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<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">The fair value of the stock options
is estimated at the date of grant using Black-Scholes options pricing model with the following weighted-average assumptions:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Three months ended</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>March 31, 2019</b></p></td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Year ended</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31, 2018</b></p></td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 48%"><font style="font-size: 10pt">Expected volatility</font></td>
<td style="width: 2%"> </td>
<td style="width: 1%"> </td>
<td style="width: 22%; text-align: right"><font style="font-size: 10pt">144.4</font></td>
<td style="width: 1%"><font style="font-size: 10pt">%</font></td>
<td style="width: 2%"> </td>
<td style="width: 1%"> </td>
<td style="width: 22%; text-align: right"><font style="font-size: 10pt">99.4</font></td>
<td style="width: 1%"><font style="font-size: 10pt">%</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt">Risk-free interest</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">1.64</font></td>
<td><font style="font-size: 10pt">%</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">2.39</font></td>
<td><font style="font-size: 10pt">%</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt">Dividend yield</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">0</font></td>
<td><font style="font-size: 10pt">%</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">0</font></td>
<td><font style="font-size: 10pt">%</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt">Expected life of up to (years)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">6.37</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">5.24</font></td>
<td></td></tr>
</table>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">The stock options outstanding as
of March 31, 2019 and December 31, 2018, separated by exercise prices, are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
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<td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 9pt"><b>Exercise price </b>$</font></td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 9pt"><b>Stock</b></font><br />
<font style="font-size: 9pt"><b>options</b></font><br />
<font style="font-size: 9pt"><b>outstanding</b></font><br />
<font style="font-size: 9pt"><b>as of March</b></font><br />
<font style="font-size: 9pt"><b>31, 2019</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 9pt"><b>Stock</b></font><br />
<font style="font-size: 9pt"><b>options</b></font><br />
<font style="font-size: 9pt"><b>outstanding</b></font><br />
<font style="font-size: 9pt"><b>as of</b></font><br />
<font style="font-size: 9pt"><b>December 31, 2018</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 9pt"><b>Weighted</b></font><br />
<font style="font-size: 9pt"><b>average</b></font><br />
<font style="font-size: 9pt"><b>remaining</b></font><br />
<font style="font-size: 9pt"><b>contractual</b></font><br />
<font style="font-size: 9pt"><b>life – years</b></font><br />
<font style="font-size: 9pt"><b>as of March</b></font><br />
<font style="font-size: 9pt"><b>31, 2019</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 9pt"><b>Weighted</b></font><br />
<font style="font-size: 9pt"><b>average</b></font><br />
<font style="font-size: 9pt"><b>remaining</b></font><br />
<font style="font-size: 9pt"><b>contractual</b></font><br />
<font style="font-size: 9pt"><b>life – years</b></font><br />
<font style="font-size: 9pt"><b>as of</b></font><br />
<font style="font-size: 9pt"><b>December</b></font><br />
<font style="font-size: 9pt"><b>31, 2018</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 9pt"><b>Stock</b></font><br />
<font style="font-size: 9pt"><b>options</b></font><br />
<font style="font-size: 9pt"><b>exercisable</b></font><br />
<font style="font-size: 9pt"><b>as of March</b></font><br />
<font style="font-size: 9pt"><b>31, 2019</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 9pt"><b>Stock</b></font><br />
<font style="font-size: 9pt"><b>options</b></font><br />
<font style="font-size: 9pt"><b>exercisable</b></font><br />
<font style="font-size: 9pt"><b>as of</b></font><br />
<font style="font-size: 9pt"><b>December</b></font><br />
<font style="font-size: 9pt"><b>31, 2018</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: right"> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 22%; text-align: right"><font style="font-size: 9pt">4.20</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 10%; text-align: right"><font style="font-size: 9pt">77,846</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 10%; text-align: right"><font style="font-size: 9pt">77,846</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 10%; text-align: right"><font style="font-size: 9pt">6.75</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 10%; text-align: right"><font style="font-size: 9pt">7.00</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 10%; text-align: right"><font style="font-size: 9pt">77,846</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 10%; text-align: right"><font style="font-size: 9pt">77,846</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: right"><font style="font-size: 9pt">15.75</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 9pt">133,546</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 9pt">133,546</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 9pt">8.50</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 9pt">8.75</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 9pt">61,387</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 9pt">53,752</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="text-align: right"><font style="font-size: 9pt">8.6</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 9pt">11,630</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 9pt">-</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 9pt">9.75</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 9pt">-</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 9pt">2,905</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 9pt">-</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: right"><font style="font-size: 9pt">9.00</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 9pt">10,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 9pt">10,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 9pt">9.50</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 9pt">9.75</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 9pt">2,500</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 9pt">-</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="text-align: right"><font style="font-size: 9pt">19.35</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 9pt">72,508</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 9pt">72,508</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 9pt">8.50</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 9pt">8.75</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 9pt">34,442</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 9pt">29,003</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: right"><font style="font-size: 9pt">15.30</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 9pt">41,866</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 9pt">41,866</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 9pt">8.75</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 9pt">9.00</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 9pt">24,367</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 9pt">21,867</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1.5pt; text-align: right"><font style="font-size: 9pt">(*)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 9pt">62,542</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 9pt">62,542</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 9pt">7.50</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 9pt">7.75</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 9pt">62,542</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 9pt">62,542</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.5pt; text-align: right"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 9pt">409,938</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 9pt">398,308</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 9pt">6.75</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 9pt">7.00</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 9pt">265,989</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 9pt">245,010</font></td>
<td style="padding-bottom: 2.5pt"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 1pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">(*)       Less
than $0.01.</p>
4.20
15.75
4.20
15.75
8.6
8.6
9.00
9.00
19.35
19.35
15.30
15.30
409938
398308
77846
133546
77846
133546
11630
10000
10000
72508
72508
41866
41866
62542
62542
265989
245010
77846
61387
77846
53752
2905
2500
34442
29003
21867
24367
62542
62542
Non-accelerated Filer
9228000
1330000
9992000
8926000
9562000
3500000
10125000
655962
9735925
9736
47163
252652
700000
3750000
330000
590000
250000
74.00
40.50
5.00
2.70
6.50
10.00
9.875
77846
96482
4.20
7.05
315000
108000
15000
219000
412000
120000
108000
13000
74000
11000
0
39000
71000
24000
0.25
500000
P5Y
P3Y
P3Y
P3Y
P3Y
P3Y
P3Y
761000
108000
1859000
265989
245010
8.95
8.45
761000
108000
210000
922000
5357000
5238000
4249000
25000
995000
568000
13097000
5831000
248000
259000
13907000
6090000
123000
630000
548000
755000
4429000
4760000
4679000
4760000
43000
31000
13907000
6090000
-0.48
-0.50
-1916000
-1515000
1329000
1019000
587000
496000
11000
10000
315000
416000
445000
78000
-643000
-60000
-2723000
-1194000
133000
-2496000
-133000
9562000
4343000
-1327000
15000
6738
6738
100000
100000
6738
true
false
false
MBOT
4001
2464
9544000
315000
416000
3446000
3375000
3375000
3375000
15
0.015
0.03
0.03
0.035
3375
4200
1000
50000
250000
74000
2000000
1.00
40000
248100
130000
3375
3000000
590000
2470000
125323
181
676
2741
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>NOTE 1 - GENERAL</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 48px; text-align: justify"> </td>
<td style="width: 24px; text-align: justify"><font style="font-size: 10pt"><b>A.</b></font></td>
<td style="text-align: justify"><font style="font-size: 10pt"><b>Description of business:</b></font></td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"> </td>
<td style="text-align: justify"> </td>
<td style="text-align: justify"> </td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"> </td>
<td style="text-align: justify"> </td>
<td style="text-align: justify"><font style="font-size: 10pt">Microbot Medical Inc. (the “Company”) is a pre-clinical medical device company specializing in the research, design and development of next generation micro-robotics assisted medical technologies targeting the minimally invasive surgery space. The Company is primarily focused on leveraging its micro-robotic technologies with the goal of improving surgical outcomes for patients.</font></td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"> </td>
<td style="text-align: justify"> </td>
<td style="text-align: justify"> </td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"> </td>
<td style="text-align: justify"> </td>
<td style="text-align: justify"><font style="font-size: 10pt">It was incorporated on August 2, 1988 in the State of Delaware under the name Cellular Transplants, Inc. The original Certificate of Incorporation was restated on February 14, 1992 to change the name of the Company to Cyto Therapeutics, Inc. On May 24, 2000, the Certificate of Incorporation as restated was further amended to change the name of the Company to StemCells, Inc.</font></td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"> </td>
<td style="text-align: justify"> </td>
<td style="text-align: justify"> </td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"> </td>
<td style="text-align: justify"> </td>
<td style="text-align: justify"><font style="font-size: 10pt">On November 28, 2016, the Company consummated a transaction pursuant to an Agreement and Plan of Merger, dated August 15, 2016, with Microbot Medical Ltd., a private medical device company organized under the laws of the State of Israel (“Microbot Israel”). On the same day and in connection with the Merger, the Company changed its name from StemCells, Inc. to Microbot Medical Inc. On November 29, 2016, the Company’s common stock began trading on the Nasdaq Capital Market under the symbol “MBOT”.</font></td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"> </td>
<td style="text-align: justify"> </td>
<td style="text-align: justify"> </td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"> </td>
<td style="text-align: justify"> </td>
<td style="text-align: justify"><font style="font-size: 10pt">Prior to the Merger, the Company was a biopharmaceutical company that conducted research, development, and commercialization of stem cell therapeutics and related technologies. The sale of substantially all material assets relating to the stem cell business were completed on November 29, 2016.</font></td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"> </td>
<td style="text-align: justify"> </td>
<td style="text-align: justify"> </td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"> </td>
<td style="text-align: justify"> </td>
<td style="text-align: justify"><font style="font-size: 10pt">The Company and its subsidiaries are collectively referred to as the “Company”. “StemCells” or “StemCells, Inc.” refers to the Company prior to the Merger.</font></td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"> </td>
<td style="text-align: justify"> </td>
<td style="text-align: justify"> </td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"> </td>
<td style="text-align: justify"><font style="font-size: 10pt"><b>B.</b></font></td>
<td style="text-align: justify"><font style="font-size: 10pt"><b>Risk Factors:</b></font></td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"> </td>
<td style="text-align: justify"> </td>
<td style="text-align: justify"> </td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"> </td>
<td style="text-align: justify"> </td>
<td style="text-align: justify"><font style="font-size: 10pt">To date, the Company has not generated revenues from its operations. As of March 31, 2019, the Company had cash and cash equivalent and short-term investment balances of approximately $7,826, which management believes is sufficient to fund its operations for more than 12 months from the date of issuance of these financial statements and sufficient to fund its operations necessary to continue development activities of its current proposed products. </font></td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"> </td>
<td style="text-align: justify"> </td>
<td style="text-align: justify"> </td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"> </td>
<td style="text-align: justify"> </td>
