Document:

Exhibit 4.38

Warrant No. B-

IASO PHARMA INC.

COMMON STOCK WARRANT

THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATE. THIS WARRANT IS SUBJECT TO RESTRICTIONS ON
TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO
REGISTRATION OR EXEMPTION THEREFROM. THE ISSUER OF THIS WARRANT MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE
ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT.

This certifies that __________________ (the “Holder”),
its designees or permitted assigns, subject to the terms and conditions set forth herein, at any time after the Qualified IPO (as hereinafter defined) and prior
to the Expiration Date (as defined below), is entitled to purchase from IASO Pharma Inc., a Delaware corporation (the “Company”), that number
of fully-paid and non-assessable shares (subject to adjustment as provided herein) (the “Warrant Shares”) of the Company’s Common Stock,
$0.001 par value per share (the “Common Stock”), equal to (i) $__________________, divided by (ii) the price at which shares of Common Stock
are sold in a Qualified IPO (as defined below) (the “IPO Price”), upon surrender to the Company at its principal office (or at such other
location as the Company may advise the Holder in writing) of this Warrant properly endorsed with the Form of Subscription attached hereto duly completed and
signed and upon payment of the aggregate Exercise Price (as defined below) for the number of Warrant Shares for which this Warrant is being exercised determined
in accordance with the provisions hereof. For purposes hereof, “Qualified IPO” means the consummation of an underwritten initial public offering
by the Company of shares of Common Stock resulting in aggregate net cash proceeds (after commissions and other expenses) to the Company of at least $10,000,000.
 The exercise price (the “Exercise Price”) per Warrant Share issuable pursuant to this Common Stock Warrant shall be equal to the IPO
Price.

This Warrant is issued subject to the following terms and conditions:

1.

Exercise, Issuance of Certificates.
 Subject to Section 3(f) and Section 14 hereof, the Holder may exercise this Warrant, at any time or from time to time, during the period (a) commencing on
the Qualified IPO and (b) expiring at 5:00 p.m. (Eastern Time) on April 29, 2016 (the “Expiration Date”). The Holder may exercise this
Warrant on or prior to the Expiration Date for all or any part of the Warrant Shares (but not for a fraction of a share) that may be purchased hereunder, as
that number may be adjusted pursuant to Section 3 of this Warrant. The Company agrees that the Warrant Shares purchased under this Warrant shall be and
are deemed to be issued to the Holder hereof as the record owner of such Warrant Shares as of the close of business on the date on which this Warrant shall have
been surrendered, properly endorsed, the completed and executed Form of Subscription delivered, and payment made for such Warrant Shares (such date, a “Date of Exercise”). Certificates for the Warrant Shares so purchased, together with any other securities or

property to which the Holder hereof is
entitled upon such exercise, shall be delivered to the Holder hereof by the Company at the Company’s expense as soon as practicable after the rights
represented by this Warrant have been so exercised, but in any event not later than three (3) business days following the Date of Exercise (the “Share Delivery Date”). Notwithstanding the foregoing, to the extent that (i) the Company’s transfer agent is participating in The Depository Trust
Company (“DTC”) Fast Automated Securities Transfer Program and (ii) Warrants Shares so purchased do not require the placement of any
legends restricting transfer of such Warrant Shares pursuant to Section 6 hereof, upon the request of the Holder, the Company Shall credit such aggregate number
of Warrant Shares to which the Holder is entitled pursuant to such exercise to the Holder’s or its designee’s balance account with DTC through its
Deposit Withdrawal Agent Commission system by the Share Delivery Date. In case of a purchase of less than all the Warrant Shares which may be purchased
under this Warrant, the Company shall cancel this Warrant and execute and deliver to the Holder hereof within a reasonable time a new Warrant or Warrants of
like tenor for the balance of the Warrant Shares purchasable under the Warrant surrendered upon such purchase; provided, however, in no event shall the Holder
be required to return this Warrant to the Company in connection with any exercise hereof. Each stock certificate so delivered shall be registered in the
name of such Holder and issued with a legend in substantially the form of the legend placed on the front of this Warrant (except as set forth in Section 6
hereof).

(a)

The Company’s obligations to issue and deliver
Warrant Shares in accordance with the terms hereof are absolute and unconditional, irrespective of any action or inaction by the Holder to enforce the same.
 Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without
limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver certificates representing
shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof (a “Share Delivery Failure”). The Company
will reimburse the Holder for any and all losses, damages and/or out-of-pocket expenses incurred by the Holder in connection with any Share Delivery Failure.
 

(b)

Payment of Exercise Price. The Holder
shall pay the Exercise Price by delivering immediately available funds to the Company.

2.

