7. Note Payable to Stockholder

On May 10, 2017 the Company entered into a Note Purchase Agreement with Intrexon pursuant to which the Company issued a $2,400,000 unsecured non-convertible promissory note to Intrexon and amended the first milestone in its oral mucositis Exclusive Channel Collaboration Agreement (“Oral Mucositis ECC”) with Intrexon. The note matures in two (2) years and has a simple interest rate of 12% per annum. Proceeds from the note are to be used to fund the Company’s AG013 research and clinical trials.