Risk Factors Update Summary

• The company may not successfully identify or implement strategic transactions for OLINVYK, risking stockholder value.
• Sanctions against WuXi could negatively impact our ability to manufacture OLINVYK, causing delays and cost increases.
• If a strategic transaction for OLINVYK is not completed, the board may pursue dissolution and liquidation, affecting stockholder distributions.
• Our product development costs may increase significantly if we experience delays in obtaining regulatory approvals.
• The accumulated deficit increased from $547 million to $588 million, indicating worsening financial health.
• The FDA has approved OLINVYK only for acute pain severe enough to require intravenous opioid treatment, limiting market potential.
• Sales of OLINVYK are critical; failure to commercialize could significantly impact future revenue and stockholder value.
• We may incur significant legal and compliance costs as a public company, affecting financial results and management focus.
• The company recorded an inventory valuation adjustment of $2 million for OLINVYK, reflecting challenges in demand forecasting.
• Our reliance on third-party manufacturers for OLINVYK could lead to supply disruptions and impact product revenue.
• The strategic review process may incur significant costs, diverting resources and potentially harming business operations.