SBPH Spring Bank Pharmaceuticals Inc

(a)    On March 30, 2021, the Audit Committee of the Board of Directors of F-star Therapeutics, Inc. (the “Company”) approved the dismissal of PricewaterhouseCoopers LLP, a United Kingdom entity (“PwC”) as the independent registered public accounting firm of the Company, effective immediately, and the appointment of RSM US LLP (“RSM”) as the independent registered public accounting firm of the Company. PwC was dismissed on March 31, 2021. RSM had previously served as the Company’s independent registered public accounting firm prior to the closing, on November 20, 2020, of the transactions contemplated by the Share Exchange Agreement, dated as of July 29, 2020, by and among F-star Therapeutics Limited, Spring Bank Pharmaceuticals, Inc., and the other parties thereto (the “Share Exchange Agreement”), at which time the Company’s board of directors had engaged PwC to audit the Company’s financial statements for the fiscal year ending December 31, 2020. PwC had served as the independent registered public accounting firm for F-star Therapeutics Limited prior to the closing of the Share Exchange Agreement.

The reports of PwC on the Company’s consolidated financial statements for the fiscal years ended December 31, 2020 and 2019 did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles, except that the reports contain an explanatory paragraph relating to the Company’s ability to continue as a going concern, as described in Note 3 to the financial statements.

During the fiscal year ended December 31, 2020 and 2019 and the subsequent interim period through March 31, 2021, there have been (i) no disagreements with PwC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure which, if not resolved to the satisfaction of PwC, would have caused PwC to make reference to the matter in their reports on the Company’s consolidated financial statements for such periods, and (ii) no “reportable events” within the meaning of Item 304(a)(1)(v) of Regulation S-K, except with respect to the material weaknesses in financial reporting described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 relating to (i) the lack of formal policies and procedures and sufficient complement of personnel to implement effective segregation of duties and (ii) the lack of sufficient formality and evidence of controls over key reports and spreadsheets.

The Company provided PwC with a copy of this Current Report on Form 8-K and requested from PwC a letter addressed to the U.S. Securities and Exchange Commission indicating whether or not it agrees with the above disclosures. A copy of PwC’s letter dated April 5, 2021 is attached as Exhibit 16.1 to this Report.

(b)    On March 30, 2021, the Audit Committee of the Board of Directors of the Company approved the engagement of RSM as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2021. RSM was engaged on April 2, 2021.

During the fiscal year ended December 31, 2020 and 2019 and the subsequent interim period through March 31, 2021, neither the Company nor anyone on its behalf consulted with RSM regarding either (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered with respect to its financial statements, and no written report or oral advice was provided to the Company by RSM that was an important factor considered by the Company in reaching a decision as to any accounting, auditing or financial reporting issue; or (ii) any matter that was the subject of a disagreement (as that term is defined in Item 304(a)(1)(iv) of Regulation S-K promulgated under the Securities Act of 1933, as amended, and the related instructions) or a reportable event (as that term is defined in Item 304(a)(1)(v) of Regulation S-K) relating to the Company.