# EDGAR Filing Document

**Accession Number:** 0001836056
**File Stem:** 0001193125-23-085769
**Filing Date:** 2023-3
**Character Count:** 26050
**Document Hash:** 71702f91f2d8296ac199db852faab4ad
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-085769.hdr.sgml**: 20230330

**ACCESSION NUMBER**: 0001193125-23-085769

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20230330

**DATE AS OF CHANGE**: 20230330

**EFFECTIVENESS DATE**: 20230330

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ambrx Biopharma Inc.
- **CENTRAL INDEX KEY:** 0001836056
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **IRS NUMBER:** 571147346
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-271005
- **FILM NUMBER:** 23781797

**BUSINESS ADDRESS:**
- **STREET 1:** 10975 NORTH TORREY PINES ROAD
- **CITY:** LA JOLLA
- **STATE:** CA
- **ZIP:** 92037
- **BUSINESS PHONE:** (858) 875-2400

**MAIL ADDRESS:**
- **STREET 1:** 10975 NORTH TORREY PINES ROAD
- **CITY:** LA JOLLA
- **STATE:** CA
- **ZIP:** 92037

**As filed with the Securities and Exchange Commission on March 30, 2023** 

**Registration No. 333-** 

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

------

**FORM S-8**

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

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## Ambrx Biopharma Inc.
**(Exact name of registrant as specified in its charter)** 

------

---

| | |
|:---|:---|
| **Cayman Islands** | **Not applicable** |
| **(State or other jurisdiction of**<br> **Incorporation or organization)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

**10975 North Torrey Pines Road** 

**La Jolla, California 92037, United States** 

**(Address of Principal Executive Offices) (Zip Code)** 

**2021 Equity Incentive Plan** 

**2021 Employee Share Purchase Program** 

**(Full title of the plan)** 

**Daniel O'Connor** 

**President and Chief Executive Officer** 

**Ambrx Biopharma Inc.** 

**10975 North Torrey Pines Road** 

**La Jolla, California 92037, United States** 

**(858) 875-2400**

**(Name and address of agent for service) (Telephone number, including area code, of agent for service)** 

------

***Copy to:***

**Carlos Ramirez** 

**Cooley LLP** 

**10265 Science Center Drive** 

**San Diego, California 92121** 

**(858) 550-6000** 

------

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
|  |  | Emerging growth company | ☒ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☒

------

**EXPLANATORY NOTE** 

This Registration Statement on Form S-8 (this "Registration Statement") is being filed by Ambrx Biopharma Inc. (the "Registrant") for the purpose of registering (i) an additional 13,522,762 ordinary shares (an equivalent of 1,931,823 American Depositary Shares) under the Ambrx Biopharma Inc. 2021 Equity Incentive Plan (the "2021 Plan"), pursuant to the provisions of the 2021 Plan which provide for annual automatic increases in the number of ordinary shares reserved for issuance under the 2021 Plan, and (ii) an additional 2,704,552 ordinary shares (an equivalent of 386,364 American Depositary Shares) under the Ambrx Biopharma Inc. 2021 Employee Share Purchase Program (the "2021 ESPP"), pursuant to the provisions of the 2021 ESPP which provide for annual automatic increases in the number of ordinary shares reserved for issuance under the 2021 ESPP. These additional ordinary shares are securities of the same class as other securities for which Registration Statements of the Registrant on Form S-8 relating to the same employee benefit plans are effective.

**PART II** 

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT** 

**Item 3. Incorporation of Documents By Reference.** 

The Registrant previously registered ordinary shares for issuance under the 2021 Plan and the 2021 ESPP pursuant to (i) a Registration Statement on [Form S-8](http://www.sec.gov/Archives/edgar/data/1836056/000119312521195618/d185729ds8.htm) (File No. 333-257264) filed with the Securities and Exchange Commission (the "Commission") on June 22, 2021, and (ii) a Registration Statement on [Form S-8](http://www.sec.gov/Archives/edgar/data/1836056/000119312522120406/d142382ds8.htm) (File No. 333-264490) filed with the Commission on April 26, 2022 (collectively, the "Prior Registration Statements"). In accordance with General Instruction E to Form S-8, the contents of the Prior Registration Statements are hereby incorporated by reference.