Shares to be Fully Paid; Reservation of Shares.
 The Company covenants and agrees that all Warrant Shares, will, upon issuance and payment of the applicable Exercise Price, be duly authorized, validly
issued, fully paid and nonassessable, and free of all preemptive rights, liens and encumbrances, except for restrictions on transfer provided for herein.
 The Company shall at all times reserve and keep available out of its authorized and unissued Common Stock, solely for the purpose of providing for the
exercise of the rights to purchase all Warrant Shares granted pursuant to this Warrant, such number of shares of Common Stock as shall, from time to time, be
sufficient therefor (“Required Reserve Amount”). If at any time while this Warrant remains outstanding the Company does not have a
sufficient number of authorized and unreserved shares of Common Stock to satisfy its obligation to reserve for issuance upon exercise of this Warrant at least
the Required Reserve Amount (an “Authorized Share Failure”), then the Company shall as soon as practicable take all action necessary to
increase the Company’s authorized shares of Common Stock to an amount sufficient to allow the Company to reserve the Required Reserve Amount for this
Warrant then outstanding. Without limiting the generality of the foregoing sentence, as soon as practicable after the date of the occurrence of an
Authorized Share Failure, but in no event later than ninety (90) days after the occurrence of such Authorized Share Failure, the Company shall either (x) obtain
the vote or written consent of its shareholders for the approval of an increase in the number of authorized shares

of Common Stock and provide each shareholder
with an information statement with respect thereto or (y) hold a meeting of its shareholders for the approval of an increase in the number of authorized shares
of Common Stock. In connection with such meeting, the Company shall provide each shareholder with a proxy statement and shall use its reasonable best
efforts to solicit its shareholders’ approval of such increase in authorized shares of Common Stock and to cause its Board of Directors to recommend to the
shareholders that they approve such proposal.

3.

Adjustment of Exercise Price and Number of Shares
. The Exercise Price and the total number of Warrant Shares shall be subject to adjustment from time to time upon the occurrence of certain events
described in this Section 3.

(a)

Subdivision or Combination of Stock. In
the event the outstanding shares of the Company’s Common Stock shall be increased by a stock dividend payable in Common Stock, stock split, subdivision, or
other similar transaction occurring after the date hereof into a greater number of shares of Common Stock, the Exercise Price in effect immediately prior to
such subdivision shall be proportionately reduced and the number of Warrant Shares issuable hereunder proportionately increased. Conversely, in the event
the outstanding shares of the Company’s Common Stock shall be decreased by reverse stock split, combination, consolidation, or other similar transaction
occurring after the date hereof into a lesser number of shares of Common Stock, the Exercise Price in effect immediately prior to such combination shall be
proportionately increased and the number of Warrant Shares issuable hereunder proportionately decreased.

(b)

Reclassification. If any
reclassification of the capital stock of the Company or any reorganization, consolidation, merger, or any sale, lease, license, exchange or other transfer (in
one transaction or a series of related transactions) of all or substantially all, of the business and/or assets of the Company (the “Reclassification
Events”) shall be effected in such a way that holders of Common Stock shall be entitled to receive stock, securities, or other assets or property,
then, as a condition of such Reclassification Event, lawful and adequate provisions shall be made whereby the Holder hereof shall thereafter have the right to
purchase and receive (in lieu of the shares of Common Stock of the Company immediately theretofore purchasable and receivable upon the exercise of the rights
represented hereby) such shares of stock, securities, or other assets or property as may be issued or payable with respect to or in exchange for a number of
outstanding shares of such Common Stock equal to the number of shares of such stock immediately theretofore purchasable and receivable upon the exercise of the
rights represented hereby. In any Reclassification Event, appropriate provision shall be made with respect to the rights and interests of the Holder of
this Warrant to the end that the provisions hereof (including, without limitation, provisions for adjustments of the Exercise Price and of the number of Warrant
Shares), shall thereafter be applicable, as nearly as may be, in relation to any shares of stock, securities, or assets thereafter deliverable upon the exercise
hereof.

(c)

Distributions of Assets. If the Company
shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return
of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off,
reclassification, corporate rearrangement, scheme of arrangement or other similar transaction other than a dividend or distribution payable solely in shares of
Common Stock for which an adjustment is made pursuant to Section 3(a)) (a “Distribution”), at any time after the issuance of this Warrant,
then, in each such case:

(i)

any Exercise Price in effect
immediately prior to the close of business on the record date fixed for the determination of holders of shares of Common Stock entitled to receive the
Distribution shall be reduced, effective as of the close of business on such record date, to a price determined by multiplying such Exercise Price by a fraction
of which (i) the numerator shall be the Closing Bid Price (as defined below) of the shares of Common Stock on the trading day immediately preceding such record
date minus the value of the Distribution (as determined in good faith by the Company’s Board of Directors) applicable to one share of Common Stock, and
(ii) the denominator shall be the Closing Bid Price of the Common Shares on the trading day immediately preceding such record date; and

(ii)

the number of Warrant Shares shall
be increased to a number of shares equal to the number of shares of Common Stock obtainable immediately prior to the close of business on the record date fixed
for the determination of holders of shares of Common Stock entitled to receive the Distribution multiplied by the reciprocal of the fraction set forth in the
immediately preceding paragraph (i).

