Exhibit 10.3



 Exhibit 10.3 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE AND DISTRIBUTION THEREOF, AND HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR ANY STATE SECURITIES LAWS. SUCH SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN OPINION OF COUNSEL IN A FORM REASONABLY ACCEPTABLE TO THE
COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED DUE TO AN EXEMPTION THEREFROM UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 
 WARRANT TO PURCHASE 
 PREFERRED STOCK OF 

LIPOSCIENCE, INC. 

(Void after December 31, 2011) 
 This certifies that VENTURE LENDING & LEASING IV, LLC, a Delaware limited liability company, or assigns (the “Holder”), for value received, is entitled to purchase from LipoScience,
Inc., a Delaware corporation (the “Company”), 50,575 fully paid and nonassessable shares of the Company’s Series E Preferred Stock (“Preferred Stock”) for cash at a price of $4.35 per share (the “Stock Purchase
Price”). 
 In addition thereto, upon the first advance of funds by the Lender under the Growth Capital Loan Commitment (as defined in the
Supplement to the Loan and Security Agreement, dated as of October 29, 2004 (the “Supplement”) between the Company and Venture Lending & Leasing IV, Inc. (“VLL”)) advanced by VLL pursuant to the Supplement. Holder
shall be entitled to purchase under this Warrant at the Stock Purchase Price, that additional number of fully paid and nonassessable shares of the Company’s Series E Preferred Stock having an aggregate initial exercise price equal to five and
one-half percent (5.5%) of the amount of aggregate amount of Growth Capital Loans funded by VLL under the Growth Capital Loan Commitment (i.e. if the Company draws the entire Growth Capital Loan Commitment the Holder will be entitled to
additional warrant shares with an aggregate value equal to $220,000 ($4,000,000 x 5.5%). (“First Additional Warrant Shares”) 

In addition thereto, upon the first advance of funds by VLL under the Additional Growth Capital Loan Commitment, as defined in the Supplement, Holder
shall be entitled to purchase under the Warrant at Next Round Purchase Price, that additional number of fully paid and nonassessable shares of the Company’s Next Round Preferred Stock having an aggregate initial exercise price equal to eleven
percent (11.0 %) of the aggregate original principal amount of the Additional Growth Capital Loan Commitment (“Second Additional Warrant Shares”) 
 For the purposes of this Warrant “Next Round Preferred Stock” means the class or series of equity securities issued by the Company in connection with the next bona fide round of equity financing
after the Closing Date resulting in net aggregate proceeds to the Company of at least $3,000,000.00; and “Next Round Purchase Price” means the lowest price per share paid by an investor for Next Round Preferred Stock. 

As soon as reasonably practicable after the occurrence or non-occurrence of the latest event or condition necessary to determine the actual number of
shares of the Company’s stock issuable upon exercise of this Warrant, the Company shall execute and deliver a supplement to this Warrant in substantially the form of Exhibit “A” attached hereto, completed with such quantity and
other information as have been determined as a result of the occurrence or non-occurrence of such events or conditions. The provisions of such supplement, once completed and executed, shall control the interpretation and exercise of this Warrant;
provided, however, that the failure of the Company to deliver such supplement shall not affect the rights of the Holder of this Warrant to receive the number of shares of Preferred Stock at the Stock Purchase Price as set forth herein.








 Subject to mandatory exercise pursuant to the proviso in Section 4.3 hereof, this Warrant may be
exercised at any time or from time to time up to and including 5:00 p.m. (Pacific time) on December 31, 2011, (the “Expiration Date”), upon surrender to the Company at its principal office at 2500 Sumner Boulevard, Raleigh, North
Carolina 27616, (or at such other location as the Company may advise Holder in writing) of this Warrant properly endorsed with the Form of Subscription attached hereto duly filled in and signed and upon payment in cash or by check of the aggregate
Stock Purchase Price for the number of shares for which this Warrant is being exercised determined in accordance with the provisions hereof. The Stock Purchase Price and the number of shares purchasable hereunder are subject to adjustment as
provided in Section 4 of this Warrant. 
 This Warrant is subject to the following terms and conditions: 

