Risk Factors Update Summary

• The FDA announced draft guidance on "Clinical Trial Considerations to Support Accelerated Approval of Oncology Therapeutics" in March 2023.
• Reported net losses decreased from $120.7 million to $73.8 million in 2022 and 2023.
• The company may be unable to complete future strategic acquisitions, impacting business and financial condition.
• The UK Adequacy Decision may expire in June 2025, affecting cross-border data flows and compliance costs.
• Accumulated deficit increased from $212 million to $286 million.
• Cash, cash equivalents, and short-term investments are expected to be sufficient into the second half of 2026.
• FDA granted Orphan Drug Designation for PYX-201 in pancreatic cancer and PYX-107 in soft tissue carcinoma, esophageal, and GEJ cancers.
• The Inflation Reduction Act allows Medicare to establish a "maximum fair price" for pharmaceutical products.
• Confirmatory post-marketing trials must be completed pursuant to FDORA enacted in 2022.
• New EU SCCs and UK GDPR impose onerous obligations on transfers of personal data.
• Cash decreased from approximately $179.3 million to $119.3 million as of December 31, 2023.
• Completed Private Placement resulted in gross proceeds of $50 million.
• Recent healthcare reform efforts may significantly impact profitability for patented medicines.
• Net proceeds of $10.6 million were obtained from additional shares under the ATM offering program.