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In April 2021, the Company commenced its “at the market” offering and through that process, sold 90,888 shares generating net proceeds of approximately $2.6 million. Further, the Company initiated an offering pursuant to the Prospectus. On June 24, 2021, the Company completed a firm commitment underwritten public offering of 1,150,000 ordinary shares at a public offering price of $23.00 per share for gross proceeds of approximately $26.5 million and net proceeds of approximately $25.0 million, and was settled June 28, 2021. The Company incurred offering expenses for the public offering of approximately $1.5 million, including approximately $1.4 million of management, underwriting and selling expenses. The Company will use net proceeds raised to fund its research and development activities and support operations. The amount raised is sufficient to fund operations through July 2022. Funds may be used to accelerate activities or invest in other strategic assets.
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b>NOTE 1. NATURE OF OPERATIONS</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Portage Biotech Inc. (the "Company" or
“Portage”) is incorporated in the British Virgin Islands ("BVI") with its registered office located at FH Chambers,
P.O. Box 4649, Road Town, Tortola, BVI. Its Toronto agent, Portage Services Ltd., is located at 6 Adelaide Street East, Suite 300, Toronto,
Ontario, M5C 1H6, Canada.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The Company is a reporting issuer with the securities
commissions of the provinces of Ontario and British Columbia. Its ordinary shares were listed on the Canadian Stock Exchange (“CSE”)
under the symbol “PBT.U”. On February 25, 2021, the ordinary shares of the Company began trading on the NASDAQ Capital Market
(“NASDAQ”) under the symbol “PRTG”. The Company voluntarily delisted its common shares from the CSE at the market
close on April 23, 2021, since the Company’s shares began trading on NASDAQ.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Portage is a clinical stage immune-oncology company
focused on overcoming immune resistance and currently managing 10 immuno-oncology assets at various development stages. We source, nurture
and develop the creation of early- to mid-stage, first- and best-in-class therapies for a variety of cancers, by funding, implementing
viable, cost effective product development strategies, clinical counsel/trial design, shared services, financial and project management
to enable efficient, turnkey execution of commercially informed development plans. Our drug development pipeline portfolio encompasses
products or technologies based on biology addressing known resistance pathways/mechanisms of current check point inhibitors with established
scientific rationales, including intratumoral delivery, nanoparticles, liposomes, aptamers, and virus-like particles.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">On August 13, 2018, the Company reached a definitive
agreement to acquire 100% of SalvaRx Limited (“SalvaRx”) in exchange for 8,050,701 ordinary shares of the Company (the "SalvaRx
Acquisition"). The SalvaRx Acquisition was completed on January 8, 2019 (the “Acquisition Date”) upon receiving shareholder
and regulatory approval. In connection with the SalvaRx Acquisition, the Company acquired interests in SalvaRx’s five research and
development invested entities and subsidiaries: iOx Therapeutics Ltd. (“iOx”), Nekonal Oncology Limited (“Nekonal”),
Intensity Therapeutics, Inc. (“Intensity”), Saugatuck Therapeutics Ltd. (“Saugatuck”) and Rift Biotherapeutics
Inc. (“Rift”).  In connection with the SalvaRx Acquisition, the Company also acquired an option in Nekonal SARL, a Luxembourg-based
company holding intellectual property rights for therapeutics and diagnostics in the field of autoimmune disorders and oncology, to participate
in the funding of its autoimmune programs. The Company abandoned its interests in Nekonal (see Note 10, “Acquisition and Business
Combination”).</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt; color: #222222"><font style="background-color: white">On
June 5, 2020, the Company effected a 100:1 reverse stock split. All share and per share information included in the consolidated financial
statements have been retroactively adjusted to reflect the impact of the reverse stock split. The shares of ordinary shares authorized
remained at an unlimited number of ordinary shares without par value.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt; color: #222222"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Portage filed a registration statement and prospectus
with the Securities and Exchange Commission (“SEC”) pursuant to Rule 424(b)(2) under which it may sell shares, debt securities,
warrants and units that Portage may sell in one or more offerings from time to time, which became effective on March 8, 2021 (“Registration
Statement” or “Prospectus”). The Registration Statement includes:</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 24px"> </td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify; width: 24px"><font style="font: 10pt Symbol">·</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">a base prospectus, which covers the offering, issuance and sales by us of up to $200,000,000 in the aggregate of the securities identified above from time to time in one or more offerings; and</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 24px"> </td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify; width: 24px"><font style="font: 10pt Symbol">·</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">a sales agreement prospectus covering the offer, issuance and sale by us of up to a maximum aggregate offering price of up to $50,000,000 of our ordinary shares that may be issued and sold from time to time under sales agreement, or sales agreement, with Cantor Fitzgerald & Co., or Cantor Fitzgerald, the sales agent.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The specific terms of any securities to be offered
pursuant to the base prospectus are specified in the sales agreement prospectus. The $50,000,000 of ordinary shares that may be offered,
issued and sold under the sales agreement prospectus is included in the $200,000,000 of securities that may be offered, issued and sold
by us under the base prospectus. The sales under the prospectus will be deemed to be made pursuant to an “at the market offering”
as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933 (the Securities Act). Upon termination of the sales agreement,
any portion of the $50,000,000 included in the sales agreement prospectus that is not sold pursuant to the sales agreement will be available
for sale in other offerings pursuant to the base prospectus, and if no shares are sold under the sales agreement, the full $50,000,000
of securities may be sold in other offerings pursuant to the base prospectus. See Note 2, “Liquidity,” Note 16, “Capital
Stock” and Note 25, “Events After the Balance Sheet Date” for a further discussion.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b>NOTE 2. LIQUIDITY </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The accompanying consolidated financial statements
have been prepared on a basis that assumes that the Company will continue as a going concern and that contemplates the continuity of operations,
the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. Accordingly, the accompanying
consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts
or amounts of liabilities that might result from the outcome of this uncertainty.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">As of March 31, 2021, the Company had cash and cash
equivalents of $2.8 million and total current liabilities of $3.2 million (inclusive of $1.1 million warrant liability settleable on a
non-cash basis). For the year ended March 31, 2021, the Company is reporting a net loss of ($17.2) million and cash used in operating
activities of $4.3 million. As of June 30, 2021, we had approximately $28.6 million of cash on hand.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">In April 2021, the Company commenced its “at
the market” offering and through that process, sold 90,888 shares generating net proceeds of approximately $2.6 million. Further,
the Company initiated an offering pursuant to the Prospectus. On June 24, 2021, the Company completed a firm commitment underwritten public
offering of 1,150,000 ordinary shares at a public offering price of $23.00 per share for gross proceeds of approximately $26.5 million
and net proceeds of approximately $25.0 million, and was settled June 28, 2021. The Company incurred offering expenses for the public
offering of approximately $1.5 million, including approximately $1.4 million of management, underwriting and selling expenses. The Company
will use net proceeds raised to fund its research and development activities and support operations. The amount raised is sufficient to
fund operations through July 2022. Funds may be used to accelerate activities or invest in other strategic assets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The Company has incurred substantial operating losses
since inception and expects to continue to incur significant operating losses for the foreseeable future and may never become profitable.
The losses result primarily from its conduct of research and development activities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The Company historically has funded its operations
principally from proceeds from issuances of equity and debt securities and would expect to enter the capital markets if additional funding
is required.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b><i>COVID-19 Effect</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Beginning in early March 2020, the COVID-19 pandemic
and the measures imposed to contain this pandemic have disrupted and are expected to continue to impact the Company's business operations.
The magnitude of the impact of the COVID-19 pandemic on the Company's productivity, results of operations and financial position, and
its disruption to the Company's business and clinical programs and timelines, will depend, in part, on the length and severity of these
restrictions and on the Company's ability to conduct business in the ordinary course.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b>NOTE 3. BASIS OF PRESENTATION</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b><i>Statement of Compliance and Basis of presentation</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">These consolidated financial statements have been
prepared in accordance with International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards
Board ("IASB"), and interpretations of the International Financial Reporting Interpretations Committee.  Certain reclassifications
have been made to prior years to conform with current year presentation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">These consolidated financial statements have been
prepared on an historical cost basis except for items disclosed herein at fair value (see Note 22, “Financial Instruments and Risk
Management”).</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The Company has only one reportable operating segment.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">These consolidated financial statements were approved
and authorized for issuance by the Audit Committee and Board of Directors on July 29, 2021.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b><i>Consolidation</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The consolidated financial statements include the
accounts of the Company and,</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 31px"> </td>
<td style="font: 12pt Times New Roman, Times, Serif; width: 17px; text-align: justify"><font style="font-size: 10pt">(a)</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">SalvaRx Limited (“SalvaRx”), a wholly-owned subsidiary, incorporated on May 6, 2015 in the British Virgin Islands.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 31px"> </td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify; width: 17px"><font style="font-size: 10pt">(b)</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">iOx Therapeutics Ltd. (“iOx”), a United Kingdom based immune-oncology company, a 60.49% subsidiary, incorporated in the United Kingdom on February 10, 2015.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 31px"> </td>
<td style="font: 12pt Times New Roman, Times, Serif; width: 17px; text-align: justify"><font style="font-size: 10pt">(c)</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">Saugatuck Therapeutics, Ltd. (“Saugatuck”), a 70% owned subsidiary incorporated in the British Virgin Islands.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 31px"> </td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify; width: 17px"><font style="font-size: 10pt">(d)</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">Portage Developmental Services, a 100% owned subsidiary incorporated in Delaware, which provides human resources, and other services to each operating subsidiary via a shared services agreement.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The following companies were disposed of on March
3, 2021 (see Note 8, “Disposition of PPL”):</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 31px"> </td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify; width: 17px"><font style="font: 10pt Symbol">·</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">Portage Pharmaceuticals Ltd. (“PPL”) a wholly-owned subsidiary acquired in a merger on July 23, 2013, incorporated in the British Virgin Islands.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 31px"> </td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify; width: 17px"><font style="font: 10pt Symbol">·</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">EyGen Limited (“EyGen”), a wholly-owned subsidiary of PPL, incorporated on September 20, 2016, in the British Virgin Islands.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 31px"> </td>
<td style="font: 12pt Times New Roman, Times, Serif; width: 17px; text-align: justify"><font style="font: 10pt Symbol">·</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">Portage Glasgow Ltd. (“PGL”), a 65% subsidiary of PPL, incorporated in Glasgow, Scotland.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">All inter-company balances and transactions have
been eliminated in consolidation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Non-controlling interest in the equity of a subsidiary
is accounted for and reported as a component of stockholders’ equity. Non-controlling interests represent the 39.51% shareholder
ownership interest in iOx and the 30% shareholder ownership interest in Saugatuck, which are consolidated by the Company. In years prior
to March 31, 2021, non-controlling interest also included 35% in PGL.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b><i>Functional and Presentation Currency</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The Company’s functional and presentation currency
is the U.S. Dollar.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b><i>Use of Estimates and Judgments</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The preparation of the consolidated financial statements
in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies
and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Estimates and underlying assumptions are reviewed
on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future
periods affected.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Significant areas where estimates are made include
valuation of financial instruments, research and development costs, fair value used for acquisition and measurement of share-based compensation.
Significant areas where critical judgments are applied include assessment of impairment of investments and goodwill and the determination
of the accounting acquirer and acquiree in the business combination accounting.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b><i>Reclassifications</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Certain prior year amounts have been reclassified
for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>NOTE 4.</b>  <b>SIGNIFICANT ACCOUNTING POLICIES</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The accounting policies set out below have been applied
consistently to all periods presented in these consolidated financial statements, which have, in management's opinion, been properly prepared
within reasonable limits of materiality and within the framework of the significant accounting policies summarized below:</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b><i>Financial Instruments</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b><i>i) Financial Assets</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b>Classification</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Upon the initial recognition of a financial assets,
the financial assets are classified as one of the following measurement methodologies: (a) amortized cost, (b) fair value through other
comprehensive income (FVTOCI), or (c) fair value through profit or loss (FVTPL).  Subsequent measurement will be based on the initial
classification of the financial assets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The classification of a financial asset at initial
recognition depends on the Company's business model for managing the financial asset and the financial asset's contractual cash flow characteristics.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">In order for a financial asset to be measured at
amortized cost or fair value through OCI, it needs to give rise to cash flows that are <i>solely payments of principal and interest</i>
(“SPPI”) on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument
level.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The Company's business model for managing financial
assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows
will result from collecting contractual cash flows, selling the financial assets, or both.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b>Measurement</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">For purposes of subsequent measurement, financial
assets are classified in three categories:</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 30px"> </td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify; width: 12px"><font style="font: 10pt Symbol">·</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">Financial assets at amortized cost (debt instruments);</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 30px"> </td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify; width: 12px"><font style="font: 10pt Symbol">·</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">Financial assets at FVTOCI; and</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 30px"> </td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify; width: 12px"><font style="font: 10pt Symbol">·</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">Financial assets at FVTPL.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b>Financial Assets at Amortized Cost (Debt Instruments)</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The Company measures financial assets at amortized
cost if both of the following conditions are met:</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">- The financial asset is held within a business
model with the objective of holding the financial asset in order to collect contractual cash flows and;</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">- The contractual terms of the financial asset
give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Financial assets at amortized cost are subsequently
measured using the effective interest rate method and are subject to a period impairment review. Gains and losses are recognized in profit
or loss when the asset is derecognized, modified or impaired.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The Company's financial assets classified at amortized
cost includes other receivables.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b>Financial Assets designated at Fair Value through OCI (Equity Instruments)</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Upon initial recognition, the Company can elect to
classify irrevocably its equity investments as equity instruments designated at FVTOCI when they meet the definition of equity under IAS
32, “Financial Instruments: Presentation,” and are not held for trading. The classification is determined on an instrument-by-instrument
basis.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Gains and losses on these financial assets are never
recycled to profit or loss. Dividends are recognized as other income in the statement of profit or loss when the right of payment has
been established, except when the Company benefits from such proceeds as a recovery of part of the cost of the financial asset, in which
case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The Company irrevocably elected to classify its investments
in Biohaven Pharmaceuticals Holding Company Ltd. (“Biohaven”), Sentien and Intensity as FVTOCI.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b>Financial Assets at Fair Value through Profit or Loss</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Financial assets at FVTPL include financial assets
held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily
required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling
or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless
they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest
are classified and measured FVTPL, irrespective of the business model.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Financial assets at fair value through profit or
loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the statement of profit
or loss.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b><i>ii</i>) <i>Financial Liabilities</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> The Company's financial liabilities include
accounts payable which approximates fair value due to their short maturity and unsecured notes payable assumed in the SalvaRx Acquisition.
The unsecured notes payable assumed in the SalvaRx Acquisition are recorded at fair value on the acquisition date (see Note 10, “Acquisition
and Business Combination” and Note 14, “Unsecured Notes Payable”).</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b>Warrant Liability and Note Payable</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">During the year ended March 31, 2017, the Company's
subsidiaries, PPL and EyGen, issued notes with warrants (see Note 14, “Unsecured Notes Payable” and Note 15, “Warrant
Liability”). The warrants, which were exercisable for common shares of PPL and EyGen, expired in the year ended March 31, 2020.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Accordingly, at inception a portion of the proceeds
was allocated to the fair value of the warrants and the remainder was recorded as a note payable. The warrants expired and the note payable
was settled as part of the PPL disposition in March 2021 (see Note 8, “Disposition of PPL”).</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">At subsequent balance sheet dates the fair value
of the warrant was remeasured with movements in the fair value recorded in profit or loss. The loan was recorded at amortized cost and
is accounted for using the effective interest method. In March 2021, the Company completed the disposition of its interest in PPL and
EyGen and these liabilities were settled.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">In connection with the SalvaRx Acquisition (see Note
10, “Acquisition and Business Combination” and Note 14, “Unsecured Notes Payable”), the Company acquired notes
payable and associated warrants, which were recorded at fair value on the date of the acquisition.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b>Impairment of Financial Assets</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">IFRS 9, “Financial Instruments,” requires
the Company to recognize an allowance for expected credit losses ("ECLs") for all debt instruments and investments not held
at fair value through profit or loss and contract assets.  For intangible assets, at the end of each reporting period and whenever
there is an indication that the intangible asset may be impaired, the Company reviews the carrying amounts of its intangible assets to
determine whether there is any indication that those assets have suffered an impairment loss.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">At the end of each reporting period, the Company
assessed whether there was objective evidence that a financial asset was impaired. The Company recognizes an allowance for ECLs for all
debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due
in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original
effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements
that are integral to the contractual terms.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">ECLs are recognized in two stages. For credit exposures
for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that
result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has
been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the
remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b>Foreign Currencies</b><font style="color: #B1BA37"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The functional and presentation currency of the Company
and its subsidiaries (see Note 3, “Basis of Presentation”) is the U.S. dollar. Monetary assets and liabilities are translated
at exchange rates in effect at the balance sheet date. Non-monetary assets are translated at exchange rates in effect when they were acquired.
Revenue and expenses are translated at the approximate average rate of exchange for the period. Foreign currency differences arising on
retranslation are recognized in income or loss.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The effect of exchange rates on our foreign currency-denominated
asset and liability balances are recorded as foreign currency transaction losses in the determination of net income (loss).</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b>Cash and Cash Equivalents</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Cash and cash equivalents comprise cash in hand
and on-demand deposits that are readily convertible to a known amount of cash with three months or less from date of acquisition and
are subject to an insignificant risk of change in value. The Company does not have any cash equivalents as of March 31, 2021 and 2020.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b>Intangible Assets acquired in Business Combinations</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Intangible assets acquired in business combinations
that are separable from goodwill are recorded at their acquisition date fair value.  Subsequent to initial recognition, intangible
assets acquired in business combinations are reported net of accumulated amortization and any impairment losses.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b>Impairment of Indefinite Life Intangible Assets other than Goodwill</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">At the end of each annual reporting period and whenever
there is an indication that an indefinite life intangible asset may be impaired, the Company reviews the carrying amounts of such intangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists,
the recoverable amount of the asset is estimated to determine the extent of impairment loss (if any). When it is not possible to estimate
the recoverable amount of any individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the
asset belongs. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual
cash-generating units ("CGU" or "CGUs"), or the smallest group of cash-generating units for which a reasonable and
consistent allocation basis can be identified.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> Recoverable amount is the higher of fair value
less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value
using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset
for which the estimates of future cash flows have not been adjusted.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b>Share-based Payments</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The Company determines the fair value of share-based
payments granted to directors, officers, employees and consultants using the Black-Scholes option-pricing model at the grant date. Assumptions
for the Black-Scholes model are determined as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">• <b><i>Expected Volatility.</i></b> The
expected volatility rate used to value stock option grants is based on volatilities of a peer group of similar companies whose share prices
are publicly available. The peer group was developed based on companies in the life sciences industry.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">• <b><i>Expected Term.</i></b> The Company
used historical experience.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">• <b><i>Risk-free Interest Rate.</i></b>
The risk-free interest rate assumption was based on zero-coupon U.S. Treasury instruments that had terms consistent with the expected
term of the Company's stock option grants.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">• <b><i>Expected Dividend Yield.</i></b>
The Company has never declared or paid any cash dividends and does not presently plan to pay cash dividends in the foreseeable future.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Share-based payments to employees, officers and
directors are recorded and reflected as an expense over the vesting period with a corresponding increase in the stock option reserve.
On exercise, the associated amounts previously recorded in the stock option reserve are transferred to common share capital.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b>(Loss) Per Share</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt">Basic (loss) per share is calculated by dividing
net (loss) income (the numerator) by the weighted average number of ordinary shares outstanding (the denominator) during the period. 
Diluted (loss) per share reflects the dilution that would occur if outstanding stock options and share purchase warrants were exercised
into ordinary shares using the treasury stock method and convertible debt were converted into ordinary shares using the if-converted method.
