Biotech Values

[DewDiligence]

Terms of GRCL’s non-tradable CVR:

https://www.sec.gov/Archives/edgar/data/1826492/000110465923129003/tm2333691d1_6k.htm

Each CVR represents the right to receive $0.30*, in cash… upon…[filing]…a biologics license application (a “BLA”) with the United States Food and Drug Administration…for authorization to market or sell any biologic product that contains the product candidate referred to by the Company [GRCL] as “GC012F”…on or prior to (i) December 31, 2028 of an accelerated approval granted by the FDA of a BLA for the Product for the treatment of multiple myeloma, or (ii) December 31, 2029 of a regulatory approval (excluding an accelerated approval) granted by the FDA of a BLA for the Product for the first-line or second-line treatment of multiple myeloma

I.e. the non-tradable CVR pays $1.50/ADS* if GC012F receives either FDA accelerated approval for MM within 5 years or FDA full approval for first-line/second-line MM within 6 years.

*Each ADS represents 5 ordinary shares. Hence, the $0.30/sh CVR equates to $1.50/ADS.