1. Exercise; Issuance of Certificates; Payment for Shares. 

(a) Unless an election is made pursuant to clause (b) of this Section 1, this Warrant shall be exercisable at
the option of the Holder, at any time or from time to time, on or before the Expiration Date for all or any portion of the shares of Preferred Stock (but not for a fraction of a share) which may be purchased hereunder for the Stock Purchase Price
multiplied by the number of shares to be purchased. In the event, however, that pursuant to the Company’s Certificate of Incorporation, as amended, an event causing automatic conversion of the Company’s Preferred Stock shall have occurred
prior to the exercise of this Warrant, in whole or in part, then this Warrant shall be exercisable for the number of shares of Common Stock of the Company into which the Preferred Stock not purchased upon any prior exercise of this Warrant would
have been so converted (and, where the context requires, reference to “Preferred Stock” shall be deemed to be or include such Common Stock, as may be appropriate). The Company agrees that the shares of Preferred Stock purchased under this
Warrant shall be and are deemed to be issued to the Holder hereof as the record owner of such shares as of the close of business on the date on which the form of subscription shall have been delivered and payment made for such shares. Subject to the
provisions of Section 2, certificates for the shares of Preferred Stock so purchased, together with any other securities or property to which the Holder hereof is entitled upon such exercise, shall be delivered to the Holder hereof by the
Company at the Company’s expense within a reasonable time after the rights represented by this Warrant have been so exercised. Except as provided in clause (b) of this Section 1, in case of a purchase of less than all the shares which
may be purchased under this Warrant, the Company shall cancel this Warrant and execute and deliver a new Warrant or Warrants of like tenor for the balance of the shares purchasable under this Warrant surrendered upon such purchase to the Holder
hereof within a reasonable time. Each stock certificate so delivered shall be in such denominations of Preferred Stock as may be requested by the Holder hereof and shall be registered in the name of such Holder or such other name as shall be
designated by such Holder, subject to the limitations contained in Section 2. 
 (b) The Holder, in lieu of
exercising this Warrant by the cash payment of the Stock Purchase Price pursuant to clause (a) of this Section 1, may elect, at any time on or before the Expiration Date, to surrender this Warrant and receive that number of shares of
Preferred Stock equal to the quotient of: (i) the difference between (A) the Per Share Price (as hereinafter defined) of the Preferred Stock, less (B) the Stock Purchase Price then in effect, multiplied by the number of shares of
Preferred Stock the Holder would otherwise have been entitled to purchase hereunder pursuant to clause (a) of this Section 1 (or such lesser number of shares as the Holder may designate in the case of a partial exercise of this Warrant);
over (ii) the Per Share Price. Election to exercise under this clause (b) may be made by delivering a signed form of subscription to the Company via facsimile, to be followed by delivery of this Warrant. This Warrant shall be deemed
exercised and surrendered pursuant to this clause (b) upon the happening of the conditions described in the proviso of Section 4.3 hereof. 
 (c) For purposes of clause (b) of this Section 1, “Per Share Price” means the product of: (i) the greater of (A) the closing price of the securities issuable upon conversion
of the Preferred Stock, as quoted by NASDAQ or listed on any exchange, whichever is applicable, as published in the Western Edition of The Wall Street Journal for the trading day immediately prior to the date of the Holder’s election
hereunder or, (B) if applicable at the time of or in connection with the exercise under clause (b) of this Section 1, the gross sales price of one share of the Company’s Common Stock pursuant to a registered public offering or
that amount which stockholders of the Company will receive for each share of Common Stock pursuant to a merger, reorganization or 

  
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sale of assets; and (ii) that number of shares of Common Stock into which each share of Preferred Stock is convertible. If the securities issuable upon conversion of the Preferred Stock are
not quoted by NASDAQ or listed on an exchange and none of the above clauses apply, the Per Share Price of the Preferred Stock (or the equivalent number of shares of Common Stock into which such Preferred Stock is convertible) shall be the price per
share which the Company would obtain from a willing buyer for shares sold by the Company from authorized but unissued shares as such price shall be agreed upon by the Holder and the Company or, if agreement cannot be reached within ten
(10) business days of the Holder’s election hereunder, as such price shall be determined by a panel of three (3) appraisers, one (1) to be chosen by the Company, one (1) to be chosen by the Holder and the third to be chosen
by the first two (2) appraisers. If the appraisers cannot reach agreement within 30 days of the Holder’s election hereunder, then each appraiser shall deliver its appraisal and the appraisal which is neither the highest nor the lowest
shall constitute the Per Share Price. In the event either party fails to choose an appraiser within 30 days of the Holder’s election hereunder, then the appraisal of the sole appraiser shall constitute the Per Share Price. Each party shall bear
the cost of the appraiser selected by such party and the cost of the third appraiser shall be borne one-half by each party. In the event either party fails to choose an appraiser, the cost of the sole appraiser shall be borne one-half by each party.

