# EDGAR Filing Document

**Accession Number:** 0001817713
**File Stem:** 0001193125-26-212146
**Filing Date:** 2026-5
**Character Count:** 945331
**Document Hash:** 478c9d87c76d99067cb0d1c6f6f8606a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-212146.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001193125-26-212146

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 50

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Janux Therapeutics, Inc.
- **CENTRAL INDEX KEY:** 0001817713
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 822289112
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40475
- **FILM NUMBER:** 26954170

**BUSINESS ADDRESS:**
- **STREET 1:** 10955 VISTA SORRENTO PARKWAY
- **STREET 2:** SUITE 200
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92130
- **BUSINESS PHONE:** (858) 751-4493

**MAIL ADDRESS:**
- **STREET 1:** 10955 VISTA SORRENTO PARKWAY
- **STREET 2:** SUITE 200
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92130

?xml version='1.0' encoding='ASCII'? 10-Q

[**<u>**Table of Contents**</u>**](#toc_page)

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

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**FORM** 10-Q

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**(Mark One)**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the quarterly period ended** **March 31,** 2026

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from to** 

**Commission File Number:** 001-40475

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Janux Therapeutics, Inc.

**(Exact Name of Registrant as Specified in its Charter)**

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---

| | |
|:---|:---|
| Delaware | 82-2289112 |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(I.R.S. Employer<br>Identification No.)** |
| 10955 Vista Sorrento Parkway, Suite 200**,** San Diego**,** California | 92130 |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (**858**)** 751-4493

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Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br>**Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, $0.001 par value per share | JANX | The Nasdaq Global Market |

---

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐

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

---

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

---

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 5, 2026, the Registrant had 60,984,354 shares of common stock, $0.001 par value per share, outstanding.

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[**<u>**Table of Contents**</u>**](#toc_page)

**JANUX THERAPEUTICS, INC.**

**Quarterly Report on Form 10-Q**

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;**Page** |
| **PART I.** | FINANCIAL INFORMATION |  |
| Item 1. | [<u>Financial Statements:</u>](#i_item1) | 1 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Condensed Balance Sheets</u>](#condensed_balance_sheets) | 1 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Unaudited Condensed Statements of Operations and Comprehensive Loss</u>](#statements_of_operations_and_comp_loss) | 2 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Unaudited Condensed Statements of Stockholders' Equity</u>](#sose) | 3 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Unaudited Condensed Statements of Cash Flows</u>](#statements_of_cash_flows) | 4 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[<u>Notes to Unaudited Condensed Financial Statements</u>](#notes_to_financial_statements) | 5 |
| Item 2. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#i_item2) | 21 |
| Item 3. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#i_item3) | 27 |
| Item 4. | [<u>Controls and Procedures</u>](#i_item4) | 28 |
| **PART II.** | OTHER INFORMATION |  |
| Item 1. | [<u>Legal Proceedings</u>](#ii_item1) | 29 |
| Item 1A. | [<u>Risk Factors</u>](#ii_item1a) | 29 |
| Item 2. | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#ii_item2) | 78 |
| Item 5. | [<u>Other Information</u>](#ii_item5) | 78 |
| Item 6. | [<u>Exhibits</u>](#ii_item6) | 79 |
| [<u>SIGNATURES</u>](#signatures) | [<u>SIGNATURES</u>](#signatures) | 80 |

---

i

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[**<u>**Table of Contents**</u>**](#toc_page)

**PART I—FINANCIAL INFORMATION**

**Item 1. Financial Statements.**

**Janux Therapeutics, Inc.**

**Condensed Balance Sheets**

**(in thousands, except share and par value data)**

---

| | | |
|:---|:---|:---|
|  | **March 31,<br>2026** | **December 31,<br>2025** |
| **Assets** | **(unaudited)** |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $51828 | $52334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 35000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | 904558 | 914233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 10663 | 9320 |
| Total current assets | 1002049 | 975887 |
| Restricted cash | 816 | 816 |
| Property and equipment, net | 3546 | 3852 |
| Operating lease right-of-use assets | 17870 | 18402 |
| Other long-term assets | 3944 | 2608 |
| Total assets | $1028225 | $1001565 |
| **Liabilities and Stockholders' Equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $3376 | $4971 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 15476 | 17633 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of deferred revenue | 37591 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of operating lease liabilities | 2472 | 2393 |
| Total current liabilities | 58915 | 24997 |
| Deferred revenue, net of current portion | 8676 |  |
| Operating lease liabilities, net of current portion | 19099 | 19746 |
| Total liabilities | 86690 | 44743 |
| Commitments and contingencies (Note 3) |  |  |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.001 par value; authorized shares – 10,000,000 at<br> March 31, 2026 and December 31, 2025, respectively; no shares issued<br> and outstanding at March 31, 2026 and December 31, 2025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.001 par value; authorized shares – 200,000,000 at<br> March 31, 2026 and December 31, 2025; issued and outstanding shares – 60,865,458<br> and 60,384,283 at March 31, 2026 and December 31, 2025, respectively | 60 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 1316642 | 1303828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 576 | 4316 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (375743) | (351382) |
| Total stockholders' equity | 941535 | 956822 |
| Total liabilities and stockholders' equity | $1028225 | $1001565 |