Diluted (loss) per share is calculated by dividing net (loss) income applicable to ordinary shares by the sum of the weighted average
number of ordinary shares outstanding and all additional ordinary shares that would have been outstanding if potentially dilutive common
shares had been issued. The share and per share information has been retroactively adjusted to reflect the impact of the stock dividend.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt">The inclusion of the Company's stock options, restricted
stock units and share purchase warrants in the computation of diluted loss per share would have an anti-dilutive effect on loss per share
and are therefore excluded from the computation. Consequently, there is no difference between basic loss per share and diluted loss per
share for the years ended March 31, 2021, 2020 and 2019. The following table reflects the outstanding securities by year that would have
an anti-dilutive effect on loss per share, and accordingly, were excluded from the calculation (see Note 19, “(Loss) Per Share”).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </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: 1pt"> </td>
<td colspan="11" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>As of March 31,</b></font></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2021</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 61%"><font style="font-size: 10pt"><b>Stock options</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt"><b>868,000</b></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: 10pt">2,980</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: 10pt">2,980</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt"><b>Restricted stock units</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>243,000</b></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: #CCEEFF">
<td><font style="font-size: 10pt"><b>Warrants</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>49,701</b></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>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b>Investments in Private Companies</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The investment is comprised of shares of private
companies that have been acquired through a private placement. The investment is initially recorded at fair value. Following acquisition,
the Company evaluates whether control or significant influence is exerted by the Company over the affairs of the investee company. Based
on the evaluation, the Company accounts for the investment using either the consolidation, equity accounting or fair value method (see
Note 9, “Investments in Private Companies”).</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b>Investment in Associate</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">An associate is an entity over which the Company
has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee
but is not control or joint control over those policies.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The results and assets and liabilities of associates
are incorporated in these consolidated financial statements using the equity method of accounting, except when the investment, or a portion
thereof, is classified as held for sale, in which case it is accounted for in accordance with IFRS 5, “Non-current Assets Held for
Sale and Discontinued Operations”. Under the equity method, an investment in an associate is initially recognized in the consolidated
statement of financial position at cost from the date the investee becomes an associate and adjusted thereafter to recognize the Company's
share of the profit or loss and other comprehensive income of the associate. When the Company's share of losses of an associate exceed
the Company's interest in that associate (which includes any long-term interests that, in substance, form part of the Company's net investment
in the associate), the Company discontinues recognizing its share of further losses. Additional losses are recognized only to the extent
that the Company has incurred legal or constructive obligations or made payments on behalf of the associate.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">After application of the equity method, the Company
determines whether it is necessary to recognize an impairment loss on its investment in its associate. At each reporting date, the Company
determines whether there is objective evidence that the investment in the associate is impaired. If there is such evidence, the Company
calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value, and then
recognizes the loss within 'share of (loss) income in associate' in the consolidated statements of operations.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b>Research and Development Expenses</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b><i>(i)</i></b> <b><i>Research and Development</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Expenditure on research activities, undertaken with
the prospect of gaining new scientific or technical knowledge and understanding, is expensed as incurred.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Development activities involve a plan or design for
the production of new or substantially improved products and processes. Development expenditures are capitalized only if development costs
can be measured reliably, the product or process is technically, and commercially feasible, future economic benefits are probable, and
the Company intends to and has sufficient resources to complete development and to use or sell the asset. Following initial recognition
of the development expenditure as an asset, the asset is carried at cost less any accumulated amortization. Amortization of the asset
begins when development is complete and the asset is available for use. It is amortized over the period of expected future benefit. During
the period of development, the asset is tested for impairment annually.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Research and development expenses include all direct
and indirect operating expenses supporting the products in development.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b><i>(ii)</i></b> <b><i>Subsequent Expenditure</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Subsequent expenditure is capitalized only when it
increases the future economic benefits embodied in the specific asset to which it relates. All other expenditures are recognized in income
or loss as incurred.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b><i>(iii)</i></b> <b><i>Clinical Trial Expenses</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Clinical trial expenses are a component of the Company's
research and development costs. These expenses include fees paid to contract research organizations, clinical sites, and other organizations
who conduct development activities on the Company's behalf. The amount of clinical trial expenses recognized in a period related to clinical
agreements are based on estimates of the work performed using an accrual basis of accounting. These estimates incorporate factors such
as patient enrolment, services provided, contractual terms, and prior experience with similar contracts.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b>Contingent Liability</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">A contingent liability is a possible obligation that
arises from past events and of which the existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain
future events not within the control of the Corporation; or a present obligation that arises from past events (and therefore exists),
but is not recognized because it is not probable that a transfer or use of assets, provision of services or any other transfer of economic
benefits will be required to settle the obligation; or the amount of the obligation cannot be estimated reliably.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b>Determination of Fair Value</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">A number of the Company's accounting policies and
disclosures required the determination of fair value, both for financial and non-financial assets and liabilities. Fair values have been
determined for measurement and/or disclosure purposes based on assumptions that market participants would use when pricing the asset
or liability, assuming that market participants act in their economic best interest. When applicable, further information about the assumptions
made in determining fair values is disclosed in Note 22, “Financial Instruments and Risk Management” and other footnotes
that specifically relate to assets or liabilities measured at fair value.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b>Income Tax</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The Company uses the asset and liability method to
account for income taxes. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences
between the carrying amounts of existing assets and liabilities for accounting purposes, and their respective tax bases.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Deferred income tax assets and liabilities are measured
using tax rates that have been enacted or substantively enacted and applied to taxable income in the years in which those temporary differences
are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in statutory tax rates is
recognized in profit or loss in the year of change. Deferred income tax assets are recorded when their recoverability is considered probable
and are reviewed at the end of each reporting period.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b>Business Combinations </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Business combinations are accounted for using the
acquisition method as of the date when control transfers to the Company. The total purchase price less the fair value of non-controlling
interest is allocated to the acquired net tangible and intangible assets and liabilities assumed at fair value.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Transaction costs that the Company incurs in connection
with a business combination are expensed as incurred.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b>Goodwill</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Goodwill represents the excess of the purchase price
paid for the acquisition of an entity and the amount recognized for non-controlling interests over the fair value of the net identifiable
assets acquired and liabilities assumed. Goodwill is allocated to the CGUs, which are expected to benefit from the synergies of the combination.
Goodwill is not subject to amortization and is tested annually for impairment, or more frequently if events or changes in circumstances
indicate that they might be impaired.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Impairment is determined for goodwill by assessing
if the carrying value of a CGU, including the allocated goodwill, exceeds its recoverable amount determined as the greater of the estimated
fair value less costs to sell and the value in use. Impairment losses recognized in respect of a CGU are first allocated to the carrying
value of goodwill and any excess is allocated to the carrying amount of assets in the CGU. Any goodwill impairment is recorded in income
in the period in which the impairment is identified. Impairment losses on goodwill are not subsequently reversed.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b>Recent Accounting Pronouncements</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b><i>Impact of Adoption of Significant New IFRS Standards in 2020</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"><b> </b></p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 0px"> </td>
<td style="text-align: justify; width: 24px"><font style="font-size: 10pt"><b>(a)</b></font></td>
<td style="text-align: justify"><font style="font-size: 10pt"><b>IAS 1: Presentation of Financial Statements, and IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors (Amendment)</b></font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"><b> </b>The amendments to IAS 1 and IAS 8 clarify
the definition of material and seek to align the definition used in the Conceptual Framework with that in the standards themselves, as
well as ensuring the definition of material is consistent across all IFRS. The Company adopted these amendments effective January 1, 2020.
The adoption of these amendments did not have a significant impact on the Company’s annual consolidated financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 0px"> </td>
<td style="text-align: justify; width: 24px"><font style="font-size: 10pt"><b>(b)</b></font></td>
<td style="text-align: justify"><font style="font-size: 10pt"><b>Conceptual Framework for Financial Reporting</b></font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"><b> </b>Together with the revised Conceptual
Framework published in March 2018, the IASB also issued Amendments to References to the Conceptual Framework in IFRS Standards. The Company
adopted the Revised Conceptual Framework effective January 1, 2020. The adoption of these amendments did not have a significant impact
on the Company’s annual consolidated financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b><i>IFRS Pronouncements Issued But Not Yet Effective</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b>New Accounting Standards, Interpretations and Amendments</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Standards issued but not yet effective up to the
date of issuance of the Company's consolidated financial statements are listed below. This listing is of standards and interpretations
issued, which the Company reasonably expects to be applicable at a future date. The Company intends to adopt those standards when they
become effective.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 0px"> </td>
<td style="text-align: justify; width: 24px"><font style="font-size: 10pt"><b>(c)</b></font></td>
<td style="text-align: justify"><font style="font-size: 10pt"><b>Annual Improvements to IFRS Standards 2018-2020</b></font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0 0 0 25.2pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The annual improvements process addresses issues
in the 2018-2020 reporting cycles including changes to IFRS 9, “Financial Instruments,” IFRS 1, “First Time Adoption
of IFRS,” IFRS 16, “Leases,” and IAS 41, “Biological Assets”.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">i) The amendment to IFRS 9 addresses which fees should
be included in the 10% test for derecognition of financial liabilities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">ii) The amendment to IFRS 1 allows a subsidiary adopting
IFRS at a later date than its parent to also measure cumulative translation differences using the amounts reported by the parent based
on the parent’s date of transition to IFRS.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">iii) The amendment to IFRS 16’s illustrative
example 13 removes the illustration of payments from the lessor related to leasehold improvements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">These amendments will be effective for annual periods
beginning on or after January 1, 2022. The Company is currently evaluating the new guidance and impacts on its consolidated financial
statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 0px"> </td>
<td style="text-align: justify; width: 24px"><font style="font-size: 10pt"><b>(d)</b></font></td>
<td style="text-align: justify"><font style="font-size: 10pt"><b>IAS 37: Onerous Contracts - Cost of Fulfilling a Contract</b></font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The amendment to IAS 37 clarifies the meaning of
costs to fulfil a contract and that before a separate provision for an onerous contract is established, an entity recognizes any impairment
loss that has occurred on assets used in fulfilling the contract, rather than on assets dedicated to the contract. This amendment will
be effective for annual periods beginning on or after January 1, 2022. The Company is currently evaluating the new guidance and impacts
on its consolidated financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 0px"> </td>
<td style="text-align: justify; width: 24px"><font style="font-size: 10pt"><b>(e)</b></font></td>
<td style="text-align: justify"><font style="font-size: 10pt"><b>IAS 16: Proceeds Before Intended Use</b></font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The amendment to IAS 16 prohibits an entity from
deducting from the cost of an item of Property, plant and equipment any proceeds received from selling items produced while the entity
is preparing the assets for its intended use (for example, the proceeds from selling samples produced when testing a machine to see if
it is functioning properly). It also clarifies that an entity is testing whether the asset is functioning properly when it assesses the
technical and physical performance of the asset. The amendment also requires certain related disclosures. This amendment will be effective
for annual periods beginning on or after January 1, 2022. The Company is currently evaluating the new guidance and impacts on its consolidated
financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 0px"> </td>
<td style="text-align: justify; width: 24px"><font style="font-size: 10pt"><b>(f)</b></font></td>
<td style="text-align: justify"><font style="font-size: 10pt"><b>IAS 1: Presentation of Financial Statements</b></font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The amendment to IAS 1 clarifies how to classify
debt and other liabilities as either current or non-current. The amendment will be effective for annual periods beginning on or after
January 1, 2023. The Company is currently evaluating the new guidance and impacts on its consolidated financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 0px"> </td>
<td style="text-align: justify; width: 24px"><font style="font-size: 10pt"><b>(g)</b></font></td>
<td style="text-align: justify"><font style="font-size: 10pt"><b>Amendments to IFRS 10 and IAS 28: Sale or Contribution of Assets between an Investor and Its Associate or Joint Venture</b></font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The amendment addresses the conflict between IFRS
10 and IAS 28 in dealing with the loss of control of a subsidiary that is sold or contributed to an associate or joint venture. The amendments
clarify that the gain or loss resulting from the sale or contribution of assets that constitute a business, as defined in IFRS 3, between
an investor and its associate or joint venture, is recognized in full. Any gain or loss resulting from the sale or contribution of assets
that do not constitute a business, however, is recognized only to the extent of unrelated investors' interests in the associate or joint
venture. The IASB has deferred the effective date of these amendments indefinitely, but an entity that early adopts the amendments must
apply them prospectively. The Company is evaluating whether the adoption of the above amendment will have a material impact on its financial
statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>NOTE 5. PREPAID EXPENSES AND OTHER RECEIVABLES</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </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: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>As of March 31,</b></font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt">(In thousands)</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2021</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="3" style="text-align: right"> </td>
<td> </td>
<td colspan="3" style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 74%"><font style="font-size: 10pt"><b>Prepaid insurance</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt"><b>1,445</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">14</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt"><b>Research & development tax credits</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>649</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">500</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt"><b>Other prepaid expenses</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>48</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">–</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1pt"><font style="font-size: 10pt"><b>Other receivables</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>34</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">60</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 2.25pt; padding-left: 10pt"><font style="font-size: 10pt"><b>Total prepaid expenses and other receivables</b></font></td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>2,176</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </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">574</font></td>
<td style="border-bottom: black 2.25pt double"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">In October 2016, the Company's wholly-owned subsidiary,
PPL, agreed to a settlement, from a claim made against a supplier, to receive $120,000 in annual instalments of $11,250.  Through
March 31, 2021, the Company has collected $86,250. The balance of $33,750 was classified $11,250 as a current asset in prepaid expenses
and other receivables and $22,500 as a long-term receivable as of March 31, 2021. As of March 31, 2020, the outstanding balance of $45,000
was classified $11,250 in prepaid expenses and other receivables and $33,750 as a long-term asset. The installment receivable was assigned
to Portage by PPL prior to the disposition of PPL (see Note 8, “Disposition of PPL”). The installment note was repaid in full
in July 2021 (see Note 25, “Events After the Balance Sheet Date”).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>NOTE 6. INVESTMENT IN MARKETABLE EQUITY SECURITIES</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">As of March 31, 2020 and 2019, the Company’s
investment in marketable equity securities was comprised of 2,000 shares in Biohaven, a public company listed on the New York Stock Exchange.
The Company accounted for its investment in Biohaven as a financial asset classified as fair value through the statement of other comprehensive
income (“FVTOCI”).</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">In August 2020, the Company sold the shares of Biohaven
for proceeds of $140,000 resulting in a gain of $72,000.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The following table is a roll-forward of the investment
in Biohaven as of March 31, 2021, 2020 and 2019:</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="11" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>As of March 31,</b></font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt">(In thousands)</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2021</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: right"> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 61%"><font style="font-size: 10pt"><b>Balance, beginning of year</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt"><b>68</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">103</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">53</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt"><b>Unrealized (loss) gain on investment</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">(35</font></td>
<td><font style="font-size: 10pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">50</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt"><b>Proceeds from the sale of the investment</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>(140</b></font></td>
<td><font style="font-size: 10pt"><b>)</b></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: 1pt"><font style="font-size: 10pt"><b>Gain on sale</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>72</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 2.25pt"><font style="font-size: 10pt"><b>Balance, end of year</b></font></td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">68</font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </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">103</font></td>
<td style="border-bottom: black 2.25pt double"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>NOTE 7. INVESTMENT IN ASSOCIATE </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt">Details of the Company’s associate as of March
31, 2021 and 2020 are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </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 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Name</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Principal Activity</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Place of Incorporation and<br />
Principal Place of Business</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Voting Rights Held as <br />
of March 31, 2021</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Voting Rights Held as <br />
of March 31, 2020</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 20%; text-align: justify"><font style="font-size: 10pt">Associate: Stimunity S.A.</font></td>
<td style="width: 1%"> </td>
<td style="width: 19%; text-align: center"><font style="font-size: 10pt">Biotechnology</font></td>
<td style="width: 1%"> </td>
<td style="width: 19%; text-align: center"><font style="font-size: 10pt">Paris, France</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 17%; text-align: right"><font style="font-size: 10pt">44.0</font></td>
<td style="width: 1%"><font style="font-size: 10pt">%</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 17%; text-align: right"><font style="font-size: 10pt">36.4</font></td>
<td style="width: 1%"><font style="font-size: 10pt">%</font></td></tr>
<tr>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt">The abovementioned associate is accounted for using
the equity method in these consolidated financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt">The following table is a roll-forward of the Company’s
investment in Stimunity S.A. as of March 31, 2021 and 2020:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </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: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Years ended March 31,</b></font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt">(In thousands)</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2021</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt">2020</font></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 74%"><font style="font-size: 10pt"><b>Balance, beginning of year</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt"><b>1,225</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">1,207</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt"><b>Additional investment</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>1,000</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">–</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1pt"><font style="font-size: 10pt"><b>Share of (loss) income</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>(490</b></font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt"><b>)</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">18</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.25pt"><font style="font-size: 10pt"><b>Balance, end of year</b></font></td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>1,735</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </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">1,225</font></td>
<td style="border-bottom: black 2.25pt double"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">On February 28, 2018, the Company made an initial
investment of €0.5 million ($0.7 million) by subscribing to 3,780 new Class A shares of Stimunity SAS ("Stimunity"), a
French simplified joint stock company located and operating in Paris, France, for a 27% equity interest.  One of the three directors
on the Board of Directors is represented by the Company. The management of Stimunity is controlled by the two other founding shareholders
of Stimunity. Management has evaluated the Company's investment and concluded that the Company has significant influence and therefore
its investment in Stimunity is accounted for using the equity method.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The Company also committed to a second investment
in the amount of €1.5 million ($1.9 million) (the "Stimunity Commitment") by subscribing to 4,140 new ordinary shares
at a price of €363 per share, upon Stimunity successfully completing agreed milestones. On March 25, 2019, the Company made an additional
discretionary investment of €0.6 million ($0.7 million) by subscribing to 1,945 ordinary shares at a price of €308.55 per
share, increasing its ownership to approximately 37%. No milestones were completed as of March 31, 2020 and 2019.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">On June 1, 2020, the Company made an additional $1.0
million investment in Stimunity upon Stimunity's achievement of certain agreed milestones, increasing its equity share in Stimunity to
44% (see Note 20, “Commitments and Contingent Liabilities”).</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The Company accounts for its investment in Stimunity
under the equity method and accordingly, records its share of Stimunity’s earnings or loss based on its ownership percentage. The
Company recorded equity in (loss) income in Stimunity of ($490,000) and $18,000 for the years ended March 31, 2021 and 2020, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Under the shareholders agreement, Portage has (i)
a preferential subscription right to maintain its equity interest in Stimunity in the event of a capital increase from the issuance of
new securities by Stimunity, except for issuances of new securities for stock options under a merger plan or for an acquisition, or (ii)
the right to vote against any (a) issuances of additional securities that would call for the Company to waive its preferential subscription
right, or (b) any dilutive issuance.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The following table illustrates the summarized financial
information of the Company's investment in Stimunity S.A:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </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: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>As of March 31,</b></font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt">(In millions)</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"> <b>2021</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"> <b>2020</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"><font style="font-size: 10pt"> <b>(Unaudited)</b></font></td>
<td> </td>
<td colspan="3" style="text-align: center"><font style="font-size: 10pt"> <b>(Unaudited)</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 74%"><font style="font-size: 10pt">Current assets</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">1.6</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">1.3</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt">Non-current assets</font></td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">–</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">–</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt">Current liabilities</font></td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">0.7</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">0.3</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt">Non-current liabilities</font></td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">0.1</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">.01</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt">Equity</font></td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">0.8</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">0.9</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt">Company's share in equity – 44.0% and 36.4%</font></td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">0.4</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">0.3</font></td>
<td> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Years Ended March 31,</b></font></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"> <b>2021</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"> <b>2020</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"><font style="font-size: 10pt"> <b>(Unaudited)</b></font></td>
<td> </td>
<td colspan="3" style="text-align: center"><font style="font-size: 10pt"> <b>(Unaudited)</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 74%"><font style="font-size: 10pt">Revenue</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">0.1</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">0.2</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt">Loss from operations</font></td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">(1.5</font></td>
<td><font style="font-size: 10pt">)</font></td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">(0.3</font></td>
<td><font style="font-size: 10pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt">Net loss</font></td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">(1.1</font></td>
<td><font style="font-size: 10pt">)</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></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b>NOTE 8. DISPOSITION OF PPL</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">On March 3, 2021, the Company disposed of 100% of
its interest in PPL, which includes PPL’s interest in PGL and EyGen for $10 to an entity controlled by one of the Company’s
current directors and one of the Company’s former directors (the “Purchaser’s Executives”). Under the terms of
the arrangement, all outstanding payable obligations were assumed by the purchaser. Simultaneously, the Company and the Purchaser’s
Executives entered into a Revenue Share Deed with PPL under which they will be entitled to certain revenue shares based on the achievement
of milestones defined in the Revenue Share Deed. The Company may also be entitled to recover an intercompany receivable from the purchaser
in the amount of $229,848 on the fourth anniversary of the Revenue Share Deed. The Company valued its interest in the Revenue Share Deed
and the recovery of the $229,848 at zero for financials statement purposes. All other intercompany balances were cancelled. The Company
no longer has any interest or obligations associated with PPL, PGL and EyGen, other than the interests provided for in the Revenue Share
Deed.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b>NOTE 9. INVESTMENTS IN PRIVATE COMPANIES</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The following table is a rollforward of the investments
in Intensity and Sentien as of March 31, 2020 and 2021:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </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><font style="font-size: 10pt">(In thousands)</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Intensity</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Sentien</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Total</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td> </td>
<td colspan="3"> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 61%"><font style="font-size: 10pt">Balance as of April 1, 2019</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">4,500</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">700</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">5,200</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-left: 10pt"><font style="font-size: 10pt">Acquisition of Intensity Holdings Limited</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">1,298</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">1,298</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1pt; padding-left: 10pt"><font style="font-size: 10pt">Unrealized gain (loss) on investment</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">1,611</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(700</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">911</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt"><b>Balance as of March 31, 2020</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>7,409</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>7,409</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1pt; padding-left: 10pt"><font style="font-size: 10pt"><b>Unrealized gain (loss) on investment</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.25pt"><font style="font-size: 10pt"><b>Balance as of March 31, 2021</b></font></td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>7,409</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>7,409</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The following is a discussion of our investments
in private companies as of March 31, 2021 and March 31, 2020.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b><i>Sentien</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">In August 2015, the Company acquired 210,210 shares
of Series A preferred stock in Sentien (“Preferred Stock”), a Medford, MA based private company for $700,000 of cash. The
Preferred Stock is fully convertible into an equal number of common shares. The Company’s holdings represent 5.06% of the equity
of Sentien on a fully diluted basis as of March 31, 2021 and March 31, 2020, respectively. The investment in Sentien has been irrevocably
designated as a financial asset recorded at fair value with changes in fair value recorded through other comprehensive income. As of March
31, 2020, the Company recorded an unrealized loss of $0.7 million after determining that cost no longer was the best estimate of fair
value due to a significant change in the strategy of Sentien and determined that the investment in Sentien no longer had any fair value
as Sentien was no longer pursing the proposed indication from the time of the Company's initial investment.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b><i>Intensity</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">In connection with the SalvaRx Acquisition in fiscal
2019, the Company acquired a $4.5 million interest in Intensity, a clinical stage biotechnology company, of 1.0 million shares, which
represented a 7.5% equity interest in Intensity (see Note 10, “Acquisition and Business Combination”). The investment was
recorded at fair value (which approximates cost) at the acquisition date. The investment in Intensity has been irrevocably designated
as a financial asset recorded at fair value with gains and losses recorded through other comprehensive income. The fair value of the asset
is determined by considering other comparable equity funding transactions by Intensity with unrelated investors.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">On July 11, 2019, the Company entered into an agreement
with Fast Forward Innovations Limited ("Fast Forward") to purchase Intensity Holdings Limited ("IHL"), a wholly-owned
subsidiary of Fast Forward. The Company paid $1.3 million for IHL through the issuance of 129,806 ordinary shares. The sole asset of IHL
consists of 288,458 shares of the private company, Intensity. This transaction increased the Company's ownership to 1,288,458 shares of
Intensity. As of March 31, 2021 and March 31, 2020, the Company owned approximately 8% and 9%, respectively, of the outstanding shares
of Intensity, on a fully diluted basis.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">During the year ended March 31, 2020, the Company
recorded an unrealized gain of $1.6 million with respect to its investment in Intensity based upon Intensity’s most recent valuation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>NOTE 10. ACQUISITION AND BUSINESS COMBINATION</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">On August 13, 2018, the Company reached a definitive
agreement to acquire 100% of SalvaRx, a company incorporated in the British Virgin Islands on May 6, 2015 focused on novel cancer immunotherapies
and to develop clinical proof of concept, in exchange for 8,050,701 ordinary shares of the Company (the "SalvaRx Acquisition").
