EX-4.2





 Exhibit 4.2 

Execution Version 
  

DECIBEL THERAPEUTICS, INC. 

THIRD AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

November 2, 2020 












 TABLE OF CONTENTS 

 

							
		 		  	 	Page	 
	1.	 	 Definitions.
	  	 	1	 
	2.	 	 Registration Rights.
	  	 	5	 
	 2.1
	 	 Demand Registration.
	  	 	5	 
	 2.2
	 	 Company Registration.
	  	 	6	 
	 2.3
	 	 Underwriting Requirements.
	  	 	7	 
	 2.4
	 	 Obligations of the Company.
	  	 	8	 
	 2.5
	 	 Furnish Information.
	  	 	9	 
	 2.6
	 	 Expenses of Registration.
	  	 	10	 
	 2.7
	 	 Delay of Registration.
	  	 	10	 
	 2.8
	 	 Indemnification.
	  	 	10	 
	 2.9
	 	 Reports Under Exchange Act.
	  	 	12	 
	 2.10
	 	 Limitations on Subsequent Registration Rights.
	  	 	13	 
	 2.11
	 	 “Market Stand-off” Agreement.
	  	 	13	 
	 2.12
	 	 Restrictions on Transfer.
	  	 	14	 
	 2.13
	 	 Termination of Registration Rights.
	  	 	15	 
	3.	 	 Information Rights.
	  	 	16	 
	 3.1
	 	 Delivery of Financial Statements.
	  	 	16	 
	 3.2
	 	 Inspection.
	  	 	18	 
	 3.3
	 	 Termination of Information Rights.
	  	 	18	 
	 3.4
	 	 Confidentiality.
	  	 	18	 
	4.	 	 Rights to Future Stock Issuances.
	  	 	19	 
	 4.1
	 	 Regeneron Rights.
	  	 	19	 
	 4.2
	 	 Right of First Offer.
	  	 	20	 
	 4.3
	 	 Termination.
	  	 	21	 
	5.	 	 Additional Covenants.
	  	 	21	 
	 5.1
	 	 Insurance.
	  	 	21	 
	 5.2
	 	 Employee Agreements.
	  	 	21	 
	 5.3
	 	 Employee Vesting.
	  	 	22	 
	 5.4
	 	 Matters Requiring Preferred Director Approval.
	  	 	22	 
	 5.5
	 	 Meetings of the Board of Directors; Committees.
	  	 	23	 
	 5.6
	 	 Successor Indemnification.
	  	 	23	 
	 5.7
	 	 Board Expenses.
	  	 	23	 
	 5.8
	 	 Directors’ Liability and Indemnification.
	  	 	23	 
	 5.9
	 	 Right to Conduct Activities.
	  	 	24	 
	 5.10
	 	 Publicity.
	  	 	25	 
	 5.11
	 	 Termination of Covenants.
	  	 	25	 
	6.	 	 Miscellaneous.
	  	 	25	 
	 6.1
	 	 Successors and Assigns.
	  	 	25	 
	 6.2
	 	 Governing Law.
	  	 	26	 
	 6.3
	 	 Counterparts.
	  	 	26	 
	 6.4
	 	 Titles and Subtitles.
	  	 	26	 
	 6.5
	 	 Notices.
	  	 	26	 
	 6.6
	 	 Amendments and Waivers.
	  	 	26	 


  
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	 6.7
	 	 Severability.
	  	 	28	 
	 6.8
	 	 Aggregation of Stock.
	  	 	28	 
	 6.9
	 	 Additional Investors.
	  	 	28	 
	 6.10
	 	 Entire Agreement.
	  	 	28	 
	 6.11
	 	 Delays or Omissions.
	  	 	28	 
	 6.12
	 	 Submission to Jurisdiction.
	  	 	28	 
	 6.13
	 	 Policies Regarding Standards of Conduct.
	  	 	29	 

 Schedule A    
-     Schedule of Investors 

  
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 DECIBEL THERAPEUTICS, INC. 

THIRD AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT 

THIS THIRD AMENDED AND RESTATED INVESTORS’ RIGHTS AGREEMENT (this “Agreement”) is made as of November 2, 2020, by
and among Decibel Therapeutics, Inc., a Delaware corporation (the “Company”), and each investor listed on Schedule A hereto, each of which is referred to in this Agreement as an “Investor.” 

RECITALS: 

WHEREAS, the Company and certain of the Investors (the “Existing Investors”) are parties to the Second Amended and
Restated Investors’ Rights Agreement dated as of May 25, 2018 (the “Amended and Restated IRA”); 

WHEREAS, the Company and certain of the Investors (the “Series D Investors”) are parties to the Series D Preferred
Stock Purchase Agreement, of even date herewith (the “Series D Purchase Agreement”); 
 WHEREAS, in order to induce
the Company to enter into the Series D Purchase Agreement and to induce the Series D Investors to invest funds in the Company pursuant to the Series D Purchase Agreement, the Company and the Existing Investors desire to amend and restate the Amended
and Restated IRA as set forth herein; and 
 WHEREAS, the Company, the Existing Investors and the Series D Investors hereby agree
that this Agreement shall govern the rights of the Investors to cause the Company to register shares of Common Stock issuable to the Investors, to receive certain information from the Company, and to participate in future equity offerings by the
Company, and shall govern certain other matters as set forth in this Agreement; 
 NOW, THEREFORE, the parties hereby agree as
follows: 
  

	 	1.	 Definitions. 



For purposes of this Agreement:  

1.1 “Affiliate” means, with respect to any specified Person, any other Person who or which, directly or indirectly, controls,
is controlled by, or is under common control with such specified Person, including without limitation any general partner, officer, director, or manager of such Person and any venture capital fund, investment fund or registered investment company
now or hereafter existing that is controlled by one or more general partners, managing members or investment advisers of, or shares the same management company or investment adviser with, such Person. 

1.2 “Board of Directors” means the Company’s Board of Directors. 

  
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 1.3 “Certificate of Incorporation” means the Company’s Amended and
Restated Certificate of Incorporation, as the same may be amended, restated or otherwise modified from time to time. 
 1.4 “Common
Stock” means shares of the Company’s common stock, par value $0.001 per share. 
 1.5 “Company Intellectual
Property” means all patents, patent applications, trademarks, trademark applications, service marks, trade names, copyrights, trade secrets, licenses, domain names, mask works, information and proprietary rights and processes as are
necessary to the conduct of the Company’s business as now conducted and as presently proposed to be conducted. 
 1.6
“Damages” means any loss, damage, claim or liability (joint or several) to which a party hereto may become subject under the Securities Act, the Exchange Act, or other federal or state law, insofar as such loss, damage, claim or
liability (or any action in respect thereof) arises out of or is based upon (i) any untrue statement or alleged untrue statement of a material fact contained in any registration statement of the Company, including any preliminary prospectus or
final prospectus contained therein or any amendments or supplements thereto; (ii) an omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; or
(iii) any violation or alleged violation by the indemnifying party (or any of its agents or Affiliates) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities
Act, the Exchange Act, or any state securities law. 
 1.7 “Deemed Liquidation Event” shall have the meaning given to such
term in the Certificate of Incorporation. 
 1.8 “Derivative Securities” means any securities or rights convertible into,
or exercisable or exchangeable for (in each case, directly or indirectly), Common Stock, including options and warrants. 
 1.9
“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 

1.10 “Excluded Registration” means (i) a registration relating to the sale of securities to employees of the Company or
a subsidiary pursuant to a stock option, stock purchase, or similar plan; (ii) a registration relating to an SEC Rule 145 transaction; or (iii) a registration on any form that does not include substantially the same information as would be
required to be included in a registration statement covering the sale of the Registrable Securities. 
 1.11 “Form S-1” means such form under the Securities Act as in effect on the date hereof or any successor registration form under the Securities Act subsequently adopted by the SEC. 

1.12 “Form S-3” means such form under the Securities Act as in effect on the
date hereof or any registration form under the Securities Act subsequently adopted by the SEC that permits incorporation of substantial information by reference to other documents filed by the Company with the SEC. 

  
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 1.13 “GAAP” means generally accepted accounting principles in the United
States. 
 1.14 “Holder” means any holder of Registrable Securities who is a party to this Agreement. 

1.15 “Immediate Family Member” means a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, uncle,
aunt, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law,
or sister-in-law, including adoptive relationships, of a natural person referred to herein. 

1.16 “Initiating Holders” means, collectively, Holders who properly initiate a registration request under this Agreement.

 1.17 “IPO” means the Company’s first underwritten public offering of its Common Stock under the Securities Act.

 1.18 “Key Employee” means any executive-level employee (including division director and vice president-level positions)
as well as any employee who, either alone or in concert with others, develops, invents, programs, or designs any Company Intellectual Property. 

1.19 “Major Investor” means any Investor that, individually or together with such Investor’s Affiliates, holds at least
329,000 shares of Registrable Securities (subject to appropriate adjustment in the event of any stock dividend, stock split, combination or other similar recapitalization) and each Person to whom any of the rights of any Investor are assigned
pursuant to Section 6.1. 
 1.20 “New Securities” means, collectively, equity securities of the Company, whether or
not currently authorized, as well as rights, options, or warrants to purchase such equity securities, or securities of any type whatsoever that are, or may become, convertible or exchangeable into or exercisable for such equity securities, other
than Exempted Securities (as such term is defined in the Certificate of Incorporation). 
 1.21 “Person” means any
individual, corporation, partnership, trust, limited liability company, association or other entity. 
 1.22 “Preferred
Directors” shall have the meaning ascribed to it in the Stockholders Agreement. 
 1.23 “Preferred Stock”
means (i) the Series A Preferred Stock, (ii) the Series B Preferred Stock, (iii) the Series C Preferred Stock and (iv) the Series D Preferred Stock. 

