uveitis and specifically uveitic glaucoma. The *post hoc* IOP data was presented

[**Table of Contents**](#TOC001)

to the FDA as part of a Type C meeting (a formal, non-milestone FDA meeting between agency officials and the Company) which lay the groundwork for the SPA Agreement, and designing the upcoming pivotal trial's new primary endpoint to be a safety IOP endpoint. The planned pivotal trial is designed in line with an SPA Agreement from the FDA, in the same patient population with the same active control (i.e. topical steroids) and same duration as in TRS4Vision, using the revised endpoints required by the FDA in the SPA Agreement. This upcoming pivotal trial is planned to have an IOP primary endpoint compared to the active control (p-value of less than 0.05 in the TRS4Vision *post hoc* analysis of the IOP endpoint). The upcoming pivotal trial, which we refer to as Tarsier-04, is expected to enroll approximately 300 patients from sites in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Large, underserved Non***-infectious ***Anterior Uveitis patient population with a focus on those with comorbid glaucoma initially; a market with a significant opportunity for growth and an approachable prescriber base.*** Our lead product TRS01 is being developed to serve as a steroid-free alternative treatment for the autoimmune eye disease non-infectious anterior uveitis; specifically in patients who are precluded from receiving steroids due to risks associated with that class of drugs. This includes those with comorbid glaucoma (uveitic glaucoma), those with ocular hypertension who are at risk of glaucoma due to their elevated IOP, and children with uveitis who will need a lifetime of therapy. Epidemiology studies confirm the size of the U.S. non-infectious anterior uveitis market to be more than 600,000 patients, with approximately 160,000 of those having comorbid glaucoma. Furthermore, studies indicate an increasing prevalence of vision loss in patients with uveitis, with approximately 1 in 3 patients with uveitic glaucoma reaching severe vision loss or blindness. These findings underscore the insidiousness of the disease over the long-term and the need for safer treatments to control the inflammation and ocular pain associated with active disease. Our commercial plan is based on a staged approach. Initially, we expect to target physicians who treat patients with non-infectious anterior uveitis who have already developed glaucoma. This patient population is served mainly by uveitis specialists representing approximately 450 experts in the U.S., a group that can be reached with a relatively small team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Seasoned Leadership Team and Board.*** Our leadership team brings deep expertise in developing and commercializing therapies for ophthalmic conditions. Both our management team and board of directors have a strong track record in advancing innovative eye-care products and have played key roles in bringing multiple leading treatments to market.

#### Product Candidate Pipeline Overview
Beyond our lead product candidate TRS01, we are currently in pre-clinical development of an intravitreal slow-release injection formulation of dazdotuftide (known as TRS02) for four indications as described below.

![](timage_012.jpg)

We believe that promoting immune tolerance with dazdotuftide has the potential to treat a wide range of diseases and disorders in the eye. Building on our experience with TRS01, we plan to continue to develop the dazdotuftide platform for a number of potential indications in ocular non-infectious inflammatory diseases. Our second product candidate in development, TRS02, is a slow-release formulation to be injected into the back of the eye for treatment of back-of-the-eye retinal diseases such as DME, NPDR, dry-AMD and back-of-the-eye uveitis (intermediate, posterior, and panuveitis), all of which have underlying inflammatory pathologies. Dazdotuftide, the same active ingredient as

[**Table of Contents**](#TOC001)

in TRS01, promotes macrophages to shift from inflammatory to anti-inflammatory and toward immune tolerance. However, for the active ingredient to reach the back-of-the-eye and treat these retinal diseases, injection into the posterior segment of the eye is needed.

We are in the pre-clinical stage of development of this drug candidate and have already reached agreement with the FDA in a pre-IND meeting on the clinical development strategy going forward. We developed the TRS02 formulation prototype, that was found in proof-of-concept preclinical studies to be safe and its release profile to match our clinical plan. We plan to submit an IND for TRS02 for treatment of intermediate, posterior, and panuveitis and initiate a phase I/II dose escalation trial in 2027. After this initial trial, we plan to continue with a dose-ranging and duration-of-effect trial with TRS02 to evaluate the drug for multiple retinal indications simultaneously (DME, NPDR, dry-AMD) in parallel to a program in posterior uveitis.

*Intermediate, posterior and panuveitis*

Named according to the primary sites of inflammation, anterior uveitis is the most common type, after which follows panuveitis, intermediate uveitis and then posterior uveitis. It is estimated that in the U.S. there are approximately 200,000 people with non-infectious intermediate posterior, or panuveitis, that account together for 20-25% of patients with non-infectious uveitis.

Current treatments for posterior uveitis include topical steroids, however, their distribution to the posterior segment is limited, hence their efficacy is not sufficient, and intravitreal injections of steroids are used to reach the site of inflammation. Systemic steroids, at times, and other forms of systemic immunosuppressants are also being used, however, they lead to reduced quality of life. For example, systemic corticosteroids, especially when used at high doses, can lead to serious side effects such as osteoporosis, adrenal suppression, hyperglycemia, dyslipidemia, cardiovascular disease, Cushing's syndrome, psychiatric disturbances, and more. Additionally, immunosuppressant drugs increase the risks of infection, malignancy, cardiovascular disease and bone marrow suppression. These significant long-term adverse effects, which require close surveillance and additional treatments and discomfort, negatively influence the day-to-day quality of life.

*Diabetic Retinopathy and Macular Edema*

Diabetic retinopathy ("DR") is a common complication of diabetes and remains a leading cause of blindness among the entire diabetic population. Across all ages, an estimated 9.6 million people in the United States are living with DR, a number that is estimated to rise in correlation with the rise in diabetes. Of these, 1.84 million have vision-threatening DR. It is estimated that approximately 30% of diabetic people develop DR, and 12.63% of DR patients have severe vision loss and blindness. According to the international diabetes federation, the global population with diabetes will increase by approximately 50% between 2019 and 2045.

Diabetic retinopathy is classified into two main groups — non-proliferative diabetic retinopathy ("NPDR") and Proliferative Diabetic Retinopathy ("PDR"). NPDR refers to the early stage of the disease, in which symptoms are mild or nonexistent, and the majority of patients are in this group. PDR is the late-stage disease, where blood vessels grow into the vitreous and retina. In NPDR, the blood vessels in the retina are weakened, and this results in tiny microaneurysms. Those may eventually leak into the retina and lead to swelling of the macula known as Diabetic Macular Edema ("DME"). Thus, DME is more likely to occur as DR progresses but can occur at any stage. Macular edema is a major cause of visual loss in the course of metabolic, vascular and inflammatory retinal diseases, and DME is one of the most widespread DR complications, at any stage of the disease, with a prevalence that ranges from 19% to 65% of the patients.

#### Our Market Opportunity
At this stage, our market opportunity assessment centers on our lead product candidate, TRS01, an eye drop formulation of dazdotuftide, targeting U.S. patient population with non-infectious anterior uveitis including patients with uveitic glaucoma. This represents the most advanced asset of our pipeline and the initial focus of our commercialization strategy, providing a clear view of the potential value creation in our core indication.

Based on a recent large-scale epidemiology study of approximately 100 million lives in the US, the prevalence of uveitis (infectious + non-infectious) in the United States is 260 per 100,000 and anterior uveitis is approximately 75% of NIAU cases. Non-infectious uveitis accounts for 91% of cases.

[**Table of Contents**](#TOC001)

Based on the most recent report from the large-scale Kirupaharan et al epidemiology study, in which 26.6% of patients with NIAU had uveitic glaucoma, hence, the prevalence of anterior uveitic glaucoma in the United States can be estimated to be 47.2/100,000 in adults. In addition, according to Daniel et al, approximately 20% of NIAU develop OHT, hence, the prevalence of anterior uveitis with OHT in the United States can be estimated to be 35.5/100,000 in adults. Based on a population of more than 347 million people in the United States, this translates to approximately 160,000 people suffering from anterior UG and 123,000 people suffering from NIAU with OHT in the United States.

---

| | | | |
|:---|:---|:---|:---|
|  | **%** | **Prevalence** | **US patient<br>population<br>2025<br>(Approximate)** |
|  Uveitis |  | 260 per 100,000 | 900000 |
|  Non-infectious uveitis | 91% | 236.6 per 100,000 | 820000 |
|  Anterior uveitis | 75% | 177.5 per 100,000 | 615000 |
|  **Anterior Non-infectious uveitis with OHT** | **20%** | **35.5 per 100,000** | **123000** |
|  **Uveitic glaucoma (Anterior Non-infectious uveitis with comorbid glaucoma)** | **26.6%** | **47.2 per 100,000** | **160000** |

---

#### U.S. Sales and Marketing
Our sales strategy, if regulatory approval for TRS01 is achieved, will be based on a staged approach. Initially, we expect to target end-stage uveitis — non-infectious anterior uveitis patients who have already developed glaucoma. There are estimated to be 160,000 patients in the U.S., treated mainly by approximately 450 uveitis specialists and other experts, a small and approachable prescriber base. Consequently, a relatively capital-efficient route to market is planned with a field team estimated to include fewer than 20 sales representatives. We intend to leverage proceeds from initial prescriptions written by this expert group to expand the size of our team and enable activity across a larger group of prescribers who manage less severe patients, including those with an OHT comorbidity, and also pediatric patients, reflecting our strategy to sequentially broaden market adoption. Over time we plan to engage general ophthalmologists and other eye care providers to extend access to treatment for the broader population of patients with non-infectious anterior uveitis.

![](timage_002.jpg)

[**Table of Contents**](#TOC001)

Following the U.S launch of TRS01, we plan to expand the sales and marketing effort of the TRS01 to other geographical markets such as Europe and explore various types of commercial partnerships for sales and marketing in other territories.

#### Our Staged Commercialization Approach
We believe that the marketing efforts for TRS01 will facilitate the commercialization of TRS02 in intermediate, posterior and panuveitis because the prescriber population is substantially the same and the patient population shares many of the same medical characteristics.

#### Chemistry, Manufacturing and Controls
We do not currently own or operate facilities for manufacturing, storing, distributing or testing clinical or commercial quantities of our product candidates. Because we intend to rely on third-party contract manufacturing organizations ("CMOs") to manufacture and supply our products and expect that reliance to continue for the foreseeable future, we have recruited personnel with experience to manage the third-party contract manufacturers producing our product or product candidates.

The process for manufacturing our dazdotuftide consists of chemical synthesis, purification using liquid chromatography and freeze drying into solid form. Each of these steps involves a relatively routine chemical engineering process. We expect that the costs associated with manufacturing drug substance for our product candidates may be comparable to the current manufacturing costs for other similarly sized peptide-based components.

We are currently engaging one third-party manufacturer to provide clinical supplies of dazdotuftide, and a different third-party manufacturer to provide fill-finish services for TRS01.

Our third-party supply chain providers, their facilities and the dazdotuftide, TRS01 and future TRS02 used in clinical trials or for commercial sale are required to be in compliance with current Good Manufacturing Practices ("cGMP"). The cGMP regulations govern manufacturing processes and procedures, including requirements relating to organization of personnel, buildings and facilities, equipment, control of components and packaging containers and closures, production and process controls, packaging and labeling controls, holding and distribution, laboratory controls, records and reports, and returned or salvaged products. Product candidates used in late-stage clinical trials must be manufactured in accordance with cGMP requirements and must satisfy FDA or other authorities' requirements before any product is approved and before we can manufacture commercial products.

Our third-party manufacturers are also subject to periodic inspections of facilities by us and by the FDA, as well as by other authorities and regulatory agencies. The parameters assessed in these inspections include procedures and operations used in the testing and manufacture of dazdotuftide, TRS01 and future TRS02, to assess compliance with applicable regulations. Our failure, or the failure of our third-party providers and supply chain providers, to comply with such statutory and regulatory requirements could subject us to possible legal or regulatory action, including clinical holds, fines, injunctions, civil penalties, delays, suspension or withdrawal of approvals, license revocation, suspension of production, warning letters, the seizure or recall of products, operating restrictions and criminal prosecutions. Any of these actions could have a material impact on clinical supplies of TRS01 or our other product candidates. Contract manufacturers at times encounter difficulties involving production yields, quality control and quality assurance, as well as shortages of qualified personnel. We are conducting periodic audits at our CMOs and Clinical Research Organizations ("CROs") to ensure full compliance at the highest quality.

We have the ability to change manufacturers and vendors, in case of need, as the manufacturing know-how, methods, best practices and expertise exist within our company and can be executed in different capable sites aside from our current vendors. Our headquarters is based in Israel, but we work globally. We manufacture in Europe. We believe that our existing contract manufacturers are adequate for our near-term needs but expect to need additional space as we grow. We believe that suitable additional or alternative manufacturing facilities would be available as required in the future on commercially reasonable terms. We anticipate that our current manufacturing arrangements will be sufficient to support the production of TRS01 for commercial launch and to meet projected demand during the first year following launch.

Although we are exploring the possibility of establishing our own manufacturing facility, we may continue to rely on CMOs for parts of the process, such as API manufacturing, filling and labelling of our products for commercial sale. By possibly establishing our own manufacturing facility, we expect to minimize or eliminate our reliance on CMOs. We

[**Table of Contents**](#TOC001)

believe that having control over the whole manufacturing process of the drug product will allow us to reduce cycle times, increase the robustness and consistency of the process and reduce cost of goods for commercial production. We also believe that having a potential dedicated manufacturing facility will allow us to optimize commercial-scale processes.

#### Intellectual Property
Our patent portfolio includes seven issued U.S. patents and six pending U.S. patent applications that are solely owned by us or licensed to us. It also includes certain foreign counterparts of a subset of these patents, as well as patent applications in foreign countries including Australia, Brazil, Canada, China, India, Israel, Japan, Korea, Singapore and several countries within the European Patent Convention. We also own a registered trademark for Tarsier, which is registered in the U.S., Australia, UK, Israel, European Union, and Canada.

With respect to our candidate TRS01, our patents, patent applications and licensed patents cover new chemical entities, formulations, synthesis and methods of treatment. We continue to seek to maximize the scope of our patent protection in various aspects.

With respect to our candidate TRS02, our applications cover chemical composition, synthesis and preparation, formulations, and methods of treatment. We seek to maximize the scope of our patent protection for all our programs.

In January 2016, we entered into an irrevocable licensing agreement with the inventors of the dazdotuftide molecule, for the composition of matter patent, which we refer to as the License Agreement. This composition-of-matter patent expires in 2034 in the U.S., and may be extended under applicable regulatory provisions. This License Agreement is an exclusive, worldwide, irrevocable, royalty-free, fully paid, transferable and sub-licensable license to use, develop, make, have made, use, sell and offer for sale products in the field of local delivery of dazdotuftide for any ophthalmic indication.

We believe that we have certain know-how and trade secrets relating to our technology and product candidates. We rely on trade secrets to protect certain aspects of our technology related to our current and future product candidates. However, trade secrets can be difficult to protect. We seek to protect our trade secrets, in part, by entering into confidentiality agreements with our employees, consultants, scientific advisors, service providers, and contractors. We also seek to preserve the integrity and confidentiality of our data and trade secrets by maintaining physical security of our premises and physical and electronic security of our information technology systems.

#### Competition
Biotechnology and pharmaceutical industries are characterized by rapid technological advancement, significant competition, and an emphasis on intellectual property. We face potential competition from many different sources, including major and specialty pharmaceutical and biotechnology companies, academic research institutions, governmental agencies and public and private research institutions. Any product candidate that we successfully develop and commercialize will compete with currently approved therapies and new therapies that may become available in the future. We believe that the key competitive factors affecting the success of any of our product candidates will include efficacy, safety and intellectual property protection.

As described above, all of the currently available treatments for active NIU in the U.S. contain steroids. There is no other alternative available in the market.

We are aware of other companies developing prescription therapies for non-infectious uveitis. However, to our knowledge, no other company is currently in clinical development with an apparent similar or improved safety profile in comparison to steroids. In addition, based on publicly available information, we are not aware of any other company currently conducting clinical trials in the United States for treatment of non-infectious uveitis.

Many of the companies with which we may compete have significantly greater financial resources and expertise in research and development, manufacturing, preclinical testing, conducting clinical trials, obtaining regulatory approvals and marketing approved products than we do. Smaller or early-stage companies may also prove to be significant competitors, particularly through collaborative arrangements with large and established companies. These competitors also compete with us in recruiting and retaining qualified scientific and management personnel and establishing clinical trial sites and patient registration for clinical trials, as well as in acquiring technologies complementary to, or necessary for, our programs.

[**Table of Contents**](#TOC001)

#### Government Regulation
Government authorities in the United States at the federal, state and local level and in other countries extensively regulate, among other things, the research, development, testing, manufacture, quality control, approval, labeling, packaging, storage, record-keeping, promotion, advertising, distribution, post-approval monitoring and reporting, marketing and export and import of drug products such as those we are developing. Generally, before a new drug can be marketed, considerable data demonstrating its quality, safety and efficacy must be obtained, organized into a format specific for each regulatory authority, submitted for review and approved by the regulatory authority. We will be required to navigate the various preclinical, clinical and commercial approval requirements of the governing regulatory agencies of the countries in which we wish to conduct studies or trials or seek approval of our product candidates. The processes for obtaining regulatory approvals in the United States and other countries, as appropriate, along with subsequent compliance with appropriate federal, state, local and foreign statutes and regulations, require the expenditure of substantial time and resources.

*United States Drug Regulation*

In the United States, we are subject to extensive regulation by the FDA, which regulates drugs under the Federal Food, Drug, and Cosmetic Act (the "FDCA"), and its implementing regulations. FDA approval is required before any new unapproved drug or dosage form, including a new use of a previously approved drug, can be marketed in the United States. Drugs also are subject to other federal, state and local statutes and regulations. The process of obtaining regulatory approvals and the subsequent compliance with appropriate federal, state, local and foreign statutes and regulations requires the expenditure of substantial time and financial resources. Failure to comply with the applicable U.S. or foreign requirements at any time during the product development process, approval process or post-marketing may subject an applicant to a variety of administrative or judicial sanctions, such as the FDA' refusal to approve pending NDAs, withdrawal of an approval, imposition of a clinical hold, issuance of warning or untitled letters, product recalls, product seizures, total or partial suspension of production or distribution, injunctions, fines, refusals of government contracts, restitution, disgorgement or civil or criminal penalties. Any agency or judicial enforcement action could have a material adverse effect on our business, market acceptance of our products, and our reputation.

Our product candidates are considered small molecule drugs and must be approved by the FDA through the NDA process before they may be legally marketed in the United States. The process generally involves the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• completion of extensive preclinical studies in accordance with applicable regulations, including studies conducted in accordance with good laboratory practice ("GLP"), requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• submission to the FDA of an IND, which must become effective before human clinical trials may begin in the United States and must be updated annually or when significant changes are made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approval by an independent IRB or independent ethics committee at each clinical trial site before each trial may be initiated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• performance of adequate and well-controlled human clinical trials in accordance with applicable IND regulations, GCP, requirements and other clinical trial-related regulations to establish substantial evidence of the safety and efficacy of the investigational product for each proposed indication;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• submission to the FDA of an NDA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a determination by the FDA within 60 days of its receipt of an NDA to accept the submission for review;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• satisfactory completion of an FDA pre-approval inspection of the manufacturing facility or facilities where the drug will be produced to assess compliance with cGMP requirements, and of selected clinical investigational sites to assess compliance with GCP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential FDA audit of the preclinical study and/or clinical trial sites that generated the data in support of the NDA filing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payment of user fees for FDA review of the NDA;

[**Table of Contents**](#TOC001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FDA review and approval of the NDA, including consideration of the views of any FDA advisory committee, prior to any commercial marketing or sale of the drug in the United States; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with any post-approval requirements, including the potential requirement to implement a REMS and the potential requirement to conduct post-approval studies.

The data required to support an NDA are generated in two distinct developmental stages: preclinical and clinical. The preclinical and clinical testing and approval process can take many years and the actual time required to obtain approval, if any, may vary substantially based upon the type, complexity and novelty of the product or condition being treated.

*Preclinical Studies and IND Submission*

Before testing any drug product candidate in humans, the product candidate must undergo rigorous preclinical testing. The preclinical developmental stage generally involves laboratory evaluations of drug chemistry, formulation and stability, as well as in vitro and animal studies to assess the potential for adverse events and in some cases to establish a rationale for therapeutic use. The conduct of preclinical studies is subject to federal regulations and requirements, including GLP regulations for certain safety/toxicology studies. An IND is a request for authorization from the FDA to administer an investigational product to humans, and must become effective before human clinical trials may begin in the United States.

An IND sponsor must submit the results of the preclinical tests, together with manufacturing information, analytical data, any available clinical data or literature and plans for clinical studies, among other things, to the FDA as part of an IND. Some long-term preclinical testing, such as animal tests of reproductive adverse events and carcinogenicity, may continue after the IND is submitted. An IND automatically becomes effective 30 days after receipt by the FDA and clinical trials may proceed under such IND at such time, unless before that time the FDA raises concerns or questions related to one or more proposed clinical trials and places the trial on clinical hold. In such a case, the IND sponsor and the FDA must resolve any outstanding concerns before the clinical trial can begin. As a result, submission of an IND may not result in the FDA allowing clinical trials to commence. A separate submission to an existing IND must also be made for each successive clinical trial conducted during product development along with any subsequent changes to the investigational plan.

*Clinical Trials*

The clinical stage of development involves the administration of the investigational product to healthy volunteers or patients under the supervision of qualified investigators, generally physicians not employed by or under the trial sponsor's control, in accordance with GCP requirements, which include the requirement that all research subjects provide their informed consent for their participation in any clinical trial. Clinical trials are conducted under protocols detailing, among other things, the objectives of the clinical trial, dosing procedures, subject selection and exclusion criteria and the parameters to be used to monitor subject safety and assess efficacy. Each protocol, and any subsequent amendments to the protocol, must be submitted to the FDA as part of the IND. Furthermore, each clinical trial must be reviewed and approved by an IRB for each institution at which the clinical trial will be conducted to ensure that the risks to individuals participating in the clinical trials are minimized and are reasonable in relation to anticipated benefits. The IRB also approves the informed consent form that must be provided to each clinical trial subject or his or her legal representative and must monitor the clinical trial until completed. There also are requirements governing the reporting of ongoing clinical trials and completed clinical trial results to public registries, including the website maintained by the U.S. National Institutes of Health, ClinicalTrials.gov.

A sponsor who wishes to conduct a clinical trial outside of the United States may, but need not, obtain FDA authorization to conduct the clinical trial under an IND. If a foreign clinical trial is not conducted under an IND, the sponsor may still submit data from the clinical trial to the FDA in support of an NDA. The FDA may agree to accept a well-designed and well-conducted foreign clinical trial not conducted under an IND if the trial was conducted in accordance with GCP requirements and the FDA is able to validate the data through an onsite inspection, if deemed necessary, and the practice of medicine in the foreign country is consistent with the United States.

[**Table of Contents**](#TOC001)

Clinical trials in the United States generally are conducted in three sequential phases, known as Phase 1, Phase 2 and Phase 3. Although the phases are usually conducted sequentially, they may overlap or be combined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Phase 1 clinical trials generally involve a small number of healthy volunteers or disease-affected patients who are initially exposed to a single dose and then multiple doses of the product candidate. The primary purpose of these clinical trials is to assess the metabolism, pharmacologic action, tolerability and safety of the drug in humans, the side effects associated with increasing doses, and if possible, to gain early evidence on effectiveness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Phase 2 clinical trials generally involve studies in disease-affected patients to determine the dose and dosing schedule required to produce the desired benefits. At the same time, safety and further pharmacokinetic and pharmacodynamic information is collected, possible adverse effects and safety risks are identified, and a preliminary evaluation of efficacy is conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Phase 3 clinical trials generally involve a large number of patients at multiple sites and are designed to provide the data necessary to demonstrate the safety and effectiveness of the product for its intended use and to establish the overall benefit/risk relationship of the product to provide an adequate basis for product approval. These trials may include comparisons with placebo and/or other comparator treatments. The duration of treatment is often extended to mimic the actual use of a product during marketing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have designated TRS4Vision as Phase 3 trial as it was a multi-center trial based mainly in the United States. We have designated Tarsier-04 as Phase 3 trial as it is multi-center trial based in the United States and reviewed and approved by the FDA as part of a Special Protocol Assessment (SPA). As part of the SPA agreement, the FDA confirmed that the study design including primary and key secondary endpoints, is adequate to demonstrate the safety and efficacy of TRS01 in uveitis and uveitic glaucoma, and the study is designed to demonstrate that TRS01's benefits outweigh the risks. The FDA further confirmed that the approval will be based on benefit/risk assessment. Under current FDA guidelines, approval of new chemical entities typically requires two adequate and well-controlled trials. The FDA has announced plans to issue a guideline that may allow approval based on a single trial. Once published, the Company intends to discuss the applicability of this change to its SPA-agreed program. While there is no assurance the guideline will apply or that a single trial will be sufficient, the Company views this potential development as an opportunity to streamline its pathway.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A Phase 1/2 clinical trial combines elements of both Phase 1 and Phase 2 studies. We have designated the Tarsius-2020 and GADOT 20/20 multi-center U.S. trials as Phase 1/2 trials because they extend beyond the typical safety and tolerability assessments of a Phase 1 trial to also evaluate dose ranging and include preliminary efficacy assessments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Post-approval trials, sometimes referred to as Phase 4 clinical trials, may be conducted after initial marketing approval. These trials are used to gain additional experience from the treatment of patients in the intended therapeutic indication. In certain instances, the FDA may mandate the performance of Phase 4 clinical trials as a condition of approval of an NDA.

An SPA is a process in which the FDA provides written agreement that a proposed pivotal clinical trial's design, clinical endpoints, and statistical analyses are adequate to support a potential marketing application submission. An SPA provides guidance for ensuring that a pivotal trial under the SPA can be considered an adequate and well-controlled study for purposes of a potential marketing application. Once finalized, an SPA is intended to be binding on the FDA and the sponsor, provided the sponsor follows the agreed-upon protocol and relevant scientific standards, and unless a substantial scientific issue essential to product safety or efficacy is identified after the agreement is reached or if there's a paradigm shift in disease diagnosis or management. While an SPA reflects the FDA's concurrence on the adequacy of the trial design, it does not guarantee that the trial will be successful or that any resulting marketing application will be approved. We have reached an SPA Agreement with the FDA for our Tarsier-04 trial.

Progress reports detailing the results of the clinical trials, among other information, must be submitted at least annually to the FDA and written IND safety reports must be submitted to the FDA and the investigators for serious and unexpected suspected adverse events, findings from other studies suggesting a significant risk to humans exposed to the drug, findings from animal or in vitro testing that suggest a significant risk for human subjects and any clinically important increase in the rate of a serious suspected adverse reaction over that listed in the protocol.

[**Table of Contents**](#TOC001)

Phase 1, Phase 2 and Phase 3 clinical trials may not be completed successfully within any specified period, if at all. The FDA or the sponsor may suspend or terminate a clinical trial at any time on various grounds, including a finding that the research subjects or patients are being exposed to an unacceptable health risk. Similarly, an IRB can suspend or terminate approval of a clinical trial at its institution if the clinical trial is not being conducted in accordance with the IRB's requirements or if the drug has been associated with unexpected serious harm to patients.

We have an agreed initial Pediatric Study Plan (iPSP) with the FDA and have included pediatric patients across all age groups in both past and planned clinical trials. Accordingly, we do not anticipate that a separate pediatric trial will be required to support the inclusion of pediatric use in our product labeling.

*NDA Review and Marketing Approval*

Following completion of clinical trials, data are analyzed to assess whether the investigational product is safe and effective for the proposed indicated use or uses. The results of preclinical studies and clinical trials are then submitted to the FDA as part of an NDA, along with proposed labeling, chemistry and manufacturing information, and other information in a request for approval to market the drug for one or more specified indications. The application must include both negative and ambiguous results of preclinical studies and clinical trials, as well as positive findings. Data may come from company-sponsored clinical trials intended to test the safety and efficacy of a product's use or from a number of alternative sources, including studies initiated by investigators. To support marketing approval, the data submitted must be sufficient in quality and quantity to establish the safety and efficacy of the investigational product to the satisfaction of FDA. FDA approval of an NDA must be obtained before a drug may be marketed in the United States.

Under the Prescription Drug User Fee Act, or PDUFA, as amended, each NDA must be accompanied by an application user fee. FDA adjusts the PDUFA user fees on an annual basis. PDUFA also imposes an annual program fee for each marketed human drug. Fee waivers or reductions are available in certain circumstances, including a waiver of the application fee for the first application filed by a qualifying small business. Additionally, no user fees are assessed on NDAs for products designated as orphan drugs, unless the product NDA also includes a non-orphan indication.

The FDA reviews all submitted NDAs before it accepts them for filing to determine if they are sufficiently complete to permit a substantive review, and the FDA may request additional information rather than accepting the NDA for filing. The FDA must make a decision on accepting an NDA for filing within 60 days of receipt. Once the submission is accepted for filing, the FDA begins an in-depth review of the NDA. Under PDUFA, the FDA has agreed to certain performance goals in the review of NDAs through a two-tiered classification system, standard review and priority review. According to PDUFA performance goals, the FDA endeavors to review applications subject to standard review within ten months, whereas the FDA's goal is to review priority review applications within six months, depending on whether the drug is a new molecular entity. The FDA does not always meet its PDUFA goal dates for standard and priority NDAs, and the review process is often extended by FDA requests for additional information or clarification.

The FDA conducts a preliminary review of all NDAs within the first 60 days after submission, before accepting them for filing, to determine whether they are sufficiently complete to permit substantive review. The FDA may request additional information rather than accept an NDA for filing. In this event, the application must be resubmitted with the additional information. The resubmitted application is also subject to review before the FDA accepts it for filing. Once the submission is accepted for filing, the FDA begins an in-depth substantive review. The FDA reviews an NDA to determine, among other things, whether the drug is safe and effective and whether the facility in which it is manufactured, processed, packaged or held meets standards designed to assure the product's continued safety, quality and purity.

In addition, under the Pediatric Research Equity Act of 2003 as amended and reauthorized, certain NDAs or supplements to an NDA must contain data that are adequate to assess the safety and effectiveness of the drug for the claimed indications in all relevant pediatric subpopulations, and to support dosing and administration for each pediatric subpopulation for which the product is safe and effective. The FDA may, on its own initiative or at the request of the applicant, grant deferrals for submission of some or all pediatric data until after approval of the product for use in adults, or full or partial waivers from the pediatric data requirements.

[**Table of Contents**](#TOC001)

Before approving an NDA, the FDA will conduct a pre-approval inspection of the manufacturing facilities for the new product to determine whether they comply with cGMP requirements. The FDA will not approve the product unless it determines that the manufacturing processes and facilities are in compliance with cGMP requirements and adequate to assure consistent production of the product within required specifications. The FDA also may audit data from clinical trials to ensure compliance with GCP requirements.

The FDA generally accepts data from foreign clinical trials in support of an NDA if the trials were conducted under an IND. If a foreign clinical trial is not conducted under an IND, the FDA nevertheless may accept the data in support of an NDA if the study was conducted in accordance with GCP requirements and the FDA is able to validate the data through an on-site inspection, if deemed necessary. Although the FDA generally requests that marketing applications be supported by some data from domestic clinical studies, the FDA may accept foreign data as the sole basis for marketing approval if (1) the foreign data are applicable to the U.S. population and U.S. medical practice, (2) the studies were performed by clinical investigators with recognized competence, and (3) the data may be considered valid without the need for an on-site inspection or, if the FDA considers the inspection to be necessary, the FDA is able to validate the data through an on-site inspection or other appropriate means.

Additionally, the FDA may refer applications for novel drug products or drug products which present difficult questions of safety or efficacy to an advisory committee, typically a panel that includes clinicians and other experts, for review, evaluation and a recommendation as to whether the application should be approved and under what conditions, if any. The FDA is not bound by recommendations of an advisory committee, but it considers such recommendations when making decisions on approval. The FDA also closely analyzes the clinical trial data, which could result in extensive discussions between the FDA and the applicant during the review process.

After the FDA evaluates an NDA, it will issue an approval letter or a Complete Response Letter. An approval letter authorizes commercial marketing of the drug with specific prescribing information for specific indications and potentially subject to other requirements. A Complete Response Letter indicates that the review cycle of the application is complete and the application will not be approved in its present form. A Complete Response Letter usually describes all of the specific deficiencies in the NDA identified by the FDA. The Complete Response Letter may require additional clinical data, including the potential requirement to conduct additional pivotal Phase 3 clinical trial(s) and/or other significant and time-consuming requirements related to clinical trials, or to conduct additional preclinical studies or manufacturing changes. If a Complete Response Letter is issued, the applicant may either resubmit the NDA, addressing all of the deficiencies identified in the letter, or withdraw the application. Even if such data and information are submitted, the FDA may decide that the NDA does not satisfy the criteria for approval. Data obtained from clinical trials are not always conclusive and the FDA may interpret data differently than we interpret the same data.

*Expedited Review and Approval*

The FDA has various programs, including fast track designation, priority review, accelerated approval, and breakthrough therapy designation, which are intended to expedite or simplify the process for reviewing drugs and/or provide for approval on the basis of surrogate endpoints. Generally, drugs that may be eligible for these programs are those for serious or life-threatening diseases or conditions, those with the potential to address unmet medical needs, and those that offer meaningful benefits over existing treatments.

*Post-Approval Requirements*

Following approval of a new product, the product is subject to continuing regulation by the FDA, including, among other things, requirements relating to facility registration and drug listing monitoring and record keeping, periodic reporting, product sampling and distribution, advertising and promotion, and reporting of adverse experiences with the product. After approval, most changes to the approved product, such as adding new indications or other labeling claims, are subject to prior FDA review and approval. There also are continuing, annual user fee requirements for any marketed products and the establishments at which such products are manufactured, as well as new application fees for supplemental applications with clinical data. The FDA strictly regulates marketing, labeling, advertising and promotion of drugs, including after they are placed on the market. Drugs may be promoted only for the approved indications and in accordance with the provisions of the approved label.

[**Table of Contents**](#TOC001)

Although physicians may prescribe legally available drugs for off-label uses, manufacturers may not market or promote such uses. Prescription drug promotional materials must be submitted to the FDA in conjunction with their first use or first publication.

The FDA may also place other conditions on approvals including the requirement for REMS, to assure the safe use of the product. If the FDA concludes that a REMS is needed, the NDA sponsor must submit a proposed REMS. The FDA will not approve the FDA without an approved REMS, if required. Any of these limitations on approval or marketing could restrict the commercial promotion, distribution, prescription or dispensing of products. Product approvals may be withdrawn for non-compliance with regulatory standards or if problems occur following initial marketing.

FDA regulations require that products be manufactured in specific approved facilities and in accordance with cGMP regulations. We rely, and expect to continue to rely, on third parties for the production of clinical and commercial quantities of our products in accordance with cGMP regulations. These manufacturers must comply with cGMP regulations that require, among other things, quality control and quality assurance, the maintenance of records and documentation, and the obligation to investigate and correct any deviations from cGMP. Manufacturers and other entities involved in the manufacture and distribution of approved drugs are required to register their establishments with the FDA and certain state agencies, and are subject to periodic unannounced inspections by the FDA and certain state agencies for compliance with cGMP requirements and other laws. Accordingly, manufacturers must continue to expend time, money and effort in the area of production and quality control to maintain cGMP compliance. The discovery of violative conditions, including failure to conform to cGMP regulations, could result in enforcement actions, and the discovery of problems with a product after approval may result in restrictions on a product, its manufacturer or the NDA holder, including recalls.

The FDA may withdraw approval of a product if compliance with regulatory requirements and standards is not maintained or if problems occur after the product reaches the market. Corrective action could delay drug distribution and require significant time and financial expenditures. Later discovery of previously unknown problems with a product, including adverse events of unanticipated severity or frequency, or with manufacturing processes, or failure to comply with regulatory requirements, may result in revisions to the approved labeling to add new safety information; imposition of post-market studies or clinical studies to assess new safety risks or imposition of distribution restrictions or other restrictions under a REMS program. Other potential consequences include, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restrictions on the marketing or manufacturing of the product, suspension of the approval, complete withdrawal of the product from the market, or product recalls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fines, warning letters, or holds on post-approval clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• refusal of the FDA to approve pending applications or supplements to approved applications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• suspension or revocation of product approvals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• product seizure or detention, or refusal to permit the import or export of products; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• injunctions or the imposition of civil or criminal penalties.

*Other Regulatory Matters*

Pharmaceutical companies are subject to additional healthcare regulation and enforcement by the federal government and by authorities in the states and foreign jurisdictions in which they conduct their business. Manufacturing, sales, promotion and other activities following product approval are subject to regulation by numerous regulatory authorities in the United States in addition to the FDA, including Centers for Medicare & Medicaid Services (CMS), other divisions of the U.S. Department of Health and Human Services (HHS), the Department of Justice, the Drug Enforcement Administration, the Consumer Product Safety Commission, the Federal Trade Commission, the Occupational Safety & Health Administration, the Environmental Protection Agency, and state and local governments.

[**Table of Contents**](#TOC001)

For example, in the United States, sales, marketing and scientific and educational programs also must comply with state and federal fraud and abuse laws, false claims laws, transparency laws, government price reporting, and health information privacy and security laws. These laws include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the federal Anti-Kickback Statute, which makes it illegal for any person, including a prescription drug manufacturer (or a party acting on its behalf), to knowingly and willfully solicit, receive, offer or pay any remuneration, directly or indirectly, in cash or in kind, to induce or reward either the referral of an individual for, or the purchase, lease, order or recommendation of an item or service for which payment may be made, in whole or in part, under a federal healthcare program, such as Medicare or Medicaid. Moreover, the government may assert that a claim including items or services resulting from a violation of the federal Anti-Kickback Statute constitutes a false or fraudulent claim for purposes of the civil False Claims Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the federal False Claims Act, which imposes civil penalties, sometimes pursued through civil whistleblower or qui tam actions, against individuals or entities for, among other things, knowingly presenting, or causing to be presented, claims for payment of government funds that are false or fraudulent or making a false statement material to an obligation to pay money to the government or knowingly concealing or knowingly and improperly avoiding, decreasing, or concealing an obligation to pay money to the federal government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Federal HIPAA, which imposes criminal liability for, among other things, knowingly and willfully executing or attempting to execute a scheme to defraud any healthcare benefit program, knowingly and willfully embezzling or stealing from a health care benefit program, willfully obstructing a criminal investigation of a health care offense, or knowingly and willfully making false statements relating to healthcare matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• HIPAA, as amended by the Health Information Technology for Economic and Clinical Health Act and their implementing regulations, also imposes obligations, including mandatory contractual terms, with respect to safeguarding the privacy, security and transmission of individually identifiable health information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• federal consumer protection and unfair competition laws, which broadly regulate marketplace activities and activities that potentially harm consumers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the FDCA, which prohibits, among other things, the adulteration or misbranding of drugs, biologics and medical devices, including off-label or pre-approval promotion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the federal Physician Payments Sunshine Act, which requires applicable manufacturers of covered drugs, devices, biologics and medical supplies for which payment is available under Medicare, Medicaid or the Children's Health Insurance Program, with specific exceptions, to annually report to CMS information regarding direct or indirect payments and other transfers of value to physicians and teaching hospitals (and certain other practitioners beginning in 2022), as well as information regarding ownership and investment interests held by physicians and their immediate family members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• analogous state and foreign laws and regulations, such as state anti-kickback and false claims laws which may apply to sales or marketing arrangements and claims involving healthcare items or services reimbursed by non-governmental third-party payors, including private insurers, state laws that require pharmaceutical manufacturers to comply with the industry's voluntary compliance guidelines and the relevant compliance guidance promulgated by the federal government and may require drug manufacturers to report information related to payments and other transfers of value to physicians and other healthcare providers or marketing expenditures, state laws that require pharmaceutical manufacturers to report information on the pricing of certain drug products, and state and foreign laws that govern the privacy and security of health information in some circumstances, many of which differ from each other in significant ways and often are not preempted by HIPAA, thus complicating compliance efforts.

Additionally, California enacted legislation that has been dubbed the first "GDPR-like" law in the United States. The California Consumer Privacy Act ("CCPA") creates new individual privacy rights for consumers (as that word is broadly defined in the law) and places increased privacy and security obligations on entities handling personal data of consumers or households. The CCPA went into effect on January 1, 2020 and requires covered companies to provide

[**Table of Contents**](#TOC001)

new disclosures to California consumers, provide such consumers new ways to opt-out of certain sales of personal information, and allow for a new cause of action for data breaches. The CCPA could impact our business activities depending on how it is interpreted and exemplifies the vulnerability of our business to not only cyber threats but also the evolving regulatory environment related to personal data and protected health information.

Products must meet applicable child-resistant packaging requirements under the U.S. Poison Prevention Packaging Act. Manufacturing, sales, promotion and other activities also are potentially subject to federal and state consumer protection and unfair competition laws.

The distribution of pharmaceutical products is subject to additional requirements and regulations, including extensive record-keeping, licensing, storage and security requirements intended to prevent the unauthorized sale of pharmaceutical products.

We may also be subject to state laws that require pharmaceutical companies to comply with the pharmaceutical industry's voluntary compliance guidelines and the relevant compliance guidance promulgated by the federal government, as well as state laws that require drug manufacturers to report information related to payments and other transfers of value to physicians and other healthcare providers, marketing expenditures or drug pricing. In addition, we may be subject to state and local laws that require the registration of pharmaceutical sales representatives.

The failure to comply with any of these laws or regulatory requirements subjects firms to possible legal or regulatory action. Depending on the circumstances, failure to meet applicable regulatory requirements can result in significant civil, criminal and administrative penalties, including damages, fines, disgorgement, individual imprisonment, exclusion from participation in government funded healthcare programs, such as Medicare and Medicaid, compliance oversight and reporting obligations, contractual damages, reputational harm, diminished profits and future earnings, injunctions, requests for recall, seizure of products, total or partial suspension of production, denial or withdrawal of product approvals or refusal to allow a firm to enter into supply contracts, including government contracts.

Equivalent, and similarly detailed, obligations will apply to the conduct of clinical trials in third countries including the EU.

*United States Patent-Term Restoration and Marketing Exclusivity*

Depending upon the timing, duration and specifics of FDA approval of any future product candidates, some of our U.S. patents may be eligible for limited patent term extension under the Hatch-Waxman Act. The Hatch-Waxman Act permits restoration of the patent term of up to five years as compensation for patent term lost during product development and FDA regulatory review process. Patent-term restoration, however, cannot extend the remaining term of a patent beyond a total of 14 years from the product's approval date. The patent-term restoration period is generally one-half the time between the effective date of an IND or the issue date of the patent, whichever is later, and the submission date of an NDA plus the time between the submission date of an NDA or the issue date of the patent, whichever is later, and the approval of that application, except that the review period is reduced by any time during which the applicant failed to exercise due diligence. Only one patent applicable to an approved drug is eligible for the extension and the application for the extension must be submitted prior to the expiration of the patent. The USPTO, in consultation with the FDA, reviews and approves the application for any patent term extension or restoration. In the future, we may apply for restoration of patent term for our currently owned or licensed patents to add patent life beyond its current expiration date, depending on the expected length of the clinical trials and other factors involved in the filing of the relevant NDA.

Market exclusivity provisions under the FDCA also can delay the submission or the approval of certain applications. The FDCA provides a five-year period of non-patent marketing exclusivity within the United States to the first applicant to gain approval of an NDA for a new chemical entity. A drug is a new chemical entity if the FDA has not previously approved any other new drug containing the same active moiety, which is the molecule or ion responsible for the action of the drug substance. During the exclusivity period, the FDA may not accept for review an abbreviated new drug application, or ANDA, or a 505(b)(2) NDA submitted by another company for another version of such drug where the applicant does not own or have a legal right of reference to all the data required for approval. However, an application may be submitted after four years if it contains a certification of patent invalidity or non-infringement.

[**Table of Contents**](#TOC001)

The FDCA also provides three years of marketing exclusivity for an NDA, 505(b)(2) NDA or supplement to an existing NDA if new clinical investigations, other than bioavailability studies, that were conducted or sponsored by the applicant are deemed by the FDA to be essential to the approval of the application, for example, new indications, dosages or strengths of an existing drug. This three-year exclusivity covers only the conditions of use associated with the new clinical investigations and does not prohibit the FDA from approving ANDAs for drugs containing the original active agent. Five-year and three-year exclusivity will not delay the submission or approval of a full 505(b)(1) NDA. However, an applicant submitting a full NDA would be required to conduct or obtain a right of reference to all of the preclinical studies and adequate and well-controlled clinical trials necessary to demonstrate safety and effectiveness.

*Regulation Outside the United States Generally*

In addition to regulations in the United States, we will be subject to a variety of regulations in other jurisdictions governing, among other things, clinical trials and any commercial sales and distribution of our products. The cost of establishing a regulatory compliance system for numerous varying jurisdictions can be very significant. Although many of the issues discussed above with respect to the United States apply similarly in the context of the EU and in other jurisdictions, the approval process varies between countries and jurisdictions and can involve additional product testing and additional administrative review periods. The time required to obtain approval in other countries and jurisdictions might differ from and be longer than that required to obtain FDA approval. Regulatory approval in one country or jurisdiction does not ensure regulatory approval in another, but a failure or delay in obtaining regulatory approval in one country or jurisdiction may negatively impact the regulatory process in others.

Whether or not we obtain FDA approval for a product, we must obtain the requisite approvals from regulatory authorities in foreign countries prior to the commencement of clinical trials or marketing of the product in those countries. Certain countries outside of the United States have a similar process that requires the submission of a clinical trial application much like the IND prior to the commencement of human clinical trials. In the EU, for example, a clinical trial authorization application ("CTA"), must be submitted for each clinical protocol to each country's national health authority and an independent ethics committee, much like the FDA and IRB, respectively. Once the CTA is accepted in accordance with a country's requirements, the clinical trial may proceed.

The requirements and processes governing the conduct of clinical trials vary from country to country. In all cases, the clinical trials are conducted in accordance with GCP, the applicable regulatory requirements and the ethical principles that have their origin in the Declaration of Helsinki.

To obtain regulatory approval of an investigational medicinal product under EU regulatory systems, we must submit a marketing authorization application. The content of the application submitted in the United States is similar to that required in the EU, with the exception of, among other things, country-specific document requirements.

For other countries outside of the EU and the United States, such as countries in Eastern Europe, Latin America or Asia, the requirements governing product development, the conduct of clinical trials, manufacturing, distribution, marketing approval, product licensing, pricing and reimbursement vary from country to country.

Countries that are part of the EU, as well as countries outside of the EU, have their own governing bodies, requirements and processes with respect to the approval of drug products. If we fail to comply with applicable foreign regulatory requirements, we may be subject to, among other things, fines, suspension or withdrawal of regulatory approvals, product recalls, seizure of products, operating restrictions and criminal prosecution.

Additionally, to the extent that any of our product candidates, once approved, are sold in a foreign country, we may be subject to applicable post-marketing requirements, including safety surveillance, anti-fraud and abuse laws and implementation of corporate compliance programs and reporting of payments or other transfers of value to healthcare professionals.

#### Insurance Coverage and Reimbursement
Successful commercialization of new drug products depends in part on the extent to which reimbursement for those drug products will be available from government health administration authorities, private health insurers and other organizations. In the United States, government authorities and third-party payors, such as private health insurers and health maintenance organizations, decide which drug products they will pay for and establish reimbursement levels.

[**Table of Contents**](#TOC001)

The availability and extent of reimbursement by governmental and private payors is essential for most patients to be able to afford a drug product. Sales of drug products depend substantially, both domestically and abroad, on the extent to which the costs of drugs products are paid for by health maintenance, managed care, pharmacy benefit and similar healthcare management organizations or reimbursed by government health administration authorities, private health coverage insurers and other third-party payors.

A primary trend in the U.S. healthcare industry and elsewhere is cost containment. Government authorities and third-party payors have attempted to control costs by limiting coverage and the amount of reimbursement for particular drug products. Third-party payors are increasingly challenging the price, examining the medical necessity and reviewing the cost-effectiveness of medical products, therapies and services, in addition to questioning their safety and efficacy. Obtaining reimbursement for our products may be particularly difficult because of the higher prices often associated with branded drugs and drugs administered under the supervision of a physician. We may need to conduct expensive pharmacoeconomic studies in order to demonstrate the medical necessity and cost-effectiveness of our products, in addition to the costs required to obtain FDA approvals. Our product candidates may not be considered medically necessary or cost-effective. Obtaining coverage and reimbursement approval of a product from a government or other third-party payor is a time-consuming and costly process that could require us to provide to each payor supporting scientific, clinical and cost-effectiveness data for the use of our product on a payor-by-payor basis, with no assurance that coverage and adequate reimbursement will be obtained. A payor's decision to provide coverage for a product does not imply that an adequate reimbursement rate will be approved. Further, one payor's determination to provide coverage for a product does not assure that other payors will also provide coverage for the product. Adequate third-party reimbursement may not be available to enable us to maintain price levels sufficient to realize an appropriate return on its investment in product development. If reimbursement is not available or is available only at limited levels, we may not be able to successfully commercialize any product candidate that we successfully develop.

In many countries, the prices of drug products are subject to varying price control mechanisms as part of national health systems. In general, the prices of drug products under such systems are substantially lower than in the United States. Other countries allow companies to fix their own prices for drug products, but monitor and control company profits. Accordingly, in markets outside the United States, the reimbursement for drug products may be reduced compared with the United States.

In the United States, the principal decisions about reimbursement for new drug products are typically made by CMS, an agency within HHS. CMS decides whether and to what extent a new drug product will be covered and reimbursed under Medicare, and private payors tend to follow CMS to a substantial degree. However, no uniform policy of coverage and reimbursement for drug products exists among third-party payors and coverage and reimbursement levels for drug products can differ significantly from payor to payor. Coverage and reimbursement by a third-party payor may depend upon a number of factors, including the third-party payor's determination that use of a drug product is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a covered benefit under its health plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• safe, effective and medically necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appropriate for the specific patient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cost-effective; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• neither experimental nor investigational.

It is uncertain whether coverage or reimbursement will be available for any product that we commercialize and, if coverage and reimbursement are available, what the level of reimbursement will be. Coverage may also be more limited than the purposes for which the product is approved by the FDA or comparable foreign regulatory authorities. Reimbursement may impact the demand for, or the price of, any product for which we obtain regulatory approval.

These laws and future state and federal healthcare reform measures may be adopted in the future, any of which may result in additional reductions in Medicare and other healthcare funding and otherwise affect the prices we may obtain for any product candidates for which we may obtain regulatory approval or the frequency with which any such product candidate is prescribed or used.

[**Table of Contents**](#TOC001)

Outside of the United States, the pricing of pharmaceutical products and medical devices is subject to governmental control in many countries. For example, in the EU, pricing and reimbursement schemes vary widely from country to country. Some countries provide that products may be marketed only after a reimbursement price has been agreed. Some countries may require the completion of additional studies that compare the cost effectiveness of a particular therapy to currently available therapies or so-called health technology assessments, in order to obtain reimbursement or pricing approval. Other countries may allow companies to fix their own prices for products, but monitor and control product volumes and issue guidance to physicians to limit prescriptions. Efforts to control prices and utilization of pharmaceutical products and medical devices will likely continue as countries attempt to manage healthcare expenditures.

#### Current and Future Healthcare Reform Legislation
In both the United States and certain foreign jurisdictions, there have been, and continue to be, a number of legislative and regulatory changes to the health care system. Among policy makers and payors in the United States and elsewhere, there is significant interest in promoting changes in healthcare systems with the stated goals of containing healthcare costs, improving quality and expanding access. In the United States, the pharmaceutical industry has been a particular focus of these efforts and has been significantly affected by major legislative initiatives. In particular, in 2010, the ACA was enacted, which, among other things, increased the minimum Medicaid rebates owed by most manufacturers under the Medicaid Drug Rebate Program, extended the Medicaid Drug Rebate Program to utilization of prescriptions of individuals enrolled in Medicaid managed care organizations, subjected manufacturers to new annual fees and taxes for certain branded prescription drugs and provided incentives to programs that increase the federal government's comparative effectiveness research.

There have been judicial, administrative, executive and legislative challenges and amendments to certain aspects of the ACA, and we expect there will be additional challenges and amendments to the ACA in the future. For example, on August 16, 2022, the Inflation Reduction Act of 2022 ("IRA") was signed into law, which among other things, extends enhanced subsidies for individuals purchasing health insurance coverage in ACA marketplaces through plan year 2025. The IRA also eliminates the "donut hole" under the Medicare Part D program beginning in 2025 by significantly lowering the beneficiary maximum out-of-pocket cost and through a newly established manufacturer discount program. It is possible that the ACA will be subject to additional challenges in the future. It is unclear whether the ACA will be overturned, repealed, replaced or further amended. We cannot predict what affect further changes to the ACA would have on our business.

Additionally, there has been heightened governmental scrutiny in the United States of pharmaceutical pricing practices in light of the rising cost of prescription drugs and biologics. For example, the IRA, among other things, (1) directs the HHS, to negotiate the price of certain high-expenditure single-source drugs that have been on the market for at least seven years and biologics that have been on the market for at least 11 years covered under Medicare (the "Medicare Drug Price Negotiation Program") and (2) imposes rebates under Medicare Part B and Medicare Part D to penalize price increases that outpace inflation. Further, under the IRA, orphan drugs are exempted from the Medicare Drug Price Negotiation Program, but only if they have one orphan designation and for which the only approved indication is for that disease or condition. If a product receives multiple orphan designations or has multiple approved indications, it may not qualify for the orphan drug exemption. The IRA permits HHS to implement many of these provisions through guidance, as opposed to regulation, for the initial years. HHS has and will continue to issue and update guidance as these programs are implemented. These provisions began to take effect progressively starting in fiscal year 2023. On August 15, 2024, HHS announced the agreed-upon reimbursement price of the first ten drugs that were subject to price negotiations, although the Medicare Drug Price Negotiation Program is currently subject to legal challenges. On January 17, 2025, HHS selected fifteen additional products covered under Part D for price negotiation in 2025. Each year thereafter more Part B and Part D products will become subject to the Medicare Drug Price Negotiation Program. In December 2023, the National Institute of Standards and Technology published for comment a Draft Interagency Guidance Framework for Considering the Exercise of March-In Rights which for the first time includes the price of a product as one factor an agency can use when deciding to exercise march-in rights. While march-in rights have not previously been exercised, it is uncertain if that will continue under the new framework.

[**Table of Contents**](#TOC001)

The current administration is pursuing policies to reduce regulations and expenditures across government including at HHS, the FDA, CMS and related agencies. These actions, presently directed by executive orders or memoranda from the Office of Management and Budget, may propose policy and personnel changes that create additional uncertainty for our business. These actions include, for example, (1) directives to reduce agency workforce program cuts, (2) rescinding a Biden administration executive order tasking the Center for Medicare and Medicaid Innovation to consider new payment and healthcare models to limit drug spending, (3) eliminating the Biden administration's executive order that directed HHS to establish an AI task force and develop a strategic plan, (4) directing HHS and other agencies to lower prescription drug costs through a variety of initiatives, including by improving upon the Medicare Drug Price Negotiation Program and establishing Most-Favored-Nation pricing for pharmaceutical products and (5) directing certain federal agencies to enforce existing law regarding hospital and plan price transparency and by standardizing prices across hospitals and health plans. Additionally, in its June 2024 decision in Loper Bright Enterprises v. Raimondo, the U.S. Supreme Court overturned the longstanding Chevron doctrine, under which courts were required to give deference to regulatory agencies' reasonable interpretations of ambiguous federal statutes. The Loper Bright decision could result in additional legal challenges to current regulations and guidance issued by federal agencies applicable to our operations, including those issued by the FDA.

HHS has revoked the Richardson Waiver, which required HHS and its subagencies to provide notice and an opportunity to comment on certain matters relating to agency management or personnel or to public property, loans, grants, benefits or contracts. This could result in modifications to HHS policies in these areas that could adversely affect our business. In addition, the Trump administration has issued an executive order directing agencies to examine all regulations, to repeal regulations that do not comply with statutes or are otherwise burdensome and to consider repealing such regulations without notice and comment, which may result in repeal or modification of regulations without significant advance notice. Congress may introduce and ultimately pass health care related legislation that could, among others, impact the drug approval process, modify the Medicare Drug Price Negotiation Program, expand the orphan drug exclusion under the IRA and reduce Medicaid enrollment and funding.

In addition, individual states in the United States have also increasingly passed legislation and implemented regulations designed to control pharmaceutical product pricing, including price or patient reimbursement constraints, discounts, restrictions on certain product access and marketing cost disclosure and transparency measures and, in some cases, designed to encourage importation from other countries and bulk purchasing.

Legislative and regulatory proposals and enactment of laws, at the foreign federal and state levels, directed at containing or lowering the cost of healthcare, will continue into the future. We cannot predict the initiatives that may be adopted in the future. The continuing efforts of the government, insurance companies, managed care organizations and other payors of healthcare services to contain or reduce costs of healthcare or impose price controls may adversely affect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the demand for our product candidates, if we obtain regulatory approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to set a price that we believe is fair for our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to obtain coverage and reimbursement approval for a product;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to generate revenue and achieve or maintain profitability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the level of taxes that we are required to pay; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the availability of capital.

Any reduction in reimbursement from Medicare or other government programs may result in a similar reduction in payments from private payors, which may adversely affect our future profitability.

#### Data Privacy and Security
In the ordinary course of business, we process personal data, and other sensitive information, including proprietary and confidential business data, trade secrets, intellectual property, sensitive third-party data, business plans, transactions, financial information and data we collect about trial participants in connection with clinical trials, or collectively, sensitive data. Accordingly, we may be subject to numerous data privacy and security obligations, including federal, state, and local laws, regulations, guidance, industry standards, external and internal privacy and security policies, contractual requirements and other obligations related to data privacy and security.

[**Table of Contents**](#TOC001)

These data privacy and security laws are evolving and may impose potentially conflicting obligations. Such obligations may include, without limitation, the Federal Trade Commission Act, the European Union's General Data Protection Regulation 2016/679 (the "EU GDPR") as it forms part of the United Kingdom ("UK") law by virtue of section 3 of the European Union (Withdrawal) Act 2018 ("UK GDPR") and HIPAA, as amended by HITECH. In addition, in the past few years, numerous U.S. states — including California, Virginia, Colorado, Connecticut and Utah — have enacted comprehensive privacy laws that impose certain obligations on covered businesses, and similar laws are being considered in several other states, as well as at the federal and state levels. These new laws are examples of the increasingly stringent and evolving regulatory frameworks related to personal data processing that may increase our compliance obligations and exposure for any noncompliance.

Additionally, because we may collect personal data from individuals outside of the United States, through clinical trials or otherwise, we are, or may become, subject to foreign data privacy and security laws, such as the EU GDPR. Foreign data privacy and security laws impose significant and complex compliance obligations on entities that are subject to those laws. For example, the EU GDPR applies to any company established in the European Economic Area ("EEA") and to companies established outside the EEA that process personal data in connection with the offering of goods or services to data subjects in the EEA or the monitoring of the behavior of data subjects in the EEA. These obligations may include limiting personal data processing to only what is necessary for specified, explicit, and legitimate purposes; requiring a legal basis for personal data processing; requiring the appointment of a data protection officer in certain circumstances; increasing transparency obligations to data subjects; requiring data protection impact assessments in certain circumstances; limiting the collection and retention of personal data; increasing rights for data subjects; formalizing a heightened and codified standard of data subject consents; requiring the implementation and maintenance of technical and organizational safeguards for personal data; mandating notice of certain personal data breaches to the relevant supervisory authority(ies) and affected individuals; and mandating the appointment of representatives in the EU in certain circumstances.

#### Human Capital
As of the date of this prospectus, we have seven members of senior management (including our Chief Executive Officer), of which three are full-time employees, two are part-time employees, and two are senior advisors. As of the date of this prospectus, we also have one consultant. Four of them were engaged in research and development activities. None of our employees are represented by a labor union or covered by collective bargaining agreements. However, in Israel, we are subject to certain Israeli labor laws, regulations and national labor court precedent rulings, as well as certain provisions of collective bargaining agreements applicable to us by virtue of extension orders issued in accordance with relevant labor laws by the Israeli and Industry of Economy and which apply such agreement provisions to our employees even though they are not part of a union that has signed a collective bargaining agreement.

All of our employment and consulting agreements include employees' and consultants' undertakings with respect to non-competition and assignment to us of intellectual property rights developed in the course of employment and confidentiality. The enforceability of such provisions is limited by Israeli law.

We operate as a fully remote organization, with all employees working from home. This structure allows us to attract and retain highly qualified professionals regardless of location while reducing facility-related expenses.

We consider our relationship with our employees to be good.

Our human capital resources objectives include, as applicable, identifying, recruiting, retaining, incentivizing and integrating our existing and new employees, advisors and consultants. The principal purposes of our equity incentive plans are to attract, retain and reward personnel through the granting of equity-based compensation awards in order to increase stockholder value and the success of our company by motivating such individuals to perform to the best of their abilities and achieve our objectives.

We believe that our ability to execute our growth strategy will depend on continuing to attract, develop, and retain talented personnel and, where appropriate, engaging experienced advisors and consultants across all levels of our organization. Following the completion of this offering, we expect to expand our management capabilities through a combination of internal hires and external resources in areas such as finance, regulatory compliance, technology, commercialization, and operations to support our transition to a public company and our anticipated growth. We also intend to strengthen our internal controls and reporting capabilities to meet the requirements applicable to public companies.

We had no changes in workforce in 2025.

[**Table of Contents**](#TOC001)

#### Facilities
We do not maintain physical office facilities, as we operate on a fully remote basis. All employees work from home, which enables us to recruit top talent globally and minimize operating and facility-related costs.

#### Legal Proceedings
From time to time, we may become involved in or be subject to legal proceedings, claims and litigation arising from the ordinary course of business. We are not currently a party to any litigation or legal proceedings that, in the opinion of our management, are probable to have a material adverse effect on our business. Regardless of outcome, litigation can have an adverse impact on our business, financial condition, results of operations and prospects because of defense and settlement costs, diversion of management resources and other factors.

#### Corporate Information
We are an Israeli corporation and were incorporated in Israel on February 21, 2016 and changed our name to Tarsier Pharma Ltd., from our original name Tarsius Pharma Ltd., on February 16, 2021. Our principal executive offices are located at 10 HaMa'apilim St., Zichron Yaacov, Israel. Our telephone number is +972-4-639-8050. Our website address is *www.tarsierpharma.com*. The references to our website are intended to be inactive textual references only. The information contained on, or that can be accessed through, our website is not incorporated by reference into, and is not part of, this prospectus. Our agent for service of process in the United States is Puglisi & Associates, 850 Library Ave., Suite 204, Newark, DE 19711, Tel: (302) 738-6680.

[**Table of Contents**](#TOC001)

#### MANAGEMENT

#### Directors and Officers
The following table sets forth certain information regarding the individuals that will be our board of directors and our executive officers upon the consummation of this offering. The business address for each of our executive officers and directors is c/o Tarsier Pharma Ltd., 10 HaMa'apilim St., Zichron Yaacov, Israel.

---

| | | |
|:---|:---|:---|
|  **Name** | **Age** | **Position** |
|  Daphne Haim-Langford, Ph.D. | 52 | Chief Executive Officer and Chairperson of the Board |
|  Arie Ganot, CPA | 65 | Chief Financial Officer |
|  Zohar Milman, M.Sc. | 40 | Chief Operating Officer |
|  Ron Neumann, M.D. | 71 | Chief Medical Officer |
|  Susan Benton | 61 | Director |
|  Sascha Bucher | 56 | Director |
|  Atul Raut | 53 | Director |
|  Richard Eiswirth | 57 | Director Nominee |

---

#### Executive Officers
*Daphne Haim*-Langford*, Ph.D., Chief Executive Officer and Chairperson of the Board.* Dr. Haim-Langford currently serves as the Chief Executive Officer, a position she has held since our inception, and Chairperson of the Board, a position she has held since June 2020. As the founder of the Company, Dr. Haim-Langford brings over 20 years of experience in biomedical innovation, venture development, and ophthalmic drug R&D. To date, Dr. Haim-Langford has led our corporate strategy, fundraising, and clinical development programs in ophthalmic immunomodulation (dazdotuftide platform). Prior to founding the Company, from 2011 to 2018, Dr. Haim-Langford was the Vice President of Business Development at Xenia Venture Capital (TASE: XENA), an investment company engaged in early stage investments in high-tech, med-tech and biotech companies in Israel and the operator of VLX ventures (incubator) in Jerusalem, where she directed the life sciences investment practice, spearheading strategic investments and actively serving as a board member of leading medtech and biotech portfolio companies. Prior to joining XENA, Dr. Haim-Langford was the Vice President of Business Development at Medingo Ltd., where she provided leadership for the development of Medingo's insulin pump technologies which was later acquired. Dr. Haim-Langford received a Bachelor of Science degree from The Hebrew University of Jerusalem Israel and a doctorate from the Technion, Israel Institute of Technology. We believe that Dr. Haim-Langford is qualified to serve as a director because of her extensive knowledge of our Company, as well as her extensive experience with biotech and medtech companies.

*Arie Ganot, CPA, Chief Financial Officer.* Mr. Ganot currently serves as our Chief Financial Officer, a position he has held since February 2016. Mr. Ganot currently works for the Company on a part-time basis (spending approximately 50% of his time working for the Company) while also operating NatiG CPA, CFO Services, a company which operates in the accounting services industry, which he founded in 2009. Mr. Ganot has held many senior financial and executive roles in private and public companies with experience in mergers and acquisitions, initial public offering, SEC accounting, budgeting, and equity raising. Previously, from 2006-2009, he served as Chief Financial Officer of Extricom, a company that designs and manufactures Wireless LAN systems. Prior to his position at Extricom, Mr. Ganot served as the Controller and then Chief Financial Officer of Mind CTI Ltd. (Nasdaq: MNDO), a global provider of convergent BSS solutions for telecommunication and digital industries, from 1998-2006. From 1994-1998, Mr. Ganot served as the Chief Financial Officer of S.A.L Technical Equipment Ltd., a company that is involved in wholesale distribution of hydronic plumbing and heating equipment and supplies. He also held a position as a Senior Auditor at PWC from 1990-1994. Mr. Ganot is a Certified Public Accountant in Israel and holds a B.A. in Economics and Accounting from Tel-Aviv University, Israel.

*Zohar Milman, M.Sc., Chief Operating Officer.* Ms. Milman currently serves as our Chief Operating Officer, a position she has held since March 2017. From 2014-2016, Ms. Milman served as Business Development Manager at VLX Ventures, a venture capital firm where she managed due diligence processes for early-stage projects, and supported portfolio companies in the medical device and pharmaceutical sectors. Prior to VLX Ventures, from 2012-2014, Ms. Milman served as a Research Associate at Neopharm Life Science Ventures, an operating subsidiary of Orphan Technologies that focused on the development of novel drugs for rare, life-threatening diseases. Orphan Technologies was subsequently acquired by Retrophin Inc., now known as Travere Therapeutics, Inc. (Nasdaq: TVTX). Ms. Milman holds an M.Sc. in Biomedical Sciences and Human Genetics from the Hebrew University of Jerusalem, Israel.

[**Table of Contents**](#TOC001)

*Ron Neumann, M.D., Chief Medical Officer.* Dr. Neumann currently serves as our Chief Medical Officer (spending approximately 50% of his time working for the Company), a position he has held since April 2017. Dr. Neumann is an ophthalmologist, specializing in ocular immunology and uveitis. Since 2018, Dr. Neumann has served as the Chief Medical Officer of Biolight Life Sciences Ltd. (TASE: BOLT.TA), which invests in companies engaging in advanced medical devices in the Ophthalmology space. Dr. Neumann also currently serves as the Chief Medical Officer of Orasis Pharmaceuticals, an ophthalmic pharmaceutical company, a position he has held since 2016. Previously, from 2002-2016, Dr. Neumann served as the Therapeutic Area Head, Global Clinical Development at Teva Pharmaceutical Industries Ltd. (NYSE: TEVA), a pharmaceutical company. Prior to Teva, from 1997-2002, Dr. Neumann was the Medical Director of Clinical Research at Maccabi Healthcare Services. From 1992-1998, Dr. Neumann served as the Head of Ophthalmic Research for Pharmos Corporation, a company that supports clinical and paramedical projects. Since 1995, Dr. Neumann has served as the Founder and Co-Chairman of the International Symposium of Ocular Pharmacology and Therapeutics (ISOPT) Clinical. Dr. Neumann received his M.D. from Sackler Medical School, Tel Aviv University, Israel and completed a fellowship in Ocular Immunology at Mass Eye and Ear Infirmary, Harvard University.

#### Non-Executive Directors
*Susan Benton, Non*-Executive *Director.* Ms. Benson currently serves as a member of our board of directors, a position she has held since March 2019. Ms. Benton also currently serves on the board of Opus Genetics, Inc. (Nasdaq: IRD), a company focused on developing and advancing treatments to address mutations in genes that cause loss of vision, a position she has held since 2020. Previously, from 2022-2024, Ms. Benson served as a member of the board of directors of Ripple Therapeutics, an ophthalmic clinical stage biotech company. From 2019-2024, Ms. Benton was the President of Thea Pharma Inc., a company specializing in the commercialization of eye care products. Ms. Benson also served as the Head of Global Product Strategy and New and New Ophthalmic Products at Shire plc from 2015-2019, a company that was acquired by Takeda Pharmaceutical Company Limited (NYSE: TAK) in 2019. Prior to joining Shire, from 2011-2013, Ms. Benton served as the Executive Director, Global Business Development at Bausch + Lomb Corporation (NYSE: BLCO), an eye health company. Ms. Benton co-founded and served as the Chief Commercial Officer for Sirion Therapeutics, Inc., a biopharmaceutical company that developed Durezol (a steroid for NIU) and Zirgan that were later acquired in 2010 by Alcon and Bausch + Lomb, respectively. Additionally, Ms. Benton has served as a strategic consultant for numerous ophthalmic start-up companies in the areas of clinical development, strategic marketing, and commercial and business operations. Ms. Benton holds an MBA from the University of South Floria and a B.S. in Biology from Muhlenberg College. We believe that Ms. Benson is qualified to serve as a director because of her extensive experience with medtech companies in clinical stages of development and commercialization with expertise in the eye care.

*Sascha Bucher, Non*-Executive *Director.* Mr. Bucher currently serves as a member of our board of directors, a position he has held since 2018. Mr. Bucher is also a Co-Founder and Partner at Forty51 ventures, a Biotech VC fund in Europe, a position he has held since July 2021. Previously, from 2017-2021, Mr. Bucher was Partner and Managing Director Investments at Roivant Sciences Ltd. (Nasdaq: ROIV), a biopharmaceutical company that aims to improve the lives of patients by accelerating the development and commercialization of medicines. Prior to Roivant, Mr. Bucher served in roles in Business and Corporate Development including a role as Deputy Head of Global M&A from 2009-2016 at Roche Holding AG (OTC: RHHBY), a global pharma and diagnostics company. Prior to Roche, Mr. Bucher served as a banker at UBS from 1992-1997. Mr. Bucher holds an MBA in Finance and Economics from the University of Basel, and is a Harvard Business School GMP alumnus and a Certified European Financial Analyst and Asset Manager (CEFA). We believe that Mr. Bucher is qualified to serve as a director because of his extensive knowledge of the biotech capital markets.

*Atul Raut, Non*-Executive *Director.* Dr. Raut currently serves as a member of our board of directors, a position he has held since 2019. Dr. Raut also currently serves as Vice President, Global Business Development at Sun Pharmaceuticals Industries Limited, the largest Indian pharmaceutical company that focuses on manufacturing, developing and marketing a wide range of branded and generic formulations and Active Pharma Ingredients, which he joined in 2010. In his role, Dr. Raut oversees global business development activities for novel specialty branded products, including in-licensing, out-licensing, M&A, Joint Ventures, equity investments as well as investments in venture capitals. Prior to Sun Pharmaceuticals, Dr. Raut served as a Manager in Clinical Research and Development at Alcon Pharmaceuticals in the United States. Dr. Raut holds an M.D. from Government Medical College in Nagpur, India and a Ph.D. in Pharmacology and Neuroscience from the University of North Texas Health Science Center. We believe that Dr. Raut is qualified to serve as a director because of his extensive experience in the pharmaceutical industry business development and clinical strategy.

[**Table of Contents**](#TOC001)

*Richard Eiswirth, Non*-Executive *Director*. Mr. Eiswirth is expected to be appointed to the Board of Directors upon the consummation of the offering. He currently serves as Chief Executive Officer and President of Imvionix, an ophthalmology focused biotechnology company he founded in 2025. In February 2026, he also joined the board of directors of the privately held company Alora Pharmaceuticals. Previously, since joining the company in 2005, Mr. Eiswirth served from 2019-2024 as President, Chief Executive Officer, and Director of Alimera Sciences, Inc., a publicly traded ophthalmic pharmaceutical company (Nasdaq: ALIM) focused on commercializing and developing products to treat retina diseases, that was acquired by ANI Pharmaceuticals in 2024. Mr. Eiswirth has served on multiple public and private company boards, including Celtaxsys, Inc. from 2015-2020, where he was Chairman of the Board and chaired both the Audit and Compensation Committees; Jones Soda Company from 2006-2012, where he served as Chairman of the Board and chaired the Audit and Compensation Committees; Color Imaging, Inc. from 2002-2006, where he was a Director and Audit Committee Chairman; and Zingbill, Inc from 2000-2002. Mr. Eiswirth holds a Bachelor of Science in Accounting from Wake Forest University. We believe that Mr. Eiswirth is qualified to serve as a director because of his extensive experience serving as an executive and director of multiple public companies, financial acumen, and operational experience spanning global product launches, clinical trial design, manufacturing and supply chain oversight, and international market expansion.

#### Family Relationships
There are no family relationships between any members of our executive management and our directors.

#### Arrangements for Election of Directors and Members of Management
Our shareholder, Alkaloida Chemical Company zrt. ("Alkaloida"), which owns approximately 21% of the share capital of the Company immediately prior to this offering, has the right to appoint a director to the Company's board of directors. The current director appointed by Alkaloida is Atul Raut. In addition, Dr. Daphne Haim-Langford, Ph.D., our CEO and Chairperson, also has the right to appoint two directors. The current directors appointed by her consist of herself and Sascha Bucher.

Upon the consummation of this offering, both Alkaloida and Dr. Haim-Langford, Ph.D. have agreed to terminate their appointment rights.

#### Compensation
The following table presents in the aggregate all compensation we paid to all of our directors and senior management as a group for the year ended December 31, 2025. The table does not include any amounts we paid to reimburse any of such persons for costs incurred in providing us with services during this period.

---

| | | | |
|:---|:---|:---|:---|
|  | **Salary, Bonuses <br>and Related <br>Benefits** | **Pension, <br>Retirement and <br>Other Similar <br>Benefits** | **Share Based <br>Compensation** |
|  All directors and senior management as a group, consisting of 7 persons | $518227 | $21254 | $621259 |

---

For so long as we qualify as a foreign private issuer, we will not be required to comply with the proxy rules applicable to U.S. domestic companies regarding disclosure of the compensation of certain executive officers on an individual basis. Pursuant to Israeli Law, we will be required, after we become a public company, to disclose the annual compensation of our five most highly compensated officers on an individual basis. This disclosure will not be as extensive as that required of a U.S. domestic issuer. We intend to commence providing such disclosure, at the latest, in the annual proxy statement for our first annual meeting of shareholders following the closing of this offering, which will be filed under cover of a report on Form 6-K.

#### Observers
Each of Oriella Limited and Van Leer Xenia G.P., shareholders in the Company, have the right to appoint a non-voting observer to our board of directors, or an Observer. The right of Van Leer Xenia G.P. to appoint an Observer is subject to the holdings of Van Leer Xenia and its inventors together holding at least seven and a half percent (7.5%) of the issued and outstanding share capital of the Company. The right of Oriella Limited to appoint an Observer is subject to them holding at least five percent (5%) of the issued and outstanding share capital of the Company. Upon the consummation of our initial public offering, the observer rights will be terminated.

[**Table of Contents**](#TOC001)

#### Scientific Advisory Board
We have established a scientific advisory board ("SAB") composed of internationally recognized experts in ocular immunology, uveitis, glaucoma, and retinal disease. The SAB provides the Company ongoing scientific and clinical insight as we continue to advance our therapeutic programs. Our SAB is currently comprised of the following individuals:

*Jennifer Thorne, M.D., Ph.D.*, Dr. Thorne is the Cross Family Professor of Ophthalmology at the Wilmer Eye Institute, where she is also chief of the Division of Ocular Immunology and Uveitis. Prof. Thorne holds a joint appointment as professor of epidemiology at the Johns Hopkins Bloomberg School of Public Health. She is an internationally recognized and board-certified ophthalmologist and an expert in the evaluation and management of patients with uveitis and other related immune-mediated disorders. She has published over 200 articles and book chapters on uveitis and ocular immunology. Dr. Thorne's research interests include white dot syndromes including birdshot chorioretinitis, multifocal choroiditis and punctate inner choroiditis. She also studies juvenile idiopathic arthritis-related uveitis and treatment outcomes of immunosuppressive drug therapy. Dr. Thorne has participated in numerous uveitis clinical trials, as a member of the Executive and Steering Committees of the Standardization of Uveitis Nomenclature (SUN) Working Group, and served advisory and editorial roles in the American Academy of Ophthalmology, Ocular Immunology and Inflammation journal. She is a member of the leadership team of the American Uveitis Society, previously serving as the President, and has also served as an advisor and consultant for ophthalmic pharma companies, including Allergan, AbbVie, and Gilead. Dr. Thorne earned her M.D. from the University of Virginia, completed her uveitis fellowship at Wilmer Eye Institute and completed her Ph.D. in epidemiology at the Johns Hopkins Bloomberg School of Public Health.

*Quan Nguyen, M.D., M.Sc.*, Dr. Nguyen is a Professor of Ophthalmology at the Byers Eye Institute, Stanford University School of Medicine. At the Byers Eye Institute, Dr. Nguyen has an active uveitis and ocular inflammatory diseases as well as clinical and surgical retina practice while he continues his research in pharmacotherapy and ocular imaging. He has served as principal investigator on multiple clinical trials in uveitic macular edema, diabetic macular edema, neovascular age-related macular degeneration (AMD), ocular inflammatory and uveitic diseases, as well as co-investigator on numerous other clinical trials involving novel therapeutic agents. He has published over 400 articles and serves on the editorial board of several journals, including the Journal of Ophthalmic Infection and Inflammation and Ophthalmic Surgery, Laser, and Imaging — Retina. Dr. Nguyen currently serves as the Executive Vice President of the Foster Ocular Immunology Society (FOIS) and as President of the International Ocular Inflammation Society (IOIS). Dr. Nguyen earned his M.D. at the University of Pennsylvania School of Medicine, his M.Sc. in Molecular Biophysics and Biochemistry from Yale University, and fellowships in Immunology and Uveitis at the Massachusetts Eye and Ear Infirmary, Ocular Immunology at the Wilmer Eye Institute and Medical and Surgical Retina at the Schepens Eye Research Institute and the Massachusetts Eye and Ear Infirmary.

*Marc de Smet, MDCM, Ph.D, FRCSC, FRCOphth, DABO, FMH*, Dr. de Smet is an internationally recognized expert in medical and surgical retina, including management of complex ocular inflammatory conditions. He currently serves as the Executive Director of the MicroInvasive Ocular Surgery Clinic (MIOS) in Lausanne, Switzerland. Prof. de Smet previously served as the Former Chair, Department of Ophthalmology at the University of Amsterdam, is an Honorary Professor, University of Leiden, and Adjunct Professor, New York Eye and Ear Infirmary of Mt Sinai, Icahn School of Medicine. Dr. de Smet is the former Chief Medical Officer of Oxular Ltd and Preceyes B.V. and also worked at the National Institutes of Health Eye Institute in the field of ocular inflammation, where he led a translational research team focused on better understanding and treating eye inflammation. His research interests include retinal imaging, pharmacology as applied to retinal diseases, the use of methotrexate in eyes for the treatment of ocular lymphoma, the use of steroids for various ocular indications, and development of robotic surgical platforms for eye surgery. Prof. de Smet has published more than 200 articles, 25 books and book chapters, and given numerous lectures and named lectures. He is a member of the executive board for the International Uveitis Study Group (IUSG) and currently serves as secretary of the IUSG. Dr. de Smet trained in medicine at McGill University in Canada, in ophthalmology and ophthalmic surgery at the University of British Columbia, and completed a fellowship in surgical retina at Johns Hopkins, Wilmer Eye Institute.

[**Table of Contents**](#TOC001)

*Alan Palestine, M.D.,* Dr. Palestine is a Professor of Ophthalmology and Rheumatology at the University of Colorado Anschutz School of Medicine and is the Chief, Uveitis and Ocular Immunology Section. He also serves as the Director of the Center for Ocular Inflammation at the University of Colorado Department of Ophthalmology and Vice Chair for Clinical Research. Prof. Palestine specializes in ocular immunology and has over 40 years of experience in treating non-infectious uveitis. He is an expert in the evaluation and management of patients with uveitis and other related immune-mediated disorders. He has published over 300 articles, 12 book chapters, and co-authored two books including the 1<sup>st</sup> edition of *Uveitis: Fundamentals and Clinical Practice*, which served as a comprehensive, foundational text for understanding and treating uveitis. Dr. Palestine has served as an investigator in multiple clinical trials in uveitis and uveitic macular edema, as an executive committee member for the SUN working group, as Medical Officer and DSMC Chairman for the Multicenter Uveitis Steroid Treatment (MUST) trial and is a member of the leadership team of the American Uveitis Society (AUS). Dr. Palestine earned his M.D. from the University of Rochester School of Medicine and completed a fellowship in Ocular Immunology at the National Eye Institute, National Institute of Health (NIH).

*Mina Pantcheva, M.D.,* Dr. Pantcheva is an Associate Professor of Ophthalmology in the Department of Ophthalmology at the University of Colorado Anschutz School of Medicine. She is a board-certified ophthalmologist, glaucoma specialist and leads the uveitic glaucoma clinic at the Ocular Inflammation Multidisciplinary Clinic, Sue Anschutz-Rodgers Eye Center. Dr. Pantcheva has served as a principal investigator or co-investigator on multiple clinical trials in the areas of glaucoma and ocular hypertension. She is a clinician-scientist whose research interests focus on clinical and surgical management of glaucoma and uveitis, outcomes of innovative ophthalmic procedures and devices, and translational research on trabecular meshwork disease mechanisms. Dr. Pantcheva received her M.D. from the University of Sofia, Bulgaria and completed a glaucoma research fellowship at Massachusetts Eye and Ear Infirmary, Harvard Medical School and glaucoma clinical fellowship at University of Pittsburg Medical School, Eye and Ear Institute.

*Meghan Berkenstock, M.D.,* Dr. Berkenstock is an Associate Professor of Ophthalmology at the Johns Hopkins Wilmer Eye Institute and Medical Director of the Johns Hopkins Wilmer Eye Institute at Water's Edge. She specializes in ocular inflammatory and infectious diseases, cataract surgery, and comprehensive ophthalmology. Dr. Berkenstock's research centers on risk-reduction and quality-assurance initiatives in uveitis care, with expertise in ocular toxicity, and she has served as an investigator in numerous clinical trials in uveitis and uveitic macular edema. Dr. Berkenstock serves as Johns Hopkins Medicine's ocular toxicity specialist and contributes to national guidelines for managing immunotherapy related ocular adverse events and she has published extensively on uveitis epidemiology, ocular toxicity, and uveitis-associated ocular hypertension and glaucoma. Dr. Berkenstock received her M.D. from Drexel University College of Medicine and completed a fellowship in Uveitis & External Disease at the UCLA Jules Stein Eye Institute.

#### Employment and Consulting Agreements
We have executed the following employment agreements with certain of our named executive officers. The material terms of each of those arrangements are summarized below. The summaries are not complete description of all provisions of the employment arrangements and are qualified in their entirety by reference to the written employment arrangements, each filed as an exhibit to the registration statement of which this prospectus is a part.

*Daphne Haim-Langford, Ph.D.*

Pursuant to her employment agreement (as amended, the "Haim-Langford Agreement"), Dr. Haim-Langford is paid a monthly base salary of NIS 61,600 in the aggregate. Dr. Haim-Langford will be eligible to receive an annual cash bonus and equity awards, in each case as determined at the discretion of the Compensation Committee. The agreement provides for an indefinite term of employment, subject to termination by either party with 90 days' prior written notice. The agreement includes customary benefits, such as pension and severance contributions, education fund contributions, annual paid vacation, sick leave, recreation pay and reimbursement of business expenses. In connection with her employment agreement, Dr. Haim-Langford entered into a covenant not to disclose confidential information during her employment term and an assignment and undertaking of intellectual property rights. Subject to certain conditions, Dr. Haim-Langford is also subject to non-competition and non-solicitation provisions during her employment term and for a period of 12 months thereafter. The agreement is governed by the laws of the State of Israel and is subject to the exclusive jurisdiction of the courts of Tel Aviv.

[**Table of Contents**](#TOC001)

*Zohar Milman, M.Sc.*

Pursuant to her employment agreement (as amended, the "Milman Agreement"), Ms. Milman is paid a monthly base salary of NIS 50,000 in the aggregate. Ms. Milman will be eligible to receive an annual cash bonus and equity awards, in each case as determined at the discretion of the Compensation Committee. The agreement provides for an indefinite term of employment, subject to termination by either party with 90 days' prior written notice. The agreement includes customary benefits, such as pension and severance contributions, education fund contributions, annual paid vacation, sick leave, recreation pay and reimbursement of business expenses. In connection with her employment agreement, Ms. Milman entered into a covenant not to disclose confidential information during his employment term and an assignment and undertaking of intellectual property rights. Subject to certain conditions, Ms. Milman is also subject to non-competition and non-solicitation provisions during his employment term and for a period of 12 months thereafter. The agreement is governed by the laws of the State of Israel and is subject to the exclusive jurisdiction of the courts of Tel Aviv.

*Arie Ganot, CPA* 

Based on the services agreement ("CFO Agreement") with Natig, a professional consulting firm owned by Mr. Ganot ("Natig") on January 1, 2026, Mr. Ganot on behalf of Natig shall provide outsourced financial, accounting, and executive financial services to the Company as requested by the Company from time to time, including, without limitation, chief financial officer services, accounting oversight, bookkeeping, financial reporting, and public-company financial compliance support (collectively, the "Services"). Mr. Ganot's role in conducting the services will be as Chief Financial Officer of the Company and will be on a part-time basis, and Mr. Ganot will spend a minimum of ten (10) hours per month in such capacity as Chief Financial Officer providing the Services as described herein. In consideration of the Services to be performed, the Company will pay Mr. Ganot $75,000 in connection with the consummation of the offering. Additionally, upon the consummation of the offering, the Company will pay Mr. Ganot on an hourly basis in his capacity as Chief Financial Officer and will pay Natig NIS 5,000 per month for other Services, NIS 12,000 for any quarterly reports and NIS 30,000 for any annual reports. Additionally, Mr. Ganot shall be entitled to the same indemnification, advancement of expenses, and other protections afforded to similarly situated officers of the Company under its organizational documents and applicable law. The CFO Agreement may be terminated by either the Company or Natig upon ninety (90) days' notice. The agreement is governed by the laws of the State of Israel and is subject to the exclusive jurisdiction of the courts of Tel Aviv.

*Arrangements with Other Executive Officers*

Our Chief Financial Officer and Chief Medical Officer are currently engaged on a part-time basis pursuant to consulting agreements. Within six months of the consummation of the offering, we plan to hire a full-time Chief Financial Officer and will enter into an employment agreement with such individual.

#### Directors' Service Contracts
Other than with respect to our directors that are also executive officers, we have written agreements with two directors of the company, Sascha Bucher and Susan Benton. Pursuant to these agreements, as amended, Mr. Bucher and Ms. Benton are entitled to a quarterly service fee of $2,500 and received a grant of options to purchase 76,000 ordinary shares of the Company at an exercise price of NIS 0.001 per share and $1.085, respectively, which grants are now fully vested.

Upon the consummation of this offering, each of our independent directors will receive a one-time cash bonus in the amount of $10,000 in recognition of their service on our board of directors. Additionally, each member of the board of directors will receive an annual cash retainer of $40,000 for service on the board, payable in quarterly installments of $10,000.

#### Incentive Executive Compensation Clawback Policy
Prior to the consummation of this offering, the compensation committee will adopt the Executive Compensation Clawback Policy (the "Recovery Policy"), which adheres to the listing standards of NYSE and the rules of the SEC. The Recovery Policy will require the compensation committee to recoup certain cash and equity incentive compensation paid to or deferred by certain executives in the event the Company is required to prepare an accounting restatement due to material noncompliance with any financial reporting requirement under the federal securities laws.

[**Table of Contents**](#TOC001)

Under the Recovery Policy, the compensation committee will require recoupment if it determines that incentive-based compensation received by an executive exceeds the amount of incentive-based compensation that otherwise would have been received, had it been calculated based on the restated amounts.

#### Corporate Governance Practices
U.S. securities laws require foreign private issuers, such as us, to comply with various corporate governance practices. In addition, following the listing of the ordinary shares on the NYSE, we will be required to comply with NYSE rules. As a foreign private issuer whose shares will be listed on the NYSE, we will have the option to follow certain Israel corporate governance practices permitted under the Companies Law in lieu of compliance with corresponding corporate governance requirements otherwise imposed by the NYSE Listed Company Manual ("NYSE Rules") for U.S. domestic issuers.

In accordance with Israeli law and practice and in reliance on the relief available to foreign private issuers pursuant to Section 110 of the NYSE Rules, we have elected to follow the provisions of the Companies Law as well as Israeli practice, in lieu of such NYSE Rules, with respect to the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Quorum*. In lieu of Section 123 of the NYSE Rules, which provides for a quorum of at least 33⅓%, to follow Israeli practice, pursuant to which a company is allowed to determine in its amended and restated articles of association the required quorum for a shareholder meeting. Our amended and restated articles of association provide that the quorum for a general meeting of shareholders will consist of two or more shareholders holding at least 25% of the total voting rights in person or by proxy, or, for any adjourned shareholder general meeting, the quorum set forth in our amended and restated articles of association shall consist of at least one shareholder present in person or by proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Nomination of our directors*. In lieu of Section 804 of the NYSE Rules, which provides that nominations by our board of directors may be made by a majority of independent directors or by a nominating committee of the board of directors consisting solely of independent directors, the nominations for directors, which are presented to the Company's shareholders by the board of directors, are generally made by the board of directors itself, in accordance with the provisions of our amended and restated articles of association and the Companies Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Shareholder approval*. The Company will not seek shareholder approval for corporate actions which are not subject to shareholder approval under Israeli law. In particular, Section 711 of the NYSE Rules requires shareholder approval for the establishment or material amendment of a stock option or purchase plan or other equity compensation arrangement pursuant to which options or stock may be acquired. Israeli law does not require shareholder approval for such plans. In addition, Section 713 of the NYSE Rules requires shareholder approval when the Company issues additional shares in a transaction that is not considered a public offering. Israeli law does not require shareholder approval for such transactions.

We expect to maintain our status as a foreign private issuer under the applicable corporate governance requirements of the rules and regulations adopted by the SEC and other existing rules. Accordingly, our shareholders may not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of the NYSE. See *"Description of Share Capital and Articles of Association"* for an overview of our corporate governance principles.

#### Board of Directors; Number and Terms of Office of Officers and Directors

#### Introduction
*General*

Our board of directors presently consists of four members, as the Companies Law does not mandate the appointment of external directors to the board of directors prior to the offering. Immediately following the completion of this offering, our board of directors is expected to consist of five directors. Pursuant to regulations under the Companies Law, the board of directors of a company such as us is not required to have external directors if: (i) the Company does not have a controlling shareholder (as such term is defined in the Companies Law); and (ii) a majority of the directors serving on the board of directors are "independent," as defined under NYSE Rule 303A.02. The Company meets all these requirements.

[**Table of Contents**](#TOC001)

Based upon information requested from and provided by each director concerning such director's background, employment and affiliations, including family relationships, our board of directors of directors determined that three members of our directors following the completion of this offering, are "independent directors" as defined under the listing standards of the NYSE rules.

Our amended and restated articles of association provide that the number of board of directors' members shall be set by the general meeting of the shareholders provided that it will consist of not less than two and not more than seven. Pursuant to the Companies Law, the management of our business is vested in our board of directors. Our board of directors may exercise all powers and may take all actions that are not specifically granted to our shareholders or to management. Our executive officers are responsible for our day-to-day management and have individual responsibilities established by our board of directors. Our Chief Executive Officer is appointed by, and serves at the discretion of, our board of directors, subject to the employment agreement that we have entered into with her. All other executive officers are appointed by our Chief Executive Officer. Their terms of employment are subject to the approval of the board of directors' compensation committee and of the board of directors, and are subject to the terms of any applicable employment agreements that we may enter into with them.

