Risk Factors Update Summary

• Reported net loss decreased significantly from $94.7 million in 2022 to $62.3 million in 2023.
• Major customers accounted for over 90% of gross product revenue in 2023, similar to 2022.
• Federal net operating loss carryforwards decreased from $501 million to $494 million as of December 31, 2023.
• Accumulated deficit increased from $554 million to $617 million as of December 31, 2023.
• Received untitled letter from FDA regarding Recorlev website, addressed concerns, and received close-out letter.
• Legislation enacted in 2019 requires providing product samples to eligible entities developing generic drugs and biosimilar biological products.
• Federal income tax credits decreased from $6.7 million to $3.1 million as of December 31, 2023.
• Completed exchange of $31,975,000 in 2025 Convertible Notes for $33,574,000 in 2028 Convertible Notes.
• Outstanding balance of 2028 Convertible Notes was $33.6 million as of December 31, 2023.
• A performance milestone worth $0.25 has been achieved, with $0.50 milestones outstanding as of December 31, 2023.
• State net operating loss carryforwards decreased from $345 million to $352 million as of December 31, 2023.
• Outstanding balance of 2025 Convertible Notes decreased from $47.2 million to $15.2 million.
• The outstanding balance of Convertible Notes increased from $47 million to $48 million as of December 31, 2023.
• State economic development and research and development credits decreased from $5.6 million to $4.9 million as of December 31, 2023.