iv RISK FACTOR SUMMARY Investing in our common stock involves numerous risks, including the risks described in “Risk Factors” in Part I, Item 1A of this Annual Report on Form 10-K, any one of which could materially adversely affe f ct our business, financial condition, results of operations, and prospects. These risks include, among others, the following: • We are in the clinical stage of drug r development and have a very limited operating history r and no products approved for commercial sale, which may make it difficult to evaluate our current business and predict our future success and viability. • We have incurred significant net losses in each period since our inception and anticipate that we will continue to incur significant and increasing net losses for the foreseeabl a e future. • Drug r development is a highly uncertain undertaking and involves a subs u tantial degree of risk. We have never generated any revenue from product sales, and we may never generate revenue or be profit f able. • Our prospects are heavily dependent on our tarcocimab a and KSI-501 product candidates, which are currently in clinical development for multiple indications. • The failure of pivotal studi t es of tarcocimab to meet their primary r effi f cacy endpoints may lead us to pause, change or discontinue development of other product candidates based on our ABC Platform. • Research and development of biopharmaceutical products is inherently risky. k We cannot give any assurance that any of our product candidates will receive regulatory, r including marketing, approval, which is necessary before they can be commercialized. • Due to the significant resources required for the development of our product candidates, and depending on our ability to access capi a tal, we must prioritize development of certain product candidates. Moreover, we may expend our limited resources on product candidates that do not yield a successful f product and fail to capitalize on product candidates or indications that may be more profita f bl a e or for which there is a greater likelihood of success. • Our plan for the development of tarcocimab may be unsuccessful f . • We may encounter subs u tantial delays in our clinical trials, or may not be able to conduct or complete our clinical trials on the timelines we expect, if at all. • Our clinical trials may fail to demonstrate subs u tantial evidence of the durability, effi f cacy and safety of our product candidates, which would prevent, delay or limit the scope of regulatory r approval and commercialization. • We face significant competition in an environment of rapi a d technological and scientific f change, and there is a possibility that our competitors may retain their market share with existing drugs r , or achieve regulatory r approval before us or develop therapies that are safer, more advanced or more effe f ctive than ours, which may negatively impact our ability to successful f ly market or commercialize any product candidates we may develop and ultimately harm our financial condition. • The regulatory r approval processes of the FDA, EMA and comparable foreign regulatory r authorities are lengthy, time consuming, and inherently unpredictabl a e. If we are ultimately unabl a e to obtain regulatory r approval for our product candidates, we will be unabl a e to generate product revenue and our business will be subs u tantially harmed. • We expect to rely on third parties to conduct many aspects of our clinical trials and some aspects of our research and preclinical testing, and those third parties may not perform satisfactorily, including failing to meet deadlines for the completion of such trials, research or testing. • We contract with third parties for the manufact f ur t e of materials for our product candidates and preclinical studi t es and clinical trials and for commercialization of any product candidates that we may develop. This reliance on third parties carries and may increase the risk that we will not have suffic f ient quantities of such materials, product candidates or any medicines that we may develop and commercialize, or that such suppl u y will not be availabl a e to us at an acceptabl a e cost, which could delay, prevent or impair our development or commercialization effo f rts. • If we are unabl a e to obtain and maintain patent protection for any product candidates we develop or for our ABC Platform, our competitors could develop and commercialize products or technology similar or identical to ours, and our ability to successful f ly commercialize any product candidates we may develop, and our technology may be adversely affe f cted.