Our directors were elected to and currently serve on the board of directors pursuant to a voting agreement among us and our stockholders. This agreement will terminate upon the closing of this offering, after which there will be no further contractual obligations regarding the election of our directors.

In accordance with the terms of our amended and restated Article of Association that will become effective immediately prior to the closing of this offering, our board of directors will be divided into three staggered classes of directors and each will be assigned to one of the three classes. At each annual meeting of the stockholders, a class of directors will be elected for a three-year term to succeed the directors of the same class whose terms are then expiring. The terms of the directors will expire upon the election and qualification of successor directors at the annual meeting of stockholders to be held during the years 2027 for Class I directors, 2028 for Class II directors and 2029 for Class III directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Class I director will be Richard Eiswirth and his term will expire at the annual meeting of stockholders to be held in 2027;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Class II directors will be Susan Benton and Atul Raut and their term will expire at the annual meeting of stockholders to be held in 2028; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Class III directors will Daphne Haim-Langford and Sascha Bucher and their term will expire at the annual meeting of stockholders to be held in 2029.

Our amended and restated Article of Association that will become effective immediately prior to the closing of this offering will provide that the number of directors shall be fixed from time to time by a resolution of the majority of our board of directors. The division of our board of directors into three classes with staggered three-year terms may delay or prevent stockholder efforts to effect a change of our board of directors or a change in control.

In addition, under certain circumstances, our amended and restated articles of association allow our board of directors to appoint directors to fill vacancies on our board of directors or in addition to the acting directors (subject to the limitation on the number of directors), until the next annual general meeting or special general meeting in which directors may be appointed or terminated.

*Nominations of Directors*

Under the Companies Law, nominations for directors may be made by any shareholder holding at least one percent or a higher percent, as may be required by the Companies Law from time to time, of our outstanding voting power. Under the Exemptions Regulations, one or more shareholders of an Israeli company whose shares are listed outside of Israel (e.g., listed on NYSE), may request its company's board of directors to include an appointment of a candidate for a position on the board of directors or the termination of a board member as an item on the agenda of a future general meeting, provided that the shareholder hold at least five percent of the voting rights of the Company, instead of the one percent required in the past.

[**Table of Contents**](#TOC001)

Any such shareholder may make such a nomination only if a written notice of such shareholder's intent to make such nomination has been given to our board of directors. Any such notice must include certain information, the consent of the proposed director nominee(s) to serve as our director(s) if elected, and a declaration signed by the nominee(s) declaring that (i) there is no limitation under the Companies Law preventing their election and (ii) that all information that is required to be provided to us in connection with such election under the Companies Law and our amended and restated articles of association has been provided.

#### Director Independence and Committees of the Board of Directors

#### Independent Directors Under the Companies Law
An "independent director" is a director who meets the same non-affiliation criteria as an external director under the Companies law (except for (i) the requirement that the director be an Israeli resident (which does not apply to companies such as ours whose securities have been offered outside of Israel or are listed outside of Israel) and (ii) the requirement for accounting and financial expertise or professional qualifications), as determined by the audit committee, and who has not served as a director of the company for more than nine consecutive years. For these purposes, ceasing to serve as a director for a period of two years or less would not be deemed to sever the consecutive nature of such director's service.

Regulations promulgated pursuant to the Companies Law provide that a director in a public company whose shares are listed for trading on specified exchanges outside of Israel, including NYSE, who qualifies as an independent director under the relevant non-Israeli rules and who meets certain non-affiliation criteria, which are less stringent than those applicable to independent directors as set forth above, would be deemed an "independent" director pursuant to the Companies Law provided: (i) he or she has not served as a director for more than nine consecutive years; (ii) he or she has been approved as such by the audit committee; and (iii) his or her remuneration shall be in accordance with the Companies Law and the regulations promulgated thereunder. For these purposes, ceasing to serve as a director for a period of two years or less would not be deemed to sever the consecutive nature of such director's service.

Furthermore, pursuant to these regulations, such company may reappoint a person as an independent director for additional terms, beyond nine years, which do not exceed three years each, if each of the audit committee and the board of directors determine, in that order, that in light of the independent director's expertise and special contribution to the board of directors and its committees, the reappointment for an additional term is in the company's best interest.

Our independent directors, upon the effectiveness of the registration statement for this offering, will be Sascha Bucher, Susan Benton and Richard Eiswirth.

#### Board Committees
Prior to the consummation of this offering, we will have three standing committees of the board of directors: the Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee. Each of the board committees will act pursuant to a separate written charter adopted by our board of directors, each of which will be available on our website at *www.tarsierpharma.com*. Our board of directors may at any time or from time to time appoint certain other committees in its sole discretion as it deems necessary or appropriate to carry out its functions.

#### Audit Committee

#### NYSE Requirements for Audit Committee
Under the NYSE rules, we are required to maintain an audit committee consisting of at least three members, each of whom is independent and financially literate, and at least one of whom has accounting or related financial management expertise.

As noted above, upon the effectiveness of the registration statement for this offering, the members of our audit committee will include Sascha Bucher, Susan Benton and Richard Eiswirth, each of whom is an independent director under the Companies Law and "independent," as such term is defined in under NYSE rules. The chairman of our audit committee will be elected by the members of the audit committee following the offering. All members of our audit committee meet the requirements for financial literacy under the NYSE rules.

[**Table of Contents**](#TOC001)

Our board of directors has determined that Sascha Bucher is an audit committee financial expert as defined by the SEC rules and has the requisite financial experience as defined by the NYSE rules and applicable SEC rules, by virtue of having the following attributes through relevant experience: (i) an understanding of generally accepted accounting principles and financial statements; (ii) the ability to assess the general application of such principles in connection with the accounting for estimates, accruals, and reserves; (iii) experience preparing, auditing, analyzing, or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by our financial statements, or experience actively supervising one or more persons engaged in such activities; (iv) an understanding of internal controls and procedures for financial reporting; and (v) an understanding of audit committee functions.

The function of the Audit Committee relates to oversight of the auditors, the auditing, accounting, and financial reporting processes, and the review of our financial reports and information. In addition, the functions of the Audit Committee will include, among other things, recommending to the board of directors the engagement or discharge of independent auditors, discussing with the auditors their review of our quarterly results and the results of their audit, and reviewing our internal accounting controls.

#### Financial Statement Examination Committee
Under the Companies Law, the board of directors of a public company incorporated in Israel must appoint a financial statement examination committee, which consists of members with accounting and financial expertise or the ability to read and understand financial statements. The function of a financial statements examination committee is to discuss and provide recommendations to its board of directors (including the report of any deficiency found) with respect to the following issues: (1) estimations and assessments made in connection with the preparation of financial statements; (2) internal controls related to the financial statements; (3) completeness and propriety of the disclosure in the financial statements; (4) the accounting policies adopted and the accounting treatments implemented in material matters of the company; and (5) value evaluations, including the assumptions and assessments on which evaluations are based and the supporting data in the financial statements. Our independent registered public accounting firm and our internal auditor are invited to attend all meetings of our financial statements examination committee.

In accordance with the provisions of the Companies Law and the regulations promulgated pursuant to it and under certain conditions, an Israeli company may merge its "audit committee" and the financial statement examination committee into one committee, or the Joint Committee. As of the date hereof, the Company meets such conditions and therefore formed a Joint Committee. The members of our Joint Committee will consist of Sascha Bucher, Susan Benton and Richard Eiswirth.

#### Compensation Committee
The Compensation Committee will consist of Sascha Bucher and Susan Benton (Chairperson). The board of directors has determined that all of the prospective members of the Compensation Committee are "independent," as defined by NYSE listing standards. The responsibility of the Compensation Committee is to review and approve the compensation and other terms of employment of our Chief Executive Officer and our other executive officers, including all of the "named executive officers". Among its other duties, the Compensation Committee oversees all significant aspects of our compensation plans and benefit programs. The Compensation Committee annually reviews and approves corporate goals and objectives for the Chief Executive Officer's compensation and evaluates the Chief Executive Officer's performance in light of those goals and objectives. The Compensation Committee also recommends to the board of directors the compensation and benefits for members of the board of directors. The Compensation Committee has also been appointed by the board of directors to administer our Equity Incentive Plan. The Compensation Committee does not delegate any of its authority to other persons.

#### Nominating and Corporate Governance Committee
The Nominating and Corporate Governance Committee will be comprised of Susan Benton and Sascha Bucher (Chairperson). The committee members are independent under applicable NYSE rules and regulations. The Nominating and Corporate Governance Committee is responsible for, among other things, considering potential board members, making recommendations to the full board of directors as to nominees for election to the board of directors, assessing the effectiveness of the board of directors and implementing our corporate governance guidelines.

[**Table of Contents**](#TOC001)

#### Internal Auditor
Under the Companies Law, the board of directors of an Israeli public company must appoint an internal auditor nominated by the audit committee. We intend to appoint our internal auditor within 90 days following the consummation of this offering. The role of the internal auditor is to examine, among other things, whether a company's actions comply with the law and proper business procedure. The audit committee is required to oversee the activities, and to assess the performance of the internal auditor as well as to review the internal auditor's work plan. An internal auditor may not be an interested party or office holder, or a relative of any interested party or office holder, and may not be a member of the company's independent accounting firm or its representative. The Companies Law defines an interested party as a holder of 5% or more of the outstanding shares or voting rights of a company, any person or entity that has the right to appoint at least one director or the general manager of the company or any person who serves as a director or as the general manager of a company.

#### Approval of Related Party Transactions under Israeli Law
*General*

Under the Companies Law, we may approve an action by an office holder from which the office holder would otherwise have to refrain, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the office holder acts in good faith and the act or its approval does not cause harm to the company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the office holder disclosed the nature of his or her interest in the transaction (including any significant fact or document) to the company at a reasonable time before the company's approval of such matter.

*Disclosure of Personal Interests of an Office Holder*

The Companies Law requires that an office holder disclose to the company, promptly, and, in any event, not later than the board meeting at which the transaction is first discussed, any direct or indirect personal interest that he or she may have and all related material information known to him or her relating to any existing or proposed transaction by the company. If the transaction is an extraordinary transaction, the office holder must also disclose any personal interest held by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the office holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the office holder's relatives; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any corporation in which the office holder or his or her relatives holds 5% or more of the shares or voting rights, serves as a director or general manager or has the right to appoint at least one director or the general manager.

An office holder is not, however, obliged to disclose a personal interest if it derives solely from the personal interest of his or her relative in a transaction that is not considered an extraordinary transaction. Under the Companies Law, an extraordinary transaction is a transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not on market terms; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that is likely to have a material effect on the company's profitability, assets or liabilities.

The Companies Law does not specify to whom within us nor the manner in which required disclosures are to be made. We require our office holders to make such disclosures to our board of directors.

Under the Companies Law, once an office holder complies with the above disclosure requirement, the board of directors may approve a transaction between the company and an office holder, or a third party in which an office holder has a personal interest, unless the articles of association provide otherwise and provided that the transaction is not detrimental to the company's interest. If the transaction is an extraordinary transaction, first the audit committee and then the board of directors, in that order, must approve the transaction. Under specific circumstances, shareholder approval may also be required. A director who has a personal interest in an extraordinary transaction, which is

[**Table of Contents**](#TOC001)

considered at a meeting of the board of directors or the audit committee, may not be present at this meeting or vote on this matter, unless a majority of the board of directors or the audit committee, as the case may be, has a personal interest. If a majority of the board of directors has a personal interest, then shareholder approval is generally also required.

Under the Companies Law, all arrangements as to compensation of office holders require approval of the compensation committee and board of directors, and compensation of office holders who are the Chief Executive Officer or directors must also be approved, subject to certain exceptions, by the shareholders, by a special majority, in that order.

*Disclosure of Personal Interests of a Controlling Shareholder*

Under the Companies Law, the disclosure requirements that apply to an office holder also apply to a controlling shareholder of a public company. Extraordinary transactions with a controlling shareholder or in which a controlling shareholder has a personal interest, including a private placement in which a controlling shareholder has a personal interest, as well as transactions for the provision of services whether directly or indirectly by a controlling shareholder or his or her relative, or a company such controlling shareholder controls, and transactions concerning the terms of engagement of a controlling shareholder or a controlling shareholder's relative, whether as an office holder or an employee, require the approval of the audit committee or the compensation committee, as the case may be, the board of directors and a majority of the shares voted by the shareholders of the company participating and voting on the matter in a shareholders' meeting. In addition, the shareholder approval must fulfill one of the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at least a majority of the shares held by shareholders who have no personal interest in the transaction and are voting at the meeting must be voted in favor of approving the transaction, excluding abstentions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the shares voted by shareholders who have no personal interest in the transaction who vote against the transaction represent no more than 2% of the voting rights in the company.

In addition, any extraordinary transaction with a controlling shareholder or in which a controlling shareholder has a personal interest with a term of more than three years requires the above mentioned approval every three years; however, such transactions not involving the receipt of services or compensation can be approved for a longer term, provided that the audit committee determines that such longer term is reasonable under the circumstances. Under the Companies Law regulations, subject to certain terms, such transactions can be extended or approved after three years only by the audit committee and the board of directors.

The Companies Law requires that every shareholder that participates, in person, by proxy or by voting instrument, in a vote regarding a transaction with a controlling shareholder, must indicate in advance or in the ballot whether or not that shareholder has a personal interest in the vote in question. Failure to so indicate will result in the invalidation of that shareholder's vote.

The term "controlling shareholder" is defined in the Companies Law as a shareholder with the ability to direct the activities of the company, other than by virtue of being an office holder. A shareholder is presumed to be a controlling shareholder if the shareholder holds 50% or more of the voting rights in a company or has the right to appoint the majority of the directors of the company or its general manager. In certain related party transactions, a shareholder who holds 25% or more of the voting rights at the general meeting of the company will be referred to as the "controlling shareholder", if no other shareholder holds more than 50% of the voting rights in the company.

#### Duties of Shareholders
Under the Companies Law, a shareholder has a duty to refrain from abusing its power in the company and to act in good faith and in an acceptable manner in exercising its rights and performing its obligations to the company and other shareholders, including, among other things, voting at general meetings of shareholders on the following matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amendment of the articles of association;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increase in the company's authorized share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• merger; and

the approval of related party transactions and acts of office holders that require shareholder approval.

[**Table of Contents**](#TOC001)

A shareholder also has a general duty to refrain from oppressing other shareholders.

The remedies generally available upon a breach of contract will also apply to a breach of the above-mentioned duties, and in the event of oppression of other shareholders, additional remedies are available to the injured shareholder.

In addition, any controlling shareholder, any shareholder that knows that its vote can determine the outcome of a shareholder vote and any shareholder that, under a company's articles of association, has the power to appoint or prevent the appointment of an office holder, or has another power with respect to a company, is under a duty to act with fairness towards the company. The Companies Law does not describe the substance of this duty except to state that the remedies generally available upon a breach of contract will also apply in the event of a breach of the duty to act with fairness, taking the shareholder's position in the company into account.

#### Code of Business Conduct and Ethics and Insider Trading Policy
Effective upon consummation of this offering, our board of directors will adopt a Code of Business Conduct and Ethics and an Insider Trading Policy. We will file a copy of each as an exhibit to the registration statement filed in connection with our initial public offering. Once filed, you can review these documents by accessing our public filings at the SEC's web site at *www.sec.gov*. The Code of Business Conduct and Ethics will also be available on our website at *www.tarsierpharma.com*. In addition, a copy of the Code of Business Conduct and Ethics will be provided without charge upon request from us. We intend to disclose any amendments to or waivers of certain provisions of our Code of Business Conduct and Ethics or Insider Trading Policy in a Current Report on Form 6-K.

#### Limitation of Directors Liability and Indemnification
We will enter into indemnity agreements with our directors and named executive officers, whereby we will agree to indemnify such individuals to the fullest extent permitted by applicable Israeli law. Such indemnification will cover financial liabilities imposed on a director or officer in favor of another person by a judgment, settlement, or arbitrator's award approved by a court, as well as reasonable litigation expenses (including reasonable attorneys' fees) incurred as a result of investigations, proceedings, or administrative enforcement actions, all in accordance with and subject to the limitations of applicable Israeli law. Any undertaking to indemnify in advance will be limited to events that, in the opinion of our board of directors, can be foreseen based on our activities at the time the undertaking is made, and to an amount or criterion determined by the board of directors to be reasonable under the circumstances. No indemnification will be provided for any act or omission that constitutes a breach of the duty of loyalty (except if performed in good faith and with reasonable belief that it was in the best interests of the Company), a willful or reckless breach of the duty of care, an act or omission committed with intent to derive unlawful personal gain, or a fine, monetary sanction, or penalty imposed as a result of a criminal offense.

The Company may also, to the fullest extent permitted by the Israeli law, exempt any office holder, in whole or in part, from liability to the Company for damages caused as a result of a breach of the duty of care, provided that such exemption is authorized in the Company's articles of association. Any indemnification, exemption, or insurance of office holders will be subject to the approvals required under the Companies Law.

Prior to the consummation of the offering, we will have director and officer liability insurance to cover liabilities our directors and officers may incur in connection with their services to us, including matters arising under the Securities Act. The amended and restated articles of association which will be in effect upon the consummation of this offering also provide that every director or other officer of the Company will be entitled to be indemnified by the Company out of the Company's assets against all liabilities incurred by him or her in the actual or purported execution or discharge of his duties or the exercise or purported exercise of his powers or otherwise in relation to or in connection with his or her duties, powers or office to the maximum extent permitted by applicable law.

There is no pending litigation or proceeding involving any of our directors, officers, employees or agents in which indemnification will be required or permitted. We are not aware of any threatened litigation or proceeding that may result in a claim for such indemnification.

[**Table of Contents**](#TOC001)

#### Equity Incentive Plans
*2018 Plan*

#### Summary of Material Terms of the Tarsius (company's former name) Pharma Ltd. Global Share Incentive Plan
The following is a summary of the material features of the Tarsius Pharma Ltd. Global Share Incentive Plan (2018) (the "2018 Incentive Plan"). The 2018 Incentive Plan includes appendices that provide terms and conditions for participants in particular geographic jurisdictions. This summary includes the appendices and focuses on the terms and conditions applicable to US grantees.

*Eligibility*

The Administrator may grant awards to any employee, director, office holder or consultant of the Company or its affiliates. Only employees are eligible to receive incentive stock options.

*Administration*

The 2018 Plan is administered by the board of directors or a compensation committee or other committee as may be appointed and maintained by the Board, in its discretion to administer the 2018 Incentive Plan, to the extent permissible under applicable law (a "Committee" and collectively, the "Administrator"). The Administrator will have the full authority to determine (i) eligible participants, (ii) the number of options, Shares, restricted share units or other equity based awards to be covered by each award, (iii) the time or times at which an award will be granted, (iv) the vesting schedule and other terms and conditions apply to awards, including acceleration provisions, (v) the form(s) of written agreements applying to awards, and (vi) any other matter which is necessary or desirable for, or incidental to, the administration of the Plan and the granting of awards.

*Share Reserve*

The Company will determine the number of ordinary shares of the Company (the "Shares") that will be reserved under the 2018 Incentive Plan from time to time and may increase or decrease such number from time to time. Any Shares subject to an award which for any reason terminates, expires, or otherwise ceases to exist, will again be available for grant as an award under the 2018 Incentive Plan. Any Shares that remain unissued and are not subject to awards at the termination of the 2018 Incentive Plan will cease to be reserved for purposes of the 2018 Incentive Plan. Until the termination of the 2018 Incentive Plan, the Company will at all times reserve a sufficient number of Shares to meet the requirements of the 2018 Incentive Plan.

120,350 shares may be issued upon the exercise of incentive stock options.

The share reserve described herein may be subject to certain adjustments in the event of certain changes in the capitalization of the Company (see *Equitable Adjustments* below).

*Types of Awards*

The 2018 Incentive Plan provides for the grant of stock options, restricted shares, restricted share units, and other equity-based awards (collectively, "awards").

<u>Stock Options</u>. The 2018 Incentive Plan permits the granting of both options intended to qualify as incentive stock options under Section 422 of the Internal Revenue Code of 1986, as amended (the "Code") and options that do not so qualify. Options granted under the 2018 Incentive Plan will be nonqualified options if they fail to qualify as incentive stock options or exceed the annual limit on incentive stock options. Incentive stock options may only be granted to employees of the Company and its subsidiaries. Nonqualified options may be granted to any persons eligible to receive awards under the 2018 Incentive Plan.

The exercise price of each option will be determined by the Administrator, provided that the price per Share is not less than the nominal value of each Share, or to the extent required by applicable law to qualify for favorable tax treatment (as determined by the Administrator), not less than 100% of the fair market value of a Share on the date of grant.

[**Table of Contents**](#TOC001)

For U.S. participants, such exercise price may not be less than 100% of the fair market value of one Share on the date of grant or, in the case of an incentive stock option granted to a 10% or greater stockholder, 110% of such share's fair market value. The term of each option will be set by the Administrator and may not exceed ten (10) years from the date of grant (or five (5) years for an incentive stock option granted to a 10% or greater stockholder) unless otherwise set forth in the award agreement. The Administrator will determine at what time or times each option may be exercised, including the ability to accelerate the vesting of such options.

In Israel, the Incentive Plan provides for several tracks for granting of options. Israeli service providers who are employees and officers of the Company may be granted options under Section 102 of the Israeli Income Tax Ordinance (the "ITO" and "Section 102 Awards", respectively) so long as they are not a "controlling shareholder" within the meaning of this term under the ITO. "controlling shareholder" are generally, persons that hold 10% or more of the "means of control" of the Company; Non-employees or controlling shareholders may only be granted options other than Section 102 Awards, as described below.

Section 102 of the ITO provides two distinct tax tracks with a trustee ("Trustee Track") and one tax track without trustee ("Non-Trustee Track"), both applicable only to employees and officers of the Company or certain Israeli affiliates of the Company. Trustee Tracks are available to companies granting Section 102 Award to employees through a trustee. These tracks are: (i) a 'capital gains' tax track with a trustee ("Capital Gain Track"), under which the option has to be held by the trustee for a period of at least 24 months; and (ii) an 'ordinary income' tax track with a trustee, under which the option has to be held by the trustee for a period of at least 12 months. The Company's election regarding the type of Trustee Track is filed with the Israeli Tax Authority ("ITA"). Such election will remain in effect at least until the end of the year following the year during which the Company first granted option under the Trustee Track. In addition, and regardless of which tax track the Company elects, the Company may grant Section 102 Awards under the Non-Trustee Track (under the provisions of Section 102(c) of the ITO). Options under the Non-Trustee Track do not enjoy the beneficial capital gain tax treatment.

Israeli controlling shareholders and service providers of the Company or any of its affiliates (other than employees and officers) may be granted with options under Section 3(i) of the ITO ("Section 3(i)Award").

<u>Restricted Shares</u>. A restricted share award is an award of Shares that vests in accordance with the terms and conditions established by the Administrator. The Administrator will determine the persons to whom grants of restricted share awards are made, the number of restricted shares to be awarded, the price (if any) to be paid for the restricted shares, the time or times within which awards of restricted shares may be subject to forfeiture, the vesting schedule and rights to acceleration thereof, and all other terms and conditions of restricted share awards. Unless otherwise provided in the applicable award agreement, a participant generally will have the rights and privileges of a shareholder as to such restricted shares, including without limitation the right to vote such restricted shares and the right to receive cash dividends, if applicable. In Israel, restricted share can be issued as a Trustee Track and Non-Trustee Track.

<u>Restricted Share Units</u>. Restricted share units are the right to receive Shares at a future date in accordance with the terms of such grant upon the attainment of certain conditions specified by the Administrator. Restrictions or conditions could include, but are not limited to, the attainment of performance goals, continuous service with the Company or its subsidiaries, the passage of time or other restrictions or conditions. The Administrator determines the persons to whom grants of restricted share units are made, the number of restricted share units to be awarded, the time or times within which awards of restricted share units may be subject to forfeiture, the vesting schedule, and rights to acceleration thereof, and all other terms and conditions of the restricted share unit awards. The holders of restricted share units will have no voting or dividend rights. In Israel, restricted share units can be granted under the Trustee Track, Non-Trustee Track and as a Section 3(i) Award.

<u>Other</u> <u>Equity</u><u>-Based</u> <u>Awards</u>. Other equity-based awards (including, without limitation, performance share awards) may be granted either alone or in addition to other awards granted under the 2018 Incentive Plan to all eligible participants pursuant to such terms and conditions as the Administrator may determine, including without limitation, in one or more appendix adopted by the Administrator.

[**Table of Contents**](#TOC001)

*Equitable Adjustments*

Subject to any required action by the shareholders of the Company, the number of Shares covered by each outstanding award and the number of Shares which have been authorized for issuance under the 2018 Incentive Plan but as to which no award has been granted or which have returned to the 2018 Incentive Plan, as well as the price per Share covered by each outstanding award, shall be proportionately adjusted for any increase or decrease in the number of issued Shares resulting from a share split, reverse share split, combination or reclassification of the Shares, or any other increase or decrease in the number of issued Shares effected without receipt of consideration by the Company.

*Transactions*

In the event of a "Transaction" (as defined in the 2018 Incentive Plan), the outstanding (including the unexercised, vested, unvested or restricted) portion of each outstanding award will be assumed or substituted with an equivalent award or the right to receive consideration by the acquiring or successor corporation or affiliate thereof, as will be determined by such entity, subject to the terms of the 2018 Incentive Plan. In the event that the successor corporation or any affiliate thereof does not provide for such an assumption, and/or substitution of outstanding awards and/or consideration for outstanding awards, then unless determined otherwise in respect to a specific outstanding award, the Administrator shall have sole and absolute discretion to determine the effect of the Transaction on the portion of awards outstanding immediately prior to the effective time of the Transaction, which may include any one or more of the following, whether in a manner equitable or not among individual participants: (i) all or a portion of outstanding award shall become exercisable in full on a date no later than two days prior to the consummation of the Transaction, or on another date and/or dates or at an event and/or events as the Administrator determines, provided that unless otherwise determined by the Administrator, the exercise and/or vesting of all awards that otherwise would not have been exercisable and/or vested in the absence of a Transaction will be contingent upon the actual consummation of the Transaction; and/or (ii) that all or a portion or certain categories of outstanding awards will be cancelled upon the actual consummation of the Transaction and instead the holders of those awards will receive consideration in the amount and under the terms determined by the Administrator; and/or (iii) that an adjustment or interpretation of the terms of the awards will be made to facilitate the Transaction and/or otherwise as required in the context of the Transaction.

*Term*

The 2018 Incentive Plan became effective when it was approved by our board of directors, and, unless terminated earlier, the 2018 Incentive Plan will continue in effect for a term of ten (10) years from such date.

*Amendment and Termination*

The Administrator may at any time, and from time to time, amend, in whole or in part, any or all of the provision of the 2018 Incentive Plan (including any amendment deemed necessary to ensure that the Company may comply with any regulatory requirement), or suspend or terminate it entirely, retroactively or otherwise; provided, however that, (a) to correct obvious drafting errors or as otherwise required by law or (b) as specifically provided herein, the rights of a participant with respect to vested awards granted prior to such amendment, suspension, or termination, may not be reduced without the consent of such participant. The Administrator may amend the terms of any award granted, prospectively or retroactively, but except (a) to correct obvious drafting errors or as otherwise required by law or applicable accounting rules, or (b) as specifically provided herein, no such amendment or other action by the Committee shall reduce the rights of any participant with respect to vested awards without the participant's consent.

*Material United States Federal Income Tax Considerations*

The following is a general summary under current law of the material U.S. federal income tax considerations related to awards and certain transactions under the 2018 Incentive Plan, based upon the current provisions of the Code and regulations promulgated thereunder. This summary deals with the general federal income tax principles that apply and is provided only for general information. It does not describe all federal tax consequences under the 2018 Incentive Plan, nor does it describe state, local, or foreign income tax consequences or federal employment tax consequences. The rules governing the tax treatment of such awards are quite technical, so the following discussion of tax consequences is necessarily general in nature and is not complete. In addition, statutory provisions are subject to change, as are their interpretations, and their application may vary in individual circumstances. This summary is not intended as tax advice to participants, who should consult their own tax advisors.

[**Table of Contents**](#TOC001)

The 2018 Incentive Plan is not qualified under the provisions of Section 401(a) of the Code and is not subject to any of the provisions of the Employee Retirement Income Security Act of 1974, as amended. The Company's ability to realize the benefit of any tax deductions described below depends on the Company's generation of taxable income as well as the requirement of reasonableness and the satisfaction of the Company's tax reporting obligations.

<u>Incentive Stock Options</u>. No taxable income is generally realized by the optionee upon the grant or exercise of an incentive stock option. If Shares issued to an optionee pursuant to the exercise of an incentive stock option are sold or transferred after two years from the date of grant and after one year from the date of exercise, then generally (i) upon sale of such Shares, any amount realized in excess of the option exercise price (the amount paid for the shares) will be taxed to the optionee as a long-term capital gain, and any loss sustained will be a long-term capital loss, and (ii) neither the Company nor its subsidiaries will be entitled to any deduction for federal income tax purposes; provided that such incentive stock option otherwise meets all of the technical requirements of an incentive stock option. The exercise of an incentive stock option will give rise to an item of tax preference that may result in alternative minimum tax liability for the optionee.

If the Shares acquired upon the exercise of an incentive stock option are disposed of prior to the expiration of the two-year and one-year holding periods described above (a "disqualifying disposition"), generally (i) the optionee will realize ordinary income in the year of disposition in an amount equal to the excess (if any) of the fair market value of the Shares at exercise (or, if less, the amount realized on a sale of such Shares) over the option exercise price thereof, and (ii) the Company or its subsidiaries will be entitled to deduct such amount. Special rules will apply where all or a portion of the exercise price of the incentive stock option is paid by tendering Shares.

If an incentive stock option is exercised at a time when it no longer qualifies for the tax treatment described above, the option is treated as a nonqualified option. Generally, an incentive stock option will not be eligible for the tax treatment described above if it is exercised more than three months following termination of employment (or one year in the case of termination of employment by reason of disability). In the case of termination of employment by reason of death, the three-month rule does not apply, and the incentive stock option shall be exercised within 12 months from the occurrence of such event.

<u>Nonqualified Options</u>. No income is generally realized by the optionee at the time a nonqualified option is granted. Generally, (i) at exercise, ordinary income is realized by the optionee in an amount equal to the difference between the option exercise price and the fair market value of the Shares issued on the date of exercise, and the Company or its subsidiaries receive a tax deduction for the same amount, and (ii) at disposition, appreciation or depreciation after the date of exercise is treated as either short-term or long-term capital gain or loss depending on how long the Shares have been held. Special rules will apply where all or a portion of the exercise price of the nonqualified option is paid by tendering Shares. Upon exercise, the optionee will also be subject to Social Security taxes on the excess of the fair market value of the Shares over the exercise price of the option.

<u>Restricted Shares, Restricted Share Units, and Other</u> <u>Equity</u><u>-Based</u> <u>Awards</u>. The current federal income tax consequences of other awards authorized under the 2018 Incentive Plan generally follow certain basic patterns: (i) nontransferable restricted shares subject to a substantial risk of forfeiture results in income recognition equal to the excess of the fair market value of the Shares over the price paid, if any, only at the time the restrictions lapse (unless the recipient elects to accelerate recognition as of the date of grant through a Section 83(b) election); and (ii) restricted share units and other equity-based awards are generally subject to tax at the time of payment. The Company or its subsidiaries generally should be entitled to a federal income tax deduction in an amount equal to the ordinary income recognized by the participant at the time the participant recognizes such income.

The participant's basis for the determination of gain or loss upon the subsequent disposition of Shares acquired from a restricted share, restricted share unit, or other equity-based award will be the amount paid for such shares plus any ordinary income recognized when the shares were originally delivered, and the participant's capital gain holding period for those shares will begin on the day after they are transferred to the participant.

<u>Parachute Payments</u>. The vesting of any portion of an award that is accelerated due to the occurrence of a change in control (such as a sale event) may cause all or a portion of the payments with respect to such accelerated awards to be treated as "parachute payments" as defined in the Code. Any such parachute payments may be non-deductible to either the Company or its subsidiaries, in whole or in part, and may subject the recipient to a non-deductible 20% federal excise tax on all or a portion of such payment (in addition to other taxes ordinarily payable).

[**Table of Contents**](#TOC001)

<u>Section 409A</u>. The foregoing description assumes that Section 409A of the Code does not apply to an award under the 2018 Incentive Plan. In general, stock options are exempt from Section 409A if the exercise price per share is at least equal to the fair market value per share of the underlying share at the time the option was granted. Restricted share awards are not generally subject to Section 409A. Restricted share units are subject to Section 409A unless they are settled within two and one-half months after the end of the later of (1) the end of the Company's fiscal year in which vesting occurs or (2) the end of the calendar year in which vesting occurs. If an award is subject to Section 409A and the provisions for the exercise or settlement of that award do not comply with Section 409A, then the participant would be required to recognize ordinary income whenever a portion of the award vested (regardless of whether it had been exercised or settled). This amount would also be subject to a 20% federal tax and premium interest in addition to the federal income tax at the participant's usual marginal rate for ordinary income.

*Material Israel Income Tax Considerations*

The following is a general description of the Israeli income tax consequences of grants made under the Plan based on the ITO and regulations thereunder in effect on the date of this Prospectus. This summary does not cover any aspect of any state or local tax laws or the laws of any jurisdictions other than the State of Israel. Because the law governing the tax aspects of stock awards and incentive plans is technical and changes frequently, you should consult your tax advisor about the individual tax consequences of receiving or exercising any award granted under the plan.

Any tax advice contained herein is not intended or written to be used and cannot be used by a taxpayer for the purpose of avoiding tax penalties that may be imposed on the taxpayer.

*Trustee Track.* You will not be taxed when your award is granted, vests, or is exercised. You will be taxed if the fair market value of Shares is greater than the option price when you choose to sell the award (or shares underlying the award) or when you release the award from the trust (in the case of award under the Trustee Track) (the "Benefit"). If your award is being granted under the capital gain tax track of Section 102, the Benefit will be taxed as follows: the excess of the fair market value at the time of the grant (as determined in the ITO) over the exercise or purchase price will be taxed as ordinary tax at rates of up to 47% (in 2025) social security and healthcare contribution. A 3% surplus may be applicable. The balance of the Benefit will be taxed at 25%. A surplus at a rate of 5% tax may be applicable to the component. If your award is granted under the earned income track, your Benefit will be taxed at ordinary tax rates plus social security, healthcare contribution and surplus tax, if applicable.

*Non*-Trustee *Track.* You will not be taxed when your award is granted, vests, or is exercised. The Benefit will be taxed as ordinary income plus social security and healthcare contribution and plus surplus tax at the time of the sale of your Award (or the shares underlying the award). Exceptions apply for grant of restricted stock, that are taxed at the time of issuance as ordinary income (plus social security, healthcare contribution and surplus tax, if applicable).

For awards granted as Section 3(i) Awards, you will be taxed when you exercise your award (in case of restricted share units, when the restricted share unit is vested and converted into Shares), but not when it is granted. The Benefit will be taxable to you at ordinary tax rates plus social security and healthcare contribution and plus surplus tax, if applicable. Exceptions apply for grants of restricted stock, that are taxed at the time of issuance as ordinary income (plus social security, healthcare contribution and surplus tax, if applicable).

*2026 Plan*

The following is a summary of the material features of the Tarsier Pharma Ltd. Global Share Incentive Plan (2026) (the "2026 Plan"), which will go into effect upon the consummation of this offering. The 2026 Plan includes appendices that provide terms and conditions for participants in particular geographic jurisdictions. This summary includes the appendices and focuses on the terms and conditions applicable to US grantees.

2,305,630 shares may be issued upon the exercise of incentive stock options.

The share reserve described herein may be subject to certain adjustments in the event of certain changes in the capitalization of the Company (see *Equitable Adjustments* below).

*Eligibility*

The Administrator may grant awards to any employee, director, office holder or consultant of the Company or its affiliates. Only employees are eligible to receive incentive stock options.

[**Table of Contents**](#TOC001)

*Administration*

The 2026 Plan will be administered by the board of directors or a compensation committee or other committee as may be appointed and maintained by the Board, in its discretion to administer the 2026 Plan, to the extent permissible under applicable law (a "Committee" and collectively, the "Administrator"). The Administrator will have the full authority to determine (i) eligible participants, (ii) the number of options, Shares, restricted share units or other equity based awards to be covered by each award, (iii) the time or times at which an award will be granted, (iv) the vesting schedule and other terms and conditions apply to awards, including acceleration provisions, (v) the form(s) of written agreements applying to awards, and (vi) any other matter which is necessary or desirable for, or incidental to, the administration of the Plan and the granting of awards.

*Share Reserve*

The maximum aggregate number of shares of the Company's ordinary shares that may be issued under the 2026 Plan is the sum of (A) 2,305,630 shares outstanding immediately following the closing of the IPO, plus (B) an increase commencing on January 1, 2027, and continuing annually on each anniversary thereof through and including January 1, 2036, equal to the lesser of (i) 2.0% of the ordinary shares outstanding on the last day of the immediately preceding calendar year and (ii) such smaller number of ordinary shares as determined by the board of directors or the compensation committee.

*Types of Awards*

The 2026 Plan provides for the grant of stock options, restricted shares, restricted share units, and other equity-based awards (collectively, "awards").

<u>Stock Options</u>. The 2026 Plan permits the granting of both options intended to qualify as incentive stock options under Section 422 of the Code and options that do not so qualify. Options granted under the 2026 Plan will be nonqualified options if they fail to qualify as incentive stock options or exceed the annual limit on incentive stock options. Incentive stock options may only be granted to employees of the Company and its subsidiaries. Nonqualified options may be granted to any persons eligible to receive awards under the 2026 Plan. The exercise price of each option will be determined by the Administrator, provided that the price per Share is not less than the nominal value of each Share, or to the extent required by applicable law to qualify for favorable tax treatment (as determined by the Administrator), not less than 100% of the fair market value of a Share on the date of grant. For U.S. participants, such exercise price may not be less than 100% of the fair market value of one Share on the date of grant or, in the case of an incentive stock option granted to a 10% or greater stockholder, 110% of such share's fair market value. The term of each option will be set by the Administrator and may not exceed ten (10) years from the date of grant (or five (5) years for an incentive stock option granted to a 10% or greater stockholder) unless otherwise set forth in the award agreement. The Administrator will determine at what time or times each option may be exercised, including the ability to accelerate the vesting of such options.

<u>Restricted Shares</u>. A restricted share award is an award of Shares that vests in accordance with the terms and conditions established by the Administrator. The Administrator will determine the persons to whom grants of restricted share awards are made, the number of restricted shares to be awarded, the price (if any) to be paid for the restricted shares, the time or times within which awards of restricted shares may be subject to forfeiture, the vesting schedule and rights to acceleration thereof, and all other terms and conditions of restricted share awards. Unless otherwise provided in the applicable award agreement, a participant generally will have the rights and privileges of a shareholder as to such restricted shares, including without limitation the right to vote such restricted shares and the right to receive cash dividends, if applicable.

<u>Restricted Share Units</u>. Restricted share units are the right to receive Shares at a future date in accordance with the terms of such grant upon the attainment of certain conditions specified by the Administrator. Restrictions or conditions could include, but are not limited to, the attainment of performance goals, continuous service with the Company or its subsidiaries, the passage of time or other restrictions or conditions. The Administrator determines the persons to whom grants of restricted share units are made, the number of restricted share units to be awarded, the time or times within which awards of restricted share units may be subject to forfeiture, the vesting schedule, and rights to acceleration thereof, and all other terms and conditions of the restricted share unit awards. The holders of restricted share units will have no voting or dividend rights.

[**Table of Contents**](#TOC001)

<u>Other</u> <u>Equity</u><u>-Based</u> <u>Awards</u>. Other equity-based awards (including, without limitation, performance share awards) may be granted either alone or in addition to other awards granted under the 2026 Plan to all eligible participants pursuant to such terms and conditions as the Administrator may determine, including without limitation, in one or more appendix adopted by the Administrator.

*Equitable Adjustments*

Subject to any required action by the shareholders of the Company, the number of Shares covered by each outstanding award and the number of Shares which have been authorized for issuance under the 2026 Plan but as to which no award has been granted or which have returned to the 2026 Plan, as well as the price per Share covered by each outstanding award, shall be proportionately adjusted for any increase or decrease in the number of issued Shares resulting from a share split, reverse share split, combination or reclassification of the Shares, or any other increase or decrease in the number of issued Shares effected without receipt of consideration by the Company.

*Transactions*

In the event of a "Transaction" (as defined in the 2026 Plan), the outstanding (including the unexercised, vested, unvested or restricted) portion of each outstanding award will be assumed or substituted with an equivalent award or the right to receive consideration by the acquiring or successor corporation or affiliate thereof, as will be determined by such entity, subject to the terms of the 2026 Plan. In the event that the successor corporation or any affiliate thereof does not provide for such an assumption, and/or substitution of outstanding awards and/or consideration for outstanding awards, then unless determined otherwise in respect to a specific outstanding award, the Administrator shall have sole and absolute discretion to determine the effect of the Transaction on the portion of awards outstanding immediately prior to the effective time of the Transaction, which may include any one or more of the following, whether in a manner equitable or not among individual participants: (i) all or a portion of outstanding award shall become exercisable in full on a date no later than two days prior to the consummation of the Transaction, or on another date and/or dates or at an event and/or events as the Administrator determines, provided that unless otherwise determined by the Administrator, the exercise and/or vesting of all awards that otherwise would not have been exercisable and/or vested in the absence of a Transaction will be contingent upon the actual consummation of the Transaction; and/or (ii) that all or a portion or certain categories of outstanding awards will be cancelled upon the actual consummation of the Transaction and instead the holders of those awards will receive consideration in the amount and under the terms determined by the Administrator; and/or (iii) that an adjustment or interpretation of the terms of the awards will be made to facilitate the Transaction and/or otherwise as required in the context of the Transaction.

*Term*

The 2026 Plan became effective when it was approved by our Board, and, unless terminated earlier, the 2026 Plan will continue in effect for a term of ten (10) years from such date.

*Amendment and Termination*

The Administrator may at any time, and from time to time, amend, in whole or in part, any or all of the provision of the 2026 Plan (including any amendment deemed necessary to ensure that the Company may comply with any regulatory requirement), or suspend or terminate it entirely, retroactively or otherwise; provided, however that, (a) to correct obvious drafting errors or as otherwise required by law or (b) as specifically provided herein, the rights of a participant with respect to vested awards granted prior to such amendment, suspension, or termination, may not be reduced without the consent of such participant. The Administrator may amend the terms of any award granted, prospectively or retroactively, but except (a) to correct obvious drafting errors or as otherwise required by law or applicable accounting rules, or (b) as specifically provided herein, no such amendment or other action by the Committee shall reduce the rights of any participant with respect to vested awards without the participant's consent.

*Material United States Federal Income Tax Considerations*

The following is a general summary under current law of the material U.S. federal income tax considerations related to awards and certain transactions under the 2026 Plan, based upon the current provisions of the Code and regulations promulgated thereunder. This summary deals with the general federal income tax principles that apply and is provided only for general information. It does not describe all federal tax consequences under the 2026 Plan, nor

[**Table of Contents**](#TOC001)

does it describe state, local, or foreign income tax consequences or federal employment tax consequences. The rules governing the tax treatment of such awards are quite technical, so the following discussion of tax consequences is necessarily general in nature and is not complete. In addition, statutory provisions are subject to change, as are their interpretations, and their application may vary in individual circumstances. This summary is not intended as tax advice to participants, who should consult their own tax advisors.

The 2026 Plan is not qualified under the provisions of Section 401(a) of the Code and is not subject to any of the provisions of the Employee Retirement Income Security Act of 1974, as amended. The Company's ability to realize the benefit of any tax deductions described below depends on the Company's generation of taxable income as well as the requirement of reasonableness and the satisfaction of the Company's tax reporting obligations.

<u>Incentive Stock Options</u>. No taxable income is generally realized by the optionee upon the grant or exercise of an incentive stock option. If Shares issued to an optionee pursuant to the exercise of an incentive stock option are sold or transferred after two years from the date of grant and after one year from the date of exercise, then generally (i) upon sale of such Shares, any amount realized in excess of the option exercise price (the amount paid for the shares) will be taxed to the optionee as a long-term capital gain, and any loss sustained will be a long-term capital loss, and (ii) neither the Company nor its subsidiaries will be entitled to any deduction for federal income tax purposes; provided that such incentive stock option otherwise meets all of the technical requirements of an incentive stock option. The exercise of an incentive stock option will give rise to an item of tax preference that may result in alternative minimum tax liability for the optionee.

If the Shares acquired upon the exercise of an incentive stock option are disposed of prior to the expiration of the two-year and one-year holding periods described above (a "disqualifying disposition"), generally (i) the optionee will realize ordinary income in the year of disposition in an amount equal to the excess (if any) of the fair market value of the Shares at exercise (or, if less, the amount realized on a sale of such Shares) over the option exercise price thereof, and (ii) the Company or its subsidiaries will be entitled to deduct such amount. Special rules will apply where all or a portion of the exercise price of the incentive stock option is paid by tendering Shares.

If an incentive stock option is exercised at a time when it no longer qualifies for the tax treatment described above, the option is treated as a nonqualified option. Generally, an incentive stock option will not be eligible for the tax treatment described above if it is exercised more than three months following termination of employment (or one year in the case of termination of employment by reason of disability). In the case of termination of employment by reason of death, the three-month rule does not apply.

<u>Nonqualified Options</u>. No income is generally realized by the optionee at the time a nonqualified option is granted. Generally, (i) at exercise, ordinary income is realized by the optionee in an amount equal to the difference between the option exercise price and the fair market value of the Shares issued on the date of exercise, and the Company or its subsidiaries receive a tax deduction for the same amount, and (ii) at disposition, appreciation or depreciation after the date of exercise is treated as either short-term or long-term capital gain or loss depending on how long the Shares have been held. Special rules will apply where all or a portion of the exercise price of the nonqualified option is paid by tendering Shares. Upon exercise, the optionee will also be subject to Social Security taxes on the excess of the fair market value of the Shares over the exercise price of the option.

<u>Restricted Shares, Restricted Share Units, and Other</u> <u>Equity</u><u>-Based</u> <u>Awards</u>. The current federal income tax consequences of other awards authorized under the 2026 Plan generally follow certain basic patterns: (i) nontransferable restricted shares subject to a substantial risk of forfeiture results in income recognition equal to the excess of the fair market value of the Shares over the price paid, if any, only at the time the restrictions lapse (unless the recipient elects to accelerate recognition as of the date of grant through a Section 83(b) election); and (ii) restricted share units and other equity-based awards are generally subject to tax at the time of payment. The Company or its subsidiaries generally should be entitled to a federal income tax deduction in an amount equal to the ordinary income recognized by the participant at the time the participant recognizes such income. The participant's basis for the determination of gain or loss upon the subsequent disposition of Shares acquired from a restricted share, restricted share unit, or other equity-based award will be the amount paid for such shares plus any ordinary income recognized when the shares were originally delivered, and the participant's capital gain holding period for those shares will begin on the day after they are transferred to the participant.

[**Table of Contents**](#TOC001)

<u>Parachute Payments</u>. The vesting of any portion of an award that is accelerated due to the occurrence of a change in control (such as a sale event) may cause all or a portion of the payments with respect to such accelerated awards to be treated as "parachute payments" as defined in the Code. Any such parachute payments may be non-deductible to either the Company or its subsidiaries, in whole or in part, and may subject the recipient to a non-deductible 20% federal excise tax on all or a portion of such payment (in addition to other taxes ordinarily payable).

<u>Section 409A</u>. The foregoing description assumes that Section 409A of the Code does not apply to an award under the 2026 Plan. In general, stock options are exempt from Section 409A if the exercise price per share is at least equal to the fair market value per share of the underlying share at the time the option was granted. Restricted share awards are not generally subject to Section 409A. Restricted share units are subject to Section 409A unless they are settled within two and one-half months after the end of the later of (1) the end of the Company's fiscal year in which vesting occurs or (2) the end of the calendar year in which vesting occurs. If an award is subject to Section 409A and the provisions for the exercise or settlement of that award do not comply with Section 409A, then the participant would be required to recognize ordinary income whenever a portion of the award vested (regardless of whether it had been exercised or settled). This amount would also be subject to a 20% federal tax and premium interest in addition to the federal income tax at the participant's usual marginal rate for ordinary income.

[**Table of Contents**](#TOC001)

#### PRINCIPAL SHAREHOLDERS
Based solely upon information made available to us, the following table sets forth information as of the date of this prospectus regarding the beneficial ownership of our ordinary shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person known by us to be the beneficial owner of more than 5% of our outstanding ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our named executive officers and directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all our executive officers and directors as a group.

The percentage ownership information shown in the table is based upon 23,736,270 ordinary shares outstanding as of the date of this prospectus. In addition, the number of shares and percentage of shares beneficially owned after the offering gives effect to the issuance by us of 5,000,000 ordinary shares in this offering assuming an initial public offering price of $9.00 per share (the mid-point of the price range set forth on the cover page of this prospectus). The percentage ownership information assumes no exercise of the underwriter's over-allotment option.

Beneficial ownership is determined in accordance with the rules of the SEC and includes voting or investment power with respect to the securities. Except as otherwise indicated, each person or entity named in the table has sole voting and investment power with respect to all shares of our capital shown as beneficially owned, subject to applicable community property laws.

In computing the number and percentage of shares beneficially owned by a person, shares that may be acquired by such person (for example, upon the exercise of options or warrants) within 60 days of the date of this prospectus are counted as outstanding, while these shares are not counted as outstanding for computing the percentage ownership of any other person.

The percentages of ordinary shares beneficially owned after the offering assume that the underwriter will not exercise its option to purchase additional ordinary shares in the offering. Except where otherwise indicated, we believe, based on information furnished to us by such owners, that the beneficial owners of the ordinary shares listed below have sole investment and voting power with respect to such shares.

None of our shareholders has different voting rights from other shareholders. We are not aware of any arrangement that may, at a subsequent date, result in a change of control of our company.

The address of each holder listed below, except as otherwise indicated, is c/o 10 HaMa'apilim St., Zichron Yaacov, Israel 3093765.

---

| | | | |
|:---|:---|:---|:---|
|  **Name of Beneficial Owner** | **Ordinary <br>Shares <br>Beneficially <br>Owned** | **Percent of <br>Ordinary <br>Shares <br>Beneficially <br>Owned Before <br>Offering** | **Percent of <br>Ordinary <br>Shares <br>Beneficially <br>Owned After <br>Offering** |
|  **Named Executive Officers and Directors** |  |  |  |
|  Daphne Haim-Langford, Ph.D. | 7068350 | 29.8% | 24% |
|  Arie Ganot, CPA |  |  | \*% |
|  Zohar Milman, M.Sc.<sup>(1)</sup> | 570630 | 2.4% | 1.9% |
|  Ron Neumann, M.D.<sup>(1)</sup> | 287720 | 1.2% | 0.9% |
|  Atul Raut, M.D., Ph.D. |  |  | \*% |
|  Susan Benton, MBA<sup>(1)</sup> | 127020 | \* | \*% |
|  Sascha Bucher, MBA | 127020 | \* | \*% |
|  Richard Eiswirth |  |  | \*% |
|  All directors and executive officers as a group (8 persons) | 8751370 | 33.4% | 26.8% |
|  **5% Shareholders** |  |  |  |
|  AJ Tarsier Investment LLC<sup>(2)</sup> | 1929000 | 8.13% | 6.5% |
|  Oriella Ltd.<sup>(3)</sup> | 2563700 | 10.8% | 8.7% |
|  Alkaloida Chemical Company zrt.<sup>(4)</sup> | 4762840 | 20.06% | 16.2% |

---

____________

\* Less than 1%.

(1) Consists of options to purchase ordinary shares.

[**Table of Contents**](#TOC001)

(2) AJ Tarsier Investment LLC is an investment holding company. Mr. Alex Jurovitsky is the controlling shareholder and manager as of the date of this prospectus and has sole voting and investment power over the shares held by AJ Tarsier Investment LLC.

(3) Oriella Limited is an investment holding company. The entire share capital of Centaurus Investments Limited, the parent holding company of Oriella Limited, is held by Geneva Trust Company (GTC) SA (as trustee of VT Two Trust). Geneva Trust Company (GTC) SA (a subsidiary of Geneva Holding Company (GHC) SA), as trustee of VT Two Trust, has the authority to dispose of and exercise control over the disposal of the assets of the VT Two Trust. POD Sàrl, of which Mr. Rodney Hodges holds 100% of the share capital, wholly owns Geneva Holding Company (GHC) SA. Mr. Hodges does not make day-to-day voting or investment decisions with respect to the Ordinary Shares held by Oriella Limited and, therefore, disclaims beneficial ownership of them except to the extent of his pecuniary interest therein. Oriella Limited's address is 34 Rue de l'Athénée, 1206, Geneva, Switzerland. Based on information provided to us by Oriella Limited on December 11, 2025.

(4) Alkaloida Chemical Company Zrt. ("Alkaloida") is a private company limited by shares. Alkaloida is organized in Hungry and Messrs. Béla Szabad, Péter Andreidesz, Sunil Ajmera, Rajesh Shah and Mrs. Katalin Szilágyi are the members of the board of directors of Alkaloida as of the date of this prospectus. The board of directors of Alkaloida has sole voting and investment power over the shares held by Alkaloida. The address of Alkaloida is Hungary, 4440 Tiszavasvári, Kabay János Street 29.

#### Holdings by U.S. Shareholders
As of March 31, 2026, 9 U.S. record holders held in the aggregate 15.86% of our issued and outstanding ordinary shares.

[**Table of Contents**](#TOC001)

#### CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
Other than compensation arrangements for our directors and executive officers, which are described elsewhere in this prospectus, there are no currently proposed transactions or transactions that we have entered into over the last two completed fiscal years in which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we have been or are to be a participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amounts involved exceed the lesser of (i) $120,000 or (ii) one percent of our average total assets at year-end for the last two completed fiscal years; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any of our directors, executive officers or holders of more than 5% of our outstanding capital shares, or any immediate family member of, or person sharing the household with, any of these individuals or entities, had or will have a direct or indirect material interest.

#### 2024 Parity SAFEs
In connection with our offering of 2024 Parity SAFEs, Dr. Haim-Langford invested $50,000 on terms identical to those provided to numerous unrelated third-party investors in the financing round. All 2024 Parity SAFEs were converted upon maturity under their terms in January and February 2026, resulting in Dr. Haim-Langford receiving 16,670 of ordinary shares from conversion in February 2026 of such investment. For further discussion of our 2024 Parity SAFE instruments, see "*Description of Share Capital and Articles of Association — Simple Agreements for Future Equity*."

#### CEO Loan
In April 2022, the Company received a non-interest-bearing shareholder loan from Dr. Haim-Langford totaling EURO 100,000 to support company operations.

#### Deferred Compensation Owed to Chief Executive Officer
From time to time, we have deferred payment of certain compensation owed to our Chief Executive Officer, Dr. Haim-Langford, pursuant to her employment arrangement with the Company. As of date of this prospectus, we owed approximately $678,000 in deferred compensation to Dr. Haim-Langford, consisting of a non-interest-bearing $117,000 shareholder loan (without maturity date or conversion provisions) from our Chief Executive Officer received in April 2022 and approximately $561,000 in deferred compensation representing earned but unpaid salary and/or bonus amounts, each of which remains outstanding obligations to our Chief Executive Officer. The deferral of such compensation was undertaken to preserve the Company's liquidity during earlier stages of development and was not made pursuant to a formal deferred compensation plan.

#### Policies and Procedures with Respect to Related Party Transactions
Pursuant to our Audit Committee charter, our Audit Committee will be responsible for reviewing and approving transactions with related persons. A related person includes directors, executive officers, beneficial owners of 5% or more of any class of our voting securities, immediate family members of any of the foregoing persons, and any entities in which any of the foregoing is an executive officer or is an owner of 5% or more ownership interest.

If a transaction involving an amount in excess of $120,000 has been identified as a related person transaction, including any transaction that was not a related person transaction when originally consummated or any transaction that was not initially identified as a related person transaction prior to consummation, information regarding the related person transaction will be reviewed by our Audit Committee, which will determine whether to approve the transaction.

In considering related person transactions, our audit committee will take into account the relevant available facts and circumstances including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the related person's interest in the related person transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the approximate dollar value of the amount involved in the related person transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the approximate dollar value of the amount of the related person's interest in the transaction without regard to the amount of any profit or loss;

[**Table of Contents**](#TOC001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the transaction was undertaken in the ordinary course of business of our Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the transaction with the related person is proposed to be, or was, entered into on terms no less favorable to us than terms that could have been reached with an unrelated third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the purpose, and the potential benefits to our Company, of the transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other information regarding the related person transaction or the related person in the context of the proposed transaction that would be material to investors in light of the circumstances of the particular transaction.

In determining whether to approve, ratify or reject a related person transaction, the audit committee will review all relevant information available to it about such transaction, and it will approve or ratify the related person transaction only if it determines that, under all of the circumstances, the transaction is in, or is not inconsistent with, the best interests of our company.

[**Table of Contents**](#TOC001)

#### DESCRIPTION OF SHARE CAPITAL AND ARTICLES OF ASSOCIATION
*The following describes our issued share capital, summarizes the material provisions of our Articles of Association and highlights certain differences in corporate law in Israel and the United States. This description of our share capital and summary of our Articles of Association is not complete, and is qualified by reference to our Articles of Association. You should read our Articles of Association, which are filed as an exhibit to the registration statement of which this prospectus forms a part, for the provisions that are important to you.*

#### General
Upon the closing of this offering, our authorized share capital will consist of **100,000,000** ordinary shares, par value NIS 0.001 per share, of which, effective immediately prior to the closing of this offering, **28,736,270** shares will be issued and outstanding (assuming that the underwriter does not exercise its option to purchase additional ordinary shares).

All of our outstanding ordinary shares will be validly issued, fully paid and non-assessable. Our ordinary shares are not redeemable and do not have any preemptive rights.

#### Registration Number and Purpose
Our registration number with the Israeli Registrar of Companies (the "IRC") is 51-5398642. Our purpose as set forth in our amended and restated articles of association is to engage in any lawful activity.

#### Pre-Emptive Rights
Certain of our shareholders have pre-emptive rights which would allow them to participate in future equity sales. The investors were granted the right to purchase their pro rata portion in any such subsequent offering of our securities. The pro rata portion is calculated as of the date the financing round is approved by our board of directors. This pre-emptive right is effective until the closing of this offering. All shareholders who hold 5% of the Company's outstanding share capital on an as-converted basis as of the date hereof have a preemptive right to purchase future issuances, so long as they maintain that ownership level. All pre-emptive rights described above, including in connection with this offering, have been waived and will no longer be in place after the consummation of this offering.

#### Simple Agreements for Future Equity
A SAFE (Simple Agreement for Future Equity) is an agreement to provide an investor a future equity stake in the issuing company based on the amount invested if, and only if, a triggering event occurs, such as an additional round of financing or the sale of the company.

In 2024, the Company completed a financing round by issuing SAFEs in an aggregate amount of $2,200,000 to certain accredited investors. Of these 2024 SAFEs, $300,000 were issued SAFEs on the same terms as the 2022 SAFEs (the "2024 Parity SAFEs") and all of the 2024 Parity SAFEs were converted in aggregate into 100,020 ordinary shares between January 22, 2026 and February 2, 2026 based on their Maturity Conversion Terms (which were identical to those included in the 2022 SAFEs). We refer to these as the "2024 Parity SAFEs."

During November 2025 the investor of the remaining $1,900,000 of SAFEs issued in 2024 (the "2024 SAFEs") opted to utilize the 'Most Favored Nation' clause included in the 2024 SAFEs, such that the 2024 SAFEs were amended and restated into the form of the November 2025 SAFE (see details below). We refer to these as the "Amended 2024 SAFEs."

In 2025, the Company completed two financing rounds in May 2025 and November and December 2025 by issuing SAFEs in an aggregate amount of $2,100,000 to certain accredited investors (collectively, the "2025 SAFEs").

In May 2025 the Company issued one SAFE in the amount of $100,000, which entitles its holder, in the case of an equity financing prior to its termination (or the termination of the November 2025 SAFEs referred to below), to conversion based on the price per share of the shares sold in the equity financing multiplied by 80%. We refer to this SAFE as the "May 2025 SAFE." The sale of this SAFE also included, in the event of the occurrence of an equity financing, a warrant equal to one hundred percent (100%) of the holder's SAFE purchase amount and exercisable at the conversion price of the May 2025 SAFE, and with a term of two years from the initial public offering (or other date

[**Table of Contents**](#TOC001)

of such equity financing. We refer to this warrant as the "May 2025 SAFE Warrant." The May 2025 SAFE Warrant is issued upon and subject to the occurrence of an "equity financing" (as defined in such SAFE) and its term is calculated beginning from the occurrence of such equity financing and for two years thereafter. The term "equity financing" in this SAFE includes our initial public offering, which is the offering contemplated by this prospectus.

In November and December 2025, the Company issued SAFEs in the amount of $2,000,000 which entitled their holders, in the case of an equity financing prior to the termination of the 2025 SAFEs, to convert such holder's 2025 SAFE based on the lower of: (1) the price per share of the shares sold in the equity financing multiplied by 75% or (ii) a price per share reflecting a Company's pre money valuation of $115,000,000 on a fully diluted basis. We refer to these as the "November 2025 SAFEs." Prior to the date of our audit report for the fiscal year ended December 31, 2024, which audit report was dated December 21, 2025 and included elsewhere in this prospectus, the amount of November 2025 SAFEs consisted of $1,850,000. Subsequent to December 21, 2025 being such date of our audit report for the fiscal year end 2024, an additional $150,000 in November 2025 SAFEs were subscribed for by an investor on December 22, 2025, and which we refer to as the "Subsequent December 2025 SAFEs" (and which are included in the aggregate principal amount of $2,000,000 of our November 2025 SAFEs referred to in this prospectus).

Additionally, the sale of the November 2025 SAFEs included, in the event of occurrence of an equity financing, a warrant for each such SAFE equal to two hundred percent (200%) of the holder's SAFE purchase amount and exercisable at the conversion price of the November 2025 SAFEs, and with a term of three years from the initial public offering (or other date of such equity financing). We refer to these warrants as the "November 2025 SAFEs Warrants." Each of the November 2025 SAFEs Warrants is issued upon and subject to the occurrence of an "equity financing" (as defined in such SAFEs) and its term is calculated beginning from the occurrence of such equity financing and for three years thereafter. The term "equity financing" in these November 2025 SAFEs includes our initial public offering, which is the offering contemplated by this prospectus.

In connection with and upon the consummation of the Company's initial public offering, the Company will issue an aggregate of 927,449 ordinary shares relating to the exercise of the Amended 2024 SAFEs, May 2025 SAFE and November 2025 SAFEs to the holders of such SAFEs.

#### Voting Rights and Conversion
All ordinary shares will have identical voting and other rights in all respects. None of our major shareholders have different voting rights than our other shareholders.

#### Transfer of Shares
Our fully paid ordinary shares are issued in registered form and may be freely transferred under our amended and restated articles of association, unless the transfer is restricted or prohibited by another instrument, applicable law or the rules of a stock exchange on which the shares are listed for trade. The ownership or voting of our ordinary shares by non-residents of Israel is not restricted in any way by our amended and restated articles of association or the laws of the State of Israel, except for ownership by nationals of some countries that are, or have been, in a state of war with Israel.

#### The Powers of the Directors
Our board of directors shall direct our policy and shall supervise the performance of our Chief Executive Officer and her actions. Our board of directors may exercise all powers that are not required under the Companies Law or under our amended and restated articles of association to be exercised or taken by our shareholders.

#### Rights Attached to Shares
Our Ordinary Shares shall confer upon the holders thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• equal right to attend and to vote at all of our general meetings, whether regular or special, with each Ordinary Share entitling the holder thereof, which attend the meeting and participate at the voting, either in person or by a proxy or by a written ballot, to one vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• equal right to participate in distribution of dividends, if any, whether payable in cash or in bonus shares, in distribution of assets or in any other distribution, on a per share pro rata basis; and

[**Table of Contents**](#TOC001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• equal right to participate, upon our dissolution, in the distribution of our assets legally available for distribution, on a per share pro rata basis.

#### Election of Directors
Pursuant to our amended and restated articles of association to be in effect upon the effectiveness of the registration statement for this offering, our board of directors will be divided into three classes, as nearly equal in number as practicable, designated as Class I, Class II and Class III, with each class serving a staggered three-year term. At each annual general meeting of shareholders, the term of one class of directors will expire, and directors of that class will be elected for a new three-year term. Each director will hold office until the annual general meeting at which his or her term expires and until his or her successor is duly elected and qualified, or until his or her earlier resignation or removal in accordance with our articles of association and the Companies Law. The board of directors may assign members already in office to one of the three classes at the time such classification becomes effective. In addition, our board of directors may appoint directors to fill vacancies or as additions to the board (subject to the maximum number of directors) to serve until the next annual general meeting at which the applicable class of directors is subject to election.

#### Annual and Special Meetings
Under the Companies Law, we are required to hold an annual general meeting of our shareholders once every calendar year, at such time and place which shall be determined by our board of directors, that must be no later than 15 months after the date of the previous annual general meeting. All meetings other than the annual general meeting of shareholders are referred to as special general meetings. Our board of directors may call special meetings whenever it sees fit and upon the request of: (a) any two of our directors or such number of directors equal to one quarter of the directors then at office; and/or (b) one or more shareholders holding, in the aggregate, (i) 5% or more of our outstanding issued shares and 1% of our outstanding voting power or (ii) 5% or more of our outstanding voting power.

Subject to the provisions of the Companies Law and the regulations promulgated thereunder, shareholders entitled to participate and vote at general meetings are the shareholders of record on a date to be decided by the board of directors, which may be between four and forty days prior to the date of the meeting. Resolutions regarding the following matters must be passed at a general meeting of our shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amendments to our amended and restated articles of association;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the exercise of our board of directors' powers by a general meeting if our board of directors is unable to exercise its powers and the exercise of any of its powers is required for our proper management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appointment or termination of our auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appointment of directors, including external directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approval of acts and transactions requiring general meeting approval pursuant to the provisions of the Companies Law (mainly certain related party transactions) and any other applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increases or reductions of our authorized share capital; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a merger (as such term is defined in the Companies Law).

#### Notices
The Companies Law and our amended and restated articles of association require that a notice of any annual or special shareholders meeting be provided at least 21 days prior to the meeting, and if the agenda of the meeting includes the appointment or removal of directors, the approval of transactions with office holders or interested or related parties, approval of the Company's general manager to serve as the chairperson of the board of directors or an approval of a merger, notice must be provided at least 35 days prior to the meeting.

[**Table of Contents**](#TOC001)

#### Quorum
As permitted under the Companies Law, the quorum required for our general meetings consists of at least two shareholders present in person, by proxy, written ballot or voting by means of electronic voting system, who hold or represent between them at least 25% of the total outstanding voting rights. If within half an hour of the time set forth for the general meeting a quorum is not present, the general meeting shall stand adjourned the same day of the following week, at the same hour and in the same place, or to such other date, time and place as prescribed in the notice to the shareholders and in such adjourned meeting, if no quorum is present within half an hour of the time arranged, any number of shareholders participating in the meeting, shall constitute a quorum.

If a special general meeting was summoned following the request of a shareholder, and within half an hour a legal quorum shall not have been formed, the meeting shall be canceled.

#### Adoption of Resolutions
Our amended and restated articles of association provide that all resolutions of our shareholders require a simple majority vote, unless otherwise required under the Companies Law or our amended and restated articles of association. A shareholder may stagger vote in a general meeting in person, by proxy, by a written ballot.

#### Changing Rights Attached to Shares
Unless otherwise provided by the terms of the shares and subject to any applicable law, any modification of rights attached to any class of shares must be adopted by the holders of a majority of the shares of that class present a general meeting of the affected class or by a written consent of all the shareholders of the affected class.

The enlargement of an existing class of shares or the issuance of additional shares thereof, shall not be deemed to modify the rights attached to the previously issued shares of such class or of any other class, unless otherwise provided by the terms of the shares.

#### Provisions Restricting Change in Control of Our Company
There are no specific provisions of our amended and restated articles of association that would have an effect of delaying, deferring or preventing a change in control of the Company or that would operate only with respect to a merger, acquisition or corporate restructuring involving us (or our Subsidiary). However, as described below, certain provisions of the Companies Law may have such effect.

The Companies Law includes provisions that allow a merger transaction and requires that each company that is a party to the merger have the transaction approved by its board of directors and, unless certain requirements described under the Companies Law are met, a vote of the majority of shareholders, and, in the case of the target company, also a majority vote of each class of its shares. For purposes of the shareholder vote of each party, unless a court rules otherwise, the merger will not be deemed approved if shares representing a majority of the voting power present at the shareholders meeting and which are not held by the other party to the merger (or by any person or group of persons acting in concert who holds 25% or more of the voting power or the right to appoint 25% or more of the directors of the other party) vote against the merger. If, however, the merger involves a merger with a company's own controlling shareholder or if the controlling shareholder has a personal interest in the merger, then the merger is instead subject to the same Special Majority approval that governs all extraordinary transactions with controlling shareholders. Upon the request of a creditor of either party to the proposed merger, the court may delay or prevent the merger if it concludes that there exists a reasonable concern that as a result of the merger the surviving company will be unable to satisfy the obligations of any of the parties to the merger, and may further give instructions to secure the rights of creditors. If the transaction would have been approved by the shareholders of a merging company but for the separate approval of each class or the exclusion of the votes of certain shareholders as provided above, a court may still approve the merger upon the petition of holders of at least 25% of the voting rights of a company. For such petition to be granted, the court must find that the merger is fair and reasonable, taking into account the value of the parties to the merger and the consideration offered to the shareholders. In addition, a merger may not be completed unless at least (1) 50 days have passed from the time that the requisite proposals for approval of the merger were filed with the Israeli Registrar of Companies by each merging company and (2) 30 days have passed since the merger was approved by the shareholders of each merging company.

[**Table of Contents**](#TOC001)

The Companies Law also provides that, subject to certain exceptions, an acquisition of shares in an Israeli public company must be made by means of a "special" tender offer if as a result of the acquisition (1) the purchaser would become a holder of 25% or more of the voting rights in the company, unless there is already another holder of at least 25% or more of the voting rights in the company or (2) the purchaser would become a holder of 45% or more of the voting rights in the company, unless there is already a holder of more than 45% of the voting rights in the company. These requirements do not apply if, in general, the acquisition (1) was made in a private placement that received shareholders' approval, subject to certain conditions, (2) was from a holder of 25% or more of the voting rights in the company which resulted in the acquirer becoming a holder of 25% or more of the voting rights in the company, or (3) was from a holder of more than 45% of the voting rights in the company which resulted in the acquirer becoming a holder of more than 45% of the voting rights in the company. A "special" tender offer must be extended to all shareholders. In general, a "special" tender offer may be consummated only if (1) at least 5% of the voting power attached to the company's outstanding shares will be acquired by the offeror and (2) the offer is accepted by a majority of the offerees who notified the company of their position in connection with such offer (excluding the offeror, controlling shareholders, holders of 25% or more of the voting rights in the company or anyone on their behalf, or any person having a personal interest in the acceptance of the tender offer). If a special tender offer is accepted, then the purchaser or any person or entity controlling it or under common control with the purchaser or such controlling person or entity may not make a subsequent tender offer for the purchase of shares of the target company and may not enter into a merger with the target company for a period of one year from the date of the offer, unless the purchaser or such person or entity undertook to effect such an offer or merger in the initial special tender offer.

If, as a result of an acquisition of shares, the acquirer will hold more than 90% of an Israeli company's outstanding shares or of certain class of shares, the acquisition must be made by means of a tender offer for all of the outstanding shares, or for all of the outstanding shares of such class, as applicable. In general, if less than 5% of the outstanding shares, or of applicable class, are not tendered in the tender offer and more than half of the offerees who have no personal interest in the offer tendered their shares, all the shares that the acquirer offered to purchase will be transferred to it by operation of law. However, a tender offer will also be accepted if the shareholders who do not accept the offer hold less than 2% of the issued and outstanding share capital of the company or of the applicable class of shares. Any shareholders that was an offeree in such tender offer, whether such shareholder accepted the tender offer or not, may request, by petition to an Israeli court, (i) appraisal rights in connection with a full tender offer, and (ii) that the fair value should be paid as determined by the court, for a period of six months following the acceptance thereof. However, the acquirer is entitled to stipulate, under certain conditions, that tendering shareholders will forfeit such appraisal rights.

Lastly, Israeli tax law treats some acquisitions, such as stock-for-stock exchanges between an Israeli company and a foreign company, less favorably than U.S. tax laws. For example, Israeli tax law may, under certain circumstances, subject a shareholder who exchanges his Ordinary Shares for shares in another corporation to taxation prior to the sale of the shares received in such stock-for-stock swap.

#### Changes in Our Capital
The general meeting may, by a simple majority vote of the shareholders attending the general meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increase our registered share capital by the creation of new shares from the existing class or a new class, as determined by the general meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cancel any registered share capital which have not been taken or agreed to be taken by any person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• consolidate and divide all or any of our share capital into shares of larger nominal value than our existing shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• subdivide our existing shares or any of them, our share capital or any of it, into shares of smaller nominal value than is fixed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduce our share capital and any fund reserved for capital redemption in any manner, and with and subject to any incident authorized, and consent required, by the Companies Law.

[**Table of Contents**](#TOC001)

#### SHARES ELIGIBLE FOR FUTURE SALE
Immediately prior to this offering, there was no public market for our ordinary shares. Future sales of substantial amounts of our ordinary shares in the public market could adversely affect prevailing market prices. Furthermore, since only a limited number of shares will be available for sale shortly after this offering because of contractual and legal restrictions on resale described below, sales of substantial amounts of ordinary shares in the public market after the restrictions lapse could adversely affect the prevailing market price for our ordinary shares as well as our ability to raise equity capital in the future.

Based on the number of shares outstanding as of the date of this prospectus, upon the closing of this offering, approximately 28,736,270 ordinary shares will be outstanding, assuming an initial public offering price of $9.00 per share (the mid-point of the price range set forth on the cover page of this prospectus), offered hereby and further assuming no exercise of the underwriter's over-allotment option. Of the shares to be outstanding immediately after completion of the offering, all 5,000,000 shares sold in this offering will be freely tradable except that any shares purchased in this offering by our affiliates, as that term is defined in Rule 144 under the Securities Act, would only be able to be sold in compliance with the Rule 144 limitations described below.

The remaining outstanding shares of our ordinary shares will be deemed "restricted securities" as defined in Rule 144. Restricted securities may be sold in the public market only if they are registered under the Securities Act or if they qualify for an exemption from registration under Rule 144 or Rule 701 promulgated under the Securities Act, which rules are summarized below. In addition, certain of our security holders have entered into market standoff agreements with us or lock-up agreements with the underwriter under which they have agreed, subject to specific exceptions, not to sell any of our shares for at least 180 days following the date of this prospectus, as described below. As a result of these agreements, subject to the provisions of Rule 144 or Rule 701, shares will be available for sale in the public market as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• beginning on the date of this prospectus, all of the shares sold in this offering will be immediately available for sale in the public market (except as described above); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• beginning 181 days after the date of this prospectus, additional shares will become eligible for sale in the public market, of which shares will be held by affiliates and subject to the volume and other restrictions of Rule 144, as described below.

#### Rule 144
In general, a person who has beneficially owned our unregistered ordinary shares for at least six months would be entitled to sell such shares pursuant to Rule 144 of the Securities Act, provided that (i) such person is not deemed to have been one of our affiliates at the time of, or at any time during the 90 days preceding, a sale and (ii) we are subject to Exchange Act periodic reporting requirements for at least 90 days before the sale. In addition, under Rule 144, any person who is not an affiliate of ours and has held their shares for at least one year, as measured by SEC rule, including the holding period of any prior owner other than one of our affiliates, would be entitled to sell an unlimited number of shares immediately upon the closing of this offering without regard to whether current public information about us is available. Once we have been subject to Exchange Act periodic reporting requirements for at least 90 days, a person who is an affiliate of ours and who has beneficially owned restricted securities for at least six months, as measured by SEC rule, including the holding period of any prior owner other than one of our affiliates, is entitled to sell a number of restricted shares within any three-month period that does not exceed the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1% of the number of shares of our ordinary shares then outstanding, which will equal approximately 287,363 shares immediately after this offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the average weekly trading volume of our ordinary shares on NYSE during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.

Sales of restricted shares under Rule 144 held by our affiliates are also subject to requirements regarding the manner of sale, notice and the availability of current public information about us. Rule 144 also provides that affiliates relying on Rule 144 to sell shares of our ordinary shares that are not restricted shares must nonetheless comply with the same restrictions applicable to restricted shares, other than the holding period requirement. Notwithstanding the

[**Table of Contents**](#TOC001)

availability of Rule 144, the holders of 16,323,930 of our restricted shares have entered into lock-up agreements as described below and their restricted shares will become eligible for sale at the expiration of the restrictions set forth in those agreements.

#### Rule 701
Under SEC Rule 701, our ordinary shares acquired upon the exercise of currently outstanding options or pursuant to other rights granted under our share plans may be resold, by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons other than affiliates, beginning at the time we have been subject to Exchange Act periodic reporting requirements for at least 90 days, subject only to the manner-of-sale provisions of Rule 144; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our affiliates, beginning at the time we have been subject to Exchange Act periodic reporting requirements for at least 90 days, subject to the manner-of-sale and volume limitations, current public information and filing requirements of Rule 144, in each case, without compliance with the six-month holding period requirement of Rule 144.

#### Lock-up Agreements
We, all of our directors, officers, employees and the holders of five percent (5.0%) or more of the outstanding shares of our ordinary shares as of the effective date of the registration statement of which this prospectus is a part have entered into lock-up agreements with respect to the disposition of their shares. See "*Underwriting — Lock*-Up *Agreements*" for additional information.

#### Equity Incentive Plans; Form S-8 Registration Statements
Following the completion of this offering, we intend to file one or more registration statements on Form S-8 under the Securities Act to register ordinary shares issued or reserved for issuance under our 2018 Plan and 2026 Plan. The registration statement on Form S-8 will become effective automatically upon filing.

Ordinary shares issued upon exercise of a share option and registered under the Form S-8 registration statement will, subject to vesting and lock-up provisions and Rule 144 volume limitations applicable to our affiliates, be available for sale in the open market immediately unless they are subject to a lock-up, in which case, immediately after the term of the lock-up expires.

#### Regulation S
Regulation S under the Securities Act provides that ordinary shares owned by any person may be sold without registration in the United States, provided that the sale is effected in an offshore transaction and no directed selling efforts are made in the United States (as these terms are defined in Regulation S), subject to certain other conditions. In general, this means that our shares may be sold outside the United States without registration in the United States being required.

THE DISCUSSION ABOVE IS A GENERAL SUMMARY. IT DOES NOT COVER ALL SHARE TRANSFER RESTRICTION MATTERS THAT MAY BE OF IMPORTANCE TO A PROSPECTIVE INVESTOR. EACH PROSPECTIVE INVESTOR SHOULD CONSULT ITS OWN LEGAL ADVISOR REGARDING THE PARTICULAR SECURITIES LAWS AND TRANSFER RESTRICTION CONSEQUENCES OF PURCHASING, HOLDING, AND DISPOSING OF THE ORDINARY SHARES INCLUDING THE CONSEQUENCES OF ANY PROPOSED CHANGE IN APPLICABLE LAWS.

[**Table of Contents**](#TOC001)

#### TAXATION
*The following description is not intended to constitute a complete analysis of all tax consequences relating to the ownership or disposition of our ordinary shares. You should consult your own tax advisor concerning the tax consequences of your particular situation, as well as any tax consequences that may arise under the laws of any state, local, foreign, including Israeli, or other taxing jurisdiction.*

#### ISRAELI TAX CONSIDERATIONS AND GOVERNMENT PROGRAMS
The following is a description of the material Israeli income tax consequences of the ownership of our ordinary shares. The following also contains a description of material relevant provisions of the current Israeli income tax structure applicable to companies in Israel, with reference to its effect on us. To the extent that the discussion is based on new tax legislation which has not been subject to judicial or administrative interpretation, there can be no assurance that the tax authorities will accept the views expressed in the discussion in question. The discussion is not intended, and should not be taken, as legal or professional tax advice and is not exhaustive of all possible tax considerations.

The following description is not intended to constitute a complete analysis of all tax consequences relating to the ownership or disposition of our ordinary shares. Shareholders should consult their own tax advisors concerning the tax consequences of their particular situation, as well as any tax consequences that may arise under the laws of any state, local, foreign or other taxing jurisdiction.

#### General Corporate Tax Structure in Israel
Israeli companies are generally subject to corporate tax. The current corporate tax rate, as of January 1, 2018, is 23%. However, the effective tax rate payable by a company that derives income from a Preferred Enterprise (as discussed below) may be considerably less. Capital gains derived by an Israeli company are generally subject to the prevailing corporate tax rate.

Capital gains derived by an Israeli resident company are subject to tax at the prevailing corporate tax rate. Under Israeli tax legislation, a corporation will be considered as an "Israeli resident company" if it meets one of the following: (i) it was incorporated in Israel; or (ii) the control and management of its business are exercised in Israel.

Generally, business losses can be offset against income from any source in the same year. Losses may be carried forward and set-off without time limit against income from any trade or business or capital gains arising in the business, but not against income from any other source. Carrybacks of losses are not allowed.

#### Law for the Encouragement of Industry (Taxes), 5729-1969
The Law for the Encouragement of Industry (Taxes), 5729-1969, generally referred to as the Industry Encouragement Law, provides several tax benefits for "Industrial Companies."

The Industry Encouragement Law defines an "Industrial Company" as an Israeli resident-company, of which 90% or more of its income in any tax year, other than income from defense loans, is derived from an "Industrial Enterprise" owned by it. An "Industrial Enterprise" is defined as an enterprise whose principal activity in a given tax year is industrial production.

The following corporate tax benefits, among others, are available to Industrial Companies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amortization of the cost of purchased a patent, rights to use a patent, and know-how, which are used for the development or advancement of the company, over an eight-year period, commencing on the year in which such rights were first exercised;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• under limited conditions, an election to file consolidated tax returns with related Israeli Industrial Companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expenses related to a public offering are deductible in equal amounts over three years.

Eligibility for benefits under the Industry Encouragement Law is not contingent upon approval of any governmental authority.

[**Table of Contents**](#TOC001)

#### Tax Benefits for Research and Development
Israeli tax law allows, under certain conditions, a tax deduction for expenditures, including capital expenditures, for the year in which they are incurred. Expenditures are deemed related to scientific research and development projects, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the expenditures are approved by the relevant Israeli government ministry, determined by the field of research;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the research and development must be for the promotion of the company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the research and development is carried out by or on behalf of the company seeking such tax deduction.

The amount of such deductible expenses is reduced by the sum of any funds received through government grants for the finance of such scientific research and development projects. No deduction under these research and development deduction rules is allowed if such deduction is related to an expense invested in an asset depreciable under the general depreciation rules of the Income Tax Ordinance (New Version), 1961. Expenditures not so approved are deductible in equal amounts over three years.

From time to time, we may apply the Israel Innovation Authority for approval to allow a tax deduction for all research and development expenses during the year incurred. There can be no assurance that such application will be accepted.

#### Law for the Encouragement of Capital Investments, 5719-1959
The Law for the Encouragement of Capital Investments, 5719-1959, generally referred to as the Investment Law, provides certain incentives for capital investments in production facilities (or other eligible assets). The Investment Law was significantly amended effective as of April 1, 2005, as of January 1, 2011, and as of January 1, 2017 ("2017 Amendment"). The 2017 Amendment introduces new benefits for Technology Enterprises, alongside the existing tax benefits.

#### Tax Benefits Under the 2017 Amendment
The 2017 Amendment was enacted as part of the Economic Efficiency Law that was published on December 29, 2016, and is effective as of January 1, 2017. The 2017 Amendment provides new tax benefits for two types of "Technological Enterprises," "as described below, and is in addition to the other existing tax benefits programs under the Investment Law. The 2017 Amendment provides that a technology company satisfying certain conditions will qualify as a "Preferred Technological Enterprise" and will thereby enjoy a reduced corporate tax rate of 12% on income that qualifies as "Preferred Technological Income," as defined in the Investment Law. In addition, a Preferred Technological Company will enjoy a reduced corporate tax rate of 12% on capital gain derived from the sale of certain "Benefitted Intangible Assets" (as defined in the Investment Law) to a related foreign company if the Benefitted Intangible Assets were acquired from a foreign company after January 1, 2017, for at least NIS 200 million, and the sale receives prior approval from the Israel Innovation Authority.

The 2017 Amendment further provides that a technological company satisfying certain conditions (including a group turnover of at least NIS 10 billion) will qualify as a "Special Preferred Technological Enterprise" and will thereby enjoy a reduced corporate tax rate of 6% on "Preferred Technological Income" regardless of the company's geographic location within Israel. In addition, a Special Preferred Technological Enterprise will enjoy a reduced corporate tax rate of 6% on capital gain derived from the sale of certain "Benefitted Intangible Assets" to a related foreign company if the Benefitted Intangible Assets were either developed by the Special Preferred Technological Enterprise or acquired from a foreign company on or after January 1, 2017, and the sale received prior approval from Israel Innovation Authority. A Special Preferred Technological Enterprise that acquires Benefitted Intangible Assets from a foreign company for more than NIS 500 million will be eligible for these benefits for at least 10 years, subject to certain approvals as specified in the Investment Law.

Dividends distributed by a Preferred Technological Enterprise or a Special Preferred Technological Enterprise, paid out of Preferred Technological Income, are generally subject to withholding tax at source at the rate of 20% (and in the case of non-Israeli shareholders — subject to the receipt in advance of a valid certificate from the ITA allowing for such withholding, a lower rate as may be provided in an applicable tax treaty). However, if such dividends are paid

[**Table of Contents**](#TOC001)

to an Israeli company, no tax is required to be withheld (although, if such dividends are subsequently distributed to individuals or a non-Israeli company, the aforesaid will apply). If such dividends are distributed to a foreign company that holds (solely or together with other foreign companies) 90% or more in the Israeli company, and other conditions are met, the withholding tax rate will be 4%.

We believe that as of December 31, 2024, we qualified as a Preferred Technological Enterprise, and continue to examine our qualification as well as the amount of Preferred Technological Income that we may have, and other benefits that we may receive under the 2017 Amendment.

#### Taxation of our Shareholders
Capital Gains Taxes Applicable to Non-Israeli Resident Shareholders. Israeli capital gains tax is imposed on the disposition of capital assets by a non-Israeli resident if those assets (i) are located in Israel, (ii) are shares or a right to shares in an Israeli resident corporation or (iii) represent, directly or indirectly, rights to assets located in Israel, unless a tax treaty between Israel and the seller's country of residence provides otherwise. The Israeli tax law distinguishes between "Real Capital Gain" and "Inflationary Surplus."

Inflationary Surplus is a portion of the total capital gain which is equivalent to the increase in the relevant asset's price that is attributable to the increase in the Israeli Consumer Price Index or, in certain circumstances, a foreign currency exchange rate, between the date of purchase and the date of disposition. Inflationary Surplus is currently not subject to tax in Israel. Real Capital Gain is the excess of the total capital gain over the Inflationary Surplus. Generally, Real Capital Gain accrued by individuals on the sale of our ordinary shares will be taxed at the rate of 25%. However, if the individual shareholder is a "substantial shareholder" at the time of sale or at any time during the preceding 12-month period, such gain will be taxed at the rate of 30%. A "substantial shareholder" is generally a person who alone or together with such person's relative or another person who collaborates with such person on a permanent basis, holds, directly or indirectly, at least 10% of any of the "means of control" of the corporation. "Means of control" generally include the right to vote, receive profits, nominate a director or an executive officer, receive assets upon liquidation, or order someone who holds any of the aforesaid rights how to act, regardless of the source of such right. Real Capital Gain derived by corporations will be generally subject to a corporate tax rate of 23% (in 2024).

A non-Israeli resident who derives capital gains from the sale of shares of an Israeli resident company that were purchased following the listing of the shares of the company for trading on a stock exchange outside of Israel will be exempt from Israeli capital gains tax so long as the shares were not held through a permanent establishment maintained by the non-Israeli resident in Israel. However, non-Israeli corporations will not be entitled to the foregoing exemption if Israeli residents (i) have a controlling interest of more than 25% in any of the means of control of such non-Israeli corporation or (ii) are the beneficiaries of, or are entitled to, 25% or more of the revenue or profits of such non-Israeli corporation, whether directly or indirectly. In addition, such exemption is not applicable to a person whose gains from selling or disposing the shares are deemed to be business income.

Additionally, a sale of securities by a non-Israeli resident may be exempt from Israeli capital gains tax under the provisions of an applicable tax treaty. For example, under Convention Between the Government of the United States of America and the Government of the State of Israel with respect to Taxes on Income, as amended, or the United States-Israel Tax Treaty, the sale, exchange or other disposition of shares by a shareholder who is a United States resident (for purposes of the treaty) holding the shares as a capital asset and is entitled to claim the benefits afforded to such a resident by the U.S.-Israel Tax Treaty, or a Treaty U.S. Resident, is generally exempt from Israeli capital gains tax unless: (i) the capital gain arising from such sale, exchange or disposition is attributed to real estate located in Israel; (ii) the capital gain arising from such sale, exchange or disposition is attributed to royalties; (iii) the capital gain arising from the such sale, exchange or disposition is attributed to a permanent establishment in Israel, under certain terms; (iv) such Treaty U.S. Resident holds, directly or indirectly, shares representing 10% or more of the voting capital during any part of the 12-month period preceding the disposition, subject to certain conditions; or (v) such Treaty U.S. Resident is an individual and was present in Israel for 183 days or more during the relevant taxable year.

In all instances where our shareholders may be liable for Israeli tax on the sale of their ordinary shares, the payment of the consideration may be subject to the withholding of Israeli tax at source. Shareholders may be required to demonstrate that they are exempt from tax on their capital gains in order to avoid withholding at source at the time of sale. Specifically, the Israel Tax Authority may require shareholders who are not liable for Israeli capital gains tax on such a sale to sign declarations in forms specified by the Israel Tax Authority, provide documentation (including,

[**Table of Contents**](#TOC001)

for example, a certificate of residency) or obtain a specific exemption from the Israel Tax Authority confirming their status as non-Israeli residents (and, in the absence of such declarations or exemptions, the Israel Tax Authority may require the purchaser of the shares to withhold tax at source).

Taxation of Non-Israeli Shareholders on Receipt of Dividends. Non-Israeli residents are generally subject to Israeli income tax on the receipt of dividends paid on our ordinary shares at the rate of 25%, which tax will be withheld at source, unless relief is provided in a treaty between Israel and the shareholder's country of residence. With respect to a foreign resident who is a "substantial shareholder" at the time of receiving the dividend or on any time during the preceding twelve months, the applicable tax rate is 30%. However, a distribution of dividends to non-Israeli residents is subject to withholding tax at source at a rate of 20% if the dividend is distributed from income attributed to a Preferred Enterprise (including Preferred Technological Enterprise), unless a reduced tax rate is provided under an applicable tax treaty. For example, under the United States-Israel Tax Treaty, the maximum rate of tax withheld at source in Israel on dividends paid to a holder of our ordinary shares who is a Treaty U.S. Resident is 25%. However, generally, the maximum rate of withholding tax on dividends, not generated by a Preferred Enterprise, that are paid to a United States corporation holding 10% or more of the outstanding voting capital throughout the tax year in which the dividend is distributed as well as during the previous tax year, is 12.5%, provided that not more than 25% of the gross income for such preceding year consists of certain types of dividends and interest. Notwithstanding the foregoing, dividends distributed from income attributed to a Preferred Enterprise are not entitled to such reduction under the tax treaty but are subject to a withholding tax rate of 15% for a shareholder that is a U.S. corporation, provided that the condition related to our gross income for the previous year (as set forth in the previous sentence) is met. If the dividend is attributable partly to income derived from a Preferred Enterprise or a Preferred Technological Enterprise, and partly to other sources of income, the withholding rate will be a blended rate reflecting the relative portions of the two types of income. We cannot assure you that we will designate the profits that we may distribute in a way that will reduce shareholders' tax liability.

#### Surtax
Subject to the provisions of an applicable tax treaty, individuals who are subject to income tax in Israel (whether any such individual is an Israeli resident or non-Israeli resident) are also subject to an additional tax on annual income (including, but not limited to, income derived from dividends, interest and capital gains) exceeding NIS 721,560 for 2025, which amount is linked to the annual change in the Israeli consumer price index. As of January 2024, the surtax rate was 3%. On January 1, 2025 the surtax rate on passive income (including, but not limited to, income derived from dividends, interest and capital gains) was increased to 5%. The surtax rate on ordinary income remains 3%.

