附錄 99.3

補充風險因素

我們的業務有 重大風險。您應仔細考慮以下風險因素以及我們截至2022年12月31日止年度的20-F表年度報告（我們的年度 報告）以及在6-K表中提交的後續報告（包括我們的合併財務報表和相關附註）中包含的所有其他信息。其中和下文描述的風險和不確定性是我們目前已知和特有的重大 風險因素，我們認為這些風險因素與我們的業務、經營業績和財務狀況有關。如果其中任何風險發生，我們的業務、經營業績或財務狀況可能會受到影響 ，ADS的價格可能會下跌。我們目前不知道或我們現在認為不重要的其他風險和不確定性也可能損害我們並對我們的業務、經營業績和財務狀況產生不利影響。

我們已經發現了一些條件和事件，使人們對我們持續經營的能力產生了重大懷疑，這可能會阻礙我們 獲得未來融資的能力。

The development of pharmaceutical drugs is capital-intensive. We have incurred recurring losses from our operations, have an accumulated deficit totaling £200.1 million and negative cash flows used in operating activities of £26.4 million as of and for the nine months ended September 30, 2023. We had cash and cash equivalents of £17.8 million at September 30, 2023. We expect our expenses to increase with our ongoing activities, particularly as we conduct larger-scale clinical trials of, and seek marketing approval for, our product candidates. In addition, if we obtain marketing approval for any of our product candidates, we expect to incur significant commercialization expenses related to product sales, marketing, manufacturing and distribution. We may also need to raise additional funds sooner if we choose to pursue additional indications or geographies for our product candidates or otherwise expand more rapidly than we presently anticipate. Furthermore, we will continue to incur costs associated with operating as a public company. Accordingly, we will need to obtain substantial additional funding in connection with our continuing operations. Because of these funding needs and related risks, there is material uncertainty related to our ability to raise sufficient additional capital before the end of 2024 and prior to our current liquidity being exhausted, which liquidity includes the cash inflows relating to research and development tax credits for the year ended December 31, 2023, the receipt of which is outside of our control. These events or conditions may raise substantial doubt, as contemplated by the standards of the Public Company Accounting Oversight Board, on our ability to continue as a going concern and, therefore, that we may be unable to realize our assets and discharge our liabilities in the normal course of business. If we are unable to obtain funding on a timely basis, we may be required to significantly curtail, delay or discontinue one or more of our research or development programs or the commercialization of any product candidate or be unable to expand our operations or otherwise capitalize on our business opportunities.