Risk Factors Update Summary

• Independent auditors raised going concern doubts due to financial condition, impacting investor confidence.
• Medicare Part D rebates effective January 1, 2024, impacting drug pricing strategies significantly.
• Stock trading volume increased, with losses of $257.4 million in 2023, up from $230.7 million in 2022.
• Potential expiration of federal NOLs totaling $814.1 million, with varying expiration dates.
• Cash reserves decreased from $230.7 million in 2022 to $76.4 million in 2023, impacting liquidity.
• Acquisition of 4-AB from MiNK, potentially impacting future product development and commercial value.
• Potential delisting from Nasdaq Capital Market could affect stock price and liquidity.
• Reduction in employees by 25% to focus on botensilimab program, affecting operational efficiency.
• Collaboration with Incyte terminated OX40 program in October 2023, impacting future prospects.
• Non-compliance with Nasdaq listing requirements, potential delisting, and reverse stock split considerations.
• Regulatory challenges increased with the need for additional clinical studies for dose selection.
• Market fluctuations with common stock prices ranging from $0.63 to $315.78 per share.
• Manufacturing facility completion delayed, potentially impacting production timelines and costs.
• Outstanding shares of common stock, warrants, and options available for sale and exercise.