Risk Factors Update Summary

• Increased investment in technology and platform, including advancing preclinical-stage product candidates, with a focus on SAB-176, SAB-195, and SAB-142.
• The company is now required to provide an annual management report on the effectiveness of internal control over financial reporting starting in 2023.
• On November 28, 2023, 344,626,967 shares of common stock were registered for resale.
• Plans to develop a larger scale manufacturing process for product candidates, requiring substantial additional investment.
• In October 2021, a business combination was completed, impacting financial statements and securities holders.
• Up to $20,363,377 worth of common stock may be offered through a sales agreement.
• Lack of experience in manufacturing at commercial scale, with a need to attract skilled personnel.
• A securities purchase agreement in September 2023 involved issuing preferred stock and warrants.
• A Controlled Equity Offering Sales Agreement was entered into in January 2024.
• Potential loss of research and development tax credit in Australia, impacting financial results.
• A reverse stock split was conducted to comply with Nasdaq listing standards, affecting stock liquidity.
• Reliance on third parties for research, preclinical studies, and commercial supplies, posing business risks.
• Risks related to intellectual property, including patent infringement and legal disputes, affecting market competitiveness.
• Compliance with reduced disclosure obligations as an emerging growth company, impacting reporting standards.