1.24 “Regeneron Percentage Ownership” means, at any given time, a fraction, expressed as a percentage, the numerator of which
is equal to the number of shares of Common Stock then held by Regeneron Pharmaceuticals, Inc., a Delaware corporation (“Regeneron”) 

  
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(including all shares of Common Stock then issuable upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then held by Regeneron), and the
denominator of which is equal to the total number of shares of Common Stock of the Company then outstanding (assuming full conversion and/or exercise, as applicable, of all Preferred Stock and other Derivative Securities, including all such
securities held by Regeneron). 
 1.25 “Registrable Securities” means (i) the Common Stock issuable or issued upon
conversion of the Preferred Stock; (ii) any Common Stock, or any Common Stock issued or issuable (directly or indirectly) upon conversion and/or exercise of any other securities of the Company, held by the Investors or acquired by the Investors
after the date hereof; and (iii) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right, or other security that is issued as) a dividend or other distribution with respect to, or in exchange for or in
replacement of, the shares referenced in clauses (i) and (ii) above; excluding in all cases, however, any Registrable Securities sold by a Person in a transaction in which the applicable rights under this Agreement are not
assigned pursuant to Section 6.1 and any shares of Preferred Stock converted into Common Stock at the Second Tranche Special Mandatory Conversion (as defined in the Certificate of Incorporation) pursuant to Article
Fourth, Part B, Section 5.4 of the Certificate of Incorporation, and excluding for purposes of Section 2 any shares for which registration rights have terminated pursuant to
Section 2.13 of this Agreement. 
 1.26 “Registrable Securities then outstanding” means
the number of shares at a point in time determined by adding the number of shares of outstanding Common Stock that are Registrable Securities at such time and the number of shares of Common Stock issuable (directly or indirectly) at such time
pursuant to then exercisable and/or convertible securities that are Registrable Securities. 
 1.27 “Restricted Securities”
means the securities of the Company required to bear the legend set forth in Section 2.12(b) hereof. 

1.28 “SEC” means the Securities and Exchange Commission. 

1.29 “SEC Rule 144” means Rule 144 promulgated by the SEC under the Securities Act, or any successor provisions. 

1.30 “SEC Rule 145” means Rule 145 promulgated by the SEC under the Securities Act, or any successor provisions. 

1.31 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 1.32 “Selling Expenses” means all underwriting discounts, selling commissions, and stock transfer taxes applicable to
the sale of Registrable Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel borne and paid by the Company as provided in Section 2.6.

 1.33 “Selling Holder Counsel” shall have the meaning assigned to it in Section 2.6. 

  
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 1.34 “Series A Preferred Stock” means shares of the
Company’s Series A Preferred Stock, par value $0.001 per share. 
 1.35 “Series B Preferred Stock” means
shares of the Company’s Series B Preferred Stock, par value $0.001 per share. 
 1.36 “Series C Preferred
Stock” means shares of the Company’s Series C Preferred Stock, par value $0.001 per share. 
 1.37
“Series D Preferred Stock” means shares of the Company’s Series D Preferred Stock, par value $0.001 per share. 

1.38 “Stockholders Agreement” means the Fourth Amended and Restated Stockholders Agreement dated as of the date hereof, by
and among the Company, the Investors, and Key Holders (as defined therein), as the same may be amended, restated or otherwise modified from time to time. 
  

	 	2.	 Registration Rights. 



The Company covenants and agrees as follows: 

2.1 Demand Registration. 
 (a)
Form S-1 Demand. Beginning upon the earlier of (i) five (5) years after the date of this Agreement or (ii) six (6) months after the effective date of the registration statement for the IPO, if
the Company receives a request from Holders of at least forty percent (40%) of the Registrable Securities then outstanding that the Company file a Form S-1 registration statement with respect to at
least forty percent (40%) of the Registrable Securities then outstanding, having the anticipated aggregate offering amount of at least $5.0 million, then the Company shall (x) within ten (10) days after the date such request is given,
give notice thereof (the “Demand Notice”) to all Holders other than the Initiating Holders; and (y) as soon as practicable, and in any event within sixty (60) days after the date such request is given by the Initiating
Holders, file a Form S-1 registration statement under the Securities Act covering all Registrable Securities that the Initiating Holders requested to be registered and any additional Registrable
Securities requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days after the date the Demand Notice is given, and in each case, subject to the
limitations of Section 2.1(c) and Section 2.3. 
 (b) Form S-3 Demand. If at any time when it is eligible to use a Form S-3 registration statement, the Company receives a request from Holders of at least twenty-five percent
(25%) of the Registrable Securities then outstanding that the Company file a Form S-3 registration statement with respect to outstanding Registrable Securities of such Holders having an anticipated
aggregate offering amount, net of Selling Expenses, of at least $3.0 million, then the Company shall (i) within ten (10) days after the date such request is given, give a Demand Notice to all Holders other than the Initiating Holders;
and (ii) as soon as practicable, and in any event within forty-five (45) days after the date such request is given by the Initiating Holders, file a Form S-3 registration statement under the
Securities Act covering all Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within twenty (20) days of the date the Demand Notice is
given, and in each case, subject to the limitations of Section 2.1(c) and Section 2.3. 

  
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 (c) Notwithstanding the foregoing obligations, if the Company furnishes to Holders
requesting a registration pursuant to this Section 2.1 a certificate signed by the Company’s chief executive officer or other most senior executive officer then in office stating that in the good faith judgment of the
Board of Directors it would be materially detrimental to the Company and its stockholders for such registration statement to either become effective or remain effective for as long as such registration statement otherwise would be required to remain
effective, because such action would (i) materially interfere with a significant acquisition, corporate reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material information that the
Company has a bona fide business purpose for preserving as confidential; or (iii) render the Company unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall have the right to defer taking action with
respect to such filing, and any time periods with respect to filing or effectiveness thereof shall be tolled correspondingly, for a period of not more than one hundred twenty (120) days after the request of the Initiating Holders is given;
provided, however, that the Company may not invoke this right more than once in any twelve (12) month period, nor shall the Company invoke this right more than twice in all periods; and provided further that the Company shall not
register any securities for its own account or that of any other stockholder during either one hundred twenty (120) day period other than an Excluded Registration. 

(d) The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to
Section 2.1(a) (i) if it delivers notice to the Holders within thirty (30) days after any registration request of its intent to file a registration statement for a public offering within ninety (90) days;
(ii) during the period that is one hundred eighty (180) days after commencing a Company-initiated registration; (iii) after the Company has effected two (2) registrations pursuant to Section 2.1(a); or
(iv) if the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately registered on Form S-3 pursuant to a request made pursuant to
Section 2.1(b). The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Section 2.1(b) if the Company has effected two (2) registrations
pursuant to Section 2.1(b) within the twelve (12) month period immediately preceding the date of such request. A registration shall not be counted as “effected” for purposes of this
Section 2.1(d) until such time as the applicable registration statement has been declared effective by the SEC, unless the Initiating Holders withdraw their request for such registration (other than as a result of a
material adverse change to the Company), elect not to pay the registration expenses therefor, and forfeit their right to one demand registration statement pursuant to Section 2.6, in which case such withdrawn registration
statement shall be counted as “effected” for purposes of this Section 2.1(d). 
 2.2 Company
Registration. 
 If the Company proposes to register (including, for this purpose, a registration effected by the Company for
stockholders other than the Holders) any of its Common Stock under the Securities Act in connection with the public offering of such securities solely for cash (other than in an Excluded Registration), the Company shall, at such time, promptly give
each Holder notice of such registration. Upon the request of each Holder given within twenty (20) 

  
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days after such notice is given by the Company, the Company shall, subject to the provisions of Section 2.3, cause to be registered all of the Registrable Securities
that each such Holder has requested to be included in such registration. The Company shall have the right to terminate or withdraw any registration initiated by it under this Section 2.2 before the effective date of such
registration, whether or not any Holder has elected to include Registrable Securities in such registration. The expenses (other than Selling Expenses) of such withdrawn registration shall be borne by the Company in accordance with
Section 2.6. 
 2.3 Underwriting Requirements. 

(a) If, pursuant to Section 2.1, the Initiating Holders intend to distribute the Registrable Securities
covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to Section 2.1, and the Company shall include such information in the Demand Notice. The
underwriter(s) will be selected by the Company and shall be reasonably acceptable to a majority-in-interest of the Initiating Holders. In such event, the right of any
Holder to include such Holder’s Registrable Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to
the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall (together with the Company as provided in Section 2.4(e)) enter into an underwriting agreement in customary
form with the underwriter(s) selected for such underwriting. Notwithstanding any other provision of this Section 2.3, if the managing underwriter(s) advise the Initiating Holders in writing that marketing factors require a
limitation on the number of shares to be underwritten, then the Initiating Holders shall so advise all Holders that otherwise would be underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting
shall be allocated among such Holders, including the Initiating Holders, in proportion (as nearly as practicable) to the number of Registrable Securities owned by each, or in such other proportion as shall mutually be agreed to by all such selling
Holders; provided, however, that the number of Registrable Securities held by the Holders to be included in such underwriting shall not be reduced unless all other securities are first entirely excluded from the underwriting. To facilitate
the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest 100 shares. 

(b) In connection with any offering involving an underwriting of shares of the Company’s capital stock pursuant to
Section 2.2, the Company shall not be required to include any of the Registrable Securities in such underwriting unless the Holders accept the terms of the underwriting as agreed upon between the Company and its
underwriters, and then only in such quantity as the underwriters in their sole discretion determine will not jeopardize the success of the offering by the Company. If the total number of securities, including Registrable Securities, requested by
Holders to be included in such offering exceeds the number of securities to be sold (other than by the Company) that the underwriters in their reasonable discretion determine is compatible with the success of the offering, then the Company shall be
required to include in the offering only that number of such securities, including Registrable Securities, which the underwriters and the Company in their sole discretion determine will not jeopardize the success of the offering. If the underwriters
determine that less than all of the Registrable Securities requested to be registered can be included in such offering, then the Registrable Securities that are included in such offering shall be allocated among the selling Holders in proportion (as
nearly as 