The SalvaRx Acquisition was completed on January 8, 2019 (the "Acquisition Date") upon receiving shareholder and regulatory
approval.  Shares issued by the Company on acquisition were valued at $92.6 million based on the market price of the Company shares
of $11.50 per share on the Acquisition Date. Portage is the accounting acquirer as the controlling group of shareholders of the Company
increased their holdings, retained majority of voting rights after the acquisition and the Company's management prior to the acquisition
continued as management of the combined company. Four of the Company's Board members are also directors of SalvaRx (see Note 21, “Related
Party Transactions”). Notwithstanding the high degree of common ownership between the companies, this was not considered a common
control transaction as no single individual held a controlling interest and no contractual arrangement exists among the group of shareholders.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">In connection with the SalvaRx Acquisition, the Company
acquired SalvaRx's five invested entities and subsidiaries: iOx and Saugatuck (consolidated subsidiary with non-controlling interest),
Intensity (investment in private company) (see Note 9, “Investments in Private Companies”), Nekonal (joint venture with no
fair value due to a dispute with Nekonal, see below), and Rift (no fair value as operations are discontinued).  In connection with
the SalvaRx Acquisition, the Company also acquired an option from Nekonal SARL that gives SalvaRx the right to acquire shares in Nekonal
for €50 ($55 USD) per share for four years.  On January 8, 2019, the acquisition date, the fair value of option was determined
to be $0 due to a dispute with Nekonal.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">SalvaRx and Nekonal were involved in a dispute regarding
Nekonal's claim that it attained a development milestone that would require SalvaRx to provide the next tranche of funding. SalvaRx claims
that Nekonal committed a breach of duties and fraud on its minority shareholders with respect to its assumption that the milestone has
been attained. Nekonal management has counterclaimed that SalvaRx is in breach of contract with respect to the funding arrangement. While
litigation was threatened, no legal proceedings have commenced. In fiscal 2021, the Company abandoned its interest in Nekonal.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The acquisition of SalvaRx allowed the Company to
acquire interest in the development of nine immune-oncology products. SalvaRx has three in-process research and development ("IPR&D")
projects identified.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The following table presents unaudited supplemental
pro forma consolidated net income based on SalvaRx's historical reporting periods as if the SalvaRx Acquisition had occurred as of April
1, 2018 (in thousands):</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </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><font style="font-size: 10pt"><b>Year ended March 31,</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 87%"><font style="font-size: 10pt">Net loss</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">(5,160</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">Net loss applicable to common stockholders</font></td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">(3,920</font></td>
<td><font style="font-size: 10pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt">Net loss per share, basic and diluted</font></td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">(0.01</font></td>
<td><font style="font-size: 10pt">)</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>NOTE 11. GOODWILL</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </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: 1pt"> </td>
<td colspan="11" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>As of March 31, 2021</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="11" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>As of March 31, 2020</b></font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt">(In thousands)</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Goodwill</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>IPR&D</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>DTL</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Goodwill</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>IPR&D</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>DTL</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 40%"><font style="font-size: 10pt"><b>Balance, beginning of year</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 10pt"><b>43,324</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 10pt"><b>117,388</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 10pt"><b>(21,604</b></font></td>
<td style="width: 1%"><font style="font-size: 10pt"><b>)</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 10pt">43,324</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 10pt">117,388</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 10pt">(21,604</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"><b>Foreign exchange effect on deferred liability settleable in Great British pounds</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>(2,446</b></font></td>
<td><font style="font-size: 10pt"><b>)</b></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: #CCEEFF">
<td><font style="font-size: 10pt"><b>On Acquisition of SalvaRx Limited</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></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>
<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><font style="font-size: 10pt"><b>Amortization</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></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>
<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="padding-bottom: 1pt"><font style="font-size: 10pt"><b>Impairment</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.25pt"><font style="font-size: 10pt"><b>Balance, end of year</b></font></td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>43,324</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>117,388</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>(24,050</b></font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>)</b></font></td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">43,324</font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">117,388</font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(21,604</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">)</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt">The Company’s goodwill arose from the acquisition
of SalvaRx and its portfolio of several projects and investments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">As of March 31, 2021, the Company determined that
it has only one cash-generating unit (“CGU”), the consolidated Portage Biotech, Inc.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b><i>Impairment Review</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">On an annual basis, the Company assesses its long-lived
assets with definite lives, which are not yet available for use for potential indicators of impairment. At the end of each reporting period,
the Company is required to assess whether there is any indication that an asset may be impaired. Pursuant to IAS 36, “Impairment
of Assets,” the Company reviewed its assets for any indicators of impairment and considered underlying fundamentals, execution,
de-risking/advancement of assets and the value creation activities during the year ended March 31, 2021.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">If any such indication exists, the Company estimates
the recoverable amount of the asset or CGU and compares it to the carrying value.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The Company performed its annual impairment test
in each of 2021 and 2020 and estimated the recoverable amount of the above-noted CGU based on its value in use, which was determined using
a capitalized cash flow methodology and categorized within level 3 of the fair market value hierarchy.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The recoverable amount of the CGU has been determined
based on its value in use. The recoverable amount considered assumptions based on probabilities of technical, regulatory and clinical
acceptances and financial support. Further, Management uses risk-adjusted cash flow projections based on financial budgets. Management
believes that any reasonably possible change in the key assumptions on which the recoverable amount is based would not cause the carrying
amount to exceed its recoverable amount. The discount rate has been determined based on the Company’s best estimate of a risk adjusted
discount rate.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The key assumptions used in the calculation of the
recoverable amount include forecasts of the following:</p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 29px"> </td>
<td style="text-align: justify; width: 24px"><font style="font-size: 10pt">(a)</font></td>
<td style="text-align: justify"><font style="font-size: 10pt">revenues;</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 29px"> </td>
<td style="text-align: justify; width: 24px"><font style="font-size: 10pt">(b)</font></td>
<td style="text-align: justify"><font style="font-size: 10pt">normalized operating expenses;</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 29px"> </td>
<td style="text-align: justify; width: 24px"><font style="font-size: 10pt">(c)</font></td>
<td style="text-align: justify"><font style="font-size: 10pt">income taxes; and</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 29px"> </td>
<td style="text-align: justify; width: 24px"><font style="font-size: 10pt">(d)</font></td>
<td style="text-align: justify"><font style="font-size: 10pt">capital expenditures.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Discounted cash flows are determined with reference
to undiscounted risk adjusted cash flows, and the discount rate approximated 20.0% and 20.5% at March 31, 2021 and 2020, respectively,
based on the individual characteristics of the Company’s CGU, the risk-free rate of return and other economic and operating factors.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt">The recoverable amount exceeded
the carrying amount of goodwill and therefore no impairment was considered necessary as of March 31, 2021 and 2020.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>NOTE 12. IN PROCESS RESEARCH AND DEVELOPMENT AND DEFERRED TAX LIABILITY</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">In process research and development (“IPR&D”)
consists of the following projects (in thousands):</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </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 1pt solid"><font style="font-size: 10pt"><b>Project #</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt"><b>Description</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Value as of <br />
March 31, 2021</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt">Value as of <br />
March 31, 2020</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt"><b>iOx:</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="width: 25%"><font style="font-size: 10pt"><b>IMM 60</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 24%"><font style="font-size: 10pt"><b>Melanoma & Lung Cancers</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="width: 22%; text-align: right"><font style="font-size: 10pt"><b>84,213</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 22%; text-align: right"><font style="font-size: 10pt">84,213</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1pt"><font style="font-size: 10pt"><b>IMM 65</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"><font style="font-size: 10pt"><b>Ovarian/Prostate Cancers</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>32,997</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">32,997</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>117,210</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">117,210</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1pt"><font style="font-size: 10pt"><b>Oncomer/Saugatuck</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"><font style="font-size: 10pt"><b>DNA Aptamers</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>178</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">178</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.25pt"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>117,388</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">117,388</font></td>
<td style="border-bottom: black 2.25pt double"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.25pt"><font style="font-size: 10pt"><b>Deferred tax liability</b></font></td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>24,050</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">21,604</font></td>
<td style="border-bottom: black 2.25pt double"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Additionally, at the end of each reporting period,
the Company is required to assess whether there is any indication that an asset may be impaired. Pursuant to IAS 36, the Company reviewed
its assets for any indicators of impairment and considered underlying fundamentals, execution, de-risking/advancement of assets and the
value creation activities during the year ended March 31, 2021.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">As of March 31, 2021, management assessed whether
any indications of impairment existed for the Company’s IPR&D and concluded no indicators were present. Therefore, a test for
impairment was not required and no impairment was recorded for the year ended March 31, 2021.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Deferred tax liability (DTL) related to IPR&D
at iOx is subject to tax in the United Kingdom. As of March 31, 2021 and 2020, iOx had a deferred tax liability of approximately $24.1
million and approximately $21.6 million, respectively.  On January 8, 2019, the Company recognized a $19.8 million deferred tax liability
for the difference between the book and income tax basis of IPR&D acquired as part of the acquisition of SalvaRx.  As the IPR&D
process is in the UK, the deferred tax had been recorded at 17%, the rate applicable in the UK.  During the year ended March 31,
2020, the Company recorded a tax expense of $2.2 million, including $2.3 million to increase the deferred tax liability due to the increase
in the UK tax rate to 19% in March 2020, $0.4 million of a return to provision adjustment and a decrease due to a refundable research
and development credit of $0.5 million. As the deferred tax liability may be settled in the future in Great British pounds (“GBP”),
the Company increased the deferred tax liability by $2.4 million as of March 31, 2021 and decreased the deferred tax liability by $1.4
million as of March 31, 2020, respectively, to reflect the difference in exchange rates from period to period.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>NOTE 13.  ACCOUNTS PAYABLE AND ACCRUED LIABILITIES</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>As of March 31,</b></font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt">(In thousands)<b> </b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"> <b>2021</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="3" style="text-align: right"> </td>
<td> </td>
<td colspan="3" style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 74%"><font style="font-size: 10pt"><b>Accounts payable</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt"><b>113</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">343</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt"><b>Insurance premium note</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>1,651</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">–</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt"><b>Accrued interest</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>5</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">701</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1pt"><font style="font-size: 10pt"><b>Other</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>169</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">224</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 2.25pt; padding-left: 10pt"><font style="font-size: 10pt"><b>Total accounts payable and accrued liabilities</b></font></td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>1,938</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </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">1,268</font></td>
<td style="border-bottom: black 2.25pt double"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>NOTE 15. WARRANT LIABILITY</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Below is the roll-forward of warrants issued by entity
(see Note 14, “Unsecured Notes Payable”):</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </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: 1pt"> </td>
<td colspan="11" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>PBI</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="11" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>SalvaRx</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Exercise <br />
Price</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Warrants</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Amount</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Exercise <br />
Price</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Warrants</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Contract Amount</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"><font style="font-size: 10pt"><b>In 000’$</b></font></td>
<td> </td>
<td colspan="3" style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"><font style="font-size: 10pt"><b>In 000’$</b></font></td>
<td> </td>
<td style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 38%"><font style="font-size: 10pt"><b>Warrants outstanding, April 1, 2020</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 7%; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 7%; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 10pt"><b>6.64</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 7%; text-align: right"><font style="font-size: 10pt"><b>447,305</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 10pt"><b>2,970</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt"><b>(1)</b></font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt"><b>Exchange of warrants pursuant to SalvaRx Notes settlement</b></font></td>
<td> </td>
<td><font style="font-size: 10pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 10pt"><b>6.64</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>447,305</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>2,970</b></font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 10pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 10pt"><b>6.64</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>(447,305</b></font></td>
<td><font style="font-size: 10pt"><b>)</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>(2,970</b></font></td>
<td><font style="font-size: 10pt"><b>)</b></font></td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt"><b>Reclassification to accrued equity issuable</b></font></td>
<td> </td>
<td><font style="font-size: 10pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 10pt"><b>6.64</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>(397,604</b></font></td>
<td><font style="font-size: 10pt"><b>)</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>(2,640</b></font></td>
<td><font style="font-size: 10pt"><b>)</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1pt"><font style="font-size: 10pt"><b>Fair value adjustment at March 31, 2021 (2)</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>790</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 2.25pt"><font style="font-size: 10pt"><b>Warrants outstanding, March 31, 2021</b></font></td>
<td style="padding-bottom: 2.25pt"> </td>
<td><font style="font-size: 10pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 10pt"><b>6.64</b></font></td>
<td> </td>
<td style="padding-bottom: 2.25pt"> </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"><b>49,701</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>1,120</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td> </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%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="text-align: justify; width: 24px"><font style="font-size: 10pt">(1)</font></td>
<td style="text-align: justify"><font style="font-size: 10pt">Treated as non-controlling interest accounted for at fair value.</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 24px"> </td>
<td style="text-align: justify; width: 24px"><font style="font-size: 10pt">(2)</font></td>
<td style="text-align: justify"><font style="font-size: 10pt">Portage warrant liability valued at contract price, adjusted for fair value using the Black Scholes model.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>NOTE 16. CAPITAL STOCK</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"><b> </b></p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="font: 12pt Times New Roman, Times, Serif; width: 24px"><font style="font-size: 10pt">(a)</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">Authorized ordinary shares<b>: </b>Unlimited number of common shares without par value.</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 24px"> </td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify; width: 24px"><font style="font-size: 10pt">(b)</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">Following is a roll-forward of ordinary shares as of March 31, 2021 and 2020:</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </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: 1pt"> </td>
<td colspan="15" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Years Ended March 31,</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2021</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Ordinary<br />
Shares</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Amount</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Ordinary <br />
Shares</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Amount</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"><font style="font-size: 10pt"><b>In 000’</b></font></td>
<td> </td>
<td colspan="3" style="text-align: center"><font style="font-size: 10pt"><b>In 000’$</b></font></td>
<td> </td>
<td colspan="3" style="text-align: center"><font style="font-size: 10pt"><b>In 000’</b></font></td>
<td> </td>
<td colspan="3" style="text-align: center"><font style="font-size: 10pt"><b>In 000’$</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 48%"><font style="font-size: 10pt"><b>Balance, beginning of year</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt"><b>10,988</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt"><b>117,817</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">10,858</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">116,237</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt"><b>Shares issued in a private placement, net of issue costs</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>698</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>6,732</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt"><b>Exchange of SalvaRx warrants for PBI warrants</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>2,640</b></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><font style="font-size: 10pt"><b>Settlement of non-controlling interest in SalvaRx</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>2,451</b></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: #CCEEFF">
<td><font style="font-size: 10pt"><b>To reflect warrants issued and outstanding (d)</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>(330</b></font></td>
<td><font style="font-size: 10pt"><b>)</b></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><font style="font-size: 10pt"><b>Fair value adjustment for shares issued at a discount in SalvaRx</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>397</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>1,256</b></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: #CCEEFF">
<td><font style="font-size: 10pt"><b>Expiration of unexercised stock options</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>58</b></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">282</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt"><b>Shares issued in connection with the acquisition of interest in Intensity Holdings Limited</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">130</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">1,298</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1pt"><font style="font-size: 10pt"><b>Shares issued for services</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>1</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>25</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">-–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.25pt"><font style="font-size: 10pt"><b>Balance, end of year</b></font></td>
<td style="padding-bottom: 2.25pt"> </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"><b>12,084</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>130,649</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">10,988</font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">117,817</font></td>
<td style="border-bottom: black 2.25pt double"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"><b> </b></p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 24px"> </td>
<td style="text-align: justify; width: 24px"><font style="font-size: 10pt">(c)</font></td>
<td style="text-align: justify"><font style="font-size: 10pt">Number of ordinary shares have been retroactively adjusted to reflect the impact of 100:1 reverse stock split on June 5, 2020.</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 24px"> </td>
<td style="text-align: justify; width: 24px"><font style="font-size: 10pt">(d)</font></td>
<td style="text-align: justify"><font style="font-size: 10pt">Represents the contractual value of the Portage warrants, which was adjusted to fair value of $271 using the Black Scholes model.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">On June 16, 2020, the Company completed a private
placement of 698,145 restricted ordinary shares at a price of $10.00 per share for gross proceeds of $6.98 million to accredited investors.
Directors of the Company subscribed for 215,000 shares, or approximately 30.8% of the private placement, for proceeds of $2.15 million.
The Company incurred costs of approximately $0.25 million in connection with the offering, which was treated as contra-equity on the Company’s
balance sheet.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">During September 2020, the Company settled the SalvaRx
Notes obligations originally due in June 2021 in an aggregate principal amount of approximately $3.7 million, plus accrued interest of
$0.75 million in exchange for cash payments totaling $1.77 million and 397,604 of the associated SalvaRx warrants with an exercise price
of $6.64 per share. The warrants were exchanged for an equal number of warrants to acquire Portage stock at the same price per share.
