Risk Factors Update Summary

• Added inability to commercialize product candidates or achieve adequate revenue. This may impact revenue growth significantly.
• The company incurred a net loss of $395 million in 2023, up from $444 million in 2022.
• Added the need to increase insurance coverage for additional clinical trials and commercialization. This could lead to increased costs.
• Added the need to establish treatment centers for product administration, potentially delaying commercial launch.
• Added potential delays in FDA approval for additional BLAs, impacting product commercialization timelines.
• Accumulated deficit increased from $1.2 billion in 2022 to $1.6 billion in 2023.
• The company expects to incur significant additional operating expenses in 2023.
• Added significant competition from Pfizer in the TIL cell therapy space. This may impact market share.
• Added lack of experience in marketing and selling products, which may affect revenue generation.
• Added risks related to geopolitical tensions impacting business operations and strategic acquisitions.
• The company closed an underwritten offering of common stock, raising $161.5 million in July 2023.
• The company may need additional financing to fund operations and complete product development.
• Cash, cash equivalents, and investments decreased from $478.3 million in 2022 to $346.3 million in 2023.
• The company anticipates delays in clinical trials and may need to conduct additional trials.