  
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practicable) to the number of Registrable Securities owned by each selling Holder or in such other proportions as shall mutually be agreed to by all such selling Holders. To facilitate the
allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest 100 shares. Notwithstanding the foregoing, in no event shall (i) the number of
Registrable Securities included in the offering be reduced unless all other securities (other than securities to be sold by the Company) are first entirely excluded from the offering, or (ii) the number of Registrable Securities included in the
offering be reduced below thirty percent (30%) of the total number of securities included in such offering, unless such offering is the IPO, in which case the selling Holders may be excluded further if the underwriters make the determination
described above and no other stockholder’s securities are included in such offering. For purposes of the provision in this Section 2.3(b) concerning apportionment, for any selling Holder that is a partnership, limited
liability company, or corporation, the partners, members, retired partners, retired members, stockholders, and Affiliates of such Holder, or the estates and Immediate Family Members of any such partners, retired partners, members, and retired
members and any trusts for the benefit of any of the foregoing Persons, shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall be based upon the aggregate number of
Registrable Securities owned by all Persons included in such “selling Holder,” as defined in this sentence. 
 (c) For purposes
of Section 2.1, a registration shall not be counted as “effected” if, as a result of an exercise of the underwriter’s cutback provisions in Section 2.3(a), less than the total number
of Registrable Securities that Holders have requested to be included in such registration statement are actually included. 
 2.4
Obligations of the Company. 
 Whenever required under this Section 2 to effect the registration of any
Registrable Securities, the Company shall, as expeditiously as reasonably possible: 
 (a) prepare and file with the SEC a registration
statement with respect to such Registrable Securities and use its commercially reasonable efforts to cause such registration statement to become effective and, upon the request of the Holders of a majority of the Registrable Securities registered
thereunder, keep such registration statement effective for a period of up to one hundred twenty (120) days or, if earlier, until the distribution contemplated in the registration statement has been completed; provided, however, that
(i) such one hundred twenty (120) day period shall be extended for a period of time equal to the period the Holder refrains, at the request of an underwriter of the Company, from selling any securities included in such registration, and
(ii) in the case of any registration of Registrable Securities on Form S-3 that are intended to be offered on a continuous or delayed basis, subject to compliance with applicable SEC rules, such one
hundred twenty (120) day period shall be extended for up to one hundred eighty (180) days, if necessary, to keep the registration statement effective until all such Registrable Securities are sold; 

(b) prepare and file with the SEC such amendments and supplements to such registration statement, and the prospectus used in connection with
such registration statement, as may be necessary to comply with the Securities Act in order to enable the disposition of all securities covered by such registration statement; 

  
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 (c) furnish to the selling Holders such numbers of copies of a prospectus, including a
preliminary prospectus, as required by the Securities Act, and such other documents as the Holders may reasonably request in order to facilitate their disposition of their Registrable Securities; 

(d) use its commercially reasonable efforts to register and qualify the securities covered by such registration statement under such other
securities or blue-sky laws of such jurisdictions as shall be reasonably requested by the selling Holders; provided that the Company shall not be required to qualify to do business or to file a general
consent to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act; 

(e) in the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and
customary form, with the underwriter(s) of such offering; 
 (f) use its commercially reasonable efforts to cause all such Registrable
Securities covered by such registration statement to be listed on a national securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities issued by the Company are then listed; 

(g) provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and provide a CUSIP number
for all such Registrable Securities, in each case not later than the effective date of such registration; 
 (h) promptly make available
for inspection by the selling Holders, any underwriter(s) participating in any disposition pursuant to such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the selling Holders,
all financial and other records, pertinent corporate documents, and properties of the Company, and cause the Company’s officers, directors, employees, and independent accountants to supply all information reasonably requested by any such
seller, underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify the accuracy of the information in such registration statement and to conduct appropriate due diligence in connection therewith; 

(i) notify each selling Holder, promptly after the Company receives notice thereof, of the time when such registration statement has been
declared effective or a supplement to any prospectus forming a part of such registration statement has been filed; and 
 (j) after such
registration statement becomes effective, notify each selling Holder of any request by the SEC that the Company amend or supplement such registration statement or prospectus. 

2.5 Furnish Information. 

It shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section 2
with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as is
reasonably required to effect the registration of such Holder’s Registrable Securities. 

  
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 2.6 Expenses of Registration. 

All expenses (other than Selling Expenses) incurred in connection with registrations, filings, or qualifications pursuant to
Section 2, including all registration, filing, and qualification fees; printers’ and accounting fees; fees and disbursements of counsel for the Company; and the reasonable fees and disbursements of one counsel for the
selling Holders (“Selling Holder Counsel”) selected by the Holders of a majority of the Registrable Securities, shall be borne and paid by the Company; provided, however, that the Company shall not be required to pay
for any expenses of any registration proceeding begun pursuant to Section 2.1 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered
(in which case all selling Holders shall bear such expenses pro rata based upon the number of Registrable Securities that were to be included in the withdrawn registration), unless the Holders of a majority of the Registrable Securities agree to
forfeit their right to one registration pursuant to Section 2.1(a) or Section 2.1(b), as the case may be; provided further that if, at the time of such withdrawal, the Holders
have learned of a material adverse change in the condition, business, or prospects of the Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable promptness after learning of such
information, then the Holders shall not be required to pay any of such expenses and shall not forfeit their right to one registration pursuant to Section 2.1(a) or Section 2.1(b). All
Selling Expenses relating to Registrable Securities registered pursuant to this Section 2 shall be borne and paid by the Holders pro rata on the basis of the number of Registrable Securities registered on their behalf. 

2.7 Delay of Registration. 

No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any registration pursuant to this Agreement
as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 

2.8 Indemnification. 
 If
any Registrable Securities are included in a registration statement under this Section 2: 
 (a) To the extent
permitted by law, the Company will indemnify and hold harmless each selling Holder, and the partners, members, officers, directors, and stockholders of each such Holder; legal counsel and accountants for each such Holder; any underwriter (as defined
in the Securities Act) for each such Holder; and each Person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any Damages, and the Company will pay to each such Holder,
underwriter, controlling Person, or other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are
incurred; provided, however, that the indemnity agreement contained in this Section 2.8(a) shall not apply to amounts paid in settlement of any such claim or proceeding if such


  
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settlement is effected without the consent of the Company, which consent shall not be unreasonably withheld, nor shall the Company be liable for any Damages to the extent that they arise out of
or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of any such Holder, underwriter, controlling Person, or other aforementioned Person expressly for use in connection
with such registration. 
 (b) To the extent permitted by law, each selling Holder, severally and not jointly, will indemnify and hold
harmless the Company, and each of its directors, each of its officers who has signed the registration statement, each Person (if any), who controls the Company within the meaning of the Securities Act, legal counsel and accountants for the Company,
any underwriter (as defined in the Securities Act), any other Holder selling securities in such registration statement, and any controlling Person of any such underwriter or other Holder, against any Damages, in each case only to the extent that
such Damages arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of such selling Holder expressly for use in connection with such registration; and each such
selling Holder will pay to the Company and each other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses
are incurred; provided, however, that the indemnity agreement contained in this Section 2.8(b) shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the
consent of the Holder, which consent shall not be unreasonably withheld; and provided further that in no event shall any indemnity under this Section 2.8(b) exceed the proceeds from the offering received by such
Holder (net of any Selling Expenses paid by such Holder), except in the case of fraud or willful misconduct by such Holder. 
 (c) Promptly
after receipt by an indemnified party under this Section 2.8 of notice of the commencement of any action (including any governmental action) for which a party may be entitled to indemnification hereunder, such
indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 2.8, give the indemnifying party notice of the commencement thereof. The indemnifying party shall have
the right to participate in such action and, to the extent the indemnifying party so desires, participate jointly with any other indemnifying party to which notice has been given, and to assume the defense thereof with counsel mutually satisfactory
to the parties; provided, however, that an indemnified party (together with all other indemnified parties that may be represented without conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses
to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other
party represented by such counsel in such action. The failure to give notice to the indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of any liability to the indemnified party
under this Section 2.8, to the extent that such failure materially prejudices the indemnifying party’s ability to defend such action. The failure to give notice to the indemnifying party will not relieve it of any
liability that it may have to any indemnified party otherwise than under this Section 2.8. 
 (d) To provide for
just and equitable contribution to joint liability under the Securities Act in any case in which either (i) any party otherwise entitled to indemnification 

  
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hereunder makes a claim for indemnification pursuant to this Section 2.8 but it is judicially determined (by the entry of a final judgment or decree by a court of
competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case, notwithstanding the fact that this Section 2.8 provides for
indemnification in such case, or (ii) contribution under the Securities Act may be required on the part of any party hereto for which indemnification is provided under this Section 2.8, then, and in each such case,
such parties will contribute to the aggregate losses, claims, damages, liabilities, or expenses to which they may be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault of each of the
indemnifying party and the indemnified party in connection with the statements, omissions, or other actions that resulted in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant equitable considerations. The
relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or allegedly untrue statement of a material fact, or the omission or alleged omission of a material
fact, relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission; provided,
however, that, in any such case, (x) no Holder will be required to contribute any amount in excess of the public offering price of all such Registrable Securities offered and sold by such Holder pursuant to such registration statement, and
(y) no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation; and provided
further that in no event shall a Holder’s liability pursuant to this Section 2.8(d), when combined with the amounts paid or payable by such Holder pursuant to Section 2.8(b), exceed the
proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of willful misconduct or fraud by such Holder. 

(e) Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting
agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

(f) Unless otherwise superseded by an underwriting agreement entered into in connection with the underwritten public offering, the
obligations of the Company and Holders under this Section 2.8 shall survive the completion of any offering of Registrable Securities in a registration under this Section 2, and otherwise shall
survive the termination of this Agreement. 
 2.9 Reports Under Exchange Act. 

With a view to making available to the Holders the benefits of SEC Rule 144 and any other rule or regulation of the SEC that may at any time
permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form S-3, the Company shall: 

(a) make and keep available adequate current public information, as those terms are understood and defined in SEC Rule 144, at all times
after the effective date of the registration statement filed by the Company for the IPO; 

  
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 (b) use commercially reasonable efforts to file with the SEC in a timely manner all reports
and other documents required of the Company under the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements); and 

(c) furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) to the extent accurate, a
written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after ninety (90) days after the effective date of the registration statement filed by the Company for the IPO), the Securities
Act, and the Exchange Act (at any time after the Company has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any
time after the Company so qualifies); (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company; and (iii) such other information as may be reasonably requested in
availing any Holder of any rule or regulation of the SEC that permits the selling of any such securities without registration (at any time after the Company has become subject to the reporting requirements under the Exchange Act) or pursuant to Form
S-3 (at any time after the Company so qualifies to use such form). 
 2.10 Limitations on
Subsequent Registration Rights. 
 From and after the date of this Agreement, the Company shall not, without the prior written consent
of the Holders of at least 60% of the Registrable Securities then outstanding, enter into any agreement with any holder or prospective holder of any securities of the Company that would allow such holder or prospective holder (i) to include
such securities in any registration unless, under the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the extent that the inclusion of such securities will not reduce the number
of the Registrable Securities of the Holders that are included or (ii) to demand registration of any securities held by such holder or prospective holder; provided that this limitation shall not apply to any additional Investor who
becomes a party to this Agreement in accordance with Section 6.9. 
 2.11 “Market Stand-off” Agreement. 
 Each Holder hereby agrees that, if required by the managing
underwriter, it will not, during the period commencing on the date of the final prospectus relating to the IPO and ending on the date specified by the Company and the managing underwriter (such period not to exceed one hundred eighty (180) days
in the case of the IPO), (i) lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase; purchase any option or contract to sell; grant any option, right, or warrant to purchase; or otherwise transfer or dispose of,
directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Common Stock held immediately before the effective date of the registration statement for the
IPO or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such securities, whether any such transaction described in clause (i) or (ii) above is to
be settled by delivery of Common Stock or other securities, in cash, or otherwise. The foregoing provisions of this Section 2.11 shall apply only to the IPO, shall not apply to the sale of any shares to an
underwriter pursuant to an underwriting agreement, shall not apply to any transactions (including, without limitation, any 