<td style="text-align: justify"><font style="font-size: 10pt">Due to continuing research and development activities, the Company expects to continue to incur additional losses for the foreseeable future. The Company plans to continue to fund its current operations as well as other development activities relating to additional product candidates, through future issuances of either debt and/or equity securities and possibly additional grants from the Israeli Innovation Authority and other government institutions. The Company’s ability to raise additional capital in the equity and debt markets is dependent on a number of factors, including, but not limited to, the market demand for the Company’s stock, which itself is subject to a number of development and business risks and uncertainties, as well as the uncertainty that the Company would be able to raise such additional capital at a price or on terms that are favorable to the Company.</font></td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"> </td>
<td style="text-align: justify"> </td>
<td style="text-align: justify"> </td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"> </td>
<td style="text-align: justify"><font style="font-size: 10pt"><b>C.</b></font></td>
<td style="text-align: justify"><font style="font-size: 10pt"><b>Use of estimates:</b></font></td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"> </td>
<td style="text-align: justify"> </td>
<td style="text-align: justify"> </td></tr>
<tr style="vertical-align: top">
<td style="text-align: justify"> </td>
<td style="text-align: justify"> </td>
<td style="text-align: justify"><font style="font-size: 10pt">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions pertaining to transactions and matters whose ultimate effect on the financial statements cannot precisely be determined at the time of financial statements preparation. Although these estimates are based on management’s best judgment, actual results may differ from these estimates.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 48px; text-align: justify"> </td>
<td style="width: 24px; text-align: justify"><font style="font-size: 10pt"><b>D.</b></font></td>
<td style="text-align: justify"><font style="font-size: 10pt"><b>Reverse Stock Split</b></font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">On September 4, 2018, the Company
filed a Certificate of Amendment to its Restated Certificate of Incorporation with the Secretary of State of the State of Delaware
to affect a one-for-15 reverse stock split of the Company’s common stock (the “Reverse Split”). As a result
of the Reverse Split, every 15 shares of the Company’s old common stock were converted into one share of the Company’s
new common stock. Fractional shares resulting from the Reverse Split were rounded up to the nearest whole number. The Reverse
Split automatically and proportionately adjusted, based on the one-for-fifteen split ratio, all issued and outstanding shares
of the Company’s common stock, as well as common stock underlying convertible preferred stock, stock options, warrants and
other derivative securities outstanding at the time of the effectiveness of the Reverse Split. The exercise price on outstanding
equity based-grants was proportionately increased, while the number of shares available under the Company’s equity-based
plans was also proportionately reduced. Share and per share data (except par value) for the periods presented reflect the effects
of the Reverse Split. References to numbers of shares of common stock and per share data in the accompanying financial statements
and notes thereto for periods ended prior to September 4, 2018 have been adjusted to reflect the Reverse Split on a retroactive
basis.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><b>Unaudited Interim Financial Statements</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">The accompanying unaudited interim
condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and
with the instructions to Form 10-Q and Article 10 of U.S. Securities and Exchange Commission (“SEC”) regulations. Accordingly,
they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management,
all adjustments considered necessary for a fair presentation have been included (consisting only of normal recurring adjustments
except as otherwise discussed).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">Operating results for the three-month
period ended March 31, 2019, are not necessarily indicative of the results that may be expected for the year ended December 31,
2019</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><b>Significant Accounting Policies</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">The significant accounting policies
followed in the preparation of these unaudited interim condensed consolidated financial statements are identical to those applied
in the preparation of the latest annual audited financial statements with the exception of the following:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><b>Short-term Investments</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">The Company began investing excess
cash in short-term investments during the first quarter of 2019.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">Marketable debt securities are considered
to be available for sale and are carried at fair value. Unrealized gains and losses net of tax, if any, are reported as a separate
component of stockholders’ equity. The cost of marketable debt securities classified as available for sale is adjusted for
amortization of premiums and accretion of discounts to maturity. Such amortization and accretion are included in interest income.
Realized gains and losses and declines in value judged to be other than temporary, if any, are also included in other income, net.
Interest on securities classified as available for sale is included in interest income. The cost of securities sold is based on
the specific identification method.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">Management evaluates whether available-for-sale
securities are other-than-temporarily impaired (OTTI) on a quarterly basis. Debt securities with unrealized losses are considered
OTTI if the Company intends to sell the security or if it is more likely than not that the Company will be required to sell such
security prior to any anticipated recovery. If management determines that a security is OTTI under these circumstances, the impairment
recognized in earnings is measured as the entire difference between the amortized cost and the then-current fair value. During
the three months ended March 31, 2019, no investment OTTI losses were realized.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.45pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.45pt"><b>Fair value
of financial instruments:</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.45pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.45pt">The carrying
values of cash and cash equivalents, other receivable and other accounts payable and accrued liabilities approximate their fair
value due to the short-term maturity of these instruments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.45pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.45pt">The Company
measures the fair value of certain of its financial instruments (marketable debt security) on a recurring basis.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.45pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.45pt">A fair value
hierarchy is used to rank the quality and reliability of the information used to determine fair values. Financial assets and liabilities
carried at fair value will be classified and disclosed in one of the following three categories:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.45pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.45pt"><b>Level 1
</b>- Quoted prices (unadjusted) in active markets for identical assets and liabilities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.45pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.45pt"><b>Level 2</b>
- Inputs other than Level 1 that are observable, either directly or indirectly, such as unadjusted quoted prices for similar assets
and liabilities, unadjusted quoted prices in the markets that are not active, or other inputs that are observable or can be corroborated
by observable market data for substantially the full term of the assets or liabilities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.45pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.45pt"><b>Level 3</b>
- Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets
or liabilities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.45pt"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 53.55pt"></td><td style="width: 0.45pt"><b>Leases</b></td><td style="text-align: justify"></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.45pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.45pt">In February
2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02,
Leases (Topic 842). This ASU requires entities that lease assets to recognize on the balance sheet the assets and liabilities for
the rights and obligations created by leases with lease terms of more than 12 months. The Company adopted this ASU effective January
1, 2019 using the modified retrospective application, applying the new standard to leases in place as of the adoption date. Prior
periods have not been adjusted.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.45pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.45pt">Arrangements
that are determined to be leases at inception are recognized as long-term right-of-use assets (“ROU”) and lease liabilities
in the condensed consolidated balance sheet at lease commencement. Operating lease ROU assets and operating lease liabilities are
recognized based on the present value of the future fixed lease payments over the lease term at commencement date. As most of the
Company’s leases do not provide an implicit rate, the Company applies its incremental borrowing rate based on the economic
environment at commencement date in determining the present value of future payments. Lease terms may include options to extend
or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases
or payments are recognized on a straight-line basis over the lease term.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.45pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><b>Warrants</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">Prior to January 1, 2019, warrants
with non-standard anti-dilution provisions (referred to as down round protection) were classified as liabilities and re-measured
each reporting period. On January 1, 2019, the Company adopted the provisions of Accounting Standards Update (“ASU”)
2017-11, which includes Part I “Accounting for Certain Financial Instruments with Down Round Features” and Part II
“Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and
Certain Mandatorily Redeemable Non-Controlling Interests with a Scope Exception”, which indicates that a down round feature
no longer precludes equity classification when assessing whether an investment is indexed to an entity’s own stock. The Company
used a full retrospective approach to adoption, and restated its financial statements as of the earliest period presented. As a
result of the adoption of 2017-11, the Company’s warrants were reclassified from liabilities to shareholders’ equity.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">The cumulative effect of adoption
of ASU 2017-11 resulted as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: justify"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>For the three months </b></font><br />
<font style="font-size: 10pt"><b>ended March 31, 2018</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>For the year </b></font><br />
<font style="font-size: 10pt"><b>ended December 31, 2018</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="text-align: justify"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="text-align: justify"> </td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 44%; text-align: justify"><font style="font-size: 10pt">Derivative warrant liability</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 25%; text-align: right"><font style="font-size: 10pt">(15</font></td>
<td style="width: 1%"><font style="font-size: 10pt">)</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 25%; text-align: right"><font style="font-size: 10pt">(8</font></td>
<td style="width: 1%"><font style="font-size: 10pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.5pt; text-align: justify"><font style="font-size: 10pt">Additional paid-in capital</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">28</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">28</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1.5pt; text-align: justify"><font style="font-size: 10pt">Accumulated deficit</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">13</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">20</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">Refer to Note 6 for further information
regarding the outstanding warrants as of March 31, 2019.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><b>Recent Accounting Standards:</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">In June 2016, the FASB issued ASU
2016-13 “Financial Instruments – Credit Losses” to improve information on credit losses for financial assets
and net investment in leases that are not accounted for at fair value through net income. The ASU replaces the current incurred
loss impairment methodology with a methodology that reflects expected credit losses. This ASU is effective for the Company in the
first quarter of 2020, with early adoption permitted. The Company does not expect that this standard will have a material effect
on the Company’s consolidated financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">In August 2018, the FASB issued
ASU 2018-13, “Changes to Disclosure Requirements for Fair Value Measurements”, which will improve the effectiveness
of disclosure requirements for recurring and nonrecurring fair value measurements. The standard removes, modifies, and adds certain
disclosure requirements, and is effective for the Company beginning on January 1, 2020. The Company does not expect that this
standard will have a material effect on the Company’s consolidated financial statements.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 5 - COMMITMENTS AND CONTINGENCIES</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><b> </b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><b>Government Grants:</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">Microbot Israel obtained
from the Israeli Innovation Authority (“IIA”) grants for participation in research and development for the years 2013
through March 31, 2019 in the total amount of approximately $1,524 and, in return, Microbot Israel is obligated to pay
royalties amounting to 3%-3.5% of its future sales up to the amount of the grant. The grant is linked to the exchange rate of the
dollar to the New Israeli Shekel and bears interest of Libor per annum.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">The repayment of the grants
is contingent upon the successful completion of the Company’s research and development programs and generating sales. The
Company has no obligation to repay these grants, if the project fails, is unsuccessful or aborted or if no sales are generated.