 2. Limitation on Transfer. 
 (a) This Warrant and the Preferred Stock shall not be transferable except upon the conditions specified in this Section 2, which conditions are intended to insure compliance with the provisions of
the Securities Act. Each holder of this Warrant or the Preferred Stock issuable hereunder will cause any proposed transferee of the Warrant or Preferred Stock to agree to take and hold such securities subject to the provisions and upon the
conditions specified in this Section 2. Notwithstanding the foregoing and any other provision of this Section 2, Holder may freely transfer all or part of this Warrant or the shares issuable upon exercise of this Warrant (or the securities
issuable, directly or indirectly, upon conversion of the shares, if any) at any time to any lender transferee of a portion of the loan commitment of Venture Lending & Leasing IV, Inc. under the Loan Agreement, by giving the Company notice
of the portion of the Warrant being transferred setting forth the name, address and taxpayer identification number of the transferee and surrendering this warrant to the Company for reissuance to the transferees(s) (and Holder, if applicable).

 (b) Each certificate representing (i) this Warrant, (ii) the Preferred Stock, (iii) shares of
the Company’s Common Stock issued upon conversion of the Preferred Stock and (iv) any other securities issued in respect to the Preferred Stock or Common Stock issued upon conversion of the Preferred Stock upon any stock split, stock
dividend, recapitalization, merger, consolidation or similar event, shall (unless otherwise permitted by the provisions of this Section 2 or unless such securities have been registered under the Securities Act or sold under Rule 144) be stamped
or otherwise imprinted with a legend substantially in the following form (in addition to any legend required under applicable state securities laws): 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE AND DISTRIBUTION THEREOF, AND HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OR ANY STATE SECURITIES LAWS. SUCH SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN OPINION OF COUNSEL IN A FORM REASONABLY ACCEPTABLE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED DUE TO AN
EXEMPTION THEREFROM UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 
 (c) The Holder of this Warrant
and each person to whom this Warrant is subsequently transferred represents and warrants to the Company (by acceptance of such transfer) that it will not transfer this Warrant (or securities issuable upon exercise hereof unless a registration
statement under the Securities Act was in effect with respect to such securities at the time of issuance thereof) except pursuant to (i) an effective registration statement under the Securities Act, (ii) Rule 144 under the Securities Act
(or any other rule under the Securities Act relating to the disposition of securities), or (iii) an opinion of counsel, reasonably satisfactory to counsel for the Company, that an exemption from such registration is available. 

  
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 3. Shares to be Fully Paid; Reservation of Shares. The Company covenants and agrees
that all shares of Preferred Stock which may be issued upon the exercise of the rights represented by this Warrant will, upon issuance, be duly authorized, validly issued, fully paid and nonassessable and free from all preemptive rights of any
stockholder and free of all taxes, liens and charges with respect to the issue thereof. The Company further covenants and agrees that during the period within which the rights represented by this Warrant may be exercised, the Company will at all
times have authorized and reserved, for the purpose of issue or transfer upon exercise of the subscription rights evidenced by this Warrant, a sufficient number of shares of authorized but unissued Preferred Stock, or other securities and property,
when and as required to provide for the exercise of the rights represented by this Warrant. The Company will take all such action as may be necessary to assure that such shares of Preferred Stock may be issued as provided herein without violation of
any applicable law or regulation, or of any requirements of any domestic securities exchange upon which the Preferred Stock may be listed. The Company will not take any action which would result in any adjustment of the Stock Purchase Price (as
defined in Section 4 hereof) (i) if the total number of shares of Preferred Stock issuable after such action upon exercise of all outstanding warrants, together with all shares of Preferred Stock then outstanding and all shares of
Preferred Stock then issuable upon exercise of all options and upon the conversion of all convertible securities then outstanding, would exceed the total number of shares of Preferred Stock then authorized by the Company’s Certificate of
Incorporation, (ii) if the total number of shares of Common Stock issuable after such action upon the conversion of all such shares of Preferred Stock together with all shares of Common Stock then outstanding and then issuable upon exercise of
all options and upon the conversion of all convertible securities then outstanding would exceed the total number of shares of Common Stock then authorized by the Company’s Certificate of Incorporation or (iii) if the par value per share of
the Preferred Stock would exceed the Stock Purchase Price. 
 4. Adjustment of Stock Purchase Price and Number of Shares.
The Stock Purchase Price and the number of shares purchasable upon the exercise of this Warrant shall be subject to adjustment from time to time upon the occurrence of certain events described in this Section 4. Upon each adjustment of the
Stock Purchase Price, the Holder of this Warrant shall thereafter be entitled to purchase, at the Stock Purchase Price resulting from such adjustment, the number of shares obtained by multiplying the Stock Purchase Price in effect immediately prior
to such adjustment by the number of shares purchasable pursuant hereto immediately prior to such adjustment, and dividing the product thereof by the Stock Purchase Price resulting from such adjustment. 