[**Table of Contents**](#TOC001)

#### U.S. FEDERAL INCOME TAX CONSIDERATIONS
THE FOLLOWING SUMMARY IS INCLUDED HEREIN FOR GENERAL INFORMATION AND IS NOT INTENDED TO BE, AND SHOULD NOT BE CONSIDERED TO BE, LEGAL OR TAX ADVICE. EACH U.S. HOLDER SHOULD CONSULT WITH HIS OR HER OWN TAX ADVISOR AS TO THE PARTICULAR U.S. FEDERAL INCOME TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND SALE OF ORDINARY SHARES, INCLUDING THE EFFECTS OF APPLICABLE STATE, LOCAL, FOREIGN OR OTHER TAX LAWS AND POSSIBLE CHANGES IN THE TAX LAWS.

Subject to the limitations described in the next paragraph, the following discussion summarizes the material U.S. federal income tax consequences to a "U.S. Holder" arising from the purchase, ownership and sale of the ordinary shares. For this purpose, a "U.S. Holder" is a holder of ordinary shares that is: (1) an individual citizen or resident of the United States, including an alien individual who is a lawful permanent resident of the United States or meets the substantial presence residency test under U.S. federal income tax laws; (2) a corporation (or entity treated as a corporation for U.S. federal income tax purposes) or a partnership (other than a partnership that is not treated as a U.S. person under any applicable U.S. Treasury regulations) created or organized under the laws of the United States or the District of Columbia or any political subdivision thereof; (3) an estate, the income of which is includable in gross income for U.S. federal income tax purposes regardless of source; (4) a trust if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more U.S. persons have authority to control all substantial decisions of the trust; or (5) a trust that has a valid election in effect to be treated as a U.S. person to the extent provided in U.S. Treasury regulations.

This summary is for general information purposes only and does not purport to be a comprehensive description of all of the U.S. federal income tax considerations that may be relevant to a decision to purchase our ordinary shares. This summary generally considers only U.S. Holders that will own our ordinary shares as capital assets. Except to the limited extent discussed below, this summary does not consider the U.S. federal tax consequences to a person that is not a U.S. Holder, nor does it describe the rules applicable to determine a taxpayer's status as a U.S. Holder. This summary is based on the provisions of the Internal Revenue Code of 1986, as amended, or the Code, final, temporary and proposed U.S. Treasury regulations promulgated thereunder, administrative and judicial interpretations thereof, (including with respect to the Tax Cuts and Jobs Act of 2017), and the U.S./Israeli Income Tax Treaty, all as in effect as of the date hereof and all of which are subject to change, possibly on a retroactive basis, and all of which are open to differing interpretations. We will not seek a ruling from the IRS with regard to the U.S. federal income tax treatment of an investment in our ordinary shares by U.S. Holders and, therefore, can provide no assurances that the Internal Revenue Service, or the IRS, will agree with the conclusions set forth below.

This discussion does not address all of the aspects of U.S. federal income taxation that may be relevant to a particular U.S. holder based on such holder's particular circumstances and in particular does not discuss any estate, gift, generation-skipping, transfer, state, local, excise or foreign tax considerations. In addition, this discussion does not address the U.S. federal income tax treatment of a U.S. Holder who is: (1) a bank, life insurance company, regulated investment company, or other financial institution or "financial services entity;" (2) a broker or dealer in securities or foreign currency; (3) a person who acquired our ordinary shares in connection with employment or other performance of services; (4) a U.S. Holder that is subject to the U.S. alternative minimum tax; (5) a U.S. Holder that holds our ordinary shares as a hedge or as part of a hedging, straddle, conversion or constructive sale transaction or other risk-reduction transaction for U.S. federal income tax purposes; (6) a tax-exempt entity; (7) real estate investment trusts or grantor trusts; (8) a U.S. Holder that expatriates out of the United States or a former long-term resident of the United States; or (9) a person having a functional currency other than the U.S. dollar. This discussion does not address the U.S. federal income tax treatment of a U.S. Holder that owns, directly or constructively, at any time, ordinary shares representing 10% or more of our voting power. Additionally, the U.S. federal income tax treatment of partnerships (or other pass-through entities) or persons who hold ordinary shares through a partnership or other pass-through entity are not addressed.

Each prospective investor is advised to consult his or her own tax adviser for the specific tax consequences to that investor of purchasing, holding or disposing of our ordinary shares, including the effects of applicable state, local, foreign or other tax laws and possible changes in the tax laws.

[**Table of Contents**](#TOC001)

Taxation of Dividends Paid on Ordinary Shares

We do not intend to pay dividends in the foreseeable future. In the event that we do pay dividends, and subject to the discussion under the heading "Passive Foreign Investment Companies" below and the discussion of "qualified dividend income" below, a U.S. Holder, other than certain U.S. Holders that are U.S. corporations, will be required to include in gross income as ordinary income the amount of any distribution paid on ordinary shares (including the amount of any Israeli tax withheld on the date of the distribution), to the extent that such distribution does not exceed our current and accumulated earnings and profits, as determined for U.S. federal income tax purposes. The amount of a distribution which exceeds our earnings and profits will be treated first as a non-taxable return of capital, reducing the U.S. Holder's tax basis for the ordinary shares to the extent thereof, and then capital gain. We do not expect to maintain calculations of our earnings and profits under U.S. federal income tax principles and, therefore, U.S. Holders should expect that the entire amount of any distribution generally will be reported as dividend income.

In general, preferential tax rates for "qualified dividend income" and long-term capital gains are applicable for U.S. Holders that are individuals, estates or trusts. For this purpose, "qualified dividend income" means, inter alia, dividends received from a "qualified foreign corporation." A "qualified foreign corporation" is, among others, a corporation that is entitled to the benefits of a comprehensive tax treaty with the United States which includes an exchange of information program. The IRS has stated that the Israeli/U.S. Tax Treaty satisfies this requirement and we believe we are eligible for the benefits of that treaty.

In addition, our dividends will be qualified dividend income if our ordinary shares are readily tradable on the NYSE or another established securities market in the United States. Dividends will not qualify for the preferential rate if we are treated, in the year the dividend is paid or in the prior year, as a passive foreign investment company, or a PFIC, as described below under "Passive Foreign Investment Companies." A U.S. Holder will not be entitled to the preferential rate: (1) if the U.S. Holder has not held our ordinary shares for at least 61 days of the 121-day period beginning on the date which is 60 days before the ex-dividend date, or (2) to the extent the U.S. Holder is under an obligation to make related payments on substantially similar property. Any days during which the U.S. Holder has diminished its risk of loss on our ordinary shares are not counted towards meeting the 61-day holding period. Finally, U.S. Holders who elect to treat the dividend income as "investment income" pursuant to Code section 163(d)(4) will not be eligible for the preferential rate of taxation.

The amount of a distribution with respect to our ordinary shares will be measured by the amount of the fair market value of any property distributed, and for U.S. federal income tax purposes, the amount of any Israeli taxes withheld therefrom. Cash distributions paid by us in NIS will be included in the income of U.S. Holders at a U.S. dollar amount based upon the spot rate of exchange in effect on the date the dividend is includible in the income of the U.S. Holder, and U.S. Holders will have a tax basis in such NIS for U.S. federal income tax purposes equal to such U.S. dollar value. If the U.S. Holder subsequently converts the NIS into U.S. dollars or otherwise disposes of it, any subsequent gain or loss in respect of such NIS arising from exchange rate fluctuations will be U.S. source ordinary exchange gain or loss.

Taxation of the Disposition of Ordinary Shares

Except as provided under the PFIC rules described below under "Passive Foreign Investment Companies," upon the sale, exchange or other disposition of our ordinary shares, a U.S. Holder will recognize capital gain or loss in an amount equal to the difference between such U.S. Holder's tax basis for the ordinary shares in U.S. dollars and the amount realized on the disposition in U.S. dollars (or its U.S. dollar equivalent determined by reference to the spot rate of exchange on the date of disposition, if the amount realized is denominated in a foreign currency). The gain or loss realized on the sale, exchange or other disposition of ordinary shares will be long-term capital gain or loss if the U.S. Holder has a holding period of more than one year at the time of the disposition. Individuals who recognize long-term capital gains may be taxed on such gains at reduced rates of tax. The deduction of capital losses is subject to various limitations.

Passive Foreign Investment Companies

Special U.S. federal income tax laws apply to U.S. taxpayers who own shares of a corporation that is a PFIC. We will be treated as a PFIC for U.S. federal income tax purposes for any taxable year that either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 75% or more of our gross income (including our pro rata share of gross income for any company, in which we are considered to own 25% or more of the shares by value), in a taxable year is passive; or

[**Table of Contents**](#TOC001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At least 50% of our assets, averaged over the year and generally determined based upon fair market value (including our pro rata share of the assets of any company in which we are considered to own 25% or more of the shares by value) are held for the production of, or produce, passive income.

For this purpose, passive income generally consists of dividends, interest, rents, royalties, annuities and income from certain commodities transactions and from notional principal contracts. Cash is treated as generating passive income.

The tests for determining PFIC status are applied annually, and it is difficult to make accurate projections of future income and assets which are relevant to this determination. In addition, our PFIC status may depend in part on the market value of our ordinary shares. We do not expect to be a PFIC for 2025 and we do not expect to become a PFIC in the future, although there can be no assurance in this regard.

If we currently are or become a PFIC, each U.S. Holder who has not elected to mark the shares to market (as discussed below), would, upon receipt of certain distributions by us and upon disposition of our ordinary shares at a gain: (1) have such distribution or gain allocated ratably over the U.S. Holder's holding period for the ordinary shares, as the case may be; (2) the amount allocated to the current taxable year and any period prior to the first day of the first taxable year in which we were a PFIC would be taxed as ordinary income; and (3) the amount allocated to each of the other taxable years would be subject to tax at the highest rate of tax in effect for the applicable class of taxpayer for that year, and an interest charge for the deemed deferral benefit would be imposed with respect to the resulting tax attributable to each such other taxable year. In addition, when shares of a PFIC are acquired by reason of death from a decedent that was a U.S. Holder, the tax basis of such shares would not receive a step-up to fair market value as of the date of the decedent's death, but instead would be equal to the decedent's basis if lower, unless all gain were recognized by the decedent. Indirect investments in a PFIC may also be subject to these special U.S. federal income tax rules.

The PFIC rules described above would not apply to a U.S. Holder who makes a QEF election for all taxable years that such U.S. Holder has held the ordinary shares while we are a PFIC, provided that we comply with specified reporting requirements. Instead, each U.S. Holder who has made such a QEF election is required for each taxable year that we are a PFIC to include in income such U.S. Holder's pro rata share of our ordinary earnings as ordinary income and such U.S. Holder's pro rata share of our net capital gains as long-term capital gain, regardless of whether we make any distributions of such earnings or gain. In general, a QEF election is effective only if we make available certain required information. The QEF election is made on a shareholder-by-shareholder basis and generally may be revoked only with the consent of the IRS. We do not intend to notify U.S. Holders if we believe we will be treated as a PFIC for any tax year. In addition, we do not intend to furnish U.S. Holders annually with information needed in order to complete IRS Form 8621 and to make and maintain a valid QEF election for any year in which we are a PFIC. Therefore, the QEF election will not be available with respect to our ordinary shares.

In addition, the PFIC rules described above would not apply if we were a PFIC and a U.S. Holder made a mark-to-market election. A U.S. Holder of our ordinary shares which are regularly traded on a qualifying exchange, including the NYSE, can elect to mark the ordinary shares to market annually, recognizing as ordinary income or loss each year an amount equal to the difference as of the close of the taxable year between the fair market value of the ordinary shares and the U.S. Holder's adjusted tax basis in the ordinary shares. Losses are allowed only to the extent of net mark-to-market gain previously included as income by the U.S. Holder under the election for prior taxable years.

U.S. Holders who hold our ordinary shares during a period when we are a PFIC will be subject to the foregoing rules, even if we cease to be a PFIC. U.S. Holders are strongly urged to consult their tax advisors about the PFIC rules.

Tax on Net Investment Income

U.S. Holders who are individuals, estates or trusts will generally be required to pay a 3.8% Medicare tax on their net investment income (including dividends on and gains from the sale or other disposition of our ordinary shares), or in the case of estates and trusts on their net investment income that is not distributed. In each case, the 3.8% Medicare tax applies only to the extent the U.S. Holder's total adjusted income exceeds applicable thresholds.

Tax Consequences for Non-U.S. Holders of Ordinary Shares

[**Table of Contents**](#TOC001)

Except as provided below, an individual, corporation, estate or trust that is not a U.S. Holder, referred to below as a non-U.S. Holder, generally will not be subject to U.S. federal income or withholding tax on the payment of dividends on, and the proceeds from the disposition of, our ordinary shares.

A non-U.S. Holder may be subject to U.S. federal income tax on a dividend paid on our ordinary shares or gain from the disposition of our ordinary shares if: (1) such item is effectively connected with the conduct by the non-U.S. Holder of a trade or business in the United States and, if required by an applicable income tax treaty, is attributable to a permanent establishment or fixed place of business in the United States; or (2) in the case of a disposition of our ordinary shares, the individual non-U.S. Holder is present in the United States for 183 days or more in the taxable year of the disposition and other specified conditions are met.

In general, non-U.S. Holders will not be subject to backup withholding with respect to the payment of dividends on our ordinary shares if payment is made through a paying agent, or office of a foreign broker outside the United States. However, if payment is made in the United States or by a U.S. related person, non-U.S. Holders may be subject to backup withholding, unless the non-U.S. Holder provides an applicable IRS Form W-8 (or a substantially similar form) certifying its foreign status, or otherwise establishes an exemption.

The amount of any backup withholding from a payment to a non-U.S. Holder will be allowed as a credit against such holder's U.S. federal income tax liability and may entitle such holder to a refund, provided that the required information is timely furnished to the IRS.

Information Reporting and Withholding

A U.S. Holder may be subject to backup withholding at a rate of 24% with respect to cash dividends and proceeds from a disposition of ordinary shares. In general, backup withholding will apply only if a U.S. Holder fails to comply with specified identification procedures. Backup withholding will not apply with respect to payments made to designated exempt recipients, such as corporations and tax-exempt organizations. Backup withholding is not an additional tax and may be claimed as a credit against the U.S. federal income tax liability of a U.S. Holder, provided that the required information is timely furnished to the IRS.

A U.S. Holder with interests in "specified foreign financial assets" (including, among other assets, our ordinary shares, unless such ordinary shares are held on such U.S. Holder's behalf through a financial institution) may be required to file an information report with the IRS if the aggregate value of all such assets exceeds $50,000 on the last day of the taxable year or $75,000 at any time during the taxable year (or such higher dollar amount as may be prescribed by applicable IRS guidance); and may be required to file a Report of Foreign Bank and Financial Accounts, or FBAR, if the aggregate value of the foreign financial accounts exceeds $10,000 at any time during the calendar year. You should consult your own tax advisor as to the possible obligation to file such information report.

[**Table of Contents**](#TOC001)

#### UNDERWRITING
Konik Capital Partners, LLC, a division of T.R. Winston, is the sole underwriter of this offering. We have entered into an underwriting agreement dated _____, 2026 with the underwriter. Subject to the terms and conditions of the underwriting agreement, we have agreed to sell to the underwriter and the underwriter has agreed to purchase from us, at the public offering price per ordinary share, less the underwriting discounts and commissions set forth on the cover page of this prospectus, the number of ordinary shares listed next to its name in the following table:

---

| | |
|:---|:---|
|  **Underwriter** | **Number of <br>Ordinary <br>Shares** |
|  Konik Capital Partners, LLC, a division of T.R. Winston |  |
|  **Total** | 5000000  |

---

The underwriter is committed to purchase all of the ordinary shares offered by us other than those covered by the over-allotment option described below, if any, are purchased. The underwriter is not obligated to purchase the securities covered by the underwriter's over-allotment option described below. The underwriter is offering the ordinary shares, subject to prior sale, when, as and if issued to and accepted by it, subject to approval of legal matters by its counsel, and other conditions contained in the underwriting agreement, such as the receipt by the underwriter of officer's certificates and legal opinions. The underwriter reserves the right to withdraw, cancel or modify offers to the public and to reject orders in whole or in part.

#### Over-Allotment Option
We have granted to the underwriter an option, exercisable one or more times in whole or in part, not later than 45 days after the date of this prospectus, to purchase from us up to an additional 750,000 ordinary shares at the public offering price of $ per ordinary share (which equals 15% of the number of ordinary shares initially sold in this offering), less the underwriting discounts and commissions set forth on the cover of this prospectus to cover over-allotments, if any. To the extent that the underwriter exercises this option, it will become obligated, subject to conditions, to purchase these additional ordinary shares, and we will be obligated, pursuant to the option, to sell these additional ordinary shares to the underwriter to the extent the option is exercised. If any additional ordinary shares are purchased, the underwriter will offer the additional ordinary shares on the same terms as those on which the other ordinary shares are being offered hereunder. If this option is exercised in full, the total offering price to the public will be $ and the total net proceeds, before expenses and after the credit to the underwriting discounts and commissions described below, to us will be $(based on an initial offering price of $ per ordinary share).

#### Discounts and Commissions; Expenses
The following table shows the public offering price, underwriting discount and commissions and proceeds, before expenses, to us. The information assumes either no exercise or full exercise by the underwriter of the over-allotment option.

---

| | | | |
|:---|:---|:---|:---|
|  | **Per ordinary <br>share** | **Total Without <br>Over-allotment <br>Option** | **Total With Full <br>Over-allotment <br>Option** |
|  Public offering price | $| $| $|
|  Underwriting discounts and commissions (7.0%) | $| $| $|
|  Proceeds, before expenses, to us | $| $| $|

---

We have also paid an advance of $50,000 to the underwriter, which will be applied against the accountable expenses (described below) that will be paid by us to the underwriter in connection with this offering (the "Advance."). The Advance will be returned to us to the extent not actually incurred by the underwriter in accordance with Financial Industry Regulation Authority ("FINRA") Rule 5110(g)(4)(A).

The underwriter proposes to offer the ordinary shares offered by us to the public at the public offering price per ordinary share set forth on the cover of this prospectus. In addition, the underwriter may offer some of the ordinary shares to other securities dealers at such price less a concession of $ per ordinary share. After the public offering, the price and concession to dealers may be changed.

We have also agreed to reimburse the underwriter up to $150,000 for legal fees, costs and expenses.

[**Table of Contents**](#TOC001)

We estimate that total expenses payable by us in connection with this offering, other than the underwriting discounts and commissions, will be approximately $.

#### Discretionary Accounts
The underwriter does not intend to confirm sales of the ordinary shares offered hereby to any accounts over which it has discretionary authority.

#### Indemnification
We have agreed to indemnify the underwriter against specified liabilities, including liabilities under the Securities Act, and to contribute to payments the underwriter may be required to make in respect thereof.

#### Lock-Up Agreements
We and our officers and directors, and the holders of 5.0% or more of the outstanding ordinary shares prior to this offering, have agreed, subject to limited exceptions, for a period of 180 days after the closing of this offering, not to offer, sell, contract to sell, pledge, grant any option to purchase, make any short sale or otherwise dispose of, directly or indirectly any ordinary shares or ordinary shares or any securities convertible into or exchangeable for our ordinary shares or the ordinary shares either owned as of the date of the underwriting agreement or thereafter acquired without the prior written consent of the underwriter. The underwriter may, in its sole discretion and at any time or from time to time before the termination of the lock-up period, without notice, release all or any portion of the securities subject to lock-up agreements.

#### Pricing of this Offering; Market Information
Prior to this offering, no public market exists on a U.S. national securities exchange for our ordinary shares. The public offering price was determined through negotiations between us and the underwriter, and we cannot assure you that the ordinary shares can be resold at or above the public offering price.

In addition to prevailing market conditions, the factors considered in determining the public offering price included the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the information included in this prospectus and otherwise available to the underwriter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the valuation multiples of publicly-traded companies that the underwriter believes to be comparable to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our financial information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our prospects and the history and the prospects of the industry in which we compete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an assessment of our management, its past and present operations, and the prospects for, and timing of, our future revenues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the present state of our development; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the above factors in relation to market values and various valuation measures of other companies engaged in activities similar to ours.

An active trading market for the ordinary shares may not develop. It is also possible that after this offering the ordinary shares will not trade in the public market at or above the public offering price.

#### Underwriter's' Warrants
We have agreed to issue to the underwriter (or its permitted designees) warrants to purchase up to a total of ordinary shares (3.5% of the ordinary shares issued in this offering, including the over-allotment, if any). The warrants will be exercisable at a price equal to $ per ordinary share, or 115% of the public offering price per ordinary share issued in this offering. The warrants are deemed compensation by FINRA and are therefore subject to a 180-day lock-up pursuant to Rule 5110(e)(1)(A) of FINRA. The underwriter (or its permitted assignees under Rule 5110(e)(2) of FINRA) will not sell, transfer, assign, pledge, or hypothecate these warrants or the securities underlying these warrants, nor will it engage in any hedging, short sale, derivative, put, or call transaction that would result in the effective

[**Table of Contents**](#TOC001)

economic disposition of the warrants or the underlying securities for a 180 day period from the commencement of sales of the ordinary shares in this offering. The warrants will expire five years from the commencement of sales of ordinary shares in this offering. The exercise price and number of ordinary shares issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary cash dividend or our recapitalization, reorganization, merger, or consolidation. We have agreed to a one time demand registration of the ordinary shares underlying the warrants for a period of five years from the commencement of sales of this offering. The warrants also provide for unlimited "piggyback" registration rights at our expense with respect to the underlying ordinary shares during the five year period from the commencement of sales of this offering. The underwriter's warrants and the ordinary shares underlying the underwriter's warrants are being registered on the registration statement of which this prospectus forms a part.

#### NYSE Listing
We have applied to list the ordinary shares on the NYSE under the symbol "TARX." This offering is contingent upon the listing of the ordinary shares on the NYSE. No assurance can be given that our application will be approved or that a trading market will develop.

#### Price Stabilization, Short Positions and Penalty Bids
In connection with this offering, the underwriter may engage in stabilizing transactions, short sales and syndicate covering transactions and penalty bids in accordance with Regulation M under the Exchange Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stabilizing transactions permit bids to purchase the underlying security so long as the stabilizing bids do not exceed a specified maximum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A short position involves sales by the underwriter of ordinary shares in excess of the number of ordinary shares the underwriter is obligated to purchase, which creates a syndicate short position. The short position may be either a covered short position or a naked short position. In a covered short position, the number of ordinary shares involved in the sales made by the underwriter in excess of the number of ordinary shares the underwriter is obligated to purchase is not greater than the number of ordinary shares that it may purchase by exercising its option to purchase additional ordinary shares. In a naked short position, the number of ordinary shares involved is greater than the number of ordinary shares that the underwriter may purchase pursuant to its option to purchase additional ordinary shares. A naked short position is more likely to be created if the underwriter is concerned that there could be downward pressure on the price of the ordinary shares in the open market after pricing that could adversely affect investors who purchase in this offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Syndicate covering transactions involve purchases of the ordinary shares in the open market after the distribution has been completed in order to cover syndicate short positions. In determining the source of the ordinary shares to close out the short position, the underwriter will consider, among other things, the price of the ordinary shares available for purchase in the open market as compared to the price at which it may purchase ordinary shares through its option to purchase additional ordinary shares. The underwriter may close out any covered short position by either exercising its option to purchase additional ordinary shares and/or purchasing ordinary shares in the open market. A naked short position can only be closed out by buying ordinary shares in the open market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Penalty bids permit the underwriter to reclaim a selling concession when the ordinary shares originally sold by the underwriter are purchased in a stabilizing or syndicate covering transaction to cover short positions.

These stabilizing transactions, covering transactions and penalty bids may have the effect of raising or maintaining the market price of the ordinary shares or preventing or retarding a decline in the market price of the ordinary shares. As a result, the price of the ordinary shares may be higher than the price that might otherwise exist in the open market. These transactions may be discontinued at any time.

Neither we nor the underwriter make any representation or prediction as to the direction or magnitude of any effect that the transactions described above may have on the price of the ordinary shares. In addition, neither we nor the underwriter make any representation that the underwriter will engage in these transactions or that any transaction, if commenced, will not be discontinued without notice.

[**Table of Contents**](#TOC001)

#### Other Relationships
From time to time, the underwriter may provide in the future various advisory, investment and commercial banking and other services to us in the ordinary course of business, for which it may receive customary fees and commissions. In addition, in the ordinary course of its business activities, the underwriter and its affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) for its own account and for the accounts of its customers. Such investments and securities activities may involve securities and/or instruments of ours or our affiliates. The underwriter and its affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments. Except as disclosed in this prospectus, we have no present arrangements with the underwriter for any further services.

#### Offer Restrictions Outside the United States
Other than in the United States, no action has been taken by us or the underwriter that would permit a public offering of the securities offered by this prospectus in any jurisdiction where action for that purpose is required. The securities offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

*Australia*

This prospectus is not a disclosure document under Chapter 6D of the Australian Corporations Act, has not been lodged with the Australian Securities and Investments Commission and does not purport to include the information required of a disclosure document under Chapter 6D of the Australian Corporations Act. Accordingly, (i) the offer of the securities under this prospectus is only made to persons to whom it is lawful to offer the securities without disclosure under Chapter 6D of the Australian Corporations Act under one or more exemptions set out in section 708 of the Australian Corporations Act, (ii) this prospectus is made available in Australia only to those persons as set forth in clause (i) above, and (iii) the offeree must be sent a notice stating in substance that by accepting this offer, the offeree represents that the offeree is such a person as set forth in clause (i) above, and, unless permitted under the Australian Corporations Act, agrees not to sell or offer for sale within Australia any of the securities sold to the offeree within 12 months after its transfer to the offeree under this prospectus.

*Cayman Islands*

No invitation, whether directly or indirectly, may be made to the public in the Cayman Islands to subscribe for our securities.

*European Economic Area — Belgium, Germany, Luxembourg and Netherlands*

The information in this document has been prepared on the basis that all offers of securities will be made pursuant to an exemption under the Directive 2003/71/EC, the Prospectus Directive, as implemented in Member States of the European Economic Area (each, a Relevant Member State), from the requirement to produce a prospectus for offers of securities.

An offer to the public of securities has not been made, and may not be made, in a Relevant Member State except pursuant to one of the following exemptions under the Prospectus Directive as implemented in that Relevant Member State:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to legal entities that are authorized or regulated to operate in the financial markets or, if not so authorized or regulated, whose corporate purpose is solely to invest in securities;

[**Table of Contents**](#TOC001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to any legal entity that has two or more of (i) an average of at least 250 employees during its last fiscal year; (ii) a total balance sheet of more than €43,000,000 (as shown on its last annual unconsolidated or consolidated financial statements) and (iii) an annual net turnover of more than €50,000,000 (as shown on its last annual unconsolidated or consolidated financial statements);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to fewer than 100 natural or legal persons (other than qualified investors within the meaning of Article 2(1)(e) of the Prospectus Directive) subject to obtaining the prior consent of us or any underwriter for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in any other circumstances falling within Article 3(2) of the Prospectus Directive, provided that no such offer of securities shall result in a requirement for the publication by us of a prospectus pursuant to Article 3 of the Prospectus Directive.

*France*

This document is not being distributed in the context of a public offering of financial securities (offre au public de titres financiers) in France within the meaning of Article L.411-1 of the French Monetary and Financial Code (Code Monétaire et Financier) and Articles 211-1 et seq. of the General Regulation of the French Autorité des marchés financiers ("AMF"). The securities have not been offered or sold and will not be offered or sold, directly or indirectly, to the public in France.

This document and any other offering material relating to the securities have not been, and will not be, submitted to the AMF for approval in France and, accordingly, may not be distributed or caused to distributed, directly or indirectly, to the public in France.

Such offers, sales and distributions have been and shall only be made in France to (i) qualified investors (investisseurs qualifiés) acting for their own account, as defined in and in accordance with Articles L.411-2-II-2° and D.411-1 to D.411-3, D.744-1, D.754-1; and D.764-1 of the French Monetary and Financial Code and any implementing regulation and/or (ii) a restricted number of non-qualified investors (cercle restreint d'investisseurs) acting for their own account, as defined in and in accordance with Articles L.411-2-II-2° and D.411-4, D.744-1, D.754-1; and D.764-1 of the French Monetary and Financial Code and any implementing regulation.

Pursuant to Article 211-3 of the General Regulation of the AMF, investors in France are informed that the securities cannot be distributed (directly or indirectly) to the public by the investors otherwise than in accordance with Articles L.411-1, L.411-2, L.412-1 and L.621-8 to L.621-8-3 of the French Monetary and Financial Code.

*Ireland*

The information in this document does not constitute a prospectus under any Irish laws or regulations and this document has not been filed with or approved by any Irish regulatory authority as the information has not been prepared in the context of a public offering of securities in Ireland within the meaning of the Irish Prospectus (Directive 2003/71/EC) Regulations 2005, or the Prospectus Regulations. The securities have not been offered or sold, and will not be offered, sold or delivered directly or indirectly in Ireland by way of a public offering, except to (i) qualified investors as defined in Regulation 2(1) of the Prospectus Regulations and (ii) fewer than 100 natural or legal persons who are not qualified investors.

*Israel*

The securities offered hereunder may not be offered or sold to the public in Israel absent the publication of a prospectus that has been approved by the ISA. This document does not constitute a prospectus under the Israeli Securities Law, and has not been filed with or approved by the ISA and the securities offered hereunder have not been registered for sale in Israel. In Israel, this document will be distributed only to, and directed only at, and any offer of the securities hereunder is directed only at, (i) a limited number of persons in accordance with the Israeli Securities Law and (ii) investors listed in the first addendum to the Israeli Securities Law, or the ISL Addendum, consisting primarily of joint investment in trust funds, provident funds, insurance companies, banks, portfolio managers, investment advisors, members of the TASE, underwriters, venture capital funds, entities with equity in excess of NIS 50 million and "qualified individuals," each as defined in the ISL Addendum (as it may be amended from time to time), collectively referred to as Israeli Qualified Investors (in each case, purchasing for their own account or, where permitted under

[**Table of Contents**](#TOC001)

the ISL Addendum, for the accounts of their clients who are investors listed in the ISL Addendum). Israeli Qualified Investors, if any, will be required to submit written confirmation that they fall within the scope of the ISL Addendum, are aware of the meaning of same and agree to it.

*Italy*

The offering of the securities in the Republic of Italy has not been authorized by the Italian Securities and Exchange Commission (Commissione Nazionale per le Society e la Borsa, "CONSOB" pursuant to the Italian securities legislation) and, accordingly, no offering material relating to the securities may be distributed in Italy and such securities may not be offered or sold in Italy in a public offer within the meaning of Article 1.1(t) of Legislative Decree No. 58 of 24 February 1998 ("Decree No. 58"), other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to Italian qualified investors, as defined in Article 100 of Decree no.58 by reference to Article 34-ter of CONSOB Regulation no. 11971 of 14 May 1999 ("Regulation no. 11971") as amended ("Qualified Investors"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in other circumstances that are exempt from the rules on public offer pursuant to Article 100 of Decree No. 58 and Article 34-ter of Regulation No. 11971 as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any offer, sale or delivery of the securities or distribution of any offer document relating to the securities in Italy (excluding placements where a Qualified Investor solicits an offer from the issuer) under the paragraphs above must be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• made by investment firms, banks or financial intermediaries permitted to conduct such activities in Italy in accordance with Legislative Decree No. 385 of 1 September 1993 (as amended), Decree No. 58, CONSOB Regulation No. 16190 of 29 October 2007 and any other applicable laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in compliance with all relevant Italian securities, tax and exchange controls and any other applicable laws.

Any subsequent distribution of the securities in Italy must be made in compliance with the public offer and prospectus requirement rules provided under Decree No. 58 and the Regulation No. 11971 as amended, unless an exception from those rules applies. Failure to comply with such rules may result in the sale of such securities being declared null and void and in the liability of the entity transferring the securities for any damages suffered by the investors.

*Japan*

The securities have not been and will not be registered under Article 4, paragraph 1 of the Financial Instruments and Exchange Law of Japan (Law No. 25 of 1948), as amended (the "FIEL") pursuant to an exemption from the registration requirements applicable to a private placement of securities to Qualified Institutional Investors (as defined in and in accordance with Article 2, paragraph 3 of the FIEL and the regulations promulgated thereunder). Accordingly, the securities may not be offered or sold, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan other than Qualified Institutional Investors. Any Qualified Institutional Investor who acquires securities may not resell them to any person in Japan that is not a Qualified Institutional Investor, and acquisition by any such person of securities is conditional upon the execution of an agreement to that effect.

*Portugal*

This document is not being distributed in the context of a public offer of financial securities (oferta publica de valores mobiliarios) in Portugal, within the meaning of Article 109 of the Portuguese Securities Code (Codigo dos Valores Mobiliarios). The securities have not been offered or sold and will not be offered or sold, directly or indirectly, to the public in Portugal. This document and any other offering material relating to the securities have not been, and will not be, submitted to the Portuguese Securities Market Commission (Comissao do Mercado de Valores Mobiliarios) for approval in Portugal and, accordingly, may not be distributed or caused to distributed, directly or indirectly, to the public in Portugal, other than under circumstances that are deemed not to qualify as a public offer under the Portuguese Securities Code. Such offers, sales and distributions of securities in Portugal are limited to persons who are "qualified investors" (as defined in the Portuguese Securities Code). Only such investors may receive this document and they may not distribute it or the information contained in it to any other person.

[**Table of Contents**](#TOC001)

*Sweden*

This document has not been, and will not be, registered with or approved by Finansinspektionen (the Swedish Financial Supervisory Authority). Accordingly, this document may not be made available, nor may the securities be offered for sale in Sweden, other than under circumstances that are deemed not to require a prospectus under the Swedish Financial Instruments Trading Act (1991:980) (Sw. lag (1991:980) om handel med finansiella instrument). Any offering of securities in Sweden is limited to persons who are "qualified investors" (as defined in the Financial Instruments Trading Act). Only such investors may receive this document and they may not distribute it or the information contained in it to any other person.

*Switzerland*

The securities may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange ("SIX") or on any other stock exchange or regulated trading facility in Switzerland. This document has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering material relating to the securities may be publicly distributed or otherwise made publicly available in Switzerland. Neither this document nor any other offering material relating to the securities have been or will be filed with or approved by any Swiss regulatory authority. In particular, this document will not be filed with, and the offer of securities will not be supervised by, the Swiss Financial Market Supervisory Authority (FINMA). This document is personal to the recipient only and not for general circulation in Switzerland.

*United Arab Emirates*

Neither this document nor the securities have been approved, disapproved or passed on in any way by the Central Bank of the United Arab Emirates or any other governmental authority in the United Arab Emirates, nor have we received authorization or licensing from the Central Bank of the United Arab Emirates or any other governmental authority in the United Arab Emirates to market or sell the securities within the United Arab Emirates. This document does not constitute and may not be used for the purpose of an offer or invitation. No services relating to the securities, including the receipt of applications and/or the allotment or redemption of such shares, may be rendered within the United Arab Emirates by us. No offer or invitation to subscribe for securities is valid or permitted in the Dubai International Financial Centre.

*United Kingdom*

Neither the information in this document nor any other document relating to the offer has been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospectus (within the meaning of section 85 of the Financial Services and Markets Act 2000, as amended ("FSMA") has been published or is intended to be published in respect of the securities. This document is issued on a confidential basis to "qualified investors" (within the meaning of section 86(7) of FSMA)) in the United Kingdom, and the securities may not be offered or sold in the United Kingdom by means of this document, any accompanying letter or any other document, except in circumstances which do not require the publication of a prospectus pursuant to section 86(1) FSMA. This document should not be distributed, published or reproduced, in whole or in part, nor may its contents be disclosed by recipients to any other person in the United Kingdom. Any invitation or inducement to engage in investment activity (within the meaning of section 21 of FSMA) received in connection with the issue or sale of the securities has only been communicated or caused to be communicated and will only be communicated or caused to be communicated in the United Kingdom in circumstances in which section 21(1) of FSMA does not apply to us.

In the United Kingdom, this document is being distributed only to, and is directed at, persons (i) who have professional experience in matters relating to investments falling within article 19(5) (investment professionals) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 ("FPO"), (ii) who fall within the categories of persons referred to in Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the FPO or (iii) to whom it may otherwise be lawfully communicated (together "relevant persons"). The investments to which this document relates are available only to, and any invitation, offer or agreement to purchase will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

[**Table of Contents**](#TOC001)

#### EXPENSES OF THE OFFERING
The following table sets forth the total costs and expenses, other than underwriting discounts and commissions, that we expect to incur in connection with the offer and sale of the ordinary shares in this offering. With the exception of the SEC registration fee, the NYSE listing fee and the Financial Industry Regulatory Authority, or FINRA, filing fee, all of these amounts are estimates:

---

| | |
|:---|:---|
|  **Expenses** | **Amount** |
|  SEC registration fee | $7434 |
|  NYSE listing fee | $25000 |
|  FINRA filing fee | $5675 |
|  Transfer Agent fees and expenses | $2500 |
|  Printing fees and expenses | $30000 |
|  Legal fees and expenses | $550000 |
|  Accounting fees and expenses | $90000 |
|  Miscellaneous costs | $139391 |
| &nbsp;&nbsp;&nbsp; **Total** | $850000 |

---

____________

\* To be provided by amendment.

#### EXPERTS
The financial statements of Tarsier Pharma Ltd. as of December 31, 2025 and 2024 and for each of the years in the two-year period ended December 31, 2025 have been included herein in reliance upon the report of Somekh Chaikin, a member firm of KPMG International, independent registered public accounting firm, appearing elsewhere herein, and upon the authority of said firm as experts in accounting and auditing. The audit report covering the December 31, 2025 financial statements contains an explanatory paragraph that states that the Company's significant losses, negative cash flows from operations and accumulated deficit raise substantial doubt about the entity's ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of that uncertainty.

#### LEGAL MATTERS
The validity of our ordinary shares and other legal matters concerning this offering relating to the laws of Israel will be passed upon for us by Pearl Cohen Zedek Latzer Baratz. Certain legal matters in connection with this offering relating to U.S. federal law will be passed upon for us by Ellenoff Grossman & Schole LLP, New York, New York. Certain matters are being passed on for the underwriter by Lucosky Brookman LLP.

[**Table of Contents**](#TOC001)

#### SERVICE OF PROCESS AND ENFORCEMENT OF CIVIL LIABILITIES
We are incorporated under the laws of the State of Israel. Service of process upon us, our directors and officers, and the Israeli experts, if any, named in this prospectus, most of whom reside outside the United States, may be difficult to obtain within the United States. Furthermore, because a major portion of our assets and most of our directors and officers are located outside the United States, any judgment obtained in the United States against us or any of our directors, officers, or such Israeli experts may be difficult to collect within the United States.

We have been informed by our legal counsel in Israel, Pearl Cohen, that it may be difficult to assert U.S. securities law claims in original actions instituted in Israel or to obtain a judgement based on the civil liability provisions of the U.S. federal securities laws. Israeli courts may refuse to hear a claim based on an alleged violation of U.S. securities laws reasoning that Israel is not the most appropriate forum to hear such a claim. In addition, even if an Israeli court agrees to hear a claim, it may determine that Israeli law and not U.S. law is applicable to the claim. There is limited binding precedent in Israel addressing these matters. If U.S. law is found to be applicable, the content of applicable U.S. law must be proved as a fact by expert testimony, which can be a time-consuming and costly process. Certain matters of procedure may also be governed by Israeli law.

Subject to specified time limitations and legal procedures, under the rules of private international law currently prevailing in Israel, Israeli courts may enforce a foreign judgment in a civil matter which, subject to certain exceptions, is non-appealable, including judgments based upon the civil liability provisions of the Securities Act and the Exchange Act and including a monetary or compensatory judgment in a non-civil matter, provided, among other things, it finds that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the judgment was rendered by a court which was, according to the laws of the state of the court, competent to render the judgment,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the obligation imposed by the judgment is enforceable according to the rules relating to the enforceability of judgments in Israel and the substance of the judgment is not contrary to public policy, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the judgment is executory in the state in which it was given.

Even if the above conditions are satisfied, an Israeli court will not enforce a foreign judgment if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the judgement was given in a state whose laws do not provide for the enforcement of judgments of Israeli courts (subject to exceptional cases);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the enforcement of the judgement is likely to prejudice the sovereignty or security of the State of Israel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the judgment was obtained by fraud,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the opportunity given to the defendant to bring its arguments and evidence before the court was not reasonable in the opinion of the Israeli court,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the judgment was rendered by a court not competent to render it according to the laws of private international law in Israel,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the judgment is at variance with another judgment that was given in the same matter between the same parties and which is still valid, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at the time the action was brought in the foreign court a suit in the same matter and between the same parties was pending before a court or tribunal in Israel.

If a foreign judgment is enforced by an Israel court, it generally will be payable in Israeli currency, which can then be converted into non-Israeli currency and transferred out of Israel. The usual practice in an action before an Israeli court to recover an amount in a non-Israeli currency is for the Israeli court to issue a judgment for the equivalent amount in Israeli currency at the rate of exchange in force on the date of the judgment, but the judgment debtor may make payment in foreign currency. Pending collection, the amount of the judgment of an Israeli court stated in Israeli currency ordinarily will be linked to the Israeli consumer price index plus interest at the annual statutory rate set by Israeli regulations prevailing at the time. Judgment creditors must bear the risk of unfavorable exchange rates.

Puglisi & Associates is the U.S. agent authorized to receive service of process in any action against us arising out of this offering. The address of Puglisi & Associates is 850 Library Avenue, Newark, Delaware 19711.

[**Table of Contents**](#TOC001)

#### WHERE YOU CAN FIND MORE INFORMATION
We have filed with the SEC a registration statement on Form F-1 under the Securities Act with respect to the ordinary shares offered hereby. This prospectus, which constitutes a part of the registration statement, does not contain all of the information set forth in the registration statement or the exhibits and schedules filed with the registration statement. For further information about us and the ordinary shares offered hereby, we refer you to the registration statement and the exhibits filed with the registration statement. Statements contained in this prospectus regarding the contents of any contract or any other document that is filed as an exhibit to the registration statement are not necessarily complete, and each such statement is qualified in all respects by reference to the full text of such contract or other document filed as an exhibit to the registration statement. The SEC also maintains an internet website that contains reports, proxy statements and other information about registrants, like us, that file electronically with the SEC. The address of that website is *www.sec.gov.*

Upon the closing of this offering, we will be subject to the information reporting requirements of the Exchange Act that are applicable to foreign private issuers, and under those requirements are filing reports with the SEC. Those other reports or other information may be inspected without charge at the locations described above. As a foreign private issuer, we are exempt from the rules under the Exchange Act related to the furnishing and content of proxy statements, and our officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we are not required under the Exchange Act to file annual, quarterly and current reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act. These reports, proxy statements, and other information will be available on the website of the SEC referred to above.

We also maintain a website at *www.tarsierpharma.com*, through which you may access these materials free of charge as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC. Information contained on or accessed through our website is not a part of this prospectus and the inclusion of our website address in this prospectus is an inactive textual reference only.

[**Table of Contents**](#TOC001)

#### tarsier pharma ltd.

#### INDEX TO FINANCIAL STATEMENTS

#### Audited Financial Statements of Tarsier Pharma Ltd.

---

| | |
|:---|:---|
|  | **Page** |
|  [Report of Independent Registered Public Accounting Firm](#T100) | F-2 |
|  [Balance Sheets](#T101) | F-3 |
|  [Statements of Operations](#T102) | F-4 |
|  [Statements of Changes in Shareholders' Equity (Deficit)](#T103) | F-5 |
|  [Statements of Cash Flows](#T104) | F-6 |
|  [Notes to the Financial Statements](#T105) | F-7 |

---

[**Table of Contents**](#TOC001)

#### Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Directors<br>Tarsier Pharma Ltd.

*Opinion on the Financial Statements*

We have audited the accompanying balance sheets of Tarsier Pharma Ltd. (the Company) as of December 31, 2025 and 2024, the related statements of operations, changes in shareholders' deficit, and cash flows for each of the years in the two-year period ended December 31, 2025, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

*Going Concern*

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1C to the financial statements, the Company has incurred significant losses and negative cash flows from operations and has an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 1C. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

*Basis for Opinion*

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Somekh Chaikin

Somekh Chaikin

Member Firm of KPMG International

We have served as the Company's auditor since 2020

March 19, 2026

[**Table of Contents**](#TOC001)

#### Tarsier Pharma Ltd. <br> Balance Sheets as at December 31

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **2025** | **2024** |
|  |  | **USD thousands** | **USD thousands** |
|  **Current assets** |  |  |  |
|  Cash and cash equivalents |  | **1999** | 1218 |
|  Other accounts receivable | 3 | **16** | 48 |
|  **Total current assets** |  | **2015** | 1266 |
|  **Non-current assets** |  |  |  |
|  Property and equipment, net | 4 | **17** | 21 |
|  other non-current assets |  | **293** |  |
|  **Total assets** |  | **2325** | 1287 |
|  **Liabilities and shareholders' deficit** |  |  |  |
|  **Current liabilities** |  |  |  |
|  Trade payables |  | **24** | 4 |
|  Shareholders loan | 13 | **117** | 104 |
|  Other accounts payable | 5 | **671** | 453 |
|  **Total current liabilities** |  | **812** | 561 |
|  **Non-current liabilities** |  |  |  |
|  Financial instruments convertible to shares | 6 | **6504** | 3491 |
|  **Shareholders' deficit** | 7 |  |  |
|  10,000,000 shares (NIS 0.01 par value(authorized as of December 31, 2025 and 2024; 2,270,880 and 2,229,563 shares (NIS 0.01 par value) issued and outstanding as of December 31, 2025 and 2024, respectively; |  | **6** | 6 |
|  Additional paid-in capital |  | **21935** | 19091 |
|  Receivables for issuance of shares |  | **(3)** | (3) |
|  Accumulated deficit |  | **(26929)** | (21859) |
|  **Total shareholders' deficit** |  | **(4991)** | (2765) |
|  **Total liabilities and shareholders' deficit** |  | **2325** | 1287 |

---

The accompanying notes are an integral part of the financial statements.

[**Table of Contents**](#TOC001)

#### Tarsier Pharma Ltd.<br> Statements of Operations for the Year Ended December 31

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **2025** | **2024** |
|  |  | **USD thousands** | **USD thousands** |
|  Research and development expenses | 9 | **2010** | 2034 |
|  General and administrative expenses | 10 | **544** | 364 |
|  **Total operating expenses** |  | **2554** | 2398 |
|  Financing expenses, net | 11 | **2516** | 58 |
|  **Net loss for the year** |  | **5070** | 2456 |
|  **Net loss attributable to ordinary shareholders** |  | **5070** | 2456 |
|  **Net loss per share attributable to ordinary shareholders, basic and diluted** |  | **2.26** | 1.11 |
|  **Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, basic and diluted** |  | **2247282** | 2205732 |

---

The accompanying notes are an integral part of the financial statements.

[**Table of Contents**](#TOC001)

#### Tarsier Pharma Ltd.<br> Statements of Changes in Shareholders' Deficit

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary <br>shares**  | **Share capital** | **Receivables <br>for issuance of <br>shares** | **Additional <br>paid-in capital** | **Accumulated <br>deficit** | **Total** |
|  | **Number of shares** | **USD thousands** | **USD thousands** | **USD thousands** | **USD thousands** | **USD thousands** |
|  **Balance as at January 1, 2024** | 2181903 | 6 | (3) | 16997 | (19403) | (2403) |
|  Conversion of financial instruments into ordinary shares, see note 6 | 46770 |  |  | 1491 |  | 1491 |
|  Exercise of options | 890 | \* |  | \* |  | \* |
|  Share based compensation |  |  |  | 603 |  | 603 |
|  Net loss for the year |  |  |  |  | (2456) | (2456) |
|  **Balance as at December 31, 2024** | 2229563 | 6 | (3) | 19091 | (21859) | (2765) |
|  Conversion of financial instruments into ordinary shares, see note 6 | **41317** | **\*** | **—** | **1550** | **—** | **1550** |
|  Share based compensation | **—** | **—** | **—** | **1294** | **—** | **1294** |
|  Net loss for the year | **—** | **—** | **—** | **—** | **(5070)** | **(5070)** |
|  **Balance as of December 31, 2025** | **2270880** | **6** | **(3)** | **21935** | **(26929)** | **(4991)** |

---

____________

\* Represents an amount less than $1 thousand.

The accompanying notes are an integral part of the financial statements.

[**Table of Contents**](#TOC001)

#### Tarsier Pharma Ltd.<br> Statements of Cash Flows for the Year Ended December 31

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | **USD thousands** | **USD thousands** |
|  **Cash flows from operating activities:** |  |  |
|  Net loss for the year | **(5070)** | (2456) |
|  Adjustment to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation | **5** | 5 |
| &nbsp;&nbsp;&nbsp; Stock based compensation | **1294** | 603 |
| &nbsp;&nbsp;&nbsp; Exchange rate differences on shareholders loan | **13** | (7) |
| &nbsp;&nbsp;&nbsp; Revaluation of financial instruments convertible to shares | **2463** | 64 |
|  Changes in assets and liability items: |  |  |
| &nbsp;&nbsp;&nbsp; decrease in other accounts receivable | **32** | (31) |
| &nbsp;&nbsp;&nbsp; Increase in other non-current assets | **(293)** |  |
| &nbsp;&nbsp;&nbsp; Increase (decrease) in trade payables | **20** | (6) |
| &nbsp;&nbsp;&nbsp; Increase (decrease) in other accounts payable | **218** | (85) |
|  **Net cash used in operating activities** | **(1318)** | (1913) |
|  **Cash flows from investing activities**: |  |  |
|  Purchase of property and equipment | **(1)** | (1) |
|  **Net cash used in investing activities** | **(1)** | (1) |
|  **Cash flows from financing activities:** |  |  |
|  Exercise of options |  | \* |
|  Proceeds from issuance of financial instruments convertible to shares | **2100** | 2200 |
|  **Net cash provided by financing activities** | **2100** | 2200 |
|  **Change in cash and cash equivalents** | **781** | 286 |
|  **Cash and cash equivalents at the beginning of the year** | **1218** | 932 |
|  **Cash and cash equivalents at the end of the year** | **1999** | 1218 |
|  **Appendix A – non-cash financing activities** |  |  |
|  Conversion of financial instruments into ordinary shares | **1550** | 1491 |

---

____________

\* Represents an amount lower than $1 thousand.

The accompanying notes are an integral part of the financial statements.

[**Table of Contents**](#TOC001)

#### Tarsier Pharma Ltd.<br> Notes to the Financial Statements

#### Note 1 — General

#### Company description:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** Tarsier Pharma Ltd. (hereinafter: "the Company") was incorporated on February 21, 2016, and commenced its operations in July 2016.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** The Company is a late clinical-stage company dedicated to the development and commercialization of a breakthrough therapeutic approach for better and safer treatment of autoimmune and inflammatory ocular diseases. All assets of the Company are located in Israel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** The Company has a limited operating history and faces a number of risks, among them: uncertainties regarding demand and market acceptance, the effects of technological changes, competition and the development of new products. Additionally, other risk factors exist such as the ability to manage growth, the loss of key personnel and the effect of planned expansion of operations on the future results of the Company.

These financial statements have been prepared on a basis which assumes that the Company will continue as a going concern. The Company has yet to record revenues, has incurred losses of $26,929 thousand from operations since its inception. During the year end December 31, 2025, the company incurred a net loss of $5,070 thousand and recorded net cash used in operating activities of $1,318 thousand. These circumstances raise substantial doubt about the Company's ability to continue as a going concern. Management's plans with regard to these matters include continued development of its products as well as seeking additional financing arrangements. The Company will require additional liquidity to continue its operations over the next 12 months.

The Company will be required to raise additional funds to support its operations and continue as a going concern. While management believes that the Company can raise additional funds, there can be no assurance that these efforts will be successful or sufficient. These financial statements do not include any adjustments to the carrying amounts and classification of assets, liabilities, and reported expenses that may be necessary if the Company were unable to continue as a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** On October 7, 2024, Hamas launched a series of attacks on civilian and military targets in Southern Israel and Central Israel, to which the Israel Defense Forces have responded. In addition, both Hezbollah and the Houthi movement have attacked military and civilian targets in Israel, to which Israel has responded, including through increased air and ground operations in Lebanon. In addition, the Houthi movement has attacked international shipping lanes in the Red Sea, to which both Israel and the United States have responded. Further, on April 13, 2025 and October 1, 2025, Iran launched a series of drone and missile strikes against Israel, to which Israel has responded. Most recently, on June 13, 2025, Israel launched a preemptive attack on Iran, to which Iran responded with ballistic missile and drone attacks. On June 23, 2025, Israel and Iran agreed to a ceasefire, although there is no assurance that the ceasefire will continue. On October 9, 2025, Israel, Hamas, the United States and other countries in the region agreed to a framework for a ceasefire in Gaza between Israel and Hamas. How long and how severe the current conflicts in Gaza, Northern Israel, Lebanon, Iran or the broader region become is unknown at this time and any continued clash among Israel, Hamas, Hezbollah, Iran or other countries or militant groups in the region may escalate in the future into a greater regional conflict. To date, the Company's operations have not been materially affected. The Company expects that the current conflict in the Gaza Strip, Lebanon, Iran and the broader region, as well as the security escalation in Israel, will not have a material impact on its business results in the short term. However, since these are events beyond the Company's control, their continuation or cessation may affect its expectations. The Company continues to monitor political and military developments closely and examine the consequences for its operations and assets.

[**Table of Contents**](#TOC001)

#### Tarsier Pharma Ltd.<br>Notes to the Financial Statements

#### Note 1 — General (cont.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** After the end of the reporting period, on February 28, 2026, the State of Israel and the United States launched a joint offensive in Iran, targeting Iran's missile systems and additional assets of the Iranian regime. In response, Iran began launching missiles and unmanned aerial vehicles toward Israel and other countries in the region. In the beginning of March 2026, the campaign was expanded to Lebanon due to fire directed at Israel by Hezbollah.

At the outset of the operation, a nationwide transition was declared from full operating capacity to essential operating capacity, including a Restriction on educational activities, public gatherings, and commuting to workplaces, except for businesses designated as essential. In addition, an additional reserve call-up was initiated.

At this stage, the Company is unable to fully estimate the potential financial impact of the operation, if any. However, the Company's infrastructure is designed to fully support remote working, allowing all operations to continue uninterrupted. Furthermore, the Company's manufacturing activities are conducted outside of Israel, and therefore, as of the date of issuance of these financial statements, there is currently no apparent effect on the Company's operations, financial position, results of operations, or cash flows.

The Company continues to monitor developments to assess any potential future impact of the operation on its activities.

#### Note 2 — Significant Accounting Policies
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. Basis of Presentat**i**on**

The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Use of estimates**

The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting periods and accompanying notes. Significant items subject to such estimates and assumptions include, but are not limited to, share-based compensation including the determination of the grant date fair value of the Company's ordinary shares, par value NIS 0.01 each ("Ordinary Shares"), estimates relating to the stage of completion of work performed by service providers that impact the recognition of expenses and pricing of convertible instruments into shares. The Company bases these estimates on historical and anticipated results, trends and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events. Actual results could differ from those estimates. As events continue to evolve and additional information becomes available, the Company's estimates and assumptions may change materially in future periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Foreign currency**

The currency of the primary economic environment in which the operations of the Company are conducted and are expected to continue to be conducted in the foreseeable future is the U.S. dollar (" U.S. dollar" or "$"). The Company has raised its funds in U.S. dollar and its future revenues are expected to be in U.S. dollars, thus; the dollar is the functional currency of the Company.

The transactions and balances of the Company denominated in U.S. dollars are presented at their original amounts. Monetary assets and liabilities denominated in a non-U.S. dollar currency are translated using the current exchange rate and non-monetary assets and liabilities and capital accounts denominated in a non-U.S. dollar currency are translated using historical exchange rates.

[**Table of Contents**](#TOC001)

#### Tarsier Pharma Ltd.<br>Notes to the Financial Statements

#### Note 2 — Significant Accounting Policies (cont.)
Balances in non- U.S. dollar currencies are translated into U.S. dollars using historical and current exchange rates for non-monetary and monetary balances, respectively. For non-U.S. dollar transactions and other items in the statements of income (indicated below), the following exchange rates are used: (i) for transactions — exchange rates at transaction dates or average exchange rates; and (ii) for other items (derived from non-monetary balance sheet items such as depreciation and amortization) — historical exchange rates. Currency transaction gains and losses are presented in financial income or expenses, as appropriate.

Details of exchange rates:

---

| | | |
|:---|:---|:---|
|  | **December 31 <br>2025** | **December 31 <br>2024** |
|  **Exchange rate of 1.00** U.S. dollar ($) in New Israeli Shekel (NIS) | **3.190** | **3.647** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Cash and cash equivalents**

Cash and cash equivalents include short-term bank deposits with an original maturity not exceeding three months and are not restricted by lien.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Fair Value Measurements**

ASC 820, Fair Value Measurements and Disclosures ("ASC 820"), relating to fair value measurements, defines fair value and established a framework for measuring fair value. The ASC 820 fair value hierarchy distinguishes between market participant assumptions developed based on market data obtained from sources independent of the reporting entity and the reporting entity's own assumptions about market participant assumptions developed based on the best information available in the circumstances.

ASC 820 defines fair value 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, essentially an exit price. In addition, the fair value of assets and liabilities should include consideration of non-performance risk, which for the liabilities described below includes the Company's own credit risk. As a basis for considering such assumptions, ASC 820 establishes a three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:

---

| | |
|:---|:---|
|  Level 1 | Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. |
|  Level 2 | Valuations based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. |
|  Level 3 | Valuations based on inputs that are unobservable and significant to the overall fair value measurement. |

---

The financial instruments of the Company consist mainly of cash and cash equivalents, trade accounts payable, Shareholders' loans, and other current liabilities. In view of their nature, the fair value of the financial instruments is usually identical or substantially similar to their carrying amounts (See Note 8).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Property and equipment**

Fixed assets are stated at cost plus direct acquisition costs, net of accumulated depreciation, net of impairment losses accrued value in respect thereof, and do not include current maintenance expenses. Depreciation is computed by using the straight-line method, over the assets estimated useful life.

[**Table of Contents**](#TOC001)

#### Tarsier Pharma Ltd.<br>Notes to the Financial Statements

#### Note 2 — Significant Accounting Policies (cont.)
The annual depreciation rates are as follows:

---

| | |
|:---|:---|
|  | **%** |
|  Computers and software | 33 |
|  Equipment | 15 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G. Research and development**

Research and development costs are charged to operations as incurred. Most of the research and development expenses are for subcontractors, wages and share-based payment.

Advance payments for goods or services that will be used or rendered for future research and development activities are deferred. Such amounts are recognized as an expense as the related goods are used or the services are rendered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H. Impairment of long**-lived **assets**

The Company's property and equipment are reviewed for impairment in accordance with ASC 360, "Property and Equipment", whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less selling costs. During the years ended December 31, 2025 and 2024, no impairment losses have been recorded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I. Liability for severance pay**

All of the Company's employees included under section 14 of the Israeli Severance Compensation Act, 1963 ("section 14"). According to this section, these employees are entitled only to monthly deposits, at a rate of 8.33% of their monthly salary, made in their name with insurance companies. Payments in accordance with section 14 release the Company from any future severance payments (under the above Israeli Severance Pay Law) in respect of those employees. Severance costs amounted to approximately $34 thousand and $30 thousand for the year ended December 31, 2025 and 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J. Share**-based **compensation**

Share-based compensation expense related to share awards is recognized based on the fair value of the awards granted. The fair value of each option award is estimated on the grant date using the Black-Scholes option pricing model. The Black-Scholes option pricing model requires the input of highly subjective assumptions, including the fair value of the underlying ordinary shares, the expected term of the option, the expected volatility of the price of the underlining shares, risk-free interest rates, and the expected dividend yield of the shares. The assumptions used to determine the fair value of the option awards represent management's best estimates. These estimates involve inherent uncertainties and the application of management's judgment. The related share-based compensation expense is recognized on a straight-line basis over the requisite service period of the awards. The Company recognizes compensation cost for an award with only service conditions that has a graded vesting schedule on a straight-line basis over the requisite service period for the entire award, provided that the cumulative amount of compensation cost recognized at any date at least equals the portion of the grant-date value of such award that is vested at that date. Forfeitures are accounted for as they occur instead of estimating the number of awards expected to be forfeited.

[**Table of Contents**](#TOC001)

#### Tarsier Pharma Ltd.<br>Notes to the Financial Statements

#### Note 2 — Significant Accounting Policies (cont.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**K. Convertible instruments**

When the Company issues other freestanding instruments, the Company first analyzes the provisions of ASC 480 in order to determine whether the instrument should be classified as a liability, with subsequent changes in fair value recognized in the statements of operations in each period. If the instrument is not within the scope of ASC 480, the Company further analyzes the provisions of ASC 815-40 in order to determine whether the instrument should be classified within equity or classified as an asset or liability, with subsequent changes in fair value recognized in the statements of operations in each period.

The Company convertible financial instruments are classified as liabilities under ASC 815-40, since they are not indexed to the Company's own stock. For further details see Note 6 on Convertible instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**L. Income taxes**

The Company uses the asset and liability method to determine its income tax expense as required under the ASC 740-10 "Income Taxes" ("ASC 740-10"). ASC 740-10 requires the establishment of a deferred tax asset or liability for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax laws and rates expected to apply to taxable income in the years in which the deferred tax assets or liabilities are expected to be realized or settled. Valuation allowances are established, when necessary, to reduce deferred tax assets, if it is more likely than not that all or a portion of it will not be realized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**M. Uncertainty in income tax**

The Company follows a two-step approach in recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the available evidence indicates that it is more likely than not that the position will be sustained based on technical merits. If this threshold is met, the second step is to measure the tax position as the largest amount that has more than a 50% likelihood of being realized upon ultimate settlement. As such, as of December 31, 2025 and 2024 the Company does not have any significant uncertain tax positions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**N. Concentration of credit risks**

The Company does not have a significant concentration of credit risks. The cash of the Company is deposited in Israeli banking corporations. In the estimation of the Company's management, the credit risk for these financial instruments is low. In the estimation of the Company's management, it does not have any material expected credit losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**O. Net Loss Per Share**

Basic earnings per ordinary share is calculated using weighted average ordinary shares outstanding. The diluted net loss per share is calculated by giving effect to all potentially dilutive securities outstanding for the period using the treasury share method or the if-converted method based on the nature of such securities. Diluted net loss per share is the same as basic net loss per share in periods when the effects of potentially dilutive shares of ordinary shares are anti-dilutive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**P. Segments Reporting**

The Company applies ASC Topic 280, Segment Reporting ("ASC 280"). Operating segments are defined as components of an entity for which separate financial information is evaluated regularly by the Chief Operating Decision Maker ("CODM") in deciding how to allocate resources and assess performance. The Company's CODM reviews financial information for the purposes of making operating decisions, assessing financial performance, and allocating resources. As such, the Company has determined that it operates in one operating and reportable segment. See Note 15 for additional information.

[**Table of Contents**](#TOC001)

#### Tarsier Pharma Ltd.<br>Notes to the Financial Statements

#### Note 2 — Significant Accounting Policies (cont.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Q. Recently issued accounting standards not yet adopted**

The Company qualifies as an emerging growth company ("EGC") as defined under the Jumpstart Our Business Startups Act (the "JOBS Act"). Using exemptions provided under the JOBS Act for EGCs, the Company has elected to defer compliance with new or revised ASUs until it is required to comply with such updates, which is generally consistent with the adoption dates of private companies.

In December 2023, the FASB issued Accounting Standards Update No. 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosure. The standard requires disclose additional information in tax rate reconciliation table about federal, state and foreign income taxes and to provide more details about the reconciling items in some categories. The standard will become effective for fiscal years beginning after December 15, 2025. The Company is still assessing the presentational impact of the adoption of this standard on its financial statements. It expects that the standard will not cause considerable changes to the income tax footnote.

In November 2024, the FASB issued ASU 2024-03 "Income Statement — Reporting Comprehensive Income- Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses", which requires disclosure about the types of costs and expenses included in certain expense captions presented on the income statement. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted, and may be applied either prospectively or retrospectively. The Company is currently assessing the effect of this ASU.

In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements ("ASU 2025-11"). ASU 2025-11 is intended to update the guidance in Topic 270 by improving navigability of the required interim disclosures, clarifying when that guidance is applicable and adding a principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. This standard update will be effective for the interim reporting periods within annual reporting periods beginning after December 15, 2028, with the option to early adopt at any time prior to the effective date and should be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any or all prior periods presented in the financial statements. We are currently evaluating the impact of the standard on our consolidated financial statements and related disclosures.

#### Note 3 — Other Accounts Receivable

---

| | | |
|:---|:---|:---|
|  | **December 31<br>2025** | **December 31<br>2024** |
|  | **USD thousands** | **USD thousands** |
|  Prepaid expenses | **5** | 38 |
|  Government authorities | **11** | 10 |
|  | **16** | 48 |

---

[**Table of Contents**](#TOC001)

#### Tarsier Pharma Ltd.<br>Notes to the Financial Statements

#### Note 4 — Property and Equipment, net

---

| | | |
|:---|:---|:---|
|  | **December 31 <br>2025** | **December 31 <br>2024** |
|  | **USD thousands** | **USD thousands** |
|  Cost: |  |  |
| &nbsp;&nbsp;&nbsp; Computers | **14** | 13 |
| &nbsp;&nbsp;&nbsp; Equipment | **41** | 41 |
| &nbsp;&nbsp;&nbsp; Total | **55** | 54 |
| &nbsp;&nbsp;&nbsp; Less – accumulated depreciation | **(38)** | (33) |
|  | **17** | 21 |

---

Depreciation expense totaled $5 thousand and $5 thousand for the years ended December 31, 2025, and 2024, respectively.

#### Note 5 — Other Accounts Payable

---

| | | |
|:---|:---|:---|
|  | **December 31 <br>2025** | **December 31 <br>2024** |
|  | **USD thousands** | **USD thousands** |
|  Employees and related expenses | **583** | **409** |
|  Accrued expenses | **61** | **13** |
|  Accrued vacation and recreation pay | **27** | **31** |
|  | **671** | **453** |

---

#### Note 6 — Financial instruments convertible to shares
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. In June 2022, the Company signed a Simple Agreement for Further Equity (SAFE) in the amount of up to USD 2.0 million. The Company received USD 1.6 million during 2022.

The SAFE gives investors right to certain shares of company's capital stock, subject to one of the terms set below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Upon achieving Equity Financing before the expiration or termination of SAFE, the Company will automatically issue shares equal to its portion divided by lower of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Price per share of senior share sold multiplied by 80%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Price per share reflecting a company's per money valuation of USD 21 million on a fully diluted basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. After 24 months the SAFE will be converted into shares at a price per of Company valuation of US $115,000,000 on a Fully Diluted Basis in multiple by 70%.

During 2024, upon lapse of 24 month, USD 1.6 million was converted into 46,770 ordinary shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In March 2023, the Company signed an amendment to the SAFE to increase the amount up to USD 5.6 million. The Company received USD 1.35 million during 2023.

[**Table of Contents**](#TOC001)

#### Tarsier Pharma Ltd.<br>Notes to the Financial Statements

#### Note 6 — Financial instruments convertible to shares (cont.)
The SAFE gives investors the right to certain shares of Company's capital stock, subject to one of the terms set below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. In the event of an Equity Financing (as defined in the SAFE): The lower of: (i) Price per share of senior share sold multiplied by 80%; or (ii) a Company pre-money valuation of US $115,000,000 on a Fully Diluted Basis, or;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Following 24 months as of the SAFE's Effective Date: The SAFE will automatically convert into Senior Shares at a price per of Company valuation of US $115,000,000 on a Fully Diluted Basis in multiple by 70%.

During 2025, upon lapse of 24 month, USD 1.35 million was converted into 41,317 ordinary shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. In January 2024, the Company signed a SAFE amendment to extend the term of the agreement. The Company received $2.2 million during January-March 2024 (the "2024 SAFEs").

Of these 2024 SAFEs, $300,000 were issued SAFEs on the same terms as the 2022 SAFEs (the "2024 Parity SAFEs(. During November 2025 the investor of the $1,900,000 of SAFEs opted to utilize the 'Most Favored Nation' clause included in the 2024 SAFEs, such that the 2024 SAFEs were amended and restated into the form of the November 2025 SAFE (see note 6E).

During January-February 2026 USD 0.3 million (the 2024 Parity SAFE) was converted into 10,002 ordinary shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. In May 2025 the Company issued one SAFE in the amount of $100,000. The SAFE gives investors the right to certain shares of Company's capital stock, subject to one of the terms set below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. In the event of Equity Financing (as defined in the SAFE): The lower of: (i) Price per share of senior share sold multiplied by 80%; or (ii) a Company pre-money valuation of US $115,000,000 on a Fully Diluted Basis. The issuance of this SAFE also included a warrant equal to one hundred percent (100%) of the holder's SAFE purchase amount and exercisable at the conversion price of the May 2025 SAFE, with a term of two years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Upon a Liquidity Event, which can be change in control, direct listing or IPOthe SAFE investors will automatically be entitled to receive a portion of proceed- subject to the type of Liquidity Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. In November and December 2025, the Company issued SAFEs in the amount of $2,000,000. The SAFE gives investors the right to certain shares of Company's capital stock, subject to one of the terms set below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. In the case of an equity financing prior to the termination of the 2025 SAFEs, to convert such holder's 2025 SAFE based on the lower of: (1) the price per share of the shares sold in the equity financing multiplied by 75% or (ii) a price per share reflecting a Company's pre money valuation of $115,000,000 on a fully diluted basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Upon a Liquidity Event, which can be change in control, direct listing or IPO the SAFE investors will automatically be entitled to receive a portion of proceed- subject to the type of Liquidity Event.

Additionally, the issuance of the November 2025 SAFEs included a warrant for each SAFE equal to two hundred percent (200%) of the holder's SAFE purchase amount and exercisable at the conversion price of the November 2025 SAFEs, with a term of three years.

Since the warrants are issued only upon, and subject to, the occurrence of an Equity Financing, which is also the event that triggers the conversion of the 2025 SAFE, the warrants cannot be assigned or transferred independently prior to the conversion of the 2025 SAFE. Accordingly, the warrants do not represent a freestanding financial instrument, but rather are embedded within the 2025 SAFE agreements, as they are

[**Table of Contents**](#TOC001)

#### Tarsier Pharma Ltd.<br>Notes to the Financial Statements

#### Note 6 — Financial instruments convertible to shares (cont.)
neither entered into separately from the SAFEs nor are they legally detachable or separately exercisable. Therefore, the warrants and the 2025 SAFE agreements are treated as a single unit of account for purposes of classification and subsequent accounting.

#### Note 7 — Shareholders' deficit
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. General**

The Company's Ordinary Shares, par value NIS 0.01 each, confer upon their holders' voting rights, the right to participate in shareholders meetings (each share confers one vote), the right to participate in any distribution of dividends and the right to take part in the division of the surplus assets in a case of winding up the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Financing Rounds**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. During 2021 7,719 ordinary shares of NIS 0.01 were exercised under Employee's stock option plan, See also Note D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. On August 23, 2021, the Company signed a Share Purchase Agreement. As of December 31, 2021, the Company received USD 5,207,455 and issued 110,513 ordinary shares of NIS 0.01 par value each.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. During 2022, 10,295 ordinary shares of NIS 0.01 were exercised under Employee's stock option plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. During 2024, 890 ordinary shares of NIS 0.01 were exercised under Employee's stock option plan. See also Note 7C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Share Based Compensation**

In 2018, the Company's board of directors approved an employee and service provider's stock option plan (hereinafter — the "Plan"). The terms of each Option may differ from other Options granted under the Plan at the same time, or at any other time. The board may also grant more than one Option to a given Optionee during the term of the Plan, either in addition to, or in substitution for, one or more Options previously granted to that Optionee.

The plan is intended to allow the Company the grant of certain incentives by means of grant of Options to employees as well as service providers/consultants at similar terms.

The Company granted options according to the Plan. Each option can be exercised into one share of the Company's Common Shares of 0.01 NIS par value. Any option not exercised within 10 years from grant date will expire. The number of shares of the Company's Common Shares covered by and reserved for issuance under the Plan is 400,866 which represents 14.94% of the Company's total Common Shares.

In the event of termination of Optionee's employment with the Company (i) termination is without cause, in which event any vested option still in force and unexpired may be exercised within a period of ninety (90) days after the date of such termination; or — (ii) termination is the result of death or disability of the Optionee, in which event any vested option still in force and unexpired may be exercised within a period of 6 months after the date of such termination or — (iii) prior to the date of such termination, the Company's compensation committee may authorize an extension of the terms of all or part of the vested options beyond the date of such termination for a period not to exceed the period during which the options by their terms would otherwise have been exercisable.

In the event of termination of Optionee's employment with the Company for "Cause" as defined in the Plan, all outstanding options granted to the Optionee whether vested or not shall, to the extent not theretofore exercised, be forfeited on the date of such termination, unless otherwise determined by the administrator, and the shares covered by such option shall revert to the Plan.

[**Table of Contents**](#TOC001)

#### Tarsier Pharma Ltd.<br>Notes to the Financial Statements

#### Note 7 — Shareholders' deficit (cont.)
This plan is intended to be governed by the terms stipulated by Section 102 and 3(i) of the Israeli Income Tax Ordinance. In accordance with the track chosen by the Company and pursuant to the terms thereof, the Company is not allowed to claim, as an expense for tax purposes, the amounts credited to employees as a benefit, including amounts recorded as salary benefits in the Company's accounts, in respect of options granted to employees under the Plan — with the exception of the work-income benefit component, if any, determined on the grant date.

The following is a summary of the share-based compensation activity and related information for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Options <br>outstanding** | **Options <br>exercisable**  |
|  Number | **400,866** | **151,749** |
|  Aggregate intrinsic value (USD thousands) | 12,281 | 4,729 |
|  Weighted average remaining contractual life (in years) | 7.79 | 4.88 |

---

As of December 31, 2025, the total compensation cost related to non-vested awards not yet recognized was approximately $9,662 thousand, which is expected to be recognized over weighted-average period of up to 3.53 years.

The aggregate intrinsic value represents the total pretax capital gain that would have been received by the holders of all options bearing an exercise price less than $42.79 (which was the fair value of the Ordinary Shares on December 31, 2025), had they exercised all such options and sold the underlying shares at that price.

The expenses that were recognized in the statement of operations for services received from employees and service providers are as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended<br>December 31, <br>2025** | **Year ended <br>December 31, <br>2024** |
|  | **USD thousands** | **USD thousands** |
|  Research and development | **990** | 508 |
|  General and administrative | **304** | 95 |
|  Total share-based compensation expenses | **1294** | 603 |

---

The fair value of each option award is estimated on the date of grant using the B&S option-pricing model that used the weighted average assumptions in the following table.

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  Dividend yield<sup>(1)</sup> | **0** | 0 |
|  Expected volatility<sup>(2)</sup> | **75.83% – 75.75%** | 73.92% |
|  Risk-free interest<sup>(3)</sup> | **4.31% – 4.34%** | 4.79% |
|  Expected term<sup>(4)</sup> | **10 Years** | 10 Years |
|  Fair value at the grant date | **USD 26.11 – 42.78** | USD 25.98 – 28.06 |

---

____________

(1) The Company has historically not paid dividends and has no foreseeable plans to pay dividends.

(2) The Company's shares are not traded in the stock exchange market, therefore the volatility is based on the volatility of similar listed companies.

(3) The risk-free interest rate for grants with an exercise price denominated in USD for employees and several consultants is based on the yield from US treasury zero-coupon bonds with an equivalent term.

(4) Expected term (years) — represents the period that the Company's options granted are expected to be outstanding. The Company estimated the expected term to be similar to the contractual term, since the grantees are mainly senior employees who are expected to stay with the Company and to exercise only before expiration.

[**Table of Contents**](#TOC001)

#### Tarsier Pharma Ltd.<br>Notes to the Financial Statements

#### Note 7 — Shareholders' deficit (cont.)
The valuation of the Company's ordinary share was assessed using a discounted cash flow ("DCF") model, see also Note 8.

A summary of the Company's share option plan activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Number of <br>options** | **Weighted <br>average <br>exercise <br>price** | **Number of <br>options** | **Weighted <br>average <br>exercise <br>price** |
|  | | **USD** | | **USD** |
|  Outstanding at beginning of year | **187187** | **17.55** | 161815 | 15.48 |
|  Changes during the year: |  |  |  |  |
|  Granted | **234267** | **10.34** | 26991 | 30.32 |
|  Forfeited and expired | **(20588)** | **36.33** | (729) | 54.16 |
|  Exercised | **—** | **—** | (890) | 0.003 |
|  Outstanding at the end of year | **400866** | **11.98** | 187187 | 17.55 |
|  Exercisable at the end of the year | **151749** | **12.63** | 126603 | 11.32 |

---

#### Note 8 — Fair value measurements
The Company's financial assets and liabilities that are measured at fair value on a recurring basis by level within the fair value hierarchy are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Balance as of December 31, 2025** | **Balance as of December 31, 2025** | **Balance as of December 31, 2025** | **Balance as of December 31, 2025** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** |
|  Liabilities: |  |  |  |  |
|  Convertible instruments | **—** | **—** | **6504** | **6504** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Balance as of December 31, 2024** | **Balance as of December 31, 2024** | **Balance as of December 31, 2024** | **Balance as of December 31, 2024** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** |
|  Liabilities: |  |  |  |  |
|  Convertible instruments | **—** | **—** | 3491 | 3491 |

---

As of December 31, 2025 the SAFE were valued using a probability weighted expected return method ("PWERM") valuation approach of two liquidation scenarios as follow: (1) a distribution in case of an IPO scenario in which the Company's capital will convert to common stocks and will be distributed at a price per stock equal to the Company value on the date of the IPO, divided by the total number of stocks and (2) a distribution in case of an M&A scenario in which the total consideration will be distributed in accordance with the SAFE terms to the SAFE investors and the other shareholders. For the IPO scenario the valuation based on the management's assumption for the Company's equity value and discounted the equity value by the Company's WACC of 28%.

For the M&A scenario, the Company estimates the Fair Value of the SAFE and the ordinary shares using the Income Approach, specifically the discounted cash flow ("DCF") model, which reflects the present value of the expected future cash flows. The projected cash flows are derived from the Company's long-term financial projections, including, inter alia, the planned market penetration and the prevalence rates in the population, pricing assumptions, operating cost structure, and regulatory approval milestones which are based on market research and industry benchmarks.

[**Table of Contents**](#TOC001)

#### Tarsier Pharma Ltd.<br>Notes to the Financial Statements

#### Note 8 — Fair value measurements (cont.)
The DCF model incorporates a discount rate (WACC) of 28% for 2025, in addition to considering the success probabilities of drug candidates at this stage of development.

As of December 31, 2024 the Company estimates the Fair Value of the SAFE and the ordinary shares using the Income Approach, specifically the discounted cash flow ("DCF") model, which reflects the present value of the expected future cash flows. The projected cash flows are derived from the Company's long-term financial projections, including, inter alia, the planned market penetration and the prevalence rates in the population, pricing assumptions, operating cost structure, and regulatory approval milestones which are based on market research and industry benchmarks.

The DCF model incorporates a discount rate (WACC) of 31.0% for 2024, in addition to considering the success probabilities of drug candidates at this stage of development.

The following table presents the changes in fair value of the level 3 liabilities for the years ended December 31, 2025 and 2024:

---

| | |
|:---|:---|
|  | **USD in <br>thousands** |
|  **Liabilities:** |  |
|  Outstanding at December 31, 2023 | **2718** |
|  Initial recognition of financial instruments | 2200 |
|  Conversion of financial instruments into ordinary shares | (1491) |
|  Changes in fair value | 64 |
|  Outstanding at December 31, 2024 | **3491** |
|  Initial recognition of financial instruments | 2100 |
|  Conversion of financial instruments into ordinary shares | (1550) |
|  Changes in fair value | 2463 |
|  Outstanding at December 31, 2025 | **6504** |

---

#### Note 9 — Research and development expenses

---

| | | |
|:---|:---|:---|
|  | **Year ended<br>December 31<br>2025** | **Year ended<br>December 31<br>2024** |
|  | **USD thousands** | **USD thousands** |
|  Development expenses | **411** | 864 |
|  Salary and employee benefits | **529** | 573 |
|  Share based compensation | **990** | 508 |
|  Other expenses | **80** | 89 |
|  | **2,010** | 2,034 |

---

[**Table of Contents**](#TOC001)

#### Tarsier Pharma Ltd.<br>Notes to the Financial Statements

#### Note 10 — General and administration expenses

---

| | | |
|:---|:---|:---|
|  | **Year ended<br>December 31<br>2025** | **Year ended<br>December 31 <br>2024** |
|  | **USD thousands** | **USD thousands** |
|  Professional services | **144** | 90 |
|  Salary and employee benefits | **82** | 78 |
|  Share based compensation | **304** | 95 |
|  Other expenses | **14** | 101 |
|  | **544** | 364 |

---

#### Note 11 — Financial expenses (income), net

---

| | | |
|:---|:---|:---|
|  | **Year ended <br>December 31 <br>2025** | **Year ended <br>December 31 <br>2024** |
|  | **USD thousands** | **USD thousands** |
|  Bank commissions and fees | **2** | 3 |
|  SAFE revaluation expenses, see note 8 | **2463** | 64 |
|  Currency exchange differences | **51** | (9) |
|  | **2516** | 58 |

---

#### Note 12 — Taxes on Income
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. General**

#### Israeli tax rate:
The corporate tax rate in Israel relevant to the Company in 2024 and 2025 — 23%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Tax assessments**

The Company has not received a final tax assessment since incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Losses for tax purposes carried forward to future years**

As of December 31, 2025, the Company had approximately $20.8 million (approximately $15.8 million as of December 31, 2024) of net operating loss carryforwards which are available to reduce future taxable income with no limitation on the period of use. Those losses can be carried forward and offset against future taxable income without a time limit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Deferred taxes**

In assessing the realization of deferred tax assets, management considers whether it is more likely than not that all or some portion of the deferred tax assets will not be realized. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences are deductible and net operating losses are utilized. Based on these factors, the Company recorded a full valuation allowance on December 31, 2025 and 2024. Accordingly, a full valuation allowance has been recorded against the deferred assets.

[**Table of Contents**](#TOC001)

#### Tarsier Pharma Ltd.<br>Notes to the Financial Statements

#### Note 12 — Taxes on Income (cont.)

---

| | | |
|:---|:---|:---|
|  | **Year ended <br>December 31, <br>2025** | **Year ended <br>December 31, <br>2024** |
|  | **USD thousands** | **USD thousands** |
|  Deferred tax assets: |  |  |
|  Net operating loss carryforward | **4773** | 3705 |
|  Research and development expenses | **286** | 438 |
|  Accruals | **134** | 96 |
|  Total deferred tax assets | **5193** | 4239 |
|  Valuation Allowance | **(5193)** | (4239) |
|  Deferred tax asset, net of allowance | **0** | 0 |

---

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. A valuation allowance is provided when it is more likely than not that the deferred tax assets will not be realized.

The Company established a valuation allowance at December 31, 2025 and 2024 for all deferred tax assets not supported by reversing taxable temporary differences due to the uncertainty of realizing future tax benefits from its net operating loss carryforwards and other deferred tax assets. The net change in the total valuation allowance for the years ended December 31, 2025 and 2024 was an increase of approximately $954 thousand and $402 thousand, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Accounting for uncertainty in income taxes**

For the years ended December 31, 2025, and 2024, the Company did not have any significant unrecognized tax benefits. In addition, the Company does not expect that the amount of unrecognized tax benefits will change significantly within the next twelve months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Reconciliation of theoretical income tax expense to actual income tax expense**

---

| | | |
|:---|:---|:---|
|  | **Year ended <br>December 31, <br>2025** | **Year ended <br>December 31, <br>2024** |
|  | **USD thousands** | **USD thousands** |
|  Loss before income taxes | **(5070)** | (2456) |
|  Statutory tax rate | **23%** | 23% |
|  Theoretical tax benefit | **(1166)** | (565) |
|  Non-deductible expenses | **811** | 139 |
|  Change in valuation allowance | **954** | 402 |
|  Remeasurement of deferred taxes due to currency exchange | **(607)** | **—** |
|  Other differences | **8** | 24 |
|  Actual income tax expense |  | **—** |

---

#### Note 13 — Related Party Transactions
In April 2022 the Company received a non-interest-bearing shareholder loan of EURO 100 thousand from the Company's CEO and founding shareholder. The loan totaled $**117** thousand and $**104** thousand for the years ended December 31, 2025, and 2024, respectively. The loan is due upon demand.

[**Table of Contents**](#TOC001)

#### Tarsier Pharma Ltd.<br>Notes to the Financial Statements

#### Note 14 — Net Loss Per Share Attributable to Ordinary Shareholders
The following table sets forth the computation of basic and diluted net loss per share attributable to ordinary shareholders for the periods presented:

---

| | | |
|:---|:---|:---|
|  | **Year ended<br>December 31, <br>2025** | **Year ended<br>December 31, <br>2024** |
|  | **In USD thousands, except share <br>and per share data** | **In USD thousands, except share <br>and per share data** |
|  Numerator: |  |  |
|  Net loss | **5070** | 2456 |
|  Denominator: |  |  |
|  Weighted-average shares used in computing net loss per share attributable to ordinary shareholders, basic and diluted | **2247282** | 2205732 |
|  Net loss per share attributable to ordinary shareholders, basic and diluted | **2.26** | 1.11 |

---

The potential number of weighted-average ordinary shares that were excluded from the computation of diluted net loss per share attributable to ordinary shareholders for the periods presented because including them would have been anti-dilutive are as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended <br>December 31, <br>2025** | **Year ended <br>December 31, <br>2024** |
|  Outstanding share options | **400866** | 187187 |
|  Total<sup>(</sup>\*<sup>)</sup> | **400866** | 187187 |

---

____________

(\*) Not including potential number of Ordinary Shares from SAFE. The outstanding balance of the SAFE as of December 31, 2025, and 2024 was $6,504 thousand and $3,491 thousand, respectfully. As mentioned in Note 6, the SAFE is convertible to a variable number of shares, based on future events.

#### Note 15 — Segments and Entity-Wide Information
The Company has one reporting segment as described in Note 2P above. The Company's chief operating decision maker ("CODM") is its chief executive officer. The CODM is regularly provided only with the total expenses noted on the face of the income statement and in notes 9-11 and depreciation expenses and stock-based compensation expenses which appear in the statement of cash flows. The CODM also uses net loss in competitive analysis by benchmarking to the Company's competitors. The competitive analysis along with monitoring of budget versus actual results are used in assessing performance of the segment and in establishing management's compensation. The measurement of segment assets is reported on the balance sheet as total assets.

[**Table of Contents**](#TOC001)

#### 5,000,000 Ordinary Shares

#### __________________________

#### PRELIMINARY PROSPECTUS

#### __________________________

#### Konik Capital Partners <br> a division of T.R. Winston & Co.

#### , 2026
**Through and including , 2026 (the 25**<sup>th</sup> **day after the date of this offering), all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.**

------

[**Table of Contents**](#TOC001)

#### PART II — INFORMATION NOT REQUIRED IN PROSPECTUS

#### Item 6. Indemnification of Directors and Officers

#### Indemnification
The Israeli Companies Law, 5759-1999 (the "Companies Law"), and the Israeli Securities Law, 5728-1968 (the "Securities Law"), provide that a company may indemnify an office holder against the following liabilities and expenses incurred for acts performed by him or her as an office holder, either pursuant to an undertaking made in advance of an event or following an event, provided its articles of association include a provision authorizing such indemnification:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a financial liability imposed on him or her in favor of another person by any judgment concerning an act performed in his or her capacity as an office holder, including a settlement or arbitrator's award approved by a court;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reasonable litigation expenses, including attorneys' fees, expended by the office holder (a) as a result of an investigation or proceeding instituted against him or her by an authority authorized to conduct such investigation or proceeding, provided that (1) no indictment (as defined in the Companies Law) was filed against such office holder as a result of such investigation or proceeding; and (2) no financial liability as a substitute for the criminal proceeding (as defined in the Companies Law) was imposed upon him or her as a result of such investigation or proceeding, or, if such financial liability was imposed, it was imposed with respect to an offense that does not require proof of criminal intent; or (b) in connection with a monetary sanction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reasonable litigation expenses, including attorneys' fees, expended by the office holder or imposed on him or her by a court,: (1) in proceedings that the company institutes, or that another person institutes on the company's behalf, against him or her; (2) in a criminal proceedings of which he or she was acquitted; or (3) as a result of a conviction for a crime that does not require proof of criminal intent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expenses incurred by an office holder in connection with an Administrative Procedure under the Securities Law, including reasonable litigation expenses and reasonable attorneys' fees. An "Administrative Procedure" is defined as a procedure pursuant to chapters H3 (Monetary Sanction by the Israeli Securities Authority), H4 (Administrative Enforcement Procedures of the Administrative Enforcement Committee) or I1 (Arrangement to prevent Procedures or Interruption of procedures subject to conditions) to the Securities Law.

The Companies Law also permits a company to undertake in advance to indemnify an office holder, provided that if such indemnification relates to financial liability imposed on him or her, as described above, then the undertaking should be limited and shall detail the following foreseen events and amount or criterion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to events that in the opinion of the board of directors can be foreseen based on the company's activities at the time that the undertaking to indemnify is made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in amount or criterion determined by the board of directors, at the time of the giving of such undertaking to indemnify, to be reasonable under the circumstances.

We will enter into indemnification agreements with all of our directors and with all members of our senior management. Each such indemnification agreement provides the office holder with indemnification permitted under applicable law and up to a certain amount, and to the extent that these liabilities are not covered by directors and officers insurance.

#### Exculpation
Under the Companies Law, an Israeli company may not exculpate an office holder from liability for a breach of his or her duty of loyalty, but may exculpate in advance an office holder from his or her liability to the company, in whole or in part, for damages caused to the company as a result of a breach of his or her duty of care (other than in relation to distributions), but only if a provision authorizing such exculpation is included in its articles of association. Our amended and restated articles of association provide that we may exculpate, in whole or in part, any office holder

[**Table of Contents**](#TOC001)

from liability to us for damages caused to the company as a result of a breach of his or her duty of care, but prohibit an exculpation from liability arising from a company's transaction in which our controlling shareholder or officer has a personal interest. Subject to the aforesaid limitations, under the indemnification agreements, we exculpate and release our office holders from any and all liability to us related to any breach by them of their duty of care to us to the fullest extent permitted by law.

#### Limitations
The Companies Law provides that the Company may not exculpate or indemnify an office holder nor enter into an insurance contract that would provide coverage for any liability incurred as a result of any of the following: (1) a breach by the office holder of his or her duty of loyalty unless (in the case of indemnity or insurance only, but not exculpation) the office holder acted in good faith and had a reasonable basis to believe that the act would not prejudice us; (2) a breach by the office holder of his or her duty of care if the breach was carried out intentionally or recklessly (as opposed to merely negligently); (3) any act or omission committed with the intent to derive an illegal personal benefit; or (4) any fine, monetary sanction, penalty or forfeit levied against the office holder.

Under the Companies Law, exculpation, indemnification and insurance of office holders in a public company must be approved by the compensation committee and the board of directors and, with respect to certain office holders or under certain circumstances, also by the shareholders.

Our amended and restated articles of association permit us to exculpate (subject to the aforesaid limitation), indemnify and insure our office holders to the fullest extent permitted or to be permitted by the Companies Law.

#### Item 7. Recent Sales of Unregistered Securities
Set forth below are the sales of all securities by the Company during the last three years, which were not registered under the Securities Act. The Company believes that each of such issuances was exempt from registration under the Securities Act in reliance on Section 4(a)(2) of the Securities Act, Rule 701 and/or Regulation S under the Securities Act. No underwriters were involved in these issuances of these securities.

In 2024, the Company completed a financing round by issuing SAFEs in an aggregate amount of $2,200,000 to certain accredited investors. Of these 2024 SAFEs, $300,000 were issued SAFEs on the same terms as the 2022 SAFEs (the "2024 Parity SAFEs"), all of which were converted between January 22, 2026 and February 2, 2026 into an aggregate of 100,020 ordinary shares to holders of such 2024 Parity SAFEs, upon their maturity based on the Maturity Conversion Terms (which are identical to those included in the 2022 SAFEs). We refer to these as the "2024 Parity SAFEs."

During November 2025 the investor of the remaining $1,900,000 of SAFEs issued in 2024 (the "2024 SAFEs") opted to utilize the 'Most Favored Nation' clause included in the 2024 SAFEs, such that the 2024 SAFEs were amended and restated into the form of the November 2025 SAFE (see details below). We refer to these as the "Amended 2024 SAFEs."

In 2025, the Company completed two financing rounds in May 2025 and November and December 2025 by issuing SAFEs in an aggregate amount of $2,100,000 to certain accredited investors (collectively, the "2025 SAFEs").