The financial risk is assumed completely by the Government of Israel. The grants are received from the Government on a project-by-project
basis.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">Microbot Israel signed an
agreement with the Technion Research and Development Foundation (“TRDF”) in June 2012 by which TRDF transferred to
Microbot Israel a global, exclusive, royalty-bearing license. As partial consideration for the license, Microbot Israel shall pay
TRDF royalties on net sales (between 1.5%-3%) and on sublicense income as detailed in the agreement.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">   </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><b>Contract Research Agreements</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><u>Agreement with Washington
University</u></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">On January 27, 2017, the
Company entered into a Contract Research Agreement (the “Research Agreement”) with The Washington University (“Washington
U.”), pursuant to which the parties are collaborating to determine the effectiveness of the Company’s self-cleaning
shunt.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><font style="background-color: white">The
study in Washington U. includes several phases. The first phase (initial research) was completed. An agreement on the second phase
was entered into in September 2018 with total expected costs of approximately $248.1. </font>Pursuant to the Research Agreement,
all rights, title and interest in the data, information and results obtained or arrived at by Washington U. in the performance
of its services under the Research Agreement, as well as any patentable inventions obtained or arrived at in the performance of
such services, will be jointly owned by the Company and Washington U., and each will have full right to practice and grant licenses
in joint inventions. Additionally, Washington U. granted to the Company: (a) a non-exclusive, worldwide, royalty-free, fully paid-up,
perpetual and irrevocable license to use and practice patentable inventions (other than joint inventions and improvements to Washington
U.’s animal models) obtained or arrived at by Washington U. in the provision of its services under the Research Agreement
(“University Inventions”) with respect to the self-cleaning shunt; and (b) an exclusive option to obtain an exclusive
worldwide license in University Inventions, on terms to be negotiated between the parties.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><u>Agreement with Wayne State
University</u></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">On September 12, 2016, the
Company entered into a research agreement (the “WSU Agreement”) with Wayne State University (“WSU.”), pursuant
to which the parties are collaborating to determine the efficacy of the Company’s self-cleaning shunt.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><font style="background-color: white">The
study in WSU includes several phases. The first phase (initial research) was completed. An agreement on the second phase was entered
into in April 2018 with total expected costs of approximately $130. </font>Pursuant to the WSU Agreement, WSU shall own all
data generated by the research and the Company shall have unrestricted free right to use and disclose all the results, information
and material generated from the WSU Agreement.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">Rights to inventions, improvements
or discoveries, whether or not patentable or copyrightable made solely by the employees of the Company in the course of performance
of the workplan agreed upon between the Company and WSU shall belong to the Company.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">Rights to inventions, improvements
or discoveries, whether or not patentable or copyrightable made solely by the employees of WSU in the course of performance of
the workplan agreed upon between the Company and WSU shall belong to WSU. WSU shall grant the Company with a worldwide non-exclusive,
perpetual, royalty-free license to university inventions to use and practice patentable inventions.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">Rights to inventions, improvements
or discoveries, whether or not patentable or copyrightable made by at least one employee of WSU and one employee of the Company
in the course of performance of the workplan agreed upon between the Company and WSU shall belong to WSU and the Company jointly.
Both the Company and WSU will be free to use and license to others the rights of joint inventions for any and all purposes without
consultation or obligation to the other party. WSU granted the Company a first option to negotiate an exclusive license to use
and practice WSU inventions and its interest in the joint inventions as detailed in the WSU Agreement.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">  </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; background-color: white"><b>Sabby
Litigation</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">The Company is named as the
defendant in a lawsuit (the “Matter”), captioned Sabby Healthcare Master Fund Ltd. and Sabby Volatility Warrant Master
Fund Ltd., Plaintiffs, against Microbot Medical Inc., Defendant, in the Supreme Court of the State of New York, County of New York
(the “Court”) (Index No. 654581/2017). The complaint alleged, among other things, that the Company breached multiple
representations and warranties contained in the Securities Purchase Agreement (the “SPA”) related to the Company’s
June 8, 2017 equity financing (the “Financing”) of which the Plaintiffs participated. The complaint sought rescission
of the SPA and return of the Plaintiffs’ $3,375 purchase price with respect to the Financing, and damages in an amount to
be determined at trial, but alleged to exceed $1,000. A trial was held on February 11, 2019. On February 28, 2019, the Court issued
a Decision and Order After Trial to rescind the SPA. The rescission would require the Plaintiffs to transfer back to the Company
the shares they purchased in the Financing, and for the Company to return to Plaintiffs their purchase price of $3,375. On March
27, 2019, the Company filed a Notice of Appeal and an Undertaking to stay execution of the judgment pending appeal.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">In accordance with New York
law, in order to move forward with the appeal and to stay the lower court’s judgment, the Company placed approximately $4,200
(including estimated interest and fees) in escrow with a surety bonding agent on March 26, 2019 in accordance with provisions
set forth in the judgment from the Matter, which represents the judgment amount, plus interest and the fee to the bonding company. Accordingly,
the Company recorded additional expenses of $25 with respect to interest from the judgement date and up until March 31, 2019.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; background-color: white"><b>Tolling
and Standstill Agreement</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; background-color: white"><b> </b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; background-color: white">On
April 4, 2018, Microbot entered into a Tolling and Standstill Agreement with Empery Asset Master, Ltd., Empery Tax Efficient LP,
Empery Tax Efficient II LP, and Hudson Bay Master Fund, Ltd., the other investors in the Financing (“Other Investors”).