(iii)

“Closing Bid Price” means, for any security as of any date, the last closing bid price for such security on the principal securities exchange or trading market where
such security is listed or traded (the “Principal Market”), as reported by Bloomberg, or, if the Principal Market begins to operate on an
extended hours basis and does not designate the closing bid price, then the last bid price of such security prior to 4:00:00 p.m., New York time, as reported by
Bloomberg. If the Closing Bid Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Bid Price of such
security on such date shall be the fair market value as mutually determined by the Company and the Holder. All such determinations to be appropriately
adjusted for any stock dividend, stock split, stock combination or other similar transaction during the applicable calculation period.

(d)

Other Events. If any event occurs of the
type contemplated by the provisions of this Section 3 but not expressly provided for by such provisions, then the Company’s Board of Directors will make an
appropriate adjustment in the Exercise Price and the number of Warrant Shares so as to protect the rights of the Holder; provided that no such adjustment
pursuant to this Section 3(e) will increase the Exercise Price or decrease the number of Warrant Shares as otherwise determined pursuant to this Section 3.

(e)

Notice of Adjustment. Upon any
adjustment of the Exercise Price or any increase or decrease in the number of Warrant Shares, the Company shall give written notice thereof, by first class mail
postage prepaid, addressed to the registered Holder of this Warrant at the address of such Holder as shown on the books of the Company. The notice shall
be prepared and signed by the Company’s Chief Financial Officer and shall state the Exercise Price resulting from such adjustment and the increase or
decrease, if any, in the number of shares purchasable at such price upon the exercise of this Warrant, setting forth in reasonable detail the method of
calculation and the facts upon which such calculation is based.

(f)

Sale of the Company. Notwithstanding any
other provision of this Section 3, following the Qualified IPO, upon the consummation by the Company (in one or a series of related transactions) of a merger,
consolidation, sale or transfer of more than fifty percent (50%) of the Company’s capital stock or all or substantially all of the Company’s assets
determined on a consolidated basis (a “Fundamental Transaction”), this Warrant shall terminate ninety (90) days

following such consummation; provided that the
Holder has the right to exercise this Warrant pursuant to its terms during such 90-day period. In addition, in the event of a Fundamental Transaction, at the
request of the Holder delivered before the ninetieth (90th) day after the consummation of such Fundamental Transaction, the Company (or the Company’s
successor) shall purchase this Warrant from the Holder by paying to the Holder, within five (5) business days after such request (or, if later, on the effective
date of the Fundamental Transaction), cash in an amount equal to the Black Scholes Value (as defined below) of the remaining unexercised portion of this Warrant
on the date of such Fundamental Transaction. “Black Scholes Value” means the value of this Warrant based on the Black and Scholes Option
Pricing Model obtained from the “OV” function on Bloomberg Financial Markets determined as of the day of the closing of the applicable Fundamental
Transaction for pricing purposes and reflecting (i) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the remaining term
of this Warrant as of such date of request, (ii) an expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function
on Bloomberg as of the day immediately following the public announcement of the applicable Fundamental Transaction, (iii) the underlying price per share used in
such calculation shall be the sum of the price per share being offered in cash, if any, plus the value of any non cash consideration, if any, being offered in
the Fundamental Transaction and (iv) a 365 day annualization factor.

4.

No Voting or Dividend Rights. Nothing
contained in this Warrant shall be construed as conferring upon the holder hereof the right to vote or to consent to receive notice as a stockholder of the
Company on any other matters or any rights whatsoever as a shareholder of the Company. No dividends or interest shall be payable or accrued in respect of
this Warrant or the interest represented hereby or the shares purchasable hereunder until, and only to the extent that, this Warrant shall have been exercised.

5.

Compliance with the Act. The Holder of
this Warrant, by acceptance hereof, agrees that this Warrant is being acquired for its own account and not for any other person or persons, for investment
purposes and that it will not offer, sell, or otherwise dispose of this Warrant except under circumstances which will not result in a violation of the Act or
any applicable state securities laws.

6.

Limited Transferability. The Holder
represents that by accepting this Warrant it understands that this Warrant and any securities obtainable upon exercise of this Warrant have not been registered
for sale under Federal or state securities laws and are being offered and sold to the Holder pursuant to one or more exemptions from the registration
requirements of such securities laws. In the absence of an effective registration of such securities or an exemption therefrom, any certificates for such
securities shall bear the legend set forth on the first page hereof. The Holder understands that it must bear the economic risk of its investment in this
Warrant and any securities obtainable upon exercise of this Warrant for an indefinite period of time, as this Warrant and such securities have not been
registered under Federal or state securities laws and therefore cannot be sold unless subsequently registered under such laws, unless an exemption from such
registration is available. Notwithstanding the foregoing or anything contained herein to the contrary, if the resale of the Warrant Shares by the Holder
is covered by an effective registration, then upon exercise of this Warrant the Company shall deliver such Warrant Shares to the Holder free of any restrictive
legends.