In May 2025 the Company issued one SAFE in the amount of $100,000, which entitles its holder, in the case of an equity financing prior to its termination (or the termination of the November 2025 SAFEs referred to below), to conversion based on the price per share of the shares sold in the equity financing multiplied by 80%. We refer to this SAFE as the "May 2025 SAFE." The sale of this SAFE also included, in the event of the occurrence of an equity financing, a warrant equal to one hundred percent (100%) of the holder's SAFE purchase amount and exercisable at the conversion price of the May 2025 SAFE, and with a term of two years from such equity financing. We refer to this warrant as the "May 2025 SAFE Warrant." The May 2025 SAFE Warrant is issued upon and subject to the occurrence of an "equity financing" and its term is calculated beginning from the occurrence of such equity financing and for two years thereafter. The term "equity financing" in this SAFE includes our initial public offering, which is the offering contemplated by this prospectus.

In November and December 2025, the Company issued SAFEs in the amount of $2,000,000 which entitled their holders, in the case of an equity financing prior to the termination of the 2025 SAFEs, to convert such holder's 2025 SAFE based on the lower of: (1) the price per share of the shares sold in the equity financing multiplied by 75% or

[**Table of Contents**](#TOC001)

(ii) a price per share reflecting a Company's pre money valuation of $115,000,000 on a fully diluted basis. We refer to these as the "November 2025 SAFEs." Prior to the date of our audit report for the fiscal year ended December 31, 2024, which audit report was dated December 21, 2025 and included elsewhere in this prospectus, the amount of November 2025 SAFEs consisted of $1,850,000. Subsequent to December 21, 2025 being such date of our audit report for the fiscal year end 2024, an additional $150,000 in November 2025 SAFEs were subscribed for by an investor on December 22, 2025, and which we refer to as the "Subsequent December 2025 SAFEs" (and which are included in the aggregate principal amount of $2,000,000 of our November 2025 SAFEs referred to in this prospectus).

Additionally, the sale of the November 2025 SAFEs included, in the event of occurrence of an equity financing, a warrant for each such SAFE equal to two hundred percent (200%) of the holder's SAFE purchase amount and exercisable at the conversion price of the November 2025 SAFEs, and with a term of three years from the date of such equity financing. We refer to these warrants as the "November 2025 SAFEs Warrants." Each of the November 2025 SAFEs Warrants is issued upon and subject to the occurrence of an "equity financing" (as defined in such SAFEs) and its term is calculated beginning from the occurrence of such equity financing and for three years thereafter. The term "equity financing" in these November 2025 SAFEs includes our initial public offering, which is the offering contemplated by this prospectus.

In connection with and upon the consummation of the Company's initial public offering, the Company will issue an aggregate of 927,449 ordinary shares relating to the exercise of the Amended 2024 SAFEs, May 2025 SAFE and November 2025 SAFEs to the holders of such SAFEs.

#### Stock Options
We have issued options exercisable for an aggregate of 4,008,660 ordinary shares. These options have a weighted average exercise price of $1.20 per share.

#### Item 8. Exhibits and Financial Statement Schedules.
The following is a list of exhibits filed as a part of this registration statement:

---

| | |
|:---|:---|
|  **Exhibit No.** | **Description of document** |
|  1.1\*\* | Form of Underwriting Agreement |
|  3.1\* | [Articles of Association of the Registrant, as currently in effect.](ea027016608ex3-1.htm) |
|  3.2\* | [Form of Amended and Restated Articles of Association of the Registrant, as effective immediately prior to the completion of this offering](ea027016608ex3-2.htm) |
|  4.1\* | [Registrant's Specimen Certificate for Ordinary Shares](ea027016608ex4-1.htm) |
|  4.2\*\* | Form of Underwriter Warrant |
|  4.3\* | [Form of 2022 SAFE Agreement](ea027016608ex4-3.htm) |
|  4.4\* | [Form of 2024 SAFE Agreement](ea027016608ex4-4.htm) |
|  4.5\* | [Form of May 2025 SAFE Agreement](ea027016608ex4-5.htm) |
|  4.6\* | [Form of November 2025 SAFE Agreement](ea027016608ex4-6.htm) |
|  4.7\* | [Form of May 2025 SAFE Warrant](ea027016608ex4-7.htm) |
|  4.8\* | [Form of November 2025 SAFE Warrant](ea027016608ex4-8.htm) |
|  5.1\*\* | Opinion of Pearl Cohen Zedek Latzer Baratz regarding the validity of the Ordinary Shares being registered |
|  5.2\* | [Opinion of Ellenoff Grossman and Schole LLP](ea027016608ex5-2.htm) |
|  10.1\* | [Employment Agreement between the Registrant and Daphne Haim-Langford, Ph.D.](ea027016608ex10-1.htm) |
|  10.2\* | [Employment Agreement between the Registrant and Zohar Milman, M.Sc.](ea027016608ex10-2.htm) |
|  10.3\*\* | Employment Agreement between the Registrant and Ron Neumann, M.D. |
|  10.4\* | [Services Agreement, dated January 1, 2026, between the Company and Natig for services of Arie Ganot](ea027016608ex10-4.htm) |
|  10.5\* | [Offer Letter between the Registrant and Sascha Bucher](ea027016608ex10-5.htm) |
|  10.6\* | [Offer Letter between the Registrant and Susan Benton](ea027016608ex10-6.htm) |
|  10.7\*+ | [License Agreement, entered into on January 27, 2016](ea027016608ex10-7.htm) |
|  10.8\* | [Declaration of Receipt of Loan](ea027016608ex10-8.htm) |

---

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  **Exhibit No.** | **Description of document** |
|  14.1\* | [Code of Business Conduct and Ethics of the Registrant](ea027016608ex14-1.htm) |
|  21.1\* | [List of Subsidiaries of the Registrant](ea027016608ex21-1.htm) |
|  23.1\* | [Consent of Somekh Chaikin, a Member Firm of KPMG International](ea027016608ex23-1.htm) |
|  23.2\*\* | Consent of Pearl Cohen Zedek Latzer Baratz (included in Exhibit 5.1) |
|  23.3\* | [Consent of Ellenoff Grossman & Schole LLP (included in Exhibit 5.2)](ea027016608ex5-2.htm) |
|  99.1\* | [Audit Committee Charter](ea027016608ex99-1.htm) |
|  99.2\*\* | Compensation Committee Charter |
|  99.3\* | [Nominating and Corporate Governance Committee Charter](ea027016608ex99-3.htm) |
|  99.4\* | [Insider Trading Policy of the Registrant](ea027016608ex99-4.htm) |
|  99.5\* | [Clawback Policy of the Registrant](ea027016608ex99-5.htm) |
|  99.6\* | [Consent of Director Nominee Richard Eiswirth](ea027016608ex99-6.htm) |
|  107\* | [Filing Fee Table](ea027016608ex-fee.htm) |

---

____________

\* Submitted herewith

\*\* To be filed by amendment

+ Portions of this exhibit have been omitted in accordance with Item 601(b)(10)(iv) of Regulation S-K. The Registrant undertakes to furnish a copy of all omitted schedules and exhibits to the SEC upon its request.

#### Item 9. Undertakings
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.

The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To provide the underwriters at the closing specified in the underwriting agreement, certificates in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b) (1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

[**Table of Contents**](#TOC001)

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement on Form F-1 to be signed on its behalf by the undersigned, thereunto duly authorized, in Zichron Yaacov, Israel, on May 18, 2026.

---

| | |
|:---|:---|
|  **Tarsier Pharma Ltd.** | **Tarsier Pharma Ltd.** |
|  By: | */s/ Daphne Haim-Langford*  |
|  Name: | Daphne Haim-Langford |
|  Title: | Chief Executive Officer |

---

Pursuant to the requirements of the Securities Act, this registration statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
|  **Person** | **Capacity** | **Date** |
|  */s/ Daphne Haim-Langford*  | Chief Executive Officer and Director | May 18, 2026 |
|  Daphne Haim-Langford | (*Principal Executive Officer*) |  |
|  */s/ Arie Ganot* | Chief Financial Officer | May 18, 2026 |
|  Arie Ganot | (*Principal Financial and Accounting Officer*) |  |
|  *\** | Director | May 18, 2026 |
|  Susan Benton |  |  |
|  *\** | Director | May 18, 2026 |
|  Sascha Bucher |  |  |
|  *\** | Director | May 18, 2026 |
|  Atul Raut |  |  |

---

---

| | | |
|:---|:---|:---|
|  *\**By: | */s/ Daphne Haim-Langford*  | May 18, 2026 |
|  | *Attorney*-in-Fact |  |

---

[**Table of Contents**](#TOC001)

#### SIGNATURE OF AUTHORIZED U.S. REPRESENTATIVE OF REGISTRANT
Pursuant to the requirements of the Securities Act of 1933, as amended, the undersigned, Puglisi & Associates, the duly authorized representative in the United States of Tarsier Pharma Ltd. has signed this registration statement on May 18, 2026.

---

| | |
|:---|:---|
|  Puglisi & Associates | Puglisi & Associates |
|  By: | */s/ Donald J. Puglisi*  |
|  Name: | Donald J. Puglisi |
|  Title: | Managing Director |

---

## Exhibit 3.1

**Exhibit 3.1**

---

| |
|:---|
| **THE COMPANIES LAW, 5759 - 1999** |
| **A Private Company Limited By Shares** |
| **Amended Articles of Association** |
| **OF** |
| **TARSIER PHARMA LTD.** |
| **Adopted by the shareholders** |
| **on** **March 6<sup>TH</sup> 2023** |

---

**<u>General</u>**

1. These Articles evidence that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. The name of the Company is
 "**Tarsier Pharma Ltd.** "

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. The purpose of the Company
 is to engage in any lawful purpose determined by the Board of Directors of the Company, from time to time

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. The liability of each Shareholder
 is limited to the unpaid portion of the par value of each share held by such Shareholder.

**<u>Interpretation; General</u>**

2. In these Articles, unless the
 context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. "**Articles** "
 means these Articles of Association of the Company, as shall be in force from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. "**Board**" means
 the Company's board of directors designated or elected in accordance with the Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. "**Business Day** "
 means a day on which customer services are provided by a majority of the major commercial banks in Israel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. "**Companies Law** "
 means the Companies Law, 5759-1999 and all the regulations promulgated under it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. "**Companies Ordinance** "
 means the applicable Sections of the Companies Ordinance [New Version], 5743-1983 that remain in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. "**Company** "
 means Tarsier Pharma Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7. "**Control** "
 or "**control**" means the possession, directly or indirectly, of more than fifty percent (50%) of the voting power
 and the right to receive more than fifty percent (50%) of the distributed profits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8. "**Director** "
 or "**Directors**" means a member or members of the Board who have been designated or appointed in accordance with the
 provisions of these Articles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9. "**Distribution** "
 means the grant of a Dividend or an obligation for such grant, directly or indirectly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10. "**Dividend** "
 means any asset transferred by the Company to a Shareholder in respect of such Shareholder's shares, whether in cash or in any other
 way, including a transfer without valuable consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11. "**Financing Round**" means the financing round of up to six million Dollars (US

$6,000,000) pursuant to the SPA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12. "**Founder** "
 means Dr. Daphne Haim Langford.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13. "**Effective Date** "
 means the date of the SPA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14. "**Field** "
 means Ophthalmology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15. "**General Meeting** "
 means an annual or special general meeting of the Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16. "**Inventors** "
 means each of Prof Yehuda Shoenfeld and Prof Miri Blank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17. "**IPO**" means
 the Company's initial public offering of its securities registered pursuant to an effective registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18. "**Law**" means
 the Companies Law, the Companies Ordinance and any other law that shall be
in effect from time to time with respect to companies and that shall apply to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19. "**Lead Investor**" means Alkaloida Chemical Company zrt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20. **"Liquidation Event"** means: any voluntary or involuntary winding up, liquidation, dissolution, bankruptcy, insolvency, reorganization
 (other than solvent reorganization), of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21. "**M&A Event**" means any of the following events: (i) merger, consolidation; (ii) sale or other disposition of all or substantially
 all of the Company's shares; (iii) reorganization of the Company with or into a sale or transfer of all or substantially all
 the Company's assets; and (iv) any transaction resulting in substantially all of the Company's assets being traded for
 securities of any entity; (v) any transfer, sale or other disposition or grant of a perpetual and exclusive license in a single transaction
 or series of related transactions, by the Company or any subsidiary of the Company, to all or substantially all of the intellectual
 property rights, and other than to a wholly owned subsidiary of the Company which remains wholly-owned by the Company following receipt
 of such intellectual property rights and agrees to be bound by the conditions hereinunder; or (vi) in the event that pursuant to
 a transaction or series of transactions, except in an IPO or a bona fide financing transaction of the Company with a primary purpose
 of raising capital for the Company, a person or entity acquires fifty percent (50%) or more of the issued and outstanding shares
 of the Company or the right to appoint or elect at least fifty percent (50%) or more of the members of the Board; <u>provided that</u> in case of (i), (ii) and (iv) above, in any event other than in a transaction in which the persons that beneficially owned, directly
 or indirectly, more than 50% of the voting rights of the Company immediately prior to such transaction, beneficially own, directly
 or indirectly more than 50% of the voting rights of the surviving or transferee entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22. "**New Securities**" mean any equity interest in the Company including Shares or preferred shares of any kind of the Company, whether
 now or hereafter authorized, and rights, options, or warrants to purchase said Shares or preferred shares, and securities of any
 type whatsoever that are, or may become, convertible into said Shares or preferred shares; *provided, however*, that "New
 Securities" shall not include ; (i) securities issued to employees, Directors or services providers of the Company or any subsidiary
 thereof pursuant to an equity incentive plan approved by the Board, (ii) securities issued in connection with a Recapitalization
 Event, (iii) securities issued to banks or similar financial institutions, in consideration of the extension of debt equipment leases,
 bank loans or debt financing (iv) securities issued to the public in an IPO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23. "**Office** "
 means the registered office of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24. **"Person** "
 means an individual, corporation, partnership, joint venture, trust, any other corporate entity and any unincorporated association
 or organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25. "**Permitted Transferee**" with respect to any shareholder: (i) such shareholder's spouse, sibling, lineal descendant or antecedent, or
 (ii) any corporate entity or person which controls, is controlled by, or is under common control with by such shareholder; or (iii)
 such shareholder's beneficiary (in the event the shareholder holds the shares as a trustee) or to such shareholder's trustee; (iv)
 such shareholder's transferee by operation of law; (B)
with respect to any shareholder which is a limited partnership or a corporation: (i) any corporate entity or person which controls, is
controlled by, or is under common control with, such shareholder, or (ii) the surviving entity in the merger of such shareholder
with another company or the acquiring entity of all or substantially all of the assets of such shareholder; (C) with respect to VLX:
(i) any other member of the VLX group; and (ii) any entity that purchases from VLX all of its shares in the Company and all of its shares
in at least one of VLX's portfolio companies, all provided that such transferee is not a competitor of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26. "**Recapitalization Event**" means any event of share combination or subdivision, stock splits, stock dividends, bonus shares or any other reclassification,
 reorganization or recapitalization of the Company's share capital and the like.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27. "**Register** "
 means the Register of Shareholders that is to be kept pursuant to Section 127 of the Companies Law, as updated from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28. "**Shares** "
 or "**Ordinary Shares**" means Ordinary Shares or any other kind of securities of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29. "**Shareholder** "
 means a shareholder of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30. "**SPA** "
 means the Share Purchase Agreement by and between the Company, and the Lead Investor and other Investors (as such term is defined
 therein) dated <u> </u>, 2018.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31. "**Substantial Investor**" means the investor who purchased the highest number of Purchased Shares (as such term is defined in the SPA),
 other than the Lead Investor, as part of the Financing Round.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32. "**Transfer** "
 means transfer, sale, assign, convey, pledge, hypothecate, mortgage, grant of any security interest or gift, or any other disposition
 or transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33. "**VLX** "
 - Van Leer Xenia GP.

3. The specific
 provisions of these Articles shall supersede the provisions of the Law to the extent permitted under the Law. In these Articles,
 all terms used herein and not otherwise defined herein shall have the meanings defined in the Law, as in effect on the day on which
 these Articles become binding on the Company; words and expressions importing the singular shall include the plural and vice versa;
 words and expressions importing the masculine gender shall include the feminine gender. Headings to Articles herein are for convenience
 only, and shall not affect the meaning or interpretation of any provision hereof.

4. For purposes
 of computing any minimum shareholding required for any purposes under these Articles, each Shareholder shall be entitled to aggregate
 its holdings in the Company with the holdings of any of its Permitted Transferees, and the aggregate holdings shall be considered
 to be held by such Shareholder and its Permitted Transferees.

**<u>Limitations</u>**

5. The following limitations shall
 apply to the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. The right
 to Transfer Shares is restricted in the manner hereinafter provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. The number
 of Shareholders at any time (exclusive of employees or former employees of the Company who have been Shareholders during their employment
 and remain Shareholders after termination of their employment with the Company) shall not exceed 50; *provided, however*, that
 if two or more individuals hold a share or shares of the Company jointly, they shall be deemed to be one Shareholder for purposes
 of these Article;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. An offer
 to the public to subscribe for Shares or debentures of the Company is prohibited.

**<u>Capital</u>**

6. <u>Authorized Share Capital</u>. The authorized share capital of the Company is NIS 100,000 divided into 10,000,000 Ordinary Shares, 0.01 par value
 each. The Company may alter its share capital in accordance with the Companies Law and these Articles.

7. <u>The Shares</u>. The Shares shall rank pari passu between them and shall entitle their holders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. To receive
 notices of, and to attend, General Meetings where each Share shall have one vote for all purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. To share
 equally, on a per share basis, in bonuses, profits or Distributions as may be declared by the Board and approved by the Shareholders,
 if required, out of funds legally available therefor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. Upon liquidation
 or dissolution, and subject to Article 8 below, to participate in the distribution of the assets of the Company legally available
 for distribution to Shareholders after payment of all debts and other liabilities of the Company (in each case, proportionally to
 the number of Shares outstanding and the amounts paid by Shareholders on account of their Shares, if not paid in full, before calls
 for payment were made).

**<u>Liquidation Preference</u>**

8. Upon the
 occurrence of any liquidation, dissolution or winding up of the Company, whether voluntary or involuntary (each, a "**Liquidation Event** "), all the assets or surplus funds of the Company legally available for distribution among the Shareholders shall
 be distributed pro rata among the Shareholders in proportion to their respective shareholdings in the Company.

**<u>Allotment of Shares</u>**

9. Subject
 to the provisions of these Articles, the unissued shares of the Company shall be at the disposal of the Board who may offer, allot,
 grant options over or otherwise dispose of shares to such Persons, at such times and upon such terms and conditions as the Company
 may by resolution of Board determine.

10. Subject
 to the provisions of these Articles, the Company may issue shares having the same rights as the existing shares, or having preferred
 or deferred rights, or rights of redemption, or restricted rights, or any other special right in respect of dividend distributions,
 voting, appointment or dismissal of Directors, return of share capital, distribution of Company's property, or otherwise, all as
 determined by the Company from time to time.

11. Subject
 to the provisions of the Companies Law and these Articles, the Company may issue redeemable shares and redeem them.

12. Subject
 to the provisions of Article 16 below, the Company may issue from time to time options, warrants, other rights to subscribe for instruments
 convertible into, or exchangeable for shares of the Company, the terms and conditions of which shall be determined by the Board in
 accordance with these Articles.

13. The Company
 shall not be bound to recognize any equitable, contingent, future or partial interest in any share or any other right whatsoever
 in any share other than an absolute right to the entirety thereof in the registered holder.

14. If two
 or more Persons are registered as joint holders of a share:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1. They shall
 be jointly and severally liable for any calls or any other liability with respect to such share. However, with respect to voting,
 powers of attorney and furnishing of notices, the one registered first in the Register shall be deemed to be the sole owner of the
 share unless all the registered joint holders notify the Company in writing to treat another one of them as the sole owner of the
 share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2. Each one
 of them shall be permitted to give receipts binding all the joint holders for Dividends or other moneys or property received from
 the Company in connection with the share and the Company shall be permitted to pay all the Dividend or other moneys or property due
 with respect to the share to one or more of the joint holders, as it shall choose.

15. Share
 certificates shall bear the signatures of two (2) Directors, or of any other person or persons authorized thereto by the Board. Each
 Shareholder shall be entitled to one numbered certificate for all the shares of any series registered in his or its name, and if
 the Board so approves, to several certificates, each for one or more of such shares. Each certificate shall specify the serial numbers
 of the shares represented thereby. A share certificate registered in the names of two or more persons shall be delivered to the person
 first named in the Register. If a share certificate is defaced, lost or destroyed, it may be replaced, upon payment of such fee,
 and upon the furnishing of such evidence of ownership and such indemnity, as the Board may deem fit.

**<u>Preemptive Rights</u>**

16. Until
 the occurrence of an IPO, whenever the Board desires to issue New Securities of the Company, it shall first offer each Shareholder
 holding at least 5% (five percent) of the issued and outstanding share capital of the Company (a "**Qualified Shareholder** ")
 to purchase a number of the New Securities proportionate to its respective shareholding percentage (out of the aggregate holdings
 of the Shareholders, on an outstanding basis), in the manner as hereinafter provided (the "**Subscription Offer** ").

17. The Subscription
 Offer shall be made in writing and shall be sent to each of the Qualified Shareholders to the address indicated in the Company's
 records. The Subscription Offer shall specify the number of the New Securities offered to the Qualified Shareholder(s) ()"**Offeree** ")
 to whom it is addressed, their class and the consideration requested for each New Security.

18. Each Offeree
 shall have a period of ten (10) business days from the date a Subscription Offer (the "**Subscription Notice**") is
 delivered thereto to notify the Company in writing of its desire to accept the Subscription Offer and to purchase the New Securities
 offered to it, in whole or in part, in accordance therewith (such notice shall be deemed as an irrevocable offer on behalf of such
 Offeree under the terms specified in the Subscription Offer), and of its desire to purchase all or any part of the pro-rata share
 of any other Offeree entitled to such rights to the extent that such other Offeree does not elect to purchase its full pro-rata share
 (the "**Over-Allotment Right** ").

19. An Offeree
 who shall not have given a Subscription Notice within the said ten (10) Business Day period shall be conclusively deemed to have
 rejected the Subscription Offer provided to him. A qualified or conditional acceptance of a Subscription Offer shall be conclusively
 deemed a rejection thereof.

20. In the
 event that two or more Offerees that exercise the Over-Allotment Right for a total number of remaining New Securities in excess of
 the number available, the remaining New Securities available for purchase shall be allocated among such Offerees pro rata based on
 the number of New Securities such Offerees elected to purchase pursuant to the Subscription Notice (not including the number of New
 Securities specified under the Over-Allotment Right); provided that no such Offeree shall be required to purchase more than the number
 of New Securities specified in the Subscription Notice.

21. In the
 event that according to the Subscription Notices the Offerees offer to purchase such number of New Securities which is a greater
 number than the number of the New Securities actually offered, then the maximum number of New Securities which may be sold to each
 of the Offerees who sent the Subscription Notices shall be on a pro rata basis in proportion to its respective
holdings in the Company's share capital, which shall be calculated by dividing (a) the number of shares held by each such Offeree
on the date of the applicable Subscription Notice, by (b) the aggregate number of shares held by all the Offerees who sent Subscription
Notices on the date of their applicable Subscription Notices. The Company shall notify each Offeree who sent a Subscription Notice of
the portion of New Securities it is entitled to purchase in accordance with the terms hereof promptly after the end of the said twenty-one
(21) Business Day period (the "**Company's Notice** ").

22. The closing
 of the transaction for the issue and sale of the New Securities to the subscribing Offerees, if any (the "**Subscription Closing** "),
 shall take place and be consummated within fourteen (14) days following the Company's Notice, and at a time and place determined
 by the Board. At the Subscription Closing the Company, at the resolution of the Board, shall issue and sell the New Securities offered
 and subscribed for in accordance with the Company's Notices against payment of the consideration and under the terms specified in
 the Subscription Offer.

23. If the
 Offerees do not exercise in full their pre-emptive right within the period specified above, then the Company shall have ninety (90)
 days after delivery of the Subscription Notice to sell the unsold New Securities at a price and upon general terms no more favorable
 to the purchasers thereof than specified in the Subscription Notice. If the Company has not sold the New Securities within said ninety
 (90) days period, the Company shall not thereafter issue or sell any New Securities without first offering such securities to the
 Offerees in the manner provided above.

**<u>Right of First Refusal</u>**

24. At any
 time, any Transfer by any of the Shareholders of all, or any, of its shares in the Company shall be subject to: (i) a formal offer
 from a proposed purchaser (the "**Proposed Purchaser**") for the respective shares, and (ii) that the Shareholder
 (the "**Offeror**") desiring Transfer the shares (the "**Offered Shares**") shall have offered the
 Offered Shares for sale, on such terms and in such manner as hereinafter provided (the "**Offer**") to the Qualified
 Shareholders (the "**Offerees** ").

25. Any purported
 transaction in the Offered Shares in violation of the provisions of Article 24 shall be null and void, and the Company shall not
 recognize or give any effect thereto.

26. The Offer
 shall be made in writing (the "**Offer Notice**") and shall be sent simultaneously via e-mail and/or fax, and also
 by registered mail to the Offerees, and a duplicate thereof shall be sent to the Company.

27. The Offer
 shall specify the name of the Proposed Purchaser, the number of the Offered Shares, their class, the consideration requested per
 each Offered Share, the payment terms and other material terms of the offered transaction. Without derogating from the generality
 of the foregoing, terms affecting the price or value of the Offered Shares shall be deemed material.

28. Each Offeree
 shall have a period of fourteen (14) business days from the date of the Offer Notice (the "**Acceptance Period** ")
 to notify the Offeror in writing of its desire to accept the Offer and of the number of Offered Shares it wishes to purchase in accordance
 therewith and of its desire to purchase all or any part of the pro-rata share of any other Offeree entitled to such rights to the
 extent that such other Offeree does not elect to purchase its full pro-rata share (the "**Acceptance Notice** "). An
 Offeree who shall not have given an Acceptance Notice within the Acceptance Period, or whose Acceptance Notice is conditional or
 unqualified, shall be conclusively deemed to have rejected the Offer. A precondition to any acceptance of the Offer shall be that
 the Offeror shall have received within the Acceptance Period Acceptance(s) Notice for the purchase of all the Offered Shares. Each
 Offeree delivering a proper Acceptance Notice is referred to as an "**Accepting Shareholder** ".

29. In the
 event that two or more Accepting Shareholders exercise their Over-Allotment Right for a total number of remaining Offered Shares
 in excess of the number available, the remaining Offered Shares available for purchase shall be allocated among such Offerees pro
 rata based on the number of New Securities such Offerees elected to purchase pursuant to the Acceptance Notice (not including the
 number of Offered Shares specified under the Over-Allotment Right); provided that no such Offeree shall be required to purchase more
 than the number of Offered Shares specified in the Acceptance Notice.

30. The closing
 of the transaction for the sale of the Offered Shares by the Offeror to the Accepting Shareholders (the "**Closing** "),
 shall take place and be consummated within fourteen (14) days following the date upon which the Acceptance Period expired. At the
 Closing the Offeror shall sell and transfer the Offered Shares to the Accepting Shareholder(s), free and clear of any liens or encumbrances,
 except as shall be specified in the Offer, against payment by the Accepting Shareholder(s) of the consideration specified in the
 Offer, and for any part of such consideration that is other than cash, the fair market value thereof. The Offeror and any of the
 Offerees shall each have all the remedies available for breach of contract in connection with the transaction set forth in this section.
 In case that the Offeror and any of the Offerees are in dispute over the fair market value of any non-cash consideration for the
 Offered Shares, such dispute shall be ultimately resolved by an independent appraiser to be appointed by the resolution of the Board,
 or, if such agreement is not received within ten (10) days, then each of the Shareholders may submit a written request to any accounting
 firm with no material relationship with the Company or any Shareholder (with a copy to the other Shareholders and the Company) to
 appoint a qualified appraiser (the "**Qualified Appraiser**") in order to resolve such fair market value, which will
 apply, *mutatis mutandis*. Such Qualified Appraiser shall be required, no later than upon the end of a fourteen (14) business
 day period commencing from the appointment thereof, to invite each of the Shareholders to a joint meeting and present them with its
 written evaluation of such fair market value.

31. The Closing
 shall be consummated within fourteen (14) days following the date upon which such fair market value shall be determined.

32. In the
 event that according to the Acceptance Notice the Offer is accepted with respect to a greater number than the number of the Offered
 Shares, then the Offered Shares shall be sold to such Accepting Shareholders on a pro rata basis according to their respective holdings
 in the Company's outstanding share capital.

33. In the
 event that by the end of the Acceptance Period specified in Section 28 above, the Offeror shall not have received Acceptance Notice
 with respect to all of the Offered Shares, the Offer shall be conclusively deemed rejected by each of such Offeree, and the Offeror
 shall be free to sell the Offered Shares, in whole but not in part, to the Proposed Purchaser under the terms specified in the Offer, *provided that* the sale shall be consummated within ninety (90) days thereafter, and further *provided that* each such
 third-party purchaser shall become subject to the terms and conditions of this Article, and any other agreement to which the Offeror
 is a party (in its capacity as a Shareholder).

34. The provisions
 of Article 24 through 33 shall apply, *mutatis mutandis*, also to the Company's shares which issued pursuant to the exercise
 of outstanding options granted to employees, officers, consultants or directors of the Company, pursuant to any share option plan
 approved by the Board. For that purpose, the Board shall be deemed as Offeror, on behalf of each employee, officer, consultant or
 director who exercised such option. For the avoidance of doubt, the term "Offerees" shall refer only to the Shareholders.

35. Anything
 to the contrary notwithstanding, the transfer of shares to a Permitted Transferee shall not be subject to the restrictive provisions
 of Article 24, *provided however*, that such Permitted Transferee
has agreed in writing to assume the transferring Shareholder's respective obligations and rights under any agreement involving the Company.

**<u>Tag Along Rights</u>**

36. Any sale,
 transfer or other disposition of more than 51% of the shares by the Founder in a single or series of transactions, (the "**Selling Shareholder** "), other than to a Permitted Transferee thereof, shall be subject to the right of the Qualified Shareholders
 (the "**Tag Along Shareholders** "), in lieu of accepting the Offer pursuant to Article 24 above, to require that such
 Selling Shareholder will not sell the Offered Shares unless such Tag-Along Shareholders participate in such transaction, on the same
 terms as the Selling Shareholder, and on pro rata basis according to their respective holdings in the Company's outstanding share
 capital; The right of such Tag-Along Shareholders pursuant to this Article 36 shall be exercised by delivering a written notice (the
 "**Tag-Along Notice**") to the Selling Shareholder within the Acceptance Period, specifying the maximum number of
 shares the Tag Along Shareholders wish to sell. Upon giving such notice, the Tag-Along Shareholders shall be bound to sell such number
 of shares to the Proposed Purchaser on the terms to be agreed with the Proposed Purchaser and consistent with the terms set forth
 in the Offer. Tag-Along Shareholders who shall give a Tag-Along Notice within the Acceptance Period, or whose Tag-Along Notice shall
 be conditional or unqualified, shall be conclusively deemed to have waived their right under this Article 36. If a Tag-Along Notice
 is properly delivered, the Selling Shareholder shall not Transfer any Shares to the Proposed Purchaser unless the Shares subject
 to such Tag-Along Notice(s) are also transferred to such Proposed Purchaser on the same terms and price; *provided however*,
 that (i) the Tag-Along Shareholders shall not be liable for the inaccuracy or breach of any representation or warranty made by the
 Selling Shareholder in connection with the transaction; and (ii) the liability for indemnification, if any, of such Tag-Along Shareholders
 for the inaccuracy or breach of any representations and warranties made by the Company in connection with such transaction, if any,
 shall be pro rata in proportion to each of such Tag Along Shareholders' shares out of all of the Company's shares transferred in
 such transaction, and in any event shall not exceed the amount of consideration paid to each of such Tag-Along Shareholders in such
 transaction.

37. If any
 proposed Transfer pursuant to Section 36 is not consummated within ninety (90) days after delivery of the Tag-Along Notice to the
 Tag Along Shareholders, the Selling Shareholder may not Transfer such shares without first complying again with Section 36.

38.  **<u>Bring Along Rights</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.1. Subject
 to Articles 34-37 and subject to the rights of the Lead Investor under Article 24-33, in the event that prior to the IPO, the holders
 of more than seventy five percent (75%) of the issued Shares shall accept an offer to sell all of their shares to a Proposed Purchaser
 and such sale is conditioned upon the sale of all remaining issued shares of the Company to such Proposed Purchaser (the "**Proposing Shareholders**" and the "**Transaction** ", respectively), then all other Shareholders shall be required to
 sell their shares in such Transaction and shall abide by the following; *provided, however*, that the consideration for all
 of the Company's shares be allocated among the shareholders in accordance with each of the shareholders' pro rata holding
 of the Company's share capital immediately prior to the closing of such Transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.1.1. at every
 meeting of the Shareholders called with respect to any of the following, and at every adjournment or postponement thereof, and on
 every action or approval by written consent of the Shareholders with respect to any of the following, the other Shareholders (such
 other Shareholders, collectively, the "**Remaining Holders**") shall vote all Shares that such Remaining Holders then hold or for which such Remaining Holders otherwise then have
voting power in favor of approval of the Transaction and any matter that could reasonably be expected to facilitate the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.1.2. each Remaining
 Holder shall agree to sell all of his Shares and rights to acquire Shares held by such Remaining Holder on the terms and conditions
 approved by the Proposing Shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.1.3. each Remaining
 Holder shall take all necessary actions in connection with the consummation of the Transaction as requested by the Company or the
 Proposing Shareholders and shall, if requested by the Proposing Shareholders, execute and deliver any agreements prepared in connection
 with such Transaction which agreements are executed by the Proposing Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.2. In the
 event that a Shareholder fails to surrender its share certificate in connection with the consummation of a Transaction such certificate
 shall be deemed cancelled and the Company shall be authorized to issue a new certificate in the name of the person who is the purchaser
 in the Transaction and the Board shall be authorized to empower a director to sign any document or take any such action on behalf
 of such Shareholder as well as to establish an escrow account, for the benefit of such Shareholder, into which the consideration
 for such cancelled Shares shall be deposited and to appoint a trustee to administer such account. Each Shareholder hereby recognizes
 and accepts that the powers granted to the Company and/or the Board as set forth above are granted in order to ensure and protect
 the rights of the other Shareholders and that therefore they are irrevocable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.3. The aforesaid
 rights, requirements and procedures are hereby determined also for the purpose of Section 341 of the Companies Law, and the procedure
 set forth therein regarding the method by which Shareholders who do not sign all related documentation shall be forced to sell their
 securities shall apply.

**<u>No Sale</u>**

39. Notwithstanding
 anything else to the contrary in these Articles, until the earlier of (i) an IPO or (ii)
M&A Event; or (iii) the removal by the Company of the Founder from its position as the Chief Executive Officer of the Company; or
(iv) the lapse of Thirty Six (36) months as of the Effective Date, Dr. Daphne Haim Langford, including without limitation to any of her
Permitted Transferees shall not make any Transfer or in any way encumber the shares of the Company held by her, of any class or series
and any shares issued upon exercise of any options, or issuable upon exercise of any option, unless the Lead Investor has agreed in writing,
prior to such Transfer.

**<u>Transfer of Shares</u>**

40. Each Transfer
 of securities shall be made in writing in such form as shall be approved by the Board from time to time, which shall be executed
 by both the transferor and transferee, and delivered to the Company together with the transferred share certificates, if share certificates
 have been issued with respect to the shares to be transferred, and any other proof of the transferor's title that the Board may require.
 The share transfer deed with respect to a share that has been fully paid may be signed by the transferor only. A deed of transfer
 that has been registered, or a copy thereof, as shall be decided by the Board, shall remain with the Company; any deed of transfer
 that the Board shall refuse to register shall be returned, upon demand, to the Person who furnished it to the Company, together with
 the share certificate, if furnished.

41. The transferor
 shall be deemed to remain a holder of the shares until the name of the transferee is
entered into the Register in respect thereof.

42. The Company
 may impose a fee for registration of a share transfer, at a reasonable rate as may be determined by the Board from time to time.

43. Upon the
 death of a Shareholder, the remaining partners, in the event that the deceased was a partner in a share, or the administrators or
 executors or heirs of the deceased, in the event the deceased was the sole holder of the share or was the only one of the joint holders
 of the share to remain alive, shall be recognized by the Company as the sole holders of any title to the shares of the deceased.
 However, nothing aforesaid shall release the estate of a joint holder of a share from any obligation to the Company with respect
 to the share that he held in partnership.

44. Any Person
 becoming entitled to a share as a consequence of the death or bankruptcy or liquidation of a Shareholder shall, upon such evidence
 being produced as may from time to time be required by the Board, have the right either to be registered as a Shareholder in respect
 of the share, or, instead of being registered himself, to transfer such share to another Person, in either instance subject to the
 Board's power hereunder to refuse or delay registration as they would have been entitled to do if the deceased or the bankrupt had
 transferred his share before his death or before his bankruptcy, and subject to all other provisions hereof relating to transfers
 of shares.

45. A Person
 becoming entitled to a share because of the death of a Shareholder shall be entitled to receive, and to give receipts for, Dividends
 or other payments paid or Distributions made, with respect to the share, but shall not be entitled to receive notices with respect
 to General Meetings or to participate or vote therein with respect to that share, or to use any other right of a Shareholder, until
 he has been registered as a Shareholder with respect to that share.

**<u>Changing Share Rights</u>**

46. Subject
 to the provisions of these Articles, if at any time the share capital is divided into different classes of shares, the Company may
 change, convert, broaden, add or vary in any other manner the rights, preferences or privileges attached to such classes by resolution
 of the General Meeting of the Company.

47. Notwithstanding
 the foregoing, the approval of any proposed change which would adversely affect the rights, preferences, or privileges of any one
 class of shares under these Articles shall require the affirmative vote of the Shareholders of that class, obtained at a class meeting
 or by written consent, and affirmed by a simple majority of issued and outstanding Shares. For the prevention of any doubt, it is
 hereby clarified that for the purpose of this Article 47 the alteration of the rights, preferences or privileges attached to any
 class of Shares, which results merely from the issuance of additional Shares of such class shall not be deemed an alteration or change
 of the rights, preferences, or privileges attached to the Shares of such class. It is hereby further clarified that, the holders
 of shares of any class shall be entitled to participate in any class meeting or adopt any resolution required to be adopted pursuant
 to these Articles, whether by way of a separate General Meeting of such class or by way of written consent, and no holder of shares
 of a certain class shall be banned from voting or consenting by virtue of being a holder of more than one class of shares of the
 Company, irrespective of any conflicting interests that may exist between such different classes of shares. A Shareholder shall not
 be required to refrain from participating in the discussion, voting and/or consenting on any resolution concerning an amendment to
 any class of shares held by such Shareholder, due to the fact that such Shareholder may benefit in one way or another from the outcome
 of such resolution.

**<u>Modification of Capital</u>**

48. The Company
 may, from time to time, by a resolution in a General Meeting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.1. consolidate
 and divide its share capital or any part thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.2. cancel
 any Shares which have not been purchased or agreed to be purchased by any Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.3. by subdivision
 of its existing shares, or any of them, divide the whole, or any part, of its share capital in a manner that with respect to the
 shares created as a result of the division it will be possible to grant to one or more shares a right of priority, preference or
 advantage with respect to Dividend, capital, voting or otherwise over the remaining or similar share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.4. increase
 its share capital, regardless of whether or not all of its shares have been issued, by the creation of new shares with such preferred
 or deferred or other special rights (subject always to the provisions of these Articles), and subject to any conditions and restrictions
 with respect to Dividends, voting or otherwise, as shall be directed by the resolution; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.5. convert
 part of its issued shares into deferred shares.

**<u>General Meetings</u>**

49. A General
 Meeting shall be held at least once every year, at such place and time as may be prescribed by the Board but in any event not more
 than fifteen (15) months after the preceding General Meeting. The annual General Meetings shall be called "**Annual General Meetings** "; all other General Meetings shall be called "**Special General Meetings** ".

50. The Board,
 whenever it thinks fit, may, and upon a demand in writing by: (i) a Director; or (ii) one or more Shareholders holding at least seven
 percent (7%) of the issued and outstanding share capital and at least one percent (1%) of the voting rights; or (iii) one or more
 Shareholders holding at least seven percent (7%) of the voting rights in the Company - shall convene a Special General Meeting. Any
 such demand shall include the objects for which the meeting should be convened, shall be signed by those making the demand (the "**Petitioners** ")
 and shall be delivered to the Company. The demand may contain a number of documents similarly worded each of which are signed by
 one or more of the Petitioners. If the Board does not convene a meeting, the Petitioners may convene by themselves a Special General
 Meeting as provided in Section 64 of the Companies Law.

51. Notices
 of General Meetings shall be given as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.1. A prior
 notice of at least ten (10) days and no more than forty-five (45) Business Days (not including the day of delivery but including
 the day of the meeting) of any General Meeting shall be given with respect to the place, date and hour of the meeting and the nature
 of every subject on its agenda.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.2. The notice
 shall be given to Shareholders entitled pursuant to these Articles to receive notices from the Company, as hereinafter provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.3. Non-receipt
 of a notice, given as aforesaid, shall not invalidate the resolution passed or the proceedings held at the relevant Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.4. With the
 consent of all the Shareholders who are entitled at such time to receive notices, the Company shall be permitted to convene Meetings
 and to resolve any resolution, upon shorter notice or without any notice and in such manner, generally, as shall be approved by the
 Shareholders.

**<u>Proceedings of General Meetings</u>**

52. Subject to the provisions of
 these Articles, the function of the General Meeting shall be as detailed in provision 57 of the Law.

53. No matter shall be discussed
 at a General Meeting unless a quorum is present at the time when the
General Meeting starts its discussions. Subject to the provisions of these Articles, the holders of the majority of the voting power
present, personally or by proxy, shall be deemed a quorum.

54. If within
 half an hour from the time appointed for the meeting a quorum is not present, the meeting, shall stand adjourned to the same place
 and time seven (7) Business Days from the date of the original meeting. If a notice of the adjourned meeting has been given to the
 Shareholders, and a quorum is not present at the adjourned meeting within half an hour from the time appointed for the meeting, any
 number of Shareholders present personally or by proxy, shall be a quorum, and shall be entitled to deliberate and to resolve in respect
 of the matters for which the meeting was convened.

55. The chairman
 of the Board or a Director appointed by the Board for such purpose shall open all General Meetings and shall preside as chairman
 at the meeting.

56. The provisions
 of these Articles relating to General Meetings shall, *mutatis mutandis*, apply to any General Meeting of the holders of a particular
 class of shares (a "**Class Meeting** "), if applicable, provided, however, that the requisite quorum at any such Class
 Meeting shall be one or more members present in person or proxy and holding not less than a majority (50%) of the issued and outstanding
 shares of such class.

**<u>Vote by Shareholders</u>**

57. Every
 resolution put to the vote at a meeting shall be decided by a count of votes. Subject to any provision in the Law or these Articles,
 requiring a higher majority, all resolutions shall be passed by majority vote.

58. Subject
 to the provisions of these Articles, in a count of votes, each Shareholder present at a General Meeting, personally or by proxy,
 shall be entitled to one vote for each share held by it.

59. If the
 number of votes for and against is equal the chairman of the meeting shall have no casting vote, and the resolution proposed shall
 be deemed rejected.

60. In the
 case of joint holders of a share, the vote of the senior holder who tenders a vote, whether in person or by proxy, shall be accepted
 to the exclusion of the votes of the other joint holders. The appointment of a proxy to vote on behalf of a share held by joint holders
 shall be executed by the signature of the senior of the joint holders. For the purposes of this Article, seniority shall be determined
 by the order in which the names of the joint holders stand in the Register.

61. An objection
 to the right of a Shareholder or a proxy to vote in a General Meeting must be raised at such meeting or at such adjourned meeting
 wherein that Person was supposed to vote, and every vote not disqualified at such a meeting shall be valid for each and every matter.
 The chairman of the meeting shall decide whether to accept or reject any objection raised at the appointed time with regard to the
 vote of a Shareholder or proxy, and his decision shall be final.

62. In every
 vote a Shareholder shall be entitled to vote either personally or by proxy. A proxy need not be a Shareholder. Shareholders may participate
 in a General Meeting by means of a conference telephone call or similar communications equipment by means of which all persons participating
 in the meeting can hear each other and participation in a meeting pursuant to this Article shall constitute presence in person at
 such meeting. Shareholders may also vote in writing, by delivery to the Company, prior to a General Meeting, of a written notice
 stating their affirmative or negative vote on an issue to be considered by such meeting.

63. A letter
 of appointment of a proxy, power of attorney or other instrument pursuant to which the appointee is acting shall be in writing. An
 instrument appointing a proxy, whether for a specific meeting or otherwise, may be in the following form or in any other similar
 form prescribed by the Board:

"I, _________________, of _________________, a Shareholder holding shares in _________________ hereby appoint _________________of _________________ as my proxy to vote in my name and place at the [annual, special, adjourned - as the case may be] General Meeting of the Company to be held on<u> </u>_________________, and at any adjournment thereof.

In witness whereof signed by me this day of<u> </u>______,____

Appointer's Signature"

64. Such instrument
 or a copy thereof shall be deposited at the Office, or at such other place as the Board may direct from time to time, before the
 time appointed for the meeting or adjourned meeting wherein the person referred to in the instrument is appointed to vote, or presented
 to the chairman at the meeting in which such person shall vote that share.

65. A vote
 pursuant to an instrument appointing a proxy shall be valid notwithstanding the death of the appointer, or the appointer becoming
 of unsound mind, or the cancellation of the proxy or its expiration in accordance with any law, or the transfer of the shares with
 respect to which the proxy was given, unless a notice in writing of any such event was received at the Office before the meeting
 took place.

66. A Shareholder
 is entitled to vote by a separate proxy with respect to each share held by it/him; *provided that* each proxy shall have a separate
 letter of appointment containing the serial number of share(s) with respect to which such proxy is entitled to vote. If a specific
 share is included by the holder in more than one letter of appointment, that share shall not entitle any of the proxy holders to
 a vote.

67. Subject
 to the provisions of any law, a resolution in writing signed by all the holders of shares, entitled to vote with respect to such
 shares at General Meetings, or a resolution as aforesaid agreed upon by electronic mail, telegram or facsimile, shall have the same
 validity as any resolution, carried in a General Meeting of the Company duly convened and conducted for the purpose of passing such
 a resolution. If all the Shareholders shall consent in writing, or by facsimile to any action to be taken by the Shareholders, such
 action shall be as valid as though it had been unanimously authorized at a duly convened General Meeting.

**<u>Board</u>**

68. <u>Board Composition</u>. <br>
the
Board shall consist of up to five (5) directors, to be appointed according to sections 68-83 and subject to their signing of a confidentiality
agreement containing confidentiality obligations towards the Company.

69. Entitlement
 to appoint a director shall include the entitlement to remove and replace such director. Appointment and removal of directors shall
 be made by delivering to the Company a written notice to that effect, executed by the entitled appointing party, or, in case of the
 Industry Expert (as defined below), executed by a majority of the other members of the Board, and shall be in effect as of the date
 stipulated therefor in the notice or the date of delivery of such notice to the Company, whichever is later.

70. As long
 as the Founder holds at least 15% shall be entitled to appoint two (2) members of the Board. In the event that the Founder shall
 appoint only one (1) member of the Company's Board of Directors, such appointed member shall have two (2) votes, unless two
 (2) members are appointed, in which case they shall each have one (1) vote. As long as the Founder has at least 7.5%
and/or is in the position of CEO of the Company, the Founder shall be entitled to appoint one (1) member of the Board. The aforementioned
rights (and this sub-Article) may only be amended with the affirmative vote or written consent of the Founder.

71. As long
 as the Lead Investor holds at least 7.5% of the issued and outstanding share capital of the Company, the Lead Investor shall be entitled
 to appoint one (1) members of the Board (the "**Lead Investor Director** ").

72. As long
 as the Substantial Investor holds at least 7.5% of the issued and outstanding share capital of the Company, the Substantial Investor
 shall be entitled to appoint one (1) members of the Board.

73. So long
 as the Lead Investor holds less than 7.5% but not less than 5% of the issued and outstanding share capital of the Company (on a fully
 diluted basis), the Lead Investor shall have the right to appoint a non-voting observer to the Board (the "**Lead Investor Observer** "). The Leading Investor Observer shall have the right to attend and participate in all discussions (but not vote)
 at all Board meetings and will have full access to all documents and other information available to other directors of the Company.

74. For so
 long as the Inventors or VLX hold together at least 5% of the issued and outstanding share capital of the Company, VLX shall have
 the right to appoint a non-voting observer to the Board to serve as an Observer on behalf of VLX and the Inventors (the "**Observer** ").
 The Observer shall receive all information received by members of the Board and shall be entitled to participate in all meetings
 of the Board.

75. For so
 long as the Oriella Ltd. ()"**Oriella**") holds at least 7.5% of the issued and outstanding share capital of the Company,
 Oriella shall have the right to appoint a non-voting observer to the Board to serve as an Observer on behalf of Oriella (the "**Oriella Observer** "). The Oriella Observer shall receive all information received by members of the Board and shall be entitled to
 participate in all meetings of the Board.

The provisions of Articles 73-75 will apply *mutatis mutandis* with respect to the appointment, removal or replacement of any Observer, as set forth in Article69.

76. The fifth
 director shall be an industry expert, which shall be appointed by an affirmative approval of a majority of the other serving directors
 (the "**Industry Expert** ").

77. The composition
 of any committee appointed by the Board and the composition of any board of Directors of any subsidiary of the Company shall reflect,
 as closely as reasonably possible, the composition of the Board.

78. If any
 member of the Board is not elected or appointed, or if the office of any member of the Board is vacated for a period of at least
 thirty (30) Business Days, the other members of the Board may act in every way and manner provided for under these Articles and the
 law as long as their number does not fall below the quorum required by these Articles for a Board meeting.

79. Any person, including a Director or an Alternate Director (as defined below), may be an alternate member of the Board (an "**Alternate Director**") if such person is qualified to serve as a director of the Company. Any Alternate Director shall have voting power
equal to the voting power of the Board member that he substitutes. An Alternate Director shall have, subject to his letter of appointment,
all authorities vested to the member of the Board he substitutes. The tenure of office of an Alternate Director shall automatically be
terminated upon the dismissal of such member, or upon the office of the member of the Board he substitutes being vacated for any reason,
or upon the occurrence of one of the situations stated in Article 82 below in relation with such substitute member. A Director may be
appointed as an Alternate Director to a member of committee of the Board, only if such Director does not serve on the same committee
already.

80. A Director
 shall not be required to hold qualifying shares in the Company.

81. A Director
 may hold another paid position or function, except as accountant-auditor, in the Company, or in any other company of which the Company
 is a shareholder or in which the Company has some other interest, or that has an interest in the Company, together with his position
 as a Director, upon such conditions with respect to salary and other matters as determined by the Board and approved by the General
 Meeting.

82. Subject
 to the provisions of the Law, of these Articles, or to the provisions of an existing contract, the tenure of office of a Director
 shall automatically be terminated upon the occurrence of one of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82.1. if he becomes bankrupt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82.2. if he is declared insane or
 becomes of unsound mind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82.3. if he resigns by an instrument
 in writing delivered to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82.4. with his death and if it is
 a corporation or other entity, with the liquidation of such corporation or other entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82.5. if he is convicted of a crime
 requiring his termination pursuant the Companies Law.

83. Members
 of the Board shall receive remuneration from the Company's funds as resolved by the General Meeting, and at a rate decided by such
 resolution. The members of the Board shall be entitled to reimbursement of their expenses in the course of their performance of their
 duties as Directors, including expenses in relation of participating in Board of meetings, all as determined by the Board.

**<u>Powers and Duties of Directors</u>**

84. The Board
 shall determine and direct the Company's policy and shall supervise and inspect the performance of the Company's CEO or General Manager
 and his or her actions and responsibilities. The Board shall be entitled to perform the Company's powers and authorities pursuant
 to Section 92 of the Companies Law and subject to any provision in Law, in these Articles, or the regulations that the Company shall
 adopt by a resolution in its General Meeting (insofar as they do not contradict the Law or these Articles). However, any regulation
 adopted by the Company in its General Meeting as aforesaid shall not affect the legality of any prior act of the Board that would
 be legal and valid but for that regulation.

85. Without
 limiting the generality of the preceding provision, the Board may from time to time, in its discretion, borrow or secure the payment
 of any sum of money for the purposes of the Company, and it may raise or secure the repayment of such sum in such manner, at such
 times and upon such terms and conditions in all respects as it thinks fit, and, in particular, by the issue of bonds, perpetual or
 redeemable debentures, debenture stock, or any mortgages, charges, or other securities on the whole or any part of the property of
 the Company, both present and future, including its uncalled capital for the time being and its called but unpaid capital.

**<u>Functions of the Directors</u>**

86. The Board
 shall select a chairman of the Board. The chairman shall not have any additional or casting vote.

87. The presence
 of the majority of the Directors then serving shall constitute a quorum for meetings of the Board. Notwithstanding the aforesaid,
 if within half an hour of the time arranged for the Board meeting no quorum is present, such meeting shall stand adjourned to the
 same day of the following week, at the same hour and in the same place, or in the event that such a day is not a Business
Day, then to the first Business Day thereafter, and in such adjourned meeting if no quorum is present within half an hour of the time
arranged, any two Directors present at such adjourned meeting shall be deemed a quorum.

88. The Board
 may delegate any of its powers to committees and may from time to time revoke such delegation; *provided that* such delegation
 does not contradict Section 112 of the Companies Law. A person who is not a member of the Board shall not serve on a committee, to
 which the Board delegated any of its authorities. Each committee to which any powers of the Board have been delegated shall abide
 by any regulations enacted by the Board with respect to the exercise of such delegated powers. In the absence of such regulations
 or if such regulations are incomplete in any respect, the committee shall conduct its business in accordance with these Articles.

89. Members
 of the Board or a committee thereof may participate in a meeting of the Board or the committee by means of a conference telephone
 call or similar communications equipment by means of which all persons participating in the meeting can hear each other, and participation
 in a meeting pursuant to this Article shall constitute presence in person at such meeting.

90. Every
 Director may at any time request that a Board meeting be called and the chairman shall call such a meeting upon such request.

91. Any notice
 of a Board meeting can be given in writing, or by electronic mail, facsimile or telex and shall include reasonable detail of the
 issues of such meeting. Notice shall be given at least seven (7) Business Days before the time appointed for the meeting, unless
 all of the members of the Board at that time agree to a shorter notice, or waive notice altogether.

92. Subject
 to the provisions of these Articles issues raised before all meetings of the Board shall be decided by the majority of the directors
 present at the meeting of the Board.

93. Notwithstanding
 the foregoing each Director shall have 1 (one) vote.

94. A resolution
 in writing, signed or agreed to in writing (including by facsimile) by all of the Directors entitled to participate and vote on the
 issue at stake, shall be valid for any purpose as a resolution adopted at a Board meeting that was duly convened and held. In place
 of a Director the aforesaid resolution may be signed and delivered by an Alternate Director. In addition, the Board may reach a resolution
 without actual meeting, according to the provisions of Section 103 of the Companies Law and subject to the terms provided therein.

95. All actions
 performed bona fide by the Board or by any person acting as Director or as an Alternate Director shall be as valid as if each and
 every such person were duly and validly appointed and fit to serve as a Director or an Alternate Director, as the case may be, even
 if at a later date a flaw shall be discovered in the appointment of such a Director or such a person acting as aforesaid, or in his
 qualifications so to serve.

96. The Board
 shall cause minutes to be taken of all General Meetings of the Company, of the appointments of officers of the Company, and of Board's
 meetings and any committee by the Board (to the extended appointed), which minutes shall include the following items, if applicable:
 the names of the persons present; the matters discussed at the meeting; the results of votes taken; resolutions adopted at the meeting;
 and directives given by the meeting. The minutes of any meeting, signed or appearing to be signed by the chairman of the meeting,
 shall serve as a prima facie proof of the truth of the contents of the minutes.

97. The Directors
 shall comply with all provisions of the Companies Law, and especially with the provisions in respect of -

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97.1. registration
 in the Company's books of all liens that affect the Company's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97.2. keeping
 a register of Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97.3. keeping
 a register of Directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97.4. delivery
 to the Registrar of Companies of all notices and reports that are required to be so delivered.

**<u>CEO, General Manager, President, Secretary, Other Officers and Attorneys</u>**

98. The Board
 may from time to time appoint one or more persons, whether or not he is a member of the Board, as the Chief Executive Officer ()"**CEO** ")
 of the Company. The appointment may be either for a fixed period of time or without limiting the time that the CEO will stay in office.
 The Board may, from time to time, subject to any provision in any contract between the CEO and the Company, release him from his
 office and appoint another or others in his or their place. The CEO shall be responsible for the current operation of the Company's
 affairs within the bounds of the policy determined by the Board and subject to its directions. In addition, the Board may from time
 to time grant and bestow upon the CEO those powers and authorities that it exercises pursuant to these Articles and under the provisions
 of Section 92 of the Companies Law, as it shall deem fit, and may grant those powers and authorities for such period, and to be exercised
 for such objectives and purposes, in such time and conditions, and on such restrictions, as it shall decide; and it can from time
 to time revoke, repeal, or change any one or all of those powers or authorities.

99. The Board
 may from time to time appoint a Secretary to the Company, a Treasurer and/or Comptroller or Chief Financial Officer as well as other
 officers, personnel, agents and servants, including management companies, for fixed, provisional or special duties, as the Board
 may from time to time deem fit, and may from time to time, in its discretion, suspend and/or dismiss any one or more of such persons.
 The Board may determine the powers and duties of such persons, and may demand security in such cases and in such amounts as it deems
 fit.

100. Subject
 to the provisions of these Articles and applicable law, the wages and any other compensation of the CEO and other managers, officers
 or personnel shall be determined from time to time by the Board, and it may be paid by way of a fixed salary or commission, or a
 percentage of profits or of the Company's turnover or of any other company that the Company has an interest in, or by participation
 in such profits, or in any combination of the aforementioned methods, or such other method as the Board shall determine.

101. The Board
 may from time to time directly or indirectly authorize any company, firm, person or group of people to be the attorneys in fact of
 the Company for purposes and with powers and discretion which shall not exceed those conferred upon the Board or which the Board
 can exercise pursuant to these Articles, and for such a period of time and upon such conditions as the Board may deem proper. Every
 such authorization may contain such directives as the Board deems proper for the protection and benefit of the persons dealing with
 such attorneys. The Board may also grant such an attorney the right to transfer to others, in part or in whole, the powers, authorities
 and discretions granted to him, and may terminate and revoke the appointments or revoke all or any part of the powers granted to
 them.

**<u>Dividends</u>**

102. Subject
 to the provisions of the Companies Law and to the subsequent approval of the General Meeting of the Shareholders, the Board may from
 time to time declare, and cause the Company to pay such Dividend as may appear to the Board to be justified by the profits of the
 Company. The resolution of the General Meeting, approving such Dividends, may provide for the payment of a Dividend of an amount
 less than that proposed by the Board for the payment of such Dividend, but no such resolution shall provide for the payment of an
 amount exceeding that proposed by the Board of Directors for the payment of such Dividend.

103. The persons
 registered in the Register as shareholders on the record date for declaration of the Dividend shall be entitled to receive the Dividend.
 A Transfer of shares shall not transfer the right to a Dividend, which has been declared after the Transfer but before the registration
 of the Transfer.

104. All the
 provisions in these Articles relating to Dividend, shall apply, *mutatis mutandist* to a Distribution by the Company.

**<u>Stamp and Signatures</u>**

105. The Board
 shall cause the Company's stamp, of which the Company shall have at least one, to be kept in safekeeping, and it shall be forbidden
 to use the stamp in violation of any instructions the Board may give in connection with the use thereof.

106. The Board
 may designate any Person or Persons (even if they are not members of the Board) to act and to sign in the name of the Company, and
 to apply the Company's stamp; the acts and signature of such a Person or Persons shall bind the Company, insofar as such Person or
 Persons have acted and signed within the limits of their authority.

107. The printed
 or typed name of the Company by any means next to the signatures of the authorized signatories of the Company, as aforesaid, shall
 be valid as if the stamp of the Company was affixed.

**<u>Accounts and Auditors</u>**

108. The shareholders
 of the Company shall appoint an Auditor(s) of the Company at the Annual General Meeting. Such appointment shall be in force until
 the following Annual General Meeting, or for a longer period if so resolved at the Annual General Meeting, but in no event for a
 period of more than three fiscal years. The shareholders of the Company may remove the Auditor(s) at any time.

109. The appointment
 and/or removal, authorities, rights and duties of the Auditor(s) of the Company shall be regulated by the Companies Law.

110. The Board
 shall determine the remuneration of the Auditor(s) and report to the shareholders on such remuneration at the Annual General Meeting.

111. Each of
 the Qualified Shareholders shall have, at reasonable times and upon reasonable notice, full access to all books and records of the
 Company and shall be entitled to review and copy them at his discretion.

**<u>Notices</u>**

112. A notice
 or any other document may be served by the Company upon any Shareholder either personally or by sending it by mail, telegram, facsimile
 or electronic mail addressed to such Shareholder at his registered address as appearing in the Register. If the address of a Shareholder
 is outside of Israel, then any notice sent by mail shall be sent by airmail.

113. All notices
 with respect to any share to which persons are jointly entitled may be given to one of the joint holders, and any notice so given
 shall be sufficient notice to all the holders of such share.

114. A Shareholder
 registered in the Register who shall from time to time furnish the Company with an address at which notices may be served, shall
 be entitled to receive all notices he is entitled to receive according to these Articles at that address. However, except for the
 aforesaid, no Shareholder whose address is not registered in the Register shall be entitled to receive any notice from the Company.

115. A notice
 may be given by the Company to the persons entitled to a share in consequence of the death
or bankruptcy of a Shareholder by sending it through the mail in a prepaid airmail letter or telegram or electronic mail or facsimile
addressed to them by name, at the address, if any, furnished for the purpose by the persons claiming to be so entitled or, until such
an address has been so furnished, by giving the notice in any manner in which the same might have been given if the death or bankruptcy
have not occurred.

116. Any notice
 or other document, (i) if delivered personally, shall be deemed to have been served upon delivery, (ii) if sent by mail, shall be
 deemed to have been served four (4) Business Days after the delivery thereof to the post office; if sent by airmail, shall be deemed
 to have been served seven (7) Business Days after the delivery thereof to the post office; and (iii) if sent by electronic mail,
 confirmed facsimile or telegram, shall be deemed to have been served twenty four (24) hours after the time such electronic mail facsimile
 or telegram was sent. In proving such service it shall be sufficient to prove that the letter or telegram containing the notice was
 properly addressed and delivered at the post office, or sent by electronic mail or confirmed facsimile, as the case may be.

**<u>Restrictive Provisions.</u>**

117. Until
 the consummation of an IPO, for as long as the Lead Investor holds in the aggregate at least 7.5% of the issued and outstanding share
 capital of the Company, the Company (and any of its subsidiaries) shall not, whether by action or through resolution of the Company's
 general meeting, without the consent of the Lead Investor or the Lead Investor Director (or if taken at the Board level, without
 the consent of the Lead Investor's Director) as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Amend,
 replace or make any other modification of these Articles in a manner which will adversely affect the rights of the Lead Investor
 herein. For the avoidance of doubt, it is clarified that the creation of class of preferred or other shares senior or equal to the
 Ordinary Shares, shall not in itself be deemed as adverse change to the above rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Perform material changes to
 the Field or enter-into a new field of activity outside the Field.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Approve
 an M&A Event under which the Company valuation shall be less than twelve million Dollars (US $12,000,000) on a pre-money basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Transactions
 with interested parties, including any transaction with an officer, director or shareholder of the Company which deviate from standard
 market conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Approve a Liquidation Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Increase
 the reserved pool of Ordinary Shares, intended for grant to employees, directors and consultants of the Company above 5% of the issued
 and outstanding share capital of the Company on a fully diluted basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Any agreement to do any of
 (a) to (f) above.

**<u>Office Holders</u>**<u>' **Exemption, Indemnification and Insurance**</u>

118. Subject
 to the provisions of the Companies Law including the receipt of all approvals as required therein or under any applicable law, the
 Board may resolve in advance to exempt an "Office Holder"
(as such term is defined in the Companies Law) from all or part of such Officer Holder's responsibility or liability for damages
caused to the Company due to any breach of such Office Holder's duty of care towards the Company.

119. <u>Indemnification</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119.1. Subject
 to the provisions of the Companies Law including the receipt of all approvals as required therein or under any applicable law, the
 Company may indemnify any Office Holder to the fullest extent permitted by the Companies Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119.2. Subject
 to the provisions of the Companies Law including the receipt of all approvals as required therein or under any applicable law, the
 Company may resolve retroactively to indemnify an Office Holder with respect to the following liabilities and expenses, provided
 that such liabilities or expenses were incurred by such Officer Holder in such Officer Holder's capacity as an Officer Holder
 of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119.2.1. monetary
 liability imposed on an Office Holder, or incurred by the Office Holder, in favor of another person pursuant to a judgment, including
 a judgment imposed on such Office Holder in a compromise or in an arbitration decision that was approved by a court of law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119.2.2. reasonable
 legal expenses, including attorney's fees, which the Office Holder incurred due to an investigation or a proceeding instituted
 against the Office Holder by an authority competent to administrate such an investigation or proceeding, and that was "finalized
 without the filing of an indictment" (as defined in Section 260(a)(1A) of the Companies Law) and "without any financial
 obligation imposed in lieu of criminal proceedings" (as defined in Section 260(a)(1A) of the Companies Law), or that was finalized
 without the filing of an indictment against the Office Holder but with financial obligation imposed on the Office Holder in lieu
 of criminal proceedings of an offense that does not require proof of criminal intent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119.2.3. reasonable
 legal expenses, including attorney's fees, which the Office Holder incurred or with which the Officer Holder was charged by
 a court of law, in a proceeding brought against the Officer Holder, by the Company or by another on behalf of the Company, or in
 a criminal prosecution in which the Officer Holder was acquitted, or in a criminal prosecution in which the Office Holder was convicted
 of an offense that does not require proof of criminal intent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119.3. Subject
 to the provisions of the Companies Law including the receipt of all approvals as required therein or under any applicable law, the
 Company may undertake in advance to indemnify the Company's Officer Holders (i) for those liabilities and expenses described
 in Sub-Article 119.2.1, provided that the undertaking is limited to events that in the opinion of the Board are foreseeable in view
 of the Company's activity at the time of the undertaking and limited in an amount or standard which the Board determines is
 reasonable under the circumstances, and (ii) for those liabilities and expenses described in Sub-Articles 119.2.2 or 119.2.3.

120. <u>Insurance</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120.1. Subject
 to the provisions of the Companies Law including the receipt of all approvals as required therein or under any applicable law, the
 Company may enter into an agreement to insure an Office Holder for any liability that may be imposed on such Office Holder in connection
 with an act performed by such Office Holder in such Office Holder's capacity as an Officer Holder of the Company, with respect
 to each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120.1.1. violation
 of the duty of care of the Office Holder towards the Company or towards another person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120.1.2. breach
 of the fiduciary duty towards the Company, provided that the Office Holder acted in good faith and with reasonable grounds to assume
 that the action in question was in the best interests of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120.1.3. a financial
 obligation imposed on the Office Holder for the benefit of another person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120.2. Articles
 118, 119 and 120.1 above shall not apply under any of the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a breach
 of an Office Holder's fiduciary duty, in which the Officer Holder did not act in good faith and with reasonable grounds to
 assume that the action in question was in the best interest of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a grossly
 negligent or intentional violation of an Office Holder's duty of care;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an intentional
 action by an Office Holder in which such Officer Holder intended to reap a personal gain illegally; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a fine
 or ransom levied on an Office Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120.3. The Company
 may procure insurance for or indemnify any person who is not an Office Holder, including without limitation, any employee, agent,
 consultant or contractor, provided, however, that any such insurance or indemnification is in accordance with the provisions of these
 Articles and the Companies Law.

**<u>Winding Up</u>**

121. Subject
 to provisions of these Articles to the contrary, and subject to any rights or conditions attached at that time to any share in the
 capital of the Company granting preferential, special or deferred rights or not granting any rights with respect to winding up or
 liquidation, in the event of a winding up of the Company, the Company's property distributable among the Shareholders shall be distributed
 in proportion to the sum paid on account of the nominal value of the shares held by them, of any class, without taking into account
 premiums paid in excess of the nominal value.

122. Subject
 to provisions of these Articles to the contrary, if the Company is voluntarily wound up, the liquidators may, with the approval of
 a resolution in a General Meeting, divide the property as is among the Shareholders, or deposit any part of the Company's property
 with trustees in escrow for the benefit of Shareholders, as they deem proper. A resolution approving such a distribution may also
 approve a distribution in a manner other than in accordance with the legal rights of the Shareholders, and may grant special rights
 to any class of Shareholders. However, in the event of the adoption of a resolution authorizing a distribution not in accordance
 with the legal rights of the Shareholders, the Shareholders adversely affected thereby shall have the same right to object, and any
 rights attached thereto, as if such a resolution was a special resolution passed pursuant to Section 334 of the Companies Ordinance.

123. Subject
 to provisions of these Articles to the contrary, if, at the time of liquidation, the Company's property available for distribution
 among the Shareholders shall not suffice to return all the paid up capital, and subject to, and without derogating from, any rights
 or surplus rights or existing restrictions at that time of any special class of shares forming part of the capital of the Company,
 such property shall be divided so that the losses shall as much as possible be borne by the Shareholders in proportion to the paid
 up capital or that which shall have been paid at
the commencement of the liquidation on the shares held by each of them. If, at the time of liquidation, the Company's property designated
for distribution among to the Shareholders is in excess of the amount necessary for the return of capital paid up at the beginning of
the liquidation, it shall belong and be delivered to the Shareholders pro rata to the amount paid on the nominal value of each share
held by each of them at the commencement of the liquidation.

**<u>Right of First Offer</u>**

124. Until
 such time that the Lead Investor holds at least 10% of the issued Shares, the Lead Investor shall have the right to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Receive
 prior notice (an "**Acquisition Proposal Notice**") of the Company's or any shareholders intent to receive any
 proposal or offer from any entity for an M&A Event (an **"Acquisition Proposal"**); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notify
 the Company in writing, within 14 days as of the date of the Acquisition Proposal Notice of its intent to make an offer and make
 such first offer for the Acquisition Proposal, in writing within thirty (45) days as of the date of the Acquisition Proposal Notice
 (the "**Lead Investor Proposal**" and the "**Proposal Period** ", respectively). The Company and any
 shareholder shall not, for as long as such has not expired (i.e. the Lead Investor still holds at least 10% of the issued Shares,
 and the Lead Investor confirms such offer is still valid), accept any Acquisition Proposal on terms less favorable than those of
 the Lead Investor Proposal.

**<u>Information Rights</u>**

125. To the request of each Qualified
 Shareholder, the Company shall provide to such Qualified Shareholder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) within one hundred and twenty
 (120) days after the end of each fiscal year, audited financial statements of the Company for the year then ended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) within sixty (60) days after
 the end of second fiscal quarter of each fiscal year, unaudited but reviewed financial statements of the Company for the quarter
 then ended.

126. To the request of the Lead
 Investor, and as long as its representative still sits in the Board, the Company shall provide to the Lead Investor, no more than
 on a quarterly basis, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) IP updates, litigation updates,
 material updates concerning third party notices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Material progress in the Company's
 business, updates on any new or improved intellectual property and products, litigation updates, journal publication plans and patent
 filing plans.

\* \* \* \* \*

## Exhibit 3.2

**Exhibit 3.2**

**THE COMPANIES LAW, 1999**

**A LIMITED LIABILITY COMPANY**

**AMENDED AND RESTATED**

**ARTICLES OF ASSOCIATION**

**OF**

**TARSIER PHARMA LTD.**

 

*(As Adopted by the shareholders on May __, 2026)*

**Preliminary**

**1.** **Definitions; Interpretation.** 

(a) In these Articles, the following terms (whether or not capitalized) shall bear the meanings set forth opposite them, respectively, unless the subject or context requires otherwise:

---

| | |
|:---|:---|
| **Term** | **Definition** |
| **"Affiliate"** | with respect to any specified person, shall mean any other person who or which, directly or indirectly, controls, is controlled by, or is under common control with such specified person. |
| **"Articles"** | shall mean these Amended and Restated Articles of Association, as amended from time to time. |
| **"Board of Directors"** | shall mean the Board of Directors of the Company. |
| **"Chairperson"** | shall mean the Chairperson of the Board of Directors, or the Chairperson of the General Meeting, as the context implies. |
| **"Companies Law"** | shall mean the Israeli Companies Law, 5759-1999 and the regulations promulgated thereunder. The Companies Law shall include reference to the Companies Ordinance (New Version), 5743-1983, of the State of Israel, to the extent in effect according to the provisions thereof. |
| **"Company"** | shall mean Tarsier Pharma Ltd. |

---

---

| | |
|:---|:---|
| **Term** | **Definition** |
| **"Director(s)"** | shall mean the member(s) of the Board of Directors holding office at a given time. |
| **"Economic Competition Law"** | shall mean the Israeli Economic Competition Law, 5758-1988 and the regulations promulgated thereunder. |
| **"External Director(s)"** | shall have the meaning provided for such term in the Companies Law. |
| **"General Meeting"** | shall mean an Annual General Meeting or Special General Meeting of the Shareholders (each as defined in Article ‎24 of these Articles) or the general meeting of any class of Shares, as the case may be. |
| **"NIS"** | shall mean New Israeli Shekels. |
| **"Office"** | shall mean the registered office of the Company at any given time. |
| **"Office Holder" or "Officer"** | shall have the meaning provided for such term in the Companies Law. |
| **"Securities Law"** | shall mean the Israeli Securities Law, 5728-1968, and the regulations promulgated thereunder. |
| **"Shareholder(s)"** | shall mean the shareholder(s) of the Company, at any given time. |
| **"Stock Exchange"** | shall mean the New York Stock Exchange or any other stock exchange on which the Company's Ordinary Shares are then listed for trading. |

---

(b) Unless the context shall otherwise require: words in the singular shall also include the plural, and vice versa; any pronoun shall include the corresponding masculine, feminine and neuter forms; the words "include", "includes" and "including" shall be deemed to be followed by the phrase "without limitation"; the words "herein", "hereof" and "hereunder" and words of similar import refer to these Articles in their entirety and not to any part hereof; all references herein to Articles or clauses shall be deemed references to Articles or clauses of these Articles; any references to any agreement or other instrument or law, statute or regulation are to it as amended, supplemented or restated, from time to time (and, in the case of any law, to any successor provisions or re-enactment or modification thereof being in force at the time); any reference to "law" shall include any law ('din') as defined in the Interpretation Law, 5741-1981 and any applicable supranational, national, federal, state, local, or foreign statute or law and shall be deemed also to refer to all rules and regulations promulgated thereunder; any reference to a "day" or a number of "days" (without any explicit reference otherwise, such as to business days) shall be interpreted as a reference to a calendar day or number of calendar days; any reference to a business day shall mean each calendar day other than any calendar day on which commercial banks in Tel-Aviv, Israel are authorized or required by applicable law to close (for the avoidance of doubt Fridays and holiday eves are not considered business days); reference to a month or year means according to the Gregorian calendar; any reference to a "person" shall mean any individual, partnership, corporation, limited liability company, association, estate, any political, governmental, regulatory or similar agency or body, or other legal entity; and reference to "written" or "in writing" shall include written, printed, photocopied, typed, any electronic communication (including email, facsimile, signed electronically (in Adobe PDF, DocuSign or any other format) or produced by any visible substitute for writing, or partly one and partly another, and signed shall be construed accordingly.

(c) The captions in these Articles are for convenience only and shall not be deemed a part hereof or affect the construction or interpretation of any provision hereof.

(d) The specific provisions of these Articles shall supersede the provisions of the Companies Law to the extent permitted thereunder.

**Limited Liability**

**2.** The Company is a limited liability company and each Shareholder's liability for the Company's obligations is therefore limited (in addition to any liabilities under any contract) to the payment of the full amount (par value (if any) and premium) such Shareholder was required to pay the Company for such Shareholder's Shares (as defined below) and which amount has not yet been paid by such Shareholder.

**Company's Objectives**

**3. Objectives.**

The Company's objectives are to carry on any business, and do any act, which is not prohibited by law.

**4. Donations.**

The Company may donate a reasonable amount of money (in cash or in kind, including the Company's securities) to worthy purposes, as the Board of Directors may determine in its discretion, even if such donations are not made on the basis or within the scope of business considerations of the Company.

**Share Capital**

**5. Authorized Share Capital.**

(a) The authorized share capital of the Company shall consist of 10,000,000 Ordinary Shares NIS 0.01 par value per share\* (the "**Ordinary Shares**" or the "**Shares**").

(b) The Ordinary Shares may be redeemable to the extent set forth in Article ‎19.

**6. Rights of Ordinary Shares.**

(a) **Voting Rights.**

(i) With respect to any matter that is submitted to a vote of the Shareholders, each holder of Ordinary Shares shall be entitled to one (1) vote for each Ordinary Share.

\* The share information contained herein (including without limitation number of shares and par value per share) is prior to giving effect to the forward share split resolution presented in the Company's shareholder meeting dated May __, 2026 and will be deemed to be updated to give effect to this split in accordance with the terms thereof.

(b) **Subdivision and Combination.**

The Company may effect a split, reverse split, subdivision or combination of the outstanding Shares of any class of Shares without effecting the split, reverse split, subdivision or combination on the other class of Shares.

**7. Increase of Authorized Share Capital.**

(a) The Company may, from time to time, by a Shareholders' resolution, whether or not all of the Shares then authorized have been issued, and whether or not all of the Shares theretofore issued have been called up for payment, increase its authorized share capital by increasing the number of Shares of any class it is authorized to issue. Any such increase shall be in amount and shall be divided into such class of Shares, which Shares shall confer such rights and preferences, and shall be subject to such restrictions, as such resolution shall provide.

(b) Except to the extent otherwise provided in such resolution, any new Shares included in the authorized share capital increase as aforesaid shall be subject to all of the provisions of these Articles that are applicable to Shares of such class that are included in the existing share capital.

**8. Special or Class Rights; Modification of Rights.**

(a) The Company may, from time to time, by a Shareholders' resolution, provide for shares with such preferred or deferred rights or other special rights and/or such restrictions, whether in regard to dividends, voting, repayment of share capital or otherwise, as may be stipulated in such resolution.

(b) If at any time the share capital of the Company is divided into different classes of shares, the rights attached to any class, unless otherwise provided by these Articles, may be modified or cancelled by the Company by a resolution of the General Meeting of the holders of all shares as one class, without any required separate resolution of any class of shares.

(c) The provisions of these Articles relating to General Meetings shall apply, mutatis mutandis, to any separate General Meeting of the holders of the Shares of a particular class, it being clarified that the requisite quorum at any such separate General Meeting shall be two or more Shareholders present in person or by proxy and holding not less than thirty three and one third percent (33⅓%) of the issued shares of such class; provided, however, that if (i) such separate General Meeting of the holders of the particular class of Shares was initiated by and convened pursuant to a resolution adopted by the Board of Directors and (ii) at the time of such meeting the Company is qualified to use the forms of a "foreign private issuer" under U.S. securities laws, then the requisite quorum at any such separate General Meeting shall be two or more Shareholders (not in default in payment of any sum referred to in Article ‎14 hereof) present in person or by proxy and holding not less than twenty five percent (25%) of the issued shares of such class. For the purpose of determining the quorum present at such General Meeting, a proxy may be deemed to be two (2) or more Shareholders pursuant to the number of Shareholders represented by the proxy holder.

(d) Unless otherwise provided by these Articles, an increase in the authorized share capital, the creation of a new class of shares, an increase in the authorized share capital of a class of shares, or the issuance of additional shares thereof out of the authorized and unissued share capital, shall not be deemed, for purposes of this Article ‎8, to modify or derogate or cancel the rights attached to previously issued shares of such class or of any other class.

**9. Consolidation, Division, Cancellation and Reduction of Share Capital.**

(a) The Company may, from time to time, by or pursuant to an authorization of a Shareholders' resolution, and subject to applicable law and the other provisions of these Articles:

(i) consolidate all or any part of its issued or unissued authorized share capital into Shares of larger par value than its existing Shares;

(ii) divide or sub-divide its Shares (issued or unissued) or any of them into shares of smaller par value than its existing Shares;

(iii) cancel any authorized Shares which, at the date of the adoption of such resolution, have not been issued to any person nor has the Company made any commitment, including a conditional commitment, to issue such Shares, and reduce the amount of its share capital by the amount of the Shares so canceled; or

(iv) reduce its share capital in any manner.

(b) With respect to any consolidation of issued Shares and with respect to any other action which may result in fractional Shares, the Board of Directors may settle any difficulty which may arise with regard thereto, as it deems fit, and may, without limiting its aforesaid power:

(i) determine, as to the holder of Shares so consolidated, which issued Shares shall be consolidated;

(ii) issue, in contemplation of or subsequent to such consolidation or other action, Shares sufficient to preclude or remove fractional share holdings;

(iii) redeem such Shares or fractional shares sufficient to preclude or remove fractional Share holdings;

(iv) round up, round down or round to the nearest whole number, any fractional Shares resulting from the consolidation or from any other action which may result in fractional Shares; or

(v) cause the transfer of fractional Shares by certain Shareholders of the Company to other Shareholders thereof so as to most expediently preclude or remove any fractional Share holdings, and cause the transferees of such fractional Shares to pay the transferors thereof the fair value thereof, and the Board of Directors is hereby authorized to act in connection with such transfer, as agent for the transferors and transferees of any such fractional Shares, with full power of substitution, for the purposes of implementing the provisions of this sub-Article ‎9(b)(v).

**10. Issuance of Share Certificates; Replacement of Lost Certificates.**

(a) To the extent that the Board of Directors determines that all Shares shall be certificated or, if the Board of Directors does not so determine, to the extent that any Shareholder requests a share certificate or the Company's transfer agent so requires, share certificates shall be issued under the corporate seal of the Company or its written, typed or stamped name and shall bear the signature of one Director, the Company's Chief Executive Officer, or any person or persons authorized therefor by the Board of Directors. Signatures may be affixed in any mechanical or electronic form, as the Board of Directors may prescribe.

(b) Subject to the provisions of Article ‎10(a), each Shareholder shall be entitled to one numbered certificate for all of the Shares of any class registered in his or her name. Each certificate may also specify the amount paid up thereon. The Company (as determined by an officer of the Company to be designated by the Chief Executive Officer) shall not refuse a request by a Shareholder to obtain several certificates in place of one certificate, unless such request is, in the opinion of such officer, unreasonable. Where a Shareholder has sold or transferred a portion of such Shareholder's Shares, such Shareholder shall be entitled to receive a certificate in respect of such Shareholder's remaining Shares, provided that the previous certificate is delivered to the Company before the issuance of a new certificate.

(c) A share certificate registered in the names of two or more persons shall be delivered to the person first named in the Register of Shareholders in respect of such co-ownership.

(d) A share certificate which has been defaced, lost or destroyed, may be replaced, and the Company shall issue a new certificate to replace such defaced, lost or destroyed certificate upon payment of such fee, and upon the furnishing of such evidence of ownership and such indemnity, as the Board of Directors in its discretion deems fit.

**11. Registered Holder.**

Except as otherwise provided in these Articles or the Companies Law, the Company shall be entitled to treat the registered holder of each Share as the absolute owner thereof, and accordingly, shall not, except as ordered by a court of competent jurisdiction, or as required by the Companies Law, be obligated to recognize any equitable or other claim to, or interest in, such Share on the part of any other person.

**12. Issuance and Repurchase of Shares.**

(a) The unissued Shares from time to time shall be under the control of the Board of Directors (and, to the extent permitted by applicable law, any Committee thereof), which, subject to any applicable law and these Articles shall have the power to issue or otherwise dispose of Shares and of securities convertible or exercisable into or other rights to acquire from the Company to such persons, on such terms and conditions (including, inter alia, price, with or without premium, discount or commission, and terms relating to installments set forth in Article ‎14(f) hereof), and at such times, as the Board of Directors (or the Committee, as the case may be) deems fit, and the power to give to any person the option to acquire from the Company any Shares or securities convertible or exercisable into or other rights to acquire from the Company on such terms and conditions (including, inter alia, price, with or without premium, discount or commission), during such time as the Board of Directors (or the Committee, as the case may be) deems fit.

(b) The Company may at any time and from time to time, subject to applicable law, repurchase or finance the purchase of any Shares or other securities issued by the Company, in such manner and under such terms as the Board of Directors shall determine, whether from any one or more Shareholders. Such purchase shall not be deemed as payment of dividends and as such, no Shareholder will have the right to require the Company to purchase his or her Shares or offer to purchase shares from any other Shareholders.

**13. Payment in Installment.**

If pursuant to the terms of issuance of any Share, all or any portion of the price thereof shall be payable in installments, every such installment shall be paid to the Company on the due date thereof by the then registered holder(s) of the Share or the person(s) then entitled thereto.

**14. Calls on Shares.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Board of Directors may, from time to time, as it, in its discretion, deems fit, make calls
 for payment upon Shareholders in respect of any sum (including premium) which has not been
 paid up in respect of Shares held by such Shareholders and which is not, pursuant to the
 terms of issuance of such Shares or otherwise, payable at a fixed time, and each Shareholder
 shall pay the amount of every call so made upon him or her (and of each installment thereof
 if the same is payable in installments), to the person(s) and at the time(s) and place(s)
 designated by the Board of Directors, as any such times may be thereafter extended and/or
 such person(s) or place(s) changed. Unless otherwise stipulated in the resolution of the
 Board of Directors (and in the notice hereafter referred to), each payment in response to
 a call shall be deemed to constitute a pro rata payment on account of all the Shares
 in respect of which such call was made.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Notice
 of any call for payment by a Shareholder shall be given in writing to such Shareholder not
 less than fourteen (14) days prior to the time of payment fixed in such notice,
 and shall specify the time and place of payment, and the person to whom such payment is to
 be made. Prior to the time for any such payment fixed in a notice of a call given to a Shareholder,
 the Board of Directors may in its absolute discretion, by notice in writing to such Shareholder,
 revoke such call in whole or in part, extend the time fixed for payment thereof, or designate
 a different place of payment or person to whom payment is to be made. In the event of a call
 payable in installments, only one notice thereof need be given.

&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 pursuant to the terms of issuance of a share or otherwise, an amount is made payable at a
 fixed time, such amount shall be payable at such time as if it were payable by virtue of
 a call made by the Board of Directors and for which notice was given in accordance with paragraphs (a) and (b) of
 this Article ‎14, and the provision of these Articles with regard to calls (and
 the non-payment thereof) shall be applicable to such amount or such installment (and the
 non-payment thereof).

&nbsp;&nbsp;&nbsp;&nbsp;(d) Joint
 holders of a Share shall be jointly and severally liable to pay all calls for payment in
 respect of such Share and all interest payable thereon.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Any
 amount called for payment which is not paid when due shall bear interest from the date fixed
 for payment until actual payment thereof, at such rate (not exceeding the then prevailing
 debitory rate charged by leading commercial banks in Israel), and payable at such time(s)
 as the Board of Directors may prescribe.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Upon
 the issuance of Shares, the Board of Directors may provide for differences among the holders
 of such Shares as to the amounts and times for payment of calls for payment in respect of
 such Shares.

**15. Prepayment.**

With the approval of the Board of Directors, any Shareholder may pay to the Company any amount not yet payable in respect of his or her Shares, and the Board of Directors may approve the payment by the Company of interest on any such amount until the same would be payable if it had not been paid in advance, at such rate and time(s) as may be approved by the Board of Directors. The Board of Directors may at any time cause the Company to repay all or any part of the money so advanced, without premium or penalty. Nothing in this Article ‎15 shall derogate from the right of the Board of Directors to make any call for payment before or after receipt by the Company of any such advance.

**16. Forfeiture and Surrender.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 any Shareholder fails to pay an amount payable by virtue of a call, installment or interest
 thereon as provided for in accordance herewith, on or before the day fixed for payment of
 the same, the Board of Directors may at any time after the day fixed for such payment, so
 long as such amount (or any portion thereof) or interest thereon (or any portion thereof)
 remains unpaid, forfeit all or any of the Shares in respect of which such payment was called
 for. All expenses incurred by the Company in attempting to collect any such amount or interest
 thereon, including, without limitation, attorneys' fees and costs of legal proceedings,
 shall be added to, and shall, for all purposes (including the accrual of interest thereon)
 constitute a part of, the amount payable to the Company in respect of such call.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon
 the adoption of a resolution as to the forfeiture of a Shareholder's Share, the Board
 of Directors shall cause notice thereof to be given to such Shareholder, which notice shall
 state that, in the event of the failure to pay the entire amount so payable by a date specified
 in the notice (which date shall be not less than fourteen (14) days after the
 date such notice is given and which may be extended by the Board of Directors), such Shares
 shall be ipso facto forfeited; provided, however, that, prior
 to such date, the Board of Directors may cancel such resolution of forfeiture, but no such
 cancellation shall stop the Board of Directors from adopting a further resolution of forfeiture
 in respect of the non-payment of the same amount.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Without
 derogating from Articles ‎52 and ‎56 hereof, whenever Shares are
 forfeited as herein provided, all dividends, if any, theretofore declared in respect thereof
 and not actually paid shall be deemed to have been forfeited at the same time.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Company, by resolution of the Board of Directors, may accept the voluntary surrender of any
 Share.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Any
 Share forfeited or surrendered as provided herein, shall become the property of the Company
 as a dormant Share, and the same, subject to the provisions of these Articles, may be sold,
 re-issued or otherwise disposed of as the Board of Directors deems fit.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Any
 person whose Shares have been forfeited or surrendered shall cease to be a Shareholder in
 respect of the forfeited or surrendered Shares, but shall, notwithstanding, be liable to
 pay, and shall forthwith pay, to the Company, all calls, interest and expenses owing upon
 or in respect of such Shares at the time of forfeiture or surrender, together with interest
 thereon from the time of forfeiture or surrender until actual payment, at the rate prescribed
 in Article ‎14(e) above, and the Board of Directors, in its discretion, may,
 but shall not be obligated to, enforce or collect the payment of such amounts, or any part
 thereof, as it shall deem fit. In the event of such forfeiture or surrender, the Company,
 by resolution of the Board of Directors, may accelerate the date(s) of payment of any or
 all amounts then owing to the Company by the person in question (but not yet due) in respect
 of all Shares owned by such Shareholder, solely or jointly with another.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The
 Board of Directors may at any time, before any Share so forfeited or surrendered shall have
 been sold, re-issued or otherwise disposed of, nullify the forfeiture or surrender on such
 conditions as it deems fit, but no such nullification shall stop the Board of Directors from
 re-exercising its powers of forfeiture pursuant to this Article ‎16.

**17. Lien.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Except
 to the extent the same may be waived or subordinated in writing, the Company shall have a
 first and paramount lien upon all the Shares registered in the name of each Shareholder (without
 regard to any equitable or other claim or interest in such Shares on the part of any other
 person), and upon the proceeds of the sale thereof, for his or her debts, liabilities and
 engagements to the Company arising from any amount payable by such Shareholder in respect
 of any unpaid or partly paid Share, whether or not such debt, liability or engagement has
 matured. Such lien shall extend to all dividends from time to time declared or paid in respect
 of such Share. Unless otherwise provided, the registration by the Company of a transfer of
 Shares shall be deemed to be a waiver on the part of the Company of the lien (if any) existing
 on such Shares immediately prior to such transfer.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Board of Directors may cause the Company to sell a Share subject to such a lien when the
 debt, liability or engagement giving rise to such lien has matured, in such manner as the
 Board of Directors deems fit, but no such sale shall be made unless such debt, liability
 or engagement has not been satisfied within fourteen (14) days after written
 notice of the intention to sell shall have been served on such Shareholder, his or her executors
 or administrators.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 net proceeds of any such sale, after payment of the costs and expenses thereof or ancillary
 thereto, shall be applied in or toward satisfaction of the debts, liabilities or engagements
 of such Shareholder in respect of such Share (whether or not the same have matured), and
 the remaining proceeds (if any) shall be paid to the Shareholder, his or her executors, administrators
 or assigns.

**18. Sale After Forfeiture or Surrender or For Enforcement of Lien**.

Upon any sale of a share after forfeiture or surrender or for enforcing a lien, the Board of Directors may appoint any person to execute an instrument of transfer of the Share so sold and cause the purchaser's name to be entered in the Register of Shareholders in respect of such Share. The purchaser shall be registered as the Shareholder and shall not be bound to see to the regularity of the sale proceedings, or to the application of the proceeds of such sale, and after his or her name has been entered in the Register of Shareholders in respect of such Share, the validity of the sale shall not be impeached by any person, and the remedy of any person aggrieved by the sale shall be in damages only and against the Company exclusively.