The Company accounted for the contractual value of the exercised and outstanding warrants of $2.64 million (397,604 shares at $6.64 per
share) as accrued equity issuable at September 30, 2020. The Company also recorded a loss of $1.26 million during the year ended March
31, 2021, to recognize the discount between the fair value of the underlying shares on October 13, 2020 (the settlement date) of $9.80
per share and the contract price of $6.64 per share.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Four of the Company's directors, Gregory Bailey,
James Mellon, Steven Mintz (in trust) and Kam Shah, received, in total, 363,718 of the shares pursuant to this transaction.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Subsequent to March 31, 2021, the Company commenced
its “at the market” offering to sell shares and a second offering subject to a Prospectus filed June 24, 2021. See Note 25,
“Events After the Balance Sheet Date” for a further discussion.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>NOTE 17. STOCK OPTION RESERVE</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify; width: 24px"><font style="font-size: 10pt">(a)</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">The following table provides the activity for the Company’s stock option reserve for the years ended March 31, 2021 and 2020:</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt"> </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: 1pt"> </td>
<td colspan="15" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Years Ended March 31,</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2021</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt">(In thousands)</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Non-Controlling<br />
Interest</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Stock Option<br />
Reserve</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Non-Controlling<br />
Interest</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Stock Option<br />
Reserve</b></font></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 48%"><font style="font-size: 10pt"><b>Balance, beginning of year</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt"><b>10,618</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt"><b>58</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">8,475</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: 10%; text-align: right"><font style="font-size: 10pt">324</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt"><b>Expiration of unexercised stock options</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>(58</b></font></td>
<td><font style="font-size: 10pt"><b>)</b></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">(282</font></td>
<td><font style="font-size: 10pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1pt"><font style="font-size: 10pt"><b>Share-based compensation expense</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>850</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>7,977</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">2,143</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">16</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.25pt"><font style="font-size: 10pt"><b>Balance, end of year</b></font></td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>11,468</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>7,977</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">10,618</font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </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">58</font></td>
<td style="border-bottom: black 2.25pt double"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The $7.4 million fair value of vested iOx options
acquired in the SalvaRx Acquisition and the stock-based compensation expense for unvested options are included in non-controlling interest
in the combined balance sheets as of March 31, 2021 and 2020.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b><i>Stock Options</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The Board of Directors of the Company (the "Board")
established a stock option plan (the "2013 Option Plan") under which options to acquire ordinary shares of the Company are granted
to directors, employees and consultants of the Company. The maximum number of ordinary shares issuable under the 2013 Option Plan shall
not exceed 10% of the total number of issued and outstanding ordinary shares, inclusive of all shares presently reserved for issuance
pursuant to previously granted stock options. If a stock option was surrendered, terminated or expired without being exercised, the ordinary
shares reserved for issuance pursuant to such stock option were available for new stock options granted under the 2013 Option Plan. The
options vest on a schedule determined by the Board of Directors, generally over two to four years, and expire after five years.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">As of March 31, 2019, the Board decided to discontinue
the 2013 Option Plan and during the year ended March 31, 2021, 2,980 outstanding options issued under the plan expired unexercised and
no options remained outstanding under the 2013 Option Plan.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">On June 25, 2020, at the annual meeting of shareholders,
the Company’s new incentive stock option plan (the “2020 Stock Option Plan”) was approved, which authorized the directors
to fix the option exercise price and to issue stock options under the plan as they see fit. The Company's 2020 Stock Option Plan is a
10% rolling stock option plan under which the directors are authorized to grant up to a maximum of 10% of the issued and outstanding ordinary
shares on the date of grant.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"><font style="background-color: white">Effective January
13, 2021, the Company amended and restated its 2020 Stock Option Plan to permit the grant of additional types of equity compensation securities,
including restricted stock units and dividend equivalent rights (the "2021 Equity Incentive Plan"). The aggregate number of
equity securities, which may be issued under the 2021 Equity Incentive Plan has not been changed.  Pursuant to the 2021 Equity Incentive
Plan, on January 13, 2021, the Company granted an aggregate of 868,000 stock options exercisable at a price of US$17.75 per share, representing
the closing price of the shares on the day immediately preceding the grant date, which expire on January 13, 2031 to various directors,
officers and consultants of the Company. 350,000 options granted to members of the board of directors vest 1/3 on grant date, 1/3 on the
first anniversary of the grant and 1/3 on the second anniversary of the grant. 518,000 options granted to consultants (one of whom is
also a director) vest 1/3 on each of the first three anniversaries of the date of grant.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"><font style="background-color: white">Additionally,
the Company granted 243,000 restricted stock units on January 13, 2021, with a fair value of $17.75 per share, which was the closing
price on the day immediately preceding the grant date. The restricted stock units vest on the date of grant but underlying shares cannot
be sold until one of four conditions are met.  In accordance with IFRS 2, “Share-based Payment,” the Company recognized
compensation expense of $4.3 million in the year ended March 31, 2021, in connection with the RSU grants.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">In January 2019, iOx, a subsidiary of SalvaRx, was
acquired by the Company as part of the SalvaRx Acquisition.  Accordingly, the 2,599 stock options to acquire common shares of iOx
(the “Acquired Options”) with an exercise price of <i>£</i>120 ($152.84) per common share, outstanding under the iOx
stock option plan (“iOx Option Plan”) have been acquired by the Company.  At the Acquisition Date, 1,643 of the stock
options, with a fair value at the Acquisition Date of $7.4 million, are fully vested and recorded in non-controlling interest with a corresponding
increase to goodwill (see Note 11, “Goodwill”).  Additionally, the fair value of the remaining 956 unvested stock options
was $4.3 million and is being recorded as compensation expense over the remaining 3-year vesting period.  The Company incurred stock-based
compensation expense of $0.9 million, $2.1 million and $1.1 million with respect to the iOx Option Plan in the years ended March 31, 2021,
2020, and 2019, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Following are the weighted average assumptions used
in the calculation of the fair value of the vested and unvested options on the Acquisition Date, with respect to the iOx Option Plan:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </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 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Assumption</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Vested Options</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Unvested Options</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt">Grant Date</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">November 28, 2016</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">April 17, 2018</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="width: 31%; text-align: justify"><font style="font-size: 10pt">Risk free interest rate</font></td>
<td style="width: 1%"> </td>
<td style="width: 34%; text-align: center"><font style="font-size: 10pt">2.6%</font></td>
<td style="width: 1%"> </td>
<td style="width: 33%; text-align: center"><font style="font-size: 10pt">2.6%</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="text-align: justify"><font style="font-size: 10pt">Expected dividend</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">Nil</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">Nil</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: justify"><font style="font-size: 10pt">Expected volatility</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">80%</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">80%</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="text-align: justify"><font style="font-size: 10pt">Expected life</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">1.3 years</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">3.2 years</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: justify"><font style="font-size: 10pt">Fair value of  iOx stock</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">US$4,630.35</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">US$4,630.35</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Following are the weighted average assumptions used
in connection with the January 13, 2021 option grant, with respect to the Company’s 2021 Equity Incentive Plan:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </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 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Assumption</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Vested Options</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Unvested Options</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 31%; text-align: justify"><font style="font-size: 10pt">Risk free interest rate</font></td>
<td style="width: 1%"> </td>
<td style="width: 34%; text-align: center"><font style="font-size: 10pt">0.48%</font></td>
<td style="width: 1%"> </td>
<td style="width: 33%; text-align: center"><font style="font-size: 10pt">0.48%</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: justify"><font style="font-size: 10pt">Expected dividend</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">Nil</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">Nil</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="text-align: justify"><font style="font-size: 10pt">Expected volatility</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">139%</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">144%</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: justify"><font style="font-size: 10pt">Expected life</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">5.5 years</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">6.0 years</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="text-align: justify"><font style="font-size: 10pt">Fair value of Portage stock</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">US$16.66</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">US$17.11</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px"><font style="font-size: 10pt">(b)</font></td>
<td style="text-align: justify"><font style="font-size: 10pt">The movements in the number of options issued were:</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; 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: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>PBI 2021 Equity Incentive Plan</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>PBI 2013 Option Plan</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>iOx Option Plan<br />
(Subsidiary Plan)</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Years Ended March 31,</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Years Ended March 31,</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Years Ended March 31,</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2021</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2021</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2021</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 40%"><font style="font-size: 10pt"><b>Balance, beginning of year</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 7%; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 7%; text-align: right"><font style="font-size: 10pt">–</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 7%; text-align: right"><font style="font-size: 10pt"><b>2,980</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 7%; text-align: right"><font style="font-size: 10pt">5,959</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 7%; text-align: right"><font style="font-size: 10pt"><b>2,599</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 7%; text-align: right"><font style="font-size: 10pt">2,599</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt"><b>Granted</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>868,000</b></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"><b>–</b></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"><b>–</b></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="padding-bottom: 1pt"><font style="font-size: 10pt"><b>Expired or forfeited</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>(2,980</b></font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt"><b>)</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(2,979</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>(675</b></font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt"><b>)</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.25pt"><font style="font-size: 10pt"><b>Balance, end of period</b></font></td>
<td style="padding-bottom: 2.25pt"> </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"><b>868,000</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </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">–</font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </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"><b>–</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </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">2,980</font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </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"><b>1,924</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </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">2,599</font></td>
<td style="border-bottom: black 2.25pt double"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 2.25pt"><font style="font-size: 10pt"><b>Exercisable, end of year</b></font></td>
<td style="padding-bottom: 2.25pt"> </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"><b>116,666</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </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">–</font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </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"><b>–</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </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">2,980</font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </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"><b>1,604</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </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">1,643</font></td>
<td style="border-bottom: black 2.25pt double"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"><b> </b></p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px"><font style="font-size: 10pt">(c)</font></td>
<td style="text-align: justify"><font style="font-size: 10pt">Following are the weighted average exercise price and the remaining contractual life for outstanding options by plan:</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 18pt; 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: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>PBI 2020 Option Plan</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>PBI 2013 Option Plan</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>iOx Option Plan<br />
(Subsidiary Plan)</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>As of March 31,</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>As of March 31,</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>As of March 31,</b></font></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2021</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2021</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2021</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 40%; padding-bottom: 2.25pt"><font style="font-size: 10pt"><b>Weighted average exercise price</b></font></td>
<td style="width: 1%; padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double; width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; width: 7%; text-align: right"><font style="font-size: 10pt"><b>17.75</b></font></td>
<td style="border-bottom: black 2.25pt double; width: 1%"> </td>
<td style="width: 1%; padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double; width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; width: 7%; text-align: right"><font style="font-size: 10pt">–</font></td>
<td style="border-bottom: black 2.25pt double; width: 1%"> </td>
<td style="width: 1%; padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double; width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; width: 7%; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="border-bottom: black 2.25pt double; width: 1%"> </td>
<td style="width: 1%; padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double; width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; width: 7%; text-align: right"><font style="font-size: 10pt">15.00</font></td>
<td style="border-bottom: black 2.25pt double; width: 1%"> </td>
<td style="width: 1%; padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double; width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; width: 7%; text-align: right"><font style="font-size: 10pt"><b>165.20</b></font></td>
<td style="border-bottom: black 2.25pt double; width: 1%"> </td>
<td style="width: 1%; padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double; width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; width: 7%; text-align: right"><font style="font-size: 10pt">148.84</font></td>
<td style="border-bottom: black 2.25pt double; width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.25pt"><font style="font-size: 10pt"><b>Weighted average remaining contractual life (in years)</b></font></td>
<td style="padding-bottom: 2.25pt"> </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"><b>9.79</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </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">–</font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </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"><b>–</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </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">1.72</font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </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"><b>0.95</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </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">1.63</font></td>
<td style="border-bottom: black 2.25pt double"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The vested options can be exercised at any time in
accordance with the applicable option agreement. The exercise price was greater than the market price on the date of the grants for all
options outstanding as of March 31, 2021 and March 31, 2020.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The Company recorded $0.9 million, $2.2 million and
$1.2 million of compensation expense related to the iOx stock option plans for the years ended March 31, 2021, 2020 and 2019, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>NOTE 19. (LOSS) PER SHARE</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Basic earnings per share ("EPS") is calculated
by dividing the net income (loss) attributable to ordinary equity holders of the Company by the weighted average number of ordinary shares
outstanding during the year.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Diluted EPS is calculated by dividing the net income
(loss) attributable to ordinary equity holders of the Company by the weighted average number of ordinary shares outstanding during the
year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares
into ordinary shares.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The following table reflects the loss and share data
used in the basic and diluted EPS calculations (dollars in thousands, except per share amounts):</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </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: 1pt"> </td>
<td colspan="11" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Years Ended March 31,</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2021</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt"><b><i>Numerator</i></b></font></td>
<td> </td>
<td colspan="3"> </td>
<td> </td>
<td colspan="3"> </td>
<td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 61%; padding-bottom: 1pt"><font style="font-size: 10pt"><b>Net loss attributable to owners of the Company</b></font></td>
<td style="width: 1%; padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 1pt solid; width: 10%; text-align: right"><font style="font-size: 10pt"><b>(15,833</b></font></td>
<td style="border-bottom: black 1pt solid; width: 1%"><font style="font-size: 10pt"><b>)</b></font></td>
<td style="width: 1%; padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1pt solid; width: 10%; text-align: right"><font style="font-size: 10pt">(5,333</font></td>
<td style="border-bottom: black 1pt solid; width: 1%"><font style="font-size: 10pt">)</font></td>
<td style="width: 1%; padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1pt solid; width: 10%; text-align: right"><font style="font-size: 10pt">(2,635</font></td>
<td style="border-bottom: black 1pt solid; width: 1%"><font style="font-size: 10pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt"><b><i>Denominator</i></b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1pt"><font style="font-size: 10pt"><b>Weighted average number of shares – Basic and Diluted</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>11,733</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">10,952</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">4,820</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.25pt"><font style="font-size: 10pt"><b>Basic and Diluted (loss) per share</b></font></td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>(1.35</b></font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>)</b></font></td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(0.49</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">)</font></td>
<td style="padding-bottom: 2.25pt"> </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">(0.55</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">)</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Inclusion of outstanding options or other common
stock equivalents in the computation of diluted loss per share would have an anti-dilutive effect on the loss per share and are therefore
excluded from the computation. Consequently, there is no difference between loss per share and diluted loss per share.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 20. COMMITMENTS AND CONTINGENT LIABILITIES</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The Company is committed to invest approximately
€1.5 million ($1.9 million) in Stimunity upon Stimunity’s achievement of certain agreed milestones. During the year ended
March 31, 2019, the Company made a discretionary investment of €600,129 ($688,359) and on June 1, 2020, the Company made an additional
discretionary investment of €800,000 ($1.0 million) investment towards the commitment. The remaining commitment was €100,000
as of March 31, 2021 (see Note 7, “Investment in Associate”).</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b>NOTE 21. RELATED PARTY TRANSACTIONS</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"><i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b><i>SalvaRx Acquisition</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">On January 8, 2019, the Company acquired 100% of
SalvaRx from SalvaRx Group plc.  in exchange for 8,050,701 ordinary shares of the Company for an aggregate consideration of US$92.6
million (see Note 10, “Acquisition and Business Combination”). Four of the six directors of the Company are also directors
of SalvaRx Group plc.  The Company's CEO is also the CEO of SalvaRx and employees of the Company comprise the management team of
SalvaRx.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"><i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b><i>Investments</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The Company has entered into related party transactions
and certain services agreements with its investees.  Key management of the Company has also entered into related party transactions
with investees. Key management personnel are those persons having the authority and responsibility for planning, directing and controlling
the activities of the Company. The Board of Directors, Chairman, Chief Executive Officer and Chief Financial Officer are key management
personnel.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The following subsidiaries and associates are considered
related parties:</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 24px"> </td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify; width: 24px"><font style="font-size: 10pt">(a)</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt"><b>Stimunity</b>. One of the three directors on the Board of Directors of Stimunity is controlled by Portage (see Note 7, “Investment in Associate”).</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0 0 0 36pt"><b> </b></p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 24px"> </td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify; width: 24px"><font style="font-size: 10pt">(b)</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt"><b>iOx</b>. Two of the five directorships on the Board of Directors of iOx is controlled by Portage. Additionally, Portage has an observer on the Board of iOx. The CEO of the Company is also the CEO of iOx, and the management team of the Company comprise the management team of iOx.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0 0 0 36pt"><b> </b></p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 42px"> </td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify; width: 24px"><font style="font-size: 10pt">(c)</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt"><b>Saugatuck</b>. One of the three directorships on the Board of Directors of Saugatuck is controlled by Portage. Additionally, the CEO of the Company is also the CEO of Saugatuck and the management team of the Company comprise the management team of Saugatuck (see Note 10, “Acquisition and Business Combination”).</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 42px"> </td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify; width: 24px"><font style="font-size: 10pt">(d)</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt"><b>Intensity</b>. One of the four directorships on the Board of Directors of Intensity is represented by Portage. Additionally, the CEO of the Company is an officer and employee of Intensity (see Note 9, “Investments in Private Companies”).</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0 0 0 36pt"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 42px"> </td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify; width: 24px"><font style="font-size: 10pt">(e)</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt"><b>PGL</b>. PPL holds 65% equity in PGL, committed to provide financing and also handles financial and administrative matters of PGL. The Company disposed of 100% of its interests in PPL and PGL on March 3, 2021 (see Note 8, “Disposition of PPL”).</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The following are significant related party balances
and transactions other than those disclosed elsewhere in the consolidated financial statements:</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 24px"> </td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify; width: 24px"><font style="font-size: 10pt">(a)</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">Unsecured notes payable includes $200,000 notes issued to directors of the Company by PPL at March 31, 2020. The notes were settled as part of the PPL disposition (see Note 8, “Disposition of PPL”).</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0 0 0 36pt"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 24px"> </td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify; width: 24px"><font style="font-size: 10pt">(b)</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">Interest expense includes $78,427, $226,018 and $225,400 interest incurred in the years ended March 31, 2021, 2020 and 2019, respectively, on notes issued to members of the Portage board of directors. The SalvaRx Notes were settled as of August 6, 2020 and, accordingly, no further interest expense was incurred. In connection with the settlement of the SalvaRx Notes, $692,045 of accrued interest and $805,000 of principal was paid to directors. The directors also exchanged an aggregate $2,415,000 of notes payable for SalvaRx warrants at a price of $6.64, which were exchanged for Portage warrants and converted to Portage stock on October 13, 2020 (see Note 14, “Unsecured Notes Payable”).</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0 0 0 36pt"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 24px"> </td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify; width: 24px"><font style="font-size: 10pt">(c)</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">In January 2020, a board member of the Company advanced the Company $1.0 million, which was repaid in July 2020. There was no interest or fees associated with this advance.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Transactions between the parent company and its subsidiaries,
which are related parties, have been eliminated in consolidation and are not disclosed in this note.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>NOTE 22. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The Company’s financial instruments recognized
in the Company’s consolidated statements of financial position consist of the following:</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Fair value estimates are made at a specific point
in time, based on relevant market information and information about financial instruments. These estimates are subject to and involve
uncertainties and matters of significant judgment, therefore cannot be determined with precision. Changes in assumptions could significantly
affect the estimates.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The following table summarizes the Company’s
financial instruments as of March 31, 2021 and March 31, 2020:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </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: 1pt"> </td>
<td colspan="15" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>As of March 31,</b></font></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2021</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt">(In thousands)</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Amortized Cost</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Fair Value through<br />
Other Comprehensive<br />
Income (FVTOCI)</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Amortized Cost</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>FVTOCI</b></font></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt"><b><u>Financial assets</u></b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="width: 48%"><font style="font-size: 10pt"><b>Cash and cash equivalents</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt"><b>2,770</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">3,152</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">–</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt"><b>Prepaid expenses and other receivables</b></font></td>
<td> </td>
<td><font style="font-size: 10pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 10pt"><b>2,176</b></font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 10pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">574</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">–</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt"><b>Investments</b></font></td>
<td> </td>
<td><font style="font-size: 10pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 10pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 10pt"><b>9,144</b></font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">–</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">8,702</font></td>
<td> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Amortized Cost</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Fair Value through<br />
Profit or Loss (FVTPL)</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Amortized Cost</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>FVTPL</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt"><b><u>Financial liabilities</u></b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="width: 48%"><font style="font-size: 10pt"><b>Accounts payable and accrued liabilities</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt"><b>1,938</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">1,268</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">–</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt"><b>Unsecured notes payable</b></font></td>
<td> </td>
<td><font style="font-size: 10pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 10pt"><b>150</b></font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 10pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">3,661</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">–</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt"><b>Warrant liability</b></font></td>
<td> </td>
<td><font style="font-size: 10pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 10pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 10pt"><b>1,120</b></font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">–</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 10pt">$</font></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> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">A summary of the Company’s risk exposures as
it relates to financial instruments are reflected below.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b><i>Fair value of financial instruments</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The Company’s financial assets and liabilities
are comprised of cash, receivables and investments in equities and private entities, accounts payable, warrant liability and unsecured
notes payable.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The Company classifies the fair value of these transactions
according to the following fair value hierarchy based on the amount of observable inputs used to value the instrument:</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 24px"> </td>
<td style="text-align: justify; width: 24px"><font style="font: 10pt Symbol">·</font></td>
<td style="text-align: justify"><font style="font-size: 10pt">Level 1 – Values are based on unadjusted quoted prices available in active markets for identical assets or liabilities as of the reporting date.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0 0 0 36pt"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 24px"> </td>
<td style="text-align: justify; width: 24px"><font style="font: 10pt Symbol">·</font></td>
<td style="text-align: justify"><font style="font-size: 10pt">Level 2 – Values are based on inputs, including quoted forward prices for commodities, time value and volatility factors, which can be substantially observed or corroborated in the marketplace. Prices in Level 2 are either directly or indirectly observable as of the reporting date.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 24px"> </td>
<td style="text-align: justify; width: 24px"><font style="font: 10pt Symbol">·</font></td>
<td style="text-align: justify"><font style="font-size: 10pt">Level 3 – Values are based on prices or valuation techniques that are not based on observable market data. Investments are classified as Level 3 financial instrument.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Assessment of the significance of a particular input
to the fair value measurement requires judgment and may affect the placement within the fair value hierarchy.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Management has assessed that the fair values of cash
and cash equivalents, other receivables and accounts payable approximate their carrying amounts largely due to the short-term maturities
of these instruments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The following methods and assumptions were used to
estimate their fair values:</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"><b>Investment in Biohaven</b>: Fair value was based
on a quoted market price of $34.03 per share as of March 31, 2020 (Level 1). The investment was sold in August 2020.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"><b>Investment in Sentien</b>: Fair value of the asset
is determined by considering strategy changes by Sentien (Level 3).</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"><b>Investment in Intensity</b>: Fair value of the
asset is determined by considering other comparable equity funding transactions by Intensity with unrelated investors (Level 3).</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"><b>Accrued equity issuable: </b>The fair value is
estimated based on the average of the quoted market prices for the period in which the shares were earned (Level 1).</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"><b>Unsecured notes payable</b>: The fair value is
estimated using a Black Scholes model (Level 3) (see Note 14, Unsecured Notes Payable”).</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"><b>Warrant Liability</b>: The fair value is estimated
using a Black Scholes model (Level 3) (see Note 15, “Warrant Liability”).</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">There have been no transfers between levels of the
fair value hierarchy for the years ended March 31, 2021 and 2020.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The Company’s financial instruments are exposed
to certain financial risks: credit risk and liquidity risk.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b><i>Credit Risk</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Credit risk is the risk of loss associated with a
counterparty’s inability to fulfil its payment obligations. The credit risk is attributable to various financial instruments, as
noted below. The credit risk is limited to the carrying value as reflected on the consolidated statements of financial position.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"><b><i>Cash</i>.</b> Cash is held with major international
financial institutions and therefore the risk of loss is minimal.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"><b><i>Other receivables.</i></b> The Company was
exposed to credit risk attributable to its debtor since a significant portion of this amount represents the amount agreed on a settlement
of a claim by PPL (see Note 5, “Prepaid Expenses and Other Receivables”), payable over the next four years. The installment
note was repaid in full in July 2021 (see Note 25, “Events After the Balance Sheet Date”).</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b><i>Liquidity Risk</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Liquidity risk is the risk that the Company will
encounter difficulty in satisfying financial obligations as they become due.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The Company’s approach to managing liquidity
is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when due, under both normal and stressed
conditions without incurring unacceptable losses or risking harm to the Company’s reputation. The Company holds sufficient cash
to satisfy obligations under accounts payable and accruals.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The Company monitors its liquidity position regularly
to assess whether it has the funds necessary to meet its operating needs and needs for investing in new projects. The Company believes
that it has sufficient funding to finance the committed drug development work, apart from meeting its operational needs for the foreseeable
future.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">However, as a biotech company at an early stage of
development and without significant internally generated cash flows, there are inherent liquidity risks, including the possibility that
additional financing may not be available to the Company, or that actual drug development expenditures may exceed those planned. The current
uncertainty in global markets could have an impact on the Company’s future ability to access capital on terms that are acceptable
to the Company. There can be no assurance that required financing will be available to the Company. See Note 25, “Events After the
Balance Sheet Date,” for a discussion of the Company’s share offering.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b>NOTE 23. CAPITAL DISCLOSURES</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The Company considers the items included in shareholders’
equity as capital. The Company had accounts payable and accrued expenses of approximately $1.9 million as of March 31, 2021 (approximately
$1.3 million as of March 31, 2020) and current assets of approximately $4.9 million as of March 31, 2021 (approximately $3.8 million as
of March 31, 2020). The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a
going concern in order to pursue new business opportunities and to maintain a flexible capital structure, which optimizes the costs of
capital at an acceptable risk.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The Company manages the capital structure and makes
adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">As of March 31, 2021, shareholders’ equity
attributable to the owners of the company was approximately $101.4 million (approximately $96.5 million as of March 31, 2020).</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The Company is not subject to any externally imposed
capital requirements and does not presently utilize any quantitative measures to monitor its capital. There have been no changes to the
Company’s approach to capital management during the years ended March 31, 2021 and 2020.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">See Note 25, “Events After the Balance Sheet
Date,” for a discussion of the Company’s share offering.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>NOTE 24. NON-CONTROLLING INTEREST</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </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> </td>
<td colspan="3"> </td>
<td> </td>
<td colspan="3"> </td>
<td> </td>
<td colspan="3"> </td>
<td> </td>
<td colspan="3"> </td>
<td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt">(In thousands)</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>PGL</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>SalvaRx</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>iOx</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Saugatuck</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Total</b></font></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="3" style="text-align: right"> </td>
<td> </td>
<td colspan="3" style="text-align: right"> </td>
<td> </td>
<td colspan="3" style="text-align: right"> </td>
<td> </td>
<td colspan="3" style="text-align: right"> </td>
<td> </td>
<td colspan="3" style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 55%"><font style="font-size: 10pt">Balance as of April 1, 2019</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 6%; text-align: right"><font style="font-size: 10pt">(31</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">$</font></td>
<td style="width: 6%; text-align: right"><font style="font-size: 10pt">2,451</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 6%; text-align: right"><font style="font-size: 10pt">46,376</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 6%; text-align: right"><font style="font-size: 10pt">87</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 6%; text-align: right"><font style="font-size: 10pt">48,883</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt">Fair value:</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt">Stock-based compensation expense</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">2,143</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">2,143</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1pt"><font style="font-size: 10pt">Net loss attributable to non-controlling interest</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(50</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(1,807</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(59</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(1,916</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt"><b>Non-controlling interest as of March 31, 2020</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>(81</b></font></td>
<td><font style="font-size: 10pt"><b>)</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>2,451</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>46,712</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>28</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>49,110</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt"><b>Stock-based compensation expense</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>850</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>850</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt"><b>Exchange of SalvaRx warrants for PBI warrants in SalvaRx Notes settlement</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>(2,451</b></font></td>
<td><font style="font-size: 10pt"><b>)</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>(2,451</b></font></td>
<td><font style="font-size: 10pt"><b>)</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1pt"><font style="font-size: 10pt"><b>Net income (loss) attributable to non-controlling interest</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>81</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>(1,389</b></font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt"><b>)</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>(48</b></font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt"><b>)</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>(1,356</b></font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt"><b>)</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 2.25pt"><font style="font-size: 10pt"><b>Non-controlling interest as of March 31, 2021</b></font></td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>46,173</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>(20</b></font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>)</b></font></td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>46,153</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"><b> </b></p>
0.6049
0.70
0.3951
0.65
0.35
0.30
Associate:Stimunity S.A.