Pursuant to the Tolling Agreement, among other things, (a) the Other Investors agree not to bring any claims against Microbot arising
out of the Matter, (b) the parties agree that if Microbot reaches an agreement to settle the claims asserted by the Sabby Funds
in the above suit, Microbot will provide the same settlement terms on a pro rata basis to the Other Investors, and the Other Investors
will either accept same or waive all of their claims and (c) the parties froze in time the rights and privileges of each party
as of the effective date of the Tolling Agreement, until (i) an agreement to settle the suit is executed; (ii) a judgment in the
suit is obtained; or (iii) the suit is otherwise dismissed with prejudice.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; background-color: white"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; background-color: white">No
provision has been recorded with respect to the Tolling Agreement since no settlement was reached with respect to the Matter.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; background-color: white"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; background-color: white"><b>Agreement
with CardioSert Ltd.</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; background-color: white"><b> </b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">On January 4, 2018, Microbot
Israel entered into an agreement with CardioSert Ltd. (“CardioSert”) to acquire certain patent-protected technology
owned by CardioSert (the “Technology”).</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">Pursuant to the Agreement,
Microbot Israel made an initial payment of $50 to CardioSert and had 90-days to elect to complete the acquisition. At the end of
the 90-day period, at Microbot Israel’s sole option, CardioSert shall assign and transfer the Technology to Microbot Israel
and Microbot Israel shall pay to CardioSert additional amounts and securities as determined in the agreement.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">On April 10, 2018, Microbot
delivered an Exercise Notice to CardioSert Ltd., notifying it that Microbot elected to exercise the option to acquire the Technology
owned by CardioSert and therefore made an additional cash payment of $250 and 6,738 shares of common stock (100,000 shares of common
stock before the Reverse Split) estimated of $74.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">   </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">The agreement may be terminated
by Microbot Israel at any time for convenience upon 90-days’ notice. The agreement may be terminated by CardioSert in case
the first commercial sale does not occur by the third anniversary of the date of signing of the agreement except if Microbot Israel
has invested more than $2,000 in certain development stages, or the first commercial sale does not occur within 50 months. In each
of the above termination events, or in case of breach by Microbot Israel, CardioSert shall have the right to buy back the Technology
from Microbot Israel for $1.00, upon 60 days prior written notice, but only 1 year after such termination. Additionally, the agreement
may be terminated by either party upon breach of the other (subject to cure).</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; background-color: white"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; background-color: white">CardioSert
agreed to assist Microbot Israel in the development of the Technology for a minimum of one year, for a monthly consultation fee
of NIS 40,000 covering up to 60 consulting hours per month.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; background-color: white"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; background-color: white"><b>Yehezkel
(Hezi) Himelfarb Resignation</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; background-color: white"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; background-color: white">Effective
as of February 1, 2019, Yehezkel (Hezi) Himelfarb, a member of the Board of Directors of the Company, and the Company’s
Chief Operating Officer, resigned from all positions with the Company. Effective as of February 1, 2019, Mr. Himelfarb also resigned
from his position as General Manager of Microbot Medical Ltd., a wholly-owned subsidiary of the Company. As a result of Mr. Himelfarb
providing certain post-resignation transition services to the Company and the terms of his employment agreement, Mr. Himelfarb
will continue to be paid his full salary and certain benefits.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 6 - SHARE CAPITAL</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">Each share of the Series
A Convertible Preferred Stock, par value $0.01 per share, issued by the Company in December 2016 and in May 2017 (the “Series
A Convertible Preferred Stock”), was convertible, at the option of the holder, into 67 shares of common stock (1,000 shares
of common stock before the Reverse Split), and conferred upon the holder dividend rights on an as converted basis. On December
12, 2018, the Company filed a Certificate of Elimination with respect to its Series A Convertible Preferred Stock and as of March
31, 2019, the Company did not have any Series A Convertible Preferred Stock issued or outstanding.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">See Note 5 –
“Commitment s and Contingencies-Agreement with CardioSert Ltd.,” with respect to the issuance of 6,738 shares of the
Company’s common stock</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><b>Share Capital Developments</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">The authorized capital stock
consists of 221,000,000 shares of capital stock, which consists of 220,000,000 shares of common par value $0.01 (the “Preferred
Stock”). As of March 31, 2019, the Company had 4,307,666 shares of common stock issued and outstanding.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">On December 27, 2016, the
Company exchanged 655,962 shares (9,735,925 shares before the Reverse Split) or rights to acquire shares of its common stock, for
9,736 shares of a newly designated class of Series A Convertible Preferred Stock.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">On January 5, 2017, the Company
entered into a definitive securities purchase agreement with an institutional investor (the “Purchaser”) for the purchase
and sale of an aggregate of 47,163 shares (700,000 shares before the Reverse Split) of common stock in a registered direct offering
for $74.00 per share ($5.00 per share before the Reverse Split) or gross proceeds of $3,500. The Company paid the placement agent
a fee of $210 plus reimbursement of out-of-pocket expenses, as well as other offering-related expenses.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">On June 5, 2017, the Company
entered into a Securities Purchase Agreement with certain institutional investors (the “Investors”) providing for the
issuance and sale by the Company to the Investors of an aggregate of 252,652 shares (3,750,000 shares before the Reverse Split)
of common stock, at a purchase price per share of $40.50 ($2.70 before the Reverse Split). The gross proceeds to the Company was
$10,125 before deducting placement agent fees and offering expenses of $922. See Note 4 – “Commitments and Contingencies-Litigation”
with respect to certain rescission rights awarded to two affiliated Investors.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> <b> </b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">On January 14, 2019, the
Company entered into a Securities Purchase Agreement with an accredited institutional investor providing for the issuance and sale
by the Company to the purchaser of an aggregate of (i) 330,000 shares of the Company’s common stock, at a purchase price
per share of $6.50 and (ii) 125,323 pre-funded warrants each to purchase one share of common stock, at a purchase price per Pre-Funded
Warrant of $6.49. The gross proceeds to the Company were approximately $3.0 million. The closing of the offering took place on
January 15, 2019. The pre-funded warrants were exercised in full in January 2019.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">On January 15, 2019, the
Company entered into a Securities Purchase Agreement with certain accredited institutional investors providing for the issuance
and sale by the Company to the purchasers of an aggregate of 590,000 shares of the Company’s common stock, at a purchase
price per share of $10.00. The gross proceeds to the Company were approximately $5.9 million. The closing of the offering took
place on January 17, 2019.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">On January 23, 2019 the Company
entered into a Securities Purchase Agreement with accredited institutional investors providing for the issuance and sale by the
Company to the purchasers of an aggregate of 250,000 shares of the Company’s common stock, at a purchase price per share
of $9.875. The gross proceeds to the Company were approximately $2.47 million. The closing of the offering took place on January
25, 2019.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><b>Employee Stock Option
Grant</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">In September 2014, Microbot
Israel’s board of directors approved a grant of 26,906 stock options (403,592 stock options before the Reverse Split) (77,846
stock options as retroactively adjusted to reflect the Merger) to its CEO, through MEDX Venture Group LLC. Each option was exercisable
into an ordinary share, at an exercise price of $12.00 ($0.80 before the Reverse Split) ($4.20 as retroactively adjusted to reflect
the Merger). The stock options were fully vested at the date of grant.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">On May 2, 2016, Microbot
Israel’s board of directors approved a grant of 33,333 stock options (500,000 stock options before the Reverse Split) (96,482
as retroactively adjusted to reflect the Merger) to certain of its employees and directors. Each stock option was exercisable into
an ordinary share, NIS 0.001 par value, of Microbot Israel, at an exercise price equal to the ordinary share’s par value.