**19. Redeemable Shares.**

The Company may, subject to applicable law, issue redeemable shares or other securities and redeem the same upon terms and conditions to be set forth in a written agreement between the Company and the holder of such shares or in their terms of issuance.

**Transfer of Shares**

**20. Registration of Transfer.**

No transfer of Shares shall be registered unless a proper writing or instrument of transfer (in any customary form or any other form satisfactory to the Board of Directors or an officer of the Company to be designated by the Chief Executive Officer) has been submitted to the Company (or its transfer agent), together with any share certificate(s) and such other evidence of title as the Board of Directors or an officer of the Company to be designated by the Chief Executive Officer may require. Notwithstanding anything to the contrary herein, Shares registered in the name of The Depository Trust Company or its nominee shall be transferrable in accordance with the policies and procedures of The Depository Trust Company. Until the transferee has been registered in the Register of Shareholders in respect of the Shares so transferred, the Company may continue to regard the transferor as the owner thereof. The Board of Directors may, from time to time, prescribe a fee for the registration of a transfer and may approve other methods of recognizing the transfer of Shares in order to facilitate the trading of the Company's shares on the Stock Exchange.

**21. Suspension of Registration.**

The Board of Directors may, in its discretion to the extent it deems necessary, close the Register of Shareholders of registration of transfers of Shares for a period determined by the Board of Directors, and no registrations of transfers of Shares shall be made by the Company during any such period during which the Register of Shareholders is so closed.

**Transmission of Shares**

**22. Decedents' Shares.**

Upon the death of a Shareholder, the Company shall recognize the custodian or administrator of the estate or executor of the will, and in the absence of such, the lawful heirs of the Shareholder, as the only holders of the right for the Shares of the deceased Shareholder, after receipt of evidence to the entitlement thereto, as determined by the Board of Directors or an officer of the Company to be designated by the Chief Executive Officer.

**23. Receivers and Liquidators.**

(a) The Company may recognize any receiver, liquidator or similar official appointed to wind-up, dissolve or otherwise liquidate a corporate Shareholder, and a trustee, manager, receiver, liquidator or similar official appointed in bankruptcy or in connection with the reorganization of, or similar proceeding with respect to a Shareholder or its properties, as being entitled to the Shares registered in the name of such Shareholder.

(b) Such receiver, liquidator or similar official appointed to wind-up, dissolve or otherwise liquidate a corporate Shareholder and such trustee, manager, receiver, liquidator or similar official appointed in bankruptcy or in connection with the reorganization of, or similar proceedings with respect to a Shareholder or its properties, upon producing such evidence as the Board of Directors (or an officer of the Company to be designated by the Chief Executive Officer) may deem sufficient as to his or her authority to act in such capacity or under this Article, shall with the consent of the Board of Directors or an officer of the Company to be designated by the Chief Executive Officer (which the Board of Directors or such officer may grant or refuse in its absolute discretion), be registered as a Shareholder in respect of such Shares, or may, subject to the regulations as to transfer herein contained, transfer such Shares.

**General Meetings**

**24. General Meetings.**

(a) An annual General Meeting ("Annual General Meeting") shall be held at such time and at such place, either within or outside of the State of Israel, as may be determined by the Board of Directors.

(b) All General Meetings other than Annual General Meetings shall be called "Special General Meetings". The Board of Directors may, at its discretion, convene a Special General Meeting at such time and place, within or outside of the State of Israel, as may be determined by the Board of Directors.

(c) If so determined by the Board of Directors, an Annual General Meeting or a Special General Meeting may be held through the use of any means of communication approved by the Board of Directors, provided all of the participating Shareholders can hear each other simultaneously. A resolution approved by use of means of communications as aforesaid, shall be deemed to be a resolution lawfully adopted at such general meeting and a Shareholder shall be deemed present in person at such general meeting if attending such meeting through the means of communication used at such meeting.

**25. Record Date for General Meeting.**

Notwithstanding any provision of these Articles to the contrary, and to allow the Company to determine the Shareholders entitled to notice of or to vote at any General Meeting or any adjournment thereof, or entitled to receive payment of any dividend or other distribution or grant of any rights, or entitled to exercise any rights in respect of or to take or be the subject of any other action, the Board of Directors may fix a record date for the General Meeting, which shall not be more than the maximum period and not less than the minimum period permitted by law. A determination of Shareholders of record entitled to notice of or to vote at a General Meeting shall apply to any adjournment of the meeting; provided, however, that the Board of Directors may fix a new record date for the adjourned meeting.

**26. Shareholder Proposal Request.**

(a) Any Shareholder or Shareholders of the Company holding at least the required percentage under the Companies Law of the voting rights of the Company which entitles such Shareholder(s) to require the Company to include a matter on the agenda of a General Meeting (the "**Proposing Shareholder(s)**") may request, subject to the Companies Law, that the Board of Directors include a matter on the agenda of a General Meeting to be held in the future, provided that the Board of Directors determines that the matter is appropriate to be considered at a General Meeting (a "**Proposal Request**"). In order for the Board of Directors to consider a Proposal Request and whether to include the matter stated therein in the agenda of a General Meeting, notice of the Proposal Request must be timely delivered in accordance with applicable law, and the Proposal Request must comply with the requirements of these Articles (including this Article ‎26) and any applicable law and stock exchange rules and regulations. The Proposal Request must be in writing, signed by all of the Proposing Shareholder(s) making such request, delivered, either in person or by registered mail, postage prepaid, and received by the Secretary (or, in the absence thereof, by the Chief Executive Officer of the Company). To be considered timely, a Proposal Request must be received within the time periods prescribed by applicable law. The announcement of an adjournment or postponement of a General Meeting shall not commence a new time period (or extend any time period) for the delivery of a Proposal Request as described above. In addition to any information required to be included in accordance with applicable law, a Proposal Request must include the following:

(i) the name, address, telephone number, and email address of the Proposing Shareholder (or each Proposing Shareholder, as the case may be) and, if an entity, the name(s) of the person(s) that controls or manages such entity;

(ii) the number of Shares held by the Proposing Shareholder(s), directly or indirectly (and, if any of such Shares are held indirectly, an explanation of how they are held and by whom), which shall be in such number no less than as is required to qualify as a Proposing Shareholder, accompanied by evidence satisfactory to the Company of the record holding of such Shares by the Proposing Shareholder(s) as of the date of the Proposal Request;

(iii) the matter requested to be included on the agenda of a General Meeting, all information related to such matter, the reason that such matter is proposed to be brought before the General Meeting, the complete text of the resolution that the Proposing Shareholder proposes to be voted upon at the General Meeting, and a representation that the Proposing Shareholder(s) intend to appear in person or by proxy at the meeting;

(iv) a description of all arrangements or understandings between the Proposing Shareholders and any other person(s) (naming such person or persons) in connection with the matter that is requested to be included on the agenda and a declaration signed by all Proposing Shareholder(s) of whether any of them has a personal interest in the matter and, if so, a description in reasonable detail of such personal interest;

(v) a description of all Derivative Transactions (as defined below) by each Proposing Shareholder(s) during the previous twelve (12) month period, including the date of the transactions and the class, series and number of securities involved in, and the material economic terms of, such Derivative Transactions; and

(vi) a declaration that all of the information that is required under the Companies Law and any other applicable law and stock exchange rules and regulations to be provided to the Company in connection with such matter, if any, has been provided to the Company. The Board of Directors, may, in its discretion, to the extent it deems necessary, request that the Proposing Shareholder(s) provide additional information necessary so as to include a matter in the agenda of a General Meeting, as the Board of Directors may reasonably require.

A "**Derivative Transaction**" means any agreement, arrangement, interest or understanding entered into by, or on behalf or for the benefit of, any Proposing Shareholder or any of its Affiliates or associates, whether of record or beneficial: (1) the value of which is derived in whole or in part from the value of any class or series of shares or other securities of the Company, (2) which otherwise provides any direct or indirect opportunity to gain or share in any gain derived from a change in the value of securities of the Company, (3) the effect or intent of which is to mitigate loss, manage risk or benefit of security value or price changes, or (4) which provides the right to vote or increase or decrease the voting power of, such Proposing Shareholder, or any of its Affiliates or associates, with respect to any Shares or other securities of the Company, which agreement, arrangement, interest or understanding may include, without limitation, any option, warrant, debt position, note, bond, convertible security, swap, stock appreciation right, short position, profit interest, hedge, right to dividends, voting agreement, performance-related fee or arrangement to borrow or lend Shares (whether or not subject to payment, settlement, exercise or conversion in any such class or series), and any proportionate interest of such Proposing Shareholder in the securities of the Company held by any general or limited partnership, or any limited liability company, of which such Proposing Shareholder is, directly or indirectly, a general partner or managing member.

(b) The information required pursuant to this Article shall be updated as of (i) the record date of the General Meeting, (ii) five business days before the General Meeting, and (iii) as of the General Meeting, and any adjournment or postponement thereof.

(c) The provisions of Articles ‎26(a) and ‎26(b) shall apply, mutatis mutandis, to any matter to be included on the agenda of a Special General Meeting which is convened pursuant to a request of a Shareholder duly delivered to the Company in accordance with the Companies Law.

(d) Notwithstanding anything to the contrary herein, this Article ‎26 may only be amended, replaced or suspended by a resolution adopted at a General Meeting by a majority of at least 70% of the total voting power of the Shareholders.

**27. Notice of General Meetings; Omission to Give Notice.**

(a) The Company is not required to give notice of a General Meeting, subject to any mandatory provision of the Companies Law.

(b) The accidental omission to give notice of a General Meeting to any Shareholder, or the non-receipt of notice sent to such Shareholder, shall not invalidate the proceedings at such meeting or any resolution adopted thereat.

(c) No Shareholder present, in person or by proxy, at any time during a General Meeting shall be entitled to seek the cancellation or invalidation of any proceedings or resolutions adopted at such General Meeting on account of any defect in the notice of such meeting relating to the time or the place thereof, or any item acted upon at such meeting.

(d) In addition to any places at which the Company may make available for review by Shareholders the full text of the proposed resolutions to be adopted at a General Meeting, as required by the Companies Law, the Company may add additional places for Shareholders to review such proposed resolutions, including an internet site.

**Proceedings at General Meetings**

**28. Quorum.**

(a) No business shall be transacted at a General Meeting, or at any adjournment thereof, unless the quorum required under these Articles for such General Meeting or such adjourned meeting, as the case may be, is present when the meeting proceeds to business.

(b) In the absence of contrary provisions in these Articles, the requisite quorum for any General Meeting shall be two or more Shareholders (not in default in payment of any sum referred to in Article ‎14 hereof) present in person or by proxy and holding shares conferring in the aggregate at least thirty-three and one-third percent (33⅓%) of the voting power of the Company; provided, however, that if (i) such General Meeting was initiated by and convened pursuant to a resolution adopted by the Board of Directors and (ii) at the time of such General Meeting the Company is qualified to use the forms of a "foreign private issuer" under U.S. securities laws, then the requisite quorum shall be two or more Shareholders (not in default in payment of any sum referred to in Article ‎14 hereof) present in person or by proxy and holding Shares conferring in the aggregate at least twenty-five percent (25%) of the voting power of the Company. For the purpose of determining the quorum present at a certain General Meeting, a proxy may be deemed to be two (2) or more Shareholders pursuant to the number of Shareholders represented by the proxy holder.

(c) If within half an hour from the time appointed for the meeting a quorum is not present, then without any further notice the meeting shall be adjourned either (i) to the same day in the next week, at the same time and place, (ii) to such day and at such time and place as indicated in the notice of such meeting, or (iii) to such day and at such time and place as the Chairperson of the General Meeting shall determine (which may be earlier or later than the date pursuant to clause (i) above). No business shall be transacted at any adjourned meeting except business which might lawfully have been transacted at the meeting as originally called. At such adjourned meeting, if the original meeting was convened by a Shareholder pursuant to a request under Section 63 of the Companies Law, such Shareholder in addition to at least one or more Shareholder, present in person or by proxy, and holding the number of Shares required for making such request, shall constitute a quorum, but in any other case any Shareholder (not in default as aforesaid) present in person or by proxy, shall constitute a quorum.

**29. Chairperson of General Meeting.**

The Chairperson of the Board of Directors shall preside as Chairperson of every General Meeting of the Company. If at any meeting the Chairperson is not present within fifteen (15) minutes after the time fixed for holding the meeting or is unwilling or unable to act as Chairperson, any of the following may preside as Chairperson of the meeting (and in the following order): a Director designated by the Board of Directors, the Chief Executive Officer, the Chief Financial Officer, the General Counsel, the Secretary or any person designated by any of the foregoing. If at any such meeting none of the foregoing persons is present or all are unwilling or unable to act as Chairperson, the Shareholders present (in person or by proxy) shall choose a Shareholder or its proxy present at the meeting to be Chairperson. The office of Chairperson shall not, by itself, entitle the holder thereof to vote at any General Meeting nor shall it entitle such holder to a second or casting vote (without derogating, however, from the rights of such Chairperson to vote as a Shareholder or proxy of a Shareholder if, in fact, the Chairperson is also a Shareholder or such proxy).

**30. Adoption of Resolutions at General Meetings.**

(a) Except as required by the Companies Law or these Articles, including, without limitation, Articles ‎26, ‎39, ‎40, ‎42 and ‎43, as well as this Article ‎30, a resolution of the Shareholders shall be adopted if approved by the holders of a simple majority of the voting power represented at the General Meeting in person or by proxy and voting thereon, as one class, and disregarding abstentions from the count of the voting power present and voting. Without limiting the generality of the foregoing, a resolution with respect to a matter or action for which the Companies Law prescribes a higher majority or pursuant to which a provision requiring a higher majority would have been deemed to have been incorporated into these Articles, but for which the Companies Law allows these Articles to provide otherwise (including, Sections 327 and 24 of the Companies Law), shall be adopted by a simple majority of the voting power represented at the General Meeting in person or by proxy and voting thereon, as one class, and disregarding abstentions from the count of the voting power present and voting.

(b) Every question submitted to a General Meeting shall be decided by a show of hands (or verbal consent if the General Meeting is conducted by electronic measures), but the Chairperson of the General Meeting may determine that a resolution shall be decided by a written ballot. A written ballot may be implemented before the proposed resolution is voted upon or immediately after the declaration by the Chairperson of the results of the vote by a show of hands. If a vote by written ballot is taken after such declaration, the results of the vote by a show of hands shall be of no effect, and the proposed resolution shall be decided by such written ballot.

(c) A defect in convening or conducting a General Meeting, including a defect resulting from the non-fulfillment of any provision or condition set forth in the Companies Law or these Articles, including with regard to the manner of convening or conducting the General Meeting, shall not disqualify any resolution passed at the General Meeting and shall not affect the discussions or decisions which took place thereat.

(d) A declaration by the Chairperson of the General Meeting that a resolution has been carried unanimously, or carried by a particular majority, or rejected, and an entry to that effect in the minute book of the Company, shall be prima facie evidence of the fact without proof of the number or proportion of the votes recorded in favor of or against such resolution.

**31. Power to Adjourn.**

A General Meeting, the consideration of any matter on its agenda, or the resolution on any matter on its agenda, may be postponed or adjourned, from time to time and from place to place: (i) by the Chairperson of a General Meeting at which a quorum is present (and he shall do so if directed by the General Meeting, with the consent of the holders of a majority of the voting power represented in person or by proxy and voting on the question of adjournment), but no business shall be transacted at any such adjourned meeting except business which might lawfully have been transacted at the meeting as originally called, or a matter on its agenda with respect to which no resolution was adopted at the meeting originally called; or (ii) by the Board of Directors (whether prior to or at a General Meeting).

**32. Voting Power.**

Subject to the provisions of Article ‎33(a), Article ‎6(a)(i) and to any provision hereof conferring special rights as to voting, or restricting the right to vote, every Shareholder shall have one vote for each Share held by the Shareholder of record, on every resolution, without regard to whether the vote thereon is conducted by a show of hands (or verbal consent if the meeting is conducted by electronic measures), by written ballot, or by any other means.

**33. Voting Rights.**

(a) No Shareholder shall be entitled to vote at any General Meeting (or be counted as a part of the quorum thereat), unless all payments on installment then payable by him or her in respect of his or her Shares in the Company have been paid.

(b) A company or other corporate body being a Shareholder of the Company may duly authorize any person to be its representative at any meeting of the Company or to execute or deliver a proxy on its behalf. Any person so authorized shall be entitled to exercise on behalf of such Shareholder all the power, which the Shareholder could have exercised if it were an individual. Upon the request of the Chairperson of the General Meeting, written evidence of such authorization (in form acceptable to the Chairperson) shall be delivered to him or her.

(c) Any Shareholder entitled to vote may vote either in person or by proxy (who need not be a Shareholder of the Company), or, if the Shareholder is a company or other corporate body, by representative authorized pursuant to Article ‎33(b) above.

(d) If two or more persons are registered as joint holders of any Share, the vote of the senior who tenders a vote, in person or by proxy, shall be accepted to the exclusion of the vote(s) of the other joint holder(s). For the purpose of this Article ‎33(d), seniority shall be determined by the order of registration of the joint holders in the Register of Shareholders.

(e) If a Shareholder is a minor, under protection, bankrupt or legally incompetent, or in the case of a corporation, is in receivership or liquidation, it may, subject to all other provisions of these Articles and any documents or records required to be provided under these Articles, vote through his, her or its trustees, receiver, liquidator, natural guardian or another legal guardian, as the case may be, and the persons listed above may vote in person or by proxy.

**Proxies**

**34. Instrument of Appointment.**

(a) An instrument appointing a proxy shall be in writing and shall be substantially in the following form:

"I of

(Name of Shareholder) (Address of Shareholder)

Being a shareholder of Tarsier Ltd. hereby appoints of

(Name of Proxy) (Address of Proxy)

as my proxy to vote for me and on my behalf at the General Meeting of the Company to be held on the ___ day of _______, _______ and at any adjournment(s) thereof.

Signed this ____ day of ___________, ______.

(Signature of Appointor)"

or in any usual or common form or in such other form as may be approved by the Board of Directors. Such proxy shall be duly signed by the appointor or such person's duly authorized attorney, or, if such appointor is a company or other corporate body, in the manner in which it signs documents which bind it together with a certificate of an attorney with regard to the authority of the signatories.

(b) Subject to the Companies Law, the original instrument appointing a proxy or a copy thereof (and the power of attorney or other authority, if any, under which such instrument has been signed) shall be delivered to the Company (at its Office, at its principal place of business, or at the offices of its registrar or transfer agent, or at such place as notice of the meeting may specify) not less than forty-eight (48) hours (or such shorter period as the notice shall specify) before the time fixed for such meeting. Notwithstanding the above, the Chairperson shall have the right to waive the time requirement provided above with respect to all instruments of proxies and to accept instruments of proxy until the beginning of a General Meeting. A document appointing a proxy shall be valid for every adjourned meeting of the General Meeting to which the document relates.

**35.** **Effect of Death of Appointer or Transfer of Share and/or Revocation of Appointment.** 

(a) A vote cast in accordance with an instrument appointing a proxy shall be valid notwithstanding the prior death or bankruptcy of the appointing Shareholder (or of his or her attorney-in-fact, if any, who signed such instrument), or the transfer of the Share in respect of which the vote is cast, unless written notice of such matters shall have been received by the Company or by the Chairperson of such meeting prior to such vote being cast.

(b) Subject to the Companies Law, an instrument appointing a proxy shall be deemed revoked (i) upon receipt by the Company or the Chairperson, subsequent to receipt by the Company of such instrument, of written notice signed by the person signing such instrument or by the Shareholder appointing such proxy canceling the appointment thereunder (or the authority pursuant to which such instrument was signed) or of an instrument appointing a different proxy (and such other documents, if any, required under Article ‎34(b) for such new appointment), provided such notice of cancellation or instrument appointing a different proxy were so received at the place and within the time for delivery of the instrument revoked thereby as referred to in Article ‎34(b) hereof, or (ii) if the appointing Shareholder is present in person at the meeting for which such instrument of proxy was delivered, upon receipt by the Chairperson of such meeting of written notice from such Shareholder of the revocation of such appointment, or if and when such Shareholder votes at such meeting. A vote cast in accordance with an instrument appointing a proxy shall be valid notwithstanding the revocation or purported cancellation of the appointment, or the presence in person or vote of the appointing Shareholder at a meeting for which it was rendered, unless such instrument of appointment was deemed revoked in accordance with the foregoing provisions of this Article ‎35(b) at or prior to the time such vote was cast.

**Board of Directors**

**36. Powers of the Board of Directors.**

(a) The Board of Directors may exercise all such powers and do all such acts and things as the Board of Directors is authorized by law or as the Company is authorized to exercise and do and are not hereby or by law required to be exercised or done by the General Meeting. The authority conferred on the Board of Directors by this Article ‎36 shall be subject to the provisions of the Companies Law, these Articles and any regulation or resolution consistent with these Articles adopted from time to time at a General Meeting, provided, however, that no such regulation or resolution shall invalidate any prior act done by or pursuant to a decision of the Board of Directors which would have been valid if such regulation or resolution had not been adopted.

(b) Without limiting the generality of the foregoing, the Board of Directors may, from time to time, set aside any amount(s) out of the profits of the Company as a reserve or reserves for any purpose(s) which the Board of Directors, in its absolute discretion, shall deem fit, including without limitation, capitalization and distribution of bonus Shares, and may invest any sum so set aside in any manner and from time to time deal with and vary such investments and dispose of all or any part thereof, and employ any such reserve or any part thereof in the business of the Company without being bound to keep the same separate from other assets of the Company, and may subdivide or re-designate any reserve or cancel the same or apply the funds therein for another purpose, all as the Board of Directors may from time to time think fit.

**37. Exercise of Powers of the Board of Directors.**

(a) A meeting of the Board of Directors at which a quorum is present in accordance with Article ‎46 shall be competent to exercise all the authorities, powers and discretion vested in or exercisable by the Board of Directors.

(b) A resolution proposed at any meeting of the Board of Directors shall be deemed adopted if approved by a majority of the Directors present, entitled to vote and voting thereon when such resolution is put to a vote.

(c) The Board of Directors may adopt resolutions, without convening a meeting of the Board of Directors, in writing or in any other manner permitted by the Companies Law.

**38. Delegation of Powers.**

(a) The Board of Directors may, subject to the provisions of the Companies Law, delegate any or all of its powers to committees (in these Articles referred to as a "**Committee of the Board of Directors**", or "**Committee**"), each consisting of one or more persons (who may or may not be Directors), and it may from time to time revoke such delegation or alter the composition of any such Committee. Any Committee so formed shall, in the exercise of the powers so delegated, conform to any regulations imposed on it by the Board of Directors, subject to applicable law. No regulation imposed by the Board of Directors on any Committee and no resolution of the Board of Directors shall invalidate any prior act done or pursuant to a resolution by the Committee which would have been valid if such regulation or resolution of the Board of Directors had not been adopted. The meetings and proceedings of any such Committee of the Board of Directors shall, mutatis mutandis, be governed by the provisions herein contained for regulating the meetings of the Board of Directors, to the extent not superseded by any regulations adopted by the Board of Directors. Unless otherwise expressly prohibited by the Board of Directors, in delegating powers to a Committee of the Board of Directors, such Committee shall be empowered to further delegate such powers.

(b) The Board of Directors may from time to time appoint a Secretary to the Company, as well as Officers, agents, employees and independent contractors, as the Board of Directors deems fit, and may terminate the service of any such person. The Board of Directors may, subject to the provisions of the Companies Law, determine the powers and duties, as well as the salaries and compensation, of all such persons.

(c) The Board of Directors may from time to time, by power of attorney or otherwise, appoint any person, company, firm or body of persons to be the attorney or attorneys of the Company at law or in fact for such purposes(s) and with such powers, authorities and discretions, and for such period and subject to such conditions, as it deems fit, and any such power of attorney or other appointment may contain such provisions for the protection and convenience of persons dealing with any such attorney as the Board of Directors deems fit, and may also authorize any such attorney to delegate all or any of the powers, authorities and discretions vested in him or her.

**39. Number of Directors.**

(a) The Board of Directors shall consist of such number of Directors (not less than three (3) nor more than seven (7), including the External Directors, if any were elected) as may be fixed from time to time by resolution of the Board of Directors.

(b) Notwithstanding anything to the contrary herein, this Article ‎39 may only be amended or replaced by a resolution adopted at a General Meeting by a majority of at least 70% of the total voting power of the Shares.

**40. Election and Removal of Directors.**

(a) The Directors (excluding the External Directors if any were elected), shall be classified, with respect to the term for which they each severally hold office, into three classes, as nearly equal in number as practicable, hereby designated as Class I, Class II and Class III (each, a "**Class**"). The Board of Directors may assign members of the Board of Directors already in office to such classes at the time such classification becomes effective.

(i) The term of office of the initial Class I directors shall expire at the Annual General Meeting to be held in 2027 and when their successors are elected and qualified,

(ii) The term of office of the initial Class II directors shall expire at the first Annual General Meeting following the Annual General Meeting referred to in clause (i) above and when their successors are elected and qualified, and

(iii) The term of office of the initial Class III directors shall expire at the first Annual General Meeting following the Annual General Meeting referred to in clause (ii) above and when their successors are elected and qualified.

(b) At each Annual General Meeting, commencing with the Annual General Meeting to be held in 2027, each Nominee or Alternate Nominee (each as defined below) elected at such Annual General Meeting to serve as a Director in a Class whose term shall have expired at such Annual General Meeting shall be elected to hold office until the third Annual General Meeting next succeeding his or her election and until his or her respective successor shall have been elected and qualified. Notwithstanding anything to the contrary, each Director shall serve until his or her successor is elected and qualified or until such earlier time as such Director's office is vacated.

(c) If the number of Directors (excluding External Directors, if any were elected) that comprises the Board of Directors is hereafter changed by the Board of Directors, any newly created directorships or decrease in directorships shall be so apportioned by the Board of Directors among the classes as to make all classes as nearly equal in number as is practicable, provided that no decrease in the number of Directors constituting the Board of Directors shall shorten the term of any incumbent Director.

(d) Prior to every General Meeting of the Company at which Directors are to be elected, and subject to clauses ‎(a) and ‎(h) of this Article ‎40, the Board of Directors (or a Committee thereof) shall select, by a resolution adopted by a majority of the Board of Directors (or such Committee), a number of persons to be proposed to the Shareholders for election as Directors at such General Meeting (the "**Nominees**").

(e) Any Proposing Shareholder requesting to include on the agenda of a General Meeting a nomination of a person to be proposed to the Shareholders for election as Director (such person, an "**Alternate Nominee**"), may so request provided that it complies with this Article ‎40(e), Article ‎26 and applicable law. Unless otherwise determined by the Board of Directors, a Proposal Request relating to an Alternate Nominee is deemed to be a matter that is appropriate to be considered only at an Annual General Meeting. In addition to any information required to be included in accordance with applicable law, such a Proposal Request shall include information required pursuant to Article ‎26, and shall also set forth:

(i) the name, address, telephone number, and email address of the Alternate Nominee and all citizenships and residencies of the Alternate Nominee;

(ii) a description of all arrangements, relations or understandings during the past three (3) years, and any other material relationships, between the Proposing Shareholder(s) or any of its Affiliates and each Alternate Nominee;

(iii) a declaration signed by the Alternate Nominee that he or she consents to be named in the Company's notices and proxy materials and on the Company's proxy card relating to the General Meeting, if provided or published, and that he or she, if elected, consents to serve on the Board of Directors and to be named in the Company's disclosures and filings;

(iv) a declaration signed by each Alternate Nominee as required under the Companies Law and any other applicable law and stock exchange rules and regulations for the appointment of such an Alternate Nominee and an undertaking that all of the information that is required under law and stock exchange rules and regulations to be provided to the Company in connection with such an appointment has been provided (including, information in respect of the Alternate Nominee as would be provided in response to the applicable disclosure requirements under Form 20-F (or Form 10-K, if applicable) or any other applicable form prescribed by the U.S. Securities and Exchange Commission (the "SEC"));

(v) a declaration made by the Alternate Nominee of whether he or she meets the criteria for an independent director and, if applicable, External Director of the Company under the Companies Law and/or under any applicable law, regulation or stock exchange rules, and if not, then an explanation of why not; and

(vi) any other information required at the time of submission of the Proposal Request by applicable law, regulations or stock exchange rules.

In addition, the Proposing Shareholder(s) and each Alternate Nominee shall promptly provide any other information reasonably requested by the Company, including a duly completed director and officer questionnaire, in such form as may be provided by the Company, with respect to each Alternate Nominee. The Board of Directors may refuse to acknowledge the nomination of any person not made in compliance with the foregoing. The Company shall be entitled to publish any information provided by a Proposing Shareholder or Alternate Nominee pursuant to this Article ‎40(e) and Article ‎26, and the Proposing Shareholder and Alternate Nominee shall be responsible for the accuracy and completeness thereof.

(f) The Nominees or Alternate Nominees shall be elected by a resolution adopted at the General Meeting at which they are subject to election. Notwithstanding Articles ‎40(a) and ‎40(b), in the event of a Contested Election, the method of calculation of the votes and the manner in which the resolutions will be presented to the General Meeting shall be determined by the Board of Directors in its discretion. In the event that the Board of Directors does not or is unable to make a determination on such matter, then the method described in clause (ii) below shall apply. The Board of Directors may consider, among other things, the following methods:

(i) election of competing slates of Director nominees (determined in a manner approved by the Board of Directors) by a majority of the voting power represented at the General Meeting in person or by proxy and voting on such competing slates,

(ii) election of individual Directors by a plurality of the voting power represented at the General Meeting in person or by proxy and voting on the election of Directors (which shall mean that the nominees receiving the largest number of "for" votes will be elected in such Contested Election),

(iii) election of each nominee by a majority of the voting power represented at the General Meeting in person or by proxy and voting on the election of Directors, provided that if the number of such nominees exceeds the number of Directors to be elected, then as among such nominees the election shall be by plurality of the voting power as described above, and

(iv) such other method of voting as the Board of Directors deems appropriate, including use of a "universal proxy card" listing all Nominees and Alternate Nominees by the Company.

For the purposes of these Articles, election of Directors at a General Meeting shall be considered a "**Contested Election**" if the aggregate number of Nominees and Alternate Nominees at such meeting exceeds the total number of Directors to be elected at such meeting, with the determination thereof being made by the Secretary (or, in the absence thereof, by the Chief Executive Officer of the Company) as of the close of the applicable notice of nomination period under Article ‎26 or under applicable law, based on whether one or more notice(s) of nomination were timely filed in accordance with Article ‎26, this Article ‎40 and applicable law; provided, however, that the determination that an election is a Contested Election shall not be determinative as to the validity of any such notice of nomination; and provided, further, that, if, prior to the time the Company mails its initial proxy statement in connection with such election of Directors, one or more notices of nomination of an Alternate Nominee are withdrawn such that the number of candidates for election as Director no longer exceeds the number of Directors to be elected, the election shall not be considered a Contested Election. Shareholders shall not be entitled to cumulative voting in the election of Directors, except to the extent specifically set forth in this clause (f).

(g) Notwithstanding anything to the contrary herein, this Article ‎40 and Article ‎43(e) may only be amended, replaced or suspended by a resolution adopted at a General Meeting by a majority of at least 70% of the total voting power of the Shares.

(h) Notwithstanding anything to the contrary in these Articles, the election, qualification, removal or dismissal of External Directors, if so elected, shall be only in accordance with the applicable provisions set forth in the Companies Law.

**41. Commencement of Directorship.**

Without derogating from Article ‎40, the term of office of a Director shall commence as of the date of his or her appointment or election, or on a later date if so specified in his or her appointment or election.

**42. Continuing Directors in the Event of Vacancies.**

The Board of Directors (and, if so determined by the Board of Directors, the General Meeting) may at any time and from time to time appoint any person as a Director to fill a vacancy (whether such vacancy is due to a Director no longer serving or due to the number of Directors serving being less than the maximum number stated in Article ‎39 hereof). In the event of one or more such vacancies in the Board of Directors, the continuing Directors may continue to act in every matter, provided, however, that if the number of Directors serving is less than the minimum number provided for pursuant to Article ‎39 hereof, they may only act in an emergency or to fill the office of a Director which has become vacant up to a number equal to the minimum number provided for pursuant to Article ‎39 hereof, or in order to call a General Meeting of the Company for the purpose of electing Directors to fill any or all vacancies. The office of a Director that was appointed by the Board of Directors to fill any vacancy shall only be for the remaining period of time during which the Director whose service has ended was filled would have held office, or in case of a vacancy due to the number of Directors serving being less than the maximum number stated in Article ‎39 hereof the Board of Directors shall determine at the time of appointment the Class pursuant to Article ‎40 to which the additional Director shall be assigned. Notwithstanding anything to the contrary herein, this Article ‎42 may only be amended, replaced or suspended by a resolution adopted at a General Meeting by a majority of at least 70% of the total voting power of the Shares.

**43. Vacation of Office.**

The office of a Director shall be vacated and he shall be dismissed or removed:

(a) ipso facto, upon his or her death;

(b) if he or she is prevented by applicable law from serving as a Director;

(c) if the Board of Directors determines that due to his or her mental or physical state he or she is unable to serve as a director;

(d) if his or her directorship expires pursuant to these Articles and/or applicable law;

(e) by a resolution adopted at a General Meeting by a majority of at least 70% of the total voting power of the Shares (with such removal becoming effective on the date fixed in such resolution);

(f) by his or her written resignation, such resignation becoming effective on the date fixed therein, or upon the delivery thereof to the Company, whichever is later; or

(g) with respect to an External Director, if so elected, and notwithstanding anything to the contrary herein, only pursuant to applicable law.

**44. Conflict of Interests; Approval of Related Party Transactions.**

(a) Subject to the provisions of applicable law and these Articles, no Director shall be disqualified by virtue of his or her office from holding any office or place of profit in the Company or in any company in which the Company shall be a Shareholder or otherwise interested, or from contracting with the Company as vendor, purchaser or otherwise, nor shall any such contract, or any contract or arrangement entered into by or on behalf of the Company in which any Director shall be in any way interested, be avoided, nor, other than as required under the Companies Law, shall any Director be liable to account to the Company for any profit arising from any such office or place of profit or realized by any such contract or arrangement by reason only of such Director's holding that office or of the fiduciary relations thereby established, but the nature of his or her interest, as well as any material fact or document, must be disclosed by him or her at the meeting of the Board of Directors at which the contract or arrangement is first considered, if his or her interest then exists, or, in any other case, at no later than the first meeting of the Board of Directors after the acquisition of his or her interest.

(b) Subject to the Companies Law and these Articles, a transaction between the Company and an Office Holder, and a transaction between the Company and another entity in which an Office Holder of the Company has a personal interest, in each case, which is not an Extraordinary Transaction (as defined by the Companies Law), shall require only approval by the Board of Directors or a Committee of the Board of Directors. Such authorization, as well as the actual approval, may be for a particular transaction or more generally for specific type of transactions.

**Proceedings of the Board of Directors**

**45. Meetings.**

(a) The Board of Directors may meet and adjourn its meetings and otherwise regulate such meetings and proceedings as the Board of Directors thinks fit.

(b) A meeting of the Board of Directors shall be convened by the Secretary upon instruction of the Chairperson or upon a request of at least two (2) Directors which is submitted to the Chairperson or in any event that such meeting is required by the provisions of the Companies Law. In the event that the Chairperson does not instruct the Secretary to convene a meeting upon a request of at least two (2) Directors within seven (7) days of such request, then such two (2) Directors may convene a meeting of the Board of Directors. Any meeting of the Board of Directors shall be convened upon not less than two (2) days' notice, unless such notice is waived in writing by all of the Directors as to a particular meeting or by their attendance at such meeting or unless the matters to be discussed at such meeting are of such urgency and importance that notice is reasonably determined by the Chairperson as ought to be waived or shortened under the circumstances.

(c) Notice of any such meeting shall be given, in writing or by mail, facsimile, email or such other means of delivery of notices as the Company may apply, from time to time.

(d) Notwithstanding anything to the contrary herein, failure to deliver notice to a Director of any such meeting in the manner required hereby may be waived by such Director, and a meeting shall be deemed to have been duly convened notwithstanding such defective notice if such failure or defect is waived prior to action being taken at such meeting, by all Directors entitled to participate at such meeting to whom notice was not duly given as aforesaid. Without derogating from the foregoing, no Director present at any time during a meeting of the Board of Directors shall be entitled to seek the cancellation or invalidation of any proceedings or resolutions adopted at such meeting on account of any defect in the notice of such meeting relating to the date, time or the place thereof or the convening of the meeting.

**46. Quorum.**

Until otherwise unanimously decided by the Board of Directors or a Committee thereof, a quorum at a meeting of the Board of Directors or a Committee thereof shall be constituted by the presence in person or by any means of communication of, as applicable, (i) a majority of the Directors then in office who are lawfully entitled to participate and vote in the meeting, or (ii) a majority of the Directors then in office who are members of such Committee and who are lawfully entitled to participate and vote in the meeting. No business shall be transacted at a meeting of the Board of Directors or a Committee thereof unless the requisite quorum is present (in person or by any means of communication on the condition that all participating Directors can hear each other simultaneously) when the meeting proceeds to business. If within thirty (30) minutes from the time appointed for a meeting of the Board of Directors a quorum is not present, the meeting shall stand adjourned at the same place and time forty-eight (48) hours thereafter unless the Chairperson has determined that there is such urgency and importance that a shorter period is required under the circumstances. If an adjourned meeting is convened in accordance with the foregoing and a quorum is not present within thirty (30) minutes of the announced time, the requisite quorum at such adjourned meeting shall be, any two (2) Directors, if the number of Directors then serving is up to five (5), and any three (3) Directors, if the number of Directors then serving is more than five (5), in each case who are lawfully entitled to participate in the meeting and who are present at such adjourned meeting, provided, however, that in each case, (i) with respect to a meeting of the Board of Directors, such quorum shall include the Chairperson of the Board of Directors, and (ii) with respect to a meeting of a Committee of the Board of Directors, such quorum shall include the Chairperson of the Board of Directors to the extent the Chairperson is a member of such Committee. At an adjourned meeting of the Board of Directors or a Committee thereof the only matters to be considered shall be those matters which might have been lawfully considered at the meeting of the Board of Directors or a Committee thereof originally called if a requisite quorum had been present, and the only resolutions to be adopted are such types of resolutions which could have been adopted at the meeting of the Board of Directors or a Committee thereof originally called.

**47. Chairperson of the Board of Directors.**

The Board of Directors shall, from time to time, elect one of its members to be the Chairperson of the Board of Directors, remove such Chairperson from office and appoint in his or her place. The Chairperson of the Board of Directors shall preside at every meeting of the Board of Directors, but if there is no such Chairperson, or if at any meeting he is not present within fifteen (15) minutes of the time fixed for the meeting or if he is unwilling to take the chair, the Directors present shall choose one of the Directors present at the meeting to be the Chairperson of such meeting. The office of Chairperson of the Board of Directors shall not, by itself, entitle the holder to a second or casting vote.

**48. Validity of Acts Despite Defects.**

All acts done or transacted at any meeting of the Board of Directors, or of a Committee of the Board of Directors, or by any person(s) acting as Director(s), shall, notwithstanding that it may afterwards be discovered that there was some defect in the appointment of the participants in such meeting or any of them or any person(s) acting as aforesaid, or that they or any of them were disqualified, be as valid as if there were no such defect or disqualification.

**Chief Executive Officer**

**49. Chief Executive Officer.**

(a) The Board of Directors shall from time to time appoint one or more persons, whether or not Directors, as Chief Executive Officer of the Company who shall have the powers and authorities set forth in the Companies Law, and may confer upon such person(s), and from time to time modify or revoke, such titles and such duties and authorities of the Board of Directors as the Board of Directors may deem fit, subject to such limitations and restrictions as the Board of Directors may from time to time prescribe. Such appointment(s) may be either for a fixed term or without any limitation of time, and the Board of Directors may from time to time (subject to any additional approvals required under, and the provisions of, the Companies Law and of any contract between any such person and the Company) fix their salaries and compensation, remove or dismiss them from office and appoint another or others in his, her or their place or places.

(b) Unless otherwise determined by the Board of Directors, the Chief Executive Officer shall have authority with respect to the management and operations of the Company in the ordinary course of business.

**Minutes**

**50. Minutes.**

Any minutes of the General Meeting or the Board of Directors or any Committee thereof, if purporting to be signed by the Chairperson of the General Meeting, the Board of Directors or a Committee thereof, as the case may be, or by the Chairperson of the next succeeding General Meeting, meeting of the Board of Directors or meeting of a Committee, as the case may be, shall constitute *prima facie* evidence of the matters recorded therein.

**Dividends**

**51. Declaration of Dividends.**

The Board of Directors may, from time to time, declare, and cause the Company to pay dividends as permitted by the Companies Law. The Board of Directors shall determine the time for payment of such dividends and the record date for determining the shareholders entitled thereto.

**52. Amount Payable by Way of Dividends.**

Subject to the provisions of these Articles and subject to the rights or conditions attached at that time to any Share in the capital of the Company granting preferential, special or deferred rights or not granting any rights with respect to dividends, any dividend paid by the Company shall be allocated among the Shareholders (not in default in payment of any sum referred to in Article ‎14 hereof) entitled thereto on a *pari passu* basis in proportion to their respective holdings of the issued and outstanding Shares in respect of which such dividends are being paid.

**53. Interest.**

No dividend shall carry interest as against the Company.

**54. Payment in Specie.**

If so declared by the Board of Directors, a dividend declared in accordance with Article ‎51 may be paid, in whole or in part, by the distribution of specific assets of the Company or by distribution of paid-up Shares, debentures or other securities of the Company or of any other companies, or in any combination thereof, in each case, the fair value of which shall be determined by the Board of Directors in good faith.

**55. Implementation of Powers.**

The Board of Directors may settle, as it deems fit, any difficulty arising with regard to the distribution of dividends, bonus shares or otherwise, and in particular, to issue certificates for fractions of shares and sell such fractions of shares in order to pay their consideration to those entitled thereto, or to set the value for the distribution of certain assets and to determine that cash payments shall be paid to the Shareholders on the basis of such value, or that fractions whose value is less than NIS 0.01 shall not be taken into account. The Board of Directors may instruct to pay cash or convey these certain assets to a trustee in favor of those people who are entitled to a dividend, as the Board of Directors shall deem appropriate.

**56. Deductions from Dividends.**

The Board of Directors may deduct from any dividend or other moneys payable to any Shareholder in respect of a Share any and all sums of money then payable by him or her to the Company on account of installments or otherwise in respect of Shares of the Company and/or on account of any other matter of transaction whatsoever.

**57. Retention of Dividends.**

(a) The Board of Directors may retain any dividend or other moneys payable or property distributable in respect of a Share on which the Company has a lien, and may apply the same in or toward satisfaction of the debts, liabilities, or engagements in respect of which the lien exists.

(b) The Board of Directors may retain any dividend or other moneys payable or property distributable in respect of a Share in respect of which any person is, under Articles ‎22 or ‎23, entitled to become a Shareholder, or which any person is, under said Articles, entitled to transfer, until such person shall become a Shareholder in respect of such Share or shall transfer the same.

**58. Unclaimed Dividends.**

All unclaimed dividends or other moneys payable in respect of a Share may be invested or otherwise made use of by the Board of Directors for the benefit of the Company until claimed. The payment of any unclaimed dividend or such other moneys into a separate account shall not constitute the Company a trustee in respect thereof, and any dividend unclaimed after a period of one (1) year (or such other period determined by the Board of Directors) from the date of declaration of such dividend, and any such other moneys unclaimed after a like period from the date the same were payable, shall be forfeited and shall revert to the Company; provided, however, that the Board of Directors may, at its discretion, cause the Company to pay any such dividend or such other moneys, or any part thereof, to a person who would have been entitled thereto had the same not reverted to the Company. The principal (and only the principal) of any unclaimed dividend of such other moneys shall be if claimed, paid to a person entitled thereto.

**59. Mechanics of Payment.**

Any dividend or other moneys payable in cash in respect of a Share, less the tax required to be withheld pursuant to applicable law, may, as determined by the Board of Directors in its sole discretion, be paid by check or warrant sent through the post to, or left at, the registered address of the person entitled thereto or by transfer to a bank account specified by such person (or, if two (2) or more persons are registered as joint holders of such Share or are entitled jointly thereto in consequence of the death or bankruptcy of the holder or otherwise, to any one of such persons or his or her bank account or the person who the Company may then recognize as the owner thereof or entitled thereto under Article ‎22 or ‎23 hereof, as applicable, or such person's bank account), or to such person and at such other address as the person entitled thereto may by writing direct, or in any other manner the Board of Directors deems appropriate. Every such check or warrant or other method of payment shall be made payable to the order of the person to whom it is sent, or to such person as the person entitled thereto as aforesaid may direct, and payment of the check or warrant by the banker upon whom it is drawn shall be a good discharge to the Company. Every such check shall be sent at the risk of the person entitled to the money represented thereby.

**Accounts**

**60. Books of Account.**

The Company's books of account shall be kept at the Office of the Company, or at such other place or places as the Board of Directors may think fit, and they shall always be open to inspection by all Directors. No shareholder, not being a Director, shall have any right to inspect any account or book or other similar document of the Company, except as explicitly conferred by law or authorized by the Board of Directors. The Company shall make copies of its annual financial statements available for inspection by the Shareholders at the principal offices of the Company. The Company shall not be required to send copies of its annual financial statements to the Shareholders.

**61. Auditors.**

The appointment, authorities, rights and duties of the auditor(s) of the Company shall be regulated by applicable law; provided, however, that in exercising its authority to fix the remuneration of the auditor(s), the Shareholders in General Meeting may act (and in the absence of any action in connection therewith shall be deemed to have so acted) to authorize the Board of Directors (with right of delegation to a Committee thereof or to management) to fix such remuneration subject to such criteria or standards, and if no such criteria or standards are so provided, such remuneration shall be fixed in an amount commensurate with the volume and nature of the services rendered by such auditor(s). The General Meeting may, if so recommended by the Board of Directors, appoint the auditors for a period that may extend until the third Annual General Meeting after the Annual General Meeting in which the auditors were appointed.

**62. Fiscal Year.**

The fiscal year of the Company shall be the 12-month period ending on December 31 of each calendar year.

**Supplementary Registers**

**63. Supplementary Registers.**

Subject to and in accordance with the provisions of Sections 138 and 139 of the Companies Law, the Company may cause supplementary registers to be kept in any place outside Israel as the Board of Directors may think fit, and, subject to all applicable requirements of law, the Board of Directors may from time to time adopt such rules and procedures as it may think fit in connection with the keeping of such branch registers.

**Exemption, Indemnity and Insurance**

**64. Insurance.**

Subject to the provisions of the Companies Law with regard to such matters, the Company may enter into a contract for the insurance of the liability, in whole or in part, of any of its Office Holders imposed on such Office Holder due to an act performed by or an omission of the Office Holder in the Office Holder's capacity as an Office Holder of the Company arising from any matter permitted by law, including the following:

(a) a breach of duty of care to the Company or to any other person;

(b) a breach of his or her duty of loyalty to the Company, provided that the Office Holder acted in good faith and had reasonable grounds to assume that act that resulted in such breach would not prejudice the interests of the Company;

(c) a financial liability imposed on such Office Holder in favor of any other person; and

(d) any other event, occurrence, matters or circumstances under any law with respect to which the Company may, or will be able to, insure an Office Holder, and to the extent such law requires the inclusion of a provision permitting such insurance in these Articles, then such provision is deemed to be included and incorporated herein by reference (including, without limitation, in accordance with Section 56h(b)(1) of the Securities Law, if and to the extent applicable, and Section 50P of the Economic Competition Law).

**65. Indemnity.**

(a) Subject to the provisions of the Companies Law, the Company may retroactively indemnify an Office Holder of the Company to the maximum extent permitted under applicable law, including with respect to the following liabilities and expenses, provided that such liabilities or expenses were imposed on such Office Holder or incurred by such Office Holder due to an act performed by or an omission of the Office Holder in such Office Holder's capacity as an Office Holder of the Company:

(i) a financial liability imposed on an Office Holder in favor of another person by any court judgment, including a judgment given as a result of a settlement or an arbitrator's award which has been confirmed by a court;

(ii) reasonable litigation expenses, including legal fees, expended by the Office Holder (A) as a result of an investigation or proceeding instituted against him or her by an authority authorized to conduct such investigation or proceeding, provided that (1) no indictment (as defined in the Companies Law) was filed against such Office Holder as a result of such investigation or proceeding; and (2) no financial liability in lieu of a criminal proceeding (as defined in the Companies Law) was imposed upon him or her as a result of such investigation or proceeding or if such financial liability was imposed, it was imposed with respect to an offense that does not require proof of criminal intent; or (B) in connection with a financial sanction;

(iii) reasonable litigation costs, including legal fees, expended by an Office Holder or which were imposed on an Office Holder by a court in proceedings filed against the Office Holder by the Company or in its name or by any other person or in a criminal charge in respect of which the Office Holder was acquitted or in a criminal charge in respect of which the Office Holder was convicted for an offence which did not require proof of criminal intent; and

(iv) any other event, occurrence, matter or circumstance under any law with respect to which the Company may, or will be able to, indemnify an Office Holder, and to the extent such law requires the inclusion of a provision permitting such indemnity in these Articles, then such provision is deemed to be included and incorporated herein by reference (including, without limitation, in accordance with Section 56h(b)(1) of the Israeli Securities Law, if and to the extent applicable, and Section 50P(b)(2) of the RTP Law).

(b) Subject to the provisions of the Companies Law, the Company may undertake to indemnify an Office Holder, in advance, with respect to those liabilities and expenses described in the following Articles:

(i) Sub-Article ‎65(a)(ii) to ‎65(a)(iv); and

(ii) Sub-Article ‎(a)(i), provided that:

(1) the undertaking to indemnify is limited to such events which the Directors shall deem to be foreseeable in light of the operations of the Company at the time that the undertaking to indemnify is made and for such amounts or criterion which the Directors may, at the time of the giving of such undertaking to indemnify, deem to be reasonable under the circumstances; and

(2) the undertaking to indemnify shall set forth such events which the Directors shall deem to be foreseeable in light of the operations of the Company at the time that the undertaking to indemnify is made, and the amounts and/or criterion which the Directors may, at the time of the giving of such undertaking to indemnify, deem to be reasonable under the circumstances.

**66. Exemption.**

Subject to the provisions of the Companies Law, the Company may, to the maximum extent permitted by law, exempt and release, in advance, any Office Holder from any liability for damages arising out of a breach of a duty of care.

**67. General.**

(a) Any amendment to the Companies Law or any other applicable law adversely affecting the right of any Office Holder to be indemnified, insured or exempt pursuant to Articles ‎64 to ‎66 and any amendments to Articles ‎64 to ‎66 shall be prospective in effect, and shall not affect the Company's obligation or ability to indemnify, insure or exempt an Office Holder for any act or omission occurring prior to such amendment, unless otherwise provided by applicable law.

(b) The provisions of Articles ‎64 to ‎66 (i) shall apply to the maximum extent permitted by law (including, the Companies Law, the Securities Law and the Economic Competition Law); and (ii) are not intended, and shall not be interpreted so as to restrict the Company, in any manner, in respect of the procurement of insurance and/or in respect of indemnification (whether in advance or retroactively) and/or exemption, in favor of any person who is not an Office Holder, including, without limitation, any employee, agent, consultant or contractor of the Company who is not an Office Holder; and/or any Office Holder to the extent that such insurance and/or indemnification is not specifically prohibited under law.

**Winding Up**

**68. Winding Up.**

If the Company is wound up, then, subject to applicable law and to the rights of the holders of Shares with special rights upon winding up, the assets of the Company available for distribution among the Shareholders shall be distributed to them in proportion to the number of issued and outstanding Shares held by each Shareholder.

**Notices**

**69. Notices.**

(a) Any written notice or other document may be served by the Company upon any Shareholder either personally, by facsimile, email or other electronic transmission, or by sending it by prepaid mail (airmail if sent internationally) addressed to such Shareholder at his or her address as described in the Register of Shareholders or such other address as the Shareholder may have designated in writing for the receipt of notices and other documents.

(b) Any written notice or other document may be served by any Shareholder upon the Company by tendering the same in person to the Secretary or the Chief Executive Officer of the Company at the principal office of the Company, by facsimile transmission, email or other electronic submission, or by sending it by prepaid registered mail (airmail if posted outside Israel) to the Company at its Office.

(c) Any such notice or other document shall be deemed to have been served:

(i) in the case of mailing, forty-eight (48) hours after it has been posted, or when actually received by the addressee if sooner than forty-eight hours after it has been posted; or

(ii) in the case of overnight air courier, on the next business day following the day sent, with receipt confirmed by the courier, or when actually received by the addressee if sooner than three business days after it has been sent;

(iii) in the case of personal delivery, when actually tendered in person, to such addressee;

(iv) in the case of facsimile, email or other electronic transmission, on the first business day (during normal business hours in place of addressee) on which the sender receives automatic electronic confirmation by the addressee's facsimile machine that such notice was received by the addressee or delivery confirmation from the addressee's email or other communication server.

(d) If a notice is, in fact, received by the addressee, it shall be deemed to have been duly served, when received, notwithstanding that it was defectively addressed or failed, in some other respect, to comply with the provisions of this Article ‎69.

(e) All notices to be given to the Shareholders shall, with respect to any Share to which persons are jointly entitled, be given to whichever of such persons is named first in the Register of Shareholders, and any notice so given shall be sufficient notice to the holders of such Share.

(f) Any Shareholder whose address is not described in the Register of Shareholders, and who shall not have designated in writing an address for the receipt of notices, shall not be entitled to receive any notice from the Company.

(g) Notwithstanding anything to the contrary contained herein, notice by the Company of a General Meeting, containing the information required by applicable law and these Articles to be set forth therein, which is published, within the time otherwise required for giving notice of such meeting, in either or several of the following manners (as applicable) shall be deemed to be notice of such meeting duly given, for the purposes of these Articles, to any Shareholder whose address as registered in the Register of Shareholders (or as designated in writing for the receipt of notices and other documents) is located either inside or outside the State of Israel:

(i) if the Company's Shares are then listed for trading on a national securities exchange in the United States or quoted in an over-the-counter market in the United States, publication of notice of a General Meeting pursuant to a report or a schedule filed with, or furnished to, the SEC pursuant to the Securities Exchange Act of 1934, as amended; and/or

(ii) on the Company's internet site.

(h) The mailing or publication date and the record date and/or date of the meeting (as applicable) shall be counted among the days comprising any notice period under the Companies Law and the regulations thereunder.

**Amendment**

**70. Amendment.**

Any amendment of these Articles shall require, in addition to the approval of the General Meeting of Shareholders in accordance with these Articles, also the approval of the Board of Directors with the affirmative vote of a majority of the then serving Directors.

**Forum for Adjudication of Disputes**

**71. Forum for Adjudication of Disputes.**

(a) Unless the Company consents in writing to the selection of an alternative forum, the federal district courts of the United States of America shall be the exclusive forum for the resolution of any complaint asserting a cause or causes of action arising under the U.S. Securities Act of 1933, as amended, or the U.S. Securities Exchange Act of 1934, as amended, in each case including all causes of action asserted against any defendant to such complaint. For the avoidance of doubt, this provision is intended to benefit and may be enforced by the Company, its officers and directors, the underwriters to any offering giving rise to such complaint, and any other professional or entity whose profession gives authority to a statement made by that person or entity and who has prepared or certified any part of the documents underlying the offering.

(b) Unless the Company consents in writing to the selection of an alternative forum, or as provided in Article ‎71(a) above, the competent courts in Tel Aviv, Israel shall be the exclusive forum for (i) any derivative action or proceeding brought on behalf of the Company, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of the Company to the Company or the Company's shareholders, or (iii) any action asserting a claim arising pursuant to any provision of the Companies Law or the Securities Law.

(c) Any person or entity purchasing or otherwise acquiring or holding any interest in shares of the Company shall be deemed to have notice of and consented to the provisions of this Article ‎71.

## Exhibit 4.1

**Exhibit 4.1**

![](ea027016608_ex4-1img1.jpg)

1 ORDINARY SHARE CERTIFICATE \* Sample of VStock print on demand certificate w w w . t a r s i e r p h a r m a . c o m \| C o n f i d e n t i a l

## Exhibit 4.3

**Exhibit 4.3**

**TARSIER PHARMA LTD.**

**SAFE**

**(Simple Agreement for Future Equity)**

THIS CERTIFIES THAT in exchange for the payment by the investors listed in **<u>Exhibit A</u>** (each an **"Investor"**, and together the "**Investors**") of no less than US $100,000 each and up to an aggregate amount (from all the Investors) of US $2,000,000 (the **"Purchase Amount"**) on or about June __, 2022 (the **"Effective Date"**), Tarsier Pharma Ltd., an Israeli corporation, company number 51-539864-2 (the **"Company"**), hereby issues to the Investors the right to certain shares of the Company's capital stock, subject to the terms set forth below.

***1. The SAFE Amount***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Investor respective portion of the Purchase Amount, as set forth opposite of such Investor's name in Exhibit A attached hereto, shall be paid by to the Company in one installment within **five (5) business days** following the Effective Date, by wire transfer to the Company's and/or any of its affiliates' bank account (the **"Initial Closing"**).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition, until December 31<sup>st</sup>, 2022 the Company shall be entitled to consummate, at its sole discretion, one or more additional closing(s) (each, an **"Additional Closing"**, and together with the Initial Closing, the **"Closing"**) under the terms of this agreement, for an aggregate amount (including the amount invested at the Initial Closing) of up to US $2,000,000. At each Additional Closing the additional investor(s) shall execute and deliver a counterpart signature page to this Agreement, Exhibit A shall be amended accordingly, and each such additional investor shall be deemed as an Investor herein, *mutatis mutandis*. The Investors hereby waive any right to participate in the Additional Closings.

***2. Events***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>Equity Financing</u>**. If there is an Equity Financing (as defined below) before the expiration or termination of this instrument, the Company will automatically issue to each Investor a number of Safe Shares (as defined below) equal to its portion out of the Purchase Amount divided by the Discount Price (as defined below). In connection with the issuance of Safe Shares by the Company to an Investor pursuant to this Section 2(a), each Investor will execute and deliver to the Company all transaction documents related to the Equity Financing; *provided*, that such documents are the same documents to be entered into with the purchasers of Senior Shares, with appropriate variations for the Safe Shares if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Commercial Financing</u>**. If there is a Commercial Financing (as defined below) before the expiration or termination of this instrument, the Company will automatically issue each Investor a number of Safe Shares equal to its portion out of the Purchase Amount divided by a price per share reflecting a Company's pre money valuation of $US 115,000,000 on a fully diluted basis. In connection with the issuance of Safe Shares by the Company to an Investor pursuant to this Section 2(b), each Investor will execute and deliver to the Company all documents required to carry out the foregoing conversion and issuance of the Safe Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Liquidity Event</u>**. If there is a Liquidity Event (as defined below) before the expiration or termination of this instrument, each Investor will automatically receive from the Company a number of ordinary shares equal to its portion out of the Purchase Amount divided by the Liquidity Price (as defined below), in each event, automatically and without any further actions by each Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **<u>Dissolution Event</u>**. If there is a Dissolution Event (as defined below) before this instrument expires or terminates, the Company will pay to each Investor an amount equal to its portion out of the Purchase Amount, due and payable to such Investor immediately prior to, or concurrent with, the consummation of the Dissolution Event. If immediately prior to the consummation of the Dissolution Event, the assets of the Company legally available for distribution to the Investors and all holders of all other Safes (the "**Dissolving Investors**"), as determined in good faith by the Company's board of directors, are insufficient to permit the payment to the Dissolving Investors of their respective Purchase Amounts, then the entire assets of the Company legally available for distribution will be distributed with equal priority and *pro rata* among the Dissolving Investors in proportion to their portions of the Purchase Amounts they would otherwise be entitled to receive pursuant to this Section 2(d).

-Confidential-

Tarsier Pharma Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **<u>Maturity</u>**. To the extent that the Purchase Amount is not earlier converted or paid pursuant to the provisions of Section 2(a), (b), (c), (d), or terminated or expired in accordance Section 2(e), at the Maturity Date (as defined below), the Purchase Amount will automatically convert into senior shares at a price per share reflecting a Company fully diluted pre-money valuation of US $115,000,000, multiplied by 70%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **<u>Termination</u>**. This instrument will expire and terminate (without relieving the Company of any obligations arising from a prior breach of or non-compliance with this instrument) upon either (i) the issuance of shares to the Investors pursuant to Section 2(a), Section 2(b), Section 2(c) or Section 2(e); or (ii) the payment, or setting aside for payment, of amounts due the Investors pursuant to Section 2(d).

***3. Definitions***

**"Change of Control"** means (i) a transaction or series of related transactions in which any Person becomes the owner, directly or indirectly, of more than 70% of the outstanding voting securities of the Company having the right to vote for the election of members of the Company's board of directors, other than by way of a good faith equity financing in the Company, (ii) any reorganization, merger or consolidation of the Company, other than a transaction or series of related transactions in which the holders of the voting securities of the Company outstanding immediately prior to such transaction or series of related transactions retain, immediately after such transaction or series of related transactions, at least a majority of the total voting power represented by the outstanding voting securities of the Company or such other surviving or resulting entity, or (iii) a sale, lease or other disposition of all or substantially all of the assets of the Company.

"**Commercial Financing**" means a transaction or series of transactions pursuant to which the Company shall raise an aggregate amount equal to at least $US 2,000,000 by way of sale or license of any of the Company's products or services.

**"Discount Price"** means the lower of: (i) the price per share of the Senior Shares sold in the Equity Financing multiplied by 80%; or (ii) a price per share reflecting a Company's pre money valuation of $US 115,000,000 on a fully diluted basis.

**"Distribution"** means the transfer to holders of share capital by reason of their ownership thereof of cash or other property without consideration whether by way of dividend or otherwise, other than dividends on share capital payable in ordinary shares, or the purchase or redemption of share capital by the Company or its subsidiaries for cash or property other than: (i) repurchases of ordinary shares held by employees, officers, directors or consultants of the Company or its subsidiaries pursuant to an agreement providing, as applicable, a right of first refusal or a right to repurchase shares upon termination of such service provider's employment or services; or (ii) repurchases of share capital in connection with the settlement of disputes with any shareholder.

-Confidential- -2-

Tarsier Pharma Ltd.

**"Dissolution Event"** means (i) a voluntary termination of operations, (ii) a general assignment for the benefit of the Company's creditors or (iii) any other liquidation, dissolution or winding up of the Company (**<u>excluding</u>** a Liquidity Event), whether voluntary or involuntary.

**"Equity Financing"** means a bona fide transaction or series of transactions with the principal purpose of raising capital in an amount equal to at least $US 2,000,000, pursuant to which the Company issues and sells shares at a fixed pre-money valuation. **"Initial Public Offering"** means the closing of the Company's first firm commitment underwritten initial public offering of its ordinary shares pursuant to a registration statement filed under applicable securities laws.

**"Liquidity Event"** means a Change of Control or an Initial Public Offering.

**"Liquidity Price"** means lower of: (i) the price per share equal to: the fair market value of the Company's share capital at the time of the Liquidity Event, as determined by reference to the purchase price payable in connection with such Liquidity Event, multiplied by 80%; or (ii) a price per share reflecting a Company's pre money valuation of $US 115,000,000 on a fully diluted basis.

**"Maturity Date"** means the lapse of twenty-four (24) months from the Effective Date of this Safe.

**"Person"** means an individual, corporation, partnership, trust and any other corporate entity.

**"Safe"** means an instrument containing a future right to shares of Company share capital, similar in form and content to this instrument, purchased by investors for the purpose of funding the Company's business operations.

**"Safe Shares"** means the shares of the most senior series of shares issued to the Investors pursuant to an (A) Equity Financing, having the identical rights, privileges, preferences and restrictions as the shares of the most senior series of shares issued, other than with respect to: (i) the per share liquidation preference and the conversion price for purposes of price-based anti-dilution protection, which will equal the Discount Price; and (ii) the basis for any dividend rights, which will be based on the Discount Price; or (B) Commercial Financing, having the identical rights, privileges, preferences and restrictions as the shares of the most senior series of shares issued by the Company.

**"Senior Shares"** means the shares of the most senior series of shares issued to the investors investing new money in the Company in connection with the initial closing of an Equity Financing.

"**Subsequent Convertible Securities**" means convertible securities that the Company may issue after the issuance of this instrument with the principal purpose of raising capital, including but not limited to, other Safes, convertible debt instruments and other convertible securities. "Subsequent Convertible Securities" excludes: (i) securities issued in an Equity Financing; (ii) options issued pursuant to any equity incentive or similar plan of the Company; (iii) convertible securities issued or issuable to (A) banks, equipment lessors, financial institutions or other persons engaged in the business of making loans pursuant to a debt financing or commercial leasing or (B) suppliers or third party service providers in connection with the provision of goods or services pursuant to transactions; and (iv) convertible securities issued or issuable in connection with sponsored research, collaboration, technology license, development, marketing or other similar agreements or strategic partnerships.

-Confidential- -3-

Tarsier Pharma Ltd.

***4. "MFN".*** If the Company issues any Subsequent Convertible Securities prior to termination of this instrument or the closing of an Equity Financing, the Company will provide the Investor with written notice thereof, together with a copy of all documentation relating to such Subsequent Convertible Securities and, upon written request of the Investor, any additional information related to such Subsequent Convertible Securities as may be reasonably requested by the Investor. In the event the Investor determines that the terms of the Subsequent Convertible Securities are preferable to the terms of this instrument, the Investor will notify the Company in writing. Within fourteen (14) days following the receipt of such written notice from the Investor, the Company agrees to amend and restate this instrument to be identical to the instrument(s) evidencing the Subsequent Convertible Securities.

***5. Company Representations***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company is a corporation duly organized, validly existing and in good standing under the laws of the state of its incorporation, and has the power and authority to own, lease and operate its properties and carry on its business as now conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and performance by the Company of this instrument is within the power of the Company and, other than with respect to the actions to be taken when equity is to be issued to the Investor, has been duly authorized by all necessary actions on the part of the Company. This instrument constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors' rights generally and general principles of equity.

***6. Investors Representations***

Each Investor hereby represents to the Company as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Investor has full legal capacity, power and authority to execute and deliver this instrument and to perform its obligations hereunder. This instrument constitutes valid and binding obligation of the Investor, enforceable in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors' rights generally and general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Investor has been advised that this instrument and the underlying securities have not been registered under any securities laws and, therefore, cannot be resold unless they are registered under the applicable securities laws or unless an exemption from such registration requirements is available. The Investor is purchasing this instrument and the securities to be acquired by the Investor hereunder, for its own account for investment, not as a nominee or agent, and not with a view to, or for resale in connection with, the distribution thereof, and the Investor has no present intention of selling, granting any participation in, or otherwise distributing the same. The Investor has such knowledge and experience in financial and business matters that the Investor is capable of evaluating the merits and risks of such investment, is able to incur a complete loss of such investment without impairing the Investor's financial condition and is able to bear the economic risk of such investment for an indefinite period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Investor acknowledges that it is not relying upon any shareholder or other investors in a SAFE in making its investment or decision to enter into this instrument. The Investor agrees that neither any shareholder or other investors in a SAFE nor the respective controlling persons, officers, directors, partners, agents, or employees of any of such shall be liable to the Investor for any action heretofore taken or omitted to be taken by any of them in connection with the entering into of this instrument.

-Confidential- -4-

Tarsier Pharma Ltd.

***7. Miscellaneous***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any provision of this instrument may be amended, waived or modified only upon the written consent of the Company and of the Investors investing the majority of the Purchase Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any notice required or permitted by this instrument will be deemed sufficient when delivered personally or by overnight courier or sent by email to the relevant address listed on the signature page, or 5 days after being deposited in the mail as registered mail with postage prepaid, addressed to the party to be notified with respect to the Company to Address: <u>19 Yahalom St., Zichron Ya'acob, 30900</u>, Attention: <u>Daphne Haim-Langford</u>, Email: daphne@Tarsierpharma.com, and with respect to the Investors, the addresses listed on the signature page, all as subsequently modified by written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each of the Investors is not entitled, as a holder of this instrument, to vote or receive dividends or be deemed the holder of share capital for any purpose, nor will anything contained herein be construed to confer on the Investor, as such, any of the rights of a shareholder of the Company or any right to vote for the election of directors or upon any matter submitted to shareholders at any meeting thereof, or to give or withhold consent to any corporate action or to receive notice of meetings, or to receive subscription rights or otherwise until shares have been issued upon the terms described herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Neither this instrument nor the rights contained herein may be assigned, by operation of law or otherwise, by either party without the prior written consent of the other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event any one or more of the provisions of this instrument is for any reason held to be invalid, illegal or unenforceable, in whole or in part or in any respect, or in the event that any one or more of the provisions of this instrument operate or would prospectively operate to invalidate this instrument, then and in any such event, such provision(s) only will be deemed null and void and will not affect any other provision of this instrument and the remaining provisions of this instrument will remain operative and in full force and effect and will not be affected, prejudiced, or disturbed thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Agreement shall be governed by and construed according to the laws of the State of Israel, without regard to the conflict of laws' provisions thereof. Any dispute arising under or in relation to this Agreement shall be resolved in the competent court situated in Tel Aviv, Israel, and each of the parties hereby submits irrevocably to the exclusive jurisdiction of such court.

(*Signature page follows*)

-Confidential- -5-

Tarsier Pharma Ltd.

IN WITNESS WHEREOF, the undersigned have caused this instrument to be duly executed and delivered.

---

| | |
|:---|:---|
| /s/ Daphne Haim-Langford | /s/ Daphne Haim-Langford |
| **Tarsier Pharm Ltd.** | **Tarsier Pharm Ltd.** |
| By: | Daphne Haim-Langford, Ph.D, Founder & CEO |

---

Address: 19 Yahalom St., Zichron Ya'acob, 30900, Israel; Attention: Daphne Haim-Langford <br>Email: daphne@Tarsierpharma.com

**INVESTORS:**

---

| | |
|:---|:---|
| Name: | Name: |
| Title: | Title: |
| Address: | Address: |
| Email: | Email: |

---

---

| | |
|:---|:---|
| Name: | Name: |
| Title: | Title: |
| Address: | Address: |
| Email: | Email: |

---

-Confidential- -6-

**<u>Exhibit A</u>**

---

| | | |
|:---|:---|:---|
| **Investor's Name** | **Investor ID** | **Purchase Amount** |

---

-Confidential- -7-

## Exhibit 4.4

**Exhibit 4.4**

**TARSIER PHARMA LTD.**

**SAFE**

**(Simple Agreement for Future Equity)**

THIS CERTIFIES THAT in exchange for the payment by the investors listed in **<u>Exhibit A</u>** (each an **"Investor"**, and together the "**Investors**") of no less than US $100,000 each and up to an aggregate amount (from all the Investors) of US $5,600,000 (the "**Purchase Amount**") on or about ___________________, 2024 (the "**Effective Date**"), Tarsier Pharma Ltd., an Israeli corporation, company number 51-539864-2 (the "**Company**"), hereby issues to the Investors the right to certain shares of the Company's capital stock, subject to the terms set forth below.

1. The SAFE Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Investor respective portion of the Purchase Amount, as set forth opposite of such Investor's name in Exhibit A attached hereto, shall be paid by to the Company in one installment within **five (5) business days** following the Effective Date, by wire transfer to the Company's and/or any of its affiliates' bank account (the "**Initial Closing**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition, until June 30<sup>th</sup>, 2024 the Company shall be entitled to consummate, at its sole discretion, one or more additional closing(s) (each, an "**Additional Closing**", and together with the Initial Closing, the "**Closing**") under the terms of this agreement, for an aggregate amount (including the amount invested at the Initial Closing) of up to US $5,600,000. At each Additional Closing the additional investor(s) shall execute and deliver a counterpart signature page to this Agreement, Exhibit A shall be amended accordingly, and each such additional investor shall be deemed as an Investor herein, *mutatis mutandis*. The Investors hereby waive any right to participate in the Additional Closings.

&nbsp;&nbsp;&nbsp;&nbsp;2. Events

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* **<u>Equity Financing</u>**. If there is an Equity Financing (as defined below) before the expiration or termination of this instrument, the Company will automatically issue to each Investor a number of Safe Shares (as defined below) equal to its portion out of the Purchase Amount divided by the Discount Price (as defined below). In connection with the issuance of Safe Shares by the Company to an Investor pursuant to this Section 2(a), each Investor will execute and deliver to the Company all transaction documents related to the Equity Financing; *provided,* that such documents are the same documents to be entered into with the purchasers of Senior Shares, with appropriate variations for the Safe Shares if applicable.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* **<u>Commercial Financing</u>**<u>.</u> If there is a Commercial Financing (as defined below) before the expiration or termination of this instrument, the Company will automatically issue each Investor a number of Safe Shares equal to its portion out of the Purchase Amount divided by a price per share reflecting a Company's pre money valuation of $US 115,000,000 on a fully diluted basis. In connection with the issuance of Safe Shares by the Company to an Investor pursuant to this Section 2(b), each Investor will execute and deliver to the Company all documents required to carry out the foregoing conversion and issuance of the Safe Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Liquidity Event</u>**. If there is a Liquidity Event (as defined below) before the expiration or termination of this instrument, each Investor will automatically receive from the Company a number of ordinary shares equal to its portion out of the Purchase Amount divided by the Liquidity Price (as defined below), in each event, automatically and without any further actions by each Investor.

-Confidential-

Tarsier Pharma Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **<u>Dissolution Event</u>**. If there is a Dissolution Event (as defined below) before this instrument expires or terminates, the Company will pay to each Investor an amount equal to its portion out of the Purchase Amount, due and payable to such Investor immediately prior to, or concurrent with, the consummation of the Dissolution Event. If immediately prior to the consummation of the Dissolution Event, the assets of the Company legally available for distribution to the Investors and all holders of all other Safes (the "**Dissolving Investors**"), as determined in good faith by the Company's board of directors, are insufficient to permit the payment to the Dissolving Investors of their respective Purchase Amounts, then the entire assets of the Company legally available for distribution will be distributed with equal priority and *pro rata* among the Dissolving Investors in proportion to their portions of the Purchase Amounts they would otherwise be entitled to receive pursuant to this Section 2(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **<u>Maturity</u>**. To the extent that the Purchase Amount is not earlier converted or paid pursuant to the provisions of Section 2(a), (b), (c), (d), or terminated or expired in accordance Section 2(e), at the Maturity Date (as defined below), the Purchase Amount will automatically convert into senior shares at a price per share reflecting a Company fully diluted pre-money valuation of US $115,000,000, multiplied by 70%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **<u>Termination</u>**. This instrument will expire and terminate (without relieving the Company of any obligations arising from a prior breach of or non-compliance with this instrument) upon either (i) the issuance of shares to the Investors pursuant to Section 2(a), Section 2(b), Section 2(c) or Section 2(e); or (ii) the payment, or setting aside for payment, of amounts due the Investors pursuant to Section 2(d).

3. Definitions

"**Change of Control**" means (i) a transaction or series of related transactions in which any Person becomes the owner, directly or indirectly, of more than 70% of the outstanding voting securities of the Company having the right to vote for the election of members of the Company's board of directors, other than by way of a good faith equity financing in the Company , (ii) any reorganization, merger or consolidation of the Company, other than a transaction or series of related transactions in which the holders of the voting securities of the Company outstanding immediately prior to such transaction or series of related transactions retain, immediately after such transaction or series of related transactions, at least a majority of the total voting power represented by the outstanding voting securities of the Company or such other surviving or resulting entity, or (iii) a sale, lease or other disposition of all or substantially all of the assets of the Company.

"**Commercial Financing**" means a transaction or series of transactions pursuant to which the Company shall raise an aggregate amount equal to at least $US 2,000,000 by way of sale or license of any of the Company's products or services.

"**Discount Price**" means the lower of: (i) the price per share of the Senior Shares sold in the Equity Financing multiplied by 80%; or (ii) a price per share reflecting a Company's pre money valuation of

$US 115,000,000 on a fully diluted basis.

"**Distribution**" means the transfer to holders of share capital by reason of their ownership thereof of cash or other property without consideration whether by way of dividend or otherwise, other than dividends on share capital payable in ordinary shares, or the purchase or redemption of share capital by the Company or its subsidiaries for cash or property other than: (i) repurchases of ordinary shares held by employees, officers, directors or consultants of the Company or its subsidiaries pursuant to an agreement providing, as applicable, a right of first refusal or a right to repurchase shares upon termination of such service provider's employment or services; or (ii) repurchases of share capital in connection with the settlement of disputes with any shareholder.

-Confidential- -2-

Tarsier Pharma Ltd.

"**Dissolution Event**" means (i) a voluntary termination of operations, (ii) a general assignment for the benefit of the Company's creditors or (iii) any other liquidation, dissolution or winding up of the Company (**<u>excluding</u>** a Liquidity Event), whether voluntary or involuntary.

"**Equity Financing**" means a bona fide transaction or series of transactions with the principal purpose of raising capital in an amount equal to at least $US 2,000,000, pursuant to which the Company issues and sells shares at a fixed pre-money valuation. "**Initial Public Offering**" means the closing of the Company's first firm commitment underwritten initial public offering of its ordinary shares pursuant to a registration statement filed under applicable securities laws.

"**Liquidity Event**" means a Change of Control or an Initial Public Offering.

"**Liquidity Price**" means lower of: (i) the price per share equal to: the fair market value of the Company's share capital at the time of the Liquidity Event, as determined by reference to the purchase price payable in connection with such Liquidity Event, multiplied by 80%; or (ii) a price per share reflecting a Company's pre money valuation of $US 115,000,000 on a fully diluted basis.

"**Maturity Date**" means the lapse of twenty-four (24) months from the Effective Date of this

Safe.

"**Person**" means an individual, corporation, partnership, trust and any other corporate entity.

"**Safe**" means an instrument containing a future right to shares of Company share capital, similar in form and content to this instrument, purchased by investors for the purpose of funding the Company's business operations.

"**Safe Shares**" means the shares of the most senior series of shares issued to the Investors pursuant to an (A) Equity Financing, having the identical rights, privileges, preferences and restrictions as the shares of the most senior series of shares issued, other than with respect to: (i) the per share liquidation preference and the conversion price for purposes of price-based anti-dilution protection, which will equal the Discount Price; and (ii) the basis for any dividend rights, which will be based on the Discount Price; or (B) Commercial Financing, having the identical rights, privileges, preferences and restrictions as the shares of the most senior series of shares issued by the Company.

"**Senior Shares**" means the shares of the most senior series of shares issued to the investors investing new money in the Company in connection with the initial closing of an Equity Financing.

"**Subsequent Convertible Securities**" means convertible securities that the Company may issue after the issuance of this instrument with the principal purpose of raising capital, including but not limited to, other Safes, convertible debt instruments and other convertible securities. "Subsequent Convertible Securities" excludes: (i) securities issued in an Equity Financing; (ii) options issued pursuant to any equity incentive or similar plan of the Company; (iii) convertible securities issued or issuable to (A) banks, equipment lessors, financial institutions or other persons engaged in the business of making loans pursuant to a debt financing or commercial leasing or (B) suppliers or third party service providers in connection with the provision of goods or services pursuant to transactions; and (iv) convertible securities issued or issuable in connection with sponsored research, collaboration, technology license, development, marketing or other similar agreements or strategic partnerships.

 ****

-Confidential- -3-

Tarsier Pharma Ltd.

***4.*** "***MFN***". If the Company issues any Subsequent Convertible Securities prior to termination of this instrument or the closing of an Equity Financing, the Company will provide the Investor with written notice thereof, together with a copy of all documentation relating to such Subsequent Convertible Securities and, upon written request of the Investor, any additional information related to such Subsequent Convertible Securities as may be reasonably requested by the Investor. In the event the Investor determines that the terms of the Subsequent Convertible Securities are preferable to the terms of this instrument, the Investor will notify the Company in writing. Within fourteen (14) days following the receipt of such written notice from the Investor, the Company agrees to amend and restate this instrument to be identical to the instrument(s) evidencing the Subsequent Convertible Securities.

5. Company Representations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company is a corporation duly organized, validly existing and in good standing under the laws of the state of its incorporation, and has the power and authority to own, lease and operate its properties and carry on its business as now conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and performance by the Company of this instrument is within the power of the Company and, other than with respect to the actions to be taken when equity is to be issued to the Investor, has been duly authorized by all necessary actions on the part of the Company. This instrument constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors' rights generally and general principles of equity.

6. Investors Representations

Each Investor hereby represents to the Company as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Investor has full legal capacity, power and authority to execute and deliver this instrument and to perform its obligations hereunder. This instrument constitutes valid and binding obligation of the Investor, enforceable in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors' rights generally and general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Investor has been advised that this instrument and the underlying securities have not been registered under any securities laws and, therefore, cannot be resold unless they are registered under the applicable securities laws or unless an exemption from such registration requirements is available. The Investor is purchasing this instrument and the securities to be acquired by the Investor hereunder, for its own account for investment, not as a nominee or agent, and not with a view to, or for resale in connection with, the distribution thereof, and the Investor has no present intention of selling, granting any participation in, or otherwise distributing the same. The Investor has such knowledge and experience in financial and business matters that the Investor is capable of evaluating the merits and risks of such investment, is able to incur a complete loss of such investment without impairing the Investor's financial condition and is able to bear the economic risk of such investment for an indefinite period of time.

-Confidential- -4-

Tarsier Pharma Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Investor acknowledges that it is not relying upon any shareholder or other investors in a SAFE in making its investment or decision to enter into this instrument. The Investor agrees that neither any shareholder or other investors in a SAFE nor the respective controlling persons, officers, directors, partners, agents, or employees of any of such shall be liable to the Investor for any action heretofore taken or omitted to be taken by any of them in connection with the entering into of this instrument.

7. Miscellaneous

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any provision of this instrument may be amended, waived or modified only upon the written consent of the Company and of the Investors investing the majority of the Purchase Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any notice required or permitted by this instrument will be deemed sufficient when delivered personally or by overnight courier or sent by email to the relevant address listed on the signature page, or 5 days after being deposited in the mail as registered mail with postage prepaid, addressed to the party to be notified with respect to the Company to Address: <u>19 Yahalom St., Zichron Ya'acob, 30900</u>, Attention: <u>Daphne Haim-Langford</u>, Email: daphne@Tarsierpharma.com, and with respect to the Investors, the addresses listed on the signature page, all as subsequently modified by written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each of the Investors is not entitled, as a holder of this instrument, to vote or receive dividends or be deemed the holder of share capital for any purpose, nor will anything contained herein be construed to confer on the Investor, as such, any of the rights of a shareholder of the Company or any right to vote for the election of directors or upon any matter submitted to shareholders at any meeting thereof, or to give or withhold consent to any corporate action or to receive notice of meetings, or to receive subscription rights or otherwise until shares have been issued upon the terms described herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Neither this instrument nor the rights contained herein may be assigned, by operation of law or otherwise, by either party without the prior written consent of the other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event any one or more of the provisions of this instrument is for any reason held to be invalid, illegal or unenforceable, in whole or in part or in any respect, or in the event that any one or more of the provisions of this instrument operate or would prospectively operate to invalidate this instrument, then and in any such event, such provision(s) only will be deemed null and void and will not affect any other provision of this instrument and the remaining provisions of this instrument will remain operative and in full force and effect and will not be affected, prejudiced, or disturbed thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Agreement shall be governed by and construed according to the laws of the State of Israel, without regard to the conflict of laws' provisions thereof. Any dispute arising under or in relation to this Agreement shall be resolved in the competent court situated in Tel Aviv, Israel, and each of the parties hereby submits irrevocably to the exclusive jurisdiction of such court.

(*Signature page follows*)

-Confidential- -5-

IN WITNESS WHEREOF, the undersigned have caused this instrument to be duly executed and delivered.

---

| |
|:---|
| /s/ Daphne Haim-Langford |
| **Tarsier Pharm Ltd.** |

---

By: <u>Daphne Haim-Langford, Ph.D, Founder & CEO</u>

**INVESTORS:**

---

| | | | |
|:---|:---|:---|:---|
| By: |  | By: |  |
|  | Name: |  | Name: |
|  | Title: |  | Title: |
|  | Address: |  | Address: |
|  | Email: |  | Email: |
| By: |  | By: |  |
|  | Name: |  | Name: |
|  | Title: |  | Title: |
|  | Address: |  | Address: |
|  | Email: |  | Email: |

---

-Confidential- -6-

**<u>Exhibit A</u>**

---

| | | |
|:---|:---|:---|
| **Investor's Name** | **Investor ID** | **Purchase Amount** |

---

-Confidential- -7-

## Exhibit 4.5

**Exhibit 4.5**

THIS INSTRUMENT AND ANY SECURITIES ISSUABLE PURSUANT HERETO HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "**SECURITIES ACT**"), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED IN THIS SAFE AND UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR AN EXEMPTION THEREFROM.

**TARSIER PHARMA LTD.**

**SAFE** 

**(Simple Agreement for Future Equity)**

THIS CERTIFIES THAT in exchange for the payment by______________________ (the "**Investor**") of $_____________ (the "**Purchase Amount**") on or about______________, 2025 Tarsier Pharma Ltd., an Israeli limited liability company (the "**Company**"), issues to the Investor the right to certain shares of the Company's Share Capital, subject to the terms described below.

The "**Discount Rate**" is 80%.

See **Section 2** for certain additional defined terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. *Events***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>Equity Financing</u>**. If there is an Equity Financing before the termination of this Safe, on the initial closing of such Equity Financing, this Safe will automatically convert into the number of Safe Preferred Shares equal to the Purchase Amount divided by the Discount Price.

In connection with the automatic conversion of this Safe into Safe Preferred Shares, the Investor will execute and deliver to the Company all of the transaction documents related to the Equity Financing; *provided,* that such documents (i) are the same documents to be entered into with the purchasers of Standard Preferred Shares, with appropriate variations for the Safe Preferred Shares if applicable, and (ii) have customary exceptions to any drag-along applicable to the Investor, including (without limitation) limited representations, warranties, liability and indemnification obligations for the Investor.

The Company may, it its sole discretion, opt to consummate an Equity Financing in which, in lieu of Preferred Shares, the Company will issue Ordinary Shares to the Equity Financing's investors (an "**OS Equity Financing**"). If the Company will opt to consummate an OS Equity Financing, then the terms "*Preferred Shares*", "*Safe Preferred Shares*" and "*Standard Preferred Shares*" as used in this Safe shall be replaced, for all intents and purposes, with the term "*Ordinary Shares*", mutatis mutandis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Liquidity Event</u>**. If there is a Liquidity Event before the termination of this Safe, the Investor will automatically be entitled (subject to the liquidation priority set forth in Section 1(d) below) to receive a portion of Proceeds, due and payable to the Investor immediately prior to, or concurrent with, the consummation of such Liquidity Event, equal to (A) if the Liquidity Event constitutes a Share Purchase COC, then (x) the greater of (i) the Purchase Amount (the "**Cash-Out Amount**") or (ii) the amount payable on the number of Ordinary Shares equal to the Purchase Amount divided by the Liquidity Price (the "**Conversion Amount**"), or (B) if the Liquidity Event is not a Share Purchase COC, then the Conversion Amount. If any of the Company's securityholders are given a choice as to the form and amount of Proceeds to be received in a Liquidity Event, the Investor will be given the same choice, *provided* that the Investor may not choose to receive a form of consideration that the Investor would be ineligible to receive as a result of the Investor's failure to satisfy any requirement or limitation generally applicable to the Company's securityholders, or under any applicable laws.

"**Share Purchase COC**" shall mean a transaction or series of related transactions in which the majority of the shareholders immediately prior to such transaction or series of related transactions sell their shares to an unrelated third-party or an existing shareholder of the Company, provided such shareholder holds less than 25% of the Company's issued and outstanding share capital of the Company immediately prior to such transaction or series of related transactions. "majority" for the purpose of this definition being measured by the number of shareholders and not their respective holdings and disregarding for this purpose the sale of any options or shares issued to consultants, directors or employees of the Company.

Notwithstanding the foregoing, in connection with a Change of Control intended to qualify as a tax-free reorganization, the Company may reduce the cash portion of Proceeds payable to the Investor by the amount determined by its board of directors in good faith for such Change of Control to qualify as a tax-free reorganization for U.S. federal income tax purposes, provided that such reduction (A) does not reduce the total Proceeds payable to such Investor and (B) is applied in the same manner and on a pro rata basis to all securityholders who have equal priority to the Investor under Section 1(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Dissolution Event</u>**. If there is a Dissolution Event before the termination of this Safe, the Investor will automatically be entitled (subject to the liquidation priority set forth in Section 1(d) below) to receive a portion of Proceeds equal to the Cash-Out Amount, due and payable to the Investor immediately prior to the consummation of the Dissolution Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **<u>Liquidation Priority</u>**. In a Liquidity Event or Dissolution Event, this Safe is intended to operate like standard non-participating Preferred Shares. The Investor's right to receive its Cash-Out Amount is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Junior to payment of outstanding indebtedness and creditor claims, including contractual claims for payment and convertible promissory notes (to the extent such convertible promissory notes are not actually or notionally converted into Share Capital);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On par with payments for other Safes and/or Preferred Shares, and if the applicable Proceeds are insufficient to permit full payments to the Investor and such other Safes and/or Preferred Shares, the applicable Proceeds will be distributed pro rata to the Investor and such other Safes and/or Preferred Shares in proportion to the full payments that would otherwise be due; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Senior to payments for Ordinary Shares.

The Investor's right to receive its Conversion Amount is (A) on par with payments for Ordinary Shares and other Safes and/or Preferred Shares who are also receiving Conversion Amounts or Proceeds on a similar as-converted to Ordinary Shares basis, and (B) junior to payments described in clauses (i) and (ii) above (in the latter case, to the extent such payments are Cash-Out Amounts or similar liquidation preferences).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **<u>Termination</u>**. This Safe will automatically terminate (without relieving the Company of any obligations arising from a prior breach of or non-compliance with this Safe) immediately following the earliest to occur of: (i) the issuance of Share Capital to the Investor pursuant to the automatic conversion of this Safe under Section 1(a); or (ii) the payment, or setting aside for payment, of amounts due the Investor pursuant to Section 1(b) or Section 1(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. *Definitions***

"**Share Capital**" means the Share Capital of the Company, including, without limitation, the "**Ordinary Shares**" and the "**Preferred Shares**."

"**Change of Control**" means (i) a transaction or series of related transactions for the sale of more than 50% of the Company's issued Share Capital, (ii) any reorganization, merger or consolidation of the Company, other than a transaction or series of related transactions in which the holders of the voting securities of the Company outstanding immediately prior to such transaction or series of related transactions retain, immediately after such transaction or series of related transactions, at least a majority of the total voting power represented by the outstanding voting securities of the Company or such other surviving or resulting entity, or (iii) a sale, lease or other disposition of all or substantially all of the assets of the Company.

"**Direct Listing**" means the Company's initial listing of its Ordinary Shares (other than Ordinary Shares not eligible for resale under Rule 144 under the Securities Act) on a national securities exchange by means of an effective registration statement on Form S-1 filed by the Company with the SEC that registers shares of existing Share Capital of the Company for resale, as approved by the Company's board of directors. For the avoidance of doubt, a Direct Listing will not be deemed to be an underwritten offering and will not involve any underwriting services.

"**Discount Price**" means the lowest price per share of the Standard Preferred Shares sold in the Equity Financing multiplied by the Discount Rate.

"**Dissolution Event**" means (i) a voluntary termination of operations, (ii) a general assignment for the benefit of the Company's creditors, or (iii) any other liquidation, dissolution or winding up of the Company (**<u>excluding</u>** a Liquidity Event), whether voluntary or involuntary.

"**Dividend Amount**" means, with respect to any date on which the Company pays a dividend on its outstanding Ordinary Shares, the amount of such dividend that is paid per Ordinary Share multiplied by (x) the Purchase Amount divided by (y) the Liquidity Price (treating the dividend date as a Liquidity Event solely for purposes of calculating such Liquidity Price).

"**Equity Financing**" means a bona fide transaction or series of transactions with the principal purpose of raising capital, pursuant to which the Company issues and sells Preferred Shares at a fixed valuation, including but not limited to, a pre-money or post-money valuation.

"**Initial Public Offering**" means the closing of the Company's first firm commitment underwritten initial public offering of Ordinary Shares pursuant to a registration statement filed under the Securities Act.

"**ITA Guidelines**" means those certain guidelines published by the Israeli Tax Authority concerning possible tax consequences of investments conducted via simple agreements for future equity, dated January 29<sup>th</sup>, 2025.

"**Liquidity Event**" means a Change of Control, a Direct Listing or an Initial Public Offering.

"**Liquidity Price**"means the price per share equal to the fair market value of the Ordinary Shares at the time of the Liquidity Event, as determined by reference to the purchase price payable in connection with such Liquidity Event, multiplied by the Discount Rate.