7.

Amendment, Waiver, etc. Except as
expressly provided herein, neither this Warrant nor any term hereof may be amended, waived, discharged or terminated other than by a written instrument signed
by the party against whom enforcement of any such amendment, waiver, discharge or termination is sought.

8.

Notices. Any notice, request, or other
document required or permitted to be given or delivered to the Holder or the Company shall be in writing and delivered, if to the Holder, to the Holder’s
address set forth in the Company’s records and, if to the Company, to the Company’s principal executive office.

9.

Governing Law; Jurisdiction. This Warrant
shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the laws of the State of New York without regard to the
conflicts of laws provisions thereof. The parties consent to the exclusive jurisdiction of the state and federal courts located in New York County, New
York for any action, suit or proceeding arising hereunder.

10.

Lost or Stolen Warrant. Upon receipt of
evidence reasonably satisfactory to the Company of the loss, theft, destruction, or mutilation of this Warrant and, in the case of any such loss, theft or
destruction, upon receipt of an indemnity reasonably satisfactory to the Company, or in the case of any such mutilation, upon surrender and cancellation of such
Warrant, the Company, at its expense, will make and deliver a new Warrant, of like tenor, in lieu of the lost, stolen, destroyed or mutilated Warrant.

11.

Fractional Shares. No fractional shares
shall be issued upon exercise of this Warrant. The Company shall, in lieu of issuing any fractional share, pay the Holder entitled to such fraction a sum
in cash equal to such fraction (calculated to the nearest 1/100th of a share) multiplied by the then effective Exercise Price on the date the Form of
Subscription is received by the Company.

12.

Successors and Assigns. This Warrant and
the rights evidenced hereby shall inure to the benefit of and be binding upon the successors of the Company and the successors and assigns of the Holder.
 The provisions of this Warrant are intended to be for the benefit of all Holders from time to time of this Warrant, and shall be enforceable by any such
Holder.

13.

Severability of Provisions. In case any
one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and enforceability of the remaining terms and
provisions of this Warrant shall not in any way be affected or impaired thereby and the parties will attempt in good faith to agree upon a valid and enforceable
provision which shall be a commercially reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Warrant.

14.

Ownership Limitation. The Company shall
not effect any exercise of this Warrant, and the Holder shall not have the right to exercise this Warrant, to the extent that after giving effect to such
exercise, such Holder (together with the Holder’s affiliates) would beneficially own in excess of 9.99% (the “Maximum Percentage”) of the
number of shares of Common Stock outstanding immediately after giving effect to such exercise. For purposes of this paragraph, beneficial ownership shall
be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “1934 Act”). For purposes of this
Warrant, in determining the number of outstanding shares of Common Stock, the Holder may rely on the number of outstanding shares of Common Stock as reflected
in (1) the Company’s most recent Form 10-K, or Form 10-Q or other public filing with the Securities and Exchange Commission, as the case may be, (2) a more
recent public announcement by the Company or (3) any other notice by the Company or the Company’s transfer agent setting forth the number of shares of
Common Stock outstanding. For any reason at any time, upon the written or oral request of the Holder, the Company shall within two (2) Business Days
confirm in writing to the Holder the number of shares of Common Stock then outstanding. By

written notice to the Company, the Holder may
from time to time decrease the Maximum Percentage to any other percentage specified in such notice; provided that any such increase will not be effective until
the sixty-first (61st) day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner
other than in strict conformity with the terms of this Section 14 to correct this paragraph (or any portion hereof) which may be defective or inconsistent with
the intended beneficial ownership limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such
limitation.

Remainder of Page Intentionally Left
Blank; Signature Page Follows

IN WITNESS WHEREOF,
the Company has caused this Warrant to be duly executed by its officer, thereunto duly authorized as of this 29th day of April, 2011.

IASO PHARMA INC.

By:                                    

Name: Matthew A. Wikler

Title: President and Chief Executive Officer

Signature Page—Common Stock Warrant

FORM OF SUBSCRIPTION

(To be signed only upon exercise of Warrant)

To:

IASO Pharma Inc.

The undersigned, the holder of the
attached Common Stock Warrant, hereby elects to exercise the purchase right represented by such Warrant for, and to purchase thereunder,
                                      shares of Common Stock of IASO Pharma Inc. and such holder herewith makes payment of $_________ therefor.

The undersigned requests that certificates
for such shares be issued in the name of, and 

delivered to:                                                                                                                                                                      

whose address is:                                                                                                                                                              .