The stock options were fully vested at the date of grant. As the exercise price of the stock options is nominal, Microbot Israel
estimated the fair value of the options as equal to the Company’s share price of $20.25 ($1.35 before the Reverse Split)
($7.05 as retroactively adjusted to reflect the Merger) at the date of grant.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">On September 12, 2017, the
Company adopted the 2017 Equity Incentive Plan (the “Plan”), which Plan authorizes, among other things, the grant of
options to purchase shares of common stock to directors, officers and employees of the Company and to other individuals.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">On September 14, 2017, the
board of directors approved a grant of stock options to purchase an aggregate of up to 120,848 shares (1,812,712 shares before
the Reverse Split) of common stock to Mr. Harel Gadot, the Company’s Chairman of the Board, President and CEO, at an exercise
price per share of $15.75 ($1.05 before the Reverse Split). The stock options vest over a period of 3-5 years as outlined in the
option agreements. As a result, the Company recognized compensation expenses for the three months ended March 31 2019 and 2018
in total amount of $120 and $219 respectively included in general and administrative expenses.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">   </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">On September 14, 2017, the
board of directors approved a grant of stock options to purchase an aggregate of up to 72,508 shares (1,087,627 shares before the
Reverse Split) of common stock to Mr. Hezi Himelfarb, the Company’s General Manager, COO and a member of the Board, at an
exercise price per share of $19.35 ($1.29 before the Reverse Split). The grant was subject to the Israeli Tax Authority’s
approval of the plan which occurred on October 14, 2017. In accordance with the option agreement, the options vest for period of
3 years starting from the grand date. As a result, the Company recognized compensation expenses for the three months ended March
31 2019 and 2018 in total amount of $108 and $108 respectively included in general and administrative expenses.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">On December 6, 2017, the
board of directors approved a grant of 12,698 stock options (190,475 stock options before the Reverse Split) to purchase an aggregate
of up to 12,698 shares of common stock to certain of its directors, at an exercise price per share of $15.75 ($1.05 before the
Reverse Split). The stock options vest over a period of 3 years as outlined in the option agreements. As a result, the Company
recognized compensation expenses for the three months ended March 31 2019 and 2018 in total amount of $13 and $15 respectively
included in general and administrative expenses.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">On December 28, 2017, the
board of directors approved a grant of 66,036 stock options (990,543 stock options before the Reverse Split) to purchase an aggregate
of up to 66,036 shares of common stock to certain of its employees, at an exercise price per share of $15.3 ($1.02 before the Reverse
Split). The stock options vest over a period of 3 years as outlined in the option agreements. As a result, the Company recognized
compensation expenses for the three months ended March 31 2019 and 2018 in total amount of $39 and $71 respectively included in
general and administrative expenses and research and development expenses.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">On November 2017, certain
employees and consultant exercised 31,453 options (471,794 options before the Reverse Split) to 31,453 ordinary shares at exercise
price of 0.001 NIS.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">In February 2018, an employee
exercised options to purchase 2,487 shares (37,300 shares before the Reverse Split) of common stock at an exercise price of $0.001
per share.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">On August 13, 2018, the board
of directors approved a grant of stock options to purchase an aggregate of up to 10,000 shares (150,000 shares before the Reverse
Split) of common stock to Mr. Simon Sharon, the company’s CTO, at an exercise price per share of $9 ($0.6 before the Reverse
Split). The grant was subject to the Israeli Tax Authority’s approval of the plan which occurred on October 14, 2017. In
accordance with the option agreement, the options vest for period of 3 years starting from the grand date. As a result, the Company
recognized compensation expenses for the three months ended March 31 2019 and 2018 in total amount of $11 and $0 respectively included
in research and development expenses.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">On January 21, 2019, the
board of directors approved a grant of 11,630 stock options to purchase an aggregate of up to 11,630 shares of common stock to
certain of its directors, at an exercise price per share of $8.60. The stock options vest over a period of 3 years as outlined
in the option agreements. As a result, the Company recognized compensation expenses in the amount of $24 included in general and
administrative expenses for the three months ended March 31, 2019.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">  </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">A summary of the Company’s
option activity related to options to employees and directors, and related information is as follows:</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center; line-height: 107%"> </td>
<td style="text-align: center; line-height: 107%"> </td>
<td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>For the three months ended March 31, 2019</b></font></td>
<td style="text-align: center; line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center; line-height: 107%"> </td>
<td style="text-align: center; line-height: 107%"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Number of stock options</b></font></td>
<td style="text-align: center; line-height: 107%"> </td>
<td style="text-align: center; line-height: 107%"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted average exercise price</b></font></td>
<td style="text-align: center; line-height: 107%"> </td>
<td style="text-align: center; line-height: 107%"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Aggregate intrinsic value</b></font></td>
<td style="text-align: center; line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify; line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"> </td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 49%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Outstanding at beginning of period</font></td>
<td style="width: 2%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 14%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">398,308</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 2%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 13%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">11.50</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 13%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">108</font></td>
<td style="width: 1%; line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Granted</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">11,630</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">8.6</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Exercised</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Cancelled</font></td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Outstanding at end of period</font></td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 2.25pt double; line-height: 107%"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">409,938</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">11.38</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">761</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Vested at end of period</font></td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 2.25pt double; line-height: 107%"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">265,989</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">8.95</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">761</font></td>
<td style="line-height: 107%"> </td></tr>
</table>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center; line-height: 107%"> </td>
<td style="text-align: center; line-height: 107%"> </td>
<td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>For the year ended December 31, 2018</b></font></td>
<td style="text-align: center; line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center; line-height: 107%"> </td>
<td style="text-align: center; line-height: 107%"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Number of stock options</b></font></td>
<td style="text-align: center; line-height: 107%"> </td>
<td style="text-align: center; line-height: 107%"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted average exercise price</b></font></td>
<td style="text-align: center; line-height: 107%"> </td>
<td style="text-align: center; line-height: 107%"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Aggregate intrinsic value</b></font></td>
<td style="text-align: center; line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 49%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Outstanding at beginning of period</font></td>
<td style="width: 2%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 14%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">414,965</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 2%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 13%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">11.70</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 13%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">1,859</font></td>
<td style="width: 1%; line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Granted</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">10,000</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">9</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Exercised</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">(2,487</font></td>
<td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Cancelled</font></td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">(24,170</font></td>
<td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">-</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Outstanding at end of period</font></td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 2.25pt double; line-height: 107%"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">398,308</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">11.50</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">108</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: justify; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Vested at end of period</font></td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 2.25pt double; line-height: 107%"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">245,010</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">8.45</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">108</font></td>
<td style="line-height: 107%"> </td></tr>
</table>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 1pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">The aggregate intrinsic value
in the table above represents the total intrinsic value (the difference between the fair market value of the common stock and the
exercise price, multiplied by the number of in-the-money stock options on those dates that would have been received by the stock
option holders had all stock option holders exercised their stock options on those dates.) as of March 31, 2019 and December 31,
2018 respectively.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">The stock options outstanding
as of March 31, 2019 and December 31, 2018, separated by exercise prices, are as follows:</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif"><b>Exercise price </b>$</font></td>
<td style="text-align: center; line-height: 107%"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif"><b>Stock</b></font><br />
<font style="font: 9pt Times New Roman, Times, Serif"><b>options</b></font><br />
<font style="font: 9pt Times New Roman, Times, Serif"><b>outstanding</b></font><br />
<font style="font: 9pt Times New Roman, Times, Serif"><b>as of March</b></font><br />
<font style="font: 9pt Times New Roman, Times, Serif"><b>31, 2019</b></font></td>
<td style="text-align: center; line-height: 107%"> </td>
<td style="text-align: center; line-height: 107%"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif"><b>Stock</b></font><br />
<font style="font: 9pt Times New Roman, Times, Serif"><b>options</b></font><br />
<font style="font: 9pt Times New Roman, Times, Serif"><b>outstanding</b></font><br />
<font style="font: 9pt Times New Roman, Times, Serif"><b>as of</b></font><br />
<font style="font: 9pt Times New Roman, Times, Serif"><b>December 31, 2018</b></font></td>
<td style="text-align: center; line-height: 107%"> </td>
<td style="text-align: center; line-height: 107%"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif"><b>Weighted</b></font><br />
<font style="font: 9pt Times New Roman, Times, Serif"><b>average</b></font><br />
<font style="font: 9pt Times New Roman, Times, Serif"><b>remaining</b></font><br />
<font style="font: 9pt Times New Roman, Times, Serif"><b>contractual</b></font><br />
<font style="font: 9pt Times New Roman, Times, Serif"><b>life – years</b></font><br />
<font style="font: 9pt Times New Roman, Times, Serif"><b>as of March</b></font><br />
<font style="font: 9pt Times New Roman, Times, Serif"><b>31, 2019</b></font></td>
<td style="text-align: center; line-height: 107%"> </td>
<td style="text-align: center; line-height: 107%"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif"><b>Weighted</b></font><br />
<font style="font: 9pt Times New Roman, Times, Serif"><b>average</b></font><br />
<font style="font: 9pt Times New Roman, Times, Serif"><b>remaining</b></font><br />
<font style="font: 9pt Times New Roman, Times, Serif"><b>contractual</b></font><br />
<font style="font: 9pt Times New Roman, Times, Serif"><b>life – years</b></font><br />
<font style="font: 9pt Times New Roman, Times, Serif"><b>as of</b></font><br />
<font style="font: 9pt Times New Roman, Times, Serif"><b>December</b></font><br />
<font style="font: 9pt Times New Roman, Times, Serif"><b>31, 2018</b></font></td>
<td style="text-align: center; line-height: 107%"> </td>
<td style="text-align: center; line-height: 107%"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif"><b>Stock</b></font><br />
<font style="font: 9pt Times New Roman, Times, Serif"><b>options</b></font><br />
<font style="font: 9pt Times New Roman, Times, Serif"><b>exercisable</b></font><br />
<font style="font: 9pt Times New Roman, Times, Serif"><b>as of March</b></font><br />
<font style="font: 9pt Times New Roman, Times, Serif"><b>31, 2019</b></font></td>
<td style="text-align: center; line-height: 107%"> </td>
<td style="text-align: center; line-height: 107%"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif"><b>Stock</b></font><br />
<font style="font: 9pt Times New Roman, Times, Serif"><b>options</b></font><br />
<font style="font: 9pt Times New Roman, Times, Serif"><b>exercisable</b></font><br />
<font style="font: 9pt Times New Roman, Times, Serif"><b>as of</b></font><br />
<font style="font: 9pt Times New Roman, Times, Serif"><b>December</b></font><br />
<font style="font: 9pt Times New Roman, Times, Serif"><b>31, 2018</b></font></td>
<td style="text-align: center; line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: right; line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="text-align: center; line-height: 107%"> </td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 23%; text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">4.20</font></td>
<td style="width: 2%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 10%; text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">77,846</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 2%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 10%; text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">77,846</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 2%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 9%; text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">6.75</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 9%; text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">7.00</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 9%; text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">77,846</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 9%; text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">77,846</font></td>
