Risk Factors Update Summary

• The company plans to initiate four to five potentially registrational programs for IMVT - 1402 by March 31, 2025, and trials in ten indications by March 31, 2026.
• Our net loss was $259.3 million for the fiscal year ended March 31, 2024, compared to $211.0 million in 2023.
• Under the E.U. GDPR, penalties could reach 17.5 million pounds sterling or 4% of worldwide annual revenue, whichever is greater. This change might result in significant financial liabilities.
• We expect significant increases in research and development expenses as we advance our clinical programs for IMVT - 1402.
• The ongoing military conflict between Russia and Ukraine has created extreme volatility in the global capital markets, affecting operational costs and financial stability.
• The European Commission proposed new regulations that may decrease data and market exclusivity for our product candidates in the EEA.
• We may face significant adverse consequences if we cannot lawfully transfer personal information from the EEA, including operational interruptions and increased regulatory scrutiny.
• We are required to reimburse HanAll up to an aggregate of $420.5 million for milestone achievements related to batoclimab and IMVT - 1402.