"**Proceeds**" means cash and other assets (including without limitation share consideration) that are proceeds from the Liquidity Event or the Dissolution Event, as applicable, and legally available for distribution.

"**Safe**" means an instrument containing a future right to Share Capital, similar in form and content to this instrument, purchased by investors for the purpose of funding the Company's business operations. References to "this Safe" mean this specific instrument.

"**Safe Preferred Shares**" means the series of Preferred Shares issued to the Investor in an Equity Financing, having the identical rights, privileges, preferences, seniority, liquidation multiple and restrictions as the shares of Standard Preferred Shares, except that any price-based preferences (such as the per share liquidation amount, initial conversion price and per share dividend amount) will be based on the Discount Price.

"**Standard Preferred Shares**" means the series of Preferred Shares issued to the investors investing new money in the Company in connection with the initial closing of the Equity Financing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. *Company Representations***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company is a corporation duly organized, validly existing and in good standing under the laws of its state of incorporation, and has the power and authority to own, lease and operate its properties and carry on its business as now conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and performance by the Company of this Safe is within the power of the Company and has been duly authorized by all necessary actions on the part of the Company (subject to section 3(d)). This Safe constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors' rights generally and general principles of equity. To its knowledge, the Company is not in violation of (i) its current articles of association, (ii) any material statute, rule or regulation applicable to the Company, or (iii) any material debt or contract to which the Company is a party or by which it is bound, where, in each case, such violation or default, individually, or together with all such violations or defaults, could reasonably be expected to have a material adverse effect on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The performance and consummation of the transactions contemplated by this Safe do not and will not: (i) violate any material judgment, statute, rule or regulation applicable to the Company; (ii) result in the acceleration of any material debt or contract to which the Company is a party or by which it is bound; or (iii) result in the creation or imposition of any lien on any property, asset or revenue of the Company or the suspension, forfeiture, or nonrenewal of any material permit, license or authorization applicable to the Company, its business or operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No consents or approvals are required in connection with the performance of this Safe, other than: (i) the Company's corporate approvals; (ii) any qualifications or filings under applicable securities laws; and (iii) necessary corporate approvals for the authorization of Share Capital issuable pursuant to Section 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To its knowledge, the Company owns or possesses (or can obtain on commercially reasonable terms) sufficient legal rights to all patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information, processes and other intellectual property rights necessary for its business as now conducted and as currently proposed to be conducted, without any conflict with, or infringement of the rights of, others.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. *Investor Representations***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Investor has full legal capacity, power and authority to execute and deliver this Safe and to perform its obligations hereunder. This Safe constitutes a valid and binding obligation of the Investor, enforceable in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors' rights generally and general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Investor is an accredited investor as such term is defined in (i) Rule 501 of Regulation D under the Securities Act, and (ii) in the first appendix under the Israeli Securities Law, 1968, and acknowledges and agrees that if not an accredited investor at the time of an Equity Financing, the Company may void this Safe and return the Purchase Amount. The Investor has been advised that this Safe and the underlying securities have not been registered under the Securities Act, or any state securities laws and, therefore, cannot be resold unless they are registered under the Securities Act and applicable state securities laws or unless an exemption from such registration requirements is available. The Investor is purchasing this Safe and the securities to be acquired by the Investor hereunder for its own account for investment, not as a nominee or agent, and not with a view to, or for resale in connection with, the distribution thereof, and the Investor has no present intention of selling, granting any participation in, or otherwise distributing the same. The Investor has such knowledge and experience in financial and business matters that the Investor is capable of evaluating the merits and risks of such investment, is able to incur a complete loss of such investment without impairing the Investor's financial condition and is able to bear the economic risk of such investment for an indefinite period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. *Miscellaneous***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any provision of this Safe may be amended, waived or modified by written consent of the Company and either (i) the Investor or (ii) the majority-in-interest of all then-outstanding Safes with the same "Post-Money Valuation Cap" and "Discount Rate" as this Safe (and Safes lacking one or both of such terms will be considered to be the same with respect to such term(s)), *provided that* with respect to clause (ii): (A) the Purchase Amount may not be amended, waived or modified in this manner, (B) the consent of the Investor and each holder of such Safes must be solicited (even if not obtained), and (C) such amendment, waiver or modification treats all such holders in the same manner. "Majority-in-interest" refers to the holders of the applicable group of Safes whose Safes have a total Purchase Amount greater than 50% of the total Purchase Amount of all of such applicable group of Safes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any notice required or permitted by this Safe will be deemed sufficient when delivered personally or by overnight courier or sent by email to the relevant address listed on the signature page, or 48 hours after being deposited in the U.S. mail as certified or registered mail with postage prepaid, addressed to the party to be notified at such party's address listed on the signature page, as subsequently modified by written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Investor is not entitled, as a holder of this Safe, to vote or be deemed a holder of Share Capital for any purpose other than tax purposes, nor will anything in this Safe be construed to confer on the Investor, as such, any rights of a Company shareholder or rights to vote for the election of directors or on any matter submitted to Company shareholders, or to give or withhold consent to any corporate action or to receive notice of meetings, until shares have been issued on the terms described in Section 1. However, if the Company pays a dividend on outstanding Ordinary Shares (that is not payable in Ordinary Shares) while this Safe is outstanding, the Company will pay the Dividend Amount to the Investor at the same time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Neither this Safe nor the rights in this Safe are transferable or assignable, by operation of law or otherwise, by either party without the prior written consent of the other; *provided, however*, that this Safe and/or its rights may be assigned without the Company's consent by the Investor (i) to the Investor's estate, heirs, executors, administrators, guardians and/or successors in the event of Investor's death or disability, or (ii) to any other entity who directly or indirectly, controls, is controlled by or is under common control with the Investor, including, without limitation, any general partner, managing member, officer or director of the Investor, or any venture capital fund now or hereafter existing which is controlled by one or more general partners or managing members of, or shares the same management company with, the Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event any one or more of the provisions of this Safe is for any reason held to be invalid, illegal or unenforceable, in whole or in part or in any respect, or in the event that any one or more of the provisions of this Safe operate or would prospectively operate to invalidate this Safe, then and in any such event, such provision(s) only will be deemed null and void and will not affect any other provision of this Safe and the remaining provisions of this Safe will remain operative and in full force and effect and will not be affected, prejudiced, or disturbed thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All rights and obligations hereunder will be governed by the laws of the State of Israel, without regard to the conflicts of law provisions of such jurisdiction and the lawful courts located in Tel Aviv-Jaffa, Israel shall have exclusive jurisdiction over any matters pertaining to this Safe.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The parties acknowledge and agree that (i) for United States federal and state income tax purposes this Safe is, and at all times has been, intended to be characterized as stock, and more particularly as common stock for purposes of Sections 304, 305, 306, 354, 368, 1036 and 1202 of the Internal Revenue Code of 1986, as amended, and (ii) for Israeli tax purposes this Safe is, and at all times has been, intended to be characterized as an equity instrument, pursuant to the ITA Guidelines. Accordingly, the parties agree to treat this Safe consistent with the foregoing intent for all United States federal and state income tax purposes and Israeli tax purposes (including, without limitation, on their respective tax returns or other informational statements).

(*Signature page follows*)

IN WITNESS WHEREOF, the undersigned have caused this Safe to be duly executed and delivered.

---

| | |
|:---|:---|
| Tarsier Pharma Ltd. | Tarsier Pharma Ltd. |
| By: |  |
|  | Daphne Haim-Langford |
|  | CEO |

---

Address: <u>19 Yhalom st. Zichron Yaacov, Israel</u>

Email: <u>daphne@tarsierpharma.com</u>

---

| |
|:---|
| **INVESTOR:** |
| By: |
| Name: |
| Title: |

---

Address:

Email:

**FIRST AMENDMENT TO SIMPLE AGREEMENT FOR FUTURE EQUITY**

This First Amendment to a Simple Agreement for Future Equity (this "**Amendment**") is entered into as of December 9, 2025, by and between Tarsier Pharma Ltd. (the "**Company**") and Vidette Investors LLC (the "**Investor**").

---

| | |
|:---|:---|
| **WHEREAS**, | the Company and the Investor have entered into that certain simple agreement for future equity, dated May 12<sup>th</sup>, 2025 (the "**SAFE**"); and |

---

---

| | |
|:---|:---|
| **WHEREAS**, | the parties now wish to amend the SAFE, as set forth herein, effective as of the date hereof. |

---

**NOW THEREFORE**, in consideration of the foregoing and subject to the terms and conditions set forth herein, the parties intending to be legally bound hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The parties hereby agree that the definition of "Discount Price" under Section 2 of the SAFE shall be amended and restated in its entirety as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ""**Discount Price**" means (i) with respect to a conversion under alternative (i) of the definition of Equity Financing, the lowest price per share of the Standard Preferred Shares sold in the Equity Financing multiplied by the Discount Rate, and (ii) with respect to a conversion under alternative (ii) of the definition of Equity Financing, the price per share equal to the fair market value of the Ordinary Shares at the time of the Initial Public Offering, as determined by reference to the purchase price payable in connection with such Initial Public Offering, multiplied by the Discount Rate."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The parties hereby agree that the definition of "Equity Financing" under Section 2 of the SAFE shall be amended and restated in its entirety as follows:

""**Equity Financing**" means (i) a bona fide transaction or series of transactions with the principal purpose of raising capital, pursuant to which the Company issues and sells Preferred Shares at a fixed valuation, including but not limited to, a pre-money or post-money valuation; or (ii) an Initial Public Offering."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The parties hereby agree that the definition of "Liquidity Event" under Section 2 of the SAFE shall be amended and restated in its entirety as follows:

**"**"**Liquidity Event**" means a Change of Control or a Direct Listing."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Miscellaneous</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. All provisions of the SAFE, unless specifically revised in this Amendment, shall remain in force and are binding upon the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. This Amendment shall be deemed for all intents and purposes as an integral part of the SAFE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The SAFE and the Amendment constitute the entire agreement of the parties hereto with respect to the subject matter hereof, and supersede all prior agreements and undertakings, both written and oral, between the parties hereto with respect to the subject matter hereof.

*(c)* 

 

*(d)* 

 

*(e) [Signature page immediately follows]*

 

 

**IN WITNESS WHEREOF**, each of the parties hereto has executed this Amendment as of the date first written above.

---

| | | |
|:---|:---|:---|
| **Tarsier Pharma Ltd.** | **Tarsier Pharma Ltd.** | **Vidette Investors LLC** |
| By: | Daphna Haim-Langford | By: |
| Position: | CEO | Position: |
| Date: | 9 December 2025 | Date: |

---

## Exhibit 4.6

**Exhibit 4.6**

THIS INSTRUMENT AND ANY SECURITIES ISSUABLE PURSUANT HERETO HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "**SECURITIES ACT**"), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED IN THIS SAFE AND UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR AN EXEMPTION THEREFROM.

**TARSIER PHARMA LTD.**

**SAFE** 

**(Simple Agreement for Future Equity)**

THIS CERTIFIES THAT in exchange for the payment by <u>__________</u>(the "**Investor**") of $___________ (the "**Purchase Amount**") on or about __________, 2025, Tarsier Pharma Ltd., an Israeli limited liability company (the "**Company**"), issues to the Investor the right to certain shares of the Company's Share Capital, subject to the terms described below.

The "**Discount Rate**" is 75%.

The "**Valuation Cap**" is $115,000,000. See **Section 2** for certain additional defined terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. *Events***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) **<u>Equity Financing</u>**. If there is an Equity Financing before the termination of this Safe, on the initial closing of such Equity Financing, this Safe will automatically convert into the number of Safe Preferred Shares equal to the Purchase Amount divided by the Safe Price.

In connection with the automatic conversion of this Safe into Safe Preferred Shares, the Investor will execute and deliver to the Company all of the transaction documents related to the Equity Financing; *provided,* that such documents (i) are the same documents to be entered into with the purchasers of Standard Preferred Shares, with appropriate variations for the Safe Preferred Shares if applicable, and (ii) have customary exceptions to any drag-along applicable to the Investor, including (without limitation) limited representations, warranties, liability and indemnification obligations for the Investor.

The Company may, it its sole discretion, opt to consummate an Equity Financing in which, in lieu of Preferred Shares, the Company will issue Ordinary Shares to the Equity Financing's investors (an "**OS Equity Financing**"). If the Company will opt to consummate an OS Equity Financing, then the terms "*Preferred Shares*", "*Safe Preferred Shares*" and "*Standard Preferred Shares*" as used in this Safe shall be replaced, for all intents and purposes, with the term "*Ordinary Shares*", mutatis mutandis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) **<u>Liquidity Event</u>**. If there is a Liquidity Event before the termination of this Safe, the Investor will automatically be entitled (subject to the liquidation priority set forth in Section 1(d) below) to receive a portion of Proceeds, due and payable to the Investor immediately prior to, or concurrent with, the consummation of such Liquidity Event, equal to (A) if the Liquidity Event constitutes a Share Purchase COC, then (x) the greater of (i) the Purchase Amount (the "**Cash-Out Amount**") or (ii) the amount payable on the number of Ordinary Shares equal to the Purchase Amount divided by the Liquidity Price (the "**Conversion Amount**"), or (B) if the Liquidity Event is not a Share Purchase COC, then the Conversion Amount. If any of the Company's securityholders are given a choice as to the form and amount of Proceeds to be received in a Liquidity Event, the Investor will be given the same choice, *provided* that the Investor may not choose to receive a form of consideration that the Investor would be ineligible to receive as a result of the Investor's failure to satisfy any requirement or limitation generally applicable to the Company's securityholders, or under any applicable laws.

"**Share Purchase COC**" shall mean a transaction or series of related transactions in which the majority of the shareholders immediately prior to such transaction or series of related transactions sell their shares to an unrelated third-party or an existing shareholder of the Company, provided such shareholder holds less than 25% of the Company's issued and outstanding share capital of the Company immediately prior to such transaction or series of related transactions. "majority" for the purpose of this definition being measured by the number of shareholders and not their respective holdings and disregarding for this purpose the sale of any options or shares issued to consultants, directors or employees of the Company.

Notwithstanding the foregoing, in connection with a Change of Control intended to qualify as a tax-free reorganization, the Company may reduce the cash portion of Proceeds payable to the Investor by the amount determined by its board of directors in good faith for such Change of Control to qualify as a tax-free reorganization for U.S. federal income tax purposes, provided that such reduction (A) does not reduce the total Proceeds payable to such Investor and (B) is applied in the same manner and on a pro rata basis to all securityholders who have equal priority to the Investor under Section 1(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) **<u>Dissolution Event</u>**. If there is a Dissolution Event before the termination of this Safe, the Investor will automatically be entitled (subject to the liquidation priority set forth in Section 1(d) below) to receive a portion of Proceeds equal to the Cash-Out Amount, due and payable to the Investor immediately prior to the consummation of the Dissolution Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **<u>Liquidation Priority</u>**. In a Liquidity Event or Dissolution Event, this Safe is intended to operate like standard non-participating Preferred Shares. The Investor's right to receive its Cash-Out Amount is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Junior to payment of outstanding indebtedness and creditor claims, including contractual claims for payment and convertible promissory notes (to the extent such convertible promissory notes are not actually or notionally converted into Share Capital), but excluding cashless or forgivable notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) On par with payments for other Safes and/or Preferred Shares, and if the applicable Proceeds are insufficient to permit full payments to the Investor and such other Safes and/or Preferred Shares, the applicable Proceeds will be distributed pro rata to the Investor and such other Safes and/or Preferred Shares in proportion to the full payments that would otherwise be due; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Senior to payments for Ordinary Shares.

The Investor's right to receive its Conversion Amount is (A) on par with payments for Ordinary Shares and other Safes and/or Preferred Shares who are also receiving Conversion Amounts or Proceeds on a similar as-converted to Ordinary Shares basis, and (B) junior to payments described in clauses (i) and (ii) above (in the latter case, to the extent such payments are Cash-Out Amounts or similar liquidation preferences).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) **<u>Termination</u>**. This Safe will automatically terminate (without relieving the Company of any obligations arising from a prior breach of or non-compliance with this Safe) immediately following the earliest to occur of: (i) the issuance of Share Capital to the Investor pursuant to the automatic conversion of this Safe under Section 1(a); or (ii) the payment, or setting aside for payment, of amounts due the Investor pursuant to Section 1(b) or Section 1(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. *Definitions***

 ****

"**Share Capital**" means the Share Capital of the Company, including, without limitation, the "**Ordinary Shares**" and the "**Preferred Shares**."

"**Change of Control**" means (i) a transaction or series of related transactions for the sale of more than 50% of the Company's issued Share Capital, (ii) any reorganization, merger or consolidation of the Company, other than a transaction or series of related transactions in which the holders of the voting securities of the Company outstanding immediately prior to such transaction or series of related transactions retain, immediately after such transaction or series of related transactions, at least a majority of the total voting power represented by the outstanding voting securities of the Company or such other surviving or resulting entity, or (iii) a sale, lease or other disposition of all or substantially all of the assets of the Company. For the purpose of this definition, 'majority' shall be measured by reference to the percentage of issued and outstanding Share Capital (on an as-converted basis), not by the number of shareholders. The Company shall not structure any transaction in a manner intended to circumvent the definition of Change of Control or to deprive the Investor of rights under this SAFE.

"**Company Capitalization**" means the **<u>sum</u>**, as of immediately prior to the Equity Financing, of: (**1**) all shares of Share Capital (on an as-converted basis) issued and outstanding, assuming exercise or conversion of all outstanding vested and unvested options, warrants and other convertible securities, but excluding (A) this instrument, (B) all other Safes, and (C) convertible promissory notes; **<u>and</u>** (**2**) all Ordinary Shares reserved and available for future grant under any equity incentive or similar plan of the Company, and/or any increase of the number of such reserved and available Ordinary Shares in connection with the Equity Financing.

"**Conversion Price**" means the price per share equal to the Valuation Cap divided by the Company Capitalization.

"**Direct Listing**" means the Company's initial listing of its Ordinary Shares (other than Ordinary Shares not eligible for resale under Rule 144 under the Securities Act) on a national securities exchange by means of an effective registration statement on Form S-1 filed by the Company with the SEC that registers shares of existing Share Capital of the Company for resale, as approved by the Company's board of directors. For the avoidance of doubt, a Direct Listing will not be deemed to be an underwritten offering and will not involve any underwriting services.

"**Discount Price**" means (i) with respect to a conversion under alternatives (i) or (ii) of the definition of Equity Financing, the lowest price per share of the Standard Preferred Shares sold in the Equity Financing multiplied by the Discount Rate, and (ii) with respect to a conversion under alternative (iii) of the definition of Equity Financing, the price per share equal to the fair market value of the Ordinary Shares at the time of the Initial Public Offering, as determined by reference to the purchase price payable in connection with such Initial Public Offering, multiplied by the Discount Rate.

"**Dissolution Event**" means (i) a voluntary termination of operations, (ii) a general assignment for the benefit of the Company's creditors, or (iii) any other liquidation, dissolution or winding up of the Company (**<u>excluding</u>** a Liquidity Event), whether voluntary or involuntary.

"**Dividend Amount**" means, with respect to any date on which the Company pays a dividend on its outstanding Ordinary Shares, the amount of such dividend that is paid per Ordinary Share multiplied by (x) the Purchase Amount divided by (y) the Liquidity Price (treating the dividend date as a Liquidity Event solely for purposes of calculating such Liquidity Price).

"**Equity Financing**" means (i) a Qualified Equity Financing, (ii) a Non-Qualified Equity Financing, or (iii) an Initial Public Offering.

"**Initial Public Offering**" means the closing of the Company's first firm commitment underwritten initial public offering of Ordinary Shares pursuant to a registration statement filed under the Securities Act.

"**ITA Guidelines**" means those certain guidelines published by the Israeli Tax Authority concerning possible tax consequences of investments conducted via simple agreements for future equity, dated January 29<sup>th</sup>, 2025.

"**Liquidity Capitalization**" means the number, as of immediately prior to the Liquidity Event, of shares of Share Capital (on an as-converted basis) outstanding, assuming exercise or conversion of all outstanding vested and unvested options, warrants and other convertible securities, but **<u>excluding</u>**: (i) Ordinary Shares reserved and available for future grant under any equity incentive or similar plan; (ii) this instrument; (iii) other Safes; and (iv) convertible promissory notes.

"**Liquidity Event**" means a Change of Control or a Direct Listing.

"**Liquidity Price**" means the lower of (i) the price per share equal to the fair market value of the Ordinary Shares at the time of the Liquidity Event, as determined by reference to the purchase price payable in connection with such Liquidity Event, multiplied by the Discount Rate, or (ii) the Valuation Cap divided by the Liquidity Capitalization.

"**Non-Qualified Equity Financing**" means a bona fide transaction or series of transactions with the principal purpose of raising capital, pursuant to which the Company issues and sells Preferred Shares at a fixed valuation, including but not limited to, a pre-money or post-money valuation, under which the Company raises less than of US$15,000,000 and with respect to which the Investor has provided written notice to the Company of his election to convert the SAFE within seven (7) days of receipt of Company's notice (Company to provide a notice to Investor regarding the expected consummation of such transaction at least fourteen (14) days prior to its consummation).

"**Proceeds**" means cash and other assets (including without limitation share consideration) that are proceeds from the Liquidity Event or the Dissolution Event, as applicable, and legally available for distribution.

"**Qualified Equity Financing**" means a bona fide transaction or series of transactions with the principal purpose of raising capital, pursuant to which the Company issues and sells Preferred Shares at a fixed valuation, including but not limited to, a pre-money or post-money valuation, under which the Company raises at least US$15,000,000.

"**Safe**" means an instrument containing a future right to Share Capital, similar in form and content to this instrument, purchased by investors for the purpose of funding the Company's business operations. References to "this Safe" mean this specific instrument.

"**Safe Preferred Shares**" subject to Section 1(a), means the series of Preferred Shares issued to the Investor in an Equity Financing, having the identical rights, privileges, preferences, seniority, liquidation multiple and restrictions as the shares of Standard Preferred Shares, except that any price-based preferences (such as the per share liquidation amount, initial conversion price and per share dividend amount) will be based on the Safe Price.

"**Safe Price**" means the lower of (i) the Conversion Price, or (ii) the Discount Price.

"S**tandard Preferred Shares**" subject to Section 1(a), means the series of Preferred Shares issued to the investors investing new money in the Company in connection with the initial closing of the Equity Financing.

"**Subsequent Convertible Securities**" means convertible securities that the Company may issue after the issuance of this instrument with the principal purpose of raising capital, including but not limited to, other Safes, convertible debt instruments and other convertible securities. Subsequent Convertible Securities excludes: (i) side letters or ancillary agreements that do not amend or modify the terms of such convertible securities; and (ii) the following types of securities: (A) options issued pursuant to any equity incentive or similar plan of the Company; (B) convertible securities issued or issuable to (1) banks, equipment lessors, financial institutions or other persons engaged in the business of making loans pursuant to a debt financing or commercial leasing or (2) suppliers or third party service providers in connection with the provision of goods or services pursuant to transactions; and (C) convertible securities issued or issuable in connection with sponsored research, collaboration, technology license, development, OEM, marketing or other similar agreements or strategic partnerships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** "***MFN***" ***Amendment Provision***. If the Company issues any Subsequent Convertible Securities with terms more favorable than those of this Safe (including, without limitation, a valuation cap and/or discount) prior to termination of this Safe, the Company will promptly provide the Investor with written notice thereof, together with a copy of such Subsequent Convertible Securities (the "**MFN Notice**") and, upon written request of the Investor, any additional information related to such Subsequent Convertible Securities as may be reasonably requested by the Investor. In the event the Investor determines that the terms of the Subsequent Convertible Securities are preferable to the terms of this instrument, the Investor will notify the Company in writing within 10 days of the receipt of the MFN Notice. Promptly after receipt of such written notice from the Investor, the Company agrees to amend and restate this instrument to be identical to the instrument(s) evidencing the Subsequent Convertible Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. *"Pro Rata" Right to Invest in an Equity Financing.*** If this Safe is converted as part of an Equity Financing (other than an Equity Financing constituting an Initial Public Offering), the Investor shall have the right to purchase its pro rata share of Standard Preferred Stock being sold in the Equity Financing (the "**Pro Rata Right**"). Pro rata share for purposes of this Pro Rata Right is the ratio of (x) the number of shares of Share Capital issued from the conversion of all of the outstanding Investor's Safes to (y) the Company Capitalization. The Pro Rata Right described above shall automatically terminate upon the earlier of (i) the initial closing of an Equity Financing (including an Initial Public Offering); (ii) immediately prior to the closing of a Liquidity Event; or (iii) immediately prior to the Dissolution Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. *Company Representations***

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) The Company is a corporation duly organized, validly existing and in good standing under the laws of its state of incorporation, and has the power and authority to own, lease and operate its properties and carry on its business as now conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) The execution, delivery and performance by the Company of this Safe is within the power of the Company and has been duly authorized by all necessary actions on the part of the Company (subject to section 5(d)). This Safe constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors' rights generally and general principles of equity. To its knowledge, the Company is not in violation of (i) its current articles of association, (ii) any material statute, rule or regulation applicable to the Company, or (iii) any material debt or contract to which the Company is a party or by which it is bound, where, in each case, such violation or default, individually, or together with all such violations or defaults, could reasonably be expected to have a material adverse effect on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) The performance and consummation of the transactions contemplated by this Safe do not and will not: (i) violate any material judgment, statute, rule or regulation applicable to the Company; (ii) result in the acceleration of any material debt or contract to which the Company is a party or by which it is bound; or (iii) result in the creation or imposition of any lien on any property, asset or revenue of the Company or the suspension, forfeiture, or nonrenewal of any material permit, license or authorization applicable to the Company, its business or operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) No consents or approvals are required in connection with the performance of this Safe, other than: (i) the Company's corporate approvals; (ii) any qualifications or filings under applicable securities laws; and (iii) necessary corporate approvals for the authorization of Share Capital issuable pursuant to Section 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) To its knowledge, the Company owns or possesses (or can obtain on commercially reasonable terms) sufficient legal rights to all patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information, processes and other intellectual property rights necessary for its business as now conducted and as currently proposed to be conducted, without any conflict with, or infringement of the rights of, others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. *Investor Representations***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) The Investor has full legal capacity, power and authority to execute and deliver this Safe and to perform its obligations hereunder. This Safe constitutes a valid and binding obligation of the Investor, enforceable in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors' rights generally and general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) The Investor is an accredited investor as such term is defined in (i) Rule 501 of Regulation D under the Securities Act, and (ii) in the first appendix under the Israeli Securities Law, 1968, and acknowledges and agrees that if not an accredited investor at the time of an Equity Financing, the Company may void this Safe and return the Purchase Amount. The Investor has been advised that this Safe and the underlying securities have not been registered under the Securities Act, or any state securities laws and, therefore, cannot be resold unless they are registered under the Securities Act and applicable state securities laws or unless an exemption from such registration requirements is available. The Investor is purchasing this Safe and the securities to be acquired by the Investor hereunder for its own account for investment, not as a nominee or agent, and not with a view to, or for resale in connection with, the distribution thereof, and the Investor has no present intention of selling, granting any participation in, or otherwise distributing the same. The Investor has such knowledge and experience in financial and business matters that the Investor is capable of evaluating the merits and risks of such investment, is able to incur a complete loss of such investment without impairing the Investor's financial condition and is able to bear the economic risk of such investment for an indefinite period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. *Miscellaneous***

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) ****Any provision of this Safe may be amended, waived or modified by written consent of the Company and either (i) the Investor or (ii) the majority-in-interest of all then-outstanding Safes with the same "Valuation Cap" and "Discount Rate" as this Safe (and Safes lacking one or both of such terms will be considered to be the same with respect to such term(s)), *provided that* with respect to clause (ii): (A) the Purchase Amount may not be amended, waived or modified in this manner, (B) the consent of the Investor and each holder of such Safes must be solicited (even if not obtained), and (C) such amendment, waiver or modification treats all such holders in the same manner. "Majority-in-interest" refers to the holders of the applicable group of Safes whose Safes have a total Purchase Amount greater than 50% of the total Purchase Amount of all of such applicable group of Safes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Any notice required or permitted by this Safe will be deemed sufficient when delivered personally or by overnight courier or sent by email to the relevant address listed on the signature page, or 48 hours after being deposited in the U.S. mail as certified or registered mail with postage prepaid, addressed to the party to be notified at such party's address listed on the signature page, as subsequently modified by written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) The Investor is not entitled, as a holder of this Safe, to vote or be deemed a holder of Share Capital for any purpose other than tax purposes, nor will anything in this Safe be construed to confer on the Investor, as such, any rights of a Company shareholder or rights to vote for the election of directors or on any matter submitted to Company shareholders, or to give or withhold consent to any corporate action or to receive notice of meetings, until shares have been issued on the terms described in Section 1. However, if the Company pays a dividend on outstanding Ordinary Shares (that is not payable in Ordinary Shares) while this Safe is outstanding, the Company will pay the Dividend Amount to the Investor at the same time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) Neither this Safe nor the rights in this Safe are transferable or assignable, by operation of law or otherwise, by either party without the prior written consent of the other; *provided, however*, that this Safe and/or its rights may be assigned without the Company's consent by the Investor (i) to the Investor's estate, heirs, executors, administrators, guardians and/or successors in the event of Investor's death or disability, or (ii) to any other entity who directly or indirectly, controls, is controlled by or is under common control with the Investor, including, without limitation, any general partner, managing member, officer or director of the Investor, or any venture capital fund now or hereafter existing which is controlled by one or more general partners or managing members of, or shares the same management company with, the Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) In the event any one or more of the provisions of this Safe is for any reason held to be invalid, illegal or unenforceable, in whole or in part or in any respect, or in the event that any one or more of the provisions of this Safe operate or would prospectively operate to invalidate this Safe, then and in any such event, such provision(s) only will be deemed null and void and will not affect any other provision of this Safe and the remaining provisions of this Safe will remain operative and in full force and effect and will not be affected, prejudiced, or disturbed thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) All rights and obligations hereunder will be governed by the laws of the State of Israel, without regard to the conflicts of law provisions of such jurisdiction and the lawful courts located in Tel Aviv-Jaffa, Israel shall have exclusive jurisdiction over any matters pertaining to this Safe.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g) The parties acknowledge and agree that (i) for United States federal and state income tax purposes this Safe is, and at all times has been, intended to be characterized as stock, and more particularly as common stock for purposes of Sections 304, 305, 306, 354, 368, 1036 and 1202 of the Internal Revenue Code of 1986, as amended, and (ii) for Israeli tax purposes this Safe is, and at all times has been, intended to be characterized as an equity instrument, pursuant to the ITA Guidelines. Accordingly, the parties agree to treat this Safe consistent with the foregoing intent for all United States federal and state income tax purposes and Israeli tax purposes (including, without limitation, on their respective tax returns or other informational statements).

(*Signature page follows*)

IN WITNESS WHEREOF, the undersigned have caused this Safe to be duly executed and delivered.

---

| | |
|:---|:---|
| Tarsier Pharma Ltd. | Tarsier Pharma Ltd. |
| By: |  |
|  | Daphne Haim-Langford |
|  | CEO |

---

---

| | |
|:---|:---|
| Address: | <u>19 Yahalom st. Zichron Yaacov, Israel</u> |
| Email: | <u>daphne@tarsierpharma.com</u> |
| **INVESTOR:** | **INVESTOR:** |
| By: |  |
| Name: |  |
| Title: |  |
| Address: | Address: |
| Email: |  |

---

**FIRST AMENDMENT TO SIMPLE AGREEMENT FOR FUTURE EQUITY AND CORRESPONDING SIDE LETTER**

This First Amendment to a Simple Agreement for Future Equity and its corresponding Side Letter (this "**Amendment**") is entered into as of ______-, 2025, by and between Tarsier Pharma Ltd. (the "**Company**") and __________ (the "**Investor**" and together with the Company, the "**Parties**").

---

| | |
|:---|:---|
| **WHEREAS**, | the Company and the Investor have entered into that certain simple agreement for future equity, dated _________, 2025 (the "**SAFE**"); and |

---

---

| | |
|:---|:---|
| **WHEREAS**, | together with their entry into the SAFE the Parties entered into that certain side letter to the SAFE, dated ___________-, 2025 (the "**Side Letter**"); and |

---

---

| | |
|:---|:---|
| **WHEREAS**, | the parties now wish to amend the SAFE and the Side Letter, as set forth herein, effective as of the date hereof. |

---

**NOW THEREFORE**, in consideration of the foregoing and subject to the terms and conditions set forth herein, the parties intending to be legally bound hereby agree as follows:

**<u>Amendments to SAFE</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The parties hereby agree that the definition of "Discount Price" under Section 2 of the SAFE shall be amended and restated in its entirety as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "'**Discount Price**' means (i) with respect to a conversion under alternatives (i) or (ii) of the definition of Equity Financing, the lowest price per share of the Standard Preferred Shares sold in the Equity Financing multiplied by the Discount Rate, and (ii) with respect to a conversion under alternative (iii) of the definition of Equity Financing, the price per share equal to the fair market value of the Ordinary Shares at the time of the Initial Public Offering, as determined by reference to the purchase price payable in connection with such Initial Public Offering, multiplied by the Discount Rate."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The parties hereby agree that the definition of "Equity Financing" under Section 2 of the SAFE shall be amended and restated in its entirety as follows:

"'**Equity Financing**' means (i) a Qualified Equity Financing, (ii) a Non-Qualified Equity Financing, or (iii) an Initial Public Offering."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The parties hereby agree that the definition of "Liquidity Event" under Section 2 of the SAFE shall be amended and restated in its entirety as follows:

**"'Liquidity Event**' means a Change of Control or a Direct Listing."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4. The parties hereby agree that Section 4 of the SAFE shall be amended and restated in its entirety as follows:

"4. ***"Pro Rata" Right to Invest in an Equity Financing***. If this Safe is converted as part of an Equity Financing (other than an Equity Financing constituting an Initial Public Offering), the Investor shall have the right to purchase its pro rata share of Standard Preferred Stock being sold in the Equity Financing (the "**Pro Rata Right**"). Pro rata share for purposes of this Pro Rata Right is the ratio of (x) the number of shares of Share Capital issued from the conversion of all of the outstanding Investor's Safes to (y) the Company Capitalization. The Pro Rata Right described above shall automatically terminate upon the earlier of (i) the initial closing of an Equity Financing (including an Initial Public Offering); (ii) immediately prior to the closing of a Liquidity Event; or (iii) immediately prior to the Dissolution Event."

**<u>Amendments to Side Letter</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5. The parties hereby agree that Section 1 of the Side Letter shall be amended and restated in its entirety as follows:

"<u>Exercise Period</u>: The Warrant shall be exercisable for a period commencing on its grant date, being the initial closing of the Equity Financing (the "**Grant Date**"), and ending upon the earlier of (i) 60 months from the Grant Date, (ii) a Liquidity Event, or (iii) a Dissolution Event provided, however, that if the Equity Financing is an Initial Public Offering, then the Warrant shall be exercisable until the lapse of 36 months from the date of the Initial Public Offering. If not exercised within the Exercise Period, the Warrant shall expire and thereafter no longer confer any rights whatsoever upon the Investor. For the removal of doubt, if no Equity Financing occurs prior to a Liquidity Event or Dissolution Event, the Investor shall nonetheless be entitled to receive a warrant to participate in such event, pursuant to the terms hereunder, on an as-converted basis (i.e. by simulating the conversion of the SAFE) by providing the Company with a notice within seven (7) days of receipt of Company's notice regarding such expected event (Company's notice to be provided at least fourteen (14) days prior to such expected event).

With respect to an Initial Public Offering, notwithstanding the aforementioned, if the share price of the Company will exceed 60% over the original price in which Company shares were initially offered in the relevant stock exchange for at least ten (10) consecutive trading days (a "**Share Price Trigger Event**"), then the Exercise Period shall be shortened, such that the Investor shall have three (3) business days to exercise the Warrant from the occurrence of the Share Price Trigger Event."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Miscellaneous</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. All provisions of the SAFE and the Side Letter, unless specifically revised in this Amendment, shall remain in force and are binding upon the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. This Amendment shall be deemed for all intents and purposes as an integral part of the SAFE and the Side Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The SAFE, Side Letter and the Amendment constitute the entire agreement of the parties hereto with respect to the subject matter hereof, and supersede all prior agreements and undertakings, both written and oral, between the parties hereto with respect to the subject matter hereof.

**IN WITNESS WHEREOF**, each of the parties hereto has executed this Amendment as of the date first written above.

---

| | | |
|:---|:---|:---|
| **Tarsier Pharma Ltd.** | **Tarsier Pharma Ltd.** | **Investor** |
| By: | Daphna Haim-Langford | By: |
| Position: | CEO | Position: |
| Date: _________ 2025 | Date: _________ 2025 | Date: |

---

## Exhibit 4.7

**Exhibit 4.7**

Dear ___________________,

**<u>Re: Side Letter to SAFE Agreement</u>**

This side letter (the "**Side Letter**") is entered into as of _______________________, 2025 by and between Tarsier Pharma Ltd. (the "**Company**") and ___________________ (the "**Investor**"), in connection with the Simple Agreement for Future Equity (the "**SAFE**") of even date between the Company and the Investor.

 

*Any term not defined herein shall have the meaning provided to it under the SAFE.*

In consideration of the mutual covenants and agreements contained herein and in the SAFE, the Company hereby agrees to grant the Investor a warrant (the "**Warrant**"), concurrently with and subject to the consummation of an Equity Financing, to purchase shares of the Company, in such number and type as specified below.

The terms of the Warrant shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Exercise Period</u>: The Warrant shall be exercisable for a period commencing on its grant date, being
the initial closing of the Equity Financing (the "**Grant Date** "), and ending upon the earlier of (i) 24 months from the
Grant Date, (ii) a Liquidity Event, or (iii) a Dissolution Event. If not exercised within the Exercise Period, the Warrant shall expire
and thereafter no longer confer any rights whatsoever upon the Investor.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Exercise Price</u>: The exercise price per share shall be the Discount Price.

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Type of Shares</u>: The Warrant shall
 be exercisable into Safe Preferred Shares<sup>1</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Number of Shares</u>: The Warrant shall be exercisable for the purchase of the same number of Safe
Preferred Shares issued to the Investor upon conversion of the SAFE.

&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Other Terms</u>: The Warrant shall be subject to such other customary terms and conditions, as determined
by the Company in its reasonable discretion.

This Side Letter shall be governed by and construed in accordance with the laws of the state of Israel, without regard to its conflict of laws principles.

Please confirm your agreement to the terms of this Side Letter by signing and returning a copy to the undersigned.

*[Signature page immediately follows]*

<sup>1</sup> Subject to the third paragraph under Section 1(a) of the SAFE.

 

Sincerely,

---

| | |
|:---|:---|
| **Tarsier Pharma Ltd.** | **Tarsier Pharma Ltd.** |
| By: |  |
| Name: | Daphna Haim-Langford |
| Title: | Chief Executive Officer |
| Agreed and Accepted: | Agreed and Accepted: |
| **Investor:** |  |
| By: |  |
| Name: |  |
| Title: |  |
| Date: |  |

---

## Exhibit 4.8

**Exhibit 4.8**

Dear ____________,

**<u>Re: Side Letter to SAFE Agreement</u>**

This side letter (the "**Side Letter**") is entered into as of December ___, 2025 by and between Tarsier Pharma Ltd. (the "**Company**") and _____________________ (the "**Investor**"), in connection with the Simple Agreement for Future Equity (the "**SAFE**") of even date between the Company and the Investor.

 

*Any term not defined herein shall have the meaning provided to it under the SAFE.*

In consideration of the mutual covenants and agreements contained herein and in the SAFE, the Company hereby agrees to grant the Investor a warrant (the "**Warrant**"), concurrently with and subject to the consummation of an Equity Financing, to purchase shares of the Company, in such number and type as specified below.

The terms of the Warrant shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Exercise Period</u>: The Warrant shall be exercisable for a period commencing on its grant date, being
the initial closing of the Equity Financing (the "**Grant Date** "), and ending upon the earlier of (i) 60 months from the
Grant Date, (ii) a Liquidity Event, or (iii) a Dissolution Event provided, however, that if the Equity Financing is an Initial Public
Offering, then the Warrant shall be exercisable until the lapse of 36 months from the date of the Initial Public Offering. If not exercised
within the Exercise Period, the Warrant shall expire and thereafter no longer confer any rights whatsoever upon the Investor. For the
removal of doubt, if no Equity Financing occurs prior to a Liquidity Event or Dissolution Event, the Investor shall nonetheless be entitled
to receive a warrant to participate in such event, pursuant to the terms hereunder, on an as-converted basis (i.e. by simulating the conversion
of the SAFE) by providing the Company with a notice within seven (7) days of receipt of Company's notice regarding such expected
event (Company's notice to be provided at least fourteen (14) days prior to such expected event).

With respect to an Initial Public Offering, notwithstanding the aforementioned, if the share price of the Company will exceed 60% over the original price in which Company shares were initially offered in the relevant stock exchange for at least ten (10) consecutive trading days (a "**Share Price Trigger Event**"), then the Exercise Period shall be shortened, such that the Investor shall have three (3) business days to exercise the Warrant from the occurrence of the Share Price Trigger Event.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Exercise Price</u>: The exercise price per share shall be the Safe Price.

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Type of Shares</u>: The Warrant shall
 be exercisable into Safe Preferred Shares<sup>1</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Number of Shares</u>: The Warrant shall be exercisable for the purchase of twice the number of Safe
Preferred Shares issued to the Investor upon conversion of the SAFE.

&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Other Terms</u>: The Warrant shall be subject to such other customary terms and conditions, which will
include (i) language accommodating changes in the number of shares exercisable hereunder in the event of Company capitalization adjustments,
(ii) a cashless exercise mechanism, and (iii) the ability to assign the Warrant to affiliates (the definition of "affiliate"
shall be consistent with the generally applicable "Permitted Transferee" definition under the Company's articles of
association).

This Side Letter shall be governed by and construed in accordance with the laws of the state of Israel, without regard to its conflict of laws principles.

Please confirm your agreement to the terms of this Side Letter by signing and returning a copy to the undersigned.

*[Signature page immediately follows]*

<sup>1</sup> Subject to the third paragraph under Section 1(a) of the SAFE.

 

 

 

Sincerely,

 

---

| | |
|:---|:---|
| **Tarsier Pharma Ltd.** | **Tarsier Pharma Ltd.** |
| By: |  |
| Name: | Daphna Haim-Langford |
| Title: | Chief Executive Officer |
| Date: |  |
| Agreed and Accepted: | Agreed and Accepted: |
| By: |  |
| Name: |  |
| Title: |  |
| Date: |  |

---

## Exhibit 5.2

**Exhibit 5.2**

May 18, 2026

Tarsier Pharma Ltd.

10 HaMa'apilim St.<br> Zichron Yaacov, Israel 3093765

**Re: <u>Registration Statement on Form F-1 of Tarsier Pharma Ltd.</u>**

Ladies and Gentlemen:

We have acted as United States counsel to Tarsier Pharma Ltd., an Israeli corporation (the "<u>Company</u>"), in connection with the Registration Statement on Form F-1 (as amended, the "<u>Registration Statement</u>"), initially filed by the Company with the Securities and Exchange Commission (the "<u>Commission</u>") in connection with the registration by the Company under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), of (1) ordinary shares, par value NIS 0.01 per share of the Company (the "<u>Ordinary Shares</u>"), including Ordinary Shares underlying the underwriters' over-allotment option, (2) warrants to purchase Ordinary Shares (the "<u>Warrants</u>"), and (3) Ordinary Shares issuable on exercise of the Warrants, each to be issued to the representatives of the underwriters by the Company pursuant to the underwriting agreement to be entered into by and between the Company and the representatives of the underwriters (the "<u>Underwriting Agreement</u>"). This opinion is being given in accordance with the Legal Matters section of the Registration Statement, as it pertains to the portions of New York law set forth below.

We have examined such documents and considered such legal matters as we have deemed necessary and relevant as the basis for the opinion set forth below. With respect to such examination, we have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as reproduced or certified copies, and the authenticity of the originals of those latter documents. As to questions of fact material to this opinion, we have, to the extent deemed appropriate, relied upon certain representations of certain officers and employees of the Company.

Based upon the foregoing, we are of the opinion that when the Registration Statement becomes effective under the Securities Act of 1933, as amended, and when the Warrants have been duly executed, authenticated, issued and delivered, as contemplated by the Registration Statement and in accordance with the Underwriting Agreement, such Warrants will be legally binding obligations of the Company enforceable in accordance with their terms except: (a) as such enforceability may be limited by bankruptcy, insolvency, reorganization or similar laws affecting creditors' rights generally and by general equitable principles (regardless of whether enforceability is considered in a proceeding in equity or at law); (b) as enforceability of any indemnification or contribution provision may be limited under the federal and state securities laws; (c) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to the equitable defenses and to the discretion of the court before which any proceeding therefor may be brought; (d) we express no opinion as to whether a state court outside of the State of New York or a federal court of the United States would give effect to the choice of New York law provided for in the Warrants; and (e) we have assumed the Exercise Price (as defined in the Warrants) will not be adjusted to an amount below the par value per share of the Ordinary Shares.

Notwithstanding anything in this letter, our opinion herein is expressed solely with respect to the laws of the State of New York. Our opinion is based on these laws as in effect on the date hereof and as of the effective date of the Registration Statement, and we assume no obligation to revise or supplement this opinion after the effective date of the Registration Statement should the law be changed by legislative action, judicial decision or otherwise. Where our opinions expressed herein refer to events to occur at a future date, we have assumed that there will have been no changes in the relevant law or facts between the date hereof and such future date. We are not rendering any opinion as to the compliance with any other federal or state law, rule or regulation relating to securities, or to the sale or issuance thereof.

We hereby consent to the use of this opinion as an exhibit to the Registration Statement, to the use of our name as your counsel and to all references made to us in the Registration Statement and in the prospectus forming a part thereof. In giving this consent, we do not hereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act, or the rules and regulations promulgated thereunder.

---

| |
|:---|
| Very truly yours, |
| /s/ Ellenoff Grossman & Schole LLP |
| Ellenoff Grossman & Schole LLP |

---

## Exhibit 10.1

**Exhibit 10.1**

**<u>Personal Employment Agreement</u>**

This Personal Employment Agreement (the **"Agreement"**) is made and entered into as of [<u> </u>], 2026, by and between Tarsier Pharma Ltd.**,** a company organized under the laws of the State of Israel, company registration number 51-539864-2, having its principal place of business at 10 HaMa'apilim, Zichron Yaacov, Israel 3093765 (the **"Company"**), and **Daphne Haim-Langford** Israeli I.D. No 016510331 residing at 19 Yahalom st. Zichron Yaacov, Israel 3093765 Israel (the **"Employee"**) (collectively, the "**Parties**").

---

| | |
|:---|:---|
| **Whereas** | the Employee has been employed with the Company as its Chief Executive Officer since April 1<sup>st</sup>, 2017 (the "**Commencement Date**") pursuant to that certain employment agreement dated May 13<sup>th</sup>, 2017 as amended (the "**Previous Agreement**"); |

---

---

| | |
|:---|:---|
| **Whereas** | the Parties now wish to enter into a new employment agreement in lieu of the Previous Agreement subject to the consummation of the initial public offering of the Company's securities registered pursuant to an effective registration statement (an "**IPO**") and effective as of the date in which the IPO is consummated (the "**Effective Date**"); |

---

---

| | |
|:---|:---|
| **Whereas** | the Employee represents that she has the required skills, qualifications and knowledge to serve in the position determined under this Agreement; and |

---

---

| | |
|:---|:---|
| **Whereas** | the Parties wish to replace the Previous Agreement with this Agreement as of the Effective Date; |

---

**NOW, THEREFORE**, in consideration of the agreements and covenants contained herein, the Company and the Employee hereby agree as follows:

1. <u>Preamble</u> 

1.1. The preamble of this Agreement constitutes an integral part thereof.

1.2. The division of the terms of this Agreement into clauses and the headings of
the clauses are solely for the sake of convenience and they may not be used for interpretive purposes. The Appendixes to this Agreement
constitute an integral part hereof.

1.3. References in this Agreement to a particular gender shall be applicable to all genders.

2. <u>Exclusivity of the Agreement</u> 

2.1. This Agreement is personal and the terms and conditions of the employment of
the Employee shall be solely as set forth in this Agreement.

2.2. This Agreement constitutes the entire agreement between the Parties with respect
to the subject matter hereof and supersedes all prior understandings, agreements, representations and discussions between them, oral or
written.

2.3. Except as expressly provided in this Agreement, the Employee shall not be entitled
to any payments or other benefits in respect of her employment and the termination of her employment with the Company.

3. **Absence of Impediment to the Employee's Employment & Previous Agreement** 

3.1. The Employee warrants, confirms and undertakes that: (i) she is entitled to enter
into this Agreement and to assume all of the obligations pursuant hereto; (ii) there is no contractual or other impediment to her entering
into this Agreement, fulfilling her obligations hereunder or to her employment with the Company; (iii) entering into this Agreement and
fulfilling her obligations hereunder do not require the consent of any person or entity and that on the date hereof she is free to provide
services to the Company upon the terms specified in this Agreement; and (iv) in entering
into this Agreement she is not in breach of any other agreement or obligation to which she is or was a party or by which she is bound.

3.2. The Employee hereby represents in favor of the Company that (i) she has reviewed the outstanding
balances due to her as of the date hereof regarding all rights and benefits she is entitled to for her employment with the Company from
the Commencement Date through the date hereof, and other than (a) 22.8 vacation days, 90 sick leave days, or any balances in the Manager's
Insurance Policy/Pension Fund/Study Fund, and (b) that certain debt owed to her by the Company pursuant to that certain shareholder's
loan agreement dated [ ], she has and will have no claims of any kind towards the Company and that she received from the Company all
consideration, compensation remuneration and other rights and benefits to which she was entitled under the Previous Agreement and/or
pursuant to the applicable law due to her employment with the Company until the date hereof; and (ii) that no additional compensation,
other than the salary and benefits provided under the Previous Agreement in the ordinary course of business, shall accrue between the
date hereof and the Effective Date.

3.3. For the avoidance of doubt, it is hereby clarified that the Employee's seniority
with the Company shall be calculated from the Commencement Date, and the Employee's period of employment with the Company from the
Commencement Date until the Effective Date shall be added to her seniority under this Agreement for the purpose of calculating all of
her social benefits and entitlements going forward.

3.4. The Employee's undertakings under Annex A of the Previous Agreement ("Statement
of Undertaking – Confidentiality, Non-Compete and Intellectual Property") shall continue to apply with respect to the period
preceding the Effective Date pursuant to the terms thereof.

4. <u>Position and Duties</u> 

4.1. **Position**. As of Effective Date the Employee will serve in a full-time
capacity as the Chief Executive Officer ()"**CEO**") of the Company, subject to the terms and conditions of this Agreement.
The Employee will report to the Company's Board of Directors.

4.2. The Employee's normal place of employment will be in Israel. The Company
shall provide Employee with such other systems or technology as may be reasonably required to perform the Employee's duties from
remote locations. The Employee acknowledges and agrees Employee will be required to undertake travel (including abroad) to fulfill the
duties and responsibilities set forth under this Agreement as deemed necessary or appropriate by the Company.

4.3. During the course of her employment with the Company, the Employee shall honestly,
diligently, skillfully and faithfully serve the Company. The Employee undertakes to devote all her working time, efforts and the best
of her qualifications and skills to promoting the business and affairs of the Company, and further undertakes to comply with the policies
and working arrangements of the Company, to loyally and fully comply with the decisions of the Company, its management and her supervisors,
to follow the Company procedures as established from time to time, to carried out the duties imposed upon her, whatever and whenever they
shall be.

4.4. The Employee shall at all times act in a manner suitable for her position and
status in the Company.

4.5. The Employee shall not, without the prior written authorization of the Company,
directly or indirectly undertake any other employment, whether as an employee of another employer or independently as an agent or consultant
or in any other manner (whether for compensation or otherwise), and shall not assume any position or render services in any of the above-stated
manners to any other entity.

4.6. It is agreed that the Employee may devote limited business time and efforts to
Outside Activities (as defined below) provided that (i) such activities, either individually or in the aggregate, do not interfere with
the performance of the Employee's duties hereunder, violate any covenants undertaken by the Employee hereunder and/or create a conflict
of interest, and (ii) that the Employee provides sufficient
prior notice to the Company prior to engaging in any Outside Activity and if, in the reasonable discretion of the Company, an Outside
Activity may breach the Employee's undertaking under subsection (i), the Company may disallow such Outside Activity by providing
written notice thereof to the Employee. "**Outside Activities**" for this purpose means serving on a civic or a charitable
board or committee with prior approval of the Company's Board of Directors in good faith.

4.7. The Employee undertakes to notify the Company immediately and without delay regarding
any matter or subject in respect of which she has a personal interest, and/or which might create a conflict of interest with her position
in the Company.

4.8. The Employee shall not directly or indirectly accept any commission, rebate,
discount, or gratuity in cash or in kind, from any person who has or is likely to have a business relationship with the Company.

4.9. In carrying out her duties under this Agreement, the Employee shall make representations
or give guarantees on behalf of the Company only when authorized to do so and in a manner suitable for her position and status.

4.10. <u>Post-Termination Assistance</u>. For a period
of three (3) months following the termination of the Employee's employment with the Company, for any reason (the "**Assistance Period** "),
the Employee undertakes to make herself available to the Company, upon reasonable prior written notice, for any matter which the Company
may reasonably request, including for the purpose of providing information relating to her work or actions taken by her during the course
of her employment. Additionally, the Employee undertakes to make herself available to the Company, upon reasonable prior written notice,
for any legal or quasi-legal matter which the Company requires assistance with during her employment and for seven (7) years following
her employment with the Company (such term to be extended if any legal or semi-legal proceeding is initiated prior to the lapse of such
seven (7) year period for as long as such proceeding is outstanding). Each such assistance shall be provided in a reasonable scope and
at reasonable times, taking into account the Employee's other professional engagements at such time. In consideration for such assistance,
the Company shall compensate the Employee for the time actually spent in providing assistance hereunder at an hourly rate of NIS 1,000+VAT.

5. <u>Salary</u> 

5.1. Commencing as of the Effective Date and thereafter, in consideration for the
Employee's services, and subject to the fulfillment of all the Employee's duties and obligations under this Agreement, the Employee shall
be entitled to a gross monthly salary of NIS 50,000 (the "**Salary** ").

5.2. The Employee's Salary shall be subject to review for an upward adjustment
on at least an annual basis, with any adjustment being at the Company's full discretion.

5.3. As the Employee is employed hereunder in a senior managerial position involving
a fiduciary relationship between the Employee and the Company, the Law of Working Hours and Rest 5711-1951, or any law amending or replacing
such law, shall not apply to the employment of the Employee and the Employee shall not be entitled to payments thereunder. The Employee
may be required, from time to time and according to the work load demanded of her, to work beyond the regular working hours and she shall
not be entitled to any additional consideration for work during overtime hours and/or on days that are not regular business days. The
Employee acknowledges and agrees that the Salary and the compensation set for her hereunder include a proper and just reward for the requirements
of her position and status and the obligation to work at irregular hours of the day.

5.4. The Salary shall be paid no later than the 9th day of each month, for the preceding month.

5.5. All the amounts specified in this Agreement are gross sums. The Company shall
deduct and withhold all required taxes and other statutory payments, including health insurance contributions and social security
contributions from the Salary and from all other rights and benefits received by the Employee.

5.6. The Employee shall regard and retain as confidential and shall not divulge to any
of the Company's employees and/or any third party, either during or after the Employee's employment period, directly or indirectly,
the terms of the Employee's employment and Salary.

6. <u>Pension Insurance</u> 

6.1. The Company shall comply with the provisions of the "Expansion Order of extensive
pension" (the "**Order** "), with respect to Company and Employee contributions to pension fund and severance pay ()"**Pension Plan**") as required by the Order.

6.2. The contributions to the Pension Plan shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall pay a sum equal to 8.33% of the Employee's
Salary on account of severance pay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall pay a sum equal to 6.5% of the Employee's
Salary on account of pension fund payment. In case the Pension Plan is Managers Insurance, the Company's above contribution shall
include Company's payment for the Employee's disability insurance in the amount required to insure 75% of Employee's
Salary, provided that Company's payment to pension shall not be less than 5% of the Salary. In case the purchase cost of the disability
insurance will require the Company to increase the above contribution to more than 6.5%, the Company's total contribution to pension
together with the disability insurance cost will not be in any case more than 7.5% of the Salary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall deduct 6% from the Employee's Salary
to be paid on behalf of the Employee towards such Pension Plan.

6.3. In accordance with Section 9 of the Order, Company's contributions to severance
pay as aforementioned shall be in lieu of payment of severance pay, pursuant to section 14 of the Severance Pay Law, and shall be non-refundable.

6.4. Other than in events in which the Company is entitled to withhold the Pension
Plan under the Order, the Company shall automatically transfer the Pension Plan to the Employee, subject to any applicable law, upon the
termination of Employee's employment by either party.

7. <u>Advanced Study Fund</u> 

7.1. The Company shall make monthly contributions on the Employee's behalf to a recognized
advanced study fund ("Keren Hishtalmut") (hereinafter the "Study Fund"), in an amount equal to 7.5% of the Salary.
In addition, the Company shall deduct 2.5% from the Salary also to be paid to the Study Fund as recognized by the Income Tax Authorities.

7.2. The sums contributed by the Employee shall be deducted by the Company directly
from the Salary. The Employee hereby instructs the Company to transfer to the Study Fund from each monthly Salary due to her the amount
of the Employee's and the Company's contribution, as set forth above.

7.3. Should any tax or other compulsory payment be imposed and payable in respect of
the Company's contributions to the Study Fund, such tax shall be paid by the Employee and deductible according to law.

8. <u>Additional Benefits</u> 

8.1. **Vacation**. The Employee shall be entitled to 24 working days' vacation
in each calendar year The Employee is required to make every reasonable effort to exercise her annual vacation during the year it is accrued
and shall be obliged to take at least ten (10) paid vacation days during each year of the Employee's employment; provided however,
that if the Employee is unable to utilize all the vacation days, she will be entitled to accumulate the unused balance of the vacation
days standing to her credit up to
a maximum of 30 days (the **"Maximum").** Any Annual Vacation Days which exceed the Maximum shall be deleted. Vacation shall
be taken in accordance with the Company policy and prior approval. For avoidance of any doubt, it is hereby agreed that the Company shall
be entitled to set uniform dates for vacation to all or part of its employees, as it shall deem fit.

8.2. **Recreation Pay**. The Employee shall be entitled to annual recreation pay ()"*Dmey Havra-ah*") in an amount determined in accordance with the applicable law.

8.3. **Sick Leave**. The Employee shall be entitled to sick leave ()"*Yemei Mahala*") as provided by the Sickness Pay Law, 5736-1976. The Employee shall notify the Company, immediately, of any absence
due to sickness and furnish the Company with an applicable medical certificate to approve it. Sick days are not redeemable and may not
be converted into cash.

8.4. **Travel Expenses.** The Company shall reimburse the Employee for travel expenses
in an amount of NIS 1,500 per month. For the removal of doubt only the Salary and not any other type of compensation, including Travel
Expenses, shall be used to calculate the Employee's social contributions (pension, advanced study fund, etc.) or severance payments.

8.5. **Expenses**. The Employee shall be entitled to reimbursement by the Company
for all necessary and reasonable business expenses (including international travel expenses) incurred by her in connection with her duties
hereunder. The Company shall reimburse the Employee for all such expenses upon presentation of an itemized account and appropriate supporting
documentation, all in accordance with the Company's generally applicable policies as in effect from time to time.

8.6. **Annual Performance Bonus.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The Employee will be eligible to participate in an annual
executive bonus plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Prior to the commencement of each calendar year, the Board
will establish and approve

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) specific individual and Company-wide objectives (the "**Performance Criteria** "), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the amount the Employee shall be entitled to for achievement
of the Objectives (the "**Target Bonus** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Within ten business days after completion of Company's
audited financial statements and the issuance of the Company's auditor's opinion on the financial statement, the Board will
determine in its sole discretion the extent to which the Performance Criteria have been achieved and, accordingly, the Employee's
eligibility to none, some or all of the Target Bonus (the "**Performance Criteria Board Meeting** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) The Board may, in its discretion, grant the Employee a bonus
in excess of the Target Bonus if the Performance Criteria are exceeded or for such additional contributions of the Employee that the
Board may choose to recognize (the total bonus actually approved, the "**Bonus** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Based on that determination, payment of the Bonus (if any)
shall be made at the same time annual bonuses are generally paid to other senior executives of the Company (generally the first regular
payroll date following the Board's certification of the achievement of applicable Performance Criteria in the Performance Criteria
Board Meeting) (the "**Bonus Payment Date**") and in any event no later than ten days after the Bonus Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Subject to subsection (h) below, if the Employee is eligible
to receive a Bonus, such Bonus will not be deemed to be fully earned unless Employee is employed by the Company on the Bonus Payment
Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) Notwithstanding anything to the contrary, in light of the
unique nature of the Bonus, such Bonus (or any portion thereof) shall not be deemed part of Employee's Salary for purposes of calculating
any other benefits hereunder, including, without limitation, any severance payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) <u>Payments Following Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) In the event that the Employee's employment with the
Company is terminated for any reason, other than for Cause, after the end of a calendar year but before the Bonus Payment Date, the Employee
shall nonetheless have the right to receive the Target Bonus for the year immediately preceding the year of such termination if the Board
in its sole discretion determines at the Performance Criteria Board Meeting that the Performance Criteria have been achieved.

ii) Without derogating from subsection (i), in the event that the Employee's employment with the Company ends due to Employee's death or Disability (in the event of Disability, whether by the Employee or the Company, provided, however that with respect to termination by the Company that the Company nonetheless meets all of its legal obligations with respect to such termination), and the Board in its sole discretion determines at the Performance Criteria Board Meeting that the Performance Criteria have been achieved (in part or in full) prior to the cessation of the Employee's employment, the Employee shall nonetheless be entitled to some or all of the Target Bonus (as applicable) for the year of termination (ignoring any continuation of employment requirements) and the Company shall pay the Target Bonus (or the relevant portion thereof) on the same basis as other participants in the plan except that the relevant Target Bonus amount shall be prorated (based on the percentage of days the Employee was employed relative to the total number of days in the bonus earning period).

"**Disability**" for the purpose of this subsection (ii) shall mean the inability of the Employee to perform the material duties of her position (with or without reasonable accommodation) for a continuous period of one hundred and twenty (120) days as a result of a physical or mental illness, injury or medical infirmity as determined by a medical physician reasonably acceptable by the Employee and the Company.

iii) With respect to payment of the Target Bonus pursuant to subsections (i) or (ii) above the Board may, in its sole discretion, opt to deviate from the date specified in subsection (e).

9. <u>Stock Options</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. Subject to the discretion of the Board or the Compensation Committee of the Company
and the terms of Company's 2026 Stock Incentive Plan (the "**Stock Incentive Plan**") and a separate award agreement,
the Employee may be entitled to receive options to purchase Ordinary Shares of the Company from time to time. The Employee agrees that
any equity grants awarded to her as compensation for services as Chief Executive Officer shall be subject to any clawback policy that
the Company established from time to time that is applicable to Company's executive officers.

10. <u>Employment Term and Termination</u> 

10.1. This Agreement shall be in effect commencing as of the Effective Date and shall
continue in full force and effect until terminated pursuant to the terms hereof.

10.2. The Employee's employment may be terminated by either party, at any time,
for whatever reason, upon delivery of a prior written notice of ninety (90) days to the other party (the "**Notice Period** ").

10.3. During the Notice Period and unless otherwise determined by the Company the Employee
shall continue to perform her duties until the conclusion of the Notice Period and cooperate with the Company in assisting the integration
of the person who will assume the Employee's responsibilities. Notwithstanding the aforementioned, the Company shall have the right not
to take advantage of the full Notice Period and may terminate the Employee's employment at any time during the Notice Period. In the event
of such termination, the Company shall pay the Employee her Salary for the remainder of the Notice Period.

10.4. It is hereby expressly stated that the Company reserves the right to terminate
the Employee's employment at any time during the Notice Period, regardless of whether notice of termination of employment was delivered
by the Company or whether such notice was delivered by the Employee. In the latter case such termination shall not constitute a dismissal
of the Employee by the Company.

10.5. Without derogating from the Company's rights under this Agreement and according
to law, and notwithstanding the foregoing, the Company may terminate the Employee's employment immediately without the delivery of a prior
written notice and/or payment for Notice Period, in the event of a Cause (as defined below and subject to any applicable law) and the
employment relationship shall be deemed effectively terminated as of the time of delivery of such notice.

10.6. The term "**Cause**" shall mean: (i) the Employee's material
breach of this Agreement (including its Appendix A); (ii) the Employee's deliberate failure to perform those material duties assigned
to her pursuant to this Agreement; (iii) the Employee's willful misconduct (including but not limited to acts of fraud or theft
or the violation of applicable laws); (iv) the Employee's conviction of, or entry of a plea of guilty or *nolo contendere* to
a felony or any other crime that involves fraud, dishonesty, or moral turpitude under the laws of Israel or the United States (or any
state thereof); (v) the Employee's alcohol abuse or use of controlled substances (other than prescription drugs taken in accordance
with a physician's prescription), in each case, to the extent such activities under this clause (vi) materially interfere with Employee's
duties; or (vii) any other act or omission that constitutes "cause" under the laws of the State of Israel or that do not entitle
the Employee to severance payments under the applicable law. With respect to subparagraphs (i), and (ii), in order to terminate Employee
for Cause, the Company must first give Employee written notice specifically describing the Cause condition and fifteen (15) days to cure
the condition, if curable. During the 15-day cure period, the Company may place Employee on paid leave (at the Company's expense),
while allowing Employee to take any action needed to cure the Cause condition, unless allowing any such action may reasonably cause harm
to the Company or any third-party, as determined by the Company in its sole discretion, in which case the Employee's access to the
Company's offices, information and systems may be immediately revoked, and such actions by the Company (placing the Employee on
paid leave and/or revoking access) shall not be considered Good Reason for Executive to resign.

10.7. In the event that the Employee terminates her employment with the Company, for
any reason, without the delivery of a written notice in accordance with Section 10.2 above, the Company shall be entitled to deduct from
any debt which it may owe the Employee an amount equal to the salary that would have been paid to the Employee during the Notice Period,
had she worked.

10.8. The Employee undertakes that immediately upon the termination of her employment
with the Company, for any reason, she shall act as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) She shall deliver and/or return to the Company all the documents, CD's or other
magnetic media, letters, notes, reports, passwords and usernames of Company's accounts and other papers in her possession and relating
to her employment with the Company and the fulfillment of her duties, as well as any equipment and/or other property belonging to the
Company which was placed at her disposal, including any computer equipment, telephone equipment, the Employee ID badge or other equipment.
The Employee shall not have any lien or other similar right over any equipment and/or other property belonging to the Company as aforesaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) She shall delete any information relating to the Company or its business from her
personal computer, if any; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) She shall coordinate the termination of her employment with her supervisors,
and she shall transfer in an orderly fashion and in accordance with Company procedures and in accordance with the timetable determined
by her supervisors, all documents and information and all matters which with she dealt, to whomever the Company instructs, all in a manner
satisfactory to the Company.

11. <u>Special Termination Payments</u> 

11.1. Subject to Section 0 herein, in the event that the Employee's employment
is terminated by the Company without Cause or by the Employee for Good Reason during the period commencing three (3) months immediately
preceding and ending twelve (12) months immediately following a Change in Control (as defined below) (the "**Change in Control Period** "), then the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject to section 11.2 below, pay to the Employee a sum,
being her Salary multiplied by twelve (12X) (excluding any and all other payments derived or paid in connection with the Salary such
as Advanced Study Fund, Pension, etc.), in a lump sum (less applicable withholdings and authorized deductions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject to section 11.2 below, pay a prorated portion of
the entire/portion of the Target Bonus for the year of termination (using the percentage of days the Employee was employed relative to
the total number of days in the bonus earning period), if the Board has determined that the Performance Criteria (set forth by the Board
during the previous year) have been achieved (in part or in full).

Subject to section 11.2 below, payment of the sums specified under subsections (i) and (ii) shall be conducted together with the last paycheck paid to the Employee. Notwithstanding anything to the contrary contained in this Agreement, the Company's obligation to provide the Special Severance Payments will immediately cease if the Employee breaches her undertakings under <u>Appendix A</u>, the Release Agreement or materially breaches any other Agreement the Employee has with the Company, or fails to timely execute the Release Agreement.

(the benefits under section 11.1(i) and 11.1(ii) shall collectively referred to herein as the "**Special Termination Payments**").

11.2. <u>Release Agreement</u>. In order to receive the above Special Termination Payments,
the Employee must timely execute (and not revoke) a separation agreement and general release (the "**Release Agreement** ")
in a customary form as is determined to be reasonably necessary by the Company in its good faith and reasonable discretion. If the Employee
is eligible for Special Termination Payments pursuant to Section 11.1, the Company will deliver the Release Agreement to the Employee
(which Release Agreement will not contain any new restrictive covenants (i.e., it may restate covenants contained herein, but will not
include additional covenants) within seven (7) calendar days following the date of termination of employment. The Special Termination
Payments are subject to the Employee's execution and delivery of such Release Agreement.

As used in this Agreement, "**Change in Control**" means each of the following events: (i) a merger or consolidation of the Company with or into another corporation resulting in such other corporation being the surviving entity or the direct or indirect parent of the Company or resulting in the Company being the surviving entity and there is a change in the ownership of shares of the Company, such that another person or entity owning fifty percent (50%) or more of the outstanding voting power of the Company's securities by virtue of the transaction, (ii) an acquisition of all or a majority of the shares of the Company, (iii) the sale and/or transfer (including by way an exclusive license) of all or substantially all of the assets of the Company; or (iv) such other transaction with a similar effect, as shall be determined by the Board.

As used in this Agreement "**Good Reason**" means the voluntary termination by the Employee within thirty (30) days following: (i) a requirement imposed on or after a Change in Control that the Employee physically relocates to another office for regular daily work duties that is more than 50 kilometers from the office location that the Employee worked at immediately prior to such Change of Control; (ii) a reduction of more than fifteen percent (15%) in the Employee's Salary (or other adverse change(s) to the Employee's compensation terms which the aggregate financial consequence thereof is equivalent) unless such reduction and/or adverse change(s) is/are made as part of a Company-wide change applying to all employees, or non-payment of some or all of the Target Bonus in violation of this Agreement; (iii) a material adverse change in the Employee's title or job description or a material diminution of the scope of the Employee's authority or responsibilities, or (iv) or any other material breach of this Agreement by the Company relating to such Employee, *provided that*, no act or omission in (i) through (iv) of this definition shall constitute Good Reason unless (a) Employee provides the Company with written notice within sixty (60) days after, the occurrence or existence of such event or circumstance, which notice identifies the event or circumstance that Employee believes constitutes Good Reason, (b) the Company fails to cure such act or omission within thirty (30) days after delivery of such notice to the Company and (c) Employee terminates Employee's employment with the Company within 7 (seven) days after the expiration of the cure period referred to in the preceding clause (b).

12. <u>Company's Computers</u> 

12.1. The e-mail provided to the Employee by the Company upon the commencement of her
employment is a professional e-mail, designated to be used by the Employee only for the purpose of performing her work in the Company
and the Employee is required to use it only for professional purposes.

12.2. The Company may monitor, access, and review information stored or transmitted
on Company systems (including the computer and/or cellphone provided to the Employee) for any purpose for protecting its rights, including
legitimate business purposes, *inter alia* security, compliance, protection of confidential information, and prevention of misuse.
It is hereby clarified, that the Company monitors any and all information stored in the Company computers including professional e-mail
and/or any information transferred through the Company's computer and communication networks. Furthermore, the Company performs various
backups of all information transferred through the Company's computer network systems.

12.3. Monitoring s hall be performed at all times without prior notice and by various
means. Monitoring can be done either by technological means, with regard to traffic volume and content traffic or by human resources,
to the extent necessary where it is being suspected that the Company's policies were breached and/or where there is a need to locate information
for ongoing work purposes, need to attend technical malfunctions and/or any other need required for professional and business needs.

12.4. The Company reserves the right to take control of the computer means provided
to the Employee in order to perform her work at all times and without prior notice, and to block any access to it, in order to protect
the Company's rights, attending technical malfunctions and for any other professional and/or business purposes.

12.5. For avoidance of any inconvenience and to assure professional usage of the Company's
computers, including the electronic e-mail systems, the web, the Company's communication means and the professional e-mail provided to
the Employee in order to perform her work; the Employee shall refrain from transferring and/or saving any personal information which the
Employee does not wish exposed in her professional e-mail and/or in any other computerized means provided to her by the Company in order
to perform her work.

12.6. The Employee understands and free willingly acknowledges that the Company, as
an organization which its work is conducted via computer means, is thus obligated, in order to guard proper management of its business,
to execute all the means outlined in this Agreement. The Employee undertakes the restrictions derived from the means outlined in this
Agreement and in Company's policies.

12.7. Nothing herein, diminishes from the Employee's right to open personal e-mail for
herself without using Company's computer means. Such personal e-mail shall not be subject to the Company's monitoring and controlling
means compelling all traffic that passes through the Company's computers.

12.8. The Employee is aware of and agrees that the Company is entitled to put the information
transferred in its computers and communication networks to any use, for the purpose of protecting its rights, at any and all time, without
prior notice.

13. <u>Personal Information</u> 

13.1. By signing this Agreement the Employee hereby declare, that
she understands that as part of its employment practices, the Company holds or may hold data that identifies the Employee or the Employee's
relatives ("Personally Identifiable Information"). The Employee understands and agrees that the Company uses such Personally
Identifiable Information for relevant, appropriate, and customary purposes, including: (1) recruitment and staffing; (2) administration
of compensation, benefit programs, payroll and other employee-related administration; (3) performance management, education and training;
(4) advancement and succession planning; (5) legal compliance and risk management; (6) workplace management; (7) to protect the Company,
the Employee, its workforce, and the public against injury, theft, legal liability, fraud, or abuse; and (8) legal and reasonable business-related
purposes (hereafter collectively referred to as the "Purposes"). Personally Identifiable Information will not be used for
other Purposes unless the Employee is advised and have provided consent.

13.2. By signing this Agreement the Employee represents
and agrees that (i) the Employee shall comply with the Company's Privacy Policies & Procedures, including any training initiatives
or modules, (ii) the Employee shall cooperate with Company's audit efforts relating to privacy, (iii) the
Employee is duly authorized to provide Personally Identifiable Information to Company, (iv) the Employee authorizes Company to use and
disclose such information to any entity within the Company group of companies (each a "Company Entity") and its subcontractors,
including transferring such information to countries outside of Israel, to process such information for the Purposes defined above, and
(v) the Employee authorizes the Company and any Company Entity to disclose Personally Identifiable Information as shall be required for
the Purposes.

14. <u>Confidentiality, Non-Competition and Intellectual Property Assignment</u> 

As a pre-condition to the entering into force of this Agreement, the Employee shall execute the Statement of Undertaking – Confidentiality, Non - Compete and Intellectual Property attached hereto as **<u>Appendix A</u>** and constituting an integral part of this Agreement.

15. <u>Miscellaneous</u> 

15.1. Notwithstanding any provisions of this Agreement (and its exhibits) or otherwise,
nothing contained in this Agreement (and its exhibits) limits the Employee's ability to file a charge or complaint with the Securities
and Exchange Commission ("SEC") or prevents the Employee from providing truthful testimony in response to a lawfully issued
subpoena or court order. Further, nothing in this Agreement shall (1) prohibit the Employee from making reports of possible violations
of federal law or regulation to the SEC, in accordance with the provisions of and rules promulgated under Section 21F of the Securities
Exchange Act of 1934, as amended, or Section 806 of the Sarbanes-Oxley Act of 2002, or of any other whistleblower protection provisions
of federal law or regulation, or (2) require notification or prior approval by the Company of any such report; provided that the Employee
is not authorized to disclose communications with counsel that were made for the purpose of receiving legal advice or that contain legal
advice or that are protected by the attorney work product or similar privilege. Further, this Agreement does not limit the Employee's
ability to communicate with the SEC or otherwise participate in any investigation or proceeding that may be conducted by the SEC, including
providing documents or other information, without notice to the Company. This Agreement does not limit the Employee's right to seek
an award pursuant to Section 21F of the Securities Exchange Act of 1934.

15.2. This Agreement constitutes a "Notice" as defined in the Employee
and Candidates Notification Law (Terms of Employment and Application Process) – 2002.

15.3. This Agreement is personal and shall not invoke the provisions of any collective
bargaining agreement ("Heskem Kibutsi"), collective arrangement ("Hesder Kibutsi"), expansion orders ("Tzavei
Har'hava") or any other custom, except and only to the extent so mandated by law.

15.4. The Company shall be entitled to set off and deduct from the payments due to
the Employee, proven debts which the Employee owes to the Company, all according and subject to the provisions of the applicable law.

15.5. Without derogating from the generality of any other provision of this Agreement,
it is hereby declared and agreed that the remuneration and benefits to be given to the Employee by the Company under this Agreement or
deriving therefrom, are given by the Company in reliance upon the undertakings given by the Employee pursuant to this Agreement and the
compliance by the Employee of her aforesaid undertakings.

15.6. No failure, delay of forbearance of either party in exercising any power or right
hereunder shall in any way restrict or diminish such party's rights and powers under this Agreement, or operate as a waiver of any breach
or nonperformance by either party of any terms of conditions hereof.

15.7. In the event it shall be determined under any applicable law that a certain provision
set forth in this Agreement is invalid or unenforceable, such determination shall not affect the remaining provisions of this Agreement.

15.8. This Agreement, including its Appendixes, is the entire agreement between the
Parties with respect to the subject matter hereof, and supersedes any and all prior understandings, agreements and discussions between
the Parties, oral or written, including the Previous Agreement.

15.9. Any modification or amendment to the provisions of this Agreement and the Appendixes
hereto shall be valid only if effected in writing and signed by both Parties hereto.

15.10. The Employee acknowledges and confirms that all terms of her employment are personal
and confidential and undertakes to keep such term in confidence and refrain from disclosing such terms to any third party.

15.11. Any notice sent by prepaid registered mail by one party to the other shall be
deemed to have been received by the addressee within three business days of its dispatch, and if delivered by hand - at the time of its
delivery. The addresses of the Parties hereto are as specified in the heading to this Agreement.

15.12. This Agreement shall be governed by the laws of the State of Israel and the competent
courts in the district of Tel-Aviv shall have exclusive jurisdiction over any dispute arising between the Parties with respect of this
Agreement.

15.13. This Agreement may be assigned by the Company to any third party, at its sole
discretion. The Employee may not assign or delegate her rights and obligations under this Agreement to any other party without the Company's
prior written approval.

EMPLOYEE ACKNOWLEDGES THAT SHE IS FAMILIAR WITH AND UNDERSTANDS THE ENGLISH LANGUAGE AND DOES NOT REQUIRE TRANSLATION OF THIS UNDERTAKING TO ANY OTHER LANGUAGE. EMPLOYEE FURTHER ACKNOWLEDGES THAT THE COMPANY HAS ADVISED THE EMPLOYEE THAT THE EMPLOYEE MAY CONSULT AN ATTORNEY BEFORE EXECUTING THIS UNDERTAKING AND THAT SHE HAS BEEN AFFORDED AN OPPORTUNITY TO DO SO.

![](ea027016608_ex10-1img1.jpg)

**IN WITNESS WHEREOF**, each of the Parties hereto has executed this Agreement as of the day and year first above written.

---

| | |
|:---|:---|
| **Tarsier Pharma Ltd.** | **Daphne Haim-Langford** |
| By: |  |
| Title: |  |

---

**<u>Appendix A</u>**

**<u>Statement of Undertaking – Confidentiality, Non-Compete and Intellectual Property</u>**

**Daphne Haim-Langford** (the "**Employee**") warrants and undertakes that for as long as she is employed by **Tarsier Pharma Ltd.**, (the: "**Company**"), and upon termination of employment thereafter, for any reason, she shall maintain in complete confidence any matters that relate to the Company and its present and future parent companies, subsidiaries and affiliates and successors, (all of the aforementioned entities shall be referred to collectively as the "**Company Group**"), their affairs and/or business, pursuant to this Agreement, and since the Employee has and will have access to the Company Group's intellectual property she hereby declares and undertakes as follows:

1. <u>Confidentiality</u> 

1.1. The Employee undertakes to maintain the confidentiality of the Confidential Information
(as defined below), during the term of her employment with the Company and after the termination of such employment, for any reason.

1.2. Without derogating from the generality of the foregoing, the Employee hereby
agrees that she shall not, directly or indirectly, disclose or transfer to any person or entity, at any time, either during or subsequent
to the employment period, any trade secrets or other confidential information, whether patentable or not, of the Company Group, including
but not limited to, all the Company Group's trade secrets, property, business, any information directly or indirectly related to
research and development connected with present or future products, inventions, hardware, software, production processes, discoveries,
improvements, developments, innovations, designs, drawings, sketches, design, calculations, diagrams, algorithms, formulas, computer files,
computer programs, data, planning processes, list of clients, list of suppliers, costing, prices, terms of payment, plans, business secrets,
business plans, plans for research, development, new products, marketing and selling, business plans, budgets and unpublished financial
statements, licenses, prices and costs, suppliers and customers, information regarding the skills and compensation of other employees
of the Company Group, names of clients, sales, and any other information related to the business of the Company Group and/or their clients,
including clients with whom the Company Group is negotiating and including affiliates and/or subsidiaries, present and future, all the
foregoing whether or not such information is protectable as a patent or any other proprietary right and any other information purchased
or received directly or indirectly in connection with Company Group, their affairs and/or business (collectively, "Confidential
Information"), of which the Employee is or becomes informed or aware during the employment period, whether or not developed by the
Employee. Confidential Information may be in any form including oral, writing, stored in a computer file and/or in any other digital or
other existing and/or future media.

1.3. Notwithstanding the above, Confidential Information shall
not include any information which: (i) was publicly known and made generally available in the public domain prior to the time of disclosure
to the Employee; (ii) becomes publicly known and made generally available after disclosure by the Company through no action or inaction
of the Employee; (iii) is required by law to be disclosed by the Employee, provided that the Employee gives the Company a prompt written
notice of such requirement prior to such disclosure and assistance in obtaining an order protecting the information from public disclosure.

1.4. The Employee undertakes not to use the Confidential Information for any purpose
whatsoever other than the performance of her services on behalf of the Company. Without limiting the scope of this duty, she shall only
use the Confidential Information for the benefit of the Company Group, and only to the extent required for the performance of the services
and may not disclose the Confidential Information to any other third party who is not performing the service.

1.5. The Employee undertakes not to directly or indirectly give and/or transfer, sale,
publish, distribution, for any purposes, to any third party, any information in any media, and not to photocopy and/or print and/or duplicate
object containing any or all of the Confidential Information without the Company's Group expressed prior written authorization.

1.6. In the event the Employee is in breach of any of her above obligations, she shall
be liable to compensate the Company in respect of all damages and/or expenses incurred by the Company as a result of such a breach, including
trial costs and legal fees and statutory VAT, and such being without derogating from any other relief and/or remedy available to the Company
by virtue of any law.

1.7. <u>Third Party Information</u>. The Employee understands that the Company Group
has received and in the future will receive from third parties confidential or proprietary information ("Third Party Information")
subject to a duty on the Company Group's part to maintain the confidentiality of such information and to use it only for certain limited
purposes. During the term of the Employee's employment and thereafter, the Employee will hold Third Party Information in the strictest
confidence and will not disclose Third Party Information to anyone (other than Company personnel who need to have such information in
connection with their work for the Company) and will not use Third Party Information, except in connection with the Employee's work for
the Company, unless expressly authorized by the Company in writing,

1.8. <u>No Improper Use of information of Prior employers and Others</u> - the Employee
undertakes that during her employment with the Company she will not improperly use or disclose any confidential information or trade secrets
or any assets - tangible or otherwise - of any former employer or any other person to whom the Employee has an obligation of confidentiality,
and she will not bring onto the premises of the Company any unpublished documents or any property belonging to any former employer or
any other person to whom the Employee has an obligation of confidentiality. In the event that Employee is in possession of any confidential
information or assets – tangible or otherwise - pertaining to any former employer or any other person to whom the Employee has an
obligation of confidentiality, Employee undertakes to entirely erase and destroy such confidential information and/or assets, to the fullest
extent possible thereby ensuring that no further use whatsoever may be made from such materials by any persons.

2. <u>Non-Competition/ Non-Solicitation</u> 

2.1. The Employee undertakes that during the period of her employment with the Company
and for a period of twelve (12) months following the termination of her employment therewith, for any reason, she shall not, directly
or indirectly, anywhere in the world,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Directly or indirectly carry on or hold an interest in any
company, venture, entity or other business (other than a minority interest in a publicly traded company) which directly harms or competes
with the products or services of the Company Group ("Competing Business"), including, without limitation, as a shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Act as a consultant or employee or officer or in any managerial
capacity in a Competing Business or supply services in direct competition with the Company to any person who was provided with services
by the Company Group during the period of twelve (12) months immediately prior to the termination date of the Employee's employment with
the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Solicit, canvass or approach or endeavor to solicit, canvass
or approach any person who was provided with services by the Company at any time during the period of twelve (12) months immediately
prior to the termination date of the Employee's employment with the Company, for the purpose of offering services or products which directly
compete with the services or products supplied by the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Employ, solicit or entice away or endeavor to solicit or entice
away from the Company Group any person employed by the Company Group at any time during the period of twelve (12) months immediately prior
to the termination date of the Employee's employment with the Company.

3. <u>Intellectual Property, Copyright and Patents</u> 

3.1. The Employee hereby irrevocably assigns to the Company, all of the Employee's rights, title
 and interest in and to all inventions, trade secrets, professional secrets, innovations, copyrightable works, Confidential
 Information, discoveries, processes, designs, works of authorship, and other intellectual property and all improvements on existing
 inventions, discoveries, processes, designs,
works and other intellectual property made or discovered by the Employee or any person subordinate to her during the term of employment
or as a result of such employment with the Company, (the "Intellectual Property") and all moral rights, artists' rights or
any other similar rights worldwide she may have in or with respect to any Intellectual Property, for no additional consideration provided
that she shall not be required to bear any expenses as a result of such assignment. The Company and its successors shall be entitled to
protect the Intellectual Property including any invention and/or patent and/or trade secret and/or professional secret and/or innovation
as aforesaid by way of registration and/or in any other manner, in Israel or anywhere else in the world.

3.2. The Employee declares that the Salary shall constitute full consideration for
the above assignment in accordance with Section 134 of the Patents Law – 1967 (the "Patents Law") and she shall not
be entitled to royalties and/or to any other payments or considerations beside the Salary for or in respect with the service invention
and/or in respect to the above assignment and/or to any Intellectual Property and/or in respect to the commercial use of the Intellectual
Property and/or the products of her services to the Company.

3.3. The Employee undertakes that upon the demand of the Company, including after the
termination of her employment for any reason, she shall sign, execute and deliver to the Company such documents as the Company may request
to confirm the assignment of the Employee's rights as required hereunder, and if requested by the Company, shall assist the Company,
and shall execute any necessary documents, at the Company's expense, in applying for and prosecuting any patents, trademarks, trade
secrets or copyright registration which may be available in respect thereof in accordance with the laws of the State of Israel or any
other foreign country.

3.4. In the event the Company is unable for any reason, after reasonable effort, to
secure the Employee's signature on any document needed in connection with the actions specified in the preceding paragraph, the Employee
hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as her agent and attorney in fact,
which appointment is coupled with an interest, to act for and in the Employee's behalf to execute, verify and file any such documents
and to do all other lawfully permitted acts to further the purposes of the preceding paragraph with the same legal force and effect as
if executed by the Employee.

3.5. The Employee undertakes to deliver to the Company, written notice of any invention
and/or patent and/or commercial secret and/or innovation invented by her and/or other employees of the Company and/or its successors who
are subordinate to her, immediately upon the discovery thereof.

3.6. <u>Prior Inventions</u> - the Employee hereby confirms that she has not and agree
that she will not incorporate, or permit to be incorporated, any Prior Inventions (as defined below) in any of the Company's Intellectual
Property without the Company's prior written consent. The Employee has disclosed in Schedule A, a complete list of all Inventions
that she has, or she has caused to be, alone or jointly with others, conceived, developed, or reduced to practice, in which she has an
ownership interest or which she has a license to use, and that she wishes to have excluded from the scope of this Annex (collectively
referred to as the "Prior Inventions"). If no Prior Inventions are listed in Schedule A, the Employee warrants that there
are no Prior Inventions. If, in the course of the Employee's engagement with the Company, she will, subject to the Company's
prior written consent, incorporate a Prior Invention into a Company work product, the Employee hereby grant the Company a non-exclusive,
perpetual, fully-paid and royalty-free, irrevocable and worldwide license, with rights to sublicense through multiple levels of sub-licensees,
to reproduce, make derivative works of, distribute, publicly perform, and publicly display in any form or medium, whether now known or
later developed, make, have made, use, sell, import, offer for sale, and exercise any and all present or future rights in, such Prior
Invention. In the event that the Employee has or she will incorporate a Prior Invention into a Company work product without the Company's
prior written consent, such Prior Invention shall be irrevocably assigned to the Company.

3.7. The Employee's obligations pursuant to this Section 3 shall survive the termination
of her employment with the Company and/or its successors and assigns with respect to inventions conceived by her during the term of her
employment or as a result of her employment with the Company.

3.8. The Employee acknowledges that the restricted period of time and geographical
area specified hereunder are reasonable, in view of the nature of the business in which the Company is engaged, the Employee's knowledge
of the Company's business and the compensation she receives. Notwithstanding anything contained herein to the contrary, if the period
of time or the geographical area specified herein should be determined to be unreasonable in any judicial proceeding, then the period
of time and area of the restriction shall be reduced so that this Agreement may be enforced in such area and during such period of time
as shall be determined to be reasonable by such judicial proceeding. The Employee acknowledges that the compensation and benefits granted
to her by the Company under this Agreement were determined, inter alia, in consideration for her obligations under this Appendix.

4. <u>General</u> 

4.1. <u>Successors and Assigns.</u> This Agreement will be binding upon the Employee's
heirs, executors, administrators and other legal representatives and will be for the benefit of the Company Group, its successors, and
its assigns.

4.2. <u>Waiver.</u> No waiver by the Company of any breach
 of this Agreement shall be a waiver of any preceding or succeeding breach. No waiver by the
 Company of any right under this Agreement shall be construed as a waiver of any other right.
 The Company shall not be required to give notice to enforce strict adherence to all terms
 of this Agreement.

4.3. <u>Assignment.</u> This Agreement may be assigned by the Company. The Employee may not assign or
 delegate her duties under this Agreement without the Company's prior written approval.

4.4. <u>Injunction.</u> The Employee agrees that it would be difficult
to measure damage to the Company Group from any breach of her undertakings set forth in Sections 1-3 above, and that injury sustained
by the Company from any such breach would be impossible to calculate, and that money damages would therefore be an inadequate remedy
for any such breach. Accordingly, the Employee agrees that if she breaches any provision of Sections 1-3 hereof, the Company Group will
be entitled, in addition to all other remedies it may have, to an injunction or other appropriate orders to restrain any such breach
by the Employee without demonstrating or proving any actual damage sustained by the Company Group.

4.5. <u>Governing Law.</u> This Appendix shall be governed by and construed in accordance
with the laws of the State of Israel, without giving effect to the rules respecting conflict-of-law.

---

| |
|:---|
| <u>Daphne Haim-Langford</u> |
| Name |
| /s/ Daphne Haim-Langford |
| Signature |
| Date |

---

**<u>Schedule A<br> to</u>**

**<u>Statement of Undertaking –Confidentiality, Non-Compete and Intellectual Property</u>**

**LIST OF PRIOR INVENTIONS**

---

| | |
|:---|:---|
| **Brief Description of Invention** | **Right, Title or Interested and Date Acquired** |

---

☐ I have no Prior Inventions

---

| | |
|:---|:---|
| Signature of Employee: | /s/ Daphne Haim-Langford |
| Print Name of Employee: | Daphne Haim-Langford |
| Date: | |

---

To: May [__], 2026 <br> <u>Tarsier Pharma Ltd.</u>

**<u>Letter of Waiver, Acknowledgment and Release</u>**

I the undersigned, Daphne Haim-Langford, ID No. 016510331, hereby confirm and declare to Tarsier Pharma Ltd. (the "**Company**"), as follows:

1. I have been engaged by the Company since April 1<sup>st</sup>, 2017 (the "**Commencement Date** "), pursuant to the certain employment agreement dated May 13<sup>th</sup>, 2017, as the Company's chief executive
officer (the "**Employment Agreement** ").

