Risk Factors Update Summary

• Accumulated deficit increased from $166 million to $230 million, with net losses of $63.3 million in 2023.
• Need for additional capital to fund operations, expand services, and develop new products.
• Stock markets have been volatile, and as a newly public company, attracting research coverage may be slow.
• Revenue from PhenoCycler and PhenoImager platforms decreased from 76% to 69% in 2023.
• Failure to innovate may lead to decreased demand for platforms, consumables, and services.
• Regulatory risks related to data privacy laws and government regulations have increased.
• Directors and principal stockholders collectively control 48% of outstanding common stock, down from 53%.
• Revenue from service contracts decreased from 12% to 11% in 2023.
• Expansion into new international jurisdictions may lead to challenges in managing dispersed employees.
• Failure to implement effective internal controls could inhibit accurate financial reporting and investor confidence.
• Exemption from attestation on internal controls remains as long as annual revenues are less than $100 million.
• Any weakness in internal controls may lead to a decline in stock price.