Number of Warrant ADSs

March 31,

December 31,

Weighted-Average

2025

2024

Exercise Price

Expiration Date

Equity-classified Warrants

October 2023 Investor Prefunded
   Warrants

48,387

48,387

$

0.20

None

March 2025 Series A Investor Warrants

2,283,031

—

$

0.87

3/6/2026

March 2030 Series B Investor Warrants

2,283,031

—

$

0.87

3/6/2030

May 2024 Investor Warrants

4,029,754

4,029,754

$

1.77

May-Jun 2027

March 2024 Placement Agent Warrants

132,061

132,061

$

1.85

3/27/2029

May 2024 Placement Agent Warrants

322,380

322,380

$

1.89

5/31/2029

November 2024 Investor Warrants

1,713,402

1,713,402

$

2.26

Dec 2027-Jun 2028

October 2023 Placement Agent Warrants

42,550

42,550

$

4.13

10/6/2028

March 2022 Investor Warrants

186,007

186,007

$

28.00

3/10/2027

March 2022 Placement Agent Warrants

14,874

14,874

$

30.00

3/10/2027

December 2021 Investor Warrants

107,775

107,775

$

33.00

1/4/2027

December 2021 Placement Agent
   Warrants

8,615

8,615

$

35.00

12/29/2026

2020 Investor Warrants

—

139,882

$

44.00

Feb-Mar 2025

July 2021 Placement Agent Warrants

19,909

19,909

$

46.40

7/7/2026

2020 Placement Warrants

—

22,481

$

51.00

Feb-Mar 2025

11,191,776

6,788,077

Liability-classified Warrants

April 2023 Peak Bio Warrants

1,187,013

1,187,013

$

2.04

4/28/2028

September 2022 Series B Investor Warrants

754,997

754,997

$

17.00

9/14/2029

November 2022 Peak Bio Warrants

1,577,556

1,577,556

$

39.18

11/1/2027

3,519,566

3,519,566

Total outstanding warrants

14,711,342

10,307,643