Risk Factors Update Summary

• Reduced the number of preclinical programs from five to three, and clinical programs from two to three.
• Announced the completion of enrollment in the Phase 1/2 clinical study evaluating VAX-31 in healthy adults aged 50 and older.
• Increased accumulated deficit from $522 million to $924 million as of December 31, 2023.
• Increased the average price per share from $25 to $27 for the sale of common stock.
• Lonza entered into a Commercial Manufacturing and Supply Agreement to construct a Suite in Switzerland. This could significantly impact production efficiency and costs.
• Raised aggregate gross proceeds from $114 million to $137 million from the sale of common stock.
• Added a Phase 2 study for VAX-24 in healthy adults aged 65 and older.
• Potential delays in drug substance manufacturing campaigns due to insufficient cell-free extract supply. This may lead to increased costs and production delays.
• Expanded the aggregate offering price under the Amended ATM Sales Agreement from $150 million to $400 million.
• Discussions with the FDA regarding Phase 3 regulatory plans and CMC strategy. Disagreements may delay development and regulatory approval.
• Uncertainty regarding the impact of new patent laws on patent expiration dates. This could affect the commercialization of future vaccine candidates.
• Changes in patent law and regulations in Europe may devalue Eurasian patents. This could impact the company's intellectual property rights.
• Increased scrutiny on data privacy laws and regulations, including fines for noncompliance. This may lead to regulatory actions and financial penalties.
• Potential risks associated with banking relationships and access to funds in case of financial institution failures. This could impact short-term liquidity and operations.