  
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swap, hedge or similar agreement or arrangement) or announcements, in each case, relating to shares purchased in the IPO or acquired in the open market or other transactions following the IPO or
that otherwise that do not involve or relate to shares of Common Stock owned by a Holder prior to the IPO, and shall be applicable to the Holders only if all officers, directors, and stockholders individually owning one percent (1%) or more of the
Company’s outstanding Common Stock (after giving effect to conversion into Common Stock of all outstanding Preferred Stock) are subject to the same restrictions. The underwriters in connection with such registration are intended third-party beneficiaries of this Section 2.11 and shall have the right, power, and authority to enforce the provisions hereof as though they were a party hereto. Each Holder further agrees
to execute such agreements as may be reasonably requested by the underwriters in connection with such registration that are consistent with this Section 2.11 or that are necessary to give further effect thereto. The Company
agrees to use its reasonable efforts to obtain the agreement of the managing underwriter to periodic early releases of portions of the securities subject to such lock-up agreements upon the request of a Holder
to such early release, provided that in the event of any early release, all Holders will be released on a pro rata basis from such agreements. Any discretionary waiver or termination of the restrictions of any or all of such agreements by the
Company or the underwriters shall apply pro rata to all Holders subject to such agreements, based on the number of shares subject to such agreements. 

2.12 Restrictions on Transfer. 

(a) The Preferred Stock and the Registrable Securities shall not be sold, pledged, or otherwise transferred, and the Company shall not
recognize any such sale, pledge, or transfer, except upon the conditions specified in this Agreement, which conditions are intended to ensure compliance with the provisions of the Securities Act. A transferring Holder will cause any proposed
purchaser, pledgee, or transferee of the Preferred Stock and the Registrable Securities held by such Holder to agree to take and hold such securities subject to the provisions and upon the conditions specified in this Agreement. Notwithstanding the
foregoing, the Company shall not require any transferee of shares pursuant to an effective registration statement or, following the IPO, SEC Rule 144, in each case, to be bound by the terms of this Agreement. 

(b) Each certificate, instrument or book entry representing (i) the Preferred Stock, (ii) the Registrable Securities, and
(iii) any other securities issued in respect of the securities referenced in clauses (i) and (ii), upon any stock split, stock dividend, recapitalization, merger, consolidation, or similar event, shall (unless otherwise permitted by
the provisions of Section 2.12(c)) be stamped or otherwise imprinted with a legend substantially in the following form: 

THE SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.
SUCH SHARES MAY NOT BE SOLD, PLEDGED, OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR A VALID EXEMPTION FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SAID ACT. 

THE SECURITIES REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER,
A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. 

  
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 The Holders consent to the Company making a notation in its records and giving instructions to any transfer
agent of the Restricted Securities in order to implement the restrictions on transfer set forth in this Section 2.12. 

(c) The holder of such Restricted Securities, by acceptance thereof, agrees to comply in all respects with the provisions of this
Section 2. Before any proposed sale, pledge, or transfer of any Restricted Securities, unless there is in effect a registration statement under the Securities Act covering the proposed transaction or following the IPO, the
transfer is made pursuant to SEC Rule 144, the Holder thereof shall give notice to the Company of such Holder’s intention to effect such sale, pledge, or transfer, provided that no such notice shall be required if the intended sale, pledge or
transfer complies with SEC Rule 144. Each such notice shall describe the manner and circumstances of the proposed sale, pledge, or transfer in sufficient detail and, if reasonably requested by the Company, shall be accompanied at such Holder’s
expense by either (i) a written opinion of legal counsel who shall, and whose legal opinion shall, be reasonably satisfactory to the Company, addressed to the Company, to the effect that the proposed transaction may be effected without
registration under the Securities Act; (ii) a “no action” letter from the SEC to the effect that the proposed sale, pledge, or transfer of such Restricted Securities without registration will not result in a recommendation by the
staff of the SEC that action be taken with respect thereto; or (iii) any other evidence reasonably satisfactory to counsel to the Company to the effect that the proposed sale, pledge, or transfer of the Restricted Securities may be effected
without registration under the Securities Act, whereupon the Holder of such Restricted Securities shall be entitled to sell, pledge, or transfer such Restricted Securities in accordance with the terms of the notice given by the Holder to the
Company. The Company will not require such a legal opinion or “no action” letter (x) in any transaction in compliance with SEC Rule 144 or (y) in any transaction in which such Holder distributes Restricted Securities to an
Affiliate of such Holder for no consideration; provided that each transferee agrees in writing to be subject to the terms of this Section 2.12. Notwithstanding the foregoing, the Company shall be obligated to reissue
promptly unlegended certificates or book entries at the request of any Holder thereof if the Company has completed its IPO and the Holder shall have obtained an opinion of counsel (which counsel may be counsel to the Company) who shall, and whose
legal opinion shall, be reasonably satisfactory to the Company, addressed to the Company, to the effect that the securities proposed to be disposed of may lawfully be so disposed of without registration, qualification and legend, provided that the
second legend listed above shall be removed only at such time as the Holder of such certificate is no longer subject to any restrictions hereunder. Each certificate, instrument or book entry evidencing the Restricted Securities transferred as above
provided shall bear, except if such transfer is made pursuant to SEC Rule 144, the appropriate restrictive legend set forth in Section 2.12(b), except that such certificate, instrument or book entry shall not bear such
restrictive legend if, in the opinion of counsel for such Holder and the Company, such legend is not required in order to establish compliance with any provisions of the Securities Act. 

  
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 2.13 Termination of Registration Rights. 

The right of any Holder to request registration or inclusion of Registrable Securities in any registration pursuant to
Section 2.1 or Section 2.2 shall terminate upon the earliest to occur of: 
 (a) the
closing of a Deemed Liquidation Event, as such term is defined in the Certificate of Incorporation; 
 (b) such time as Rule 144 or another
similar exemption under the Securities Act is available for the sale of all of such Holder’s shares without limitation during a three-month period without registration; and 

(c) the fifth (5th) anniversary of the IPO. 

 

	 	3.	 Information Rights. 



3.1 Delivery of Financial Statements. 

(a) Subject to Section 3.1(c), the Company shall deliver to each Major Investor the required items listed below:

 (i) as soon as practicable, but in any event within ninety (90) days after the end of each fiscal year of the Company, unaudited
statements of income and of cash flows for such fiscal year, and an unaudited balance sheet and a statement of stockholders’ equity as of the end of such fiscal year, all prepared in accordance with GAAP (except that such financial statements
may (A) be subject to normal year-end audit adjustments and (B) not contain all notes thereto that may be required in accordance with GAAP); 

(ii) as soon as practicable, but in any event by June 30 following the end of each fiscal year of the Company, (A) a balance sheet
as of the end of such year, (B) statements of income and of cash flows for such year, and (C) a statement of stockholders’ equity as of the end of such year, all such financial statements audited and certified by independent public
accountants of nationally or regionally recognized standing selected by the Company and approved by the Board of Directors; 
 (iii) as
soon as practicable but in any event within forty-five (45) days after the end of each quarter of each fiscal year of the Company, unaudited statements of income and of cash flows for such fiscal quarter, and an unaudited balance sheet and a
statement of stockholders’ equity as of the end of such fiscal quarter, all prepared in accordance with GAAP (except that such financial statements may (A) be subject to normal year-end audit
adjustments and (B) not contain all notes thereto that may be required in accordance with GAAP); 
 (iv) as soon as practicable, but
in any event within forty-five (45) days after the end of each quarter of each fiscal year of the Company, a statement showing the number of shares of each class and series of capital stock and securities convertible into or exercisable for
shares of capital stock outstanding at the end of the period, the Common Stock issuable upon conversion or exercise of any outstanding securities convertible or exercisable for Common Stock and the exchange ratio or exercise price applicable
thereto, and the number of shares of issued stock options and stock options not yet issued but reserved for issuance, if any, all in sufficient detail as to permit each Major Investor to calculate their respective percentage equity ownership in the
Company, and certified by the chief financial officer or chief executive officer of the Company as being true, complete, and correct; 

  
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 (v) as soon as practicable, but in any event thirty (30) days before the end of each
fiscal year, a budget and business plan for the next fiscal year (collectively, the “Budget”), approved by the Board of Directors and prepared on a monthly basis, including balance sheets, income statements, and statements of cash
flow for such months and, promptly after prepared, any other budgets or revised budgets prepared by the Company; and 
 (vi) such other
information relating to the financial condition, business, prospects, or corporate affairs of the Company as any Major Investor may from time to time reasonably request; provided, however, that the Company shall not be obligated under this
Section 3.1 to provide information (i) that the Company reasonably determines in good faith to be a trade secret or similar confidential information or (ii) the disclosure of which would adversely affect the
attorney-client privilege between the Company and its counsel. 
 (b) If, for any period, the Company has any subsidiary whose accounts are
consolidated with those of the Company, then in respect of such period the financial statements delivered pursuant to the foregoing sections shall be the consolidated and consolidating financial statements of the Company and all such consolidated
subsidiaries. 
 (c) If at any time following the date hereof, Regeneron makes a bona fide determination that it is required to
consolidate, and ultimately consolidates, the financial results of the Company with those of Regeneron when preparing Regeneron’s financial statements and reports, upon Regeneron’s delivery to the Company of a written notice thereof, the
Company shall thereafter deliver to Regeneron the following financial statements and reports described in Section 3.1(a) on an expedited basis as follows: 

(i) the financial statements described in clause (i) of Section 3.1(a) shall be delivered within twenty-five
(25), rather than ninety (90), days after the end of each fiscal year of the Company; 
 (ii) the financial statements described in clause
(ii) of Section 3.1(a) shall be delivered within ninety (90) days, rather than by the following June 30, after the end of each fiscal year of the Company; 

(iii) the financial statements described in clause (iii) of Section 3.1(a) shall be delivered within twenty
(20), rather than forty-five (45), days after the end of each of the first three quarters of each fiscal year of the Company; 
 (iv) the
statements described in clause (iv) of Section 3.1(a) shall be delivered within fifteen (15), rather than forty-five (45), days after the end of each quarter of each fiscal year of the Company; and 

(v) such other information relating to the financial condition, business, prospects, or corporate affairs of the Company as Regeneron may
from time to time reasonably request in connection with the preparation of its financial statements and reports. 