4.1 Subdivision or Combination of Stock. In case the Company shall at any time subdivide its outstanding shares of
Preferred Stock into a greater number of shares, the Stock Purchase Price in effect immediately prior to such subdivision shall be proportionately reduced, and conversely, in case the outstanding shares of Preferred Stock of the Company shall be
combined into a smaller number of shares, the Stock Purchase Price in effect immediately prior to such combination shall be proportionately increased. 
 4.2 Dividends in Preferred Stock, Other Stock, Property, Reclassification. If at any time or from time to time the holders of Preferred Stock (or any shares of stock or other securities at the time
receivable upon the exercise of this Warrant) shall have received or become entitled to receive, without payment therefor, 
 (a) Preferred Stock, or any shares of stock or other securities whether or not such securities are at any time directly or indirectly convertible into or exchangeable for Preferred Stock, or any rights or
options to subscribe for, purchase or otherwise acquire any of the foregoing by way of dividend or other distribution, or 
 (b) any cash paid or payable otherwise than as a cash dividend, or 

(c) Preferred Stock or other or additional stock or other securities or property (including cash) by way of spin off,
split-up, reclassification, combination of shares or similar corporate rearrangement, (other than shares of Preferred Stock issued as a stock split, adjustments in respect of which shall be covered by the terms of Section 4.1 above),


  
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 Then and in each such case, the Holder hereof shall, upon the exercise of this Warrant, be entitled to
receive, in addition to the number of shares of Preferred Stock receivable thereupon, and without payment of any additional consideration therefore, the amount of stock and other securities and property (including cash in the cases referred to in
clauses (b) and (c) above) which such Holder would hold on the date of such exercise had he been the holder of record of such Preferred Stock as of the date on which holders of Preferred Stock received or became entitled to receive such
shares and/or all other additional stock and other securities and property. 
 4.3 Reorganization,
Reclassification, Consolidation, Merger or Sale. If any capital reorganization of the capital stock of the Company, or any consolidation or merger of the Company with another corporation, or the sale of all or substantially all of its assets to
another corporation shall be effected in such a way that holders of Preferred Stock shall be entitled to receive stock, securities or assets with respect to or in exchange for Preferred Stock (“Corporate Event”), then, as a condition of
such Corporate Event, lawful and adequate provisions shall be made whereby the holder hereof shall thereafter have the right to purchase and receive (in lieu of the shares of the Preferred Stock of the Company immediately theretofore purchasable and
receivable upon the exercise of the rights represented hereby) such shares of stock, securities or assets as may be issued or payable with respect to or in exchange for a number of outstanding shares of such Preferred Stock equal to the number of
shares of such stock immediately theretofore purchasable and receivable upon the exercise of the rights represented hereby provided, however, that if in the event of a merger of the Company in which the Company is not the surviving entity (1)
the acquiring company makes the exercise or termination of this Warrant an express condition of the merger and (2) the surviving entity does not assume any other outstanding options, warrants or other convertible securities of the Company, then this
Warrant shall be deemed exercised in accordance with the provisions of section 1(b) upon the closing of the Corporate Event. In any such case (where the Warrant is not deemed exercised), appropriate provision shall be made with respect to the rights
and interests of the holder of this Warrant to the end that the provisions hereof (including, without limitation, provisions for adjustments of the Stock Purchase Price and of the number of shares purchasable and receivable upon the exercise of this
Warrant) shall thereafter be applicable, as nearly as may be possible, in relation to any shares of stock, securities or assets thereafter deliverable upon the exercise hereof. The Company will not effect any such consolidation, merger or sale
unless, prior to the consummation thereof, the successor corporation (if other than the Company) resulting from such consolidation or the corporation purchasing such assets shall assume by written instrument, executed and mailed or delivered to the
registered Holder hereof at the last address of such Holder appearing on the books of the Company, the obligation to deliver to such Holder such shares of stock, securities or assets as, in accordance with the foregoing provisions, such Holder may
be entitled to purchase. 
 4.4 Sale or Issuance Below Purchase Price. The other antidilution rights
applicable to the shares of series Preferred Stock purchasable hereunder are set forth in the Company’s Certificate of Incorporation, as amended through the date hereof (the “Charter”). Such antidilution rights shall not be restated,
amended, modified or waived in any manner without the Holder’s prior written consent if the effect of such restatement, amendment, modification or waiver on the Holder hereof would be more adverse to the Holder hereof than, and substantially
dissimilar to, its effect on the other holders of the same series of the Company’s Preferred Stock. The Company shall promptly provide the Holder hereof with any restatement, amendment, modification or waiver of the Charter promptly after the
same has been made. If in connection with any non-public offering of equity securities of the Company after the original date of issuance of this Warrant at a price per share lower than the Stock Purchase Price then in effect (such offering being
referred to herein as a “Down Round”), the holders of a requisite percentage of shares of Preferred Stock waive any anti-dilution protections that would otherwise have been available to such stockholders under the Charter on account of the
issuance of securities in the Down Round, the Company shall afford the Holder the opportunity to purchase up to that number of shares of equity securities of the Company to be sold through the Down Round as will enable the Holder to own or acquire
immediately after completion of the Down Round the same percentage of the equity securities of the Company (on a fully diluted basis) as the Holder owned and/or had the right to purchase under this Warrant immediately prior to commencement of the
Down Round offering. In this regard, the Company shall provide written notice to the Holder reasonably in advance of a proposed Down Round, which notice shall state, to the extent then known by the Company, the number and type of shares of equity
securities proposed to be sold through the Down Round and the per share price, and shall establish a deadline, not less than 20 days after the giving of such notice, by which the Holder must deliver its written election to purchase shares in the
Down Round. The per share price payable by the Holder in the Down Round shall be the same per share price payable by the lead investor in the Down Round. If the Company fails timely to afford the Holder the opportunity to participate in the Down
Round in the foregoing manner, then the Holder shall be entitled, upon conversion of the Preferred Stock issuable under this Warrant, to the full benefit of any and all antidilution protections that were waived by the holders of Preferred Stock in
connection with the Down Round. 