<td style="width: 1%; line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">15.75</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">133,546</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">133,546</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">8.50</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">8.75</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">61,387</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">53,752</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">8.6</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">11,630</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">-</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">9.75</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">-</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">2,905</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">-</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">9.00</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">10,000</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">10,000</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">9.50</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">9.75</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">2,500</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">-</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">19.35</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">72,508</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">72,508</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">8.50</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">8.75</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">34,442</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">29,003</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">15.30</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">41,866</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">41,866</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">8.75</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">9.00</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">24,367</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">21,867</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">(*)</font></td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">62,542</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">62,542</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">7.50</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">7.75</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">62,542</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">62,542</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: right; line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 2.25pt double; line-height: 107%"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">409,938</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 2.25pt double; line-height: 107%"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">398,308</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 2.25pt double; line-height: 107%"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">6.75</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 2.25pt double; line-height: 107%"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">7.00</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 2.25pt double; line-height: 107%"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">265,989</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="border-bottom: black 2.25pt double; line-height: 107%"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">245,010</font></td>
<td style="line-height: 107%"> </td></tr>
</table>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 1pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">(*)       Less
than $0.01.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">Compensation expense recorded
by the Company in respect of its stock-based employee compensation awards in accordance with ASC 718-10 for the three months ended
March 31, 2019 and 2018 was $ 315 and $412, respectively.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">The fair value of the stock
options is estimated at the date of grant using Black-Scholes options pricing model with the following weighted-average assumptions:</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center; line-height: 107%"> </td>
<td style="text-align: center; line-height: 107%"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid">
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Three months ended</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>March 31, 2019</b></p></td>
<td style="text-align: center; line-height: 107%"> </td>
<td style="text-align: center; line-height: 107%"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid">
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Year ended</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31, 2018</b></p></td>
<td style="text-align: center; line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 48%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Expected volatility</font></td>
<td style="width: 2%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 22%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">144.4</font></td>
<td style="width: 1%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td style="width: 2%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 22%; text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">99.4</font></td>
<td style="width: 1%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Risk-free interest</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">1.64</font></td>
<td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">2.39</font></td>
<td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Dividend yield</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">0</font></td>
<td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">0</font></td>
<td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">Expected life of up to (years)</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">6.37</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">5.24</font></td>
<td style="line-height: 107%"> </td></tr>
</table>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><b>Shares issued to service
provider</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">On May 24, 2018 the Company
issued an aggregate of 6,738 nonrefundable shares (100,000 nonrefundable shares before the Reverse Split) of common stock to CardioSert
as part of certain patent acquisition. The Company recorded expenses of approximately $74 with respect to the issuance of these
shares included in research and development expenses.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><b>Warrants</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><b> </b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">The remaining outstanding
warrants and terms as of March 31, 2019 and December 31, 2018 are as follows:</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif"><b>Issuance date</b></font></td>
<td style="text-align: center; line-height: 107%"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif"><b>Outstanding </b></font><br />
<font style="font: 9pt Times New Roman, Times, Serif"><b>as of</b></font><br />
<font style="font: 9pt Times New Roman, Times, Serif"><b>December 31, 2018</b></font></td>
<td style="text-align: center; line-height: 107%"> </td>
<td style="text-align: center; line-height: 107%"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif"><b>Outstanding </b></font><br />
<font style="font: 9pt Times New Roman, Times, Serif"><b>as of</b></font><br />
<font style="font: 9pt Times New Roman, Times, Serif"><b>March 31, 2019</b></font></td>
<td style="text-align: center; line-height: 107%"> </td>
<td style="text-align: center; line-height: 107%"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif"><b>Exercise</b></font><br />
<font style="font: 9pt Times New Roman, Times, Serif"><b>Price</b></font></td>
<td style="text-align: center; line-height: 107%"> </td>
<td style="text-align: center; line-height: 107%"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif"><b>Exercisable </b></font><br />
<font style="font: 9pt Times New Roman, Times, Serif"><b>as of</b></font><br />
<font style="font: 9pt Times New Roman, Times, Serif"><b>March 31, 2019</b></font></td>
<td style="text-align: center; line-height: 107%"> </td>
<td style="text-align: center; line-height: 107%"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif"><b>Exercisable</b></font><br />
<font style="font: 9pt Times New Roman, Times, Serif"><b>Through</b></font></td>
<td style="text-align: center; line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom">
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td colspan="2" style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 21%; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">Series A (2013)</font></td>
<td style="width: 2%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 16%; text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">181</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 15%; text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">181</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 8%; text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">2,754</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 13%; text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">181</font></td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 1%; line-height: 107%"> </td>
<td style="width: 11%; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">April 2023</font></td>
<td style="width: 1%; line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">Series A (2015)</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">676</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">676</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">1,377</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">676</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">April 2020</font></td>
<td style="line-height: 107%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">Series B (2016) (a)</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">2,741</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">2,741</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">40.5</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="text-align: right; line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">2,741</font></td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"> </td>
<td style="line-height: 107%"><font style="font: 9pt Times New Roman, Times, Serif">March 2022</font></td>
<td style="line-height: 107%"> </td></tr>
</table>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 42.55pt"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">These warrants contain a
full ratchet anti-dilution price protection so that, in most situations upon the issuance of any common stock or securities convertible
into common stock at a price below the then-existing exercise price of the outstanding warrants, the warrant exercise price will
be reset to the lower common stock sales price.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">Prior to January 1, 2019,
warrants with non-standard anti-dilution provisions (referred to as down round protection) were classified as liabilities and re-measured
each reporting period. On January 1, 2019, the Company adopted the provisions of ASU 2017-11, which indicates that a down
round feature no longer precludes equity classification when assessing whether an investment is indexed to an entity’s own
stock. The Company used a full retrospective approach to adoption, and restated its financial statements as of the earliest period
presented. (See note 2)</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">   </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><b>Repurchase of Shares</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">The Company had intended
to enter into a definitive agreement with up to three Israeli shareholders, some of whom are directors of the Company, that were
former shareholders of Microbot Israel, pursuant to which the Company would repurchase, at a discount on the fair value of the
share at the date of repurchase, up to $500 of common stock held by them, in the aggregate, if and to the extent such shareholders
are unable to sell enough of their shares to cover certain of their Israeli tax liabilities resulting from the Merger. Such repurchase(s),
if any, would occur only after the two-year anniversary of the Merger. The transaction would have been subject to negotiating final
terms and entering into definitive agreements with such shareholders.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">The Company evaluated whether
an embedded derivative that requires bifurcation exists within such shares that may be subject to repurchase. The Company concluded
the fair value of such derivative instrument would be nominal and, in any case, would represent an asset to the Company as (a)
the settlement requires acquiring the shares at a discount on the fair market value of the share at the time of re purchase and
in no circumstances the acquisition price will be higher than approximately one dollar per share (representing 25% discount on
the fair market value of the share at the merger closing date) and (b) it is assumed that the selling shareholders would use such
right as last resort as such repurchase at a discount on the fair market value of such shares results in a loss to be incurred
by the selling shareholders.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">In accordance with ASC 480-10-S99-3A
(formerly EITF D-98), the Company classified the maximum amount it may be required to pay in the event the repurchase right is
exercised ($500) as temporary equity.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">As of December 31, 2018,
the Company determined that no obligation remained to enter into any such definitive agreement as the two-year anniversary of
the Merger was in November 2018 and therefore there was no liability for the Company to repurchase any shares from the three Israeli
shareholders.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 7 - SUBSEQUENT EVENTS</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; background-color: white"><b>Alliance
Litigation</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; background-color: white"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; background-color: white">On
April 28, 2019, the Company brought an action against Alliance Investment Management, Ltd. (“Alliance”) in the Southern
District of New York under Section 16(b) of the Securities Exchange Act of 1934, 15 U.S.C. 78p(b), to compel Alliance to disgorge
short swing profits realized by Alliance from purchases and sales of the Company’s securities within a period of less than
six months, while Alliance was a beneficial owner of more than 10% of the Company’s outstanding common stock and a statutory
“insider” for purposes of the statute. The case is Microbot Medical Inc. v. Alliance Investment Management, Ltd.,
No. 19-cv-3782-GBD (SDNY). The amount of profits we are seeking to divest is estimated to be approximately $480,000.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.45pt"><b>Fair value
of financial instruments:</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.45pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.45pt">The carrying
values of cash and cash equivalents, other receivable and other accounts payable and accrued liabilities approximate their fair
value due to the short-term maturity of these instruments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.45pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.45pt">The Company
measures the fair value of certain of its financial instruments (marketable debt security) on a recurring basis.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.45pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.45pt">A fair value
hierarchy is used to rank the quality and reliability of the information used to determine fair values. Financial assets and liabilities
carried at fair value will be classified and disclosed in one of the following three categories:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.45pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.45pt"><b>Level 1
</b>- Quoted prices (unadjusted) in active markets for identical assets and liabilities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.45pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.45pt"><b>Level 2</b>
- Inputs other than Level 1 that are observable, either directly or indirectly, such as unadjusted quoted prices for similar assets
and liabilities, unadjusted quoted prices in the markets that are not active, or other inputs that are observable or can be corroborated
by observable market data for substantially the full term of the assets or liabilities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.45pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.45pt"><b>Level
3</b> - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the
assets or liabilities.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><b>Recent Accounting Standards:</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">In June 2016, the FASB issued ASU
2016-13 “Financial Instruments – Credit Losses” to improve information on credit losses for financial assets
and net investment in leases that are not accounted for at fair value through net income. The ASU replaces the current incurred
loss impairment methodology with a methodology that reflects expected credit losses. This ASU is effective for the Company in the
first quarter of 2020, with early adoption permitted. The Company does not expect that this standard will have a material effect
on the Company’s consolidated financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">In August 2018, the FASB issued
ASU 2018-13, “Changes to Disclosure Requirements for Fair Value Measurements”, which will improve the effectiveness
of disclosure requirements for recurring and nonrecurring fair value measurements. The standard removes, modifies, and adds certain
disclosure requirements, and is effective for the Company beginning on January 1, 2020. The Company does not expect that this
standard will have a material effect on the Company’s consolidated financial statements.</p>
2496000
562000
312000
250000
8000
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>NOTE 4 - LEASES</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">On January 1, 2019, the Company
adopted ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”) using the modified retrospective approach for all lease arrangements
at the beginning period of adoption. Leases existing for the reporting period beginning January 1, 2019 are presented under ASU
2016-02. The Company leases office space and vehicles under operating leases. At March 31, 2019, the Company’s ROU assets
and lease liabilities for operating leases totaled $562 and $562, respectively, which $312 were classified as current liabilities.
