Risk Factors Update Summary

• Expanded regulatory approval requirements in various jurisdictions, potentially impacting product development and commercialization.
• The company may need to repay up to $225 million related to upfront payments received.
• Increased workforce reduction plan to approximately 37% by 2025, aiming for significant cost savings.
• Revenue fluctuated significantly, with $0.5 billion in 2023, $0.7 billion in 2022, and $1.7 billion in 2021.
• The company amended supply agreements with the UK, Australia, and Canada, resulting in payments of $112.5 million, $100.4 million, and $349.6 million, respectively.
• The company may face challenges in accurately forecasting demand for its COVID-19 vaccine, impacting operations and financial results.
• Potential impact of security breaches and cyber attacks on business operations and financial results.
• The company's accumulated deficit increased from $4.3 billion in 2022 to $4.8 billion in 2023.
• The company faces uncertainties in transitioning from government to third-party reimbursement models for COVID-19 vaccines.
• Enhanced privacy laws and regulations in the U.S., requiring evaluation and potential updates to privacy programs.
• The company's investment in the development and manufacture of its COVID-19 vaccine is substantial.
• Stock price volatility with a range from $8 to $142 per share from 2022 to 2023.