The Registrant hereby incorporates by reference into this Registration Statement the following documents previously filed by the Registrant with the Commission:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the Commission on [March 30, 2023](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001836056/000095017023010930/amam-20221231.htm);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Registrant's Current Reports on Form 8-K (other than information furnished rather than filed) filed with the Commission on [January 30, 2023,](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1836056/000119312523019214/d425115d8k.htm) [February 6, 2023,](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1836056/000119312523024790/d433069d8k.htm) [February 17, 2023,](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1836056/000119312523041459/d440404d8k.htm) [February 24, 2023,](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1836056/000119312523047413/d452154d8k.htm) [March 1, 2023,](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1836056/000119312523055216/d434460d8k.htm) [March 6, 2023 and](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1836056/000119312523060814/d473459d8k.htm) [March 13, 2023;](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1836056/000119312523068506/d480452d8k.htm) and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the description of the Registrant's ordinary shares in the registration statement on Form 8-A filed with the Commission on [June 15, 2021](http://www.sec.gov/Archives/edgar/data/1836056/000119312521190948/d146934d8a12b.htm), as amended on [March 16, 2023](http://www.sec.gov/Archives/edgar/data/1836056/000119312523072568/d478434d8a12ba.htm), including any amendments or reports filed for the purpose of updating such description.

All documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act subsequent to the date of this Registration Statement and prior to the filing of a post-effective amendment to this Registration Statement which indicates that all securities offered hereby have been sold or which deregisters all such securities then remaining unsold, shall be deemed to be incorporated by reference herein and to be a part hereof from the date of filing of such documents.

Any statement contained in this Registration Statement, in an amendment hereto or in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any subsequently filed amendment to this Registration Statement or in any document that also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement, except as to specific section of such statements as set forth therein.

------

Under no circumstances shall any information furnished on Form 8-K be deemed incorporated herein by reference unless such Form 8-K expressly provides to the contrary.

**Item 8. Exhibits.** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** |
| **Exhibit**<br> **Number** | **Description** | **Schedule**<br> **Form** | **File**<br> **Number** | **Exhibit** | **Filing Date** |
| 4.1 | [Amended and Restated Memorandum and Articles of Association of the Registrant, as currently in effect.](http://www.sec.gov/Archives/edgar/data/1836056/000119312521195618/d185729dex42.htm) | F-1 | 333-256639 | 3.2 | 5/28/2021 |
| 4.2 | [Deposit Agreement between the Registrant and JPMorgan Chase Bank, N.A., as depositary and holders and beneficial owners of the American Depositary Shares.](http://www.sec.gov/Archives/edgar/data/1836056/000119312521195618/d185729dex44.htm) | F-1 | 333-256639 | 4.4 | 5/28/2021 |
| 4.3 | [Form of American Depositary Receipt (included in Exhibit 4.2).](http://www.sec.gov/Archives/edgar/data/0001836056/000119312521177104/d108474dex42.htm) | F-1 | 333-256639 | 4.3 | 5/28/2021 |
| 4.4 | [Registrant's Specimen Certificate for Ordinary Shares.](http://www.sec.gov/Archives/edgar/data/1836056/000119312521189441/d108474dex41.htm) | F-1/A | 333-256639 | 4.1 | 6/14/2021 |
| 4.5 | [Shareholders Agreement, dated November 6, 2020, by and among the Registrant and the investors named therein.](http://www.sec.gov/Archives/edgar/data/1836056/000119312521177104/d108474dex44.htm) | F-1 | 333-256639 | 4.4 | 5/28/2021 |
| 5.1+ | [Opinion of Maples and Calder (Hong Kong) LLP, regarding the validity of the ordinary shares being registered.](d481410dex51.htm) |  |  |  |  |
| 23.1+ | [Consent of Deloitte & Touche LLP, an independent registered public accounting firm.](d481410dex231.htm) |  |  |  |  |
| 23.2+ | [Consent of Maples and Calder (Hong Kong) LLP (included in Exhibit 5.1).](d481410dex51.htm) |  |  |  |  |
| 24.1+ | [Power of Attorney (included on the signature page of this Form S-8).](#tx481410_118) |  |  |  |  |
| 99.1 | [Ambrx Biopharma Inc. 2021 Equity Incentive Plan (including Forms of Option Grant Notice, Option Agreement, Notice of Exercise, Restricted Share Unit Award Notice and Restricted Share Unit Award Agreement thereunder).](http://www.sec.gov/Archives/edgar/data/0001836056/000119312521189441/d108474dex1016.htm) | F-1/A | 333-256639 | 10.16 | 06/14/2021 |
| 99.2 | [Ambrx Biopharma Inc. 2021 Employee Share Purchase Program.](http://www.sec.gov/Archives/edgar/data/0001836056/000119312521189441/d108474dex1017.htm) | F-1/A | 333-256639 | 10.17 | 06/14/2021 |
| 107+ | [Filing Fee Exhibit](d481410dexfilingfees.htm) |  |  |  |  |

---

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+ Filed herewith.

