Risk Factors Update Summary

• Reporting currency changed to U.S. dollar from Pound Sterling. Functional currency remains Pound Sterling.
• Collaboration agreement with Greenbrook TMS raises substantial doubt about its ability to continue.
• Net losses increased from $91.5 million to $118.5 million for the year ended December 31, 2022.
• Uncertainty in EU and UK data protection laws could increase legal risk and compliance costs.
• Reimbursement for drug products may be reduced outside the U.S., impacting revenue significantly.
• Reporting currency changed to U.S. dollar from Pound Sterling, with majority expenses in both currencies.
• Amendments to trial protocol may delay data readout originally expected in 2023.
• Increased inflation may lead to significant currency fluctuations compared to recent history.
• Accumulated deficit rose from $261.6 million to $379.6 million as of December 31, 2023.
• Operating expenses now paid in both Pound Sterling and U.S. dollars, previously only Pound Sterling.
• Failure to protect intellectual property could lead to infringement challenges and impact commercialization.
• Changes in UK data protection laws post-Brexit may impact data transfer and compliance.
• Risks related to the development, clinical testing, and commercialization of investigational COMP360 Psilocybin treatment.
• Turmoil in banking system, such as recent FDIC appointments, may increase market volatility.
• Cash and cash equivalents increased from $143.2 million to $220 million as of December 31, 2023.
• Additional funding may be needed due to potential accelerated payment obligations from debt financing.
• Elevated interest rates or economic downturns could adversely impact business operations.
• Increased interest rates or economic downturn could adversely impact business operations.
• Recruitment challenges expected to continue, impacting study conduct and costs.
• Potential future revenue may be derived in Euro, added to foreign exchange risks.
• Dependence on third-party manufacturers for drug production could lead to significant interruptions.
• Potential merger of SME Program and RDEC regimes could alter treatment of subcontracted R&D.
• Uncertainties in tax systems globally may result in increased tax liabilities and affect returns.
• Increased inflation may result in further currency fluctuations compared to recent history.
• Potential gross proceeds of $159.6 million from the exercise of PIPE Warrants.
• Reduction in UK R&D tax relief from 33.3% to 18.6% may impact future claims.
• Potential delays in Phase 3 clinical program due to FDA review and protocol amendments.
• Elevated inflation may increase economic uncertainty and heighten risks, impacting business.
• Inadequate FDA funding may hinder timely development and commercialization of treatments.
• Security breaches causing interruptions in operations could hinder development and commercialization efforts.