Risk Factors Update Summary

• Auditor's report raises substantial doubt on ability to continue as a going concern. Cash may only fund operations until Q1 2025.
• The company's financial statements now assume continued operation for the next twelve months.
• Operating activities used net cash of $19 million in 2023. Cash and cash equivalents decreased from $418 million to $238 million in 2023.
• Material weaknesses in internal controls were identified, impacting financial reporting reliability.
• Accumulated deficit increased from approximately $291 million to $309.3 million in 2023.
• Transition to oncology focus with the acquisition of VCN Biosciences, now Theriva Biologics.
• Cash and cash equivalents will not be sufficient to complete planned clinical trials without additional capital.
• Lead product candidate VCN-01 now in Phase 2 clinical study for pancreatic cancer with 116 patients.
• Exploring value creation options for SYN-004 and SYN-020 assets to focus on oncology.
• Phase 1 trial results for VCN-01 in retinoblastoma and pancreatic cancer granted Orphan Drug Designation.
• Potential delay or impairment in clinical trials due to failure to maintain drug supply quality.
• Expansion of product pipeline to include SYN-006 and SYN-007 for GI health and microbiome.
• Cybersecurity risks pose a threat to the confidentiality and integrity of confidential information.
• Collaboration agreements with hospitals and universities for clinical trials and licensing agreements.