 

DATED:                                                          

                                                                                                         

(Signature must conform in all respects to name of Holder as

specified on the face of the Warrant)

Name:
                                                                                                         

Title:Exhibit 4.39

THIS NOTE AND THE SECURITIES ISSUABLE UPON CONVERSION HEREOF HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), APPLICABLE STATE SECURITIES LAWS, OR APPLICABLE LAWS OF ANY FOREIGN
JURISDICTION.  THIS NOTE AND SUCH SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE, AND MAY NOT BE OFFERED, SOLD,
PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE
SECURITIES LAWS AND IN THE ABSENCE OF COMPLIANCE WITH APPLICABLE LAWS OF ANY FOREIGN JURISDICTION, OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT
SUCH REGISTRATION IS NOT REQUIRED AND SUCH FOREIGN JURISDICTION LAWS HAVE BEEN SATISFIED.

IASO PHARMA INC.

SECURED CONVERTIBLE PROMISSORY NOTE

San Diego, CA

$___________

April 29, 2011

  

1.

Principal and Interest

IASO PHARMA INC. (the “Company”), a Delaware corporation, for
value received, hereby promises to pay to the order of ______________________, or his, her or its assigns (“Holder”), in lawful money of the
United States of America at the address for notices to Holder set forth in the Subscription Agreement (as defined below) (or such other address as Holder shall
provide to the Company in writing pursuant hereto), the principal amount of ____________ dollars ($___________), together with interest as set forth below.

The Company promises to pay interest on the unpaid principal amount from the date
hereof until such principal amount is paid in full at the rate of five percent (5%) per annum, or such lesser rate as shall be the maximum rate allowable under
applicable law.  Interest from the date hereof shall be computed on the basis of a 360-day year of twelve 30-day months, shall compound annually and shall
be accrued and added to principal on an annual basis.  Upon the occurrence of an Event of Default (as defined in Section 8.1 herein), the interest rate on
this Note shall be increased to ten percent (10%) per annum during the term of the default.

Unless converted or prepaid in accordance with the terms hereof, all unpaid
principal and unpaid accrued interest on this Note shall be due and payable on April 22, 2012 (the “Maturity Date”).  

This Note is being issued pursuant to that certain Subscription Agreement between
the Company, the subscribers set forth on the signature pages thereto, including the Holder, and Wells Fargo Bank, National Association, as agent (the “Collateral Agent”),
dated as of April 29, 2011 (the “Subscription Agreement”), and is subject to its terms.  Capitalized terms
used herein but not defined shall have the meanings given to such terms in the Subscription Agreement.  This Note is being issued together with a series of
convertible promissory notes issued by the Company in

connection with a rights offering described in the Subscription Agreement
(such notes shall be collectively referred to as the “Rights Offering Notes”).  

2.

Conversion.

2.1

(a)

Upon the consummation of an underwritten initial public offering by the Company
of its securities resulting in aggregate net cash proceeds (before commissions or other expenses) to the Company of at least $10,000,000 (a “Qualified
IPO”), all unpaid principal and accrued but unpaid interest on this Note, less an amount equal to the Holder’s pro rata share (based on the
original principal amount of this Note relative to the aggregate original principal amount of all Rights Offering Notes) of the Prepayment Amount (as define in
Section 3.1), if any, shall be automatically converted into such number of shares of the Company’s common stock, $0.001 par value per share (the “Common Stock”),
equal to the Holder’s pro rata share (based on the original principal amount of this Note relative to the aggregate original
principal amount of all Rights Offering Notes) of 100% of the Common Stock outstanding immediately prior to the consummation of a Qualified IPO, (other than
restricted shares of Common Stock granted to employees of the Company, where such grants were consented to in advance in writing by each of the Backstop
Investors (as defined in the Subscription Agreement)) at a conversion price equal to the price at which shares of Common Stock are sold in a Qualified IPO.

(b)

In the event the Company completes (in one or a series of related transactions) a
merger, consolidation, sale or transfer of more than fifty percent (50%) of the Company’s capital stock or all or substantially all of the Company’s
assets determined on a consolidated basis, then the term “Common Stock” as used herein shall thereafter refer to the common stock or other
voting equity securities of the surviving, resulting, combined or acquiring entity in such merger, consolidation, sale or transfer.  