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**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in La Jolla, California, on March 30, 2023.

---

| | |
|:---|:---|
| AMBRX BIOPHARMA INC. | AMBRX BIOPHARMA INC. |
| By: | /s/ Daniel O'Connor |
| Name: | Daniel O'Connor |
| Title: | President and Chief Executive Officer |

---

**POWER OF ATTORNEY** 

KNOW ALL BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Daniel O'Connor and Sonja Nelson, and each or any one of them, his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his or her substitutes or substitute, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Daniel O'Connor | President, Chief Executive Officer and Director<br> *(Principal Executive Officer)* | March 30, 2023 |
| Daniel O'Connor | President, Chief Executive Officer and Director<br> *(Principal Executive Officer)* |  |
| /s/ Sonja Nelson | Chief Financial and Operating Officer<br> *(Principal Financial Officer and Principal Accounting Officer)* | March 30, 2023 |
| Sonja Nelson | Chief Financial and Operating Officer<br> *(Principal Financial Officer and Principal Accounting Officer)* |  |
| /s/ Katrin Rupalla, Ph.D. | Chairperson of the Board of Directors | March 30, 2023 |
| Katrin Rupalla, Ph.D. |  |  |
| /s/ Xiaowei Chang, C.F.A | Director | March 30, 2023 |
| Xiaowei Chang, C.F.A. |  |  |
| /s/ Kate Hermans | Director | March 30, 2023 |
| Kate Hermans |  |  |
| /s/ Janet Loesberg, Pharm.D. | Director | March 30, 2023 |
| Janet Loesberg, Pharm.D. |  |  |
| /s/ Paul Maier | Director | March 30, 2023 |
| Paul Maier |  |  |

---

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**SIGNATURE OF AUTHORIZED U.S. REPRESENTATIVE** 

Pursuant to the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of Ambrx Biopharma Inc., has signed this registration statement in La Jolla, California on March 30, 2023.

---

| | |
|:---|:---|
| **Authorized U.S. Representative** | **Authorized U.S. Representative** |
| **Ambrx Biopharma Inc.** | **Ambrx Biopharma Inc.** |
| By: | /s/ Daniel O'Connor |
| Name: | Daniel O'Connor |
| Title: | President and Chief Executive Officer |

---

## Exhibit 5.1

**Exhibit 5.1**![LOGO](g481410g0325000653816.jpg)

**Our Ref** VSL/704667-000003/25925590v2

**Direct tel** +852 3690 7513

**Email** <u>vivian.lee@maples.com</u>

Ambrx Biopharma Inc.

10975 North Torrey Pines Road

La Jolla, California 92037

30 March 2023

Dear Sir or Madam

**Ambrx Biopharma Inc. (the "Company")** 

We have acted as Cayman Islands legal counsel to the Company in connection with a registration statement on Form S-8 to be filed with the Securities and Exchange Commission (the "**Commission**") on 30 March 2023 (the "**Registration Statement**", which term does not include any other document or agreement whether or not specifically referred to therein or attached as an exhibit or schedule thereto) relating to the registration under the United States Securities Act of 1933, as amended, (the "**Securities Act**") of 16,227,314 ordinary shares, par value US$0.0001 per share, in the capital of the Company (the "**Shares**"), comprised of (i) 13,522,762 ordinary shares, par value US$0.0001 per share, issuable by the Company pursuant to the Company's 2021 Equity Incentive Plan (the "**2021 Plan**") and (ii) 2,704,552 ordinary shares, par value US$0.0001 per share, issuable by the Company pursuant to the Company's 2021 Employee Share Purchase Program (the "**2021 ESPP**", and together with the 2021 Plan, the "**Plans**", which term does not include any other document or agreement whether or not specifically referred to therein or attached as an exhibit or schedule thereto).