2. Amendment no. 2 of the Employment Agreement, dated January 28<sup>th</sup>, 2021,
added an undertaking by the Company to provide me with an annual bonus amounting to a sum reflecting 35% of my gross yearly salary during
the respective calendar year, including cost of social benefits, commencing on January 1<sup>st</sup>, 2021 (the "**Yearly Bonus** "
and the "**Entitlement Commencement Date** ").

3. Amendment no. 3 of the Employment Agreement, dated November 13<sup>th</sup>, 2025,
stated that the accumulation of the Yearly Bonus shall cease on November 1<sup>st</sup>, 2025 (the period commencing on the Entitlement
Commencement Date and ending on November 1<sup>st</sup>, 2025, the "**Entitlement Period** ").

4. Since the Entitlement Commencement Date, the Company has not paid any portion
of the Yearly Bonuses accrued during the Entitlement Period.

5. The total accumulated amount due to me for the Yearly Bonuses during the Entitlement
Period is US$561,000 (the "**Total Bonus Amount** ").

6. In the event that the Company consummates an initial public offering of its shares
(an "**IPO** "), the Company shall pay me the Total Bonus Amount within thirty (30) days of the IPO.

7. I have reviewed the outstanding balances due to me as of the date hereof regarding
all rights and benefits I am entitled to for my employment with the Company from the Commencement Date through the date hereof, and other
than (a) 22.8 vacation days, 90 sick leave days, or any balances in the Manager's Insurance Policy/Pension Fund/Study Fund (the "**Outstanding Balances** "), and (b) the Total Bonus Amount, I do not and will not have any claims of any kind towards the Company and I have
received from the Company all consideration, compensation remuneration and other rights and benefits to which I am entitled under the
Employment Agreement, as amended, and/or pursuant to the applicable law due to my employment with the Company until the date hereof.

8. Additionally, I have provided the Company with a non-interest-bearing shareholders
loan in April 2022 in an amount of US$117,000 (the "**Loan Amount** ").

9. In the event the Company consummates an IPO, the Company shall pay me the Loan
Amount within thirty (30) days of the IPO.

10. Other than the payment of the Loan Amount pursuant to Section 9 above, I hereby
fully, finally, irrevocably and unconditionally waive, release and discharge the Company from any and all claims, demands, actions and
causes of action, whether known or unknown, that I had, now have or may have in the future, arising out of or relating to the Loan Amount.

11. For the removal of doubt, the waiver provided hereunder with respect to the Total
Bonus Amount and the Loan Amount is subject to the payment of these sums in accordance with this letter and if an IPO will not be consummated
the Total Bonus Amount and Loan Amount will remain outstanding.

12. By signing this Letter, I hereby acknowledge that I have examined carefully the
above declarations, that I have consulted and received advice of counsel regarding same and/or have had sufficient opportunity to do so
and that I am signing this Letter voluntarily, without reservation and of my own free will.

---

| | | |
|:---|:---|:---|
| Daphne Haim-Langford | Tarsier Pharma Ltd. | Tarsier Pharma Ltd. |
|  | By: | Daphne Haim-Langford |
|  | Role: | CEO |

---

## Exhibit 10.2

**Exhibit 10.2**

**<u>Personal Employment Agreement</u>**

This Personal Employment Agreement (the **"Agreement"**) is made and entered into as of [<u> </u>], 2026, by and between Tarsier Pharma Ltd.**,** a company organized under the laws of the State of Israel, company registration number 51-539864-2, having its principal place of business at 10 Ha'mapilim, Zichron Yaacov, Israel 3093765 (the **"Company"**), and **Zohar Milman** Israeli I.D. No 036873222 residing at [ ] (the "**Employee**") (collectively, the "**Parties**").

---

| | |
|:---|:---|
| **Whereas** | the Employee has been employed with the Company since March 1<sup>st</sup>, 2017 (the "**Commencement Date**") pursuant to that certain employment agreement dated March 1<sup>st</sup>, 2017 as amended (the "**Previous Agreement**"); |

---

---

| | |
|:---|:---|
| **Whereas** | the Parties now wish to enter into a new employment agreement in lieu of the Previous Agreement subject to the consummation of the initial public offering of the Company's securities registered pursuant to an effective registration statement (an "**IPO**") and effective as of the date in which the IPO is consummated (the "**Effective Date**") |

---

---

| | |
|:---|:---|
| **Whereas** | the Employee represents that she has the required skills, qualifications and knowledge to serve in the position determined under this Agreement; and |

---

---

| | |
|:---|:---|
| **Whereas** | the Parties wish to replace the Previous Agreement with this Agreement as of the Effective Date; |

---

**NOW, THEREFORE**, in consideration of the agreements and covenants contained herein, the Company and the Employee hereby agree as follows:

1. <u>Preamble</u> 

1.1. The preamble of this Agreement constitutes an integral part thereof.

1.2. The division of the terms of this Agreement into clauses and the headings of the clauses are solely for
the sake of convenience and they may not be used for interpretive purposes. The Appendixes to this Agreement constitute an integral part
hereof.

1.3. References in this Agreement to a particular gender shall be applicable to all genders.

2. <u>Exclusivity of the Agreement</u> 

2.1. This Agreement is personal and the terms and conditions of the employment of the Employee shall be solely
as set forth in this Agreement.

2.2. This Agreement constitutes the entire agreement between the Parties with respect to the subject matter
hereof and supersedes all prior understandings, agreements, representations and discussions between them, oral or written.

2.3. Except as expressly provided in this Agreement, the Employee shall not be entitled to any payments or
other benefits in respect of her employment and the termination of her employment with the Company.

3. <u>Absence of Impediment to the Employee's Employment & Previous Agreement</u> 

3.1. The Employee warrants, confirms and undertakes that: (i) she
is entitled to enter into this Agreement and to assume all of the obligations pursuant hereto; (ii) there is no contractual or other
impediment to her entering into this Agreement, fulfilling her obligations hereunder or to her employment with the Company; (iii) entering
into this Agreement and fulfilling her obligations hereunder do not require the consent of any person or entity and that on the date
hereof she is free to provide services to the Company upon the terms specified in this Agreement; and (iv) in entering into this Agreement
she is not in breach of any other agreement or obligation to which she is or was a party or by which she is bound.

3.2. The Employee hereby represents in favor of the Company that (i) she has reviewed the outstanding balances
due to her as of the date hereof regarding all rights and benefits she is entitled to for her employment with the Company from the Commencement
Date through the date hereof, and other than 15.33 vacation days, 57.36 sick leave days, or any balances in the Manager's Insurance
Policy/Pension Fund/Study Fund, she has and will have no claims of any kind towards the Company and that she received from the Company
all consideration, compensation, remuneration and other rights and benefits to which she was entitled under the Previous Agreement and/or
pursuant to the applicable law due to her employment with the Company until the date hereof; and (ii) that no additional compensation,
other than the salary and benefits provided under the Previous Agreement in the ordinary course of business, shall accrue between the
date hereof and the Effective Date.

3.3. For the avoidance of doubt, it is hereby clarified that the Employee's seniority with the Company
shall be calculated from the Commencement Date, and the Employee's period of employment with the Company from the Commencement Date
until the Effective Date shall be added to her seniority under this Agreement for the purpose of calculating all of her social benefits
and entitlements going forward.

3.4. The Employee's undertakings under Annex A of the Previous Agreement ("Statement of Undertaking
– Confidentiality, Non Compete and Intellectual Property") shall continue to apply with respect to the period preceding the
Effective Date pursuant to the terms thereof.

4. <u>Position and Duties</u> 

4.1. **Position**. As of Effective Date the Employee will serve in a full-time capacity as the Chief Operational
Officer ()"**COO**") of the Company, subject to the terms and conditions of this Agreement. The Employee will report to
the Company's CEO.

4.2. The Employee's normal place of employment will be in Israel. The Company shall provide Employee
with such other systems or technology as may be reasonably required to perform the Employee's duties from remote locations. The
Employee acknowledges and agrees Employee will be required to undertake travel (including abroad) to fulfill the duties and responsibilities
set forth under this Agreement as deemed necessary or appropriate by the Company.

4.3. During the course of her employment with the Company, the Employee shall honestly, diligently, skillfully
and faithfully serve the Company. The Employee undertakes to devote all her working time, efforts and the best of her qualifications and
skills to promoting the business and affairs of the Company, and further undertakes to comply with the policies and working arrangements
of the Company, to loyally and fully comply with the decisions of the Company, its management and her supervisors, to follow the Company
procedures as established from time to time, to carried out the duties imposed upon her, whatever and whenever they shall be.

4.4. The Employee shall at all times act in a manner suitable for her position and status in the Company.

4.5. The Employee shall not, without the prior written authorization of the Company, directly or indirectly
undertake any other employment, whether as an employee of another employer or independently as an agent or consultant or in any other
manner (whether for compensation or otherwise), and shall not assume any position or render services in any of the above-stated manners
to any other entity.

4.6. It is agreed that the Employee may devote limited business time
and efforts to Outside Activities (as defined below) provided that (i) such activities, either individually or in the aggregate, do not
interfere with the performance of the Employee's duties hereunder, violate any covenants undertaken by the Employee hereunder and/or
create a conflict of interest, and (ii) that the Employee provides sufficient prior notice to the Company prior to engaging in any Outside
Activity and if, in the reasonable discretion of the Company, an Outside Activity may breach the Employee's undertaking under subsection
(i), the Company may disallow such Outside Activity by providing written notice thereof to the Employee. "**Outside Activities** "
for this purpose means serving on a civic or a charitable board or committee with prior approval of the Company's Chief Executive
Officer in good faith.

4.7. The Employee undertakes to notify the Company immediately and without delay regarding any matter or subject
in respect of which she has a personal interest, and/or which might create a conflict of interest with her position in the Company.

4.8. The Employee shall not directly or indirectly accept any commission, rebate, discount, or gratuity in
cash or in kind, from any person who has or is likely to have a business relationship with the Company.

4.9. In carrying out her duties under this Agreement, the Employee shall make representations or give guarantees
on behalf of the Company only when authorized to do so and in a manner suitable for her position and status.

4.10. <u>Post-Termination Assistance</u>. For a period of three (3) months following the termination of the
Employee's employment with the Company, for any reason (the "**Assistance Period** "), the Employee undertakes to
make herself available to the Company, upon reasonable prior written notice, for any matter which the Company may reasonably request,
including for the purpose of providing information relating to her work or actions taken by her during the course of her employment. Additionally,
the Employee undertakes to make herself available to the Company, upon reasonable prior written notice, for any legal or quasi-legal matter
which the Company requires assistance with during her employment and for seven (7) years following her employment with the Company (such
term to be extended if any legal or semi-legal proceeding is initiated prior to the lapse of such seven (7) year period for as long as
such proceeding is outstanding). Each such assistance shall be provided in a reasonable scope and at reasonable times, taking into account
the Employee's other professional engagements at such time. In consideration for such assistance, the Company shall compensate the
Employee for the time actually spent in providing assistance hereunder at an hourly rate of NIS 1,000+VAT.

5. <u>Salary</u> 

5.1. Commencing as of the Effective Date and thereafter, in consideration for the Employee's services,
and subject to the fulfillment of all the Employee's duties and obligations under this Agreement, the Employee shall be entitled
to a gross monthly salary of NIS 50,000 (the "**Salary** ").

5.2. The Employee's Salary shall be subject to review for an upward adjustment on at least an annual
basis, with any adjustment being at the Company's full discretion.

5.3. As the Employee is employed hereunder in a senior managerial position involving a fiduciary relationship
between the Employee and the Company, the Law of Working Hours and Rest 5711-1951, or any law amending or replacing such law, shall not
apply to the employment of the Employee and the Employee shall not be entitled to payments thereunder. The Employee may be required, from
time to time and according to the work load demanded of her, to work beyond the regular working hours and she shall not be entitled to
any additional consideration for work during overtime hours and/or on days that are not regular business days. The Employee acknowledges
and agrees that the Salary and the compensation set for her hereunder include a proper and just reward for the requirements of her position
and status and the obligation to work at irregular hours of the day.

5.4. The Salary shall be paid no later than the 9th day of each month, for the preceding month.

5.5. All the amounts specified in this Agreement are gross sums.
The Company shall deduct and withhold all required taxes and other statutory payments, including health insurance contributions and social
security contributions from the Salary and from all other rights and benefits received by the Employee.

5.6. The Employee shall regard and retain as confidential and shall not divulge to any of the Company's
employees and/or any third party, either during or after the Employee's employment period, directly or indirectly, the terms of
the Employee's employment and Salary.

6. <u>Pension Insurance</u> 

6.1. The Company shall comply with the provisions of the "Expansion Order of extensive pension"
(the "**Order** "), with respect to Company and Employee contributions to pension fund and severance pay ()"**Pension Plan**") as required by the Order.

6.2. The contributions to the Pension Plan shall be as follows:

(a) The Company shall pay a sum equal to 8.33% of the Employee's Salary on account of severance pay.

(b) The Company shall pay a sum equal to 6.5% of the Employee's Salary on account of pension fund payment.
In case the Pension Plan is Managers Insurance, the Company's above contribution shall include Company's payment for the Employee's
disability insurance in the amount required to insure 75% of Employee's Salary, provided that Company's payment to pension
shall not be less than 5% of the Salary. In case the purchase cost of the disability insurance will require the Company to increase the
above contribution to more than 6.5%, the Company's total contribution to pension together with the disability insurance cost will
not be in any case more than 7.5% of the Salary.

(c) The Company shall deduct 6% from the Employee's Salary
to be paid on behalf of the Employee towards such Pension Plan.

6.3. In accordance with Section 9 of the Order, Company's contributions to severance pay as aforementioned
shall be in lieu of payment of severance pay, pursuant to section 14 of the Severance Pay Law, and shall be non-refundable.

6.4. Other than in events in which the Company is entitled to withhold the Pension Plan under the Order, the
Company shall automatically transfer the Pension Plan to the Employee, subject to any applicable law, upon the termination of Employee's
employment by either party.

7. <u>Advanced Study Fund</u> 

7.1. The Company shall make monthly contributions on the Employee's behalf to a recognized advanced study
fund ("Keren Hishtalmut") (hereinafter the "Study Fund"), in an amount equal to 7.5% of the Salary. In addition,
the Company shall deduct 2.5% from the Salary also to be paid to the Study Fund as recognized by the Income Tax Authorities.

7.2. The sums contributed by the Employee shall be deducted by the Company directly from the Salary. The Employee
hereby instructs the Company to transfer to the Study Fund from each monthly Salary due to her the amount of the Employee's and
the Company's contribution, as set forth above.

7.3. Should any tax or other compulsory payment be imposed and payable in respect of the Company's contributions
to the Study Fund, such tax shall be paid by the Employee and deductible according to law.

8. <u>Additional Benefits</u> 

8.1. **Vacation**. The Employee shall be entitled to 24 working
days' vacation in each calendar year The Employee is required to make every reasonable effort to exercise her annual vacation during
the year it is accrued and shall be obliged to take at least ten (10) paid vacation days during each year of the Employee's employment;
provided however, that if the Employee is unable to utilize all the vacation days, she will be entitled to accumulate the unused balance
of the vacation days standing to her credit up to a maximum of 20 days (the **"Maximum").** Any Annual Vacation Days which
exceed the Maximum shall be deleted. Vacation shall be taken in accordance with the Company policy and prior approval. For avoidance
of any doubt, it is hereby agreed that the Company shall be entitled to set uniform dates for vacation to all or part of its employees,
as it shall deem fit.

8.2. **Recreation Pay**. The Employee shall be entitled to annual recreation pay ()"*Dmey Havra-ah* ")
in an amount determined in accordance with the applicable law.

8.3. **Sick Leave**. The Employee shall be entitled to sick leave ()"*Yemei Mahala*") as
provided by the Sickness Pay Law, 5736-1976. The Employee shall notify the Company, immediately, of any absence due to sickness and furnish
the Company with an applicable medical certificate to approve it. Sick days are not redeemable and may not be converted into cash.

8.4. **Travel Expenses.** The Company shall reimburse the Employee for travel expenses in an amount of NIS
1,500 per month. For the removal of doubt only the Salary and not any other type of compensation, including Travel Expenses, shall be
used to calculate the Employee's social contributions (pension, advanced study fund, etc.) or severance payments.

8.5. **Expenses**. The Employee shall be entitled to reimbursement by the Company for all necessary and
reasonable business expenses (including international travel expenses) incurred by her in connection with her duties hereunder. The Company
shall reimburse the Employee for all such expenses upon presentation of an itemized account and appropriate supporting documentation,
all in accordance with the Company's generally applicable policies as in effect from time to time.

8.6. **Annual Performance Bonus.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The Employee will be eligible to participate in an annual executive bonus plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Prior to the commencement of each calendar year, the Board will
establish and approve (i) specific individual and Company-wide objectives (the "**Performance Criteria** "), and (ii) the
amount the Employee shall be entitled to for achievement of the Objectives (the "**Target Bonus** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Within ten business days after completion of Company's audited financial statements and the issuance
of the Company's auditor's opinion on the financial statement, the Board will determine in its sole discretion the extent
to which the Performance Criteria have been achieved and, accordingly, the Employee's eligibility to none, some or all of the Target
Bonus (the "**Performance Criteria Board Meeting** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) The Board may, in its discretion, grant the Employee a bonus in excess of the Target Bonus if the Performance
Criteria are exceeded or for such additional contributions of the Employee that the Board may choose to recognize (the total bonus actually
approved, the "**Bonus** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Based on that determination, payment of the Bonus (if any) shall be made at the same time annual bonuses
are generally paid to other senior executives of the Company (generally the first regular payroll date following the Board's certification
of the achievement of applicable Performance Criteria in the Performance Criteria Board Meeting) (the "**Bonus Payment Date** ")
and in any event no later than ten days after the Bonus Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Subject to subsection (h) below, if the Employee is eligible to receive a Bonus, such Bonus will not be
deemed to be fully earned unless Employee is employed by the Company on the Bonus Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) Notwithstanding anything to the contrary, in light of the unique nature of the Bonus, such Bonus (or any
portion thereof) shall not be deemed part of Employee's Salary for purposes of calculating any other benefits hereunder, including,
without limitation, any severance payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) <u>Payments Following Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) In the event that the Employee's employment with the Company is terminated for any reason, other
than for Cause, after the end of a calendar year but before the Bonus Payment Date, the Employee shall nonetheless have the right to receive
the Target Bonus for the year immediately preceding the year of such termination if the Board in its sole discretion determines at the
Performance Criteria Board Meeting that the Performance Criteria have been achieved.

ii) Without derogating from subsection (i), in the event that the Employee's employment with the Company ends due to Employee's death or Disability (in the event of Disability, whether by the Employee or the Company, provided, however that with respect to termination by the Company that the Company nonetheless meets all of its legal obligations with respect to such termination), and the Board in its sole discretion determines at the Performance Criteria Board Meeting that the Performance Criteria have been achieved (in part or in full) prior to the cessation of the Employee's employment, the Employee shall nonetheless be entitled to some or all of the Target Bonus (as applicable) for the year of termination (ignoring any continuation of employment requirements) and the Company shall pay the Target Bonus (or the relevant portion thereof) on the same basis as other participants in the plan except that the relevant Target Bonus amount shall be prorated (based on the percentage of days the Employee was employed relative to the total number of days in the bonus earning period).

"**Disability**" for the purpose of this subsection (ii) shall mean the inability of the Employee to perform the material duties of her position (with or without reasonable accommodation) for a continuous period of one hundred and twenty (120) days as a result of a physical or mental illness, injury or medical infirmity as determined by a medical physician reasonably acceptable by the Employee and the Company.

iii) With respect to payment of the Target Bonus pursuant to subsections (i) or (ii) above the Board may, in its sole discretion, opt to deviate from the date specified in subsection (e).

9. <u>Stock Options</u> 

9.1. Subject to the discretion of the Board or the Compensation Committee of the Company and the terms of Company's
2026 Stock Incentive Plan (the "**Stock Incentive Plan**") and a separate award agreement, the Employee may be entitled
to receive options to purchase Ordinary Shares of the Company from time to time. The Employee agrees that any equity grants awarded to
her as compensation for services as Chief Operational Officer shall be subject to any clawback policy that the Company established from
time to time that is applicable to Company's executive officers.

10. <u>Employment Term and Termination</u> 

10.1. This Agreement shall be in effect commencing as of the Effective Date and shall continue in full force
and effect until terminated pursuant to the terms hereof.

10.2. The Employee's employment may be terminated by either party, at any time, for whatever reason, upon
delivery of a prior written notice of ninety (90) days to the other party (the "**Notice Period** ").

10.3. During the Notice Period and unless otherwise determined by the Company the Employee shall continue to
perform her duties until the conclusion of the Notice Period and cooperate with the Company in assisting the integration of the person
who will assume the Employee's responsibilities. Notwithstanding the aforementioned, the Company shall have the right not to take
advantage of the full Notice Period and may terminate the Employee's employment at any time during the Notice Period. In the event
of such termination, the Company shall pay the Employee her Salary for the remainder of the Notice Period.

10.4. It is hereby expressly stated that the Company reserves the right to terminate the Employee's employment
at any time during the Notice Period, regardless of whether notice of termination of employment was delivered by the Company or whether
such notice was delivered by the Employee. In the latter case such termination shall not constitute a dismissal of the Employee by the
Company.

10.5. Without derogating from the Company's rights under this Agreement and according to law, and notwithstanding
the foregoing, the Company may terminate the Employee's employment immediately without the delivery of a prior written notice and/or
payment for Notice Period, in the event of a Cause (as defined below and subject to any applicable law) and the employment relationship
shall be deemed effectively terminated as of the time of delivery of such notice.

10.6. The term "**Cause**" shall mean: (i) the Employee's material breach of this Agreement
(including its Appendix A); (ii) the Employee's deliberate failure to perform those material duties assigned to her pursuant to
this Agreement; (iii) the Employee's willful misconduct (including but not limited to acts of fraud or theft or the violation of
applicable laws); (iv) the Employee's conviction of, or entry of a plea of guilty or *nolo contendere* to a felony or any other
crime that involves fraud, dishonesty, or moral turpitude under the laws of Israel or the United States (or any state thereof); (v) the
Employee's alcohol abuse or use of controlled substances (other than prescription drugs taken in accordance with a physician's
prescription), in each case, to the extent such activities under this clause (vi) materially interfere with Employee's duties; or
(vii) any other act or omission that constitutes "cause" under the laws of the State of Israel or that do not entitle the
Employee to severance payments under the applicable law. With respect to subparagraphs (i), and (ii), in order to terminate Employee for
Cause, the Company must first give Employee written notice specifically describing the Cause condition and fifteen (15) days to cure the
condition, if curable. During the 15-day cure period, the Company may place Employee on paid leave (at the Company's expense), while
allowing Employee to take any action needed to cure the Cause condition, unless allowing any such action may reasonably cause harm to
the Company or any third-party, as determined by the Company in its sole discretion, in which case the Employee's access to the
Company's offices, information and systems may be immediately revoked, and such actions by the Company (placing the Employee on
paid leave and/or revoking access) shall not be considered Good Reason for Executive to resign.

10.7. In the event that the Employee terminates her employment with the Company, for any reason, without the
delivery of a written notice in accordance with Section 10.2 above, the Company shall be entitled to deduct from any debt which it may
owe the Employee an amount equal to the salary that would have been paid to the Employee during the Notice Period, had she worked.

10.8. The Employee undertakes that immediately upon the termination of her employment with the Company, for
any reason, she shall act as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) She shall deliver and/or return to the Company all the documents, CD's or other magnetic media,
letters, notes, reports, passwords and usernames of Company's accounts and other papers in her possession and relating to her employment
with the Company and the fulfillment of her duties, as well as any equipment and/or other property belonging to the Company which was
placed at her disposal, including any computer equipment, telephone equipment, the Employee ID badge or other equipment. The Employee
shall not have any lien or other similar right over any equipment and/or other property belonging to the Company as aforesaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) She shall delete any information relating to the Company or its business from her personal computer, if
any; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) She shall coordinate the termination of her employment with
her supervisors, and she shall transfer in an orderly fashion and in accordance with Company procedures and in accordance with the timetable
determined by her supervisors, all documents and information and all matters which with she dealt, to whomever the Company instructs,
all in a manner satisfactory to the Company.

11. <u>Special Termination Payments</u> 

11.1. Subject
to Section 0 herein, in the event that the Employee's employment is terminated by the Company without Cause or by the Employee for
Good Reason during the period commencing three (3) months immediately preceding and ending twelve (12) months immediately following a
Change in Control (as defined below) (the "**Change in Control Period** "), then the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject to section 11.2 below, pay to the Employee a sum, being her Salary multiplied by nine (9X) (excluding
any and all other payments derived or paid in connection with the Salary such as Advanced Study Fund, Pension, etc.), in a lump sum (less
applicable withholdings and authorized deductions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject to section 11.2 below, pay a prorated portion of the entire/portion of the Target Bonus for the
year of termination (using the percentage of days the Employee was employed relative to the total number of days
in the bonus earning period), if the Board has determined that the Performance Criteria (set forth by the Board during the previous
year) have been achieved (in part or in full).

Subject to section 11.2 below, payment of the sums specified under subsections (i) and (ii) shall be conducted together with the last paycheck paid to the Employee. Notwithstanding anything to the contrary contained in this Agreement, the Company's obligation to provide the Special Severance Payments will immediately cease if the Employee breaches her undertakings under <u>Appendix A</u>, the Release Agreement or materially breaches any other Agreement the Employee has with the Company, or fails to timely execute the Release Agreement.

(the benefits under section 11.1(i) and 11.1(ii) shall collectively referred to herein as the "**Special Termination Payments**").

11.2. <u>Release Agreement</u>. In order to receive the above Special Termination Payments, the Employee must
timely execute (and not revoke) a separation agreement and general release (the "**Release Agreement**") in a customary
form as is determined to be reasonably necessary by the Company in its good faith and reasonable discretion. If the Employee is eligible
for Special Termination Payments pursuant to Section 11.1, the Company will deliver the Release Agreement to the Employee (which Release
Agreement will not contain any new restrictive covenants (i.e., it may restate covenants contained herein,
but will not include additional covenants) within seven (7) calendar days following the date of termination of employment. The Special
Termination Payments are subject to the Employee's execution and delivery of such Release Agreement.

As used in this Agreement, "**Change in Control**" means each of the following events: (i) a merger or consolidation of the Company with or into another corporation resulting in such other corporation being the surviving entity or the direct or indirect parent of the Company or resulting in the Company being the surviving entity and there is a change in the ownership of shares of the Company, such that another person or entity owning fifty percent (50%) or more of the outstanding voting power of the Company's securities by virtue of the transaction, (ii) an acquisition of all or a majority of the shares of the Company, (iii) the sale and/or transfer (including by way an exclusive license) of all or substantially all of the assets of the Company; or (iv) such other transaction with a similar effect, as shall be determined by the Board.

As used in this Agreement "**Good Reason**" means the voluntary termination by the Employee within thirty (30) days following: (i) a requirement imposed on or after a Change in Control that the Employee physically relocates to another office for regular daily work duties that is more than 50 kilometers from the office location that the Employee worked at immediately prior to such Change of Control; (ii) a reduction of more than fifteen percent (15%) in the Employee's Salary (or other adverse change(s) to the Employee's compensation terms which the aggregate financial consequence thereof is equivalent) unless such reduction and/or adverse change(s) is/are made as part of a Company-wide change applying to all employees, or non-payment of some or all of the Target Bonus in violation of this Agreement; (iii) a material adverse change in the Employee's title or job description or a material diminution of the scope of the Employee's authority or responsibilities, or (iv) or any other material breach of this Agreement by the Company relating to such Employee, *provided that*, no act or omission in (i) through (iv) of this definition shall constitute Good Reason unless (a) Employee provides the Company with written notice within sixty (60) days after, the occurrence or existence of such event or circumstance, which notice identifies the event or circumstance that Employee believes constitutes Good Reason, (b) the Company fails to cure such act or omission within thirty (30) days after delivery of such notice to the Company and (c) Employee terminates Employee's employment with the Company within 7 (seven) days after the expiration of the cure period referred to in the preceding clause (b).

12. <u>Company's Computers</u> 

12.1. The e-mail provided to the Employee by the Company upon the commencement of her employment is a professional
e-mail, designated to be used by the Employee only for the purpose of performing her work in the Company and the Employee is required
to use it only for professional purposes.

12.2. The Company may monitor, access, and review information stored or transmitted on Company systems (including
the computer and/or cellphone provided to the Employee) for any purpose for protecting its rights, including legitimate business purposes, *inter alia* security, compliance, protection of confidential information, and prevention of misuse. It is hereby clarified, that
the Company monitors any and all information stored in the Company computers including professional e-mail and/or any information transferred
through the Company's computer and communication networks. Furthermore, the Company performs various backups of all information
transferred through the Company's computer network systems.

12.3. Monitoring s hall be performed at all times without prior notice and by various means. Monitoring can
be done either by technological means, with regard to traffic volume and content traffic or by human resources, to the extent necessary
where it is being suspected that the Company's policies were breached and/or where there is a need to locate information for ongoing
work purposes, need to attend technical malfunctions and/or any other need required for professional and business needs.

12.4. The Company reserves the right to take control of the computer means provided to the Employee in order
to perform her work at all times and without prior notice, and to block any access to it, in order to protect the Company's rights,
attending technical malfunctions and for any other professional and/or business purposes.

12.5. For avoidance of any inconvenience and to assure professional usage of the Company's computers,
including the electronic e-mail systems, the web, the Company's communication means and the professional e-mail provided to the
Employee in order to perform her work; the Employee shall refrain from transferring and/or saving any personal information which the Employee
does not wish exposed in her professional e-mail and/or in any other computerized means provided to her by the Company in order to perform
her work.

12.6. The Employee understands and free willingly acknowledges that the Company, as an organization which its
work is conducted via computer means, is thus obligated, in order to guard proper management of its business, to execute all the means
outlined in this Agreement. The Employee undertakes the restrictions derived from the means outlined in this Agreement and in Company's
policies.

12.7. Nothing herein, diminishes from the Employee's right to open personal e-mail for herself without
using Company's computer means. Such personal e-mail shall not be subject to the Company's monitoring and controlling means
compelling all traffic that passes through the Company's computers.

12.8. The Employee is aware of and agrees that the Company is entitled to put the information transferred in
its computers and communication networks to any use, for the purpose of protecting its rights, at any and all time, without prior notice.

13. <u>Personal Information</u> 

13.1. By signing this Agreement the Employee hereby declare, that
she understands that as part of its employment practices, the Company holds or may hold data that identifies the Employee or the Employee's
relatives ("Personally Identifiable Information"). The Employee understands and agrees that the Company uses such Personally
Identifiable Information for relevant, appropriate, and customary purposes, including: (1) recruitment and staffing; (2) administration
of compensation, benefit programs, payroll and other employee-related administration; (3) performance management, education and training;
(4) advancement and succession planning; (5) legal compliance and risk management; (6) workplace management; (7) to protect the Company,
the Employee, its workforce, and the public against injury, theft, legal liability, fraud, or abuse; and (8) legal and reasonable business-related
purposes (hereafter collectively referred to as the "Purposes"). Personally Identifiable Information will not be used for
other Purposes unless the Employee is advised and have provided consent.

13.2. By signing this Agreement the Employee represents and agrees
that (i) the Employee shall comply with the Company's Privacy Policies & Procedures, including any training initiatives or
modules, (ii) the Employee shall cooperate with Company's audit efforts relating to privacy, (iii) the
Employee is duly authorized to provide Personally Identifiable Information to Company, (iv) the Employee authorizes Company to use and
disclose such information to any entity within the Company group of companies (each a "Company Entity") and its subcontractors,
including transferring such information to countries outside of Israel, to process such information for the Purposes defined above, and
(v) the Employee authorizes the Company and any Company Entity to disclose Personally Identifiable Information as shall be required for
the Purposes.

14. <u>Confidentiality, Non-Competition and Intellectual Property Assignment</u> 

As a pre-condition to the entering into force of this Agreement, the Employee shall execute the Statement of Undertaking – Confidentiality, Non - Compete and Intellectual Property attached hereto as **<u>Appendix A</u>** and constituting an integral part of this Agreement.

15. <u>Miscellaneous</u> 

15.1. Notwithstanding any provisions of this Agreement (and its exhibits) or otherwise, nothing contained in
this Agreement (and its exhibits) limits the Employee's ability to file a charge or complaint with the Securities and Exchange Commission
("SEC") or prevents the Employee from providing truthful testimony in response to a lawfully issued subpoena or court order.
Further, nothing in this Agreement shall (1) prohibit the Employee from making reports of possible violations of federal law or regulation
to the SEC, in accordance with the provisions of and rules promulgated under Section 21F of the Securities Exchange Act of 1934, as amended,
or Section 806 of the Sarbanes-Oxley Act of 2002, or of any other whistleblower protection provisions of federal law or regulation, or
(2) require notification or prior approval by the Company of any such report; provided that the Employee is not authorized to disclose
communications with counsel that were made for the purpose of receiving legal advice or that contain legal advice or that are protected
by the attorney work product or similar privilege. Further, this Agreement does not limit the Employee's ability to communicate
with the SEC or otherwise participate in any investigation or proceeding that may be conducted by the SEC, including providing documents
or other information, without notice to the Company. This Agreement does not limit the Employee's right to seek an award pursuant
to Section 21F of the Securities Exchange Act of 1934.

15.2. This Agreement constitutes a "Notice" as defined in the Employee and Candidates Notification
Law (Terms of Employment and Application Process) – 2002.

15.3. This Agreement is personal and shall not invoke the provisions of any collective bargaining agreement
("Heskem Kibutsi"), collective arrangement ("Hesder Kibutsi"), expansion orders ("Tzavei Har'hava")
or any other custom, except and only to the extent so mandated by law.

15.4. The Company shall be entitled to set off and deduct from the payments due to the Employee, proven debts
which the Employee owes to the Company, all according and subject to the provisions of the applicable law.

15.5. Without derogating from the generality of any other provision of this Agreement, it is hereby declared
and agreed that the remuneration and benefits to be given to the Employee by the Company under this Agreement or deriving therefrom, are
given by the Company in reliance upon the undertakings given by the Employee pursuant to this Agreement and the compliance by the Employee
of her aforesaid undertakings.

15.6. No failure, delay of forbearance of either party in exercising any power or right hereunder shall in any
way restrict or diminish such party's rights and powers under this Agreement, or operate as a waiver of any breach or nonperformance
by either party of any terms of conditions hereof.

15.7. In the event it shall be determined under any applicable law that a certain provision set forth in this
Agreement is invalid or unenforceable, such determination shall not affect the remaining provisions of this Agreement.

15.8. This Agreement, including its Appendixes, is the entire agreement between the Parties with respect to
the subject matter hereof, and supersedes any and all prior understandings, agreements and discussions between the Parties, oral or written,
including the Previous Agreement.

15.9. Any modification or amendment to the provisions of this Agreement and the Appendixes hereto shall be valid
only if effected in writing and signed by both Parties hereto.

15.10. The Employee acknowledges and confirms that all terms of her employment are personal and confidential
and undertakes to keep such term in confidence and refrain from disclosing such terms to any third party.

15.11. Any notice sent by prepaid registered mail by one party to the other shall be deemed to have been received
by the addressee within three business days of its dispatch, and if delivered by hand - at the time of its delivery. The addresses of
the Parties hereto are as specified in the heading to this Agreement.

15.12. This Agreement shall be governed by the laws of the State of Israel and the competent courts in the district
of Tel-Aviv shall have exclusive jurisdiction over any dispute arising between the Parties with respect of this Agreement.

15.13. This Agreement may be assigned by the Company to any third party, at its sole discretion. The Employee
may not assign or delegate her rights and obligations under this Agreement to any other party without the Company's prior written
approval.

EMPLOYEE ACKNOWLEDGES THAT SHE IS FAMILIAR WITH AND UNDERSTANDS THE ENGLISH LANGUAGE AND DOES NOT REQUIRE TRANSLATION OF THIS UNDERTAKING TO ANY OTHER LANGUAGE. EMPLOYEE FURTHER ACKNOWLEDGES THAT THE COMPANY HAS ADVISED THE EMPLOYEE THAT THE EMPLOYEE MAY CONSULT AN ATTORNEY BEFORE EXECUTING THIS UNDERTAKING AND THAT SHE HAS BEEN AFFORDED AN OPPORTUNITY TO DO SO.<br>

![](ea027016608_ex10-2img1.jpg)

**IN WITNESS WHEREOF**, each of the Parties hereto has executed this Agreement as of the day and year first above written.

---

| | |
|:---|:---|
| /s/ Daphne Haim-Langford | /s/ Zohar Milman |
| **Tarsier Pharma Ltd.** | **Zohar Milman** |
| By: |  |
| Title: |  |

---

**<u>Appendix A</u>**

**<u>Statement of Undertaking – Confidentiality, Non-Compete and Intellectual Property</u>**

**Zohar Milman** (the "**Employee**") warrants and undertakes that for as long as she is employed by **Tarsier Pharma Ltd.**, (the: "**Company**"), and upon termination of employment thereafter, for any reason, she shall maintain in complete confidence any matters that relate to the Company and its present and future parent companies, subsidiaries and affiliates and successors, (all of the aforementioned entities shall be referred to collectively as the "**Company Group**"), their affairs and/or business, pursuant to this Agreement, and since the Employee has and will have access to the Company Group's intellectual property she hereby declares and undertakes as follows:

1. <u>Confidentiality</u> 

1.1. The Employee undertakes to maintain the confidentiality of the Confidential Information (as defined below),
during the term of her employment with the Company and after the termination of such employment, for any reason.

1.2. Without derogating from the generality of the foregoing, the Employee hereby agrees that she shall not,
directly or indirectly, disclose or transfer to any person or entity, at any time, either during or subsequent to the employment period,
any trade secrets or other confidential information, whether patentable or not, of the Company Group, including but not limited to, all
the Company Group's trade secrets, property, business, any information directly or indirectly related to research and development
connected with present or future products, inventions, hardware, software, production processes, discoveries, improvements, developments,
innovations, designs, drawings, sketches, design, calculations, diagrams, algorithms, formulas, computer files, computer programs, data,
planning processes, list of clients, list of suppliers, costing, prices, terms of payment, plans, business secrets, business plans, plans
for research, development, new products, marketing and selling, business plans, budgets and unpublished financial statements, licenses,
prices and costs, suppliers and customers, information regarding the skills and compensation of other employees of the Company Group,
names of clients, sales, and any other information related to the business of the Company Group and/or their clients, including clients
with whom the Company Group is negotiating and including affiliates and/or subsidiaries, present and future, all the foregoing whether
or not such information is protectable as a patent or any other proprietary right and any other information purchased or received directly
or indirectly in connection with Company Group, their affairs and/or business (collectively, "Confidential Information"),
of which the Employee is or becomes informed or aware during the employment period, whether or not developed by the Employee. Confidential
Information may be in any form including oral, writing, stored in a computer file and/or in any other digital or other existing and/or
future media.

1.3. Notwithstanding the above, Confidential Information shall not include any information which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) was publicly known and made generally available in the public domain prior to the time of disclosure to the Employee; (ii) becomes publicly known and made generally available after disclosure by the Company through no action or inaction of the Employee; (iii) is required by law to be disclosed by the Employee, provided that the Employee gives the Company a prompt written notice of such requirement prior to such disclosure and assistance in obtaining an order protecting the information from public disclosure.

1.4. The Employee undertakes not to use the Confidential Information for any purpose whatsoever other than
the performance of her services on behalf of the Company. Without limiting the scope of this duty, she shall only use the Confidential
Information for the benefit of the Company Group, and only to the extent required for the performance of the services and may not disclose
the Confidential Information to any other third party who is not performing the service.

1.5. The Employee undertakes not to directly or indirectly give and/or transfer, sale, publish, distribution,
for any purposes, to any third party, any information in any media, and not to photocopy and/or print and/or duplicate object containing
any or all of the Confidential Information without the Company's Group expressed prior written authorization.

1.6. In the event the Employee is in breach of any of her above obligations, she shall be liable to compensate
the Company in respect of all damages and/or expenses incurred by the Company as a result of such a breach, including trial costs and
legal fees and statutory VAT, and such being without derogating from any other relief and/or remedy available to the Company by virtue
of any law.

1.7. <u>Third Party Information</u>. The Employee understands that the Company Group has received and in the
future will receive from third parties confidential or proprietary information ("Third Party Information") subject to a duty
on the Company Group's part to maintain the confidentiality of such information and to use it only for certain limited purposes.
During the term of the Employee's employment and thereafter, the Employee will hold Third Party Information in the strictest confidence
and will not disclose Third Party Information to anyone (other than Company personnel who need to have such information in connection
with their work for the Company) and will not use Third Party Information, except in connection with the Employee's work for the
Company, unless expressly authorized by the Company in writing,

1.8. <u>No Improper Use of information of Prior employers and Others</u> - the Employee undertakes that during
her employment with the Company she will not improperly use or disclose any confidential information or trade secrets or any assets -
tangible or otherwise - of any former employer or any other person to whom the Employee has an obligation of confidentiality, and she
will not bring onto the premises of the Company any unpublished documents or any property belonging to any former employer or any other
person to whom the Employee has an obligation of confidentiality. In the event that Employee is in possession of any confidential information
or assets – tangible or otherwise - pertaining to any former employer or any other person to whom the Employee has an obligation
of confidentiality, Employee undertakes to entirely erase and destroy such confidential information and/or assets, to the fullest extent
possible thereby ensuring that no further use whatsoever may be made from such materials by any persons.

2. <u>Non-Competition/ Non-Solicitation</u> 

2.1. The Employee undertakes that during the period of her employment with the Company and for a period of
twelve (12) months following the termination of her employment therewith, for any reason, she shall not, directly or indirectly, anywhere
in the world,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Directly or indirectly carry on or hold an interest in any company, venture, entity or other business
(other than a minority interest in a publicly traded company) which directly harms or competes with the products or services of the Company
Group ("Competing Business"), including, without limitation, as a shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Act as a consultant or employee or officer or in any managerial capacity in a Competing Business or supply
services in direct competition with the Company to any person who was provided with services by the Company Group during the period of
twelve (12) months immediately prior to the termination date of the Employee's employment with the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Solicit, canvass or approach or endeavor to solicit, canvass or approach any person who was provided with
services by the Company at any time during the period of twelve (12) months immediately prior to the termination date of the Employee's
employment with the Company, for the purpose of offering services or products which directly compete with the services or products supplied
by the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Employ, solicit or entice away or endeavor to solicit or entice
away from the Company Group any person employed by the Company Group at any time during the period of twelve (12) months immediately
prior to the termination date of the Employee's employment with the Company.

3. <u>Intellectual Property, Copyright and Patents</u> 

3.1. The Employee hereby irrevocably assigns to the Company, all
of the Employee's rights, title and interest in and to all inventions, trade secrets, professional secrets, innovations, copyrightable
works, Confidential Information, discoveries, processes, designs, works of authorship, and other intellectual property and all improvements
on existing inventions, discoveries, processes, designs, works and other intellectual property made or discovered by the Employee or
any person subordinate to her during the term of employment or as a result of such employment with the Company, (the "Intellectual
Property") and all moral rights, artists' rights or any other similar rights worldwide she may have in or with respect to
any Intellectual Property, for no additional consideration provided that she shall not be required to bear any expenses as a result of
such assignment. The Company and its successors shall be entitled to protect the Intellectual Property including any invention and/or
patent and/or trade secret and/or professional secret and/or innovation as aforesaid by way of registration and/or in any other manner,
in Israel or anywhere else in the world.

3.2. The Employee declares that the Salary shall constitute full consideration for the above assignment in
accordance with Section 134 of the Patents Law – 1967 (the "Patents Law") and she shall not be entitled to royalties
and/or to any other payments or considerations beside the Salary for or in respect with the service invention and/or in respect to the
above assignment and/or to any Intellectual Property and/or in respect to the commercial use of the Intellectual Property and/or the products
of her services to the Company.

3.3. The Employee undertakes that upon the demand of the Company, including after the termination of her employment
for any reason, she shall sign, execute and deliver to the Company such documents as the Company may request to confirm the assignment
of the Employee's rights as required hereunder, and if requested by the Company, shall assist the Company, and shall execute any
necessary documents, at the Company's expense, in applying for and prosecuting any patents, trademarks, trade secrets or copyright
registration which may be available in respect thereof in accordance with the laws of the State of Israel or any other foreign country.

3.4. In the event the Company is unable for any reason, after reasonable effort, to secure the Employee's
signature on any document needed in connection with the actions specified in the preceding paragraph, the Employee hereby irrevocably
designates and appoints the Company and its duly authorized officers and agents as her agent and attorney in fact, which appointment is
coupled with an interest, to act for and in the Employee's behalf to execute, verify and file any such documents and to do all other
lawfully permitted acts to further the purposes of the preceding paragraph with the same legal force and effect as if executed by the
Employee.

3.5. The Employee undertakes to deliver to the Company, written notice of any invention and/or patent and/or
commercial secret and/or innovation invented by her and/or other employees of the Company and/or its successors who are subordinate to
her, immediately upon the discovery thereof.

3.6. <u>Prior Inventions</u> - the Employee hereby confirms that she has not and agree that she will not incorporate,
or permit to be incorporated, any Prior Inventions (as defined below) in any of the Company's Intellectual Property without the
Company's prior written consent. The Employee has disclosed in Schedule A, a complete list of all Inventions that she has, or she
has caused to be, alone or jointly with others, conceived, developed, or reduced to practice, in which she has an ownership interest or
which she has a license to use, and that she wishes to have excluded from the scope of this Annex (collectively referred to as the "Prior
Inventions"). If no Prior Inventions are listed in Schedule A, the Employee warrants that there are no Prior Inventions. If, in
the course of the Employee's engagement with the Company, she will, subject to the Company's prior written consent, incorporate
a Prior Invention into a Company work product, the Employee hereby grant the Company a non-exclusive, perpetual, fully-paid and royalty-free,
irrevocable and worldwide license, with rights to sublicense through multiple levels of sub-licensees, to reproduce, make derivative works
of, distribute, publicly perform, and publicly display in any form or medium, whether now known or later developed, make, have made, use,
sell, import, offer for sale, and exercise any and all present or future rights in, such Prior Invention. In the event that the Employee
has or she will incorporate a Prior Invention into a Company work product without the Company's prior written consent, such Prior
Invention shall be irrevocably assigned to the Company.

3.7. The Employee's obligations pursuant to this Section 3 shall survive the termination of her employment
with the Company and/or its successors and assigns with respect to inventions conceived by her during the term of her employment or as
a result of her employment with the Company.

3.8. The Employee acknowledges that the restricted period of time and geographical area specified hereunder
are reasonable, in view of the nature of the business in which the Company is engaged, the Employee's knowledge of the Company's
business and the compensation she receives. Notwithstanding anything contained herein to the contrary, if the period of time or the geographical
area specified herein should be determined to be unreasonable in any judicial proceeding, then the period of time and area of the restriction
shall be reduced so that this Agreement may be enforced in such area and during such period of time as shall be determined to be reasonable
by such judicial proceeding. The Employee acknowledges that the compensation and benefits granted to her by the Company under this Agreement
were determined, inter alia, in consideration for her obligations under this Appendix.

4. <u>General</u> 

4.1. <u>Successors and Assigns.</u> This Agreement will be binding
upon the Employee's heirs, executors, administrators and other legal representatives and will be for the benefit of the Company
Group, its successors, and its assigns.

4.2. <u>Waiver.</u> No waiver by the Company of any breach of this Agreement shall be a waiver of any preceding
or succeeding breach. No waiver by the Company of any right under this Agreement shall be construed as a waiver of any other right. The
Company shall not be required to give notice to enforce strict adherence to all terms of this Agreement.

4.3. <u>Assignment.</u> This Agreement may be assigned by the Company. The Employee may not assign or delegate
her duties under this Agreement without the Company's prior written approval.

4.4. <u>Injunction.</u> The Employee agrees that it would be difficult to measure damage to the Company Group
from any breach of her undertakings set forth in Sections 1-3 above, and that injury sustained by the Company from any such breach would
be impossible to calculate, and that money damages would therefore be an inadequate remedy for any such breach. Accordingly, the Employee
agrees that if she breaches any provision of Sections 1-3 hereof, the Company Group will be entitled, in addition to all other remedies
it may have, to an injunction or other appropriate orders to restrain any such breach by the Employee without demonstrating or proving
any actual damage sustained by the Company Group.

4.5. <u>Governing Law.</u> This Appendix shall be governed by and construed in accordance with the laws of
the State of Israel, without giving effect to the rules respecting conflict-of-law.

---

| |
|:---|
| Zohar Milman |
| Name |
| /s/ Zohar Milman |
| Signature |
| Date |

---

**<u>Schedule A<br> to <br> Statement of Undertaking –Confidentiality, Non-Compete and Intellectual Property</u>**

**LIST OF PRIOR INVENTIONS**

---

| | |
|:---|:---|
| **Brief Description of Invention** | **Right, Title or Interested and Date Acquired** |

---

☐ I have no Prior Inventions

---

| | |
|:---|:---|
| Signature of Employee: | /s/ Zohar Milman |
| Print Name of Employee: | Zohar Milman |

---

Date: _________________________________

## Exhibit 10.4

**Exhibit 10.4**

![](ea027016608_ex10-4img1.jpg)

**SERVICES AGREEMENT**

This SERVICES AGREEMENT (this "**Agreement**") is entered into, on this 1 day of January 2026, by and between Tarsier Pharma Ltd., a company registered under the laws of the State of Israel, with registration number 51-539864-2, which registered address is 19 Yahalom St., Zichron Yaacov, 3093765, Israel (the "**Company**"), and Natig, an Israeli company, 10 HaMa'apilim St., Zichron Yaacov, Israel (the "**Service Provider**", together with the Company, each a "**Party**" and together, the "**Parties**").

**WHEREAS**, the Company wishes to retain the services of the Service Provider, and the Service Provider wishes to provide the Company with certain services, as specified in this Agreement and its appendixes;

**WHEREAS**, the Parties intend that this Agreement shall replace and terminate in full (effective as of January 1, 2026) (i) that certain Consulting Agreement dated December 18, 2019 by and between the Company (previously named Tarsius Pharma Ltd.) and Mr. Arie Ganot, and (ii) that certain engagement agreement/letter dated May 31, 2016 by and between the Company and the Service Provider (together, the "**Prior Agreements**");

**WHEREAS**, due to the Service Provider being an independent service provider, it is the Service Provider's express desire to be engaged by the Company pursuant to the type of engagement specified herein and under the terms and conditions of this Agreement; and

**WHEREAS**, the Parties wish to set forth in writing their agreements and understanding with respect to provision of services by the Service Provider to the Company;

**NOW, THEREFORE,** in consideration of the promises and mutual agreements and undertakings set forth herein, and with the intention to be bound hereby, the Parties hereto agree as follows:

1.  **<u>Consulting Services</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;1.1. <u>The Services</u>. As of January 1, 2026 (the "**Commencement Date** "), the Service Provider will be engaged by the Company, to provide the Company with the services, as set forth in the
quotation attached hereto as  **<u>Exhibit A</u>** (the "**Services** "), all in accordance with the terms set forth
herein and subject to the Company's guidelines, from time to time. The Service Provider hereby declares that it has the experience,
talent, expertise and knowledge in order to perform the Services.

&nbsp;&nbsp;&nbsp;&nbsp;1.2. <u>Key Person (CFO Services).</u> The Parties acknowledge
and agree that the CFO services included in the Services shall be provided specifically and solely by the Service Provider's employee,
Mr. Arie Ganot (the "**Key Person** "). Any replacement of the Key Person and/or any material reduction of the Key Person's
involvement in providing such CFO services shall be subject to the Company's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;1.3. <u>Level of Service</u>. The Service Provider shall utilize
the highest professional skill, diligence, care and ethics to ensure that all Services are performed to the full satisfaction of the
Company and to provide the expertise required in connection with such Services.

&nbsp;&nbsp;&nbsp;&nbsp;1.4. <u>Consultancy Services</u>. The Parties acknowledge that
the Services are of a consultancy nature, are rendered by the Service Provider/Key Person as an independent Party and not as an employee
or office holder, that the Service Provider/Key Person shall have no managerial authority, and that any managerial or corporate decisions
shall be made solely by Company's management and board of directors (the "**Board** ").

![](ea027016608_ex10-4img2.jpg)

![](ea027016608_ex10-4img1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;1.5. <u>Reliance on Information</u>. The Parties acknowledge that
in providing the Services the Service Provider will rely in good faith on information provided to it by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;1.6. <u>Insurance</u>. The Company shall maintain a directors
and officers insurance policy from a reputable insurer throughout the term of this Agreement, which shall include coverage for the Key
Person in his capacity as a renderer of the Services under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;1.7. <u>Service Provider's Representations and Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7.1. The Service Provider represents and warrants that the execution
and delivery of this Agreement and the fulfillment of its terms: (i) will not constitute a default under or conflict with any agreement
or other instrument to which it is a party or by which it is bound; and (ii) do not require the consent of any person or entity. Further,
with respect to any past engagement of the Service Provider with third Parties and with respect to any engagement of the Service Provider
with any third party during the term of its engagement with the Company (for purposes hereof, such third Parties shall be referred to
as "**Other Engagements** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7.2. The Service Provider acknowledges and agrees that, as of the
Commencement Date, it has no claims, demands or causes of action against the Company arising out of or relating to the Prior Agreements,
except for the Service Provider's right to receive any fees expressly due and payable for services properly performed and actually
invoiced under the Prior Agreements prior to the Commencement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7.3. The Service Provider represents, warrants and undertakes that:
(a) its engagement with the Company is not and/or will not be in breach of any of its undertakings toward Other Engagements, and (b)
it will not disclose to the Company, nor use, in provision of any services to the Company, any proprietary or confidential information
belonging to any Other Engagements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7.4. The Service Provider agrees and undertakes to inform the Company,
immediately after becoming aware of any matter that may in any way raise a conflict of interest between the Service Provider and the
Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7.5. During the term of this Agreement the Service Provider shall
not receive any payment, compensation or benefit from any third party in connection, directly or indirectly, with its engagement in the
Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7.6. The Service Provider represents and warrants that it is duly
registered with the all taxation and social authorities and is solely responsible for the payment of any and all taxes, social security
and other payments due to its earnings and the employment or engagement of its personnel, including the Key Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7.7. The Service Provider (including the Key Person and any other
personnel of the Service Provider) shall have no authority to bind the Company or any of its affiliates, or to incur any obligation on
behalf of the Company or any of its affiliates, unless expressly authorized in advance in writing by the Company. Without limiting the
foregoing, the Service Provider shall not (and shall not purport to) enter into any contract, commitment or arrangement, open or operate
any bank account, make any filing, or make or authorize any payment on behalf of the Company, except with the Company's prior written
authorization in each instance.

![](ea027016608_ex10-4img2.jpg)

![](ea027016608_ex10-4img1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7.8. The Service Provider shall perform the Services in accordance
with all applicable laws, rules and regulations and shall comply with the Company's reasonable written policies and procedures
provided to the Service Provider from time to time (including, as applicable, information security, privacy, code of conduct, anti-bribery
and whistleblower policies), to the extent applicable to the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7.9. The Service Provider shall implement and maintain reasonable
administrative, technical and physical safeguards designed to protect Company data (including employee and payroll data) against unauthorized
access, use, disclosure, alteration or destruction. The Service Provider shall not (and shall ensure its personnel do not) store Company
data on personal devices or accounts. The Service Provider shall promptly (and in any event within forty-eight (48) hours) notify the
Company of any actual or suspected unauthorized access to, or disclosure of, Company data relating to the Services and shall cooperate
with the Company's investigation and remediation efforts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7.10. The Service Provider shall not subcontract, delegate or otherwise
assign performance of any of the Services (including bookkeeping and payroll services) to any third party without the Company's
prior written consent. The Service Provider shall be responsible for the acts and omissions of its personnel and any approved subcontractors
as if they were the Service Provider's own acts and omissions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7.11. The Service Provider shall maintain accurate and complete
records relating to performance of the Services and amounts invoiced, and shall provide the Company with reasonable access to such records
upon request for purposes of verification, audit support and regulatory compliance, subject to applicable law and confidentiality obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7.12. The Service Provider shall reasonably cooperate with, and
provide information and documentation reasonably requested by, the Company's independent auditors, accountants, banks, payroll
providers, tax advisors and legal counsel, in each case to the extent related to the Services and subject to applicable law and confidentiality
obligations.

&nbsp;&nbsp;&nbsp;&nbsp;1.8. The Service Provider shall deliver to the management of the
Company, upon the Company's request, ongoing reports and documentation, which shall disclose all work or services conducted to
the date of the report, including (a) any results, and ideas, developments or inventions derived, conceived or reduced to practice during
the term of this Agreement, and shall be supported by appropriate documentation, such as graphs, computer programs, formulae, sketches,
drawings, summaries and the like, when such supporting documentation is available and provided its disclosure is possible under law of
agreement; and (b) any other information pertaining to the Service Provider's engagement hereunder. The reports and/or documentation
shall be provided on a monthly basis or upon request by the Company.

![](ea027016608_ex10-4img2.jpg)

2.  **<u>Consideration and Reimbursement</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;2.1. <u>Consideration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1. In consideration for the Services hereunder, the Company agrees
to pay the Service Provider such fees specified in  **<u>Exhibit A</u>** attached hereto plus Value Added Tax (if applicable), against
provision of a valid tax receipt, if applicable (the "**Consideration** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2. At the end of each calendar month, the Service Provider will
invoice the Company for the Services performed in such month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.3. The Consideration shall be paid by the 10th day of each month
in respect of Services performed in the immediately preceding month (unless otherwise set forth in Exhibit A).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.4. The Service Provider shall bear full responsibility for all
tax obligations relating to the Consideration.

&nbsp;&nbsp;&nbsp;&nbsp;2.2. <u>Reimbursement of Expenses</u>. The Company shall reimburse
the Service Provider for reasonable pre-approved and customary out of pocket expenses incurred by the Service Provider in connection
with the performance of its duties under this Agreement, subject to the provision of all invoices, receipts and other evidence of expenditure
as may be required by Company and subject to the policy of the Company (collectively, the "**Reimbursement of Expenses** ").

&nbsp;&nbsp;&nbsp;&nbsp;2.3. <u>Sole Consideration</u>. The above Consideration, IPO Bonus
(if applicable) and Reimbursement of Expenses (together, the "**Total Consideration**") shall be the sole and exclusive
consideration entitled by the Service Provider for its Services rendered hereunder.

3.  **<u>Term; Termination</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;3.1. The term of this Agreement (the "**Consulting Term** ")
is as of the Commencement Date and shall continue until terminated in accordance with this Section ‎ 3.

&nbsp;&nbsp;&nbsp;&nbsp;3.2. Either Party may terminate this Agreement at will, without
reason or explanation, upon ninety (90) days advance written notice to the other Party (the "**Notice Period** "). During
the notice period the Service Provider shall continue to provide all Services and shall be entitled to receive the Consideration detailed
above.

&nbsp;&nbsp;&nbsp;&nbsp;3.3. The Company may terminate this Agreement immediately without
providing the Service Provider with the Notice Period upon any of the following (each, a "**Cause** "): (i) conviction
of any felony by the Service Provider involving moral turpitude affecting the Company or any crime involving fraud; (ii) action taken
by the Service Provider intentionally to harm the Company; (iii) embezzlement of funds of the Company or its affiliates by the Service
Provider; (iv) falsification of Company's records or reports by the Service Provider; (v) ownership by the Service Provider, directly
or indirectly, of an interest in any person or entity (other than a minority interest in a publicly traded company) in competition with
the products or services of the Company; (vi) any material breach of the Service Provider's duties hereunder which, to the extent
such breach is curable, has not been cured by the Service Provider within fourteen (14) days after its receipt of notice thereof from
the Company containing a description of the breach; and (vii) any breach by the Service Provider of the Confidentiality Agreement (as
defined below).

![](ea027016608_ex10-4img2.jpg)

![](ea027016608_ex10-4img1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;3.4. Upon expiration or termination of this Agreement for any
reason, and upon the Company's request in connection with any transition of the Services (including in connection an M&A closing),
the Service Provider shall promptly provide reasonable cooperation and transition assistance (including knowledge transfer, status updates,
and handover of all work product, files and records, and a reasonable transfer of access/credentials to the extent within its control),
and shall not withhold any Company materials or access for any reason; any transition assistance requested after the effective date of
termination shall be billed at pre-approved hourly rates.

4.  **<u>PIIA/NCA Undertaking</u>** . Upon execution of this Agreement the Service Provider shall execute
the Company's Proprietary Information, Assignment of Inventions and Non-Competition Agreement attached as  **<u>Exhibit B</u>** hereto (the "**PIIA/NCA** "). The PIIA/NCA shall survive the expiration or termination of this Agreement.

5.  **<u>Independent Contractor</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;5.1. The Service Provider agrees and acknowledges that it is performing
the Services hereunder as an independent contractor and that nothing in this Agreement shall be construed to create any relationship
of employment, association, agency, partnership or joint venture between the Company and the Service Provider, nor shall it be construed
to create any relationship other than that of principal and independent contractor between the Company and the Service Provider and that
the Service Provider have consulted and received advice of counsel regarding same and have had sufficient opportunity to do so.

&nbsp;&nbsp;&nbsp;&nbsp;5.2. The Parties further agree that except as otherwise stated
in this Agreement, the Company shall have no right to control or direct the manner in which Service Provider performs its duties and
services under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;5.3. The Service Provider understands and agrees that except as
specifically provided in this Agreement or otherwise approved and directed by the Company, the Company does not grant the Service Provider
the right or authority to make or give any agreement, statement, representation, warranty or other commitment, or to create any obligation
of any kind, on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;5.4. The Service Provider shall be responsible, solely and exclusively,
to comply with all of its obligations under law as a service provider or Service Provider to the Company, including, without limitation,
for the payment of all taxes applicable to it as an independent contractor, including but not limited to social benefits, National Insurance
and any other payments required by law (i) due on the Service Provider's income, and (ii) the engagement by Service Provider of
any persons on its behalf providing the Services, including the Key Person.

&nbsp;&nbsp;&nbsp;&nbsp;5.5. The Service Provider will defend, indemnify and hold the
Company harmless from and against all claims, damages, losses and expenses, including reasonable fees and expenses of attorneys relating
to any obligation imposed upon the Company to pay any withholding taxes, social security, unemployment or disability insurance or similar
items in connection with compensation received by Service Provider relating to the provision of Services under this Agreement or deriving
from the adjudication of the existence of an employer-employee relationship between the Service Provider and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;5.6. In the event that the Company shall be demanded and/or obligated
to pay the Service Provider, any of its employees or Service Providers or any third party, any amount, or give the Service Provider or
any third party any right, all deriving from the existence of employer-employee relationship between the Service Provider and the Company,
the Service Provider shall indemnify the Company for any and all costs, liabilities and expenses it may have in connection with such
demand and/or obligation, including the economic value of such right and including legal expenses.

![](ea027016608_ex10-4img2.jpg)

![](ea027016608_ex10-4img1.jpg)

6.  **<u>Indemnity – Third Party Claims</u>** . The Service Provider shall indemnify, defend and hold
harmless the Company, and its shareholders, employees, officers, directors, agents, subsidiaries, parents, affiliates, successors and
assigns (each, a "**Company Indemnitee**") from and against any and all third party claims, demands, actions or proceedings,
and any related losses, damages, liabilities, judgments, penalties, fines, costs and expenses (including reasonable attorneys' fees) arising
out of or relating to: (a) the Service Provider's performance or non-performance of the Services; (b) any breach of this Agreement (including
its Exhibits) by the Service Provider or its personnel; or (c) the negligence, willful misconduct or violation of law by the Service Provider
or its personnel, in each case to the extent caused by the Service Provider. The Service Provider's obligations under this section shall
not apply to the extent a claim is finally determined by a court of competent jurisdiction to have been caused by the gross negligence
or willful misconduct of a Company Indemnitee. The Service Provider shall not settle any claim without the Company's prior written consent
(not to be unreasonably withheld or delayed) and shall permit the Company to participate in the defense with counsel of its choosing at
its own expense.

7.  **<u>Miscellaneous</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;7.1. The preamble and schedules to this Agreement constitute an
integral and indivisible part hereof. The Section headings herein are for convenience only and shall not affect the interpretation or
construction of the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;7.2. The following sections shall survive the termination of this
Agreement: ‎ 1.4, ‎ 2.4, ‎ 3.2, ‎ 3.4, ‎ 4, ‎ 5, ‎ 6 and ‎ 7.

&nbsp;&nbsp;&nbsp;&nbsp;7.3. This Agreement shall be governed by and construed and enforced
in accordance with the laws of the State of Israel without giving effect to the principles of conflict of law thereof. The competent
courts located in the city of Tel-Aviv-Jaffa shall have exclusive jurisdiction over any dispute arising in connection with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;7.4. No failure, delay of forbearance of either party in exercising
any power or right hereunder shall in any way restrict or diminish such party's rights and powers under this Agreement, or operate
as a waiver of any breach or nonperformance by either party of any terms of conditions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;7.5. The Service Provider may not assign, delegate or otherwise
transfer (by operation of law or otherwise) this Agreement or any of its rights or obligations hereunder without the Company's prior
written consent, and any purported assignment, delegation or transfer in violation of the foregoing shall be null and void. The Company
may assign this Agreement without the Service Provider's consent (a) to any affiliate, or (b) in connection with any merger, consolidation,
reorganization, change of control, or sale of all or substantially all of the Company's assets (including by way of an equity sale),
provided that any such assignee shall assume in writing the Company's obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;7.6. In the event it shall be determined under any applicable
law that a certain provision set forth in this Agreement is invalid or unenforceable, remaining provisions of this Agreement shall not
be affected.

![](ea027016608_ex10-4img2.jpg)

![](ea027016608_ex10-4img1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;7.7. This Agreement (including its Exhibits) constitutes the entire
understanding and agreement between the Parties hereto, supersedes any and all prior discussions, agreements and correspondence with
regard to the subject matter hereof, and may be amended only by written consent of both Parties.

&nbsp;&nbsp;&nbsp;&nbsp;7.8. The Service Provider acknowledges and confirms that all terms
of this Agreement are personal and confidential and undertakes to keep such term in confidence and refrain from disclosing such terms
to any third party.

&nbsp;&nbsp;&nbsp;&nbsp;7.9. The addresses of the Parties for purposes of this Agreement
shall be the addresses set forth above or any other address, which shall be provided by notice. All notices in connection with this Agreement
shall be sent by registered mail or delivered by hand to the addresses set forth above and shall be deemed to have been delivered to
the other party at the earlier of the following: (i) 2 Business Days, if sent by registered mail or (ii) 3 Business Days from the date
of mailing; if delivered by hand – upon actual delivery or proof of delivery (in the event of a refusal to accept it) at the address
of the addressee. Delivery by facsimile or electronic mail shall be sufficient and be deemed to have occurred upon electronic confirmation
or receipt if on a Business Day and if not, on the first Business Day thereafter ("Business Day" shall mean a day in which
the banks in Israel are generally open for business).

&nbsp;&nbsp;&nbsp;&nbsp;7.10. This Agreement may be executed in any number of counterparts,
each of which shall be deemed an original and enforceable against the Parties actually executing such counterpart, and all of which together
shall constitute one and the same instrument.

**IN WITNESS WHEREOF**, this Services Agreement has been executed by the Parties hereto as of the date first above written.

---

| | |
|:---|:---|
| **Tarsier Pharma Ltd.** | **Natig** |
| Name: | Name: |
| Title: | Title: |

---

The Key Person hereby undertakes to personally abide by the following sections of the Agreement: ‎1.3, ‎1.4, ‎2.4, ‎5, ‎6 and ‎7.

---

| | |
|:---|:---|
| **Arie Ganot:** | /s/ Arie Ganot |

---

![](ea027016608_ex10-4img2.jpg)

![](ea027016608_ex10-4img1.jpg)

**Exhibit B**

**<u>Proprietary Information, Non-Competition and Assignment of Inventions Agreement</u>**

(the "**PIIA/NCA**")

The Service Provider acknowledges that as a result of services provided to the Company under the Services Agreement dated as of January 1, 2026, by and between Tarsier Pharma Ltd. (the "**Company**") and the Service Provider (the "**Services Agreement**"), the Service Provider and its personnel (including, without limitation, Mr. Arie Ganot) may develop, receive, or otherwise have access to confidential or proprietary information which is of value to the Company. Accordingly, as a condition to the Service Provider's provision of services to the Company, the Service Provider agrees as follows:

1. <u>Nondisclosure</u> 

&nbsp;&nbsp;&nbsp;&nbsp;1.1. <u>Recognition of Company's Rights; Nondisclosure</u>.
At all times during the term of the Services Agreement and thereafter, the Service Provider shall (and shall cause its personnel to)
hold in strictest confidence and not disclose, use, lecture upon or publish any of the Company's Proprietary Information (defined
below), except as such disclosure, use or publication may be required in connection with performance of the Services, or unless an officer
of the Company or the board of directors of the Company (the "**Board**") expressly authorizes such in writing or unless
such information becomes public knowledge. The Service Provider shall obtain the Company's written approval before publishing or
submitting for publication any material (written, verbal, or otherwise) that relates to the Service Provider's work with the Company
and/or incorporates any Proprietary Information. The Service Provider hereby assigns to the Company any rights it may have or acquire
in such Proprietary Information and recognizes that all Proprietary Information shall be the sole property of the Company and its assigns.

&nbsp;&nbsp;&nbsp;&nbsp;1.2. <u>Proprietary Information</u>. The term "**Proprietary Information**" shall mean any and all confidential and/or proprietary knowledge, data or information of the Company that is disclosed
to the Service Provider or to which the Service Provider (or any of its personnel) is otherwise exposed. By way of illustration but not
limitation, "Proprietary Information" includes (a) trade secrets, processes, data, and other works of authorship(excluding
inventions not assignable under Section ‎ 2.3, hereinafter collectively
referred to as "**Inventions** "); and (b) information regarding plans for research, development, new products, marketing
and selling, business plans, budgets and unpublished financial statements, licenses, prices and costs, suppliers and customers; and (c)
information regarding the skills and compensation of employees of the Company. Notwithstanding the foregoing, it is understood that the
Service Provider is free to use information which is generally known in the trade or industry, which is not gained as result of a breach
of this PIIA/NCA, to whatever extent and in whichever way it wishes.

&nbsp;&nbsp;&nbsp;&nbsp;1.3. <u>Third Party Information</u>. The Service Provider understands,
in addition, that the Company has received and in the future will receive from third parties confidential or proprietary information
(" **Third Party Information**") subject to a duty on the Company's part to maintain the confidentiality of such
information and to use it only for certain limited purposes. During the term of the Services Agreement and thereafter, the Service Provider
shall (and shall cause its personnel to) hold Third Party Information in the strictest confidence and not disclose to anyone (other than
Company personnel who need to know such information in connection with their work for the Company) or use, except in connection with
the Services rendered to the Company, Third Party Information, unless expressly authorized by the Board or by an officer of the Company
in writing.

![](ea027016608_ex10-4img2.jpg)

![](ea027016608_ex10-4img1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;1.4. <u>No Improper Use of Information of Prior Employers and Others</u>. During the term of the Services Agreement, the Service Provider shall not (and shall cause its personnel to not) improperly
use or disclose any confidential information or trade secrets, if any, of any former employer or any other person to whom the Service
Provider or such personnel have an obligation of confidentiality, and shall not bring onto the premises of the Company any unpublished
documents or any property belonging to any former employer or any other person to whom the Service Provider or such personnel have an
obligation of confidentiality unless consented to in writing by that former employer or person.

2. <u>Acknowledgement of Ownership; Assignment of Inventions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;2.1. <u>Proprietary Rights</u>. The term "**Proprietary Rights**" shall mean: (i) patents, whether in the form of utility patents or design patents and all pending applications for
such patents; (ii) trademarks, trade names, service marks, designs, logos, trade dress, and trade styles, whether or not registered,
and all pending applications for registration of the same; (iii) copyrights or copyrightable material, including but not limited to books,
articles and publications, whether or not registered, and all pending applications for registration of the same; (iv) inventions, research
records, trade secrets, confidential information, product designs, engineering specifications and drawings, technical information, formulae,
customer lists, supplier lists and market analyses; (v) computer programs, including, without limitation, computer programs embodied
in semiconductor chips or otherwise embodied, and related flow-charts, programmer notes, updates and data, whether in object or source
code form; and (vi) all other intellectual property rights throughout the world.

&nbsp;&nbsp;&nbsp;&nbsp;2.2. <u>Assignment of Inventions</u>. Subject to Sections ‎ 2.3
and ‎ 2.5, the Service Provider hereby assigns and agrees to assign
in the future (when any such Inventions or Proprietary Rights are first reduced to practice or first fixed in a tangible medium, as applicable)
to the Company all of the Service Provider's and its personnel's right, title and interest in and to any and all Inventions (and all
Proprietary Rights with respect thereto) whether or not patentable or registrable under copyright or similar statutes, made or conceived
or reduced to practice or learned by the Service Provider or its personnel, either alone or jointly with others, during the term of the
Services Agreement, and which are the result of the provision of Services pursuant to the Services Agreement. Inventions assigned to
the Company, or to a third party as directed by the Company pursuant to this Section 2, are hereinafter referred to as "**Company Inventions**." The Service Provider shall promptly disclose and describe to the Company all Inventions which the Service Provider
or its personnel may solely or jointly conceive, develop, or reduce to practice during the term of the Services Agreement (i) which relate
to the Company's current or proposed business or actual or demonstrably anticipated research or development, (ii) which are developed
in whole or in part on the Company's time or with the use of any of the Company's equipment, supplies, facilities or trade
secret information, or (iii) which result directly or indirectly from any work performed for the Company. The Service Provider agrees
to assign and does hereby assign to the Company or its designee(s) all right, title and interest worldwide in such Company Inventions
and in all intellectual property rights based upon such Inventions.

&nbsp;&nbsp;&nbsp;&nbsp;2.3. <u>Non-assignable Inventions</u>. This PIIA/NCA will not be deemed to require assignment of any invention
which was developed entirely on the relevant individual's own time without using the Company's equipment, supplies, facilities,
or Proprietary Information and neither related to the Company's actual business, research or development, nor resulted from work
performed for the Company.

![](ea027016608_ex10-4img2.jpg)

![](ea027016608_ex10-4img1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;2.4. <u>Moral Rights.</u> The Service Provider agrees that Moral Rights (as defined below), upon creation,
are considered Inventions of the Company and shall be the sole property of the Company and its assignees, and the Company and its assignees
shall be the sole owner thereof. The Service Provider shall cause its personnel to forever waive and agree never to assert any and all
Moral Rights that they may have in or with respect to any Inventions, even after termination of engagement on behalf of the Company. "**Moral Rights**" means any right to claim authorship of a work, any right to object to any distortion or other modification of a work,
and any similar right, existing under the law of any country in the world, or under any treaty.

&nbsp;&nbsp;&nbsp;&nbsp;2.5. <u>Works for Hire</u>. The Service Provider acknowledges that all original works of authorship which are
made by the Service Provider or its personnel (solely or jointly with others) during the term of the Services Agreement, which are the
result of the provision of Services pursuant to the Services Agreement and which are protectable by copyright, are the property of the
Company pursuant to applicable copyright law.

&nbsp;&nbsp;&nbsp;&nbsp;2.6. <u>Enforcement of Proprietary Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.1 The Service Provider shall assist the Company in every proper
way to obtain, and from time to time enforce, any Proprietary Rights relating to Company Inventions in any and all countries. To that
end the Service Provider shall execute, verify and deliver (and shall cause its personnel to execute, verify and deliver) such documents
and perform such other acts (including appearances as a witness) as the Company may reasonably request for use in applying for, obtaining,
perfecting, evidencing, sustaining and enforcing such Proprietary Rights and the assignment thereof. In addition, the Service Provider
shall execute, verify and deliver (and shall cause its personnel to execute, verify and deliver) assignments of such Proprietary Rights
to the Company or its designee. The Service Provider's obligation to assist the Company with respect to Proprietary Rights relating to
such Company Inventions in any and all countries shall continue indefinitely beyond the termination of the Services Agreement, but the
Company shall compensate the Service Provider at a reasonable rate after such termination for time actually spent by the Service Provider's
personnel at the Company's request on such assistance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.2 In the event the Company is unable for any reason, after reasonable
effort, to secure the signature of the relevant personnel on any document needed in connection with the actions specified in the preceding
paragraph, the Service Provider hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as
the Service Provider's agent and attorney in fact, which appointment is coupled with an interest, to act for and on the Service Provider's
behalf (and, if applicable, on behalf of such personnel) to execute, verify and file any such documents and to do all other lawfully
permitted acts to further the purposes of the preceding paragraph with the same legal force and effect as if executed by the Service
Provider. The Service Provider hereby waives and quit claims to the Company any and all claims, of any nature whatsoever, which the Service
Provider now or may hereafter have for infringement of any Proprietary Rights assigned hereunder to the Company.

![](ea027016608_ex10-4img2.jpg)

![](ea027016608_ex10-4img1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;2.7. <u>Service Inventions</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.1 Sections ‎ 2.2, ‎ 2.3 and ‎ 2.5
above will apply to any "Service Inventions" as defined in the Israeli Patent Law, 5727-1967 (the "**Patent Law** "),
it being clarified that under no circumstances will Service Provider's personnel be deemed to have any proprietary right in any
such Service Invention, notwithstanding the provision or non-provision of any notice of an invention and/or Company response to
any such notice, under Section 132(b) of the Patent Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.2 This Agreement is expressly intended to be an agreement with
regard to the terms and conditions of consideration for Service Inventions in accordance with Section 134 of the Patent Law. Service
Provider acknowledges and agrees and will have its personnel acknowledge and agree that Service Provider and its personnel will not be
entitled to additional royalties, consideration or other payments with regard to any Company Inventions, Service Inventions or any of
the intellectual property rights set forth above, including any commercialization of such Company Inventions, Service Inventions or other
intellectual property rights, and do hereby explicitly, irrevocably and unconditionally waive the right to receive any such additional
royalties, consideration or other payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.3 Without derogating from the aforesaid, it is hereby clarified
that the level of the compensation payable to Service Provider in consideration for the services provided to the Company has been established
based upon (among other things) the aforementioned waiver of rights to receive any such additional royalties, consideration or other
payments, and that the compensation as an independent service provider of the Company includes full and final compensation and consideration
to which Service Provide or its personnel may be entitled under law with respect to any Company Inventions, Service Inventions or any
of the intellectual property rights set forth above.

3. <u>Records</u>. The Service Provider agrees to keep and maintain adequate and current records (in the
form of notes, sketches, drawings and in any other form that may be required by the Company) of all Proprietary Information developed
by the Service Provider or its personnel and all Company Inventions made by the Service Provider or its personnel during the term of the
Services Agreement that are the result of the provision of Services pursuant to the Services Agreement, which records shall be available
to and remain the sole property of the Company at all times.

4. <u>Competitive Activities</u>. During the term of the Services
Agreement and for a period of twelve (12) months from the date of termination of the Services Agreement for any reason (the "**Termination Date** "), the Service Provider shall not, and shall cause the Key Person not to, directly or indirectly: (**A**) carry on or
hold an interest in any company, venture, entity or other business (other than a minority interest in a publicly traded company) that
develops, markets or otherwise offers products or services in the field of ophthalmology (a "**Competing Business**") (including,
without limitation, as a shareholder); (**B**) solicit, canvass or approach or endeavor to solicit, canvass or approach any person
who, to the Service Provider's knowledge, was provided with services by the Company at any time during the twelve (12) months immediately
prior to the Termination Date, for the purpose of offering services or products which directly compete with the services or products supplied
by the Company at the Termination Date; or (**C**) employ, solicit or entice away or endeavor to solicit or entice away from the Company
any person employed or engaged by the Company any time during the twelve (12) months immediately prior the Termination Date with a view
to inducing that person to leave such engagement and to act for another in the same or a similar capacity.

![](ea027016608_ex10-4img2.jpg)

![](ea027016608_ex10-4img1.jpg)

5. <u>No Conflicting Obligation</u>. The Service Provider represents
that performance of all the terms of this PIIA/NCA and performance of the Services does not and will not breach any agreement to keep
in confidence information acquired in confidence or in trust prior to the Service Provider's relationship with the Company. The Service
Provider has not entered into, and agrees it will not enter into, any agreement either written or oral in conflict herewith.

6. <u>Return of Company Documents</u>. At the conclusion of
the Services Agreement or upon the Company's earlier request (including in connection with a transition of services), the Service Provider
will deliver to the Company any and all drawings, notes, memoranda, specifications, devices, formulas, and documents, together with all
copies thereof, and any other material containing or disclosing any Company Inventions, Third Party Information or Proprietary Information
of the Company, in each case in the Service Provider's possession or control.

7. <u>General Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;7.1. <u>Severability</u>. In case any one or more of the provisions
contained in this Agreement shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality
or unenforceability shall not affect the other provisions of this Agreement, and this Agreement shall be construed as if such invalid,
illegal or unenforceable provision had never been contained herein. If moreover, any one or more of the provisions contained in this
Agreement shall for any reason be held to be excessively broad as to duration, geographical scope, activity or subject, it shall be construed
by limiting and reducing it, so as to be enforceable to the extent compatible with the applicable law as it shall then appear.

&nbsp;&nbsp;&nbsp;&nbsp;7.2. <u>Assignment</u>. This PIIA/NCA's assignment terms
shall be identical to those of the Services Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;7.3. <u>Survival</u>. The provisions of this Agreement shall survive
both the termination of the Services Agreement and the assignment of this Agreement by the Company to any successor in interest or other
assignee.

&nbsp;&nbsp;&nbsp;&nbsp;7.4. <u>Waiver</u>. No waiver by the Company of any breach of
this Agreement shall be a waiver of any preceding or succeeding breach. No waiver by the Company of any right under this Agreement shall
be construed as a waiver of any other right. The Company shall not be required to give notice to enforce strict adherence to all terms
of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;7.5. <u>Entire Agreement</u>. The obligations pursuant to Sections
1 and 2 of this PIIA/NCA shall apply to any time during which the Service Provider or the Key Person provided services to the Company
if no other agreement governs nondisclosure and assignment of inventions during such period. This PIIA/NCA is the final, complete and
exclusive agreement of the Parties with respect to the subject matter hereof and supersedes and merges all prior discussions or agreements
between them with respect to the subject matter hereof. No modification of or amendment to this PIIA/NCA, nor any waiver of any rights
under this PIIA/NCA, will be effective unless in writing and signed by the party to be charged. Any subsequent change or changes in duties,
fees or compensation will not affect the validity or scope of this PIIA/NCA.

&nbsp;&nbsp;&nbsp;&nbsp;7.6. <u>Injunction</u>. Service Provider agrees that it would
be difficult to measure damage to the Company from any breach of the promises set forth in Section ‎ 1,
and that injury to the Company from any such breach would be impossible to calculate, and that money damages would therefore be an inadequate
remedy for any such breach. Accordingly, Service Provider agrees that if it breaches any provision of Section ‎ 1
hereof, the Company will be entitled, in addition to all other remedies it may have, to an injunction or other appropriate orders to
restrain any such breach without showing or proving any actual damage sustained by the Company.

![](ea027016608_ex10-4img2.jpg)

![](ea027016608_ex10-4img1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;7.7. <u>Governing Law</u>. This Agreement shall be governed by
and construed in accordance with the laws of the State of Israel, without giving effect to the rules respecting conflict-of-law. The
competent courts located in the city of Tel-Aviv-Jaffa shall have exclusive jurisdiction over any dispute arising in connection with
this Agreement.

This Proprietary Information, Non-Competition and Assignment of Inventions Agreement shall be effective as of the first day of the term of the Services Agreement by and between the Parties hereof.

THE SERVICE PROVIDER HAS READ THIS PIIA/NCA CAREFULLY AND UNDERSTANDS ITS TERMS.

---

| |
|:---|
| **Natig** |
| By: |
| Name: |
| Title: |

---

Key Person: I agree to personally abide by the terms of this PIIA/NCA (provided, however, that in the event that as part of my engagement with the Service Provider I have executed an intellectual property assignment to the benefit of the Service Provider, then my undertakings with respect to section ‎2 shall be construed between myself and the Service Provider in a manner sufficient to allow the Service Provider to meet its undertakings under section ‎2)

---

| | |
|:---|:---|
| **Arie Ganot:** | /s/ Arie Ganot |

---

---

| | |
|:---|:---|
| ACCEPTED AND AGREED TO: | ACCEPTED AND AGREED TO: |
| **Tarsier Pharma Ltd.** | **Tarsier Pharma Ltd.** |
| By: | /s/ Daphne Haim-Langford |
| Name: | Daphne Haim-Langford, PhD |
| Title: | CEO |

---

![](ea027016608_ex10-4img2.jpg)

## Exhibit 10.5

**Exhibit 10.5**

February 2019

To:

Tarsius Pharma Ltd. (the "**Company**")

**Re: <u>Appointment of Lead Investor Director</u>**

I, the undersigned, <u>Dr. Daphne Haim-Langford</u>, acting pursuant to <u>Article 70</u> of the Amended and Restated Articles of Association of the Company (the "**Articles**"), hereby appoint *(i)* Sascha Bucher to serve as a member of the board of directors of the Company, effective as of the date hereof.

The address of Sascha Bucher for purposes of reporting his appointment to the board of directors of the Company to the Israeli Registrar of Companies is: Holeestrasse 43 Basel, Switzerland.

Sincerely,

---

| | |
|:---|:---|
| Signature: | /s/ Daphne Haim Langford |
| Name: | **Dr. Daphne Haim Langford** |

---

## Exhibit 10.6

**Exhibit 10.6**

February, 2019

To:

Tarsius Pharma Ltd. (the "**Company**")

**Re: <u>Appointment of Industry Expert Director</u>**

I, the undersigned, <u>Dr. Daphne Haim-Langford</u>, sole director of the Company, acting pursuant to <u>Article 76</u> of the Amended and Restated Articles of Association of the Company (the "**Articles**"), hereby appoint *(i)* Susan Benton (Passport No. \*\* to serve as the industry expert member of the board of directors of the Company, effective as of the date hereof.

The address of Susan Benton for purposes of reporting his appointment to the board of directors of the Company to the Israeli Registrar of Companies is: 17 Manor Ave. Burlington, MA, 01803 USA

Sincerely,

---

| | |
|:---|:---|
| Signature: | /s/ Daphne Haim Langford |
| Name: | **Dr. Daphne Haim Langford, Sole Director** |

---

## Exhibit 10.7

**Exhibit 10.7**

**LICENSE AGREEMENT**

**THIS AGREEMENT** (the "**Agreement**") is entered into effective as of January 27, 2016 (the "**Effective Date**") by and between Tarsius Pharma Ltd. (or as shall be approved by the Israeli Companies Registrar) to be incorporated as a private limited liability company duly organized in Israel (the "**Company**") and Prof Yehuda Shoenfeld, I.D [__] from [___________], Israel, and Prof Miri Blank I.D [__] from [___________], Israel (together: the "**Inventors**"). Each of the Company and the Inventors (jointly and severally) may be referred to herein as a "**Party**", and together as the "**Parties**".

**RECITALS**

**WHEREAS**, the Inventors jointly invented the Invention during the term of their employment with Sheba (as such term is defined below); and

**WHEREAS**, following and according to the Sheba Agreement (as defined below) the Inventors have received a waiver from Sheba of its ownership rights in and to the Invention and the Patents; and

**WHEREAS,** the Inventors desire to license to the Company and the Company desires to license from the Inventors for the purpose of developing and commercializing certain products which will be based on the Patents and the rights licensed herein in the Agreed Field (as defined below) (the "**Products**");

**NOW, THEREFORE**, the Parties hereby agree as follows:

1. <u>DEFINITIONS</u>. For the purpose of this Agreement, the following definitions apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. "**Agreed Field**" local delivery of Tuftsin Phosphrylcoline for any ophthalmic indications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. "**Founders Agreement**" agreement entered between Dr. Daphne Haim Langford, the Inventors
and Van Leer Xenia GP on January 27, 2016.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. "**Intellectual Property**" means all worldwide (i) patents and patent applications (including
the Patents), patent rights, designs, and inventions (whether patentable or not); (ii) trademarks (whether registered or not), trade dress,
trade names and logo; (iii) rights associated with works of authorship including, copyrights, copyright applications, copyright restrictions,
mask work rights, mask work applications, and mask work registrations; (iv) rights relating to the protection of trade secrets, know-how
and confidential information; (v) rights analogous to those set forth herein and any other proprietary rights relating to intangible property;
and (vi) divisions, continuations, renewals, reissues, and extensions of the foregoing (as applicable) now existing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. "**Invention**" means the "Tuftsin-Pshosphorylcholine for Treating Autoimmune Diseases"
as detailed in Appendix A to the Sheba Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5. "**Lien**" means any lien, pledge, mortgage, deed of trust, security interest, claim, lease,
charge, option, easement, servitude, right of first refusal, right of first offer, proxy, voting trust or agreement or other similar encumbrance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6. "**Patents**" means those patents and patent applications relating to the Invention as
specified in  **<u>Exhibit A</u>** attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7. "**Sheba Agreement**" means the agreement executed by and between the Inventors and Chaim
Sheba Integrated Medical Center and Medical Research Infrastructure Development and Health Services Fund by Sheba Medical Center (together:
" **Sheba**") on October 26, 2015, attached hereto as  **<u>Exhibit B</u>** .

2. <u>GRANT OF LICENSE</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. Subject to the terms and conditions of this Agreement, the Inventors hereby grant to the Company, effective
as of the Effective Date, an exclusive, worldwide, irrevocable, royalty-free, fully paid, transferable and sub-licensable license to use,
develop and commercialize the Invention in the Agreed Field, and to design, develop, make and have made, use, sell and offer for sale
the Products (the "**License** "). Notwithstanding the above, and anything else written in this Agreement or in the Founders
Agreement, the Inventors are not providing under this Agreement and will not provide in the future to the Company any right not granted
to them under the Sheba Agreement. To the extent that anything in this Agreement shall be interpreted as granting the Company any rights
in excess of the Sheba Agreement, the Parties affirmatively agree and confirm that they had no intention to license or receive such rights
and that such license shall be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. No other, further or different license is hereby granted or implied. The License granted by the Inventors
hereunder is for the limited scope specified herein, and shall not include any other rights not expressly provided in this Agreement.
For the avoidance of doubt it is clarified that the Inventors shall be entitled to assign their rights under the Sheba Agreement to any
third party or to grant any third party with a license similar to the License granted under this Agreement, provided that the Inventors
(or any of their respective assignees or licensors) shall not be entitled to grant any license to the Invention in the Agreed Field and
provided further that the Company's rights under this Agreement shall remain in full force and effect following such assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. The Parties shall take any reasonable action, at the Company's cost and expense, including signing
and executing any reasonably required document, in order to register (to the extent possible) the Company's rights under the License
in the Patent offices in the relevant jurisdictions.

3. <u>TERM OF AGREEMENT</u> 

The License granted under this Agreement is irrevocable and perpetual and therefore this Agreement and the License as granted hereunder shall continue without limitation of duration.

4. <u>CONSIDERATION</u> 

In consideration for the License granted hereunder the Inventors (together) shall be entitled to receive holdings in the Company, upon its incorporation, representing twenty percent (20%) of the Company's issued and outstanding share capital on a fully diluted basis ("**Inventors' Holdings**"). The Inventors' Holdings shall be allocated as set forth in the Founders Agreement**.** 

For the avoidance of doubt, it is hereby clarified that the said consideration shall be the sole and absolute consideration granted to the Inventors under this Agreement, and that the Inventors shall be solely responsible for any consideration Sheba may be entitled to receive under the Sheba Agreement.