  
 17 













 (d) If at any time following the date hereof, the Company is required to deliver financial
statements and reports to Regeneron pursuant to Section 3.1(c) above, the Company shall also deliver to the Major Investors the financial statements and reports described in Sections 3.1(c)(i) through
3.1(c)(iv) at the same time as the Company delivers such financial statements and reports to Regeneron. 
 (e) Notwithstanding
anything else in this Section 3.1 to the contrary, but subject to the following provisos, the Company may cease providing the information set forth in this Section 3.1 during the period starting
with the date thirty (30) days before the Company’s good-faith estimate of the date of filing of a registration statement if it reasonably concludes it must do so to comply with the SEC rules applicable to such registration statement and
related offering; provided that, (i) if during such period, Regeneron is required to consolidate the financial results of the Company with those of Regeneron when preparing Regeneron’s financial statements and reports, the Company shall
continue providing the information set forth in Section 3.1(a), as modified by Section 3.1(c), to Regeneron during such period and (ii) the Company’s covenants under this
Section 3.1 shall be reinstated at such time as the Company is no longer actively employing its commercially reasonable efforts to cause such registration statement to become effective. 

3.2 Inspection. 
 The
Company shall permit each Major Investor, at such Major Investor’s expense, to visit and inspect the Company’s properties; examine its books of account and records; and discuss the Company’s affairs, finances, and accounts with its
officers, during normal business hours of the Company as may be reasonably requested by the Major Investor; provided, however, that the Company shall not be obligated pursuant to this Section 3.2 to provide access to
any information that it reasonably considers to be confidential information (unless covered by an enforceable confidentiality agreement, in form acceptable to the Company) or a trade secret or the disclosure of which would adversely affect the
attorney-client privilege between the Company and its counsel. 
 3.3 Termination of Information Rights. 

The covenants set forth in Sections 3.1 and 3.2 shall terminate and be of no further force or effect upon the earliest to
occur of (i) immediately before, but subject to, the consummation of the IPO, (ii) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act, or (iii) upon a
Deemed Liquidation Event in which the holders of the Company’s capital stock receive cash or publicly traded securities in exchange for their equity interests in the Company. 

3.4 Confidentiality. 

Each Investor agrees that such Investor will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor
its investment in the Company) any confidential information obtained from the Company pursuant to the terms of this Agreement (including notice of the Company’s intention to file a registration statement), unless such confidential information
(a) is known or becomes known to the public in general (other than as a 

  
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result of a breach of this Section 3.4 by such Investor), (b) is or has been independently developed or conceived by such Investor without use of the Company’s
confidential information, or (c) is or has been made known or disclosed to such Investor by a third party without a breach of any obligation of confidentiality such third party may have to the Company; provided, however, that an Investor
may disclose confidential information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to any
prospective purchaser of any Registrable Securities from such Investor, if such prospective purchaser agrees to be bound by the provisions of this Section 3.4; (iii) to any existing or prospective Affiliate, partner,
member, stockholder, or wholly owned subsidiary of such Investor in the ordinary course of business, provided that such Investor informs such Person that such information is confidential and directs such Person to maintain the confidentiality of
such information; (iv) to the extent required in connection with any routine or periodic examination or similar process by any regulatory or self-regulatory body or authority not specifically directed at the Company or the confidential
information obtained from the Company pursuant to the terms of this Agreement, including, without limitation, quarterly or annual reports; or (v) as may otherwise be required by law, provided that, with respect to this clause (v), the Investor
promptly notifies the Company of such disclosure and takes reasonable steps to minimize the extent of any such required disclosure. For purpose of clarity, the foregoing confidentiality protections with respect to Regeneron shall apply to the
information described above in this Section 3.4, and the confidentiality provisions of the License and Collaboration Agreement, dated as of November 15, 2017 (as amended), between the Company and Regeneron shall apply
with respect to the applicable information described therein. The Company understands and acknowledges that in the regular course of Surveyor’s business, Surveyor and its Affiliates will invest in companies that have issued securities that are
publicly traded (each, a “Public Company”). Accordingly, the Company covenants and agrees that it shall not provide any material non-public information about a Public Company to Surveyor or
any representative of Surveyor, except in connection with any required consent of stockholders in which case the Company covenants and agrees that before delivering any required consent of stockholders containing material non-public information about a Public Company to Surveyor or its representative, the Company will provide prior written notice to Surveyor Compliance describing such information in reasonable detail. In addition,
the Company acknowledges and agrees that in no event shall Surveyor’s confidentiality and non-use obligations hereunder in any manner be deemed or construed as limiting Surveyor or its
representatives’ (or any of their respective Affiliates) ability to trade any security of a Public Company. “Surveyor” means Citadel Multi-Strategy Equities Master Fund Ltd. 

 

	 	4.	 Rights to Future Stock Issuances. 



4.1 Regeneron Rights. 

If the Company proposes to offer or sell any New Securities, then not less than thirty (30) days, and not more than forty (40) days,
prior to providing an Offer Notice relating to such New Securities to the Major Investors pursuant to Section 4.2(a), the Company shall first give notice to Regeneron stating the number of New Securities to be offered and
the price and terms, if any, upon which it proposes to offer such New Securities (a “Financing Notice”). Regeneron may, by providing written notice to the Company (a “Regeneron Notice”) within thirty (30) days
after the Financing Notice is given, elect to purchase, at the price and on the terms specified in the 

  
 19 













 
Financing Notice, up to the lesser of: (a) one third (1/3) of the aggregate number of New Securities then being offered (including all New Securities apportioned to Regeneron pursuant to
Section 4.2 below), and (b) such number of New Securities such that, immediately following the closing of such purchase and the closing of the sale of all other New Securities the Company then proposes to sell (whether
to the Major Investors pursuant to Section 4.2 or otherwise), Regeneron’s Percentage Ownership would be equal to twenty-five percent (25%). The New Securities to be purchased by Regeneron pursuant to this
Section 4.1 are referred to as the “Additional Regeneron Shares”. Regeneron shall be entitled to apportion the purchase of the Additional Regeneron Shares among itself and its Affiliates in such proportions
as it deems appropriate. The closing of any sale of Additional Regeneron Shares pursuant to this Section 4.1 shall occur concurrently with the sale of New Securities to the Major Investors pursuant to
Section 4.2. 
 4.2 Right of First Offer. 

Subject to the terms and conditions of this Section 4.2 and applicable securities laws, if the Company proposes to
offer or sell any New Securities, and any such New Securities remain available for purchase after complying with its obligations to Regeneron pursuant to Section 4.1 above, the Company shall offer such New Securities to
each Major Investor (including Regeneron) in accordance with this Section 4.2 before offering such New Securities to any other Person. A Major Investor shall be entitled to apportion the right of first offer hereby granted
to it among itself and its Affiliates in such proportions as it deems appropriate. 
 (a) The Company shall give notice (the “Offer
Notice”) to each Major Investor, stating (i) its bona fide intention to offer such New Securities, (ii) the number of such New Securities that remain available for purchase after complying with its obligations to Regeneron
pursuant to Section 4.1 above, and (iii) the price and terms, if any, upon which it proposes to offer such New Securities. 

(b) By notification to the Company within twenty (20) days after the Offer Notice is given, each Major Investor may elect to purchase or
otherwise acquire, at the price and on the terms specified in the Offer Notice, up to that portion of such New Securities which equals the proportion that the Common Stock then held by such Major Investor (including all shares of Common Stock then
issuable upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then held by such Major Investor) bears to the total number of shares of Common Stock of the Company then outstanding (assuming full
conversion and/or exercise, as applicable, of all Preferred Stock and other Derivative Securities then outstanding) (the “Pro Rata Portion”). At the expiration of such twenty (20) day period, the Company shall promptly notify
each Major Investor that elects to purchase or acquire all the shares available to it (each, a “Fully Exercising Investor”) of any other Major Investor’s failure to do likewise. During the ten (10) day period commencing
after the Company has given such notice, each Fully Exercising Investor may, by giving notice to the Company, elect to purchase or acquire, in addition to the number of shares specified above, up to that portion of the New Securities for which Major
Investors were entitled to subscribe pursuant to this Section 4.2 but that were not subscribed for by the Major Investors, which portion is equal to the proportion that the Common Stock issued and held, or issuable upon
conversion and/or exercise, as applicable, of Preferred Stock and any other Derivative Securities then held, by such Fully Exercising Investor bears to the number of shares of Common Stock issued and held, or issuable upon conversion of the
Preferred 

  
 20 













 
Stock and any other Derivative Securities then held, by all Fully Exercising Investors who wish to purchase such unsubscribed shares. The closing of any sale pursuant to this
Section 4.2(b) shall occur within the later of one hundred twenty (120) days after the date that the Offer Notice is given and the date of initial sale of New Securities pursuant to
Section 4.2(c). 
 (c) If all New Securities referred to in the Offer Notice are not elected to be purchased or
acquired as provided in Section 4.2(b), the Company may, during the ninety (90) day period following the expiration of the periods provided in Section 4.2(b), offer and sell the remaining
unsubscribed portion of such New Securities to any Person or Persons at a price not less than, and upon terms no more favorable to the offeree than, those specified in the Offer Notice. If the Company does not enter into an agreement for the sale of
the New Securities within such period, or if such agreement is not consummated within thirty (30) days of the execution thereof, the right provided hereunder shall be deemed to be revived and such New Securities shall not be offered unless
first reoffered to the Major Investors in accordance with this Section 4.2. 
 (d) The right of first offer in
this Section 4.2 shall not be applicable to (i) Exempted Securities (as defined in the Certificate of Incorporation), (ii) shares of Common Stock issued in the IPO, (iii) the Additional Regeneron Shares and
(iv) shares of Series D Preferred Stock issued pursuant to the Purchase Agreement (and any shares of Common Stock issuable upon conversion thereof). 