For the purposes of giving this opinion, we have examined copies of the Registration Statement and the Plans. We have also reviewed copies of the amended and restated memorandum and articles of association of the Company adopted by special resolution passed on 4 November 2020 and effective on 6 November 2020, and amended by special resolution dated 1 April 2021 (the "**Memorandum and Articles**"), the minutes of an extraordinary general meeting of the shareholders of the Company held on 9 June 2021, and the written resolutions of the board of directors of the Company passed on 3 June 2021 and 22 March 2023 (the "**Resolutions**").

Based upon, and subject to, the assumptions and qualifications set out below, and having regard to such legal considerations as we deem relevant, we are of the opinion that:

1. The Shares to be issued by the Company and registered under the Registration Statement have been duly and
validly authorised.

2. When issued and paid for in accordance with the terms of the Plan and in accordance with the Resolutions, and
when appropriate entries are made in the register of members (shareholders) of the Company, the Shares will be validly issued, fully paid and non-assessable.

In this opinion letter, the phrase "non-assessable" means, with respect to the issuance of Shares, that a shareholder shall not, in respect of the relevant Shares and in the absence of a contractual arrangement, or an obligation pursuant to the memorandum and articles of association, to the contrary, have any obligation to make further contributions to the Company's assets (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).

------

These opinions are subject to the qualification that under the Companies Act (As Revised) of the Cayman Islands (the "**Companies Act**"), the register of members of a Cayman Islands company is by statute regarded as *prima facie* evidence of any matters which the Companies Act directs or authorises to be inserted therein. A third party interest in the shares in question would not appear. An entry in the register of members may yield to a court order for rectification (for example, in the event of fraud or manifest error).

These opinions are given only as to, and based on, circumstances and matters of fact existing and known to us on the date of this opinion letter. These opinions only relate to the laws of the Cayman Islands which are in force on the date of this opinion letter. We express no opinion as to the meaning, validity or effect of any references to foreign (i.e. non-Cayman Islands) statutes, rules, regulations, codes, judicial authority or any other promulgations.

We have also relied upon the assumptions, which we have not independently verified, that (a) all signatures, initials and seals are genuine, (b) copies of documents, conformed copies or drafts of documents provided to us are true and complete copies of, or in the final forms of, the originals, (c) where a document has been provided to us in draft or undated form, it will be duly executed, dated and unconditionally delivered in the same form as the last version provided to us, (d) the Memorandum and Articles remain in full force and effect and are unamended, (e) the Resolutions were duly passed in the manner prescribed in the Memorandum and Articles and have not been amended, varied or revoked in any respect, (f) there is nothing under any law (other than the laws of the Cayman Islands) which would or might affect the opinions set out above, (g) there is nothing contained in the minute book or corporate records of the Company (which we have not inspected) which would or might affect the opinions set out above, and (h) upon the issue of any Shares, the Company will receive consideration which shall be not less than the par value of such Shares.

This opinion letter is to and for the benefit solely of the addressee and may not be relied upon by any other person for any purpose.

We consent to the use of this opinion as an exhibit to the Registration Statement and further consent to all references to us in the Registration Statement and any amendments thereto. In giving such consent, we do not consider that we are "experts" within the meaning of such term as used in the Securities Act, or the rules and regulations of the Commission issued thereunder, with respect to any part of the Registration Statement, including this opinion as an exhibit or otherwise.

Yours faithfully

/s/ Maples and Calder (Hong Kong) LLP

Maples and Calder (Hong Kong) LLP

## Exhibit 23.1

**Exhibit 23.1** 

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

We consent to the incorporation by reference in this Registration Statement on Form S-8 of our report dated March 30, 2023, relating to the financial statements of Ambrx Biopharma Inc., appearing in the Annual Report on Form 10-K of Ambrx Biopharma Inc. for the year ended December 31, 2022.

/s/ Deloitte & Touche LLP

San Diego, California

March 30, 2023

## Ex-Filing

**Exhibit 107** 

**Calculation of Filing Fee Tables** 

**Form S-8** 

(Form Type)

**Ambrx Biopharma Inc.** 

(Exact Name of Registrant as Specified in its Charter)