Biotechnology
Paris, France
0.44
0.364
1000000
1000000
700000
600000
500000
700000
3780
1500000
1900000
4140
1945
363
308.55
10.00
0.27
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18000
1.00
10000
229848
7409000
7409000
5200000
7409000
7409000
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4500000
1298000
1298000
911000
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210210
1000000
0.0506
0.075
129806
1300
288458
3920000
-0.01
1.00
1.00
8050701
92600000
11.50
In connection with the SalvaRx Acquisition, the Company acquired SalvaRx's five invested entities and subsidiaries: iOx and Saugatuck (consolidated subsidiary with non-controlling interest), Intensity (investment in private company) (see Note 9, “Investments in Private Companies”), Nekonal (joint venture with no fair value due to a dispute with Nekonal, see below), and Rift (no fair value as operations are discontinued). In connection with the SalvaRx Acquisition, the Company also acquired an option from Nekonal SARL that gives SalvaRx the right to acquire shares in Nekonal for €50 ($55 USD) per share for four years. On January 8, 2019, the acquisition date, the fair value of option was determined to be $0 due to a dispute with Nekonal.
-2446000
0.200
0.205
2400000
1400000
113000
343000
1651000
0
5000
701000
692045
169000
224000
1938000
1268000
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3661000
3663000
200000
100000
150000
3361000
193000
100000
3370000
-1020000
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76000
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258000
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223000
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50000
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3960000
0.07
0.07
The holders of the SalvaRx Notes received $7,500 of warrants in respect of each $10 thousand of principal issued. The warrants vest in the event of a qualifying transaction and are exercisable at a 30% discount to the implied valuation of SalvaRx. On the Acquisition Date, the fair value of the warrants, which are included in non-controlling interest, was determined to be $2.5 million using the Black Scholes Model.
24000000
Company assumed $3.96 million of principal in unsecured notes due on March 2, 2021 (or earlier upon a qualifying event), that bear interest at 7% per annum (the "SalvaRx Notes").
Company assumed $2.0 million of 7% convertible notes issued by iOx, a wholly-owned subsidiary of SalvaRx (the "Convertible Notes"), of which the Company holds $1.9 million.
50000
2000000
1770000
397604
6.64
The Company accounted for the contractual value of the exercised and outstanding warrants of $2.64 million (397,604 shares at $6.64 per share) as accrued equity issuable at September 30, 2020. The Company also recorded a loss of $1.26 million during the year ended March 31, 2021, to recognize the discount between the fair value of the underlying shares on October 13, 2020 (the settlement date) of $9.80 per share and the contract price of $6.64 per share.
363718
12083395
49701
6.64
6.64
6.64
6.64
6.64
49701
447305
447305
-447305
-397604
1120000
2970000
2970000
-2970000
-2640000
790000
12084000
10988000
10858000
130649000
117817000
116237000
698000
6980000
2150000
6732000
698145
215000
2640000
2451000
-330000
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282000
130000
1298000
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1500000
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324000
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10618000
7977000
11468000
8475000
0
0
282000
58000
November 28, 2016
April 17, 2018
0.0260
0.0260
0.0048
0.0048
0.0000
0.0000
0.0000
0.0000
0.80
0.80
1.39
1.44
P1Y109DT12H
P3Y73D
P5Y6M
P6Y
4630.35
4630.35
16.66
17.11
17.75
165.2
15
148.84
P9Y9M14D
P11M12D
P1Y8M19D
P1Y7M17D
7400000000
7400000000
2980
868000
350000
518000
17.75
Accordingly, the 2,599 stock options to acquire common shares of iOx (the “Acquired Options”) with an exercise price of £120 ($152.84) per common share, outstanding under the iOx stock option plan (“iOx Option Plan”) have been acquired by the Company. At the Acquisition Date, 1,643 of the stock options, with a fair value at the Acquisition Date of $7.4 million, are fully vested and recorded in non-controlling interest with a corresponding increase to goodwill (see Note 11, “Goodwill”). Additionally, the fair value of the remaining 956 unvested stock options was $4.3 million and is being recorded as compensation expense over the remaining 3-year vesting period.
900000
2200000
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17.75
1218000
2409000
231000
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0
-2665000
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1425000
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13674000
2698000
13674000
2698000
1689000
1186000
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24050000
21604000
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21604000
11733
10952
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-1.35
-0.49
-0.55
1900000
688359
1000000
92600000
PPL holds 65% equity in PGL, committed to provide financing and also handles financial and administrative matters of PGL. The Company disposed of 100% of its interests in PPL and PGL on March 3, 2021
200000
78427
226018
2254
805000
2415000
6.64
1000000
9144000
8702000
1938000
1268000
34.03
1900000
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868000
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868000
-2980
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116666
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1643
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18000
The specific terms of any securities to be offered pursuant to the base prospectus are specified in the sales agreement prospectus. The $50,000,000 of ordinary shares that may be offered, issued and sold under the sales agreement prospectus is included in the $200,000,000 of securities that may be offered, issued and sold by us under the base prospectus. The sales under the prospectus will be deemed to be made pursuant to an “at the market offering” as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933 (the Securities Act). Upon termination of the sales agreement, any portion of the $50,000,000 included in the sales agreement prospectus that is not sold pursuant to the sales agreement will be available for sale in other offerings pursuant to the base prospectus, and if no shares are sold under the sales agreement, the full $50,000,000 of securities may be sold in other offerings pursuant to the base prospectus. See Note 2, “Liquidity,” Note 16, “Capital Stock” and Note 25, “Events After the Balance Sheet Date” for a further discussion.
50000000
200000000
68000
53000
103000
876000
50000
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2770000
3152000
22000
34000
7409000
7409000
36000
174860000
173174000
1938000
1268000
1120000
150000
300000
1000000
27258000
27533000
130649000
117817000
7977000
58000
958000
958000
-38135000
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174860000
173174000
100000
500000
649000
500000
0.19
0.19
0.170
0.19
0.19
1000000
500000
-231000
-458000
7300000
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24050000
21604000
24050000
21604000
19800000
2200000
2446000
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500000
400000
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b><i>Financial Instruments</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b><i>i) Financial Assets</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b>Classification</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Upon the initial recognition of a financial assets,
the financial assets are classified as one of the following measurement methodologies: (a) amortized cost, (b) fair value through other
comprehensive income (FVTOCI), or (c) fair value through profit or loss (FVTPL).  Subsequent measurement will be based on the initial
classification of the financial assets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The classification of a financial asset at initial
recognition depends on the Company's business model for managing the financial asset and the financial asset's contractual cash flow characteristics.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">In order for a financial asset to be measured at
amortized cost or fair value through OCI, it needs to give rise to cash flows that are <i>solely payments of principal and interest</i>
(“SPPI”) on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument
level.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The Company's business model for managing financial
assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows
will result from collecting contractual cash flows, selling the financial assets, or both.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b>Measurement</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">For purposes of subsequent measurement, financial
assets are classified in three categories:</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 30px"> </td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify; width: 12px"><font style="font: 10pt Symbol">·</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">Financial assets at amortized cost (debt instruments);</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 30px"> </td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify; width: 12px"><font style="font: 10pt Symbol">·</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">Financial assets at FVTOCI; and</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; text-align: justify; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="text-align: justify; width: 30px"> </td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify; width: 12px"><font style="font: 10pt Symbol">·</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">Financial assets at FVTPL.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b>Financial Assets at Amortized Cost (Debt Instruments)</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The Company measures financial assets at amortized
cost if both of the following conditions are met:</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">- The financial asset is held within a business
model with the objective of holding the financial asset in order to collect contractual cash flows and;</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">- The contractual terms of the financial asset
give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Financial assets at amortized cost are subsequently
measured using the effective interest rate method and are subject to a period impairment review. Gains and losses are recognized in profit
or loss when the asset is derecognized, modified or impaired.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The Company's financial assets classified at amortized
cost includes other receivables.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b>Financial Assets designated at Fair Value through OCI (Equity Instruments)</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Upon initial recognition, the Company can elect to
classify irrevocably its equity investments as equity instruments designated at FVTOCI when they meet the definition of equity under IAS
32, “Financial Instruments: Presentation,” and are not held for trading. The classification is determined on an instrument-by-instrument
basis.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Gains and losses on these financial assets are never
recycled to profit or loss. Dividends are recognized as other income in the statement of profit or loss when the right of payment has
been established, except when the Company benefits from such proceeds as a recovery of part of the cost of the financial asset, in which
case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The Company irrevocably elected to classify its investments
in Biohaven Pharmaceuticals Holding Company Ltd. (“Biohaven”), Sentien and Intensity as FVTOCI.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b>Financial Assets at Fair Value through Profit or Loss</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Financial assets at FVTPL include financial assets
held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily
required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling
or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless
they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest
are classified and measured FVTPL, irrespective of the business model.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Financial assets at fair value through profit or
loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the statement of profit
or loss.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b><i>ii</i>) <i>Financial Liabilities</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> The Company's financial liabilities include
accounts payable which approximates fair value due to their short maturity and unsecured notes payable assumed in the SalvaRx Acquisition.
The unsecured notes payable assumed in the SalvaRx Acquisition are recorded at fair value on the acquisition date (see Note 10, “Acquisition
and Business Combination” and Note 14, “Unsecured Notes Payable”).</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b>Warrant Liability and Note Payable</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">During the year ended March 31, 2017, the Company's
subsidiaries, PPL and EyGen, issued notes with warrants (see Note 14, “Unsecured Notes Payable” and Note 15, “Warrant
Liability”). The warrants, which were exercisable for common shares of PPL and EyGen, expired in the year ended March 31, 2020.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Accordingly, at inception a portion of the proceeds
was allocated to the fair value of the warrants and the remainder was recorded as a note payable. The warrants expired and the note payable
was settled as part of the PPL disposition in March 2021 (see Note 8, “Disposition of PPL”). </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">At subsequent balance sheet dates the fair value
of the warrant was remeasured with movements in the fair value recorded in profit or loss. The loan was recorded at amortized cost and
is accounted for using the effective interest method. In March 2021, the Company completed the disposition of its interest in PPL and
EyGen and these liabilities were settled.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">In connection with the SalvaRx Acquisition (see Note
10, “Acquisition and Business Combination” and Note 14, “Unsecured Notes Payable”), the Company acquired notes
payable and associated warrants, which were recorded at fair value on the date of the acquisition.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b>Impairment of Financial Assets</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">IFRS 9, “Financial Instruments,” requires
the Company to recognize an allowance for expected credit losses ("ECLs") for all debt instruments and investments not held
at fair value through profit or loss and contract assets.  For intangible assets, at the end of each reporting period and whenever
there is an indication that the intangible asset may be impaired, the Company reviews the carrying amounts of its intangible assets to
determine whether there is any indication that those assets have suffered an impairment loss.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">At the end of each reporting period, the Company
assessed whether there was objective evidence that a financial asset was impaired. The Company recognizes an allowance for ECLs for all
debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due
in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original
effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements
that are integral to the contractual terms.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">ECLs are recognized in two stages. For credit exposures
for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that
result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has
been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the
remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><b>Foreign Currencies</b><font style="color: #B1BA37"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The functional and presentation currency of the Company
and its subsidiaries (see Note 3, “Basis of Presentation”) is the U.S. dollar. Monetary assets and liabilities are translated
at exchange rates in effect at the balance sheet date. Non-monetary assets are translated at exchange rates in effect when they were acquired.
Revenue and expenses are translated at the approximate average rate of exchange for the period. Foreign currency differences arising on
retranslation are recognized in income or loss.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">The effect of exchange rates on our foreign currency-denominated
asset and liability balances are recorded as foreign currency transaction losses in the determination of net income (loss).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash and Cash Equivalents</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt">Cash and cash equivalents comprise
cash in hand and on-demand deposits that are readily convertible to a known amount of cash with three months or less from date of acquisition
and are subject to an insignificant risk of change in value. The Company does not have any cash equivalents as of March 31, 2021 and 2020.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Intangible Assets acquired in Business Combinations</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt">Intangible assets acquired in
business combinations that are separable from goodwill are recorded at their acquisition date fair value.  Subsequent to initial
recognition, intangible assets acquired in business combinations are reported net of accumulated amortization and any impairment losses.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Impairment of Indefinite Life Intangible Assets
other than Goodwill</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt">At the end of each annual reporting
period and whenever there is an indication that an indefinite life intangible asset may be impaired, the Company reviews the carrying
amounts of such intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If
any such indication exists, the recoverable amount of the asset is estimated to determine the extent of impairment loss (if any). When
it is not possible to estimate the recoverable amount of any individual asset, the Company estimates the recoverable amount of the cash-generating
unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated
to individual cash-generating units ("CGU" or "CGUs"), or the smallest group of cash-generating units for which a
reasonable and consistent allocation basis can be identified.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> Recoverable amount is
the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted
to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks
specific to the asset for which the estimates of future cash flows have not been adjusted.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Share-based Payments</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt">The Company determines the fair
value of share-based payments granted to directors, officers, employees and consultants using the Black-Scholes option-pricing model at
the grant date. Assumptions for the Black-Scholes model are determined as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt">• <b><i>Expected
Volatility.</i></b> The expected volatility rate used to value stock option grants is based on volatilities of a peer group of similar
companies whose share prices are publicly available. The peer group was developed based on companies in the life sciences industry.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt">• <b><i>Expected
Term.</i></b> The Company used historical experience.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt">• <b><i>Risk-free
Interest Rate.</i></b> The risk-free interest rate assumption was based on zero-coupon U.S. Treasury instruments that had terms consistent
with the expected term of the Company's stock option grants.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt">• <b><i>Expected
Dividend Yield.</i></b> The Company has never declared or paid any cash dividends and does not presently plan to pay cash dividends in
the foreseeable future.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt">Share-based payments to employees,
officers and directors are recorded and reflected as an expense over the vesting period with a corresponding increase in the stock option
reserve. On exercise, the associated amounts previously recorded in the stock option reserve are transferred to common share capital.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>(Loss) Per Share</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt">Basic (loss) per share is calculated
by dividing net (loss) income (the numerator) by the weighted average number of ordinary shares outstanding (the denominator) during the
period.  Diluted (loss) per share reflects the dilution that would occur if outstanding stock options and share purchase warrants
were exercised into ordinary shares using the treasury stock method and convertible debt were converted into ordinary shares using the
if-converted method. Diluted (loss) per share is calculated by dividing net (loss) income applicable to ordinary shares by the sum of
the weighted average number of ordinary shares outstanding and all additional ordinary shares that would have been outstanding if potentially
dilutive common shares had been issued. The share and per share information has been retroactively adjusted to reflect the impact of the
stock dividend.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt">The inclusion of the Company's
stock options, restricted stock units and share purchase warrants in the computation of diluted loss per share would have an anti-dilutive
effect on loss per share and are therefore excluded from the computation. Consequently, there is no difference between basic loss per
share and diluted loss per share for the years ended March 31, 2021, 2020 and 2019. The following table reflects the outstanding securities
by year that would have an anti-dilutive effect on loss per share, and accordingly, were excluded from the calculation (see Note 19, “(Loss)
Per Share”).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </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: 1pt"> </td>
<td colspan="11" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>As of March 31,</b></font></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2021</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 61%"><font style="font-size: 10pt"><b>Stock options</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt"><b>868,000</b></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: 10pt">2,980</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: 10pt">2,980</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt"><b>Restricted stock units</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>243,000</b></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: #CCEEFF">
<td><font style="font-size: 10pt"><b>Warrants</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>49,701</b></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>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Investments in Private Companies</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt">The investment is comprised
of shares of private companies that have been acquired through a private placement. The investment is initially recorded at fair value.
