Risk Factors Update Summary

• Early in development efforts, with limited operating history. Accumulated deficit increased from $279 million to $403 million.
• Research, development, and commercialization activities may result in claims that we infringe patents.
• Expect current cash, cash equivalents, and investments to fund operations for at least the next 12 months.
• European patent applications will now be subject to the Unified Patent Court (UPC).
• Granted orphan drug designation for TN-201 and TN-401, each by the FDA and TN-201 by the EC.
• Government actions may limit patent applications and maintenance, impacting our business in various jurisdictions.
• Changes in tax law may increase tax burden. Tax Cuts and Jobs Act of 2017 requires capitalization of domestic R&D costs.
• Concentration of ownership by executives and directors increased from 45% to 57% in 2023.
• Potential impact of legislative, executive, and administrative actions on the pharmaceutical industry.
• Shelf registration statement allows issuance and sale of up to $75.0 million of common stock.
• Increased liability due to GDPR and other data privacy laws, with potential fines up to €20 million.
• Provisions in our certificate of incorporation and bylaws could discourage or delay business combinations.
• Vulnerability to cyber-attacks and security breaches, posing risks to data integrity and availability.
• Any provision in our certificate of incorporation, bylaws, or Delaware law affecting stockholder rights could harm our business.