The impact of adopting the new lease standard was not material to the Company’s condensed consolidated statement of operations
for the periods presented.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">Supplemental cash flow information
related to operating leases was as follows (unaudited):</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt; font: 12pt Times New Roman, Times, Serif; text-align: center"> </td>
<td style="padding-bottom: 1.5pt; font: 12pt Times New Roman, Times, Serif; text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Three Months<br />
Ended</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>March 31, 2019</b></p></td>
<td style="padding-bottom: 1.5pt; font: 12pt Times New Roman, Times, Serif; text-align: center"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 77%; padding-bottom: 2.5pt; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt">Cash payments for operating leases</font></td>
<td style="width: 1%; padding-bottom: 2.5pt; font: 12pt Times New Roman, Times, Serif"> </td>
<td style="width: 1%; border-bottom: black 2.25pt double; font: 12pt Times New Roman, Times, Serif"><font style="font-size: 10pt">$</font></td>
<td style="width: 20%; border-bottom: black 2.25pt double; font: 12pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">78</font></td>
<td style="width: 1%; padding-bottom: 2.5pt; font: 12pt Times New Roman, Times, Serif"> </td></tr>
<tr>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify; text-indent: -21.25pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">As of March 31, 2019, the Company’s
operating leases had a weighted average remaining lease term of 2 years and a weighted average discount rate of 7%. Future lease
payments under operating leases as of March 31, 2019 were as follows (in millions, unaudited):</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Operating Leases</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 77%"><font style="font-size: 10pt">Remainder of 2019</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 20%; text-align: right"><font style="font-size: 10pt">234</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt">2020</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">284</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">2021</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">77</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt">Total future lease payments</font></td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">595</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Less imputed interest</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(33</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Total lease liability balance</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">562</font></td>
<td style="padding-bottom: 2.5pt"></td></tr>
</table>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><b>Unaudited Interim Financial Statements</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">The accompanying unaudited interim
condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and
with the instructions to Form 10-Q and Article 10 of U.S. Securities and Exchange Commission (“SEC”) regulations. Accordingly,
they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management,
all adjustments considered necessary for a fair presentation have been included (consisting only of normal recurring adjustments
except as otherwise discussed).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">Operating results for the three-month
period ended March 31, 2019, are not necessarily indicative of the results that may be expected for the year ended December 31,
2019</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><b>Significant Accounting Policies</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">The significant accounting policies
followed in the preparation of these unaudited interim condensed consolidated financial statements are identical to those applied
in the preparation of the latest annual audited financial statements with the exception of the following:</p>
<p style="margin: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 53.55pt"></td><td style="width: 0.45pt"><b>Leases</b></td><td style="text-align: justify"></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.45pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.45pt">In February
2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02,
Leases (Topic 842). This ASU requires entities that lease assets to recognize on the balance sheet the assets and liabilities for
the rights and obligations created by leases with lease terms of more than 12 months. The Company adopted this ASU effective January
1, 2019 using the modified retrospective application, applying the new standard to leases in place as of the adoption date. Prior
periods have not been adjusted.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.45pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.45pt">Arrangements
that are determined to be leases at inception are recognized as long-term right-of-use assets (“ROU”) and lease liabilities
in the condensed consolidated balance sheet at lease commencement. Operating lease ROU assets and operating lease liabilities
are recognized based on the present value of the future fixed lease payments over the lease term at commencement date. As most
of the Company’s leases do not provide an implicit rate, the Company applies its incremental borrowing rate based on the
economic environment at commencement date in determining the present value of future payments. Lease terms may include options
to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating
leases or payments are recognized on a straight-line basis over the lease term.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><b>Warrants</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">Prior to January 1, 2019, warrants
with non-standard anti-dilution provisions (referred to as down round protection) were classified as liabilities and re-measured
each reporting period. On January 1, 2019, the Company adopted the provisions of Accounting Standards Update (“ASU”)
2017-11, which includes Part I “Accounting for Certain Financial Instruments with Down Round Features” and Part II
“Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and
Certain Mandatorily Redeemable Non-Controlling Interests with a Scope Exception”, which indicates that a down round feature
no longer precludes equity classification when assessing whether an investment is indexed to an entity’s own stock. The Company
used a full retrospective approach to adoption, and restated its financial statements as of the earliest period presented. As a
result of the adoption of 2017-11, the Company’s warrants were reclassified from liabilities to shareholders’ equity.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">The cumulative effect of adoption
of ASU 2017-11 resulted as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: justify"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>For the three months </b></font><br />
<font style="font-size: 10pt"><b>ended March 31, 2018</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>For the year </b></font><br />
<font style="font-size: 10pt"><b>ended December 31, 2018</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="text-align: justify"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="text-align: justify"> </td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 44%; text-align: justify"><font style="font-size: 10pt">Derivative warrant liability</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 25%; text-align: right"><font style="font-size: 10pt">(15</font></td>
<td style="width: 1%"><font style="font-size: 10pt">)</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 25%; text-align: right"><font style="font-size: 10pt">(8</font></td>
<td style="width: 1%"><font style="font-size: 10pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.5pt; text-align: justify"><font style="font-size: 10pt">Additional paid-in capital</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">28</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">28</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1.5pt; text-align: justify"><font style="font-size: 10pt">Accumulated deficit</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">13</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">20</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">Refer to Note 6 for further information
regarding the outstanding warrants as of March 31, 2019.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">The following table summarizes the
Company’s marketable debt securities as of March 31, 2019 and December 31, 2018.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td colspan="12" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>As of March 31, 2019</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Amortized </b></font><br />
<font style="font-size: 10pt"><b>Cost</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: center"> </td>
<td style="border-bottom: black 1.5pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Unrealized</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>gains</b></p></td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Realized </b></font><br />
<font style="font-size: 10pt"><b>gains</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Fair </b></font><br />
<font style="font-size: 10pt"><b>value</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 26%"><font style="font-size: 10pt">US Treasury Bond</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 16%; text-align: right"><font style="font-size: 10pt">2,496</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 18%; text-align: right"><font style="font-size: 10pt">(*)</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 15%; text-align: right"><font style="font-size: 10pt">(*) </font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 15%; text-align: right"><font style="font-size: 10pt">2,496</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt">Total short-term investments</font></td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">2,496</font></td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">(*)</font></td>
<td> </td>
<td><font style="font-size: 11pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">(*)</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 11pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">2,496</font></td>
<td> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63.8pt"><b> </b></p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="13" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>As of December 31, 2018</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: center"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Amortized Cost</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: center"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Unrealized gains</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: center"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Realized gains</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: center"> </td>
<td style="border-bottom: black 1.5pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Fair value</b></p></td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 44%"><font style="font-size: 10pt">Total short-term investments</font></td>
<td style="width: 2%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="width: 1%"> </td>
<td style="width: 2%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="width: 1%"> </td>
<td style="width: 2%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="width: 1%"> </td>
<td style="width: 2%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="width: 1%"></td></tr>
</table>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">Supplemental cash flow information
related to operating leases was as follows (unaudited):</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Three Months<br />
Ended</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>March 31, 2019</b></p></td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 77%; padding-bottom: 2.5pt"><font style="font-size: 10pt">Cash payments for operating leases</font></td>
<td style="width: 1%; padding-bottom: 2.5pt"> </td>
<td style="width: 1%; border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td>
<td style="width: 20%; border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">78</font></td>
<td style="width: 1%; padding-bottom: 2.5pt"></td></tr>
</table>
<p style="margin: 0pt"></p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">Future lease payments under operating
leases as of March 31, 2019 were as follows (in millions, unaudited):</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Operating Leases</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 77%"><font style="font-size: 10pt">Remainder of 2019</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 20%; text-align: right"><font style="font-size: 10pt">234</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt">2020</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">284</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">2021</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">77</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt">Total future lease payments</font></td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">595</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Less imputed interest</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(33</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Total lease liability balance</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">562</font></td>
<td style="padding-bottom: 2.5pt"></td></tr>
</table>
<p style="margin: 0pt"></p>
-15000
-8000
28000
28000
13000
20000
P2Y
0.07
78000
234000
284000
77000
595000
-33000
562000
1524000
221000000
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">The remaining outstanding warrants
and terms as of March 31, 2019 and December 31, 2018 are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 9pt"><b>Issuance date</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 9pt"><b>Outstanding </b></font><br />
<font style="font-size: 9pt"><b>as of</b></font><br />
<font style="font-size: 9pt"><b>December 31, 2018</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 9pt"><b>Outstanding </b></font><br />
<font style="font-size: 9pt"><b>as of</b></font><br />
<font style="font-size: 9pt"><b>March 31, 2019</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 9pt"><b>Exercise</b></font><br />
<font style="font-size: 9pt"><b>Price</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 9pt"><b>Exercisable </b></font><br />
<font style="font-size: 9pt"><b>as of</b></font><br />
<font style="font-size: 9pt"><b>March 31, 2019</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 9pt"><b>Exercisable</b></font><br />
<font style="font-size: 9pt"><b>Through</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td>
<td> </td>