Following acquisition, the Company evaluates whether control or significant influence is exerted by the Company over the affairs of the
investee company. Based on the evaluation, the Company accounts for the investment using either the consolidation, equity accounting or
fair value method (see Note 9, “Investments in Private Companies”).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Investment in Associate</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt">An associate is an entity over
which the Company has significant influence. Significant influence is the power to participate in the financial and operating policy decisions
of the investee but is not control or joint control over those policies.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt">The results and assets and liabilities
of associates are incorporated in these consolidated financial statements using the equity method of accounting, except when the investment,
or a portion thereof, is classified as held for sale, in which case it is accounted for in accordance with IFRS 5, “Non-current
Assets Held for Sale and Discontinued Operations”. Under the equity method, an investment in an associate is initially recognized
in the consolidated statement of financial position at cost from the date the investee becomes an associate and adjusted thereafter to
recognize the Company's share of the profit or loss and other comprehensive income of the associate. When the Company's share of losses
of an associate exceed the Company's interest in that associate (which includes any long-term interests that, in substance, form part
of the Company's net investment in the associate), the Company discontinues recognizing its share of further losses. Additional losses
are recognized only to the extent that the Company has incurred legal or constructive obligations or made payments on behalf of the associate.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt">After application of the equity
method, the Company determines whether it is necessary to recognize an impairment loss on its investment in its associate. At each reporting
date, the Company determines whether there is objective evidence that the investment in the associate is impaired. If there is such evidence,
the Company calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value,
and then recognizes the loss within 'share of (loss) income in associate' in the consolidated statements of operations.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Research and Development Expenses</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(i)</i></b> <b><i>Research and Development</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt">Expenditure on research activities,
undertaken with the prospect of gaining new scientific or technical knowledge and understanding, is expensed as incurred.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt">Development activities involve
a plan or design for the production of new or substantially improved products and processes. Development expenditures are capitalized
only if development costs can be measured reliably, the product or process is technically, and commercially feasible, future economic
benefits are probable, and the Company intends to and has sufficient resources to complete development and to use or sell the asset. Following
initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortization. Amortization
of the asset begins when development is complete and the asset is available for use. It is amortized over the period of expected future
benefit. During the period of development, the asset is tested for impairment annually.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt">Research and development expenses
include all direct and indirect operating expenses supporting the products in development.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(ii)</i></b> <b><i>Subsequent Expenditure</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt">Subsequent expenditure is capitalized
only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditures are recognized
in income or loss as incurred.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(iii)</i></b> <b><i>Clinical Trial Expenses</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt">Clinical trial expenses are
a component of the Company's research and development costs. These expenses include fees paid to contract research organizations, clinical
sites, and other organizations who conduct development activities on the Company's behalf. The amount of clinical trial expenses recognized
in a period related to clinical agreements are based on estimates of the work performed using an accrual basis of accounting. These estimates
incorporate factors such as patient enrolment, services provided, contractual terms, and prior experience with similar contracts.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Contingent Liability</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt">A contingent liability is a
possible obligation that arises from past events and of which the existence will be confirmed only by the occurrence or non-occurrence
of one or more uncertain future events not within the control of the Corporation; or a present obligation that arises from past events
(and therefore exists), but is not recognized because it is not probable that a transfer or use of assets, provision of services or any
other transfer of economic benefits will be required to settle the obligation; or the amount of the obligation cannot be estimated reliably.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Determination of Fair Value</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt">A number of the Company's accounting
policies and disclosures required the determination of fair value, both for financial and non-financial assets and liabilities. Fair values
have been determined for measurement and/or disclosure purposes based on assumptions that market participants would use when pricing the
asset or liability, assuming that market participants act in their economic best interest. When applicable, further information about
the assumptions made in determining fair values is disclosed in Note 22, “Financial Instruments and Risk Management” and other
footnotes that specifically relate to assets or liabilities measured at fair value.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Income Tax</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt">The Company uses the asset and
liability method to account for income taxes. Deferred income tax assets and liabilities are recognized for the future tax consequences
attributable to differences between the carrying amounts of existing assets and liabilities for accounting purposes, and their respective
tax bases.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt">Deferred income tax assets and
liabilities are measured using tax rates that have been enacted or substantively enacted and applied to taxable income in the years in
which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of
a change in statutory tax rates is recognized in profit or loss in the year of change. Deferred income tax assets are recorded when their
recoverability is considered probable and are reviewed at the end of each reporting period.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Business Combinations </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt">Business combinations are accounted
for using the acquisition method as of the date when control transfers to the Company. The total purchase price less the fair value of
non-controlling interest is allocated to the acquired net tangible and intangible assets and liabilities assumed at fair value.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt">Transaction costs that the Company
incurs in connection with a business combination are expensed as incurred.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Goodwill</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt">Goodwill represents the excess
of the purchase price paid for the acquisition of an entity and the amount recognized for non-controlling interests over the fair value
of the net identifiable assets acquired and liabilities assumed. Goodwill is allocated to the CGUs, which are expected to benefit from
the synergies of the combination. Goodwill is not subject to amortization and is tested annually for impairment, or more frequently if
events or changes in circumstances indicate that they might be impaired.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt">Impairment is determined for
goodwill by assessing if the carrying value of a CGU, including the allocated goodwill, exceeds its recoverable amount determined as the
greater of the estimated fair value less costs to sell and the value in use. Impairment losses recognized in respect of a CGU are first
allocated to the carrying value of goodwill and any excess is allocated to the carrying amount of assets in the CGU. Any goodwill impairment
is recorded in income in the period in which the impairment is identified. Impairment losses on goodwill are not subsequently reversed.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Recent Accounting Pronouncements</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"><b><i> </i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Impact of Adoption of Significant New IFRS Standards
in 2020</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"><b> </b></p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"> </td>
<td style="font: 12pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><font style="font-size: 10pt"><b>(a)</b></font></td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt"><b>IAS 1: Presentation of Financial Statements, and IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors (Amendment)</b></font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"><b> </b>The amendments
to IAS 1 and IAS 8 clarify the definition of material and seek to align the definition used in the Conceptual Framework with that in the
standards themselves, as well as ensuring the definition of material is consistent across all IFRS. The Company adopted these amendments
effective January 1, 2020. The adoption of these amendments did not have a significant impact on the Company’s annual consolidated
financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"> </td>
<td style="font: 12pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><font style="font-size: 10pt"><b>(b)</b></font></td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt"><b>Conceptual Framework for Financial Reporting</b></font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"><b> </b>Together with the
revised Conceptual Framework published in March 2018, the IASB also issued Amendments to References to the Conceptual Framework in IFRS
Standards. The Company adopted the Revised Conceptual Framework effective January 1, 2020. The adoption of these amendments did not have
a significant impact on the Company’s annual consolidated financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>IFRS Pronouncements Issued But Not Yet Effective</i></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>New Accounting Standards, Interpretations and Amendments</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt">Standards issued but not yet
effective up to the date of issuance of the Company's consolidated financial statements are listed below. This listing is of standards
and interpretations issued, which the Company reasonably expects to be applicable at a future date. The Company intends to adopt those
standards when they become effective.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"> </td>
<td style="font: 12pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><font style="font-size: 10pt"><b>(c)</b></font></td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt"><b>Annual Improvements to IFRS Standards 2018-2020</b></font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 25.2pt; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt">The annual improvements process
addresses issues in the 2018-2020 reporting cycles including changes to IFRS 9, “Financial Instruments,” IFRS 1, “First
Time Adoption of IFRS,” IFRS 16, “Leases,” and IAS 41, “Biological Assets”.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt">i) The amendment to IFRS 9 addresses
which fees should be included in the 10% test for derecognition of financial liabilities.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt">ii) The amendment to IFRS 1
allows a subsidiary adopting IFRS at a later date than its parent to also measure cumulative translation differences using the amounts
reported by the parent based on the parent’s date of transition to IFRS.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt">iii) The amendment to IFRS 16’s
illustrative example 13 removes the illustration of payments from the lessor related to leasehold improvements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt">These amendments will be effective
for annual periods beginning on or after January 1, 2022. The Company is currently evaluating the new guidance and impacts on its consolidated
financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"> </td>
<td style="font: 12pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><font style="font-size: 10pt"><b>(d)</b></font></td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt"><b>IAS 37: Onerous Contracts - Cost of Fulfilling a Contract</b></font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt">The amendment to IAS 37 clarifies
the meaning of costs to fulfil a contract and that before a separate provision for an onerous contract is established, an entity recognizes
any impairment loss that has occurred on assets used in fulfilling the contract, rather than on assets dedicated to the contract. This
amendment will be effective for annual periods beginning on or after January 1, 2022. The Company is currently evaluating the new guidance
and impacts on its consolidated financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"> </td>
<td style="font: 12pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><font style="font-size: 10pt"><b>(e)</b></font></td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt"><b>IAS 16: Proceeds Before Intended Use</b></font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"><b> </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt">The amendment to IAS 16 prohibits
an entity from deducting from the cost of an item of Property, plant and equipment any proceeds received from selling items produced while
the entity is preparing the assets for its intended use (for example, the proceeds from selling samples produced when testing a machine
to see if it is functioning properly). It also clarifies that an entity is testing whether the asset is functioning properly when it assesses
the technical and physical performance of the asset. The amendment also requires certain related disclosures. This amendment will be effective
for annual periods beginning on or after January 1, 2022. The Company is currently evaluating the new guidance and impacts on its consolidated
financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"> </td>
<td style="font: 12pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><font style="font-size: 10pt"><b>(f)</b></font></td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt"><b>IAS 1: Presentation of Financial Statements</b></font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt">The amendment to IAS 1 clarifies
how to classify debt and other liabilities as either current or non-current. The amendment will be effective for annual periods beginning
on or after January 1, 2023. The Company is currently evaluating the new guidance and impacts on its consolidated financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 0px"> </td>
<td style="font: 12pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><font style="font-size: 10pt"><b>(g)</b></font></td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt"><b>Amendments to IFRS 10 and IAS 28: Sale or Contribution of Assets between an Investor and Its Associate or Joint Venture</b></font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">The amendment addresses the conflict between IFRS 10 and IAS 28 in dealing
with the loss of control of a subsidiary that is sold or contributed to an associate or joint venture. The amendments clarify that the
gain or loss resulting from the sale or contribution of assets that constitute a business, as defined in IFRS 3, between an investor and
its associate or joint venture, is recognized in full. Any gain or loss resulting from the sale or contribution of assets that do not
constitute a business, however, is recognized only to the extent of unrelated investors' interests in the associate or joint venture.
The IASB has deferred the effective date of these amendments indefinitely, but an entity that early adopts the amendments must apply them
prospectively. The Company is evaluating whether the adoption of the above amendment will have a material impact on its financial statements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 23.05pt">The following table reflects
the outstanding securities by year that would have an anti-dilutive effect on loss per share, and accordingly, were excluded from the
calculation (see Note 19, “(Loss) Per Share”).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </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: 1pt"> </td>
<td colspan="11" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>As of March 31,</b></font></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2021</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 61%"><font style="font-size: 10pt"><b>Stock options</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt"><b>868,000</b></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: 10pt">2,980</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: 10pt">2,980</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt"><b>Restricted stock units</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>243,000</b></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: #CCEEFF">
<td><font style="font-size: 10pt"><b>Warrants</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>49,701</b></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>
</table>
<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: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>As of March 31,</b></font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt">(In thousands)</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2021</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="3" style="text-align: right"> </td>
<td> </td>
<td colspan="3" style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 74%"><font style="font-size: 10pt"><b>Prepaid insurance</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt"><b>1,445</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">14</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt"><b>Research & development tax credits</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>649</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">500</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt"><b>Other prepaid expenses</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>48</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">–</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1pt"><font style="font-size: 10pt"><b>Other receivables</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>34</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">60</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 2.25pt; padding-left: 10pt"><font style="font-size: 10pt"><b>Total prepaid expenses and other receivables</b></font></td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>2,176</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">574</font></td>
<td style="border-bottom: black 2.25pt double"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt">The following table is a roll-forward of the investment
in Biohaven as of March 31, 2021, 2020 and 2019:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="11" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>As of March 31,</b></font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt">(In thousands)</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2021</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: right"> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 61%"><font style="font-size: 10pt"><b>Balance, beginning of year</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt"><b>68</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">103</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">53</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt"><b>Unrealized (loss) gain on investment</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">(35</font></td>
<td><font style="font-size: 10pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">50</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt"><b>Proceeds from the sale of the investment</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>(140</b></font></td>
<td><font style="font-size: 10pt"><b>)</b></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: 1pt"><font style="font-size: 10pt"><b>Gain on sale</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>72</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 2.25pt"><font style="font-size: 10pt"><b>Balance, end of year</b></font></td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">68</font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </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">103</font></td>
<td style="border-bottom: black 2.25pt double"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt">Details of the Company’s associate as of March
31, 2021 and 2020 are as follows:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </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 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Name</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Principal Activity</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Place of Incorporation and<br />
Principal Place of Business</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Voting Rights Held as <br />
of March 31, 2021</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Voting Rights Held as <br />
of March 31, 2020</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 20%; text-align: justify"><font style="font-size: 10pt">Associate: Stimunity S.A.</font></td>
<td style="width: 1%"> </td>
<td style="width: 19%; text-align: center"><font style="font-size: 10pt">Biotechnology</font></td>
<td style="width: 1%"> </td>
<td style="width: 19%; text-align: center"><font style="font-size: 10pt">Paris, France</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 17%; text-align: right"><font style="font-size: 10pt">44.0</font></td>
<td style="width: 1%"><font style="font-size: 10pt">%</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 17%; text-align: right"><font style="font-size: 10pt">36.4</font></td>
<td style="width: 1%"><font style="font-size: 10pt">%</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt">The following table is a roll-forward of the Company’s
investment in Stimunity S.A. as of March 31, 2021 and 2020:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </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: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Years ended March 31,</b></font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt">(In thousands)</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2021</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt">2020</font></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 74%"><font style="font-size: 10pt"><b>Balance, beginning of year</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt"><b>1,225</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">1,207</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt"><b>Additional investment</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>1,000</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">–</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1pt"><font style="font-size: 10pt"><b>Share of (loss) income</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>(490</b></font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt"><b>)</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">18</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.25pt"><font style="font-size: 10pt"><b>Balance, end of year</b></font></td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>1,735</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,225</font></td>
<td style="border-bottom: black 2.25pt double"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt">The following table illustrates the summarized financial
information of the Company's investment in Stimunity S.A:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>As of March 31,</b></font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt">(In millions)</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"> <b>2021</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"> <b>2020</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"><font style="font-size: 10pt"> <b>(Unaudited)</b></font></td>
<td> </td>
<td colspan="3" style="text-align: center"><font style="font-size: 10pt"> <b>(Unaudited)</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 74%"><font style="font-size: 10pt">Current assets</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">1.6</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">1.3</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt">Non-current assets</font></td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">–</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">–</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt">Current liabilities</font></td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">0.7</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">0.3</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt">Non-current liabilities</font></td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">0.1</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">.01</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt">Equity</font></td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">0.8</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">0.9</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt">Company's share in equity – 44.0% and 36.4%</font></td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">0.4</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">0.3</font></td>
<td> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Years Ended March 31,</b></font></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"> <b>2021</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"> <b>2020</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"><font style="font-size: 10pt"> <b>(Unaudited)</b></font></td>
<td> </td>
<td colspan="3" style="text-align: center"><font style="font-size: 10pt"> <b>(Unaudited)</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 74%"><font style="font-size: 10pt">Revenue</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">0.1</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">0.2</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt">Loss from operations</font></td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">(1.5</font></td>
<td><font style="font-size: 10pt">)</font></td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">(0.3</font></td>
<td><font style="font-size: 10pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt">Net loss</font></td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">(1.1</font></td>
<td><font style="font-size: 10pt">)</font></td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">–</font></td>
<td> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt">The following table is a rollforward of the investments
in Intensity and Sentien as of March 31, 2020 and 2021:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt">(In thousands)</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Intensity</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Sentien</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Total</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td> </td>
<td colspan="3"> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 61%"><font style="font-size: 10pt">Balance as of April 1, 2019</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">4,500</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">700</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">5,200</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-left: 10pt"><font style="font-size: 10pt">Acquisition of Intensity Holdings Limited</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">1,298</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">1,298</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1pt; padding-left: 10pt"><font style="font-size: 10pt">Unrealized gain (loss) on investment</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">1,611</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(700</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">911</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt"><b>Balance as of March 31, 2020</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>7,409</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>7,409</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1pt; padding-left: 10pt"><font style="font-size: 10pt"><b>Unrealized gain (loss) on investment</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.25pt"><font style="font-size: 10pt"><b>Balance as of March 31, 2021</b></font></td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>7,409</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>7,409</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt">The following table presents unaudited supplemental
pro forma consolidated net income based on SalvaRx's historical reporting periods as if the SalvaRx Acquisition had occurred as of April
1, 2018 (in thousands):</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt"><b>Year ended March 31,</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 87%"><font style="font-size: 10pt">Net loss</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">(5,160</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">Net loss applicable to common stockholders</font></td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">(3,920</font></td>
<td><font style="font-size: 10pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt">Net loss per share, basic and diluted</font></td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">(0.01</font></td>
<td><font style="font-size: 10pt">)</font></td></tr>
</table>
<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: 1pt"> </td>
<td colspan="11" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>As of March 31, 2021</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="11" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>As of March 31, 2020</b></font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt">(In thousands)</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Goodwill</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>IPR&D</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>DTL</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Goodwill</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>IPR&D</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>DTL</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 40%"><font style="font-size: 10pt"><b>Balance, beginning of year</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 10pt"><b>43,324</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 10pt"><b>117,388</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 10pt"><b>(21,604</b></font></td>
<td style="width: 1%"><font style="font-size: 10pt"><b>)</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 10pt">43,324</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 10pt">117,388</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 10pt">(21,604</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"><b>Foreign exchange effect on deferred liability settleable in Great British pounds</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>(2,446</b></font></td>
<td><font style="font-size: 10pt"><b>)</b></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: #CCEEFF">
<td><font style="font-size: 10pt"><b>On Acquisition of SalvaRx Limited</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></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>
<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><font style="font-size: 10pt"><b>Amortization</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></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>
<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="padding-bottom: 1pt"><font style="font-size: 10pt"><b>Impairment</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.25pt"><font style="font-size: 10pt"><b>Balance, end of year</b></font></td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>43,324</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>117,388</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>(24,050</b></font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>)</b></font></td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">43,324</font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">117,388</font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(21,604</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">)</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt">In process research and development (“IPR&D”)
consists of the following projects (in thousands):</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </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 1pt solid"><font style="font-size: 10pt"><b>Project #</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt"><b>Description</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Value as of <br />
March 31, 2021</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt">Value as of <br />
March 31, 2020</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt"><b>iOx:</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="width: 25%"><font style="font-size: 10pt"><b>IMM 60</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 24%"><font style="font-size: 10pt"><b>Melanoma & Lung Cancers</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="width: 22%; text-align: right"><font style="font-size: 10pt"><b>84,213</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 22%; text-align: right"><font style="font-size: 10pt">84,213</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1pt"><font style="font-size: 10pt"><b>IMM 65</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"><font style="font-size: 10pt"><b>Ovarian/Prostate Cancers</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>32,997</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">32,997</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>117,210</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">117,210</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1pt"><font style="font-size: 10pt"><b>Oncomer/Saugatuck</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"><font style="font-size: 10pt"><b>DNA Aptamers</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>178</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">178</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.25pt"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>117,388</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">117,388</font></td>
<td style="border-bottom: black 2.25pt double"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"> </td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.25pt"><font style="font-size: 10pt"><b>Deferred tax liability</b></font></td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>24,050</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">21,604</font></td>
<td style="border-bottom: black 2.25pt double"> </td></tr>
</table>
<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: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>As of March 31,</b></font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt">(In thousands)<b> </b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"> <b>2021</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="3" style="text-align: right"> </td>
<td> </td>
<td colspan="3" style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 74%"><font style="font-size: 10pt"><b>Accounts payable</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt"><b>113</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">343</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt"><b>Insurance premium note</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>1,651</b></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"><b>Accrued interest</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>5</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">701</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1pt"><font style="font-size: 10pt"><b>Other</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>169</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">224</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 2.25pt; padding-left: 10pt"><font style="font-size: 10pt"><b>Total accounts payable and accrued liabilities</b></font></td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>1,938</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">1,268</font></td>