4.3 Termination. 
 The
covenants set forth in Section 4.1 and Section 4.2 shall terminate and be of no further force or effect upon the earliest to occur of (i) immediately before, but subject to, the consummation
of the IPO, (ii) when the Company first becomes subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act, or (iii) upon consummation of a Deemed Liquidation Event. 

 

	 	5.	 Additional Covenants. 



5.1 Insurance. 
 The
Company shall maintain Directors and Officers insurance in an amount no less than $3,000,000, and an Errors and Omissions insurance policy until such time as the Board of Directors (including a majority of the Preferred Directors) determines that
such insurance should be discontinued. 
 5.2 Employee Agreements. 

The Company will cause each person now or hereafter employed by it or by any subsidiary or engaged by the Company or any subsidiary as a
consultant/independent contractor with access to confidential information and/or trade secrets to enter into a nondisclosure and proprietary rights assignment agreement, substantially in the form approved by the Board of Directors, including a
majority of the Preferred Directors. In addition, the Company shall not amend, modify, terminate, waive, or otherwise alter, in whole or in part, any of the above-referenced agreements or any restricted stock agreement between the Company and any
employee, without the approval by the Board of Directors, including a majority of the Preferred Directors. 

  
 21 













 5.3 Employee Vesting. 

Unless otherwise approved by the Board of Directors, which approval shall include a majority of the Preferred Directors, all current and
future employees and consultants of the Company who purchase, receive options to purchase, or receive awards of shares of the Company’s capital stock after the date hereof shall be required to execute restricted stock or option agreements, as
applicable, providing for (i) vesting of shares over a four (4) year period, such that grants made to an individual shall vest as to the first twenty-five percent (25%) of such shares vesting following twelve (12) months of continued
employment or service, and the remaining shares shall vest in equal monthly installments over the following three (3) years; and (ii) a market stand-off provision substantially similar to that in
Section 2.11. In addition, unless otherwise approved by the Board of Directors, including a majority of the Preferred Directors, the Company shall retain a “right of first refusal” on employee transfers
until the Company’s IPO and shall have the right to repurchase unvested shares at cost upon termination of employment of a holder of restricted stock. Notwithstanding the foregoing, with the approval of the Board of Directors, which approval
shall include a majority of the Preferred Directors, the Board of Directors may delegate its authority to make option grants to a committee of the Board of Directors, which delegation shall have such parameters as the Board of Directors, including a
majority of the Preferred Directors, shall determine. 
 5.4 Matters Requiring Preferred Director Approval. 

So long as any shares of Preferred Stock remain outstanding, the Company hereby covenants and agrees with each of the Investors that it shall
not, without first obtaining the approval of the Board of Directors, which approval must include the affirmative vote of a majority of the Preferred Directors: 

(a) make, or permit any subsidiary to make, any loan or advance to, or own any stock or other securities of, any subsidiary or other
corporation, partnership, or other entity unless it is wholly owned by the Company; 
 (b) make, or permit any subsidiary to make, any loan
or advance to any Person, including, without limitation, any employee or director of the Company or any subsidiary, except advances and similar expenditures in the ordinary course of business or under the terms of an employee stock or option plan
approved by the Board of Directors; 
 (c) guarantee, directly or indirectly, or permit any subsidiary to guarantee, directly or
indirectly, any indebtedness except for trade accounts of the Company or any subsidiary arising in the ordinary course of business; 
 (d)
make any investment inconsistent with any investment policy approved by the Board of Directors; 
 (e) incur indebtedness in excess of
$1,000,000 in the aggregate that is not covered by the Budget, other than trade credit incurred in the ordinary course of business; 
 (f)
otherwise enter into or be a party to any transaction with any director, officer or employee of the Company or any “associate” (as defined in Rule 12b-2 promulgated under the Exchange Act) of any
such Person, other than in the ordinary course of business; 

  
 22 













 (g) hire, terminate, or change the compensation of the executive officers, including
approving any option grants or stock awards to executive officers; provided that with the approval of the Board of Directors, which approval shall include a majority of the Preferred Directors, the Board of Directors may delegate its authority to
hire, terminate, or change the compensation of executive officers other than the Chief Executive Officer to a Compensation Committee; 

(h) change the principal business of the Company, or enter into a new line of business, or exit the existing line of business of the Company;

 (i) sell, assign, license, pledge or encumber material technology or intellectual property, other than licenses granted in the ordinary
course of business; or 
 (j) enter into any corporate strategic relationship involving the payment, contribution or assignment by the
Company or to the Company of money or assets greater than $1,000,000 that is not covered by the Budget and is outside of the ordinary course of business. 

5.5 Meetings of the Board of Directors; Committees. 

Unless otherwise determined at least by the vote of a majority of the directors then in office, the Board of Directors shall meet at least
four (4) times per year, and at least once per quarter, in accordance with an agreed-upon schedule, unless otherwise agreed by a vote of the majority of the directors. Each non-employee director shall be
entitled in such person’s discretion to be a member of any committee of the Board of Directors. 
 5.6 Successor
Indemnification. 
 If the Company or any of its successors or assignees consolidates with or merges into any other Person and is not
the continuing or surviving corporation or entity of such consolidation or merger, then to the extent necessary, proper provision shall be made so that the successors and assignees of the Company assume the obligations of the Company with respect to
indemnification of members of the Board of Directors as in effect immediately before such transaction, whether such obligations are contained in the Company’s By-laws, the Certificate of Incorporation, or
elsewhere, as the case may be. 
 5.7 Board Expenses. 

The Company shall reimburse the non-employee directors for all reasonable out-of-pocket expenses incurred (consistent with the Company’s policies) in connection with their role as a director of the Company. 

  
 23 













 5.8 Directors’ Liability and Indemnification. 

(a) The Certificate of Incorporation and By-laws (as such
By-laws of the Company may be amended from time to time) shall provide (i) for limitation of the liability of directors to the maximum extent permitted by law, and (ii) for indemnification of
directors for acts on behalf of the Company to the maximum extent permitted by law. In the event any suit is filed or claim is asserted against a director or former director of the Company as a result of such director’s or former
director’s service on the Board of Directors, the Company will provide such director or former director access to all records and files of the Company as he or she may reasonably request in defending against or preparing to defend against any
such suit or claim. 
 (b) The Company hereby acknowledges that one or more of the directors nominated to serve on the Board of Directors
by holders of Preferred Stock may have certain rights to indemnification, advancement of expenses and/or insurance provided by one or more of the Investors and certain of their Affiliates (collectively, the “Fund Indemnitors”) for
alleged acts or omissions in their capacities as directors of the Company. The Company hereby agrees (i) that it is the indemnitor of first resort (i.e., its obligations to any such director are primary and any obligation of the Fund
Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by such director are secondary), (ii) that it shall be required to advance the full amount of expenses incurred by such director and shall be
liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement by or on behalf of any such director to the extent legally permitted and as required by the Certificate of Incorporation or By-laws of the Company (or any agreement between the Company and such director), without regard to any rights such director may have against the Fund Indemnitors, and, (iii) that it irrevocably waives,
relinquishes and releases the Fund Indemnitors from any and all claims against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the
Fund Indemnitors on behalf of any such director with respect to any claim for which such director has sought indemnification from the Company shall affect the foregoing and the Fund Indemnitors shall have a right of contribution and/or be subrogated
to the extent of such advancement or payment to all of the rights of recovery of such director against the Company. 
 5.9 Right to
Conduct Activities. 
 The Company hereby agrees and acknowledges that each of the Investors (together with its Affiliates) is a
professional investment organization, and as such reviews the business plans and related proprietary information of many enterprises, some of which may compete directly or indirectly with the Company’s business (as currently conducted or as
currently propose to be conducted). The Company hereby agrees that, to the extent permitted under applicable law, an Investor (and its Affiliates) shall not be liable to the Company for any claim arising out of, or based upon, (i) the
investment by such Investor (or its Affiliates) in any entity competitive with the Company, or (ii) actions taken by any partner, officer, employee or other representative of such Investor (or its Affiliates) to assist any such competitive
company, whether or not such action was taken as a member of the board of directors of such competitive company or otherwise, and whether or not such action has a detrimental effect on the Company; provided, however, that the foregoing shall not
relieve (x) any of the Investors from liability associated with the unauthorized disclosure of the Company’s confidential information obtained pursuant to this Agreement, or (y) any director or officer of the Company from any
liability associated with his or her fiduciary duties to the Company. 

  
 24 













 5.10 Publicity. 

The Company shall not make use of any Investor’s name on its website, via press release or other similar communication without the prior
consent of such Investor, which consent may be delivered to the Company via email. 
 5.11 Defense Production Act. 

To the extent that the Company engages in the design, fabrication, development, testing, production or manufacture of critical technologies
within the meaning of the DPA, whether because of a new categorization of technology by the U.S. government or otherwise, the Company shall promptly provide notice to Surveyor. 

5.12 Termination of Covenants. 

The covenants set forth in this Section 5, except for Sections 5.6, 5.8 and 5.9, shall
terminate and be of no further force or effect upon the earliest to occur of (i) immediately before but subject to the consummation of an IPO; (ii) when the Company first becomes subject to the periodic reporting requirements of
Section 12(g) or 15(d) of the Exchange Act; or (iii) upon a Deemed Liquidation Event. 
  

	 	6.	 Miscellaneous. 



6.1 Successors and Assigns. 

The rights under this Agreement may be assigned (but only with all related obligations) by a Holder to a transferee of Registrable
Securities that (i) is an Affiliate, partner, member, limited partner, retired partner, retired member, or stockholder of a Holder; (ii) is a Holder’s Immediate Family Member or trust for the benefit of an individual Holder or one or
more of such Holder’s Immediate Family Members; or (iii) after such transfer, holds at least 500,000 shares of Registrable Securities (subject to appropriate adjustment for stock splits, stock dividends, combinations, and other
recapitalizations); provided, however, that (x) the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee and the Registrable Securities with respect to which such
rights are being transferred; and (y) such transferee agrees in a written instrument delivered to the Company to be bound by and subject to the terms and conditions of this Agreement, including the provisions of
Section 2.11. For the purposes of determining the number of shares of Registrable Securities held by a transferee, the holdings of a transferee (1) that is an Affiliate, limited partner, retired partner, member,
retired member, or stockholder of a Holder; (2) who is a Holder’s Immediate Family Member; or (3) that is a trust for the benefit of an individual Holder or such Holder’s Immediate Family Member shall be aggregated together and
with those of the transferring Holder; provided further that all transferees who would not qualify individually for assignment of rights shall have a single
attorney-in-fact for the purpose of exercising any rights, receiving notices, or taking any action under this Agreement. The terms and conditions of this Agreement inure
to the benefit of and are binding upon the respective successors and permitted assignees of the parties, including without limitation, the Investor’s affiliated partnership or funds managed by such Investor or any of its respective directors,
officers or partners. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assignees any rights, remedies, obligations or liabilities under or
by reason of this Agreement, except as expressly provided herein. 