2.2

Upon conversion of this Note in accordance with the terms of Section 2.1, the
outstanding unpaid principal and unpaid accrued interest of the Note shall be converted without any further action by the Holder and whether or not the Note is
surrendered to the Company or its transfer agent, and the indebtedness evidenced by this Note shall be satisfied in full and no interest shall continue to
accrue on this Note and all rights of the Holder hereunder shall terminate.  The Company shall not be obligated to issue certificates evidencing the shares
of the securities issuable upon such conversion unless the Note is either delivered to the Company or its transfer agent, or the Holder notifies the Company or
its transfer agent that such Note has been lost, stolen or destroyed and executes an agreement reasonably satisfactory to the Company to indemnify the Company
from any loss incurred by it in connection with such Note.  The Company shall, as soon as practicable after such delivery, or such agreement and
indemnification, issue and deliver to such Holder of such Note, a certificate or certificates for the securities to which the Holder shall be entitled.
 Such conversion shall be deemed to have been made concurrently with the close of the Qualified IPO.  The person or persons entitled to receive
securities issuable upon such conversion shall be treated for all purposes as the record holder or holders of such securities on such date.  The Company
shall not issue fractional shares but shall round down the number of shares issued to the nearest whole number.  Any conversion effected in accordance with
this Section 2 shall be binding upon the Holder hereof.  

3.

Prepayment; Redemption.  

2

3.1

The Company may, at its option, elect to prepay a portion of the unpaid principal
and accrued interest of the Rights Offering Notes, in an amount not to exceed $1,000,000 in the aggregate, out of the proceeds of a Qualified IPO in lieu of the
conversion of such amount in accordance with Section 2.1 (a) hereof, provided that such prepayment is made equally to all holders of Rights Offering Notes on a
pro rata basis (the “Prepayment Right”).  In the event the Company exercises the Prepayment Right, the Company shall provide a written
notice to the holders of the Rights Offering Notes, including the Holder, at least 10 days prior to the anticipated closing of a Qualified IPO setting forth the
aggregate amount of principal and accrued interest of the Rights Offering Notes that it will prepay out of the proceeds of a Qualified IPO, which amount may not
exceed $1,000,000 (the “Prepayment Amount”).   If the Company exercises the Prepayment Right, the Company shall pay to the Holder, as
soon as practicable following the consummation of a Qualified IPO, but in no event more than three (3) business days thereafter, the Holder’s pro rata
share (based on the original principal amount of this Note relative to the aggregate original principal amount of all Rights Offering Notes) of the Prepayment
Amount.

3.2

Except as provided in Section 3.1 above, this Note may not be prepaid or redeemed
at any time, in whole or in part, prior to its maturity.  

4.

Grant of Security Interest; Perfection; Remedies.  As security for the
prompt and complete payment and performance in full of the Secured Obligations (as defined below), the Company shall enter into a Security Agreement
contemporaneously with the execution of the Rights Offering Notes, which agreement shall grant, assign, convey, mortgage, pledge, hypothecate and transfer to
 the Collateral Agent a security interest in and lien on, all of the Company’s right, title and interest in, to and
under, all of the property and assets currently owned or owing to, or hereafter acquired or arising in favor of, the Company (the “Security Agreement”).
 For purposes of this Note, “Secured Obligations” shall mean the indebtedness, together with all interest, fees and other
charges, arising under this Note, and including, without limitation, all costs incurred by the Holder, or the Collateral Agent, on behalf of the Holder , in
enforcing any of its  rights or exercising any of its remedies under this Note (including but not limited to attorneys’ fees and expenses).

5.

Representation.  As of the date hereof, the Company’s property
and assets are free and clear of liens and the Company is not subject to any restriction on the granting of liens to the Collateral Agent other than those
resulting from taxes which have not yet become delinquent.

6.

Affirmative Covenant.  The Company shall provide written notice to
each Holder within one (1) business day of obtaining actual knowedge of a breach of any material agreement, including that certain License Agreement dated as of
June 12, 2007 between Dong Wha Pharm. Ind. Co. Ltd., as licensor, and the Company, as licensee (as amended, modified or supplemented from time to time, the
“License Agreement”), which notice shall describe such default in reasonable detail and provide a description of the action the Company has
taken or proposes to take with respect thereto.

7.

Negative Covenants.  

7.1

Additional Indebtedness.  The Company shall not incur additional
indebtedness that ranks in priority pari passu or senior to the Rights Offering Notes without obtaining the consent of the holders of not less than a majority
of the then outstanding aggregate principal amount of the Rights Offering Notes.  

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7.2

Liens.  The Company shall not create, incur, assume or suffer to
exist any lien upon or with respect to any of its property or assets, whether now owned or after acquired, except in connection with the Rights Offering Notes.

7.3

Sale of Assets.  The Company shall not convey, sell, lease, transfer
or otherwise dispose of, in one or more transactions, all or any part of its business, property or assets, whether now owned or hereafter acquired.

7.4.

Issuance of Securities.  The Company shall not issue any equity
securities, or any debt securities that are convertible into or exchangeable for equity securities, except for the issuance of warrants pursuant to the Backstop
Commitment Agreement (as defined in the Subscription Agreement), without obtaining the consent of the holders of not less than a majority of the then
outstanding aggregate principal amount of the Rights Offering Notes.  

8.

Events of Default; Remedies; Acceleration.  