<td style="border-bottom: black 2.25pt double"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt">Following is a roll-forward of notes payable:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </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: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>CURRENT</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>CURRENT</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>NON-CURRENT</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt">(In thousands)</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>PPL</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>iOx</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>SalvaRx</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Total</b></font></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 48%"><font style="font-size: 10pt">Balance, April 1, 2019</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">193</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">100</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">3,370</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">3,663</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt">Repayment</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">(300</font></td>
<td><font style="font-size: 10pt">)</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">(300</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">Amortization of debt discount</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">7</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">258</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">265</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1pt"><font style="font-size: 10pt">Loss on extinguishment of debt</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">33</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">33</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt"><b>Balance, March 31, 2020</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>200</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>100</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>3,361</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>3,661</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt"><b>Repayment</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>(1,020</b></font></td>
<td><font style="font-size: 10pt"><b>)</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>(1,020</b></font></td>
<td><font style="font-size: 10pt"><b>)</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt"><b>Amortization of debt discount</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>76</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>76</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt"><b>Value of notes exchanged in warrant exercise</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>(2,640</b></font></td>
<td><font style="font-size: 10pt"><b>)</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>(2,640</b></font></td>
<td><font style="font-size: 10pt"><b>)</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt"><b>Settlement in connection with disposition of PPL</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>(200</b></font></td>
<td><font style="font-size: 10pt"><b>)</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>(200</b></font></td>
<td><font style="font-size: 10pt"><b>)</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt"><b>Loss on extinguishment of debt</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>223</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>223</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1pt"><font style="font-size: 10pt"><b>Proceeds from loan payable</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>50</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>50</b></font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.25pt"><font style="font-size: 10pt"><b>Balance, March 31, 2021</b></font></td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>150</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>150</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt">Below is the roll-forward of warrants issued by entity
(see Note 14, “Unsecured Notes Payable”):</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </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: 1pt"> </td>
<td colspan="11" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>PBI</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="11" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>SalvaRx</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Exercise <br />
Price</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Warrants</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Amount</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Exercise <br />
Price</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Warrants</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Contract Amount</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"><font style="font-size: 10pt"><b>In 000’$</b></font></td>
<td> </td>
<td colspan="3" style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"><font style="font-size: 10pt"><b>In 000’$</b></font></td>
<td> </td>
<td style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 38%"><font style="font-size: 10pt"><b>Warrants outstanding, April 1, 2020</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 7%; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 7%; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 10pt"><b>6.64</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 7%; text-align: right"><font style="font-size: 10pt"><b>447,305</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="width: 7%; text-align: right"><font style="font-size: 10pt"><b>2,970</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt"><b>(1)</b></font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt"><b>Exchange of warrants pursuant to SalvaRx Notes settlement</b></font></td>
<td> </td>
<td><font style="font-size: 10pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 10pt"><b>6.64</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>447,305</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>2,970</b></font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 10pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 10pt"><b>6.64</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>(447,305</b></font></td>
<td><font style="font-size: 10pt"><b>)</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>(2,970</b></font></td>
<td><font style="font-size: 10pt"><b>)</b></font></td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt"><b>Reclassification to accrued equity issuable</b></font></td>
<td> </td>
<td><font style="font-size: 10pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 10pt"><b>6.64</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>(397,604</b></font></td>
<td><font style="font-size: 10pt"><b>)</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>(2,640</b></font></td>
<td><font style="font-size: 10pt"><b>)</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1pt"><font style="font-size: 10pt"><b>Fair value adjustment at March 31, 2021 (2)</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>790</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 2.25pt"><font style="font-size: 10pt"><b>Warrants outstanding, March 31, 2021</b></font></td>
<td style="padding-bottom: 2.25pt"> </td>
<td><font style="font-size: 10pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 10pt"><b>6.64</b></font></td>
<td> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>49,701</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>1,120</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td style="padding-bottom: 2.25pt"> </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"><b>–</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td> </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%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px"><font style="font-size: 10pt">(1)</font></td>
<td><font style="font-size: 10pt">Treated as non-controlling interest accounted for at fair value.</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px"><font style="font-size: 10pt">(2)</font></td>
<td><font style="font-size: 10pt">Portage warrant liability valued at contract price, adjusted for fair value using the Black Scholes model.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt">Following is a roll-forward of ordinary shares as of March 31, 2021 and 2020:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </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: 1pt"> </td>
<td colspan="15" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Years Ended March 31,</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2021</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Ordinary<br />
Shares</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Amount</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Ordinary <br />
Shares</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Amount</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"><font style="font-size: 10pt"><b>In 000’</b></font></td>
<td> </td>
<td colspan="3" style="text-align: center"><font style="font-size: 10pt"><b>In 000’$</b></font></td>
<td> </td>
<td colspan="3" style="text-align: center"><font style="font-size: 10pt"><b>In 000’</b></font></td>
<td> </td>
<td colspan="3" style="text-align: center"><font style="font-size: 10pt"><b>In 000’$</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 48%"><font style="font-size: 10pt"><b>Balance, beginning of year</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt"><b>10,988</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt"><b>117,817</b></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: 10pt">10,858</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: 10%; text-align: right"><font style="font-size: 10pt">116,237</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt"><b>Shares issued in a private placement, net of issue costs</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>698</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>6,732</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt"><b>Exchange of SalvaRx warrants for PBI warrants</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>2,640</b></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><font style="font-size: 10pt"><b>Settlement of non-controlling interest in SalvaRx</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>2,451</b></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: #CCEEFF">
<td><font style="font-size: 10pt"><b>To reflect warrants issued and outstanding (d)</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>(330</b></font></td>
<td><font style="font-size: 10pt"><b>)</b></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><font style="font-size: 10pt"><b>Fair value adjustment for shares issued at a discount in SalvaRx</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>397</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>1,256</b></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: #CCEEFF">
<td><font style="font-size: 10pt"><b>Expiration of unexercised stock options</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>58</b></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">282</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt"><b>Shares issued in connection with the acquisition of interest in Intensity Holdings Limited</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">130</font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">1,298</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1pt"><font style="font-size: 10pt"><b>Shares issued for services</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>1</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>25</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">-–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.25pt"><font style="font-size: 10pt"><b>Balance, end of year</b></font></td>
<td style="padding-bottom: 2.25pt"> </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"><b>12,084</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>130,649</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </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">10,988</font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </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">117,817</font></td>
<td style="border-bottom: black 2.25pt double"> </td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt"> The following table provides the activity for the Company’s stock
option reserve for the years ended March 31, 2021 and 2020:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 36pt"> </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: 1pt"> </td>
<td colspan="15" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Years Ended March 31,</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2021</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt">(In thousands)</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Non-Controlling<br />
Interest</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Stock Option<br />
Reserve</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Non-Controlling<br />
Interest</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Stock Option<br />
Reserve</b></font></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 48%"><font style="font-size: 10pt"><b>Balance, beginning of year</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt"><b>10,618</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt"><b>58</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">8,475</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: 10%; text-align: right"><font style="font-size: 10pt">324</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt"><b>Expiration of unexercised stock options</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>(58</b></font></td>
<td><font style="font-size: 10pt"><b>)</b></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">(282</font></td>
<td><font style="font-size: 10pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1pt"><font style="font-size: 10pt"><b>Share-based compensation expense</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>850</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>7,977</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">2,143</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">16</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.25pt"><font style="font-size: 10pt"><b>Balance, end of year</b></font></td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>11,468</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>7,977</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">10,618</font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </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">58</font></td>
<td style="border-bottom: black 2.25pt double"> </td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Following are the weighted average assumptions used
in the calculation of the fair value of the vested and unvested options on the Acquisition Date, with respect to the iOx Option Plan:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </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 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Assumption</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Vested Options</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Unvested Options</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt">Grant Date</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">November 28, 2016</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">April 17, 2018</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="width: 31%; text-align: justify"><font style="font-size: 10pt">Risk free interest rate</font></td>
<td style="width: 1%"> </td>
<td style="width: 34%; text-align: center"><font style="font-size: 10pt">2.6%</font></td>
<td style="width: 1%"> </td>
<td style="width: 33%; text-align: center"><font style="font-size: 10pt">2.6%</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="text-align: justify"><font style="font-size: 10pt">Expected dividend</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">Nil</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">Nil</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: justify"><font style="font-size: 10pt">Expected volatility</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">80%</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">80%</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="text-align: justify"><font style="font-size: 10pt">Expected life</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">1.3 years</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">3.2 years</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: justify"><font style="font-size: 10pt">Fair value of  iOx stock</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">US$4,630.35</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">US$4,630.35</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 23.05pt">Following are the weighted average assumptions used
in connection with the January 13, 2021 option grant, with respect to the Company’s 2021 Equity Incentive Plan:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </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 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Assumption</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Vested Options</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Unvested Options</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 31%; text-align: justify"><font style="font-size: 10pt">Risk free interest rate</font></td>
<td style="width: 1%"> </td>
<td style="width: 34%; text-align: center"><font style="font-size: 10pt">0.48%</font></td>
<td style="width: 1%"> </td>
<td style="width: 33%; text-align: center"><font style="font-size: 10pt">0.48%</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: justify"><font style="font-size: 10pt">Expected dividend</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">Nil</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">Nil</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="text-align: justify"><font style="font-size: 10pt">Expected volatility</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">139%</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">144%</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="text-align: justify"><font style="font-size: 10pt">Expected life</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">5.5 years</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">6.0 years</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="text-align: justify"><font style="font-size: 10pt">Fair value of Portage stock</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">US$16.66</font></td>
<td> </td>
<td style="text-align: center"><font style="font-size: 10pt">US$17.11</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">The movements in the number of options issued were:</p>
<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: bottom">
<td style="text-align: center"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>PBI 2021 Equity Incentive Plan</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>PBI 2013 Option Plan</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>iOx Option Plan<br />
(Subsidiary Plan)</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Years Ended March 31,</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Years Ended March 31,</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Years Ended March 31,</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2021</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2021</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2021</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 40%"><font style="font-size: 10pt"><b>Balance, beginning of year</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 7%; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 7%; text-align: right"><font style="font-size: 10pt">–</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 7%; text-align: right"><font style="font-size: 10pt"><b>2,980</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 7%; text-align: right"><font style="font-size: 10pt">5,959</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 7%; text-align: right"><font style="font-size: 10pt"><b>2,599</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 7%; text-align: right"><font style="font-size: 10pt">2,599</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt"><b>Granted</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>868,000</b></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"><b>–</b></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"><b>–</b></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="padding-bottom: 1pt"><font style="font-size: 10pt"><b>Expired or forfeited</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>(2,980</b></font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt"><b>)</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(2,979</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>(675</b></font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt"><b>)</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.25pt"><font style="font-size: 10pt"><b>Balance, end of period</b></font></td>
<td style="padding-bottom: 2.25pt"> </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"><b>868,000</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </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">–</font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </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"><b>–</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </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">2,980</font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </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"><b>1,924</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </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">2,599</font></td>
<td style="border-bottom: black 2.25pt double"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 2.25pt"><font style="font-size: 10pt"><b>Exercisable, end of year</b></font></td>
<td style="padding-bottom: 2.25pt"> </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"><b>116,666</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </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">–</font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </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"><b>–</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </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">2,980</font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </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"><b>1,604</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </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">1,643</font></td>
<td style="border-bottom: black 2.25pt double"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="margin-top: 0; margin-bottom: 0"><font style="font-size: 10pt">Following are the weighted average exercise price and the remaining
contractual life for outstanding options by plan:</font></p>
<p style="margin-top: 0; margin-bottom: 0"> </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: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>PBI 2020 Option Plan</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>PBI 2013 Option Plan</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>iOx Option Plan<br />
(Subsidiary Plan)</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>As of March 31,</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>As of March 31,</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>As of March 31,</b></font></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2021</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2021</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2021</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 40%; padding-bottom: 2.25pt"><font style="font-size: 10pt"><b>Weighted average exercise price</b></font></td>
<td style="width: 1%; padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double; width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; width: 7%; text-align: right"><font style="font-size: 10pt"><b>17.75</b></font></td>
<td style="border-bottom: black 2.25pt double; width: 1%"> </td>
<td style="width: 1%; padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double; width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; width: 7%; text-align: right"><font style="font-size: 10pt">–</font></td>
<td style="border-bottom: black 2.25pt double; width: 1%"> </td>
<td style="width: 1%; padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double; width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; width: 7%; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="border-bottom: black 2.25pt double; width: 1%"> </td>
<td style="width: 1%; padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double; width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; width: 7%; text-align: right"><font style="font-size: 10pt">15.00</font></td>
<td style="border-bottom: black 2.25pt double; width: 1%"> </td>
<td style="width: 1%; padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double; width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; width: 7%; text-align: right"><font style="font-size: 10pt"><b>165.20</b></font></td>
<td style="border-bottom: black 2.25pt double; width: 1%"> </td>
<td style="width: 1%; padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double; width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; width: 7%; text-align: right"><font style="font-size: 10pt">148.84</font></td>
<td style="border-bottom: black 2.25pt double; width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.25pt"><font style="font-size: 10pt"><b>Weighted average remaining contractual life (in years)</b></font></td>
<td style="padding-bottom: 2.25pt"> </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"><b>9.79</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </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">–</font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </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"><b>–</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </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">1.72</font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </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"><b>0.95</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </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">1.63</font></td>
<td style="border-bottom: black 2.25pt double"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt">The following table reflects the loss and share data
used in the basic and diluted EPS calculations (dollars in thousands, except per share amounts):</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </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: 1pt"> </td>
<td colspan="11" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Years Ended March 31,</b></font></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2021</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt"><b><i>Numerator</i></b></font></td>
<td> </td>
<td colspan="3"> </td>
<td> </td>
<td colspan="3"> </td>
<td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 61%; padding-bottom: 1pt"><font style="font-size: 10pt"><b>Net loss attributable to owners of the Company</b></font></td>
<td style="width: 1%; padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 1pt solid; width: 10%; text-align: right"><font style="font-size: 10pt"><b>(15,833</b></font></td>
<td style="border-bottom: black 1pt solid; width: 1%"><font style="font-size: 10pt"><b>)</b></font></td>
<td style="width: 1%; padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1pt solid; width: 10%; text-align: right"><font style="font-size: 10pt">(5,333</font></td>
<td style="border-bottom: black 1pt solid; width: 1%"><font style="font-size: 10pt">)</font></td>
<td style="width: 1%; padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid; width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1pt solid; width: 10%; text-align: right"><font style="font-size: 10pt">(2,635</font></td>
<td style="border-bottom: black 1pt solid; width: 1%"><font style="font-size: 10pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt"><b><i>Denominator</i></b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 1pt"><font style="font-size: 10pt"><b>Weighted average number of shares – Basic and Diluted</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>11,733</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">10,952</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">4,820</font></td>
<td style="border-bottom: black 1pt solid"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 2.25pt"><font style="font-size: 10pt"><b>Basic and Diluted (loss) per share</b></font></td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>(1.35</b></font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>)</b></font></td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(0.49</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">)</font></td>
<td style="padding-bottom: 2.25pt"> </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">(0.55</font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">)</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt">The following table summarizes the Company’s
financial instruments as of March 31, 2021 and March 31, 2020:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt"> </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: 1pt"> </td>
<td colspan="15" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>As of March 31,</b></font></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2021</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="7" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt">(In thousands)</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Amortized Cost</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Fair Value through<br />
Other Comprehensive<br />
Income (FVTOCI)</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Amortized Cost</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>FVTOCI</b></font></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td>
<td> </td>
<td colspan="3" style="text-align: center"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt"><b><u>Financial assets</u></b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="width: 48%"><font style="font-size: 10pt"><b>Cash and cash equivalents</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt"><b>2,770</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">3,152</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">–</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt"><b>Prepaid expenses and other receivables</b></font></td>
<td> </td>
<td><font style="font-size: 10pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 10pt"><b>2,176</b></font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 10pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">574</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">–</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt"><b>Investments</b></font></td>
<td> </td>
<td><font style="font-size: 10pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 10pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 10pt"><b>9,144</b></font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">–</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">8,702</font></td>
<td> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Amortized Cost</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Fair Value through<br />
Profit or Loss (FVTPL)</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Amortized Cost</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>FVTPL</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt"><b><u>Financial liabilities</u></b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="width: 48%"><font style="font-size: 10pt"><b>Accounts payable and accrued liabilities</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt"><b>1,938</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">1,268</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 10%; text-align: right"><font style="font-size: 10pt">–</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt"><b>Unsecured notes payable</b></font></td>
<td> </td>
<td><font style="font-size: 10pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 10pt"><b>150</b></font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 10pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">3,661</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">–</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt"><b>Warrant liability</b></font></td>
<td> </td>
<td><font style="font-size: 10pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 10pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 10pt"><b>1,120</b></font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">–</font></td>
<td> </td>
<td> </td>
<td><font style="font-size: 10pt">$</font></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> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
</table>
<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> </td>
<td colspan="3"> </td>
<td> </td>
<td colspan="3"> </td>
<td> </td>
<td colspan="3"> </td>
<td> </td>
<td colspan="3"> </td>
<td> </td>
<td colspan="3"> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt">(In thousands)</font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>PGL</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>SalvaRx</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>iOx</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Saugatuck</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: black 1pt solid; text-align: center"><font style="font-size: 10pt"><b>Total</b></font></td></tr>
<tr style="vertical-align: bottom">
<td> </td>
<td> </td>
<td colspan="3" style="text-align: right"> </td>
<td> </td>
<td colspan="3" style="text-align: right"> </td>
<td> </td>
<td colspan="3" style="text-align: right"> </td>
<td> </td>
<td colspan="3" style="text-align: right"> </td>
<td> </td>
<td colspan="3" style="text-align: right"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="width: 55%"><font style="font-size: 10pt">Balance as of April 1, 2019</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 6%; text-align: right"><font style="font-size: 10pt">(31</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">$</font></td>
<td style="width: 6%; text-align: right"><font style="font-size: 10pt">2,451</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 6%; text-align: right"><font style="font-size: 10pt">46,376</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 6%; text-align: right"><font style="font-size: 10pt">87</font></td>
<td style="width: 1%"> </td>
<td style="width: 1%"> </td>
<td style="width: 1%"><font style="font-size: 10pt">$</font></td>
<td style="width: 6%; text-align: right"><font style="font-size: 10pt">48,883</font></td>
<td style="width: 1%"> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt">Fair value:</font></td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"> </td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt">Stock-based compensation expense</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">2,143</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">2,143</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1pt"><font style="font-size: 10pt">Net loss attributable to non-controlling interest</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(50</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">–</font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(1,807</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(59</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(1,916</font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt"><b>Non-controlling interest as of March 31, 2020</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>(81</b></font></td>
<td><font style="font-size: 10pt"><b>)</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>2,451</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>46,712</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>28</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>49,110</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td><font style="font-size: 10pt"><b>Stock-based compensation expense</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>850</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>850</b></font></td>
<td> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt"><b>Exchange of SalvaRx warrants for PBI warrants in SalvaRx Notes settlement</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>(2,451</b></font></td>
<td><font style="font-size: 10pt"><b>)</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>(2,451</b></font></td>
<td><font style="font-size: 10pt"><b>)</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-bottom: 1pt"><font style="font-size: 10pt"><b>Net income (loss) attributable to non-controlling interest</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>81</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>(1,389</b></font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt"><b>)</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>(48</b></font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt"><b>)</b></font></td>
<td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>(1,356</b></font></td>
<td style="border-bottom: black 1pt solid"><font style="font-size: 10pt"><b>)</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td style="padding-bottom: 2.25pt"><font style="font-size: 10pt"><b>Non-controlling interest as of March 31, 2021</b></font></td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>46,173</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>(20</b></font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>)</b></font></td>
<td style="padding-bottom: 2.25pt"> </td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>46,153</b></font></td>
<td style="border-bottom: black 2.25pt double"> </td></tr>
</table>
120000
86250
11250
45000
33750
-35000
50000
72000
100000
200000
This Amendment on Form 20-F/A is being filed by Portage Biotech Inc. as Amendment No. 1 to its annual report on Form 20-F for the fiscal year ended March 31, 2021, as filed with the Securities and Exchange Commission on July 29, 2021. The amendment is to correct the opinion on page F-1, which incorrectly was expressed in respect of the two most recently completed fiscal years. The opinion expressed now covers the three most recently completed fiscal years.
true
<p style="margin: 0pt 0; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 14. 
