Certain Preliminary Financial Results as of December 31,
2020
Based upon this Amended Sale
Agreement, the Company's current projected revenue and expenditures, including capital expenditures and continued
implementation of the Company's commercialization, expansion activities and the proceeds from the Offering, as well as
certain other assumptions, the Company currently believes that the Company's cash, cash equivalents, projected revenue and
accounts receivable will be sufficient to fund the Company's operations, as currently conducted, now into the fourth quarter
of 2021. The Company’s preliminary, unaudited revenues for the fourth quarter 2020 and for the full year 2020, were
$13.9 million and $42.2 million of revenues, respectively. Additionally, as of December 31, 2020, the Company’s
preliminary, unaudited cash and cash equivalents totaled $55.9 million. In order to have
sufficient cash to fund the Company’s operations thereafter, the Company anticipates it will need to raise additional
capital before the end of the fourth quarter of 2021. The Company has prepared these estimates on the basis of currently
available information; however these estimates are preliminary and are subject to completion of financial closing procedures
that could result in changes to these amounts and do not present all information necessary for an understanding of the
Company’s results of operations for the fourth quarter or full year 2020. These preliminary estimates have been
prepared by, and are the responsibility of, the Company’s management. The Company’s independent registered public
accounting firm, CohnReznick LLP, has not audited or reviewed, and does not express an opinion with respect to, these
estimates. Complete annual results will be included in our Annual Report on Form 10-K for the year ended December 31, 2020.
Additionally, these estimates may change based upon several factors, including the success of the Company’s commercial
sales of its products, manufacturing ramp-up activities, the acceptability of its immune globulin products by physicians,
patients or payers and the various financing options that may be available to the Company. In addition, the Company’s
end-to-end production cycle from procurement of raw materials to commercial release of finished product can take between
seven and 12 months or potentially longer, requiring substantial investments in raw material plasma and other manufacturing
materials. For further information, see the risks and uncertainties described in the Company’s filings with the U.S.
Securities and Exchange Commission, including its most recent reports on Form 10-K, 10-Q and 8-K, and any amendments
thereto.
Cautionary Note Regarding Forward-Looking Statements
This Current Report on Form 8-K contains “forward-looking
statements” pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, about the Company.
Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results,
performance or achievements, and may contain such words as “estimate,” “project,” “intend,”
“forecast,” “target,” “anticipate,” “plan,” “planning,” “expect,”
“believe,” “will,” “should,” “could,” “would,” “may,” or,
in each case, their negative, or words or expressions of similar meaning. These forward-looking statements also include, but are
not limited to, statements about the Company’s future results of operations; the Company’s expectations regarding the
sufficiency of its cash, cash equivalents, projected revenues and accounts receivable to fund its operations; timing of revenue
and profitability and execution of corporate objectives and achievement of goals. Actual events or results may differ materially
from those described in this document due to a number of important factors. Current and prospective security holders are cautioned
that there also can be no assurance that the forward-looking statements included in this Current Report on Form 8-K will prove
to be accurate. Except to the extent required by applicable laws or rules, the Company does not undertake any obligation to update
any forward-looking statements or to announce revisions to any of the forward-looking statements. Forward-looking statements are
subject to many risks, uncertainties and other factors that could cause the Company’s actual results, and the timing of certain
events, to differ materially from any future results expressed or implied by the forward-looking statements, including, but not
limited to, the risks and uncertainties described in the Company’s filings with the U.S. Securities and Exchange Commission,
including its most recent reports on Form 10-K, 10-Q and 8-K, and any amendments thereto.
(d) Exhibits