Risk Factors Update Summary

• Accumulated deficit increased from $723.4 million to $722.9 million as of December 31, 2023.
• The company will no longer be a "smaller reporting company" in 2024, incurring significant expenses.
• Cash, cash equivalents, and investments decreased from $193.7 million to $174.5 million as of December 31, 2023.
• Failure to obtain accelerated approval could result in longer time to commercialization.
• Planned operations funded into the second half of 2025, indicating a significant extension in funding.
• Future sales of common stock below exercise price may lower the exercise price of Tranche Warrants.
• Stockholders owning 23% of outstanding common stock may significantly increase their ownership.
• The company may face delisting proceedings if unable to comply with new disclosure requirements.
• Failure to maintain secure Confidential Information could result in liability and delays.
• International conflicts, like the Russia-Ukraine conflict, could adversely affect the company's business.