---

*See accompanying notes.*

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[**<u>**Table of Contents**</u>**](#toc_page)

**Janux Therapeutics, Inc.** 

**Unaudited Condensed Statements of Operations and Comprehensive Loss**

**(in thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
|  | **2026** | **2025** |
| Collaboration revenue | $3733 | $— |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 26813 | 25055 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 11133 | 9842 |
| Total operating expenses | 37946 | 34897 |
| Loss from operations | (34213) | (34897) |
| Other income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 9852 | 11389 |
| Total other income | 9852 | 11389 |
| Net loss | $(24361) | $(23508) |
| Other comprehensive gain (loss): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on available-for-sale securities, net | (3740) | 1593 |
| Comprehensive loss | $(28101) | $(21915) |
| Net loss per common share, basic and diluted | $(0.39) | $(0.38) |
| Weighted-average shares of common stock outstanding,<br> basic and diluted | 62665717 | 61791721 |

---

*See accompanying notes.*

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[**<u>**Table of Contents**</u>**](#toc_page)

**Janux Therapeutics, Inc.** 

**Unaudited Condensed Statements of Stockholders' Equity**

**For the Three Months Ended March 31, 2026 and 2025**

**(in thousands, except share data)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | **Additional<br>Paid-in** | **Accumulated<br>Other<br>Comprehensive** | **Accumulated** | **Total<br>Stockholders'** |
|  | **Shares** | **Amount** | **Capital** | **Income** | **Deficit** | **Equity** |
| Balance at December 31, 2025 | 60384283 | $60 | $1303828 | $4316 | $(351382) | $956822 |
| Exercise of common stock options | 360719 |  | 3545 |  |  | 3545 |
| Issuance of common stock upon settlement of restricted stock units | 120456 |  |  |  |  |  |
| Stock-based compensation |  |  | 9269 |  |  | 9269 |
| Unrealized loss on available-for-sale securities, net |  |  |  | (3740) |  | (3740) |
| Net loss |  |  |  |  | (24361) | (24361) |
| Balance at March 31, 2026 | 60865458 | $60 | $1316642 | $576 | $(375743) | $941535 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | **Additional<br>Paid-in** | **Accumulated<br>Other<br>Comprehensive** | **Accumulated** | **Total<br>Stockholders'** |
|  | **Shares** | **Amount** | **Capital** | **Income** | **Deficit** | **Equity** |
| Balance at December 31, 2024 | 59064606 | $59 | $1258316 | $2163 | $(237757) | $1022781 |
| Exercise of common stock options | 103884 |  | 901 |  |  | 901 |
| Stock-based compensation |  |  | 10702 |  |  | 10702 |
| Unrealized gain on available-for-sale securities, net |  |  |  | 1593 |  | 1593 |
| Net loss |  |  |  |  | (23508) | (23508) |
| Balance at March 31, 2025 | 59168490 | $59 | $1269919 | $3756 | $(261265) | $1012469 |

---

*See accompanying notes.*

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[**<u>**Table of Contents**</u>**](#toc_page)

**Janux Therapeutics, Inc.** 

**Unaudited Condensed Statements of Cash Flows**

**(in thousands)**

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
|  | **2026** | **2025** |
| **Cash flows from operating activities** |  |  |
| Net loss | $(24361) | $(23508) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 469 | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 9269 | 10702 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion of discounts on investments, net | (2624) | (4221) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (35000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (1343) | (700) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long-term assets | (1336) | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (1612) | (1637) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | (2030) | 1734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 46267 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets and liabilities, net | (36) | (5) |
| Net cash used in operating activities | (12337) | (17024) |
| **Cash flows from investing activities** |  |  |
| Purchases of property and equipment | (273) | (371) |
| Purchases of short-term investments | (112751) | (371291) |
| Maturities of short-term investments | 121310 | 31270 |
| Net cash provided by (used in) investing activities | 8286 | (340392) |
| **Cash flows from financing activities** |  |  |
| Proceeds from exercise of common stock options | 3545 | 901 |
| Payments of issuance costs |  | (347) |
| Net cash provided by financing activities | 3545 | 554 |
| Net decrease in cash, cash equivalents and restricted cash | (506) | (356862) |
| Cash, cash equivalents and restricted cash – beginning of year | 53150 | 431421 |
| Cash, cash equivalents and restricted cash – end of period | $52644 | $74559 |
| **Supplemental disclosure of noncash investing and financing activities** |  |  |
| Unpaid property and equipment | $25 | $237 |
| Unrealized gain (loss) on available-for-sale securities, net | $(3740) | $1593 |