  
 25 













 6.2 Governing Law. 

This Agreement shall be governed by and construed in accordance with the General Corporation Law of the State of Delaware as to matters within
the scope thereof, and as to all other matters shall be governed by and construed in accordance with the internal laws of the Commonwealth of Massachusetts, without regard to conflict of law principles that would result in the application of any law
other than the law of the Commonwealth of Massachusetts. 
 6.3 Counterparts. 

This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. Counterparts may be delivered via electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and
any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 
 6.4
Titles and Subtitles. 
 The titles and subtitles used in this Agreement are for convenience only and are not to be considered in
construing or interpreting this Agreement. 
 6.5 Notices. 

All notices, requests, and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively
given, delivered and received (i) upon personal delivery to the party to be notified; (ii) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, and if not so confirmed, then on the next
business day; (iii) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (iv) one (1) business day after the business day of deposit with a nationally recognized overnight
courier, specifying next-day delivery, with written verification of receipt. All communications shall be sent to the respective parties at their addresses as set forth on Schedule A hereto, or to the
principal office of the Company and to the attention of the Chief Executive Officer, in the case of the Company, or to such email address, facsimile number, or address as subsequently modified by written notice given in accordance with this
Section 6.5. If notice is given to the Company, a copy, which shall not constitute notice, shall also be sent to Stuart Falber, Esq. at Wilmer Cutler Pickering Hale and Dorr LLP, 60 State Street, Boston, MA 02109; email:
Stuart.Falber@wilmerhale.com. 
 6.6 Amendments and Waivers. 

(a) Any term of this Agreement, including without limitation, may be amended, modified or terminated and the observance of any term of this
Agreement may be waived (either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of the Company and the holders of at least sixty percent (60%) of the outstanding


  
 26 













 
shares of Registrable Securities, voting together as a single class on an as-converted basis; provided that the provisions of
Section 4.2 may only be waived with the written consent of the holders of sixty percent (60%) of the outstanding Registrable Securities held by Major Investors, voting together as a single class on an as-converted basis; provided further the Company may in its sole discretion waive compliance with Section 2.12(c) (and the Company’s failure to object promptly in writing after
notification of a proposed assignment allegedly in violation of Section 2.12(c) shall be deemed to be a waiver); provided further that any provision hereof may be waived by any waiving party on such party’s own
behalf, without the consent of any other party; and provided further the consent of the holders of a majority of the outstanding shares of Series D Preferred Stock, exclusively as a separate class, shall be required to amend, modify or waive
any term of this Agreement (i) in a manner that adversely and disproportionately affects the rights of the Series D Preferred Stock and (ii) in connection with the issuance of equity securities of the Company that are senior to the Series
D Preferred Stock with respect to the distribution of assets on the liquidation, dissolution or winding up of the Company, the payment of dividends or otherwise. Notwithstanding the foregoing, this Agreement may not be amended, modified or
terminated and the observance of any term hereof may not be waived (i) with respect to any Investor without the written consent of such Investor, unless such amendment, modification, termination, or waiver applies to all Investors in the same
fashion (it being agreed that a waiver of the provisions of Section 4 with respect to a particular transaction shall be deemed to apply to all Investors in the same fashion if such waiver does so by its terms,
notwithstanding the fact that certain Investors may nonetheless, by agreement with the Company, purchase securities in such transaction, subject to Section 6.6(b)) or (ii) with respect to the rights of Regeneron under
Section 4.1 without the written consent of Regeneron. 
 (b) If the right of first offer provided in
Section 4.2 with respect to a particular transaction is waived pursuant to Section 6.6(a) (the “Waiver”), and any Major Investor who consented to the Waiver and whose consent was
necessary to effect the Waiver (the “Purchasing Investor”) nonetheless, by agreement with the Company, purchases securities in such transaction, then each other Major Investor shall be given the same opportunity to participate in
such transaction within 30 days after the initial closing of such transaction up to an amount not less than a proportion of its Pro Rata Portion in such transaction, which proportion (the “Actual Proportion”) is determined by
dividing (x) the actual amount of securities being purchased by the Purchasing Investor in such transaction by (y) the Purchasing Investor’s Pro Rata Portion in such transaction. For the avoidance of doubt, if there are at least two
existing Purchasing Investors (other than the Major Investor exercising its rights hereunder) participating in such transaction and using different Actual Proportions, then the highest Actual Proportion applicable to any of these investors shall
apply in determining the amount of securities a Major Investor is entitled to purchase in such transaction. This Section 6.6(b) may not be waived with respect to a particular transaction without the consent of each Major
Investor. 
 (c) The Company shall give prompt notice of any amendment, modification or termination hereof or waiver hereunder to any party
hereto that did not consent in writing to such amendment, modification termination, or waiver. Any amendment, termination, or waiver effected in accordance with this Section 6.6 shall be binding on all parties hereto,
regardless of whether any such party has consented thereto. No waivers of or exceptions to any term, condition, or provision of this Agreement, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any
such term, condition, or provision. 

  
 27 













 6.7 Severability. 

In case any one or more of the provisions contained in this Agreement is for any reason held to be invalid, illegal or unenforceable in any
respect, such invalidity, illegality, or unenforceability shall not affect any other provision of this Agreement, and such invalid, illegal, or unenforceable provision shall be reformed and construed so that it will be valid, legal, and enforceable
to the maximum extent permitted by law. 
 6.8 Aggregation of Stock. 

All shares of Registrable Securities held or acquired by Affiliates shall be aggregated together for the purpose of determining the
availability of any rights under this Agreement and such Affiliated person may apportion such rights as among themselves in any manner they deem appropriate. 

6.9 Additional Investors. 

Notwithstanding anything to the contrary contained herein, if the Company issues additional shares of Series D Preferred Stock after the date
hereof, any purchaser of such shares of Series D Preferred Stock may become a party to this Agreement by executing and delivering an additional counterpart signature page to this Agreement, and thereafter shall be deemed an “Investor” for
all purposes hereunder. No action or consent by the Investors shall be required for such joinder to this Agreement by such additional Investor, so long as such additional Investor has agreed in writing to be bound by all of the obligations as an
“Investor” hereunder. 
 6.10 Entire Agreement. 

This Agreement (including any Schedules and Exhibits hereto) constitutes the full and entire understanding and agreement among the parties
with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties is expressly canceled. Upon the effectiveness of this Agreement, the Amended and Restated IRA shall
be deemed amended and restated and superseded and replaced in its entirety by this Agreement, and shall be of no further force or effect. 

6.11 Delays or Omissions. 

No delay or omission to exercise any right, power, or remedy accruing to any party under this Agreement, upon any breach or default of any
other party under this Agreement, shall impair any such right, power, or remedy of such nonbreaching or nondefaulting party, nor shall it be construed to be a waiver of or acquiescence to any such breach or default, or to any similar breach or
default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. All remedies, whether under this Agreement or by law or otherwise afforded to
any party, shall be cumulative and not alternative. 

  
 28 













 6.12 Submission to Jurisdiction. 

The parties hereto submit to the exclusive jurisdiction of any federal or state court located within the Commonwealth of Massachusetts over
any dispute arising out of or relating to the Agreement or any of the transactions contemplated hereby and each party hereby agree that all claims in respect of such dispute or any suit, action or proceeding related thereto may be heard and
determined in such courts. The parties waive, to the fullest extent permitted by applicable law, any objection which they may not or hereafter have to the laying of venue of any such dispute brought in such court or any defense of inconvenient forum
for the maintenance of such dispute. Each of the parties hereto agrees that a judgment in any such dispute may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 

6.13 Policies Regarding Standards of Conduct. 

S.R. One, a wholly-owned subsidiary of GlaxoSmithKline plc (“GSK”), has adopted policies pursuant to which it has committed
to the highest standards of conduct in all aspects of its business and to conduct business with honesty and integrity, and in compliance with all applicable legal and regulatory requirements. In particular, the Company acknowledges receipt of the
“Prevention of Corruption—Third Party Guidelines.” S.R. One also expects its business partners to comply with these same ethical standards, particularly with respect to the conduct of research and development. Accordingly, the Company
shall use commercially reasonable efforts to ensure that it, the Company and any of its subsidiaries operate to these same standards of conduct, including the principles set forth in the “Prevention of Corruption—Third Party
Guidelines.” The Company shall use commercially reasonable efforts to notify S.R. One if it becomes aware of any activities or proposed activities to be conducted by itself or any of its subsidiaries that may be contrary to GSK’s publicly
announced ethical standards or the principles set forth in the “Prevention of Corruption—Third Party Guidelines” of which the Company is aware or has been notified. 

[Remainder of Page Intentionally Left Blank] 

  
 29 













 IN WITNESS WHEREOF, the parties have executed this Third Amended and Restated
Investors’ Rights Agreement as of the date first written above. 
  

			
	COMPANY:
	
	DECIBEL THERAPEUTICS, INC.
		
	By:	 	 /s/ Laurence Reid, PhD

	 Name:
	 	Laurence Reid, PhD
	 Title:
	 	Chief Executive Officer



  
 [Signature Page to Third
Amended and Restated Investors’ Rights Agreement] 













 IN WITNESS WHEREOF, the parties have executed this Third Amended and Restated
Investors’ Rights Agreement as of the date first written above. 
  

			
	INVESTOR:
	
	ORBIMED PRIVATE INVESTMENTS VIII, LP
	
	 By: OrbiMed Capital GP VIII LLC,

its General Partner

	
	 By: OrbiMed Advisors LLC,
 its
Managing Member

		
	By:	 	 /s/ Carl Gordon

		 	Name: Carl Gordon
		 	Title:   Member


  

			
	ORBIMED PARTNERS MASTER FUND LIMITED
	
	 By: OrbiMed Capital LLC, solely in its

capacity as Investment Advisor

		
	By:	 	 /s/ C. Scotland Stevens

		 	Name: C. Scotland Stevens
		 	Title:   Member


  

			
	ORBIMED GENESIS MASTER FUND, L.P.
	
