Our net tangible book value as of September 30, 2017 was approximately $14.2 million, or $0.52 per share (on an as-converted basis with respect to our outstanding shares of Series A Preferred Stock). “Net tangible book value” is total assets minus the sum of liabilities and intangible assets. “Net tangible book value per share” is net tangible book value divided by the total number of shares outstanding.



After giving effect to the sale of the common stock in this offering at the public offering price set forth on the cover page of this prospectus supplement (without attributing any value to the warrants) and after deducting estimated placement agent fees and expenses payable by us, our pro forma net tangible book value as of September 30, 2017 would have been approximately $42.2 million or $1.40 per share of common stock. This represents an immediate increase in net tangible book value of $0.88 per share to our existing stockholders and an immediate dilution in net tangible book value of $8.60 per share to investors participating in this offering. The following table illustrates this dilution per share to investors participating in this offering:

Public offering price per share		$	10.00
Net tangible book value per share as of September 30, 2017		$	0.52
Increase per share attributable to this offering		$	0.88
Pro forma net tangible book value per share as of September 30, 2017 after this offering		$	1.40
Dilution per share to new investors participating in this offering		$	8.60