Risk Factors Update Summary

• Median follow-up time increased to 8.3 months, with ORR of 38% and PFS of 57%.
• Expanded Lab Safety Committee oversight and regular safety inspections to maintain a safe environment.
• Addition of zanzalintinib to the pipeline, a novel oral TKI targeting VEGF receptors, MET, and TAM kinases.
• Increased focus on ESG practices and disclosures may lead to evolving regulatory requirements and costly initiatives.
• Addition of zanzalintinib to product candidates may impact safety and efficacy profiles compared to cabozantinib.
• Addition of the Lab Safety Committee to oversee working conditions and conduct regular safety inspections.
• Initiated STELLAR-002 phase 1b/2 trial with nivolumab and ipilimumab or nivolumab and relatlimab.
• Passage of FDORA clarifies FDA's authority, potentially delaying or adding complexity to clinical trials.
• Restructuring plan implemented, reducing employee workforce by approximately 175 employees.
• Potential changes in Medicaid Drug Rebate Program rules could impact Medicaid rebate program and liabilities.
• Increase in net product revenues from $1,401.2 million in 2022 to $1,628.9 million in 2023.
• Implementation of a Lab Safety Committee for overseeing working conditions and conducting safety inspections.
• Potential impact of ongoing war and conflicts on clinical development operations and patient recruitment.
• Increase in workforce by 13% and growth in pipeline may strain management and resources.
• Initiated STELLAR-009 phase 1b/2 trial evaluating zanzalintinib in combination with AB521.
• Initiation of the STELLAR-001 trial evaluating zanzalintinib, with a recommended dose of 100 mg once daily.
• Increased the number of novel anti-cancer agents in the pipeline to over 10.
• Discontinued preclinical development program for XB014 and terminated certain research collaborations.
• Advanced more than 10 discovery programs and plan to progress up to five new candidates into preclinical development.
• Discontinued development of XL114 as of January 2023 due to evolving treatment landscape for NHL.