Risk Factors Update Summary

• Lease term for Dunkirk Facility extended to 5 years, with 300 employees to be hired within 2.5 years.
• Outstanding promissory notes increased by $610.0 million to $610.0 million principal amount.
• Anticipate needing additional financing for operations and product development, with $735 million in related-party promissory notes outstanding.
• Submitted BLA for Anktiva in combination with BCG for BCG-unresponsive NMIBC. PDUFA action date set for May 23, 2023. Resubmission completed, new PDUFA date April 23, 2024.
• FDA issued a CRL for BLA filed in May 2022, resubmitted in October 2023.
• Dilution risk increased as Dr. Soon-Shiong and affiliates now own 79% of common stock.
• Received a CRL from the FDA for a lead product, potentially delaying approval and commercialization.
• Lack resources to pursue development of in-licensed technologies. Need additional capital, may face unfavorable terms.
• Debt and revenue interest liability could adversely affect cash flows and limit flexibility, with $200 million revenue interest liability.
• Sales milestone CVR agreement added, potentially paying $304.0 million upon N-803 sales exceeding $1.0 billion.
• Collaboration with Infinity and Oberland for Revenue Interest Payments based on net sales, up to 10%.
• FDA accepted BLA resubmission for review, setting a new PDUFA action date of April 23, 2024.
• Potential litigation risks from strategic alliances or collaborations, including disputes with Sorrento and Amyris.
• Risks related to reliance on third parties for clinical trials and essential services, including potential delays.
• Potential impact on FDA approval if issues raised in CRL are not successfully addressed.
• Reliance on third parties for manufacturing and clinical trials, potential delays or disruptions.
• Increased compliance costs and potential liability due to changes in data protection laws.
• Ongoing regulatory requirements and obligations may result in significant additional expenses, impacting financial position.
• Lawsuits against federal government regarding price negotiation provisions of the IRA.
• Risks related to intellectual property, potential conflicts, and changes in patent laws affecting product value.
• Limited experience conducting clinical trials, reliance on third parties for preclinical studies and clinical trials.
• Cybersecurity risks, including data breaches, interruptions, and potential financial, legal, or reputational harm.
• Uncertainty regarding future trade relations between the U.S. and other countries.
• The company's ability to make scheduled payments on debt and revenue interest liability may impact financial condition.