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Contingencies and Uncertainties

Contingencies

- The Company

may

be subject to various claims, complaints, and legal actions that arise from time to time in the normal course of business. Management is

not

aware of any current legal or administrative proceedings that are likely to have an adverse effect on the Company's business, financial position, results of operations, or cash flows.

		Uncertainties - The results for the three months ended March 31, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any other interim period or for any other future year, particularly in light of the novel coronavirus pandemic, or COVID- 19, and its impact on domestic and global economies. To limit the spread of COVID- 19, governments have taken various actions including the issuance of stay-at-home orders and social distancing guidelines, causing some businesses to suspend operations and/or experience a reduction in demand for many products from direct or ultimate customers. Accordingly, businesses have adjusted, reduced or suspended operating activities and are continuing to adapt to these changing actions and guidelines.

		Beginning March 17, 2020, substantially all of the Company's workforce began working from home. On April 6, 2020, manufacturing operations resumed at the Company's facilities, with a number of other staff continuing to work from home. While the direct effects of the stay-at-home orders and BioCardia's work-from-home policies have been largely mitigated as of March 31, 2021, the overall impact of the pandemic resulted in disruption to the Company's business and in delays in the Company's development programs and regulatory and commercialization timelines. The overall magnitude of the continuing impact will depend, in part, on the length and severity of changing restrictions and other limitations on BioCardia's ability to conduct the Company's business. BioCardia's future research and development expenses and general and administrative expenses may vary significantly if the Company experiences an increased impact from COVID- 19 on the costs and timing associated with the conduct of BioCardia's clinical trials and other related business activities.

		As the outbreak continues to mutate and spread, it may affect the Company's operations and those of third parties on which the Company relies, including causing disruptions in the supply of the Company's product candidates and the conduct of current and planned preclinical and clinical studies. BioCardia may need to limit operations and may experience limitations in employee resources. There are risks that the COVID- 19 outbreak may be more difficult to contain if the outbreak reaches a larger population or broader geography, in which case the risks described herein could be elevated significantly. The extent to which the coronavirus impacts the Company's results will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of the coronavirus and the actions to contain the coronavirus or treat its impact, among others.

		Additionally, while the potential economic impact brought by, and the duration of, a coronavirus pandemic is difficult to assess or predict, the impact of the coronavirus on the global financial markets may reduce the Company's ability to access capital, which could negatively impact the Company's short-term and long-term liquidity, and the Company's ability to complete its preclinical and clinical studies on a timely basis, or at all. The Company was successful in raising additional funding in 2020. However, the ultimate impact of coronavirus is highly uncertain and subject to change. The Company does not yet know the full extent of potential delays or impacts on its business, financing, preclinical and clinical trial activities or the global economy as a whole. However, these effects could have a material, adverse impact on the Company's liquidity, capital resources, operations and business and those of the third parties on which BioCardia relies.