  
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 4.5 Notice of Adjustment. Upon any adjustment of the Stock Purchase
Price, and/or any increase or decrease in the number of shares purchasable upon the exercise of this Warrant the Company shall give written notice thereof, by first class mail, postage prepaid, addressed to the registered holder of this Warrant at
the address of such holder as shown on the books of the Company. The notice, which may be substantially in the form of Exhibit “A” attached hereto, shall be signed by the Company’s chief financial officer and shall state the Stock
Purchase Price resulting from such adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of this Warrant, setting forth in reasonable detail the method of calculation and the facts upon
which such calculation is based. 
 4.6 Other Notices. If at any time: 

(a) the Company shall declare any cash dividend upon its Preferred Stock; 

(b) the Company shall declare any dividend upon its Preferred Stock payable in stock or make any special dividend or other
distribution to the holders of its Preferred Stock; 
 (c) the Company shall offer for subscription pro rata to
the holders of its Preferred Stock any additional shares of stock in connection with a Down Round or additional shares of stock of any class or other rights; 
 (d) there shall be any capital reorganization or reclassification of the capital stock of the Company, or consolidation or merger of the Company with, or sale of all or substantially all of its assets to,
another entity; 
 (e) there shall be a voluntary or involuntary dissolution, liquidation or winding-up of the
Company; or 
 (f) the Company shall take or propose to take any other action, notice of which is actually
provided to holders of the Preferred Stock; 
 then, in any one or more of said cases, the Company shall give, by first class mail, postage
prepaid, addressed to the Holder of this Warrant at the address of such Holder as shown on the books of the Company, (i) at least 20 day’s prior written notice of the date on which the books of the Company shall close or a record shall be
taken for such dividend, distribution or subscription rights or for determining rights to vote in respect of any such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up, or other action and
(ii) in the case of any such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up, or other action, at least 20 day’s written notice of the date when the same shall take place. Any notice
given in accordance with the foregoing clause (i) shall also specify, in the case of any such dividend, distribution or subscription rights, the date on which the holders of Preferred Stock shall be entitled thereto. Any notice given in
accordance with the foregoing clause (ii) shall also specify the date on which the holders of Preferred Stock shall be entitled to exchange their Preferred Stock for securities or other property deliverable upon such reorganization,
reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up, or other action as the case may be. 
 4.7 Certain Events. If any change in the outstanding Preferred Stock of the Company or any other event occurs as to which the other provisions of this Section 4 are not strictly applicable or
if strictly applicable would not fairly effect the adjustments to this Warrant in accordance with the essential intent and principles of such provisions, then the Board of Directors of the Company shall make in good faith an adjustment in the number
and class of shares issuable under this Warrant, the Stock Purchase Price and/or the application of such provisions, in accordance with such essential intent and principles, so as to protect such purchase rights as aforesaid. The adjustment shall be
such as will give the Holder of this Warrant upon exercise for the same aggregate Stock Purchase Price the total number, class and kind of shares as the Holder would have owned had this Warrant been exercised prior to the event and had the Holder
continued to hold such shares until after the event requiring adjustment. 