8.1 

For purposes of this Note, an “Event of Default” shall occur if
(i) the Company shall fail to make any payment on the Note, whether it be principal or interest or otherwise, when and as the same shall become due and payable;
(ii) the Company shall fail to observe or perform or otherwise materially breach any covenant, condition or agreement on the part of the Company contained in
this Note or the Subscription Agreement, and any such default shall continue for a period of five (5) business days after the Company has actual knowledge
thereof or receives written notice thereof, whichever occurs first; (iii) the Company commences any proceeding in bankruptcy or for dissolution, liquidation,
winding-up, composition or other relief under state or federal bankruptcy laws; (iv) any proceeding shall be instituted against the Company seeking to
adjudicate it a bankrupt or insolvent or seeking dissolution, liquidation, winding-up, composition or other relief under state or federal bankruptcy laws or
seeking the entry of an order for relief or the appointment of a trustee, receiver or other similar official for the Company or any substantial part of its
property or assets and either such proceeding shall remain undismissed or unstayed for a period of 60 days or any of the actions sought in such proceeding shall
occur; (v) the Qualified IPO shall not have been completed by the date that is 10 days prior to the deadline for same set forth in the License Agreement; or
(vi) the Company is in default or alleged default under any material agreement to which it is a party, including, without limitation, the License Agreement.
 

8.2

The Company shall immediately after the Company shall obtain knowledge of the
occurrence of an Event of Default or any event that with notice or lapse of time or both would become an Event of Default (an Event of Default or such event
being a “Default”), deliver to the Holder a written notice specifying that such notice is a “Notice of Default” and describing such
Default in reasonable detail, and, in such Notice of Default or as soon thereafter as practicable, a description of the action the Company has taken or proposes
to take with respect thereto.

8.3

Upon the occurrence of an Event of Default, (i) the Note shall become immediately
due and payable without any presentment, demand or further notice of any kind; provided, however that, notwithstanding anything to the contrary contained
herein, holders of not less than a majority of the then outstanding aggregate principal amount of the Rights Offering Notes may waive in writing the automatic
acceleration of this Note; provided, further, that such waiver shall not be a waiver of the Event of Default or any other remedy permitted to be exercised by
the Holder unless such a waiver is expressly provided and (ii) provided that such Event of Default has not been waived pursuant to clause (i) above, the Holder
and the Collateral Agent, for the benefit of

4

the Holder, shall each be authorized and permitted to exercise any and all
rights and remedies under applicable law, hereunder and under the Security Agreement.

8.4

The Holder shall have all rights and remedies set forth herein and all rights and
remedies which Holders have been granted at any time under any other agreement or contract and all of the rights that such holders have under law.  All
remedies shall be cumulative and not alternative.  The Company acknowledges that in the event that it fails to perform, observe, or discharge any or all of
its obligations hereunder, any remedy at law may prove to be inadequate relief to the Holder.  The Company therefore agrees that the Holder shall be
entitled to seek specific performance and/or temporary, preliminary and permanent injunctive or other equitable relief from any court of competent jurisdiction
in any such case without the necessity of proving actual damages and without posting a bond or other security.

9.

Attorney’s Fees; Collateral Agent Fees.  If the indebtedness
represented by this Note or any part thereof is collected in bankruptcy, receivership or other judicial proceedings or if this Note is placed in the hands of
attorneys for collection after default, the Company agrees to pay, in addition to the principal and interest payable hereunder, reasonable attorneys’ fees
and costs incurred by Holder.  The Company shall pay all fees and expenses of the Collateral Agent.

10.

Notices.  Any notice, other communication or payment required or
permitted hereunder shall be in writing and shall be deemed to have been given upon delivery to the address provided pursuant to the Subscription Agreement.
 In the case of notice to any party, copies should be sent to Olshan Grundman Frome Rosenzweig & Wolosky LLP, Park Avenue Tower, 65 East 55th Street,
New York, NY 10022, Facsimile: (212) 451-2222, Attn: Yehuda Markovits, Esq.

11.