<u>Table 1: Newly Registered Securities</u> 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; Security<br> Type | Security<br> Class<br> Title(1) | Fee<br> Calculation<br> Rule | Amount<br> Registered(2) | Proposed<br> Maximum<br> Offering<br> Price Per<br> Unit | Maximum<br> Aggregate<br> Offering<br> Price | Fee<br> Rate | Amount of<br> Registration<br> Fee |
| &nbsp;&nbsp;&nbsp;Equity | Ordinary Shares, $0.0001 par value per share, Ambrx Biopharma Inc. 2021 Equity Incentive Plan | Rule 457(c) and Rule 457(h) | 13522762(3) | $1.29(4) | $17444362.98(4) | 0.00011020 | $1923.00 |
| &nbsp;&nbsp;&nbsp;Equity | Ordinary Shares, $0.0001 par value per share, Ambrx Biopharma Inc. 2021 Employee Share Purchase Program | Rule 457(c) and Rule 457(h) | 2704552(5) | $1.10(6) | $2975007.20(6) | 0.00011020 | $328.00 |
| &nbsp;&nbsp;&nbsp;Total Offering Amounts | &nbsp;&nbsp;&nbsp;Total Offering Amounts | &nbsp;&nbsp;&nbsp;Total Offering Amounts | &nbsp;&nbsp;&nbsp;Total Offering Amounts |  | $20419370.18 |  | $2251.00 |
| &nbsp;&nbsp;&nbsp;Total Fee Offsets | &nbsp;&nbsp;&nbsp;Total Fee Offsets | &nbsp;&nbsp;&nbsp;Total Fee Offsets | &nbsp;&nbsp;&nbsp;Total Fee Offsets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Fee Due | &nbsp;&nbsp;&nbsp;Net Fee Due | &nbsp;&nbsp;&nbsp;Net Fee Due | &nbsp;&nbsp;&nbsp;Net Fee Due |  |  |  | $2251.00 |

---

(1) These ordinary shares, par value $0.0001 per share ("Ordinary Shares"), may be represented by the
American Depositary Shares ("ADSs") of Ambrx Biopharma Inc. (the "Registrant"), each of which represents seven Ordinary Shares. The Registrant's ADSs issuable upon deposit of the Ordinary Shares registered hereby have been
registered under a separate registration statement on Form F-6, as amended (File No. 333-256765).

(2) Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), this
Registration Statement shall also cover any additional Ordinary Shares that become issuable under the Ambrx Biopharma Inc. 2021 Equity Incentive Plan (the "2021 Plan") or the Ambrx Biopharma Inc. 2021 Employee Share Purchase Program (the
"2021 ESPP") by reason of any stock dividend, stock split, recapitalization or other similar transaction.

(3) Represents 13,522,762 Ordinary Shares (an equivalent of 1,931,823 ADSs) reserved for future issuance pursuant
to restricted share awards, share options and other equity-based awards under the 2021 Plan. The number of Ordinary Shares reserved for issuance under the 2021 Plan will automatically increase on January 1st of each year, commencing on
January 1, 2022 and ending on (and including) January 1, 2031, by an amount equal to the 5% of the total number of Ordinary Shares outstanding on December 31st of the preceding calendar year, or such lesser number of Ordinary Shares as the
Registrant's board of directors (the "Board") may designate prior to the applicable January 1st.

------

(4) Estimated in accordance with Rule 457(c) and Rule 457(h)(1) of the Securities Act solely for purposes of
calculating the registration fee, and is based upon the price of $1.29 per Ordinary Share (or $9.02 per ADS), which was the average of the high and low prices of the Registrant's ADSs as reported on the Nasdaq Global Select Market on
March 24, 2023.

(5) Represents 2,704,552 Ordinary Shares (an equivalent of 386,364 ADSs) reserved for future issuance pursuant to
awards granted under the 2021 ESPP. The number of Ordinary Shares reserved for issuance under the 2021 ESPP will automatically increase on January 1st of each year, commencing on January 1, 2022 and ending on (and including) January 1,
2031, by an amount equal to the lesser of (i) 1% of the total number of Ordinary Shares outstanding on December 31st of the preceding calendar year, (ii) 5,187,625 Ordinary Shares; or (iii) such lesser number of Ordinary Shares as the Board may
designate prior to the applicable January 1st.

(6) Estimated in accordance with Rule 457(c) and Rule 457(h)(1) of the Securities Act solely for purposes of
calculating the registration fee, and is based upon the price of $1.29 per Ordinary Share (or $9.02 per ADS), which was average of the high and low prices of the Registrant's ADSs as reported on the Nasdaq Global Select Market on March 24,
2023, multiplied by 85%, which is the percentage of the price per share applicable to purchases under the 2021 ESPP.