  
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 5. Issue Tax. The issuance of certificates for shares of Preferred Stock upon the
exercise of this Warrant shall be made without charge to the Holder of this Warrant for any issue tax in respect thereof; provided, however, that the Company shall not be required to pay any tax which may be payable in respect of any transfer
involved in the issuance and delivery of any certificate in a name other than that of the then Holder of this Warrant being exercised. 
 6. Closing of Books. The Company will at no time close its transfer books against the transfer of this Warrant or of any shares of Preferred Stock issued or issuable upon the exercise of this
Warrant in any manner which interferes with the timely exercise of this Warrant. 
 7. No Voting or Dividend Rights;
Limitation of Liability. Nothing contained in this Warrant shall be construed as conferring upon the Holder hereof the right to vote or to consent as a stockholder in respect of meetings of stockholders for the election of directors of the
Company or any other matters or any rights whatsoever as a stockholder of the Company. No dividends or interest shall be payable or accrued in respect of this Warrant or the interest represented hereby or the shares purchasable hereunder until, and
only to the extent that, this Warrant shall have been exercised. No provisions hereof, in the absence of affirmative action by the Holder to purchase shares of Preferred Stock, and no mere enumeration herein of the rights or privileges of the Holder
hereof, shall give rise to any liability of such Holder for the Stock Purchase Price or as a stockholder of the Company, whether such liability is asserted by the Company or by its creditors. 

8. Amendment of Articles of Incorporation. Unless the holder of this Warrant consents thereto in writing, the Company shall not
amend its Articles of Incorporation prior to the exercise of this Warrant if the rights of the Holder with respect to the Preferred Stock would be adversely affected by such amendment in a manner more adverse to the Holder than, or substantially
dissimilar to, the effect of the amendment upon other holders of the Preferred Stock. 
 9. Registration Rights. The
Holder hereof shall be entitled, with respect to the shares of Preferred Stock issued upon exercise hereof or the shares of Common Stock or other securities issued upon conversion of such Preferred Stock as the case may be, to all of the
registration rights set forth in the Investors Rights Agreement dated as of January 30, 2004 (the “Rights Agreement”), to the same extent and on the same terms and conditions as possessed by the investors thereunder with the following
exceptions and clarifications: (i) the Holder will have no demand registration rights; (ii) the Holder will be subject to the same provisions regarding indemnification and Market Stand-off as contained in the Rights Agreement; and
(iii) the registration rights are freely assignable by the Holder of this Warrant in connection with a permitted transfer of this Warrant or the shares issuable upon exercise hereof. The Company shall take such action as may be reasonably
necessary to assure that the granting of such registration rights to the Holder does not violate the provisions of the Rights Agreement or any of the Company’s charter documents or rights of prior grantees of registration rights. 

10. Rights and Obligations Survive Exercise of Warrant. The rights and obligations of the Company, of the Holder of this Warrant
and of the holder of shares of Preferred Stock issued upon exercise of this Warrant, contained in Sections 6, 8 and 9 shall survive the exercise of this Warrant. 
 11. Modification and Waiver. This Warrant and any provision hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by the party against which enforcement of
the same is sought. 
 12. Notices. Any notice, request or other document required or permitted to be given or delivered
to the Holder hereof or the Company shall be deemed to have been given (i) upon receipt if delivered personally or by courier (ii) upon confirmation of receipt if by telecopy or (iii) three business days after deposit in the US mail,
with postage prepaid and certified or registered, to each such Holder at its address as shown on the books of the Company or to the Company at the address indicated therefor in the first paragraph of this Warrant. 

