Risk Factors Update Summary

• Acquisitions of Cyclica and Valence may not realize anticipated outcomes and benefits, incurring substantial expenses.
• Accumulated deficit increased from $639.6 million to $967 million as of December 31, 2023.
• Conducted additional clinical trials outside the U.S., including in the U.K. and the Netherlands.
• Exchange rate fluctuations due to acquisitions could result in significant foreign currency gains and losses.
• Issued 15.3 million shares for $150 million in October 2022 and 7.7 million shares for $50 million in July 2023.
• Costs of materials have risen significantly, impacting profitability and increasing net losses.
• Regulatory framework for AI evolving rapidly, potential impact on business operations, compliance costs.
• Entered Sales Agreement for up to $300.0 million of Class A common stock offerings.
• Published interim top-line data and may experience delays in completing preclinical studies.
• Material weakness identified in internal control over financial reporting, impacting accuracy of financial statements.
• Received $150.0 million upfront payment in January 2022 and $3 million option fee in October 2023.
• Exclusive forum provisions in bylaws may limit stockholders' ability to bring claims, increasing costs.
• Failure to maintain effective internal controls could impact investors' confidence and stock price.
• Unfavorable global economic conditions, global political instability, and supply chain issues could impact stock price.