Risk Factors Update Summary

• The European Commission adopted its Adequacy Decision on July 10, 2023, making the DPF effective as a GDPR transfer mechanism to U.S. entities.
• Incurred net losses increased from $131.2 million to $154.9 million for the year.
• The UK Extension to the DPF came into effect on October 12, 2023, allowing data transfers from the UK to U.S. entities.
• Accumulated deficit rose from $598.1 million to $753.1 million as of December 31, 2023.
• The UK GDPR and GDPR compliance may result in fines up to €20 million or £17 million, or 4% of global turnover.
• Future capital resources estimated to fund operations into the second half of 2027.
• Failure to comply with international personal data transfer regulations may lead to operational changes.
• Estimated enrollment in Phase 1/2 clinical trials increased from 120 to 360 adult patients.
• Changes in laws and regulations in foreign jurisdictions may impact business operations and financial results.
• Potential initiation of a randomized phase 3 trial of petosemtamab monotherapy in mid-2024.
• The company may face delays or shortages in the commercial launch of antibody candidates due to manufacturing challenges.
• Changes in EU laws may impact the ability to profitably commercialize product candidates.
• Difficulty in enforcing judgments against the company or its officers may pose challenges for investors.
• Regulatory authorities may require further studies before considering application or granting approval.