  
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 13. Binding Effect on Successors. This Warrant shall be binding upon any corporation
succeeding the Company by merger, consolidation or acquisition of all or substantially all of the Company’s assets. All of the obligations of the Company relating to the Preferred Stock issuable upon the exercise of this Warrant shall survive
the exercise and termination of this Warrant. All of the covenants and agreements of the Company shall inure to the benefit of the successors and assign of the holder hereof. The Company will, at the time of the exercise of this Warrant, in whole or
in part, upon request of the Holder hereof but at the Company’s expense, acknowledge in writing its continuing obligation to the Holder hereof in respect of any rights (including, without limitation, any right to registration of the shares of
Common Stock) to which the holder hereof shall continue to be entitled after such exercise in accordance with this Warrant; provided, that the failure of the holder hereof to make any such request shall not affect the continuing obligation of the
Company to the Holder hereof in respect of such rights. 
 14. Descriptive Headings and Governing Law. The descriptive
headings of the several sections and paragraphs of this Warrant are inserted for convenience only and do not constitute a part of this Warrant. This Warrant shall be construed and enforced in accordance with, and the rights of the parties shall be
governed by, the laws of the State of California. 
 15. Lost Warrants or Stock Certificates. The Company represents and
warrants to the Holder hereof that upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction, or mutilation of any Warrant or stock certificate and, in the case of any such loss, theft or destruction, upon
receipt of an indemnity reasonably satisfactory to the Company, or in the case of any such mutilation upon surrender and cancellation of such Warrant or stock certificate, the Company at its expense will make and deliver a new Warrant or stock
certificate, of like tenor, in lieu of the lost, stolen, destroyed or mutilated Warrant or stock certificate. 
 16.
Fractional Shares. No fractional shares shall be issued upon exercise of this Warrant. The Company shall, in lieu of issuing any fractional share, pay the holder entitled to such fraction a sum in cash equal to such fraction multiplied by the
then effective Stock Purchase Price. 
 17. Representations of Holder. With respect to this Warrant, Holder represents
and warrants to the Company as follows: 
 17.1 Experience. It is experienced in evaluating and investing
in companies engaged in businesses similar to that of the Company; it understands that investment in this Warrant involves substantial risks; it has made detailed inquiries concerning the Company, its business and services, its officers and its
personnel; the officers of the Company have made available to Holder any and all written information it has requested; the officers of the Company have answered to Holder’s satisfaction all inquiries made by it; in making this investment it has
relied upon information made available to it by the Company; and it has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of investment in the Company and it is able to bear the
economic risk of that investment. 
 17.2 Investment. It is acquiring this Warrant for investment for its
own account and not with a view to, or for resale in connection with, any distribution thereof. It understands that this Warrant, the shares of Preferred Stock issuable upon exercise thereof and the shares of Common Stock issuable upon conversion of
the Preferred Stock, have not been registered under the Securities Act, nor qualified under applicable state securities laws. 
 17.3 Rule 144. It acknowledges that this Warrant, the Preferred Stock and the Common Stock must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption
from such registration is available. It has been advised or is aware of the provisions of Rule 144. promulgated under the Securities Act. 

  
 8 








 17.4 Access to Data. It has had an opportunity to discuss the
Company’s business, management and financial affairs with the Company’s management and has had the opportunity to inspect the Company’s facilities. 
 18. Additional Representations and Covenants of the Company. The Company hereby represents, warrants and agrees as follows: 

18.1 Corporate Power. The Company has all requisite corporate power and corporate authority to issue this Warrant
and to carry out and perform its obligations hereunder. 
 18.2 Authorization. All corporate action on the
part of the Company, its directors and stockholders necessary for the authorization, execution, delivery and performance by the Company of this has been taken. This Warrant is a valid and binding obligation of the Company, enforceable in accordance
with its terms. 
 18.3 Offering. Subject in part to the truth and accuracy of Holder’s
representations set forth in Section 17 hereof, the offer, issuance and sale of this Warrant is, and the issuance of Preferred Stock upon exercise of this Warrant and the issuance of Common Stock upon conversion of the Preferred Stock will be
exempt from the registration requirements of the Securities Act, and are exempt from the qualification requirements of any applicable state securities laws; and neither the Company nor anyone acting on its behalf will take any action hereafter mat
would cause the loss of such exemptions. 
 18.4 Stock Issuance. Upon exercise of this Warrant, the
Company will use its best efforts to cause stock certificates representing the shares of Preferred Stock purchased pursuant to the exercise to be issued in the names of Holder, its nominees or assignees, as appropriate at the time of such exercise.
Upon conversion of the shares of Preferred Stock into shares of Common Stock, the Company will issue the Common Stock in the names of Holder, its nominees or assignees, as appropriate. 