	 By: OrbiMed Genesis GP LLC,
 its
General Partner

	
	 By: OrbiMed Advisors LLC,
 its
Managing Member

		
	By:	 	 /s/ C. Scotland Stevens

		 	Name: C. Scotland Stevens
		 	Title:   Member



  
 [Signature Page to Third
Amended and Restated Investors’ Rights Agreement] 













 IN WITNESS WHEREOF, the parties have executed this Third Amended and Restated
Investors’ Rights Agreement as of the date first written above. 
  

			
	INVESTOR:
	
	THIRD ROCK VENTURES III, L.P.
	
	 By: Third Rock Ventures GP III, L.P., its general partner

By: TRV GP III, LLC, its general partner

		
	By:	 	 /s/ Kevin Gillis

	Name: Kevin Gillis
	Title:   Partner/COO



  
 [Signature Page to Third
Amended and Restated Investors’ Rights Agreement] 













 IN WITNESS WHEREOF, the parties have executed this Third Amended and Restated
Investors’ Rights Agreement as of the date first written above. 
  

			
	INVESTOR:
	
	S.R. ONE, LIMITED
		
	By:	 	 /s/ Hatixhe Hoxha

	Name: Hatixhe Hoxha
	Title:   Assistant Secretary



  
 [Signature Page to Third
Amended and Restated Investors’ Rights Agreement] 













 IN WITNESS WHEREOF, the parties have executed this Third Amended and Restated
Investors’ Rights Agreement as of the date first written above. 
  

			
	INVESTORS:
	
	GV 2016, L.P.
	
	 GV 2016 GP, L.P., its General Partner

GV 2016 GP, L.L.C., its General Partner

		
	 By:
	 	 /s/ Daphne M. Chang

	 Name: Daphne M. Chang

	 Title: Authorized Signatory



  

			
	
	GV 2017, L.P.
	
	 GV 2017 GP, L.P., its General Partner

GV 2017 GP, L.L.C., its General Partner

		
	 By:
	 	 /s/ Daphne M. Chang

	 Name: Daphne M. Chang

	 Title: Authorized Signatory



  

			
	
	GV 2019, L.P.
	
	 By: GV 2019 GP, L.P., its General Partner

By: GV 2019 GP, L.L.C., its General Partner

		
	 By:
	 	 /s/ Daphne M. Chang

	 Name: Daphne M. Chang

	 Title: Authorized Signatory




  
 [Signature Page to Third
Amended and Restated Investors’ Rights Agreement] 













 IN WITNESS WHEREOF, the parties have executed this Third Amended and Restated
Investors’ Rights Agreement as of the date first written above. 
  

			
	INVESTOR:
	
	REGENERON PHARMACEUTICALS, INC.
		
	By:	 	 /s/ Kerry Reinertsen

	Name: Kerry Reinertsen
	Title:   SVP Strategic Alliances



  
 [Signature Page to Third
Amended and Restated Investors’ Rights Agreement] 













 IN WITNESS WHEREOF, the parties have executed this Third Amended and Restated
Investors’ Rights Agreement as of the date first written above. 
  

			
	INVESTOR:
	
	FORESITE CAPITAL FUND IV, L.P.
		
	By:	 	Foresite Capital Management IV, LLC
	Its:	 	General Partner
		
	By:	 	 /s/ Dennis D. Ryan

	Name: Dennis D. Ryan
	Title:   Chief Financial Officer



  
 [Signature Page to Third
Amended and Restated Investors’ Rights Agreement] 













 IN WITNESS WHEREOF, the parties have executed this Third Amended and Restated
Investors’ Rights Agreement as of the date first written above. 
  

			
	INVESTOR:
	
	HARVARD MANAGEMENT PRIVATE EQUITY CORPORATION
		
	By:	 	 /s/ Richard Slocum

	Name: Richard Slocum
	Title:   Authorized Signatory
		
	By:	 	 /s/ Kathryn Murtagh

	Name: Kathryn Murtagh
	Title:   Authorized Signatory



  
 [Signature Page to Third
Amended and Restated Investors’ Rights Agreement] 













 IN WITNESS WHEREOF, the parties have executed this Third Amended and Restated
Investors’ Rights Agreement as of the date first written above. 
  

			
	INVESTOR:
	
	SCUBED CAPITAL, LLC
		
	By:	 	 /s/ Mark Stevens

	Name: Mark Stevens
	Title:   Managing Partner



  
 [Signature Page to Third
Amended and Restated Investors’ Rights Agreement] 













 IN WITNESS WHEREOF, the parties have executed this Third Amended and Restated
Investors’ Rights Agreement as of the date first written above. 
  

			
	INVESTOR:
	
	PH INVESTMENTS, LLC
		
	By:	 	 /s/ Melinda Barber

	Name: Melinda Barber
	Title:   Managing Director



  
 [Signature Page to Third
Amended and Restated Investors’ Rights Agreement] 













 IN WITNESS WHEREOF, the parties have executed this Third Amended and Restated
Investors’ Rights Agreement as of the date first written above. 
  

			
	INVESTORS:
	
	FIFTH AVENUE PRIVATE EQUITY 11 LLC
		
	By:	 	 /s/ Lisa M. Corcoran

	Name: Lisa M. Corcoran
	Title:   Authorized Signatory
	
	FIFTH AVENUE PRIVATE EQUITY 14 LLC
		
	By:	 	 /s/ Lisa M. Corcoran

	Name: Lisa M. Corcoran
	Title:   Authorized Signatory
	
	FIFTH AVENUE PRIVATE EQUITY 15 LLC
		
	By:	 	 /s/ Lisa M. Corcoran

	Name: Lisa M. Corcoran
	Title:   Authorized Signatory



  
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 IN WITNESS WHEREOF, the parties have executed this Third Amended and Restated
Investors’ Rights Agreement as of the date first written above. 
  

			
	INVESTOR:
	
	CITADEL MULTI-STRATEGY EQUITIES MASTER FUND LTD.
	
	By: Citadel Advisors LLC, its portfolio manager
		
	By:	 	 /s/ Christopher L. Ramsay

	Name: Christopher L. Ramsay
	Title: Authorized Signatory



  
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Amended and Restated Investors’ Rights Agreement] 













 IN WITNESS WHEREOF, the parties have executed this Third Amended and Restated
Investors’ Rights Agreement as of the date first written above. 
  

			
	INVESTOR:
	
	CASDIN PARTNERS MASTER FUND, L.P.
		
	By:	 	Casdin Partners GP, LLC, its General Partner
		
	By:	 	 /s/ Kevin E. O’Brien

	Name: Kevin E. O’Brien
	Title: General Counsel



  
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Amended and Restated Investors’ Rights Agreement] 













 IN WITNESS WHEREOF, the parties have executed this Third Amended and Restated
Investors’ Rights Agreement as of the date first written above. 
  

			
	INVESTORS:
	
	JANUS HENDERSON BIOTECH INNOVATION MASTER FUND LIMITED
		
	By:	 	Janus Capital Management LLC, its investment advisor
		
	By:	 	 /s/ Andrew Acker

	Name: Andrew Acker
	Title: Authorized Signatory
	
	JANUS HENDERSON HORIZON FUND—BIOTECHNOLOGY FUND
		
	By:	 	Janus Capital Management LLC, its investment advisor
		
	By:	 	 /s/ Andrew Acker

	Name: Andrew Acker
	Title: Authorized Signatory



  
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Amended and Restated Investors’ Rights Agreement] 













 IN WITNESS WHEREOF, the parties have executed this Third Amended and Restated
Investors’ Rights Agreement as of the date first written above. 
  

			
	INVESTORS:
	
	PORTLAND DECIBEL EP, LLC
		
	By:	 	 /s/ David B. Weden, III

	Name: David B. Weden, III
	Title:   Authorized Signatory
	
	PORTLAND DECIBEL—PIA, LLC
		
	By:	 	 /s/ David B. Weden, III

	Name: David B. Weden, III
	Title:   Authorized Signatory



  
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Amended and Restated Investors’ Rights Agreement] 













 IN WITNESS WHEREOF, the parties have executed this Third Amended and Restated
Investors’ Rights Agreement as of the date first written above. 
  

			
	INVESTORS:
	
	SOBRATO CAPITAL
	 a DBA of Sobrato Family Holdings, LLC

a California limited liability company

		
	By:	 	 /s/ Matthew W. Sonsini

	Name: Matthew W. Sonsini
	Title: Chief Executive Officer, on behalf of Sobrato Family Holdings, LLC



  
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 IN WITNESS WHEREOF, the parties have executed this Third Amended and Restated
Investors’ Rights Agreement as of the date first written above. 
  

			
	INVESTORS:
	
	BLACKROCK HEALTH SCIENCES OPPORTUNITIES PORTFOLIO, A SERIES OF BLACKROCK FUNDS
		
	By:	 	BlackRock Advisors, LLC, its Investment Advisor
		
	By:	 	 /s/ Hongying Erin Xie

	Name: Hongying Erin Xie
	Title: Managing Director
	
	BLACKROCK HEALTH SCIENCES TRUST
		
	By:	 	BlackRock Advisors, LLC, its Investment Advisor
		
	By:	 	 /s/ Hongying Erin Xie

	Name: Hongying Erin Xie
	Title: Managing Director
	
	BLACKROCK HEALTH SCIENCES TRUST II
		
	By:	 	BlackRock Advisors, LLC, its Investment Advisor
		
	By:	 	 /s/ Hongying Erin Xie

	Name: Hongying Erin Xie
	Title: Managing Director
	
	BLACKROCK HEALTH SCIENCES TRUST MASTER UNIT TRUST
		
	By:	 	BlackRock Capital Management, Inc, its Investment Advisor
		
	By:	 	 /s/ Hongying Erin Xie

	Name: Hongying Erin Xie
	Title: Managing Director



  
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Amended and Restated Investors’ Rights Agreement] 













 IN WITNESS WHEREOF, the parties have executed this Third Amended and Restated
Investors’ Rights Agreement as of the date first written above. 
  

			
	INVESTORS:
	
	SAMSARA BIOCAPITAL, L.P.
	
	 By: Samsara BioCapital GP, LLC,

General Partner

		
	 By:
	 	 /s/ Srinivas Akkaraju, MD, PhD

	Name: Srinivas Akkaraju, MD, PhD
	Title: Managing Member



  
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 SCHEDULE A 

 

	
	  

Name and Contact of Investors