5. <u>REPRESENTATIONS AND WARRANTIES OF THE INVENTORS</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. To the knowledge of the Inventors no other third party is entitled to be listed as an Inventor of the
Patents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. To the knowledge of the Inventors, other than Sheba, no other person or third parties claimed any ownership
rights to the Invention including without limitation any employees, consultants, service providers or otherwise who may have been involved
in the development of the Invention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. Except as set forth in the Sheba Agreement, the Inventors are sole and exclusive owners, free and clear
of any Lien or written notice of adverse claims from any other third party, all right, title and interest in and to the Invention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. As of the date they obtained ownership of the Invention, the Inventors have taken all commercially reasonable
actions to protect their rights in, and the validity and/or value of the Invention. The Inventors have protected the confidentiality of
all trade secrets relating to the Invention, and have disclosed such trade secrets only pursuant to customary, written confidentiality
agreements. Other than the License granted under this Agreement and the license detailed in the Sheba Agreement, the Inventors have not
granted any license and any other right in the Invention in the Agreed Field to any third party, and will not grant, assign or transfer
such license or other right in the Agreed Field to any third party without the prior written consent of the Company, except that nothing
in this Agreement is intended to limit the Inventors from granting identical rights to the rights granted to the Company under this Agreement,
provided such rights are not in the Agreed Field. For the avoidance of doubt, it is hereby clarified that the Inventors shall not be entitled
to make any use, and shall not have any right, in the Invention in the Agreed Field, without the prior written consent of the Company.
Except as set forth in the Sheba Agreement, the Inventors are not obligated or under any liability whatsoever to make any payments by
way of royalties, fees or otherwise to any third party in connection with the Invention in the in the Agreed Field or the Products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5. To the knowledge of the Inventors, the Inventors have not violated or infringed or are violating or infringing
any of the Intellectual Property of any other person or entity (including without limitation, any former employer) and they have not received
any communications alleging any such violation or infringement. The Inventors are unaware of any third party, which is infringing upon,
violating, misappropriating or making an unauthorized use or disclosure of, the Invention. To the knowledge of the Inventors, there is
no third party, which has the right to assert any claim regarding the ownership of the Invention and the Inventors shall provide prompt
written notice to the Company of any claim by a third party that the License granted hereunder infringes the Intellectual Property rights
of any third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6. To the knowledge of the Inventors, neither the execution and delivery of this Agreement, nor the carrying
on of the Company's business (including the development of the Products), will conflict with or result in a breach of the terms,
conditions or provisions of, or constitute a default under, any contract, covenant or instrument under which the Inventors are obligated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7. Except for the representations made by the Inventors as set forth in Sections ‎ 5.1
to ‎ 5.6 above, and to the maximum extent permitted by applicable law,
Sheba, Inventors, VLX and TPCera (as defined below) and their respective shareholders, directors, employees, consultants, agents or representatives
(collectively the "**Indemnifying Parties**") make no representations or warranties of any kind, expressed or implied,
with respect to the Invention or the Patents. In particular, Indemnifying Parties make no express or implied warranties of merchantability
or fitness for a particular purpose. In addition, nothing in this Agreement may be deemed a representation or warranty by any of the Indemnifying
Parties as to the validity of any of the Patents or their registerability or of the accuracy, safety, efficacy, or usefulness, for any
purpose, of the Invention. To the extent permitted by applicable law, the Indemnifying Parties shall not have any liability whatsoever
toward the Company, its shareholders or to any third party for or on account of any injury, loss, or damage, of any kind or nature whether
direct or indirect, sustained by the Company or by any third party, for any damage assessed or asserted against the Company, or for any
other liability incurred by or imposed upon the Company or any other person or entity, directly or indirectly arising out of or in connection
with or resulting from the exercise of the License, including, (i) the production, manufacture, use, practice, lease, or sale of any product;
(ii) the use of the License granted herein; or (iii) any advertising or other promotional activities with respect to any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8. Subject to the limitation set forth in Section ‎ 5.9
to Section ‎ 5.12, the Inventors shall indemnify the Company (and its
employees, officers, directors, successors and assigns) and hold the Company (and its employees, officers, directors, successors and assigns)
harmless from and against, all direct loss, cost, damage, liability and expense (including reasonable attorney's fees and expenses)
(" **Loss** "), arising from (i) any infringement by the Inventors of any of the representations and warranties made under
this Section 5; and (ii) any claim of any third party that the Inventors misrepresented their right and entitlement to enter into this
Agreement and to grant the License (the "**Remedy** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9. In no event shall Indemnifying Parties be liable to the Company or any of its affiliates or to any third
party for any incidental, special, punitive or exemplary damages suffered or incurred by the Company, its shareholders or its affiliates
or any third party, whether based upon a claim or action of contract, warranty, negligence or tort, or otherwise, arising out of this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10. The Remedy shall be the Company's and its shareholders sole and exclusive remedy against the Indemnifying
Parties and shall constitute full satisfaction of the Indemnifying Parties liability towards the Company and its shareholders due to any
breach and/or misrepresentation of any covenant, warranty, undertaking and representation made under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11. The representations and warranties detailed in this Agreement shall remain in full force and effect for
a period of 24 (twenty four) months as of the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12. Notwithstanding the above, the indemnification obligations set forth in this Section ‎ 5
shall be limited to 100% (one hundred percent) of the securities of the Company received by the Inventors under this Agreement. Such aggregate
liability shall be satisfied by surrender and transfer of such securities to Company, which number shall be equal to the amount of Loss
for which indemnification is due divided by the fair market value (as determined in good faith by the Board) of such securities at such
time, provided that in no event shall the Inventors be obligated to surrender a number of securities larger that the number granted to
them under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13. The Company shall provide prompt notice of any such infringement or third party's claim and shall
give the Inventors the right to defend any such claim, and shall cooperate fully in such defense at the Inventors costs and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14. The Inventors shall provide prompt notice to the Company of any claim first known to them relating to
the Invention

6. <u>COMPLEMENTARY PROVISIONS</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. Subject to the limitation of the Sheba Agreement, and any other document relating to the ownership of
intellectual property of Sheba employees or relating to the work of the Inventors in Sheba (collectively the "**IP Documents** "),
the Inventors undertake to provide the Company with any information and documentation relating to the Invention, as may be necessary for
the use of the License or may be reasonably required by the Company. Without derogating the generality of the foregoing, upon the execution
of this Agreement the Inventors will deliver to the Company any and all available technical data and information relating to the Invention,
including drawings, schematics, product specifications, information concerning research and development work, and the Patent applications
and all ancillary documents thereto to the extent they are entitled to deliver such information under the IP Documents. Without derogating
from the above, it is agreed by the Parties that within thirty (30) days as of the Effective Date, Prof Miri Blank together with the management
of the Company shall decide on the identity of the manufacturer of the Tuftsin-Pshosphorylcholine. In making this decision Prof Miri Blank
and the management of the Company shall take into consideration all relevant parameters including without limitation the costs of manufacturing,
quality and qualifications of the manufacturer, and availability for manufacturing of the Tuftsin-Pshosphorylcholine etc'. Following
this initial selection, and in the event that the Company is not satisfied with the performance of the manufacturer, Company shall be
entitled to replace the manufacturer of the Tuftsin-Pshosphorylcholine following consultation with Prof Miri Blank. The selected manufacturer
shall receive from Prof Miri Blank, the synthesis protocol for the manufacturing the Tuftsin-Pshosphorylcholine (the "**Protocol** ").
The Protocol shall remain the exclusive property of the Inventors (and following the establishment of TPCera and shall be assigned thereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. TPCera and in the event that TPCera shall not be established the Inventors (or any other third party which
shall be decided upon by the Inventors) shall bear any and all costs and expenses related to and associated with pursuing the necessary
registration, maintenance, prosecution or renewal of the Patents in the territories in which the Patents have currently been filed (as
more detailed in Exhibit A) including, without limitations, annual fees, registration expenses, any post issuance procedures, etc., except
that nothing herein shall obligate Inventors (or their successive assignees or licensors to pursue any of the patents). Immediately following
the establishment of TPCera or any other company that will take ownership on the IP, the obligation set forth in this Section ‎ 6.2
shall transfer to TPCera, and the Inventors shall no longer be responsible or liable for any of the obligation set forth in this Section ‎ 6.2. Notwithstanding the above, it is hereby agreed that a onetime
payment in the amount of 915$, due for the registration of the Patent in China by January 27, 2016, shall be paid by the Company prior
to such date, and that TPCera or any other company that will take ownership on the IP shall reimburse the Company for such payment within
no later than 24 months as of such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. In the event that the Inventors will inform the Company that it does not intend to pay maintenance fee
and/or patent annuity in order to keep the Patent in force in one or more countries, than the Company shall be entitled to pay the maintenance
fee and/or the patent annuity, as the case may be, and to file, prosecute, maintain and enforce the Patent rights in the Inventors and/or
TPCera's name. Inventors shall provide the Company, at the Company's cost and expense, or its authorized attorneys, agents,
or representatives reasonable assistance as necessary for the Company to exploit its right under this Section ‎ 6.3.
It is hereby agreed that upon such event, the Company shall become the sole owner of such Patent, and shall grant the Inventors exclusive
license to use such Patent in any field, other than the Agreed Field.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. Company hereby grants TPCera (or any other Company to whom the Inventors may assign their rights under
the Invention) a non-exclusive, non-assignable, irrevocable, royalty-free license to any and all patents and patent applications, which
shall be: (i) created or developed by Company following the Effective Date; and (ii) related to the Tuftsin-Pshosphorylcholine, to the
extent they are required to practice the Invention, to make, have made, use, lease, commercialize, continue to develop technology relating
to, offer for sale, sell, import, export, and otherwise dispose of any and all products developed by TPCera (or any other Company to whom
the Inventors may assign their rights under the Invention) in all countries where such patents have been issued, with no rights to grant
sub-licenses except to: (i) subcontractors for the purpose of: (a) manufacturing products to end customers; and (b) importing, exporting,
using, leasing, offering for sale, selling and otherwise disposing of products; and (ii) direct and indirect customers of Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5. TPCera (or any other Company to whom the Inventors may assign their rights under the Invention) hereby
grants Company a non-exclusive, non-assignable, irrevocable, royalty-free license to any and all patents and patent applications which
shall be created or developed by TPCera (or any other Company to whom the Inventors may assign their rights under the Invention) following
the Effective Date to the extent they are required to practice the Invention in the Agreed Field, to make, have made, use, lease, commercialize,
continue to develop technology relating to, offer for sale, sell, import, export, and otherwise dispose of any and all products developed
by Company, in all countries where such patents have been issued, with no rights to grant sub-licenses except to: (i) subcontractors for
the purpose of: (a) manufacturing products to end customers; and (b) importing, exporting, using, leasing, offering for sale, selling
and otherwise disposing of products; and (ii) direct and indirect customers of Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6. **Patent Protection** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.1 The Inventors (or any third party to whom the Patents shall
be assigned) (the "**Patent Owner**") and Company shall each inform the other promptly in writing of any alleged infringements
by a third party of the Patents in the Agreed Field in any country, together with any available written evidence of such alleged infringement . Upon such an event, the Patent Owner shall have the first right in its own name and at its own expense to initiate any legal action and
enforce the Patents against any infringement of such Patents (regardless if such infringement is in the Agreed Filed or not). For the
avoidance of doubt, it is clarified that the Patent Owner shall be entitled to receive all proceeds generated from such legal action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.2 In the event that the Patent Owner decides not to exercise its
right to initial legal proceedings as detailed in Section ‎ 6.4.1,
and in the event that the alleged infringement is solely in the Agreed Field, Company shall be entitled to initiate legal proceedings
against infringing third party provided that the Company shall give careful consideration to the views of Patent Owner in making its
decision whether or not to initiate any legal action. Company shall continuously keep Patent Owner reasonably apprised of all developments
in the action and shall continuously provide Patent Owner with full information and copies of all documents relevant to the proceedings,
including, all documents filed with the courts by the parties to the legal action(s) and all material correspondence with the other parties
to the proceedings, and shall seek Patent Owner input and approval on any substantive submissions or positions taken in the litigation
regarding the scope, validity or enforceability of the Patents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.3 If Patent Owner shall determine that the legal actions taken
by the Company may adversely affect Patent Owner's rights, Patent Owner shall be entitled to appoint its own counsel to represent
it in such litigation. Patent Owner shall bear all payments for such legal representation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.4 If the Company elects to commence an action as described above and Patent Owner is a legally indispensable
party to such action (being the registered owner of the infringed patent rights), Company, at the Patent Owner's expense, may be
joined as a co-plaintiff, provided that all the following conditions shall be fulfilled:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Company shall continuously provide Patent Owner with full information and copies of all documents materially relevant to the proceedings, including, all documents filed with the courts by the parties to the legal action(s) and all material correspondence with the other parties to the proceedings, as well as all drafts of written submissions relating to such legal action that are sent to the Company for review, and all Patent Owner's material comments in respect thereof will be taken into account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if Patent Owner shall determine that a conflict of interest exists between the Company and Patent Owner, Patent Owner shall be entitled, at its own expense, to appoint its own counsel to represent it in such litigation and the Company shall make best efforts to ensure that such counsel chosen by Patent Owner is fully informed and receives all material necessary to adequately participate in such action; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Company shall bear all costs, expenses and awards incurred by or awarded against Patent Owner, with respect to any action filed against Patent Owner alleging that an action initiated by the Company pursuant to the terms of this Section 6.4 was anticompetitive, malicious, or otherwise brought for an improper purpose, whether by a counterparty to such aforementioned action or by any third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.5 If Patent Owner is not required by law to be joined as a co-plaintiff, Patent Owner, to the extent permitted
by law, and at its own cost, may elect to join the action as a co-plaintiff at its own initiative and shall jointly control the action
with the Company. Irrespective of whether Patent Owner joins any such action as described above it shall provide reasonable cooperation
to the Company. The Company shall reimburse Patent Owner for any costs it incurs as part of an action brought pursuant to this Section
where Patent Owner has not elected to join the action as a co-plaintiff at its own initiative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.6 No settlement, consent judgment or other voluntary disposition
of an infringement suit may be entered without the consent of Patent Owner, which consent shall not be unreasonably withheld, conditioned
or delayed. For the avoidance of doubt and notwithstanding anything to the contrary herein, should Patent Owner bring an action as set
forth in this Section 6.4, it shall have the right to settle such action by licensing the Patent, or part of it, to the alleged infringer,
provided such license shall not apply to the Agreed Field.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.7 If either Patent Owner or Company commences an action and then decides to abandon it, such party will
give timely notice to the other party. The other party may continue the prosecution of the suit after both parties agrees in good faith
on the sharing of expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7. In the event that any business opportunity related to the business of Company in the Agreed Field, including
the Products, shall come to the Inventors' knowledge, the Inventors shall promptly notify the Company of such opportunity. The Inventors
shall not appropriate for themselves or for any other person or entity other than the Company, any such opportunity, except with the express
written consent of the Company, in advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8. The Company shall not, directly or indirectly, as owner, partner, joint venturer, shareholder, service
provider, broker, agent, director, licensor or in any other capacity whatever engage in, become financially interested in, be engaged
by, or have any connection with any business or venture that is engaged in activities involving Tuftsin-Pshosphorylcholine and competing
with TPCera provided that involvement in the Agreed Field shall not be deemed a violation of this Section ‎ 6.6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9. The Company shall not enter into any agreement which is knowingly and deliberately intended to limit the
progress of TPCera, including without limitation any agreement which shall limit the ability of TPCera to manufacture the Tuftsin-Pshosphorylcholine.

6 <u>CONFIDENTIALITY</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 "**Confidential Information**" means any information and documentation, including business
and technical data, which relates to the Invention, the Products, the Inventors' Intellectual Property and the Company, including
such information which disclosed prior the execution of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 Each of the parties hereto agrees not to use the Confidential Information and not to publish, disclose
or transfer any Confidential Information to any third party unless such disclosure is specifically consented to in writing by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 Each of the parties hereto will take all reasonable steps to protect the security of and avoid the unauthorized
disclosure and use of the Confidential Information and to prevent it from falling into public domain or the possession of unauthorized
persons. Each of the parties hereto will notify the other party hereto of any misuse, misappropriation or unauthorized disclosure of Confidential
Information that may come to their attention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 These non-disclosure and non-use obligations shall apply without limitation of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 Each of the parties hereto acknowledges that the unauthorized use, disclosure or transfer of Confidential
Information will: (i) substantially diminish the value to the other party hereto of the Confidential Information; (ii) render the Company's
remedy at law to such unauthorized use, disclosure or transfer inadequate; and (iii) cause irreparable injury in a short period of time.
If either party will breach any of its obligations with respect to Confidential Information, the other party shall be entitled to equitable
relief to protect its interests therein, including, but not limited to, preliminary and permanent injunctive relief.

7 <u>INVENTORS' NEW COMPANY</u>

Since it is the Inventors' intention to form a new company which shall be the owner of the Invention and the Inventors' Intellectual Property, named TPCera or other, ("**TPCera**"), it is hereby agreed that the Inventors shall be obligated, upon the formation of the TPCera and as a condition thereto, to have the TPCera ratify and approve the terms of this Agreement. For the avoidance of doubt, it is clarified that such ratification and approval shall not release the Inventors from any of their representations, warranties and/or any other undertaking under this Agreement.

8 <u>MISCELLANEOUS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 <u>Entire Agreement</u>. This Agreement constitutes the entire understanding of the Parties with respect
to the subject matter hereof, and supersedes all prior agreements and understandings with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 <u>Independent Contractors</u>. The Parties' relationship under this Agreement will be that of independent
contractors, and nothing herein shall be deemed to create any form of principal-agent relationship, partnership, employer-employee relationship
or joint venture between the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 <u>Amendment</u>. No amendment, modification or alteration of the terms or provisions of this Agreement,
including any Exhibits hereto, shall be binding unless the same shall be in writing and duly executed by the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 <u>No Assignment</u>. This Agreement is assignable and transferable by any Party without the prior written
consent of the other Party. This Agreement shall inure to the benefit of, and shall be binding upon the assigns, successor in interest,
personal representatives, estates, heirs and legatees of each of the Parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 <u>Notice</u>. Any notice, demand, consent or other communication under this Agreement shall be in writing
addressed to the other Party at its address on the first page to this Agreement, or to such other address as such Party shall have theretofore
furnished by like notice, and either served personally, sent by registered or certified first class mail, postage prepaid, sent by facsimile
transmission, or delivered by reputable commercial courier. Such notice shall be deemed given (i) when so personally delivered, or
(ii) if mailed as aforesaid, four (4) days after the same shall have been posted, or (iii) if sent by facsimile, one (1) business day
following the date on which the transmission of the facsimile was confirmed, or (iv) if sent by reputable commercial courier, four (4)
days after the same shall have been sent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9 <u>Delays or Omissions; Waiver</u>. No delay or omission to exercise any right, power or remedy accruing
to either Party upon any breach or default by the other Party under this Agreement shall impair any such right or remedy, nor shall it
be construed to be a waiver of any such breach or default, or any acquiescence therein or in any similar breach or default thereafter
occurring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10 <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, each of whom shall
be deemed an original but all of which together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11 <u>Governing Law and Jurisdiction</u>. This Agreement shall be governed by and construed solely in accordance
with the laws of the State of Israel. The Parties hereto submit to the exclusive jurisdiction of the courts of the Tel Aviv - Jaffa District
in Israel, over any dispute or claim arising out of or in connection with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12 <u>Severability</u>. In the event that any provision of this Agreement is rendered invalid or otherwise
unenforceable by any competent judicial or government authority, such invalidity or unenforceability shall not affect the validity or
enforceability of any other provision of this Agreement, and the invalid provision shall be deemed amended to the fullest extent allowable
by applicable law to achieve the purposes of said provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13 <u>Headings</u>. The headings and titles to the articles of this Agreement are inserted for convenience
only and shall not be deemed a part hereof or affect the construction or interpretation of any provision hereof.

**IN WITNESS WHEREOF**, the Parties hereto have caused this Agreement to be executed as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **Dr. Daphne Haim – Langford on behalf of** | **Dr. Daphne Haim – Langford on behalf of** | **The Inventors** | **The Inventors** |
| **Tarsius Pharma Ltd.** (to be incorporated) | **Tarsius Pharma Ltd.** (to be incorporated) | | |
| By: | /s/ Daphne Haim-Langford | Name : | Prof. Yehuda Shoenfeld |
| (Signature) | (Signature) |  |  |
|  | Daphne Haim-Langford, Chief Executive Officer | Signature: | /s/ Yehuda Shoenfeld |
| (Print Name & Title) | (Print Name & Title) |  |  |
|  |  | Name : | Prof. Miri Blank |
|  |  | Signature: | /s/ Miri Blank |

---

EXHIBIT A

**<u>List of Patents and Patent Applications</u>**

EXHIBIT B

**<u>Sheba Agreement</u>**

## Exhibit 10.8

**Exhibit 10.8**

**LOAN PAYMENT TERMS**

To:

Tarsier Pharma

Company registration No.: 515398642

To ensure the continued support of the Company's operations, and in accordance with the loan declaration (Annex A), I hereby state that the loan will be repaid upon demand

Date: 21 February 2026

Authorized Signatory for Tarsier Pharma Ltd.: __________________________

CEO, Daphne Haim Langford: __________________________

**<u>Annex A</u>**

Declaration of Receipt of Loan

Company: Tarsier Pharma Ltd.

Company Address: 19 Yahalom st. Zichron Yaacov, Israel, 3093765

Company Registration No.: 515398642

This declaration confirms that Tarsier Pharma Ltd. has received in April 2022 the amount of EURO 100,000 (One Hundred Thousand Euros) from the European Innovation Council and SMEs on behalf of Daphne Haim Langford wiring Daphne's personal EU woman innovation award prize from 2021 to the company directly. This amount is a non-interest-bearing shareholder loan from the Company's CEO to the company and marked in the company financial statements as such.

The funds have been provided solely for the purpose of supporting the Company's operations and shall be repaid upon request or as mutually agreed between the parties.

This declaration shall be governed by and construed in accordance with the laws of the State of Israel, and any disputes arising hereunder shall be subject to the exclusive jurisdiction of the competent courts in Tel Aviv, Israel.

Date: 23 November 2025

Authorized Signatory for Tarsier Pharma Ltd.: __________________________

CEO, Daphne Haim Langford: __________________________

## Exhibit 14.1

**Exhibit 14.1**

**<br> CODE OF ETHICS<br> OF<br> TARSIER PHARMA LTD.**

**1.** **Introduction** 

The Board of Directors (the "<u>Board</u>") of Tarsier Pharma Ltd., an Israeli corporation (the "<u>Company</u>"), has adopted this code of ethics (this "<u>Code</u>"), as may be amended from time to time by the Board and which is applicable to all of the Company's directors, officers and employees (to the extent that employees are hired in the future) as well as Company contractors, consultants and agents to:

● promote a company culture of honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● promote the full, fair, accurate, timely and understandable disclosure in reports and documents that the Company files with, or submits to, the Securities and Exchange Commission (the " <u>SEC</u> "), as well as in other public communications made by or on behalf of the Company;

● promote compliance with applicable governmental laws, rules and regulations;

● deter wrongdoing; and

● require prompt internal reporting of breaches of, and accountability for adherence to, this Code.

This Code may be amended and modified by the Board. In this Code, references to the "<u>Company</u>" mean Tarsier Pharma Ltd. and, in appropriate context, the Company's subsidiaries, if any.

**2.** **Honest, Ethical and Fair Conduct** 

Each person owes a duty to the Company to act with integrity. Integrity requires, among other things, being honest, fair and candid. Deceit, dishonesty and subordination of principle are inconsistent with integrity. Service to the Company should never be subordinated to personal gain and advantage.

Each person must:

● act with integrity, including being honest and candid while still maintaining the confidentiality of the Company's information where required or when in the Company's interests;

● observe all applicable governmental laws, rules and regulations;

● comply with the requirements of applicable accounting and auditing standards, as well as Company policies, in order to maintain a high standard of accuracy and completeness in the Company's financial records and other business-related information and data;

● adhere to a high standard of business ethics and not seek competitive advantage through unlawful or unethical business practices;

● deal fairly with the Company's customers, suppliers, competitors and employees;

● refrain from taking advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts or any other unfair-dealing practice;

● protect the assets and information of the Company and ensure their proper use;

● Until such time as such person ceases to be an officer or director of the Company, to first present to the Company for its consideration, prior to presentation to any other entity, any business opportunity suitable for the Company and presented to such person solely in his or her capacity as an officer or director of the Company, subject to any other fiduciary or contractual obligations such officer may have; and

● Avoid conflicts of interest, wherever possible, except as may be allowed under guidelines or resolutions approved by the Board (or the appropriate committee of the Board) or as disclosed in the Company's public filings with the SEC. Anything that would be a conflict for a person subject to this Code also will be a conflict for a member of his or her immediate family or any other close relative. Examples of conflict of interest situations include, but are not limited to, the following:

● any significant ownership interest in any supplier, customer or competitor;

● any consulting or employment relationship with any supplier, customer or competitor;

● the receipt of any money, non-nominal gifts or excessive entertainment from any entity with which the Company has current or prospective business dealings;

● selling anything to the Company or buying anything from the Company, except on the same terms and conditions as comparable officers or directors are permitted to so purchase or sell;

● any other financial transaction, arrangement or relationship (including any indebtedness or guarantee of indebtedness) involving the Company; and

● any other circumstance, event, relationship or situation in which the personal interest of a person subject to this Code interferes - or even appears to interfere - with the interests of the Company as a whole.

**3.** **Disclosure** 

The Company strives to ensure that the contents of and the disclosures in the reports and documents that the Company files with the SEC and other public communications shall be full, fair, accurate, timely and understandable in accordance with applicable disclosure standards, including standards of materiality, where appropriate. Each person must:

● not knowingly misrepresent, or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including to the Company's independent registered public accountants, governmental regulators, self-regulating organizations and other governmental officials, as appropriate; and

● in relation to his or her area of responsibility, properly review and critically analyze proposed disclosure for accuracy and completeness.

In addition to the foregoing, the Chief Executive Officer ("<u>CEO</u>") and Chief Financial Officer ("<u>CFO</u>") of the Company and each subsidiary of the Company (or persons performing similar functions), and each other person that typically is involved in the financial reporting of the Company must familiarize himself or herself with the disclosure requirements applicable to the Company as well as the business and financial operations of the Company.

Each person must promptly bring to the attention of the Chairperson of the Board any information he or she may have concerning (a) significant deficiencies in the design or operation of internal and/or disclosure controls that could adversely affect the Company's ability to record, process, summarize and report financial data or (b) any fraud that involves management or other employees who have a significant role in the Company's financial reporting, disclosures or internal controls.

**4.** **Compliance** 

It is the Company's obligation and policy to comply with all applicable governmental laws, rules and regulations. All directors, officers and employees of the Company are expected to understand, respect and comply with all of the laws, regulations, policies and procedures that apply to them in their positions with the Company. Employees are responsible for talking to their supervisors to determine which laws, regulations and Company policies apply to their position and what training is necessary to understand and comply with them.

Directors, officers and employees are directed to specific policies and procedures available to persons they supervise.

**5.** **Reporting and Accountability** 

The Board is responsible for applying this Code to specific situations in which questions are presented to it and has the authority to interpret this Code in any particular situation. Any person who becomes aware of any existing or potential breach of this Code is required to notify the Chairperson of the Board promptly. Failure to do so is, in and of itself, a breach of this Code.

Specifically, each person must:

● Notify the Chairperson of the Board promptly of any existing or potential violation of this Code.

● Not retaliate against any other person for reports of potential violations that are made in good faith.

The Company will follow the following procedures in investigating and enforcing this Code and in reporting on the Code:

● The Board will take all appropriate action to investigate any breaches reported to it.

● Upon determination by the Board that a breach has occurred, the Board (by majority decision) will take or authorize such disciplinary or preventive action as it deems appropriate, after consultation with the Company's internal or external legal counsel, up to and including dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities.

No person following the above procedure shall, as a result of following such procedure, be subject by the Company or any officer or employee thereof to discharge, demotion suspension, threat, harassment or in any manner, discrimination against such person in terms and conditions of employment.

**6.** **Waivers and Amendments** 

Any waiver (defined below) or an implicit waiver (defined below) from a provision of this Code for the principal executive officer, principal financial officer, principal accounting officer or controller, and persons performing similar functions or any amendment (as defined below) to this Code is required to be disclosed in a Current Report on Form 6-K filed with the SEC. In lieu of filing a Current Report on Form 6-K to report any such waivers or amendments, the Company may provide such information on a website, in the event that it establishes one in the future, and if it keeps such information on the website for at least 12 months and discloses the website address as well as any intention to provide such disclosures in this manner in its most recently filed Annual Report on Form 20-F.

A "<u>waiver</u>" means the approval by the Board of a material departure from a provision of the Code. An "<u>implicit waiver</u>" means the Company's failure to take action within a reasonable period of time regarding a material departure from a provision of the Code that has been made known to an executive officer of the Company. An "<u>amendment</u>" means any amendment to this Code other than minor technical, administrative or other non-substantive amendments hereto.

All persons should note that it is not the Company's intention to grant or to permit waivers from the requirements of this Code. The Company expects full compliance with this Code.

**7.** **Insider Information and Securities Trading** 

The Company's directors, officers or employees who have access to material, non-public information are not permitted to use that information for securities trading purposes or for any purpose unrelated to the Company's business. It is also against the law to trade or to "<u>tip</u>" others who might make an investment decision based on inside company information. For example, using non-public information to buy or sell the Company securities, options in the Company shares or the shares of any Company supplier, customer or competitor is prohibited. The consequences of insider trading violations can be severe. These rules also apply to the use of material, nonpublic information about other companies (including, for example, the Company's customers, competitors and potential business partners). In addition to directors, officers or employees, these rules apply to such person's spouse, children, parents and siblings, as well as any other family members living in such person's home.

**8.** **Financial Statements and Other Records** 

All of the Company's books, records, accounts and financial statements must be maintained in reasonable detail, must appropriately reflect the Company's transactions and must both conform to applicable legal requirements and to the Company's system of internal controls. Unrecorded or "off the books" funds or assets should not be maintained unless permitted by applicable law or regulation.

Records should always be retained or destroyed according to the Company's record retention policies. In accordance with those policies, in the event of litigation or governmental investigation, please consult the Board or the Company's internal or external legal counsel.

**9.** **Improper Influence on Conduct of Audits** 

No director or officer, or any other person acting under the direction thereof, shall directly or indirectly take any action to coerce, manipulate, mislead or fraudulently influence any public or certified public accountant engaged in the performance of an audit or review of the financial statements of the Company or take any action that such person knows or should know that if successful could result in rendering the Company's financial statements materially misleading. Any person who believes such improper influence is being exerted should report such action to such person's supervisor, or if that is impractical under the circumstances, to any of the Company's directors.

Types of conduct that could constitute improper influence include, but are not limited to, directly or indirectly:

● Offering or paying bribes or other financial incentives, including future employment or contracts for non-audit services;

● Providing an auditor with an inaccurate or misleading legal analysis;

● Threatening to cancel or canceling existing non-audit or audit engagements if the auditor objects to the Company's accounting;

● Seeking to have a partner removed from the audit engagement because the partner objects to the Company's accounting;

● Blackmailing; and

● Making physical threats.

**10.** **Anti-Corruption Laws** 

The Company complies with the anti-corruption laws of the countries in which it does business, including the U.S. Foreign Corrupt Practices Act ("<u>FCPA</u>"). Directors, officers and employees will not directly or indirectly give anything of value to government officials, including employees of state-owned enterprises or foreign political candidates. These requirements apply both to Company employees and agents, such as third party sales representatives, no matter where they are doing business. If you are authorized to engage agents, you are responsible for ensuring they are reputable and for obtaining a written agreement to uphold the Company's standards in this area.

**11.** **Discrimination and Harassment** 

The Company requires each employee to treat all colleagues in a respectful manner and to forge working relationships that are uniformly free of bias, prejudice and harassment. The Company prohibits discrimination against or harassment of any team member on the basis of race, religion or religious creed (including religious dress and grooming practices), color, ethnic or national origin, sex (including pregnancy, childbirth, breastfeeding or related medical conditions), nationality, national origin, ancestry, immigration status or citizenship, age, physical or mental disability, medical condition (including genetic information or characteristics, or those of a family member), military service or veteran status, marital status or family care status, sexual orientation, family medical leave, gender, political views or activity, status as a victim of domestic violence, sexual assault or stalking, or any other basis or classification protected by applicable federal, state or local law.

The Company also prohibits harassment based on these characteristics in any form, whether physical or verbal and whether committed by supervisors, non-supervisory personnel or non-employees. Harassment may include, but is not limited to, offensive sexual flirtations, unwanted sexual advances or propositions, verbal abuse, sexually or racially degrading words, or the display in the workplace of sexually suggestive or racially degrading objects or pictures.

Any employee who is found to have discriminated against or harassed another employee is subject to discipline up to and including termination.

**12.** **Violations** 

Violation of this Code is grounds for disciplinary action up to and including termination of employment. Such action is in addition to any civil or criminal liability which might be imposed by any court or regulatory agency.

**13.** **Other Policies and Procedures** 

Any other policy or procedure set out by the Company in writing or made generally known to employees, officers or directors of the Company prior to the date hereof or hereafter are separate requirements and remain in full force and effect.

**14.** **Inquiries** 

All inquiries and questions in relation to this Code or its applicability to particular people or situations should be addressed to the Company's Chairperson of the Board or such other compliance officer as shall be designated from time to time by the Company.

**PROVISIONS FOR<br> CHIEF EXECUTIVE OFFICER AND SENIOR FINANCIAL OFFICERS**

The CEO and all senior financial officers, including the CFO and principal accounting officer, are bound by the provisions set forth therein relating to ethical conduct, conflicts of interest, and compliance with law. In addition to the Code, the CEO and senior financial officers are subject to the following additional specific policies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Act with honesty and integrity, avoiding actual or apparent conflicts between personal, private interests and the interests of the Company, including receiving improper personal benefits as a result of his or her position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Disclose to the CEO and the Board any material transaction or relationship that reasonably could be expected to give rise to a conflict of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Perform responsibilities with a view to causing periodic reports and documents filed with or submitted to the SEC and all other public communications made by the Company to contain information that is accurate, complete, fair, objective, relevant, timely and understandable, including full review of all annual and quarterly reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Comply with laws applicable to the Company, including but not limited to rules and regulations of Israel and U.S. federal, state and other local governments and with the rules and regulations of private and public regulatory agencies having jurisdiction over the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Act in good faith, responsibly, with due care, competence and diligence, without misrepresenting or omitting material facts or allowing independent judgment to be compromised or subordinated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Respect the confidentiality of information acquired in the course of performance of his or her responsibilities except when authorized or otherwise legally obligated to disclose any such information; not use confidential information acquired in the course of performing his or her responsibilities for personal advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Share knowledge and maintain skills important and relevant to the needs of the Company, its shareholders and other constituencies and the general public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Proactively promote ethical behavior among subordinates and peers in his or her work environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Use and control all corporate assets and resources employed by or entrusted to him or her in a responsible manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Not use corporate information, corporate assets, corporate opportunities or his or her position with the Company for personal gain; not compete directly or indirectly with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Comply in all respects with this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Advance the Company's legitimate interests when the opportunity arises.

The Board will investigate any reported violations and will oversee an appropriate response, including corrective action and preventative measures. Any officer who violates this Code will face appropriate, case specific disciplinary action, which may include demotion or discharge.

Any request for a waiver of any provision of this Code must be in writing and addressed to the Chairman of the Board. Any waiver of this Code will be disclosed as provided in Section 6 of this Code.

It is the policy of the Company that each officer covered by this Code shall acknowledge and certify to the foregoing annually and file a copy of such certification with the Chairperson of the Board.

**OFFICER'S CERTIFICATION**

I have read and understand the foregoing Code. I hereby certify that I am in compliance with the foregoing Code and I will comply with the Code in the future. I understand that any violation of the Code will subject me to appropriate disciplinary action, which may include demotion or discharge, and may further subject me to any civil or criminal liability which might be imposed by any court or regulatory agency.

Dated: <br> Name: <br> Title:

## Exhibit 21.1

**Exhibit 21.1**

**Tarsier Pharma Ltd.**

**<u>List of Subsidiaries</u>**

As of the date of this registration statement and accompanying prospectus, Tarsier Pharma Ltd., has no subsidiaries.

## Exhibit 23.1

**Exhibit 23.1**

**<u>CONSENT OF REGISTERED INDEPENDENT PUBLIC ACCOUNTING FIRM</u>**

We consent to the use of our report dated March 19, 2026, with respect to the financial statements of Tarsier Pharma Ltd., included herein and to the reference to our firm under the heading "Experts" in the prospectus.

---

| |
|:---|
| */s/ Somekh Chaikin* |
| Somekh Chaikin |
| Member Firm of KPMG International |

---

Tel Aviv, Israel

May 18, 2026

## Exhibit 99.1

**Exhibit 99.1**

**TARSIER PHARMA LTD.**

**AUDIT COMMITTEE CHARTER**

**I. Purpose**

The Audit Committee (the "<u>Committee"</u>) of the Board of Directors (the "<u>Board</u>") of Tarsier Pharma Ltd., an Israeli corporation (the "<u>Company</u>"), shall provide assistance to the Board in fulfilling its legal and fiduciary obligations to oversee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the integrity of the financial statements and other financial
information provided by the Company to its stockholders, the public, any stock exchange and others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company's compliance with legal and regulatory
requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the qualifications and independence of the Company's
independent auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the performance of the Company's internal audit function
and its system of internal controls and independent auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) approve certain acts and transactions requiring the approval
of the Committee under the Israeli Companies Law 5759-1999 (the " <u>Companies Law</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) oversee certain matters and make certain determinations,
as prescribed under the Companies Law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) such other matters as are assigned to the Committee by the
Board pursuant to this Charter or as mandated under applicable laws, rules and regulations (including the Securities Exchange Act of
1934 and the rules and regulations promulgated thereunder, as amended (the " <u>Exchange Act</u> ")) as well as listing standards
of the New York Stock Exchange and the Companies Law (together, the " <u>Applicable Requirements</u> ").

Although the Committee has the powers and responsibilities set forth in this Charter, the role of the Committee is oversight. The members of the Committee are not full-time employees of the Company and may or may not be accountants or auditors by profession or experts in the fields of accounting or auditing and, in any event, do not serve in such capacity. Consequently, it is not the duty of the Committee to conduct audits or to determine that the Company's financial statements and disclosures are complete and accurate and are in accordance with Generally Accepted Accounting Principles ("<u>GAAP</u>") and other Applicable Requirements. These are the responsibilities of management and the Company's independent auditor.

**II. Organization**

The Committee shall consist of three or more directors, each of whom shall satisfy the independence, financial literacy, and other qualifications required by the Company's corporate governance guidelines, the Companies Law, Section 10A-3 of the Exchange Act and any other Applicable Requirements, subject to any phase-in periods or cure periods permitted by Rule 10A-3(b)(1)(iv)(A) under the Exchange Act and other Applicable Requirements. Each Committee member must be able to read and understand fundamental financial statements, including a company's balance sheet, income statement and cash flow statement. At least one member of the Committee shall be an "audit committee financial expert" (as defined by the Securities and Exchange Commission (the "<u>SEC</u>")). Determinations of independence, financial literacy, experience and expertise shall be made by the Board as the Board interprets such qualifications in its business judgment in accordance with Applicable Requirements.

No Committee member shall simultaneously serve on the audit committees of more than three other public companies unless the Board determines that such simultaneous service does not impair the ability of such member to effectively serve on the Committee and such determination is disclosed in accordance with the Applicable Requirements.

Members of the Committee shall be appointed by the Board on the recommendation of the Nominating and Corporate Governance Committee. Members of the Committee may be removed at any time by action of the Board; provided, however, that if removing a member or members of the Committee would cause the Committee to have fewer than three members, then the Board must, based upon the recommendation of the Nominating and Corporate Governance Committee, at the same time appoint enough additional members to the Committee so that the Committee will have at least three qualified members. The Committee's chairperson shall be designated by the Board on the recommendation of the Nominating and Corporate Governance Committee or, if not so designated, the members of the Committee shall elect a chairperson by a vote of the majority of the full Committee.

The Committee may form and delegate authority to subcommittees from time to time as it sees fit, provided that the subcommittees are composed entirely of directors who satisfy the applicable independence requirements of the Company's corporate governance guidelines and the Applicable Requirements.

**III. Meetings**

The Committee shall meet at least four times per year on a quarterly basis, or more frequently as required. Meetings shall be called by the chairperson of the Committee or, if there is no chairperson, by a majority of the members of the Committee. Meetings may be held telephonically or by other electronic means to the extent permitted by the Company's organizational documents and applicable law. Committee actions may be taken by unanimous written consent.

The Committee shall also meet separately, periodically with management, with the internal auditor and with the Company's independent auditor in separate executive sessions to discuss any matters that the Committee or each of these groups believe should be discussed privately.

The Committee shall maintain minutes of its meetings and records relating to those meetings.

**IV. Authority and Responsibilities**

In fulfilling its duties and responsibilities hereunder, the Committee will be entitled to rely reasonably on (a) the integrity of those persons within the Company and the professionals and experts (such as the Company's independent auditor) from whom it receives information, (b) the accuracy of the financial and other information provided to the Committee by such persons and (c) representations made by the Company's independent auditor as to any services provided by such firm to the Company.

To fulfill its responsibilities, the Committee shall:

**With respect to the engagement of the Company's independent and other auditors:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Be directly responsible for, subject to shareholder approval,
(a) the appointment, compensation, retention, (including termination), scope and oversight of the work of any independent registered
public accounting firm engaged by the Company (including for the purpose of preparing or issuing an audit report or performing other
audit, review or attestation services or other work for the Company), and (b) the resolution of any disagreements between management
and any such firm regarding financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Have the sole authority to review in advance, and pre-approve
(which may be pursuant to pre-approval policies and procedures) all audit or non-audit services to be provided by the Company's
independent or other auditors as permitted by Section 10A of the Exchange Act and to approve all related fees and other terms of engagement.
The Committee shall also review and approve disclosures required to be included by the Company in periodic reports filed with the SEC
under Section 13(a) of the Exchange Act with respect to audit and non-audit services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. At least annually, obtain and review a formal written report
from the Company's independent auditor (a) describing such firm's internal quality control procedures, (b) describing any
material issues raised by the most recent internal quality control review, peer review or Public Company Accounting Oversight Board (" <u>PCAOB</u> ")
review or inspection of such firm, or by any inquiry or investigation by governmental or professional authorities, within the preceding
five years, respecting one or more independent audits carried out by such firm, and any steps taken to deal with any such issues, and
(c) assessing such firm's independence, including delineating all relationships and engagements that may reasonably be thought
to bear on the independence of the auditor, including those between the auditor and the Company. The Committee shall discuss this report
with the Company's independent auditor and shall take appropriate action to ensure the independence of the independent auditor
and to address any other matters based on such report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Confirm that the "lead partner," the "concurring
partner" and the other "audit partner" rotation requirements under the Applicable Requirements, including Regulation
S-X have been complied with and set clear policies for audit partner rotation in compliance with applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Review all reports and communications required to be submitted
by the Company's independent registered public accounting firm to the Committee under Section 10A of the Securities Exchange Act
and other Applicable Requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. At least annually, evaluate the performance of the Company's
independent auditor, including the lead audit partner. In making its evaluation, the Committee should take into account the opinions
of management and the internal auditor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Review and discuss with the Company's independent auditor
all relationships the independent auditor has with the Company and evaluate the auditor's continued independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Review and approve the Company's hiring policies regarding
partners, employees and former partners and employees of the Company's independent auditor.

**With respect to the Company's financial statements and other financial reporting:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Review and discuss the Company's annual audited and
semi-annual unaudited financial statements with management (including the Company's internal auditor) and the Company's independent
auditor, including disclosures made in "Management's Discussion and Analysis of Financial Condition and Results of Operations"
to be included in the Company's annual report on Form 20-F or semi-annual reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Recommend to the Board whether the Company's annual
audited financial statements should be included in the Company's annual report for filing with the SEC and timely prepare the report
required by the SEC to be included in the Company's annual proxy statement, if applicable, and any other reports of the Committee
required by any Applicable Requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Review and discuss with management and the Company's
independent auditor (a) major issues regarding, or significant changes in, the Company's accounting principles and financial statement
presentations, (b) analyses prepared by management or the Company's independent auditor concerning significant financial reporting
issues and judgments made in connection with the preparation of the financial statements, (c) the effect of regulatory and accounting
initiatives, as well as off-balance sheet structures, on the financial statements of the Company, and (d) the type and presentation of
information to be included in earnings press releases and any financial information and earnings guidance provided to analysts and rating
agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Prior to the filing of any audited financial statements with
the SEC, review with management and the Company's independent auditor (a) all critical accounting policies and practices used by
the Company, (b) all alternative accounting treatments of financial information reported in GAAP related to material items that have
been discussed with management, including the ramifications of the use of such alternative treatments and disclosures and the treatment
preferred by the Company's independent auditor, (c) any reports or communications (and management's responses thereto) submitted
to the Committee by the Company's independent auditor in accordance with PCAOB Auditing Standard No. 16, *Communications with Audit Committees*, as amended or supplemented, and (d) any other material written communications between the Company's independent
auditor and management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Periodically review separately with each of management, the
Company's independent auditor and the internal auditor (a) any significant disagreement between management and the Company's
independent auditor or the internal auditor in connection with the preparation of the financial statements, (b) any audit problems or
difficulties encountered during the course of the audit, including any restrictions on the scope of work or access to required information,
and (c) management's response to each. The Committee shall discuss with the independent auditor material issues on which the national
office of the independent auditor was consulted by the Company's audit team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Periodically discuss with the Company's independent
auditor, without management being present, (a) their judgment about the quality, integrity and appropriateness of the Company's
accounting principles and financial disclosure practices as applied in its financial reporting and (b) the completeness and accuracy
of the Company's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Review and discuss with management the Company's earnings
press releases, including the use of non-GAAP financial measures and other "pro forma" or "adjusted" presentations,
as well as financial information and earnings guidance provided to analysts and rating agencies. Such discussions may be general (consisting
of discussing the types of information to be disclosed and the types of presentations to be made), and each earnings release or each
instance in which the Company provides earnings guidance need not be discussed in advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Review and discuss with management all material off-balance
sheet transactions, arrangements, obligations (including contingent obligations) and other relationships of the Company with unconsolidated
entities or other persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Review and approve the Company's decision to enter
into swaps and other derivatives transactions that are exempt from exchange-execution and clearing under "end-user exception"
regulations established by the Commodity Futures Trading Commission; and review and approve the Company's policies governing the
Company's use of swaps and other derivatives transactions subject to the end- user exception.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Review and discuss with management and the internal auditor
the Company's major financial risk exposures and management's risk assessment and risk management policies. The Committee
shall oversee the Company's activities related to cybersecurity and privacy compliance.

**With respect to the internal audit function and internal controls:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. The Committee must (i) recommend to the Board the retention
and termination of the internal auditor, and the internal auditor's engagement fees and terms, in accordance with the Companies
Law; (ii) approve the yearly or periodic work plan proposed by the internal auditor; and (iii) review and discuss the results of internal
auditor activities, including significant findings and management's responses to significant findings and review, staffing needs
of the internal auditor, as needed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. Receive reports from the internal auditor on the status of
significant findings and recommendations, and management's responses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. Review on an annual basis the performance of the internal
auditor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. In consultation with the Company's management, independent
auditor and the internal auditor, review the adequacy of the Company's internal controls, disclosure processes and its procedures
designed to ensure compliance with laws and regulations. Determine whether any special audit steps adopted in light of material control
deficiencies recommended by the internal auditor and the independent auditor have been appropriately implemented by management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. Review, at least annually, (a) the internal control report
prepared by management, including management's assessment of the effectiveness of the Company's internal control over financial
reporting and (b) the Company's independent auditor's attestation, and report, on the assessment made by management, in each
case, as and when required by Section 404 of the Sarbanes-Oxley Act of 2002. Discuss with management, the internal auditor and the independent
auditor any changes in internal control over financial reporting disclosed or considered for disclosure in the Company's periodic
filings with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. Review with management and the Company's independent
auditor any reports or disclosure submitted by management to the Committee as contemplated by the certifications required under Section
302 of the Sarbanes-Oxley Act of 2002.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. Review with management any management letters and the steps
management intends to take to address the issues raised by those letters.

**With respect to the Company's compliance programs:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. Monitor compliance with the Company's Code of Ethics,
and oversee, review and discuss with management, at least annually, the implementation and effectiveness of the Company's compliance
and ethics programs. Review and take appropriate action with respect to any reports to the Committee from legal counsel for the Company
concerning any material violation of securities law or breach of fiduciary duty or similar violation by the Company, its subsidiaries
or any person acting on their behalf. As appropriate, the Committee shall report and make recommendations to the Board with respect to
these matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. Establish procedures for (a) the receipt, retention and treatment
of complaints received by the Company regarding accounting, internal accounting controls or auditing matters and (b) the confidential,
anonymous submission by employees of the Company or any subsidiary or affiliate of the Company whose financial information is included
in the Company's financial statements of concerns regarding questionable accounting or auditing matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. Review and approve (a) any amendment to or waiver from the
Company's Code of Ethics for the chief executive officer and senior financial officers and (b) any public disclosure made regarding
such change or waiver and advise the Board with respect to the Company's policies and procedures regarding compliance with the
Company's Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. Develop and recommend to the Board for approval policies
and procedures for the review, approval or ratification of related person transactions required to be disclosed pursuant to Item 404
of Regulation S-K, as may be amended from time to time, and any other applicable requirements (the " <u>Related Person Transactions Policy</u> "). Review the Related Person Transactions Policy at least annually and recommend to the Board for approval any changes
to the Policy. Oversee the implementation of and compliance with the Related Person Transactions Policy, including reviewing, approving
or ratifying related person transactions, as appropriate pursuant to the Related Person Transaction Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. Review with management, the independent registered public
accounting firm, and legal advisors, as appropriate, any legal, regulatory or compliance matters, including any correspondence with regulators
or government agencies and any employee complaints or published reports that raise material issues regarding the Company's financial
statements or accounting policies and any significant changes in accounting standards or rules promulgated by the Financial Accounting
Standards Board, the SEC or other regulatory authorities.

**With respect to the Committee's other authorities and responsibilities:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31. Review and assess annually its own performance and the adequacy
of this Charter and recommend to the Board any changes to this Charter deemed appropriate by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32. Report regularly to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33. Perform any other activities consistent with this Charter,
the Company's organizational documents, as required under the Applicable Requirements or as the Committee or the Board otherwise
deems necessary or appropriate.

34 Review and approve transactions (other than transactions related to the compensation or terms of services) that require the Committee's approval under the Companies Law.

35 The Committee shall perform such other activities and functions as are required by applicable law, Applicable Requirements or provisions in the Articles of Association, or as are otherwise necessary and advisable, in its or the Board's discretion, for the efficient discharge of its duties.

36 The Committee may cause an investigation to be made into any matter within the scope of its responsibilities under this Charter, as the Committee deems necessary, or as otherwise requested by the Board or Directors. The Committee may require Company personnel to assist in any such investigation.

**V. Resources**

The Committee shall have the authority to retain or terminate, at its sole discretion, independent legal, accounting and other advisors, consultants or professionals (collectively, "<u>Advisors</u>") to assist the Committee in its responsibilities and shall be directly responsible for overseeing the work of such Advisors. The chairperson of the Committee, at the request of any member of the Committee, may request any officer, employee or advisor of the Company or the Company's independent auditor to attend a meeting of the Committee or otherwise respond to Committee requests.

The Committee shall have the sole authority to determine the terms of engagement and the extent of funding necessary (and to be provided by the Company) for payment of (a) compensation to the Company's independent auditor engaged for the purpose of preparing or issuing an audit report or performing other audit, review or attest services for the Company, (b) any compensation to any Advisors retained to advise the Committee and (c) ordinary administrative expenses of the Committee that are necessary or appropriate in carrying out its duties.

## Exhibit 99.3

**Exhibit 99.3**

**TARSIER PHARMA LTD.**

**NOMINATING AND CORPORATE GOVERNANCE COMMITTEE CHARTER**

**I.** **Purpose** 

The Nominating and Corporate Governance Committee (the "<u>Committee</u>") of the Board of Directors of Tarsier Pharma Ltd., an Israeli corporation (the "<u>Company</u>"), shall

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) identify, screen and review individuals qualified to serve as directors, consistent with criteria approved by the Company's board of directions (the "Board"), and recommend to the Board, candidates for nomination for election at the annual meeting of shareholders or to fill vacancies on the board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) develop and recommend to the Board and oversee implementation of our corporate governance guidelines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) coordinate and oversee the annual self-evaluation of the Board, its committees, individual directors and management in the governance of the company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) review on a regular basis our overall corporate governance and recommend improvements as and when necessary.

**II.** **Organization** 

The Committee shall consist of two or more directors, each of whom shall satisfy the applicable independence requirements of the Company's corporate governance guidelines, the Israeli Companies Law of 5759-1999, the New York Stock Exchange and any other applicable regulatory requirements, subject to the phase-in periods permitted under the rules of the New York Stock Exchange under which the Committee is required to have only one independent member at the time of listing, a majority of independent members within 90 days of listing and all independent members within one year of listing.

Members of the Committee shall be appointed by the Board and may be removed by the Board at any time. The Committee's chairperson shall be designated by the Board or, if not so designated, the members of the Committee shall elect a chairperson by a vote of the majority of the full Committee.

The Committee may form and delegate authority to subcommittees from time to time as it sees fit, provided that the subcommittees are composed entirely of directors who satisfy the applicable independence requirements of the Company's corporate governance guidelines, the New York Stock Exchange and any other applicable regulatory requirements.

**III.** **Meetings** 

The Committee shall meet as often as necessary to carry out its responsibilities but no less frequently than once annually unless the Committee determines that fewer meetings are required in a particular year. Meetings shall be called by the chairperson of the Committee or, if there is no chairperson, by a majority of the members of the Committee. Meetings may be held telephonically or by other electronic means to the extent permitted by the Company's organizational documents and applicable law. Committee actions may be taken by unanimous written consent.

**IV.** **Authority and Responsibilities** 

To fulfill its responsibilities, the Committee shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Develop and recommend to the Board for approval (as part of the Company's corporate governance guidelines or otherwise) the criteria for Board membership, including as to director independence and diversity, and periodically review these qualifications with the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Identify, screen and review individuals qualified to become members of the Board in a manner consistent with the criteria approved by the Board and recommend to the Board the director nominees for the next annual meeting of stockholders or to fill vacancies on the Board. As part of this process the Committee shall formally review each director's continuation on the Board each time such director is nominated to serve on the Board. In identifying and reviewing the qualifications of candidates for membership on the Board, the Committee shall consider all factors which it deems appropriate, including the requirements of the Company's corporate governance guidelines and any other criteria approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Develop and periodically assess the Company's policies and procedures with respect to the consideration of director nominees submitted by stockholders of the Company and review the qualifications of such candidates pursuant to these policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. At the request of the Board, review and make recommendations to the Board with respect to the size, composition and organization of the Board and committees of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. At the request of the Board, review and make recommendations to the Board with respect to Board process, including the calendar, agenda and information requirements for meetings of the Board and its committees, executive sessions of non-management directors and executive sessions of independent directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Assist the Board in determining whether individual directors have material relationships with the Company that may interfere with their independence, as provided under the requirements of the Company's corporate governance guidelines, the New York Stock Exchange or any other applicable regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Coordinate and oversee the annual evaluation of the Board, its committees, individual directors and management in the governance of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Develop, review and assess the adequacy of the Company's corporate governance principles and guidelines annually, recommend to the Board any changes the Committee deems appropriate and oversee implementation of such guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Develop and maintain the Company's orientation programs for new directors and continuing education programs for directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Review and discuss as appropriate with management the Company's disclosures relating to director independence, governance and director nomination matters and, based on such review and discussion, determine whether to recommend to the Board that such disclosures be disclosed in the Company's Annual Report on Form 20-F or annual proxy statement filed with the SEC, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Review on a regular basis the Company's overall corporate governance and recommend improvements as and when necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Review and assess the adequacy of this Charter annually and recommend to the Board any changes deemed appropriate by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Report regularly to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Perform any other activities consistent with this Charter, the Company's amended and restated memorandum and articles of association and governing law, as the Committee or the Board deems appropriate.

**V.** **Resources** 

The Committee shall have the authority, at its sole discretion, to retain and terminate search firms to identify director candidates, consultants and any other advisors (the "<u>Advisors</u>") to assist it in carrying out its duties. The chairperson of the Committee, at the request of any member of the Committee, may request any officer, employee or advisor of the Company to attend a meeting of the Committee or otherwise respond to Committee requests.

The Committee shall have the sole authority to determine the terms of engagement and the extent of funding necessary (and to be provided by the Company) for payment of compensation to any Advisor retained to advise the Committee and ordinary administrative expenses of the Committee that are necessary or appropriate in carrying out its duties.

## Exhibit 99.4

**Exhibit 99.4**

**Insider Trading Compliance Manual**

**TARSIER PHARMA LTD.**

Adopted: [ ], 2026

In order to take an active role in the prevention of insider trading violations by its officers, directors, employees, consultants, attorneys, advisors and other related individuals, the Board of Directors (the "**Board**") of Tarsier Pharma Ltd., an Israeli corporation (the "**Company**"), has adopted the policies and procedures described in this Insider Trading Compliance Manual.

**I.**  **<u>Adoption of Insider Trading Policy</u>.** 

Effective as of the date first written above, the Board has adopted the Insider Trading Policy attached hereto as <u>Exhibit A</u> (as the same may be amended from time to time by the Board, the "**Policy**"), which prohibits trading based on "material, nonpublic information" regarding the Company or any company whose securities are listed for trading or quotation in the United States ("**Material Non-Public Information**").

This Policy covers all officers and directors of the Company and its subsidiaries, all other employees of the Company and its subsidiaries, and consultants or contractors to the Company or its subsidiaries who have or may have access to Material Non-Public Information and members of the immediate family or household of any such person. This Policy (and/or a summary thereof) is to be delivered to all employees, consultants and related individuals who are within the categories of covered persons upon the commencement of their relationships with the Company.

**II.**  **<u>Designation of Certain Persons</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A. <u>Section 16 Individuals</u>.** All directors and executive officers of the Company will be subject to the reporting and liability provisions of Section 16 of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**") and the rules and regulations promulgated thereunder ("**Section 16 Individuals**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. <u>Other Persons Subject to Policy</u>.** In addition, certain employees, consultants, and advisors of the Company as described in Section I above have, or are likely to have, from time to time access to Material Non-Public Information and together with the Section 16 Individuals, are subject to the Policy, including the pre-clearance requirement described in Section IV. A. below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. **<u>Post-Termination Transactions</u>**. This Policy continues to apply to transactions in Company securities even after an employee, officer or director has resigned or terminated employment. If the person who resigns or separates from the Company is in possession of Material Non-Public Information at that time, he or she may not trade in Company securities until that information has become public or is no longer material.

**INSIDER TRADING POLICY**<sub>1</sub>

**III.**  **<u>Appointment of Insider Trading Compliance Officer</u>.** 

By the adoption of this Policy, the Board has appointed the Company's [ ] as the Insider Trading Compliance Officer (the "**Compliance Officer**").

**IV.**  **<u>Duties of Compliance Officer</u>.** 

The Compliance Officer has been designated by the Board to handle any and all matters relating to the Company's Insider Trading Compliance Program. Certain of those duties may require the advice of outside counsel with special expertise in securities issues and relevant law. The duties of the Compliance Officer shall include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Pre-clearing all transactions involving the Company's securities by the Section 16 Individuals and those individuals having regular access to Material Non-Public Information in order to determine compliance with the Policy, insider trading laws, Section 16 of the Exchange Act and Rule 144 promulgated under the Securities Act of 1933, as amended ("**Rule 144**"). Attached hereto as <u>Exhibit B</u> is a Pre-Clearance Checklist to assist the Compliance Officer's performance of this duty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Assisting in the preparation and filing of Section 16 reports (Forms 3, 4 and 5) for all Section 16 Individuals, bearing in mind, however, that the preparation of such reports is undertaken by the Company as a courtesy only and that the Section 16 Individuals alone (and not the Company, its employees or advisors) shall be solely responsible for the content and filing of such reports and for any violations of Section 16 under the Exchange Act and related rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Serving as the designated recipient at the Company of copies of reports filed with the Securities and Exchange Commission ("**SEC**") by Section 16 Individuals under Section 16 of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Performing periodic reviews of available materials, which may include Forms 3, 4 and 5, Form 144, officers and director's questionnaires, and reports received from the Company's stock administrator and transfer agent, to determine trading activity by officers, directors and others who have, or may have, access to Material Non-Public Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Circulating the Policy (and/or a summary thereof) to all covered employees, including Section 16 Individuals, on an annual basis, and providing the Policy and other appropriate materials to new officers, directors and others who have, or may have, access to Material Non-Public Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Assisting the Board in implementation of the Policy and all related Company policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Coordinating with Company internal or external legal counsel regarding all securities compliance matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Retaining copies of all appropriate securities reports, and maintaining records of his or her activities as Compliance Officer.

[Acknowledgement Appears on the Next Page]

**INSIDER TRADING POLICY**<sub>2</sub>

**ACKNOWLEDGMENT**

I hereby acknowledge that I have received a copy of Tarsier Pharma Ltd.'s **Insider Trading Compliance Manual** (the "**Insider Trading Manual**"). Further, I certify that I have reviewed the Insider Trading Manual, understand the policies and procedures contained therein and agree to be bound by and adhere to these policies and procedures.

Dated:     <br> Signature <br> Name:

**INSIDER TRADING POLICY**<sub>3</sub>

**<u>Exhibit A</u>**

**TARSIER PHARMA LTD.**

**Insider Trading Policy**

and Guidelines with Respect to Certain Transactions in Company Securities

**APPLICABILITY OF POLICY**

This Policy applies to all transactions in the Company's securities, including ordinary shares, options and warrants to purchase ordinary shares and any other securities the Company may issue from time to time, such as preferred shares, warrants and convertible notes, as well as to derivative securities relating to the Company's shares, whether or not issued by the Company, such as exchange-traded options. It applies to all officers and directors of the Company, all other employees of the Company and its subsidiaries, and consultants or contractors to the Company or its subsidiaries who have or may have access to Material Nonpublic Information (as defined below) regarding the Company and members of the immediate family or household of any such person. This group of people is sometimes referred to in this Policy as "**Insiders**." This Policy also applies to any person who receives Material Nonpublic Information from any Insider.

Any person who possesses Material Nonpublic Information regarding the Company is an Insider for so long as such information is not publicly known.

**DEFINITION OF MATERIAL NONPUBLIC INFORMATION**

It is not possible to define all categories of material information. However, the U.S. Supreme Court and other federal courts have ruled that information should be regarded as "material" if there is ***a substantial likelihood*** that a ***reasonable investor***:

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(1)***  ***would consider the information important in making an investment decision; and*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(2)***  ***would view the information as having significantly altered the "total mix" of available information about the Company*** .

"Nonpublic" information is information that has not been previously disclosed to the general public and is otherwise not available to the general public.

---

| | |
|:---|:---|
| **INSIDER TRADING POLICY** | A-1 |

---

While it may be difficult to determine whether particular information is material, there are various categories of information that are particularly sensitive and, as a general rule, should always be considered material. In addition, material information may be positive or negative. Examples of such information may include:

● Financial results

● Information relating to the Company's stock exchange listing or SEC regulatory issues

● Information regarding regulatory review of Company products

● Intellectual property and other proprietary/scientific information

● Projections of future earnings or losses

● Major contract awards, cancellations or write-offs

● Joint ventures/commercial partnerships with third parties

● Research milestones and related payments or royalties

● News of a pending or proposed merger or acquisition

● News of the disposition of material assets

● Impending bankruptcy or financial liquidity problems

● Gain or loss of a substantial customer or supplier

● New product announcements of a significant nature

● Early indications of clinical trial results

● Known but unannounced clinical trial results

● Known but unannounced analyses of clinical trial results

● Significant pricing changes

● Share splits

● New equity or debt offerings

● Significant litigation exposure due to actual or threatened litigation

● Cybersecurity risks and incidents;

● Changes in senior management or the Board of Directors of the Company

● Capital investment plans

● Changes in dividend policy

---

| | |
|:---|:---|
| **INSIDER TRADING POLICY** | A-2 |

---

**CERTAIN EXCEPTIONS**

For purposes of this Policy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Share Options Exercises</u>**. For purposes of this Policy, the Company considers that the exercise of share options under the Company's share option plans (but **<u>not</u>** the sale of the underlying shares) to be exempt from this Policy. This Policy does apply, however, to any sale of shares as part of a broker-assisted "cashless" exercise of an option, or any market sale for the purpose of generating the cash needed to pay the exercise price of an option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>401(k) Plan</u>**. This Policy does not apply to purchases of Company shares in the Company's 401(k) plan resulting from periodic contributions of money to the plan pursuant to payroll deduction elections, if such plan is in effect. This Policy does apply, however, to certain elections that may be made under a 401(k) plan, including (a) an election to increase or decrease the percentage of periodic contributions that will be allocated to the Company stock fund, if any, (b) an election to make an intra-plan transfer of an existing account balance into or out of the Company stock fund, (c) an election to borrow money against a 401(k) plan account if the loan will result in a liquidation of some or all of a participant's Company stock fund balance and (d) an election to pre-pay a plan loan if the pre-payment will result in allocation of loan proceeds to the Company stock fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Employee Share Purchase Plan</u>**. This Policy does not apply to purchases of Company shares in the Company's employee share purchase plan, if any, resulting from periodic contributions of money to the plan pursuant to the elections made at the time of enrollment in the plan. This Policy also does not apply to purchases of Company shares resulting from lump sum contributions to the plan, provided that the participant elected to participate by lump-sum payment at the beginning of the applicable enrollment period. This Policy does apply to a participant's election to participate in or increase his or her participation in the plan, and to a participant's sales of Company shares purchased pursuant to the plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Dividend Reinvestment Plan</u>**. This Policy does not apply to purchases of Company shares under the Company's dividend reinvestment plan, if any, resulting from reinvestment of dividends paid on Company securities. This Policy does apply, however, to voluntary purchases of Company shares that result from additional contributions a participant chooses to make to the plan, and to a participant's election to participate in the plan or increase his level of participation in the plan. This Policy also applies to his or her sale of any Company shares purchased pursuant to the plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>General Exceptions</u>**. Any exceptions to this Policy other than as set forth above may only be made by advance written approval of each of: (i) the Company's President or Chief Executive Officers, (ii) the Company's Insider Trading Compliance Officer and (iii) the Chairperson of the Nominating and Corporate Governance Committee of the Board. Any such exceptions shall be immediately reported to the remaining members of the Board.

---

| | |
|:---|:---|
| **INSIDER TRADING POLICY** | A-3 |

---

**STATEMENT OF POLICY**

**<u>General Policy</u>**

It is the policy of the Company to prohibit the unauthorized disclosure of any nonpublic information acquired in the workplace and the misuse of Material Nonpublic Information in securities trading related to the Company or any other company.

**<u>Specific Policies</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Trading on Material Nonpublic Information</u>.** With certain exceptions, no Insider shall engage in any transaction involving a purchase or sale of the Company's or any other company's securities, including any offer to purchase or offer to sell, during any period commencing with the date that he or she possesses Material Nonpublic Information concerning the Company, and ending at the close of business on the second Trading Day following the date of public disclosure of that information, or at such time as such nonpublic information is no longer material. However, see Section 2 under "**Permitted Trading Period**" below for a full discussion of trading pursuant to a pre-established plan or by delegation.

As used herein, the term "**Trading Day**" shall mean a day on which United States national stock exchanges are open for trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Tipping</u>.** No Insider shall disclose ("**tip**") Material Nonpublic Information to any other person (including family members) where such information may be used by such person to his or her profit by trading in the securities of companies to which such information relates, nor shall such Insider or related person make recommendations or express opinions on the basis of Material Nonpublic Information as to trading in the Company's securities.

Regulation FD (Fair Disclosure) is an issuer disclosure rule implemented by the SEC that addresses selective disclosure of Material Nonpublic Information. The regulation provides that when the Company, or person acting on its behalf, discloses material nonpublic information to certain enumerated persons (in general, securities market professionals and holders of the Company's securities who may well trade on the basis of the information), it must make public disclosure of that information. The timing of the required public disclosure depends on whether the selective disclosure was intentional or unintentional; for an intentional selective disclosure, the Company must make public disclosures simultaneously; for a non-intentional disclosure the Company must make public disclosure promptly. Under the regulation, the required public disclosure may be made by filing or furnishing a Form 6-K, or by another method or combination of methods that is reasonably designed to effect broad, non-exclusionary distribution of the information to the public.

It is the policy of the Company that all public communications of the Company (including, without limitation, communications with the press, other public statements, statements made via the Internet or social media outlets, or communications with any regulatory authority) be handled ***only*** through the Company's President and/or Chief Executive Officer (the "**CEO**"), an authorized designee of the CEO or the Company's public or investor relations firm. Please refer all press, analyst or similar requests for information to the CEO and do not respond to any inquiries without prior authorization from the CEO. If the CEO is unavailable, the Company's Chief Financial Officer (or the authorized designee of such officer) will fill this role.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Confidentiality of Nonpublic Information</u>.** Nonpublic information relating to the Company is the property of the Company and the unauthorized disclosure of such information (including, without limitation, via email or by posting on Internet message boards, blogs or social media) is strictly forbidden.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Duty to Report Inappropriate and Irregular Conduct</u>.** All employees, and particularly managers and/or supervisors, have a responsibility for maintaining financial integrity within the company, consistent with generally accepted accounting principles and both federal and state securities laws. Any employee who becomes aware of any incidents involving financial or accounting manipulation or irregularities, whether by witnessing the incident or being told of it, must report it to their immediate supervisor and to any member of the Company's Audit Committee. In certain instances, employees are allowed to participate in federal or state proceedings. For a more complete understanding of this issue, employees should consult their employee manual and/or seek the advice from their direct report or the Company's principal executive officers (who may, in turn, seek input from the Company's outside legal counsel).

---

| | |
|:---|:---|
| **INSIDER TRADING POLICY** | A-4 |

---

**POTENTIAL CRIMINAL AND CIVIL LIABILITY**

**AND/OR DISCIPLINARY ACTION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Liability for Insider Trading</u>.** Insiders may be subject to penalties of up to $5,000,000 for individuals (and $25,000,000 for a business entity) and up to twenty (20) years in prison for engaging in transactions in the Company's securities at a time when they possess Material Nonpublic Information regarding the Company. In addition, the SEC has the authority to seek a civil monetary penalty of up to three times the amount of profit gained or loss avoided by illegal insider trading. "Profit gained" or "loss avoided" generally means the difference between the purchase or sale price of the Company's shares and its value as measured by the trading price of the shares a reasonable period after public dissemination of the nonpublic information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Liability for Tipping</u>.** Insiders may also be liable for improper transactions by any person (commonly referred to as a "tippee") to whom they have disclosed Material Nonpublic Information regarding the Company or to whom they have made recommendations or expressed opinions on the basis of such information as to trading in the Company's securities. The SEC has imposed large penalties even when the disclosing person did not profit from the trading. The SEC, the stock exchanges and the National Association of Securities Dealers, Inc. use sophisticated electronic surveillance techniques to monitor and uncover insider trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Possible Disciplinary Actions</u>.** Individuals subject to the Policy who violate this Policy shall also be subject to disciplinary action by the Company, which may include suspension, forfeiture of perquisites, ineligibility for future participation in the Company's equity incentive plans and/or termination of employment.

---

| | |
|:---|:---|
| **INSIDER TRADING POLICY** | A-5 |

---

**PERMITTED TRADING PERIOD**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Black-Out Period and Trading Window</u>.**

To ensure compliance with this Policy and applicable federal and state securities laws, the Company requires that all officers, directors, members of the immediate family or household of any such person and others who are subject to this Policy refrain from conducting any transactions involving the purchase or sale of the Company's securities, other than during the period in any fiscal quarter commencing at the close of business on the second Trading Day following the date of public disclosure of the financial results for the prior fiscal quarter or year and ending on the twenty-fifth day of the third month of the fiscal quarter (the "**Trading Window**"). If such public disclosure occurs on a Trading Day before the markets close, then such date of disclosure shall be considered the first Trading Day following such public disclosure.

It is common for pharmaceutical companies to come into possession of information concerning (i) the early results of clinical trials of product candidates, (ii) reported results of clinical trials of product candidates from Company personnel or from contractors, and/or (iii) information that results from the analyses of clinical trial results pertaining to product candidates. This information is highly sensitive due to the fact that certain Insiders may possess Material Nonpublic Information concerning the early results of the clinical trials, the yet unreported results of the clinical trials, or the scientific or medical inferences or conclusions that can be drawn from the early results or yet-unreported results of clinical trials. The periods of time during which the Company has received (i) information concerning the early results of clinical trials of product candidates, (ii) reported results of clinical trials of product candidates from Company personnel or contractors, and/or (iii) information that results from the analyses of clinical trial results pertaining to product candidates, are referred to as "clinical information black-out periods." All directors and officers (and those other employees identified by the Company from time to time and who have been notified that they have been so identified) are prohibited from trading in the Company's Securities during clinical information black-out periods.

It is the Company's policy that the period when the Trading Window is "closed" is a particularly sensitive periods of time for transactions in the Company's securities from the perspective of compliance with applicable securities laws. This is because Insiders will, as any quarter progresses, are increasingly likely to possess Material Nonpublic Information about the expected financial results for the quarter. The purpose of the Trading Window is to avoid any unlawful or improper transactions or the appearance of any such transactions.

It should be noted that even during the Trading Window any person possessing Material Nonpublic Information concerning the Company shall not engage in any transactions in the Company's (or any other companies, as applicable) securities until such information has been known publicly for at least two Trading Days. The Company has adopted the policy of delaying trading for "at least two Trading Days" because the securities laws require that the public be informed <u>effectively</u> of previously undisclosed material information before Insiders trade in the Company's shares. Public disclosure may occur through a widely disseminated press release or through filings, such as Form 6-K, with the SEC. Furthermore, in order for the public to be effectively informed, the public must be given time to evaluate the information disclosed by the Company. Although the amount of time necessary for the public to evaluate the information may vary depending on the complexity of the information, generally two Trading Days is a sufficient period of time.

From time to time, the Company may also require that Insiders suspend trading because of developments known to the Company and not yet disclosed to the public. In such event, such persons may not engage in any transaction involving the purchase or sale of the Company's securities during such period and may not disclose to others the fact of such suspension of trading.

Although the Company may from time to time require during a Trading Window that Insiders and others suspend trading because of developments known to the Company and not yet disclosed to the public, ***each person is individually responsible at all times for compliance with the prohibitions against insider trading. Trading in the Company's securities during the Trading Window should <u>not</u> be considered a "safe harbor," and all directors, officers and other persons should use good judgment at all times.***

Notwithstanding these general rules, Insiders may trade <u>outside</u> of the Trading Window provided that such trades are made pursuant to a legally compliant, pre-established plan or by delegation established at a time that the Insider is not in possession of material nonpublic information. These alternatives are discussed in the next section.

---

| | |
|:---|:---|
| **INSIDER TRADING POLICY** | A-6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2. Trading According to a Pre-established Plan (10b5-1) or by Delegation.**

The SEC has adopted Rule 10b5-1 (which was amended in December 2022) under which insider trading liability can be avoided if Insiders follow very specific procedures. In general, such procedures involve trading according to pre-established instructions, plans or programs (a "**10b5-1 Plan**") after a required "cooling off" period described below.

**10b5-1 Plans must:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Be documented by a contract, written plan, or formal instruction which provides that the trade take place in the future.** For example, an Insider can contract to sell his or her shares on a specific date, or simply delegate such decisions to an investment manager, 401(k) plan administrator or similar third party. This documentation must be provided to the Company's Insider Trading Compliance Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Include in its documentation the specific amount, price and timing of the trade, or the formula for determining the amount, price and timing.** For example, the Insider can buy or sell shares in a specific amount and on a specific date each month, or according to a pre-established percentage (of the Insider's salary, for example) each time that the share price falls or rises to pre-established levels. In the case where trading decisions have been delegated (i.e., to a third party broker or money manager), the specific amount, price and timing need <u>not</u> be provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Be implemented at a time when the Insider does <u>not</u> possess material non-public information.** As a practical matter, this means that the Insider may set up 10b5-1 Plans, or delegate trading discretion, <u>only</u> during a "Trading Window" (discussed in Section 1, above), assuming the Insider is not in possession of material non-public information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Remain beyond the scope of the Insider's influence after implementation.** In general, the Insider must allow the 10b5-1 Plan to be executed without changes to the accompanying instructions, and the Insider cannot later execute a hedge transaction that modifies the effect of the 10b5-1 Plan. Insiders should be aware that the termination or modification of a 10b5-1 Plan <u>after</u> trades have been undertaken under such plan could negate the 10b5-1 affirmative defense afforded by such program for all such prior trades. As such, termination or modification of a 10b-5 Plan should only be undertaken in consultation with your legal counsel. If the Insider has delegated decision-making authority to a third party, the Insider cannot subsequently influence the third party in any way and such third party must not possess material non-public information at the time of any of the trades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **Be subject to a "cooling off" period**. Rule 10b5-1 contains "cooling-off period" for directors and officers that prohibit such insiders from trading in a 10b5-1 Plan until the later of (i) 90 days following the plan's adoption or modification or (ii) two business days following the Company's disclosure (via a report filed with the SEC) of its financial results for the fiscal quarter in which the plan was adopted or modified; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **Contain Insider certifications**. Directors and officers are required to include a certification in their 10b5-1 Plans to certify that at the time the plan is adopted or modified: (i) they are not aware of Material Nonpublic Information about the Company or its securities and (ii) they are adopting the 10b5-1 Plan in good faith and not as part of a plan or scheme to evade the anti-fraud provisions of the Exchange Act.

**Important**: In addition, (i) Insiders are prohibited from having multiple overlapping 10b5-1 Plans or more than one plan in any given year, (ii) a modification relating to amount, price and timing of trades under a 10b5-1 Plan is deemed a plan termination which requires a new cooling off period, and (iii) whether a particular trade is undertaken pursuant to a 10b5-1 Plan will need to be disclosed (by checkoff box) on the applicable Forms 4 or 5 of the Insider.

**Pre-Approval Required**: Prior to implementing a 10b5-1 Plan, all officers and directors must receive the approval for such plan from (and provide the details of the plan to) the Company's Insider Trading Compliance Officer.

---

| | |
|:---|:---|
| **INSIDER TRADING POLICY** | A-7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Pre-Clearance of Trades</u>.**

Even during a Trading Window, all Insiders, must comply with the Company's "pre-clearance" process prior to trading in the Company's securities, implementing a pre-established plan for trading, or delegating decision-making authority over the Insider's trades. To do so, each Insider must contact the Company's Insider Trading Compliance Officer prior to initiating any of these actions. The Company may also find it necessary, from time to time, to require compliance with the pre-clearance process from others who may be in possession of Material Nonpublic Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Individual Responsibility</u>.** 

Every person subject to this Policy has the individual responsibility to comply with this Policy against insider trading, regardless of whether the Company has established a Trading Window applicable to that Insider or any other Insiders of the Company. Each individual, and not necessarily the Company, is responsible for his or her own actions and will be individually responsible for the consequences of their actions. Therefore, appropriate judgment, diligence and caution should be exercised in connection with any trade in the Company's securities. An Insider may, from time to time, have to forego a proposed transaction in the Company's securities even if he or she planned to make the transaction before learning of the Material Nonpublic Information and even though the Insider believes he or she may suffer an economic loss or forego anticipated profit by waiting.

**APPLICABILITY OF POLICY TO INSIDE INFORMATION**

**REGARDING OTHER COMPANIES**

This Policy and the guidelines described herein also apply to Material Nonpublic Information relating to other companies, including the Company's customers, vendors or suppliers ("**business partners**"), when that information is obtained in the course of employment with, or other services performed on behalf of the Company. Civil and criminal penalties, as well as termination of employment, may result from trading on Material Nonpublic Information regarding the Company's business partners. All Insiders should treat Material Nonpublic Information about the Company's business partners with the same care as is required with respect to information relating directly to the Company.

**INQUIRIES**

Please direct your questions as to any of the matters discussed in this Policy to the Company's Insider Trading Compliance Officer.

---

| | |
|:---|:---|
| **INSIDER TRADING POLICY** | A-8 |

---

**<u>Exhibit B</u>**

**TARSIER PHARMA LTD.**

**Insider Trading Compliance Program - Pre-Clearance Checklist**

**Individual Proposing to Trade:_________________________**

**Number of Shares covered by Proposed Trade:_________________________**

**Date:_________________________**

☐ <u>Trading Window</u>. Confirm that the trade will be made during the Company's "trading window."

☐ <u>Section 16 Compliance</u>. Confirm, if the individual is subject to Section 16, that the proposed trade will not give rise to any potential liability under Section 16 as a result of matched past (or intended future) transactions. Also, ensure that a Form 4 has been or will be completed and will be timely filed.

☐ <u>Prohibited Trades</u>. Confirm, if the individual is subject to Section 16, that the proposed transaction is not a "short sale," put, call or other prohibited or strongly discouraged transaction.

☐ <u>Rule 144 Compliance (as applicable)</u>. Confirm that:

☐ Current public information requirement has been met;

☐ Shares are not restricted or, if restricted, the one year holding period has been met;

☐ Volume limitations are not exceeded (confirm that the individual is not part of an aggregated group);

☐ The manner of sale requirements have been met; and

☐ The Notice of Form 144 Sale has been completed and filed.

☐ <u>Rule 10b-5 Concerns</u>. Confirm that (i) the individual has been reminded that trading is prohibited when in possession of any material information regarding the Company that has not been adequately disclosed to the public, and (ii) the Insider Trading Compliance Officer has discussed with the individual any information known to the individual or the Insider Trading Compliance Officer which might be considered material, so that the individual has made an informed judgment as to the presence of inside information.

☐ <u>Rule 10b5-1 Matters</u>. Confirm whether the individual has implemented, or proposes to implement, a pre-arranged trading plan under Rule 10b5-1. If so, obtain details of the plan.

  <br> Signature of Insider Trading Compliance Officer

---

| | |
|:---|:---|
| **Insider Trading Policy** | B-1 |

---

## Exhibit 99.5

**Exhibit 99.5**

**TARSIER PHARMA LTD.**

**EXECUTIVE COMPENSATION CLAWBACK POLICY**

**Adopted as of [ ], 2026**

The Board of Directors (the "**Board**") of Tarsier Pharma Ltd. (the "**Company**") has adopted the following executive compensation clawback policy (this "**Policy**"). This Policy shall supplement any other clawback or compensation recovery policy or policies adopted by the Company or included in any agreement between the Company, or any subsidiary of the Company, and a person covered by this Policy. If any such other policy or agreement provides that a greater amount of compensation shall be subject to clawback, such other policy or agreement shall apply to the amount in excess of the amount subject to clawback under this Policy.

This Policy shall be interpreted to comply with Securities and Exchange Commission ("**SEC**") Rule 10D-1 and Section 303A.14 of the New York Stock Exchange Listed Company Manual (collectively the "**Listing Rule**") of the New York Stock Exchange ("**NYSE**"), as may be amended or supplemented and interpreted from time to time by the NYSE, as well as the provisions of the Israeli Companies Law of 1999 (the "Companies Law"). To the extent this Policy is any manner deemed inconsistent with the Listing Rule, this Policy shall be treated as having been amended to be compliant with the Listing Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Definitions</u>**. Unless the context otherwise the following definitions apply for purposes of this Policy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **<u>Executive Officer</u>**. An executive officer is the Company's chief executive officer and/or president, principal financial officer, principal accounting officer (or if there is no such accounting officer, the controller), any vice-president of the Company in charge of a principal business unit, division, or function (such as sales, administration, or finance), or any other person who performs similar policy-making functions for the Company. Executive officers of the Company's parent(s) or subsidiaries are deemed executive officers of the Company if they perform such policy making functions for the Company. Policy-making function is not intended to include policy-making functions that are not significant. Identification of an executive officer for purposes of the Listing Rule would include at a minimum executive officers identified in the Listing Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Financial Reporting Measures</u>**. Financial reporting measures are measures that are determined and presented in accordance with the accounting principles used in preparing the Company's financial statements, and any measures that are derived wholly or in part from such measures. Stock price and total shareholder return are also financial reporting measures. A financial reporting measure need not be presented within the financial statements or included in a filing with the SEC and may be such financial measures as may be determined by the Board or the Board's committee of independent directors responsible for executive compensation decisions (the "**Compensation Committee**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **<u>Incentive-Based Compensation</u>**. Incentive-based compensation is any compensation that is granted, earned or vested based wholly or in part upon the attainment of a financial reporting measure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **<u>Received</u>**. Incentive-based compensation is deemed "received" in the Company's fiscal period during which the financial reporting measure specified in the incentive-based compensation award is attained, even if the payment or grant of the incentive-based compensation occurs after the end of that period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Application of this Policy</u>**<u>.</u> This recovery of Incentive-Based Compensation from an Executive Officer as provided for in this Policy shall apply only in the event that the Company is required to prepare an accounting restatement due to the material noncompliance of Company with any financial reporting requirement under the United States securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Recovery Period</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Incentive-Based Compensation subject to recovery is the Incentive-Based Compensation Received during the three (3) completed fiscal years immediately preceding the date that the Company is required to prepare an accounting restatement as described in Section 2 above, provided that the person served as an Executive Officer at any time during the performance period applicable to the Incentive-Based Compensation in question. The date that the Company is required to prepare an accounting restatement shall be determined pursuant to the Listing Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, this Policy shall only apply if the Incentive-Based Compensation is Received (i) while the Company has a class of securities listed on the NYSE and (ii) on or after October 2, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The provisions of the Listing Rule shall apply with respect to Incentive-Based Compensation received during a transition period arising due to a change in the Company's fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Erroneously Awarded Compensation</u>**. The amount of Incentive-Based Compensation subject to recovery from the applicable Executive Officers under this Policy ("**Erroneously Awarded Compensation**") shall be equal to the amount of Incentive-Based Compensation Received that exceeds the amount of Incentive Based-Compensation that otherwise would have been Received had it been determined based on the restated amounts and shall be computed without regard to any taxes paid. For Incentive-Based Compensation based on stock price or total shareholder return, where the amount of Erroneously Awarded Compensation is not subject to mathematical recalculation directly from the information in an accounting restatement: (a) the amount shall be based on a reasonable estimate by the Company's Chief Financial Officer (or principal accounting officer, if the office of Chief Financial Officer is not then filled) of the effect of the accounting restatement on the stock price or total shareholder return upon which the Incentive-Based Compensation was received, which estimate shall be subject to the review and approval of the Compensation Committee; and (b) the Company must maintain reasonable documentation of the determination of that reasonable estimate and provide such documentation to the NYSE if requested. Notwithstanding the foregoing, if (i) the proposed Incentive-Based Compensation recovery would affect compensation paid to the Company's Chief Financial Officer, (ii) the Chief Financial Officer does not promptly provide an estimate as required above or (iii) the Committee does not approve the estimate provided by the Chief Financial Officer, the determination shall be made by the Compensation Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Timing of Recovery</u>**. The Company shall recover any Erroneously Awarded Compensation reasonably promptly except to the extent that the conditions of paragraphs (a), (b), or (c) below apply. The Compensation Committee shall determine the repayment schedule for each amount of Erroneously Awarded Compensation in a manner that complies with this "reasonably promptly" requirement. Such determination shall be consistent with any applicable legal guidance by the SEC, NYSE, judicial opinion, or otherwise. The determination of "reasonably promptly" may vary from case to case and the Compensation Committee is authorized to adopt additional rules or policies to further describe what repayment schedules satisfy this requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Erroneously Awarded Compensation need not be recovered if the direct expense paid to a third party to assist in enforcing (or making determinations in connection with the enforcement of) this Policy would exceed the amount to be recovered and the Compensation Committee has made a determination that recovery would be impracticable. Before concluding that it would be impracticable to recover any amount of Erroneously Awarded Compensation based on expense of enforcement, the Company shall (i) make a reasonable attempt to recover such Erroneously Awarded Compensation, (ii) document such reasonable attempt or attempts to recover, and (iii) provide appropriate documentation to the Compensation Committee or the NYSE, if requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Erroneously Awarded Compensation need not be recovered if recovery would violate home country law where that law was adopted prior to November 28, 2022. Before concluding that it would be impracticable to recover any amount of Erroneously Awarded Compensation based on a violation of home country law, the Company shall obtain an opinion of home country counsel, in form and substance that would be reasonably acceptable to the NYSE, that recovery would result in such a violation and shall provide such opinion to the NYSE, if requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Erroneously Awarded Compensation need not be recovered if recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the Company, to fail to meet the requirements of 26 U.S.C. 401(a)(13) or 26 U.S.C. 411(a) and the regulations thereunder (as such provision may be amended, modified or supplemented).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Compensation Committee Decisions</u>**. Decisions of the Compensation Committee with respect to this Policy shall be final, conclusive and binding on all Executive Officers subject to this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>No Indemnification</u>**. Notwithstanding anything to the contrary in any other policy of the Company or any agreement between the Company and an Executive Officer, no Executive Officer shall be indemnified by the Company against the loss arising from the recovery of any Erroneously Awarded Compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Agreement to Policy by Executive Officers</u>**. The Company shall take reasonable steps to inform Executive Officers of this Policy and obtain their express agreement to this Policy, which steps may constitute the inclusion of this Policy as an attachment to any award that is accepted by an Executive Officer. This Policy shall be deemed to apply to each employment or grant agreement between the Company or any of its subsidiaries and any Executive Officer subject to this Policy.

\# \# \#

## Exhibit 99.6

**Exhibit 99.6**

**Consent to be Named as a Director Nominee**

In connection with the filing by Tarsier Pharma Ltd., of the Registration Statement on Form F-1 with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act"), I hereby consent, pursuant to Rule 438 of the Securities Act, to being named as a nominee to the board of directors of by Tarsier Pharma Ltd., in the Registration Statement and any and all amendments and supplements thereto. I also consent to the filing of this consent as an exhibit to such Registration Statement and any amendments thereto.

---

| | |
|:---|:---|
| Dated: May 18, 2026 |  |
|  | /s/ Richard Eiswirth |
|  | Richard Eiswirth |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**F-1**

**Tarsier Pharma Ltd.**

**Table 1: Newly Registered and Carry Forward Securities**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Equity | Ordinary shares, par value NIS 0.01 per share | (1) | 457(o) |  | $| $17250000.00 | 0.0001381 | $2382.23 |
| Fees to be Paid | Equity | Representative's warrants to purchase ordinary shares | (2) | Other |  |  | 0.00 | 0.0001381 | 0.00 |
| Fees to be Paid | Equity | Ordinary shares issuable upon exercise of the Representative's Warrants | (3) | 457(o) |  |  | 694312.00 | 0.0001381 | 95.88 |
| Fees Previously Paid | Equity | Ordinary shares, par value NIS 0.01 per share | (4) | 457(o) |  |  | 34500000.00 |  | 4764.45 |
| Fees Previously Paid | Equity | Representative's warrants to purchase ordinary shares | (5) | Other |  |  |  |  | 0.00 |
| Fees Previously Paid | Equity | Ordinary shares issuable upon exercise of the Representative's Warrants | (6) | 457(o) |  | $| $1388625.00 |  | $191.77 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $53832937.00 |  | 7434.33 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  | 4956.22 |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $2478.11 |

---

**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as amended (the "Securities Act"). Pursuant to Rule 416(a) under the Securities Act, there are also being registered an indeterminable number of additional securities as may be issued to prevent dilution resulting from stock splits, stock dividends or similar transactions. Calculated pursuant to Rule 457(o) under the Securities Act based on an estimate of the proposed maximum offering price. Includes ordinary shares that may be issued upon exercise of a 45-day option granted to the underwriters in this offering to cover over-allotments, if any.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as amended (the "Securities Act"). Pursuant to Rule 416(a) under the Securities Act, there are also being registered an indeterminable number of additional securities as may be issued to prevent dilution resulting from stock splits, stock dividends or similar transactions. Calculated pursuant to Rule 457(o) under the Securities Act based on an estimate of the proposed maximum offering price. No fee required pursuant to Rule 457(g).

&nbsp;&nbsp;&nbsp;&nbsp;(3) Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as amended (the "Securities Act"). Pursuant to Rule 416(a) under the Securities Act, there are also being registered an indeterminable number of additional securities as may be issued to prevent dilution resulting from stock splits, stock dividends or similar transactions. Calculated pursuant to Rule 457(o) under the Securities Act based on an estimate of the proposed maximum offering price. We have agreed to issue to the representative of the underwriters warrants (the "Representative's Warrants") to purchase up to 3.5% of the ordinary shares sold in this offering at 115% of the public offering price per share.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as amended (the "Securities Act"). Pursuant to Rule 416(a) under the Securities Act, there are also being registered an indeterminable number of additional securities as may be issued to prevent dilution resulting from stock splits, stock dividends or similar transactions. Calculated pursuant to Rule 457(o) under the Securities Act based on an estimate of the proposed maximum offering price Includes ordinary shares that may be issued upon exercise of a 45-day option granted to the underwriters in this offering to cover over-allotments, if any.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as amended (the "Securities Act"). Pursuant to Rule 416(a) under the Securities Act, there are also being registered an indeterminable number of additional securities as may be issued to prevent dilution resulting from stock splits, stock dividends or similar transactions. Calculated pursuant to Rule 457(o) under the Securities Act based on an estimate of the proposed maximum offering price No fee required pursuant to Rule 457(g).

&nbsp;&nbsp;&nbsp;&nbsp;(6) Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(o) under the Securities Act of 1933, as amended (the "Securities Act"). Pursuant to Rule 416(a) under the Securities Act, there are also being registered an indeterminable number of additional securities as may be issued to prevent dilution resulting from stock splits, stock dividends or similar transactions. Calculated pursuant to Rule 457(o) under the Securities Act based on an estimate of the proposed maximum offering price We have agreed to issue to the representative of the underwriters warrants (the "Representative's Warrants") to purchase up to 3.5% of the ordinary shares sold in this offering at 115% of the public offering price per share.