Risk Factors Update Summary

• The company incurred significant operating losses, with losses of $257.8 million in 2023 and $192.3 million in 2022.
• The company faces substantial doubt about its ability to continue as a going concern.
• Recent bank closures have increased liquidity risk, affecting access to funds and financial operations.
• The company may need substantial additional funding to execute its operating plan and continue operations.
• The company may face limitations in using net operating losses to offset future taxable income.
• Failure to secure financing may impact stock price, delay clinical plans, and force operational suspensions.
• Failure to comply with Nasdaq listing standards may lead to delisting, affecting stock liquidity.
• The company has fully impaired goodwill and indefinite-lived intangible assets and significantly impaired long-lived assets, recognizing an impairment charge of $155.0 million in 2023.
• The company's success depends on preclinical studies supporting product advancement and subsequent clinical trial results.
• Termination of collaborations with Sanofi, Biogen, Novartis, and Kite will result in loss of milestone payments.
• Workforce reductions may lead to attrition, operational difficulties, and impact on internal controls.
• The company may face challenges in advancing product candidates from research to preclinical and clinical development.
• Potential loss of revenue due to collaborators adopting alternative technologies could impact product development.
• Volatility in stock price may result in substantial losses for investors and potential securities litigation.