1 - NATURE OF BUSINESS Enumeral Biomedical Corp. (Enumeral) was founded in 2009 in the state of Delaware as Enumeral Technologies, Inc. The name was later changed to Enumeral Biomedical Corp. On July 31, 2014, Enumeral entered into an Agreement and Plan of Merger and Reorganization (the Merger Agreement) with Enumeral Biomedical Holdings, Inc., which was formerly known as Cerulean Group, Inc. (Enumeral Biomedical or the Company), and Enumeral Acquisition Corp., a wholly owned subsidiary of Enumeral Biomedical (Acquisition Sub), pursuant to which the Acquisition Sub merged with and into Enumeral (the Merger). Enumeral was the surviving corporation in the Merger and became a wholly owned subsidiary of the Company. As a result of the Merger, all issued and outstanding common and preferred shares of Enumeral were exchanged for common shares of Enumeral Biomedical Holdings, Inc. The Merger is considered to be a recapitalization of the Company which has been retrospectively applied to these financial statements for all periods presented. Upon the closing of the Merger and under the terms of a split-off agreement and a general release agreement (the Split-Off Agreement), the Company transferred all of its pre-Merger operating assets and liabilities to its wholly-owned special-purpose subsidiary, Cerulean Operating Corp. (the Split-Off Subsidiary). Thereafter, pursuant to the Split-Off Agreement, the Company transferred all of the outstanding shares of capital stock of the Split-Off Subsidiary to the pre-Merger majority stockholder of the Company, and the former sole officer and director of the Company (the Split-Off), in consideration of and in exchange for (i) the surrender and cancellation of an aggregate of 23,100,000 shares of the Companys common stock held by such stockholder (which were cancelled and will resume the status of authorized but unissued shares of the Companys common stock) and (ii) certain representations, covenants and indemnities. As a result of the Merger and the Split-Off, the