Notice of Proposed Transfers.  Prior to any proposed transfer of this
Note (or any portion thereof) or the securities issuable upon conversion of this Note, unless there is in effect a registration statement under the Securities
Act covering the proposed transfer, the Holder shall give written notice to the Company of such Holder’s intention to effect such transfer.  Each such
notice shall describe the manner and circumstances of the proposed transfer in sufficient detail, and shall, if the Company so requests, be accompanied (except
in transactions in compliance with Rule 144) by an unqualified written opinion of legal counsel, who shall be reasonably satisfactory to the Company, addressed
to the Company and reasonably satisfactory in form and substance to the Company’s counsel, to the effect that the proposed transfer of this Note or the
securities issuable upon conversion of this Note may be effected without registration under the Securities Act; provided, however, no such opinion
of counsel shall be necessary for a transfer by a Holder to any affiliate of such Holder, or a transfer by a Holder which is a partnership to a partner of such
partnership or a retired partner of such partnership who retires after the date hereof, or to the estate of any such partner or retired partner or the transfer
by gift, will or intestate succession of any partner to his spouse or lineal descendants or ancestors, if the transferee agrees in writing to be subject to the
terms hereof to the same extent as if such transferee were the original Holder hereunder.  Each certificate evidencing securities issuable upon conversion
of this Note or this Note transferred as above provided shall bear an appropriate restrictive legend, except that this Note or such certificate shall not bear
such restrictive legend if in the opinion of counsel for the Company such legend is not required in order to establish compliance
with any provisions of the Securities Act.  If this Note (or any portion thereof), or any of the securities issuable upon conversion of this Note, is to be
transferred pursuant to the terms hereof, the Holder shall surrender this Note or such securities to the Company, whereupon the Company will forthwith issue and
deliver upon the order of the Holder a new Note or securities, registered as the Holder may request, representing the outstanding principal amount being
transferred by the Holder and, if less than the entire outstanding

5

principal amount is being transferred, a new Note or securities to the
Holder representing the outstanding principal amount not being transferred.  

12.

Replacement Notes.  Upon receipt by the Company of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of this Note, and, in the case of loss, theft or destruction, of any indemnification
undertaking by the Holder to the Company in customary form and, in the case of mutilation, upon surrender and cancellation of this Note, the Company shall
execute and deliver to the Holder a new Note representing the outstanding principal amount of the original note.

13.

No Dilution or Impairment.  The Company will not, by amendment of its
Certificate of Incorporation or Bylaws or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any
other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Note, but will at all times in good faith assist in the
carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Holder of this Note
against dilution or other impairment.

14.

Payment Set Aside.  To the extent that the Company makes a payment or
payments to the Holder pursuant to this Note or the Holder enforces or exercises its rights hereunder, and such payment or payments or the proceeds of such
enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or
are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other person under any law, then to the extent of any such
restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had
not been made or such enforcement or setoff had not occurred.

15.

Waivers.  No delay on the part of Holder in exercising any right
hereunder shall operate as a waiver of such right or any other right.  The obligations to make the payments provided for in this Note are absolute and
unconditional and not subject to any defense, setoff, counterclaim, rescission, recoupment or adjustment whatsoever.

16.

Governing Law.  This Note is being delivered in and shall be construed
in accordance with the laws of the State of New York, without regard to the conflicts of laws provisions thereof.  

17.

No Stockholder Rights.  Nothing contained in this Note shall be
construed as conferring upon the Holder or any other person the right to vote or to consent or to receive notice as a stockholder of the Company.  For the
avoidance of doubt, upon receipt by the Holder of shares of Common Stock upon conversion of this Note, the Holder shall have all rights as a stockholder of the
Company with respect to such shares.

18.

Amendment.  Any term of this Note may be amended with the written
consent of the Company and the holders of not less than a majority of the then outstanding aggregate principal amount of the Rights Offering Notes, even without
the consent of the Holder hereof.  Any amendment effected in accordance with this Section 17 shall be binding upon each holder of any Rights Offering Note,
each future holder of all such Rights Offering Notes and the Company; provided, however, that no special consideration or inducement may be given to any such
Holder in connection with such consent that is not given ratably to all such holders, and that such amendment must apply to all such holders ratably in
accordance with the principal amount of their then

6

 outstanding Rights Offering Notes.  Pursuant to Section 7.1 of
the Rights Offering Notes, the Company may incur additional unsecured indebtedness that ranks in priority junior to the Rights Offering Notes without
obtaining the consent of any holder of Rights Offering Notes pursuant to this Section 17.  The Company shall promptly give notice to all holders of
outstanding Rights Offering Notes of any amendment effected in accordance with this Section 17.  Notwithstanding anything to the contrary herein, no
amendment of this Note shall be effected to the extent that such amendment has a disproportionate adverse effect on any Holder, without the consent of such
Holder.

 

19.

Backstop Parties’ Voting and Consent Rights.  The holder hereby
acknowledges that notwithstanding anything in this Note to the contrary, pursuant to the Backstop Commitment Agreement (as defined in the Subscription
Agreement), Manchester Securities Corp. shall have the right to direct all votes, consents, forbearances and/or other approvals with respect to all Rights
Offering Notes originally subscribed for or held by Lindsay A. Rosenwald, M.D. and Paramount Biosciences, LLC, The Lindsay A. Rosenwald 2000 Family Trusts Dated
December 15, 2000 and Capretti Grandi, LLC, which are affiliates of Dr. Rosenwald.  

 

*  *  *  *  *

7

ISSUED as of the date first above written.

IASO PHARMA INC.

By:       ______________________________________

Name:

Matthew A. Wikler, M.D.

Title:

President and Chief Executive Officer

8

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