UNSECURED NOTES PAYABLE</b></font></p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
is a roll-forward of notes payable:</font></p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CURRENT</font></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CURRENT</font></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NON-CURRENT</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td colspan="3" style="font-size: 10pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(In thousands)</font></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PPL</font></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iOx</font></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SalvaRx</font></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</font></td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td colspan="3" style="font-size: 10pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td colspan="3" style="font-size: 10pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td colspan="3" style="font-size: 10pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td colspan="3" style="font-size: 10pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 48%; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance, April
1, 2019</font></td><td style="width: 1%; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="width: 10%; font-size: 10pt; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">193</font></td><td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="width: 1%; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="width: 10%; font-size: 10pt; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</font></td><td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="width: 1%; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="width: 10%; font-size: 10pt; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,370</font></td><td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="width: 1%; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="width: 10%; font-size: 10pt; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,663</font></td><td style="width: 1%; font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repayment</font></td><td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">–</font></td><td style="font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">–</font></td><td style="font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(300</font></td><td style="font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></td><td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(300</font></td><td style="font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization
of debt discount</font></td><td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</font></td><td style="font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">–</font></td><td style="font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">258</font></td><td style="font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">265</font></td><td style="font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss
on extinguishment of debt</font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">–</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">–</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-size: 10pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance,
March 31, 2020</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">200</font></td><td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</font></td><td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,361</font></td><td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,661</font></td><td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Repayment</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">–</font></td><td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">–</font></td><td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,020</font></td><td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,020</font></td><td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization
of debt discount</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">–</font></td><td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">–</font></td><td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">76</font></td><td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">76</font></td><td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Value of
notes exchanged in warrant exercise</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">–</font></td><td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">–</font></td><td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,640</font></td><td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,640</font></td><td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement
in connection with disposition of PPL</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(200</font></td><td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">–</font></td><td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">–</font></td><td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(200</font></td><td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss
on extinguishment of debt</font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">–</font></td><td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">–</font></td><td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">223</font></td><td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">223</font></td><td style="font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
from loan payable</font></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">–</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">–</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</font></td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance,
March 31, 2021</font></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">–</font></td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150</font></td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">–</font></td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td>
<td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">150</font></td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></td></tr>
</table>
<p style="margin: 0pt 0; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></p>
<p style="margin: 0pt 0; font-size: 10pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>PPL
and EyGen Unsecured Notes Payable</i></b></font></p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended March 31, 2017, the Company's subsidiaries, PPL and EyGen, completed a private placement of unsecured notes (the "PPL
Unsecured Notes"). The balance outstanding as of March 31, 2020 was $0.2 million.</font></p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PPL Unsecured Notes were settled as part of the disposition of PPL in March 2021 (see Note 8, “Disposition of PPL”).</font></p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></p>
<p style="margin: 0pt 0; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>SalvaRx Unsecured
Notes Payable and Warrants</i></b></font></p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the SalvaRx Acquisition in January 2019, the Company assumed $3.96 million of principal in unsecured notes due on March
2, 2021 (or earlier upon a qualifying event), that bear interest at 7% per annum (the "SalvaRx Notes"). The fair value of the
SalvaRx Notes was determined to be $3.4 million at January 2019. As the SalvaRx Acquisition was a qualifying event, the SalvaRx Notes
became due upon the acquisition. In December 2019, the maturity date of the SalvaRx Notes was extended to June 2021.</font></p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
holders of the SalvaRx Notes received $7,500 of warrants in respect of each $10 thousand of principal issued. The warrants vest in the
event of a qualifying transaction and are exercisable at a 30% discount to the implied valuation of SalvaRx. On the Acquisition Date,
the fair value of the warrants, which are included in non-controlling interest, was determined to be $2.5 million using the Black Scholes
Model.</font></p>
<p style="margin: 0pt 0; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
September 2020, the Company settled the SalvaRx Notes obligations originally due in June 2021 in an aggregate principal amount of approximately
$3.7 million, plus accrued interest of $0.75 million in exchange for cash payments totaling $1.77 million and 397,604 of the associated
SalvaRx warrants with an exercise price of $6.64 per share. The noteholders who accepted the offer exchanged their SalvaRx warrants for
an equal number of Portage shares at the same price per share. The Company accounted for the contractual value of the exercised and outstanding
warrants of $2.64 million (397,604 shares at $6.64 per share) as accrued equity issuable at September 30, 2020. The Company also recorded
a loss of $1.26 million during the year ended March 31, 2021, to recognize the discount between the fair value of the underlying shares
on October 13, 2020, the settlement date, ($9.80 per share) and the warrant exercise (contract) price of $6.64 per share.</font></p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Four
of the Company's directors, Gregory Bailey, James Mellon, Steven Mintz (in trust) and Kam Shah, received, in total, 363,718 of the warrants
pursuant to this transaction. Subsequent to the exercise of the warrants in October 2020, Portage had 12,083,395 and 49,701 issued and
outstanding shares and warrants, respectively.</font></p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company also recorded a loss on early extinguishment of debt of $0.22 million in the year ended March 31, 2021.</font></p>
<p style="margin: 0pt 0; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></p>
<p style="margin: 0pt 0; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>iOx Unsecured
Notes Payable</i></b></font></p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </font></p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the SalvaRx Acquisition in January 2019, the Company assumed $2.0 million of 7% convertible notes issued by iOx, a wholly
owned subsidiary of SalvaRx (the “Convertible Notes”), of which the Company holds $1.9 million. As a result of the SalvaRx
Acquisition, iOx became a subsidiary of the Company during the year ended March 31, 2019. In accordance with IFRS 3, the fair value,
including interest receivable, of the Convertible Notes were effectively settled against the note receivable upon the business combination.
The remaining Convertible Notes issued to a third party, including the conversion option, are recorded at a fair value of $0.1 million.
An additional $0.05 million Convertible Note, which also included warrants to purchase additional shares, was funded in 2021. The holder
of the Convertible Notes can convert the notes and accrued interest into ordinary shares of iOx at any time before maturity at £120
per share. There is an automatic conversion in the event iOx raises $2.0 million, and the conversion price will be determined based on
the timing of the capital raised and the price at which the money was raised. iOx has the right to repay the Convertible Notes together
with accrued interest at any time.</font></p>
<p style="margin: 0pt 0; font-size: 10pt"><b>NOTE 18. TAXATION </b></p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt"> </p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt">The Company is a British Virgin Island corporation. The Government of
the British Virgin Islands does not, under existing legislation, impose any income or corporate tax on corporations.</p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt"> </p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt">PGL and iOx are subject to United Kingdom taxes ("UK Taxes").
Portage Services Ltd. is subject to taxes in Canada. Tax losses or potential tax credits for Portage Services Ltd. are insignificant.</p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt"> </p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt">iOx has research and development refundable credits of approximately $0.1
million and $0.5 million that have been recorded for the years ended March 31, 2021 and 2020, respectively, and are included in prepaid
expenses and other receivables on the respective balance sheets.</p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt"> </p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt">The following is a reconciliation of the UK Taxes to the effective income
tax rates for the years ended March 31, 2021 and 2020 ($ in thousands):</p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: bottom">
<td> </td>
<td style="border-bottom: black 1pt solid; width: 1%"> </td>
<td style="border-bottom: black 1pt solid; width: 14%; text-align: center"><font style="font-size: 10pt"><b> 2021</b></font></td>
<td style="width: 2%"> </td>
<td style="border-bottom: black 1pt solid; width: 2%"> </td>
<td style="border-bottom: black 1pt solid; width: 13%; text-align: center"><font style="font-size: 10pt"><b> 2020</b></font></td>
<td style="width: 2%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt"><b>Loss on ordinary activities before tax</b></font></td>
<td><font style="font-size: 10pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 10pt"><b>1,218</b></font></td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">2,409</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt"><b>Statutory UK income tax rate</b></font></td>
<td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>19.0</b></font></td>
<td><font style="font-size: 10pt"><b>%</b></font></td>
<td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 10pt">19.0</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"><b>Loss at statutory income tax rate</b></font></td>
<td><font style="font-size: 10pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 10pt"><b>231</b></font></td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">458</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt"><b>Change in deferred rate and true-up</b></font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">(2,665</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"><b>Foreign currency effect on deferred tax liability</b></font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>(2,542</b></font></td>
<td><font style="font-size: 10pt"><b>)</b></font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">1,425</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt"><b>Other adjustments</b></font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>96</b></font></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"><b>Research and development credit</b></font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>149</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">500</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt"><b>Losses (unrecognized)</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>(231</b></font></td>
<td><font style="font-size: 10pt"><b>)</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(458</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"><b>Income tax (expense)</b></font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>(2,297</b></font></td>
<td><font style="font-size: 10pt"><b>)</b></font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(740</font></td>
<td><font style="font-size: 10pt">) </font></td></tr>
</table>
<p style="margin: 0pt 0; font-size: 10pt"> </p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt"><font style="background-color: white">Research and development credit
receivables of $649 and $500 were included in prepaid expenses and other receivables on the consolidated balance sheets as of March 31,
2021 and 2020, respectively.</font></p>
<p style="margin: 0pt 0; font-size: 10pt"> </p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt">The following is a reconciliation of financial statement loss to
pre-tax loss subject to tax (in thousands):</p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="11" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">As of March 31, 2021</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="11" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">As of March 31, 2020</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">BVI</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Foreign</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">BVI</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Foreign</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%; font-size: 10pt; font-weight: bold; text-align: left">Pre-tax (loss)</td><td style="width: 1%; font-size: 10pt; font-weight: bold"> </td>
<td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="width: 7%; font-size: 10pt; font-weight: bold; text-align: right">(13,674</td><td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">)</td><td style="width: 1%; font-size: 10pt; font-weight: bold"> </td>
<td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="width: 7%; font-size: 10pt; font-weight: bold; text-align: right">(1,218</td><td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">)</td><td style="width: 1%; font-size: 10pt; font-weight: bold"> </td>
<td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="width: 7%; font-size: 10pt; font-weight: bold; text-align: right">(14,892</td><td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">)</td><td style="width: 1%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 7%; font-size: 10pt; text-align: right">(2,698</td><td style="width: 1%; font-size: 10pt; text-align: left">)</td><td style="width: 1%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 7%; font-size: 10pt; text-align: right">(3,811</td><td style="width: 1%; font-size: 10pt; text-align: left">)</td><td style="width: 1%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 7%; font-size: 10pt; text-align: right">(6,509</td><td style="width: 1%; font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">Losses not subject to tax</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">13,674</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"> </td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">–</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"> </td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">13,674</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"> </td><td style="padding-bottom: 1pt; font-size: 10pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,698</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"> </td><td style="padding-bottom: 1pt; font-size: 10pt"> </td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">–</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"> </td><td style="padding-bottom: 1pt; font-size: 10pt"> </td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,698</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.25pt">Pre-tax (loss) subject to tax</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td>
<td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right">–</td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td>
<td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right">(1,218</td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">)</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td>
<td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right">(1,218</td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.25pt"> </td>
<td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">–</td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.25pt"> </td>
<td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">(3,811</td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.25pt"> </td>
<td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">(3,811</td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr>
</table>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt"> </p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt"><font style="background-color: white">As of March 31, 2021 and 2020, the
Company's deferred tax assets and liabilities consisted of the effects of temporary differences attributable to the following (in thousands):</font></p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2021</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2020</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-size: 10pt; font-weight: bold; text-align: left">Deferred tax assets:</td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 74%; font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Net operating loss</td><td style="width: 1%; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; width: 1%; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 10%; font-size: 10pt; font-weight: bold; text-align: right">1,689</td><td style="border-bottom: Black 1pt solid; width: 1%; font-size: 10pt; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; width: 1%; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 10%; font-size: 10pt; text-align: right">1,186</td><td style="border-bottom: Black 1pt solid; width: 1%; font-size: 10pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.25pt">Deferred tax asset (unrecognized)</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td>
<td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right">1,689</td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.25pt"> </td>
<td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">1,186</td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-size: 10pt; font-weight: bold; text-align: left">Deferred tax liabilities:</td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">In process research and development</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">24,050</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">21,604</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.25pt">Deferred tax liability</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td>
<td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right">24,050</td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.25pt"> </td>
<td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">21,604</td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td></tr>
</table>
<p style="margin: 0pt 0; font-size: 10pt"> </p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt">The reduction in the rate of UK corporation tax to 19% from April 1, 2017
and to 17% from April 1, 2020 was substantively enacted at the Balance Sheet date. However subsequently, the UK Government announced that
the UK corporation tax rate would remain at 19% and not reduce to 17% on 1 April 2020. This was substantively enacted on 17 March 2020.
The standard rate of UK corporation tax applied to reported loss is 19% (2018: 19%). Unrecognized UK deferred tax assets and liabilities
are calculated at a rate of 19%, being the rate that was substantively enacted at the Balance Sheet date.</p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt"> </p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt">iOx recorded research and development cash credits of approximately $0.1
million and $0.5 million that have been recorded for years ended March 31, 2021 and 2020, respectively.</p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt"> </p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt">As of March 31, 2021, 2020 and 2019, cumulative tax losses for iOx were
approximately $7.3 million, $6.2 million and $2.1 million, respectively.</p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt"> </p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt">As of March 31, 2021 and 2020, iOx had a deferred tax liability of approximately
$24.1 million and approximately $21.6 million, respectively.  On January 8, 2019, the Company recognized a $19.8 million deferred
tax liability for the difference between the book and income tax basis of IPR&D acquired as part of the acquisition of SalvaRx. 
As the IPR&D process is in the UK, the deferred tax had been recorded at 17%, the rate applicable in the UK.  During the year
ended March 31, 2020, the Company recorded a tax expense of $2.2 million, including $2.3 million to increase the deferred tax liability
due to the increase in the UK tax rate to 19% in March 2020, $0.4 million of a return to provision adjustment and a decrease due to a
refundable research and development credit of $0.5 million. As the deferred tax liability may be settled in the future in GBP, the Company
increased the deferred tax liability by $2.4 million as of March 31, 2021 and decreased the deferred tax liability by $1.4 million as
of March 31, 2020, respectively, to reflect the difference in exchange rates from period to period.</p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt"> </p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt">There is no expiration date for accumulated tax losses in the UK entities.</p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt">The following is a reconciliation of the UK Taxes to the effective income
tax rates for the years ended March 31, 2021 and 2020 ($ in thousands):</p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: bottom">
<td> </td>
<td style="border-bottom: black 1pt solid; width: 1%"> </td>
<td style="border-bottom: black 1pt solid; width: 14%; text-align: center"><font style="font-size: 10pt"><b> 2021</b></font></td>
<td style="width: 2%"> </td>
<td style="border-bottom: black 1pt solid; width: 2%"> </td>
<td style="border-bottom: black 1pt solid; width: 13%; text-align: center"><font style="font-size: 10pt"><b> 2020</b></font></td>
<td style="width: 2%"> </td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
<td><font style="font-size: 10pt"><b>Loss on ordinary activities before tax</b></font></td>
<td><font style="font-size: 10pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 10pt"><b>1,218</b></font></td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">2,409</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt"><b>Statutory UK income tax rate</b></font></td>
<td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>19.0</b></font></td>
<td><font style="font-size: 10pt"><b>%</b></font></td>
<td style="border-bottom: Black 1pt solid"> </td>
<td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 10pt">19.0</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"><b>Loss at statutory income tax rate</b></font></td>
<td><font style="font-size: 10pt"><b>$</b></font></td>
<td style="text-align: right"><font style="font-size: 10pt"><b>231</b></font></td>
<td> </td>
<td><font style="font-size: 10pt">$</font></td>
<td style="text-align: right"><font style="font-size: 10pt">458</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt"><b>Change in deferred rate and true-up</b></font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>–</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">(2,665</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"><b>Foreign currency effect on deferred tax liability</b></font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>(2,542</b></font></td>
<td><font style="font-size: 10pt"><b>)</b></font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">1,425</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt"><b>Other adjustments</b></font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>96</b></font></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"><b>Research and development credit</b></font></td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt"><b>149</b></font></td>
<td> </td>
<td> </td>
<td style="text-align: right"><font style="font-size: 10pt">500</font></td>
<td> </td></tr>
<tr style="vertical-align: bottom">
<td><font style="font-size: 10pt"><b>Losses (unrecognized)</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt"><b>(231</b></font></td>
<td><font style="font-size: 10pt"><b>)</b></font></td>
<td style="border-bottom: black 1pt solid"> </td>
<td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 10pt">(458</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"><b>Income tax (expense)</b></font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>(2,297</b></font></td>
<td><font style="font-size: 10pt"><b>)</b></font></td>
<td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">(740</font></td>
<td><font style="font-size: 10pt">) </font></td></tr></table>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt">The following is a reconciliation of financial statement loss to
pre-tax loss subject to tax (in thousands):</p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="11" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">As of March 31, 2021</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="11" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">As of March 31, 2020</td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">BVI</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Foreign</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">BVI</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Foreign</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%; font-size: 10pt; font-weight: bold; text-align: left">Pre-tax (loss)</td><td style="width: 1%; font-size: 10pt; font-weight: bold"> </td>
<td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="width: 7%; font-size: 10pt; font-weight: bold; text-align: right">(13,674</td><td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">)</td><td style="width: 1%; font-size: 10pt; font-weight: bold"> </td>
<td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="width: 7%; font-size: 10pt; font-weight: bold; text-align: right">(1,218</td><td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">)</td><td style="width: 1%; font-size: 10pt; font-weight: bold"> </td>
<td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="width: 7%; font-size: 10pt; font-weight: bold; text-align: right">(14,892</td><td style="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">)</td><td style="width: 1%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 7%; font-size: 10pt; text-align: right">(2,698</td><td style="width: 1%; font-size: 10pt; text-align: left">)</td><td style="width: 1%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 7%; font-size: 10pt; text-align: right">(3,811</td><td style="width: 1%; font-size: 10pt; text-align: left">)</td><td style="width: 1%; font-size: 10pt"> </td>
<td style="width: 1%; font-size: 10pt; text-align: left"> </td><td style="width: 7%; font-size: 10pt; text-align: right">(6,509</td><td style="width: 1%; font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">Losses not subject to tax</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">13,674</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"> </td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">–</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"> </td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">13,674</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"> </td><td style="padding-bottom: 1pt; font-size: 10pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,698</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"> </td><td style="padding-bottom: 1pt; font-size: 10pt"> </td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">–</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"> </td><td style="padding-bottom: 1pt; font-size: 10pt"> </td>
<td style="padding-bottom: 1pt; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">2,698</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.25pt">Pre-tax (loss) subject to tax</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td>
<td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right">–</td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td>
<td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right">(1,218</td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">)</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td>
<td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right">(1,218</td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.25pt"> </td>
<td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">–</td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.25pt"> </td>
<td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">(3,811</td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td><td style="font-size: 10pt; padding-bottom: 2.25pt"> </td>
<td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">(3,811</td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr></table>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt"><font style="background-color: white">As of March 31, 2021 and 2020, the
Company's deferred tax assets and liabilities consisted of the effects of temporary differences attributable to the following (in thousands):</font></p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt"> </p>
<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="font-size: 10pt"> </td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2021</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td colspan="3" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">2020</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-size: 10pt; font-weight: bold; text-align: left">Deferred tax assets:</td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="width: 74%; font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Net operating loss</td><td style="width: 1%; font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; width: 1%; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 10%; font-size: 10pt; font-weight: bold; text-align: right">1,689</td><td style="border-bottom: Black 1pt solid; width: 1%; font-size: 10pt; font-weight: bold; text-align: left"> </td><td style="width: 1%; font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; width: 1%; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 10%; font-size: 10pt; text-align: right">1,186</td><td style="border-bottom: Black 1pt solid; width: 1%; font-size: 10pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.25pt">Deferred tax asset (unrecognized)</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td>
<td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right">1,689</td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.25pt"> </td>
<td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">1,186</td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt"> </td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-size: 10pt; font-weight: bold; text-align: left">Deferred tax liabilities:</td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt"> </td>
<td style="font-size: 10pt; text-align: left"> </td><td style="font-size: 10pt; text-align: right"> </td><td style="font-size: 10pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">In process research and development</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right">24,050</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">21,604</td><td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.25pt">Deferred tax liability</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 2.25pt"> </td>
<td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: right">24,050</td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; font-weight: bold; text-align: left"> </td><td style="font-size: 10pt; padding-bottom: 2.25pt"> </td>
<td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right">21,604</td><td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left"> </td></tr></table>
<p style="margin: 0pt 0; font-size: 10pt"><b>NOTE 25. EVENTS AFTER THE BALANCE SHEET DATE</b></p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt"> </p>
<p style="margin: 0pt 0; font-size: 10pt"><b><i>Share Offering</i></b></p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt"> </p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt">In April 2021, pursuant to a Registration Statement and Prospectus declared
effective by the SEC on March 8, 2021 (discussed more fully in Note 1, “Nature of Operations”), the Company commenced its
“at the market” offering and through June 7, 2021, had sold 90,888 shares generating net proceeds of approximately $2.6 million.
Further, the Company initiated an offering pursuant to the Prospectus.</p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt"> </p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt">On June 24, 2021, the Company completed a firm commitment underwritten
public offering of 1,150,000 ordinary shares at a public offering price of $23.00 per share for gross proceeds of approximately $26.5
million and net proceeds of approximately $25.0 million, and was settled June 28, 2021. The Company incurred offering expenses for the
public offering of approximately $1.5 million, including approximately $1.4 million of management, underwriting and selling expenses.
The Company will use net proceeds raised to fund its research and development activities and support operations.</p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt"></p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt"> </p>
<p style="margin: 0pt 0; font-size: 10pt"><b><i>Installment Note Receivable</i></b></p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt"> </p>
<p style="margin: 0pt 0; font-size: 10pt; text-indent: 23.05pt">The installment note receivable of approximately $0.034 million described
in Note 5, “Prepaid Expenses and Other Receivables,” was repaid in full in July 2021.</p>
-1218000
-3811000
-1218000
-3811000