18.5 Certificates and By-Laws. The Company has provided Holder with true and complete copies of the Company’s
Certificate of Incorporation, By-Laws, and each Certificate of Designation or other charter document setting, forth any rights, preferences and privileges of Company’s capital stock, each as amended and in effect on the date of issuance of this
Warrant. 
 18.6 Conversion of Preferred Stock. As of the date hereof, each share of the Preferred Stock
is convertible into one share of the Common Stock. 
 18.7 Financial and Other Reports. From time to time
up to the earlier of the Expiration Date or the complete exercise of this Warrant, the Company shall furnish to Holder (i) within 90 days after the close of each fiscal year of the Company an audited balance sheet and statement of changes in
financial position at and as of the end of such fiscal year, together with an audited statement of income for such fiscal year; (ii) within 45 days after the close of each fiscal quarter of the Company, an unaudited balance sheet and statement
of cash flows at and as of the end of such quarter, together with an unaudited statement of income for such quarter; and (iii) promptly after sending, making available, or filing, copies of all reports, proxy statements, and financial
statements that the Company sends or makes available to its stockholders and all registration statements and reports that the Company files with the SEC or any other governmental or regulatory authority. 

IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by its officers, thereunto duly authorized this 29th day of October
2004. 
  

			
	LIPOSCIENCE, INC.
		
	By:	 	/s/ Lucy G. Martindale
		
	Title:	 	Chief Financial Officer


  
 9 








 FORM OF SUBSCRIPTION 
 (To be signed only upon exercise of Warrant) 
  

	To:	LIPOSCIENCE, INC. 

  

	 ̈	The undersigned, the holder of the within Warrant, hereby irrevocably elects to exercise the purchase right represented by such Warrant for, and to purchase thereunder,
(1) See Below                      (             ) shares (the
“Shares”) of Stock of                      and herewith makes payment of
                     Dollars ($                 )
therefor, and requests that the certificates for such shares be issued in the name of, and delivered to,                 , whose address is
                    . 

  

	 ̈	The undersigned hereby elects to convert                     
percent (__%) of the value of the Warrant pursuant to the provisions of Section 1(b) of the Warrant. 

 The undersigned
acknowledges that it has reviewed the representations and warranties contained in Section 17 of this Warrant and by its signature below hereby makes such representations and warranties to the Company. 

 

			
	Dated	 	 
	Holder:  	 	 
	By:	 	 
	Its:	 	 



			
		 	
	(Address)	 	
	
	 
	
	 


  

	(1)	Insert here the number of shares called for on the face of the Warrant (or, in the case of a partial exercise, the portion thereof as to which the Warrant is being
exercised), in either case without making any adjustment for additional Preferred Stock or any other stock or other securities or property or cash which, pursuant to the adjustment provisions of the Warrant, may be issuable upon exercise.









 ASSIGNMENT 
 FOR VALUE RECEIVED, the undersigned, the holder of the within Warrant, hereby sells, assigns and transfers all of the rights of the undersigned under the within Warrant, with respect to the number of
shares of Preferred Stock covered thereby set forth herein below, unto: 
  

					
	 Name of Assignee
	  	 Address
	  	No. of Shares


 

			
	Dated	 	 
	Holder:  	 	 
	By:	 	 
	Its:	 	 









 EXHIBIT “A” 

[On letterhead of the Company] 
 Reference is hereby made to that certain Warrant dated October 29, 2004 issued by LIPOSCIENCE, INC., a Delaware corporation (the “Company”), to VENTURE LENDING & LEASING IV, INC.,
a Maryland corporation (the “Holder”). 
 [IF APPLICABLE] The Warrant provides that the actual number of shares of the
Company’s capital stock issuable upon exercise of the Warrant and the initial exercise price per share are to be determined by reference to one or more events or conditions subsequent to the issuance of the Warrant. Such events or conditions
have now occurred or lapsed, and the Company wishes to confirm the actual number of shares issuable and the initial exercise price. The provisions of this Supplement to Warrant are incorporated into the Warrant by this reference, and shall control
the interpretation and exercise of the Warrant. 
 [IF APPLICABLE] Notice is hereby given pursuant to Section 4.5 of the
Warrant that the following adjustment(s) have been made to the Warrant: [describe adjustments, setting forth details regarding method of calculation and facts upon which calculation is based]. 

This certifies that the Holder is entitled to purchase from the Company
                    
(                     ) fully paid and nonassessable shares of the Company’s
                     Stock at a price of
                     Dollars
($                    ) per share (the “Stock Purchase Price”). The Stock Purchase Price and the number of shares purchasable under
the Warrant remain subject to adjustment as provided in Section 4 of the Warrant. 
 Executed this
         day of                     , 200    . 

 

			
	LIPOSCIENCE, INC.
		
	 By:
	 	 
	Name:  	 	 
	 Title: