63 A severe or prolonged global economic downtur t n could result in a variety of risks to our business. For example, inflation rates, particularly in the United States, have increased recently to levels not seen in years, and increased inflation may result in increases in our operating costs (including our labor a costs), reduced liquidity and limits on our ability to access credit or otherwise raise capital on acceptabl a e terms, if at all. In addition, the U.S. Federal Reserve has raised, and may again raise, interest rates in response to concerns about inflation, which, coupled with reduced government spending and volatility in financial markets may have the effe f ct of further increasing economic uncertainty and heightening these risks. Risks of a prolonged global economic downtur t n are particularly true r in Europe, which is undergoing a continued severe economic crisis. A weak or declining economy could also strain our suppl u iers and manufact f ur t ers, possibly resulting in suppl u y disrupt r ion. Any of the foregoing could harm our business and we cannot anticipate all of the ways in which the current economic climate and financial market conditions could adversely impact our business. The Federal Deposit Insurance Corporation only insures amounts up to $250,000 per depositor. Recently, we have seen the abrupt u failure of more than one regional bank. We may from time to time have balances in bank accounts that are in excess of insured deposit limits, and could be subj u ect to risks of bank failures. Similar bank failures could significantly impair our access to funding sources in amounts adequate to finance or capitalize our current and projected future business operations and could negatively impact the financial institutions with which we have direct arrangements, or the financial services industry r or economy in general. Additionally, financial markets around the world experienced volatility following the invasion of Ukraine by Russia. Further, a weak or declining economy could strain our suppl u iers and manufact f ur t ers. As a result, our business and results of operations may be adversely affe f cted by the on-going conflic f t between Ukraine and Russia and related sanctions, particularly to the extent it escalates to involve additional countries, further economic sanctions or wider military conflic f t. We have operations, as well as current and potential new suppl u iers and manufact f ur t ers, throughout Europe. If economic conditions in Europe and other key markets for our business remain uncertain or deteriorate further, we could experience adverse effe f cts on our business, financial condition or results of operations. We have incurred sign i ific f ant net losses in each period sinc i e our inception and anticipatet that we will i contin t ue to incur sign i ific f ant and increasing i net losses for the foreseeablel future.e We have incurred net losses in each reporting period since our inception, including net losses of $260.5 million, $333.8 million and $267.0 million for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023, we had an accumulated deficit of $1,152.5 million. We have invested significant financial resources in research and development activities, including for our product candidates and our ABC Platform. We do not expect to generate revenue from product sales for several years, if at all. The amount of our future net losses will depend, in part, on the level of our future expenditures and our ability to generate revenue. Moreover, our net losses may fluctuate significantly from quarter-to-quarter and year-to-year, such that a period-to-period comparison of our results of operations may not be a good indication of our future performance. We expect to continue to incur significant and increasingly higher expenses and operating losses for the foreseeabl a e future. We anticipate that our expenses will increase subs u tantially if and as we: • progress our current and any future product candidates through preclinical and clinical development; • work with our contract manufact f ur t ers to scale up the manufact f ur t ing processes for our product candidates or, in the future, establ a ish and operate a manufact f ur t ing facility; • continue our research and discovery activities; • initiate and conduct additional preclinical, clinical or other studi t es for our current and any future product candidates; • change or add additional contract manufactur t ers or suppl u iers; • seek regulatory r approvals and marketing authorizations for our product candidates; • establ a ish sales, marketing and distribution infrastruc r ture to commercialize any products for which we obtain approval; • continue the development of our ABC Platform; • acquire or in-license product candidates, intellectua t l property and technologies; • make milestone, royalty or other payments due under any current or future collabor a ation or license agreements;