<td colspan="2"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 19%"><font style="font-size: 9pt">Series A (2013)</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 16%; text-align: right"><font style="font-size: 9pt">181</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 15%; text-align: right"><font style="font-size: 9pt">181</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 9pt">$</font></td>
<td style="width: 9%; text-align: right"><font style="font-size: 9pt">2,754</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 14%; text-align: right"><font style="font-size: 9pt">181</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 12%"><font style="font-size: 9pt">April 2023</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 9pt">Series A (2015)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 9pt">676</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 9pt">676</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 9pt">$</font></td>
<td style="text-align: right"><font style="font-size: 9pt">1,377</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 9pt">676</font></td>
<td> </td>
<td> </td>
<td> </td>
<td><font style="font-size: 9pt">April 2020</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 9pt">Series B (2016) (a)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 9pt">2,741</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 9pt">2,741</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 9pt">$</font></td>
<td style="text-align: right"><font style="font-size: 9pt">40.5</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 9pt">2,741</font></td>
<td> </td>
<td> </td>
<td> </td>
<td><font style="font-size: 9pt">March 2022</font></td>
<td></td></tr>
</table>
<p style="margin: 0pt"></p>
181
676
2741
181
676
2741
2023-04-30
2020-04-30
2022-03-31
2023-04-30
2020-04-30
2022-03-31
500000
2496000
630000
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 3 - SHORT-TERM INVESTMENTS </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">The following table summarizes the
Company’s marketable debt securities as of March 31, 2019 and December 31, 2018.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td colspan="12" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>As of March 31, 2019</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Amortized </b></font><br />
<font style="font-size: 10pt"><b>Cost</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: center"> </td>
<td style="border-bottom: black 1.5pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Unrealized</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>gains</b></p></td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Realized </b></font><br />
<font style="font-size: 10pt"><b>gains</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Fair </b></font><br />
<font style="font-size: 10pt"><b>value</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 26%"><font style="font-size: 10pt">US Treasury Bond</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 16%; text-align: right"><font style="font-size: 10pt">2,496</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 18%; text-align: right"><font style="font-size: 10pt">(*)</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 15%; text-align: right"><font style="font-size: 10pt">(*) </font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 15%; text-align: right"><font style="font-size: 10pt">2,496</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt">Total short-term investments</font></td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">2,496</font></td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">(*)</font></td>
<td> </td>
<td><font style="font-size: 11pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">(*)</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 11pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">2,496</font></td>
<td> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63.8pt"><b> </b></p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="13" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>As of December 31, 2018</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: center"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Amortized Cost</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: center"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Unrealized gains</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: center"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Realized gains</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: center"> </td>
<td style="border-bottom: black 1.5pt solid">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Fair value</b></p></td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 44%"><font style="font-size: 10pt">Total short-term investments</font></td>
<td style="width: 2%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="width: 1%"> </td>
<td style="width: 2%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="width: 1%"> </td>
<td style="width: 2%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="width: 1%"> </td>
<td style="width: 2%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="width: 1%"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 63.8pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">The Company’s financial asset
is measured at fair value on a recurring basis by level within the fair value hierarchy. The Company’s marketable security
is classified as Level 1. Other than the marketable debt security, the Company doesn’t have any other financial assets or
financial liabilities marked to market at fair value.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">The contractual maturity of the
aforementioned marketable security is one year.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"><b>Short-term Investments</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">The Company began investing excess
cash in short-term investments during the first quarter of 2019.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">Marketable debt securities are considered
to be available for sale and are carried at fair value. Unrealized gains and losses net of tax, if any, are reported as a separate
component of stockholders’ equity. The cost of marketable debt securities classified as available for sale is adjusted for
amortization of premiums and accretion of discounts to maturity. Such amortization and accretion are included in interest income.
Realized gains and losses and declines in value judged to be other than temporary, if any, are also included in other income, net.
Interest on securities classified as available for sale is included in interest income. The cost of securities sold is based on
the specific identification method.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">Management evaluates whether available-for-sale
securities are other-than-temporarily impaired (OTTI) on a quarterly basis. Debt securities with unrealized losses are considered
OTTI if the Company intends to sell the security or if it is more likely than not that the Company will be required to sell such
security prior to any anticipated recovery. If management determines that a security is OTTI under these circumstances, the impairment
recognized in earnings is measured as the entire difference between the amortized cost and the then-current fair value. During
the three months ended March 31, 2019, no investment OTTI losses were realized.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">A summary of the Company’s
option activity related to options to employees and directors, and related information is as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>For the three months ended March 31, 2019</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Number of stock options</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Weighted average exercise price</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Aggregate intrinsic value</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td>
<td> </td>
<td colspan="2" style="text-align: center"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 49%"><font style="font-size: 10pt">Outstanding at beginning of period</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 14%; text-align: right"><font style="font-size: 10pt">398,308</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 14%; text-align: right"><font style="font-size: 10pt">11.50</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 14%; text-align: right"><font style="font-size: 10pt">108</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt">Granted</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">11,630</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">8.6</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">-</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt">Exercised</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">-</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">-</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">-</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Cancelled</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Outstanding at end of period</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">409,938</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">11.38</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">761</font></td>
<td style="padding-bottom: 2.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">Vested at end of period</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">265,989</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">8.95</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">761</font></td>
<td style="padding-bottom: 2.5pt"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 49.65pt; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>For the year ended December 31, 2018</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Number of stock options</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Weighted average exercise price</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Aggregate intrinsic value</b></font></td>
<td style="padding-bottom: 1.5pt; text-align: center"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 49%"><font style="font-size: 10pt">Outstanding at beginning of period</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 14%; text-align: right"><font style="font-size: 10pt">414,965</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 14%; text-align: right"><font style="font-size: 10pt">11.70</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 14%; text-align: right"><font style="font-size: 10pt">1,859</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: justify"><font style="font-size: 10pt">Granted</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">10,000</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">9</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">-</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="text-align: justify"><font style="font-size: 10pt">Exercised</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">(2,487</font></td>
<td><font style="font-size: 10pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">-</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">-</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.5pt; text-align: justify"><font style="font-size: 10pt">Cancelled</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(24,170</font></td>
<td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"> </td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 2.5pt; text-align: justify"><font style="font-size: 10pt">Outstanding at end of period</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">398,308</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">11.50</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">108</font></td>
<td style="padding-bottom: 2.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.5pt; text-align: justify"><font style="font-size: 10pt">Vested at end of period</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">245,010</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">8.45</font></td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">108</font></td>
<td style="padding-bottom: 2.5pt"></td></tr>
</table>
<p style="margin: 0pt"></p>
1:15 reverse stock split
9606000
5263000
10814000
9487000
-1961000
-1482000
7826000
25000
2496000
2496000
2496000
2496000
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">The cumulative effect of adoption
of ASU 2017-11 resulted as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: justify"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>For the three months </b></font><br />
<font style="font-size: 10pt"><b>ended March 31, 2018</b></font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>For the year </b></font><br />
<font style="font-size: 10pt"><b>ended December 31, 2018</b></font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: justify"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="text-align: justify"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td colspan="2" style="text-align: justify"> </td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 44%; text-align: justify"><font style="font-size: 10pt">Derivative warrant liability</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 25%; text-align: right"><font style="font-size: 10pt">(15</font></td>
<td style="width: 1%"><font style="font-size: 10pt">)</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 25%; text-align: right"><font style="font-size: 10pt">(8</font></td>
<td style="width: 1%"><font style="font-size: 10pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1.5pt; text-align: justify"><font style="font-size: 10pt">Additional paid-in capital</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">28</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">28</font></td>
<td style="padding-bottom: 1.5pt"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1.5pt; text-align: justify"><font style="font-size: 10pt">Accumulated deficit</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">13</font></td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="padding-bottom: 1.5pt"> </td>
<td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">20</font></td>
<td style="padding-bottom: 1.5pt"></td></tr>
</table>
<p style="margin: 0pt"></p>
2019
480000
Less than 1
Includes 721,107 common stock classified as temporary equity as of December 31, 2017.
The Company adopted ASU 2017-11 using the full retrospective approach. Refer to Note 5 for further information.
March 31, 2018 share data represents the number of shares adjusted to retroactively reflect the 1:15 reverse stock split effected on September 4, 2018. Refer to Note 1 for further information.
Refer to Note 5 for further information
Refer to Note 6 for further information
December 31, 2017 share data represent the number of shares adjusted to retroactively reflect the 1:15 reverse stock split effected on September 4, 2018. Refer to Note 1 for further information.