' As at March 31, 2022, we had $0.5 million of cash. We need to raise additional capital to fund research, development and corporate activities over the next year or we may be forced to cease operations. As at March 31, 2022, we were committed to pay $11.6 million of current trade and other payables, $1.4 million for research and development over the next twelve months, and $0.6 million of lease liabilities over the next twelve months. Furthermore, our $6.0 million secured convertible debenture with Hepalink is due on May 13, 2023. In addition, expenditures over the next twelve months under cancellable agreements with a contract research organization that conducted our Phase 2 COVID-19 trial (prior to its early conclusion subsequent to March 31, 2022) were estimated to total approximately $1.9 million. As at March 31, 2022, the Group is also party to a commercialization partnership where corresponding estimated (descretionary) pre-commercialization activities over the next twelve months total approximately between $10.4 million and $18.5 million.

Our cash as at March 31, 2022 is not sufficient to fund our contractual commitments or our planned business operations over the next year. Therefore, we will have to raise additional capital to fund our contractual commitments and our planned business operations. We continue to pursue and/or examine several sources of additional capital including co-development, licensing, rights or other partnering arrangements, procurement arrangements, private placements and/or public offerings (equity and/or debt). However, there is no assurance that any of these measures will be successfully completed.

The Company will also require additional capital to fund research, development and corporate activities beyond the next year. The Company will continue to explore alternatives to generate additional cash including raising additional equity and/or debt and/or partnering; however, there is no assurance that these initiatives will be successful.

These conditions result in a material uncertainty which may cast significant doubt on our ability to continue as a going concern. If we are not able to raise capital, we may be forced to cease operations.'