---

*See accompanying notes.*

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[**<u>**Table of Contents**</u>**](#toc_page)

**Janux Therapeutics, Inc.** 

**Notes to Unaudited Condensed Financial Statements**

**1. Organization and Summary of Significant Accounting Policies** 

**Organization**

Janux Therapeutics, Inc. (the "Company") was incorporated in the State of Delaware in June 2017 and is based in San Diego, California. The Company is a clinical-stage biopharmaceutical company developing a broad pipeline of novel immunotherapies by applying its proprietary technology to its Tumor Activated T Cell Engager ("TRACTr"), Tumor Activated Immunomodulator ("TRACIr") and Adaptive Immune Response Modulator ("ARM") platforms to better treat patients suffering from cancer and autoimmune disease.

**Liquidity and Capital Resources**

From its inception through March 31, 2026, the Company has devoted substantially all its efforts to organizing and staffing, business planning, raising capital and developing its TRACTr, TRACIr and ARM therapeutic platforms and assets. The Company has incurred net losses and negative cash flows from operations since inception and had an accumulated deficit of $375.7 million as of March 31, 2026. The Company has a limited operating history, has not generated any product revenue, and the sales and income potential of its business is unproven. To date, the Company has funded its operations primarily with the net proceeds from the issuance of convertible promissory notes, the issuance of convertible preferred stock, the issuance of common stock in its initial public offering ("IPO"), the issuance of common stock and pre-funded common stock warrants in underwritten offerings, the exercise of common stock options, and amounts received under a collaboration agreement. The Company expects to incur substantial operating losses for the next several years and will need to obtain additional financing in order to continue its research and development activities, initiate and complete clinical trials and launch and commercialize any product candidates for which it receives regulatory approval. The Company plans to continue to fund its losses from operations and capital funding needs through public or private equity or debt financings or other sources. If the Company is not able to secure adequate additional funding, the Company may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, or suspend or curtail planned programs. Any of these actions could materially harm the Company's business, results of operations and future prospects. There can be no assurance that such financing will be available or will be at terms acceptable to the Company, especially in light of public health crises, financial conditions within the banking industry, including the effects of failures of financial institutions and liquidity levels, as well as changes in interest rates and the inflationary macro environment. Management believes the Company has sufficient capital to fund its operations for at least 12 months from the issuance date of these unaudited condensed financial statements.

**Unaudited Interim Financial Information**

The unaudited condensed financial statements as of March 31, 2026, and for the three months ended March 31, 2026 and 2025, have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC"), and with accounting principles generally accepted in the United States ("GAAP") applicable to interim financial statements. These unaudited condensed financial statements have been prepared on the same basis as the Company's audited financial statements and include all adjustments, consisting of only normal recurring accruals, which in the opinion of management are necessary to present fairly the Company's financial position as of the interim date and results of operations for the interim periods presented. Interim results are not necessarily indicative of results for a full year or future periods. The condensed balance sheet data as of December 31, 2025 was derived from the Company's audited financial statements but does not include all disclosures required by GAAP. These unaudited condensed financial statements should be read in conjunction with the Company's audited financial statements for the year ended December 31, 2025.

**Use of Estimates**

The Company's financial statements are prepared in accordance with GAAP. The preparation of the Company's financial statements requires it to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the Company's financial statements and accompanying notes. The most significant estimates in the Company's financial statements relate to estimates to complete the performance obligations and the estimated transaction price for collaboration revenue, accruals for clinical trials and other research and development arrangements, stock-based compensation and fair value measurements. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of revenues and expenses that are not readily apparent from other sources. The Company continues to use the best information available to update its accounting estimates. Actual results may differ materially and adversely from these estimates.

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[**<u>**Table of Contents**</u>**](#toc_page)

**Janux Therapeutics, Inc.** 

**Notes to Unaudited Condensed Financial Statements–(Continued)**

**Fair Value Measurements**

The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1: Observable inputs such as quoted prices in active markets.

Level 2: Inputs, other than the quoted prices in active markets that are observable either directly or indirectly.

Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

The carrying amounts of the Company's financial instruments, including cash and cash equivalents, restricted cash, accounts receivable, prepaid and other current assets, accounts payable, and accrued expenses, approximate fair value due to the short-term nature of those instruments. The fair value of assets classified within Level 1 is based on quoted prices in active markets as provided by the Company's investment managers. The fair value of assets classified within Level 2 is based on standard observable inputs, including reported trades, broker/dealer quotes, and bids and/or offers. The Company validates the quoted market prices provided by its investment managers by comparing the investment managers' assessment of the fair values of the Company's investment portfolio balance against the fair values of the Company's investment portfolio balance obtained from an independent source. The Company has no financial liabilities recorded at fair value on a recurring basis. None of the Company's non-financial assets or liabilities are recorded at fair value on a non-recurring basis. No transfers between levels have occurred during the periods presented.

The following tables summarize the Company's financial instruments measured at fair value on a recurring basis (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Fair Value Measurements at <br>Reporting Date Using** | **Fair Value Measurements at <br>Reporting Date Using** | **Fair Value Measurements at <br>Reporting Date Using** |
|  | **Total** | **Quoted Prices in<br>Active Markets for<br>Identical Assets <br>(Level 1)** | **Significant Other<br>Observable Inputs <br>(Level 2)** | **Significant<br>Unobservable<br>Inputs <br>(Level 3)** |
| **As of March 31, 2026:** |  |  |  |  |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash equivalents: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money market funds | $43663 | $43663 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cash equivalents | 43663 | 43663 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury securities | 146447 | 146447 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. agency bonds | 431208 |  | 431208 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate debt securities | 284034 |  | 284034 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial paper | 42869 |  | 42869 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total short-term investments | 904558 | 146447 | 758111 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money market account | 816 | 816 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total restricted cash | 816 | 816 |  |  |
| Total assets measured at fair value on a recurring basis | $949037 | $190926 | $758111 | $— |

---

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[**<u>**Table of Contents**</u>**](#toc_page)

**Janux Therapeutics, Inc.** 

**Notes to Unaudited Condensed Financial Statements–(Continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Fair Value Measurements at <br>Reporting Date Using** | **Fair Value Measurements at <br>Reporting Date Using** | **Fair Value Measurements at <br>Reporting Date Using** |
|  | **Total** | **Quoted Prices in<br>Active Markets for<br>Identical Assets <br>(Level 1)** | **Significant Other<br>Observable Inputs <br>(Level 2)** | **Significant<br>Unobservable<br>Inputs <br>(Level 3)** |
| **As of December 31, 2025:** |  |  |  |  |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash equivalents: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money market funds | $41085 | $41085 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial paper | 9478 |  | 9478 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cash equivalents | 50563 | 41085 | 9478 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury securities | 123296 | 123296 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. agency bonds | 392008 |  | 392008 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate debt securities | 317168 |  | 317168 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial paper | 81761 |  | 81761 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total short-term investments | 914233 | 123296 | 790937 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money market account | 816 | 816 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total restricted cash | 816 | 816 |  |  |
| Total assets measured at fair value on a recurring basis | $965612 | $165197 | $800415 | $— |

---

**Cash and Cash Equivalents**

The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. Cash and cash equivalents include cash in readily available checking accounts and money market funds.

**Restricted Cash**

Restricted cash consists of a money market account securing a standby letter of credit issued in connection with the Company's Torrey Plaza operating lease (as defined and described in Note 3).

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the accompanying balance sheets that sum to the amounts shown in the condensed statements of cash flows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **March 31,<br>2026** | **December 31,<br>2025** |
| Cash and cash equivalents | $51828 | $52334 |
| Restricted cash | 816 | 816 |
| Total cash and cash equivalents and restricted cash | $52644 | $53150 |

---

**Short-Term Investments**

Short-term investments consist of U.S. Treasury securities, U.S. agency bonds, corporate debt securities and commercial paper, all of which are highly rated by Moody's, S&P and Fitch. The Company has classified these investments as available-for-sale, as the sale of such investments may be required prior to maturity to implement management strategies, and therefore has classified all investment securities as current assets. Those investments with maturity dates of three months or less at the date of purchase are presented as cash equivalents in the accompanying balance sheets. Short-term investments are carried at fair value with the unrealized gains and losses included in accumulated other comprehensive income (loss) as a component of stockholders' equity until realized. Any premium or discount arising at purchase is amortized or accreted to interest income as an adjustment to yield using the straight-line method over the life of the instrument. The Company records an allowance for credit losses when unrealized losses are due to

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**Janux Therapeutics, Inc.** 

**Notes to Unaudited Condensed Financial Statements–(Continued)**

credit-related factors. Realized gains and losses are calculated using the specific identification method and recorded as interest income.

The following tables summarize short-term investments (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
|  | **Amortized** | **Unrealized** | **Unrealized** | **Estimated** |
|  | **Cost** | **Gains** | **Losses** | **Fair Value** |
| U.S. Treasury securities | $147032 | $34 | $(619) | $146447 |
| U.S. agency bonds | 430782 | 1048 | (622) | 431208 |
| Corporate debt securities | 283272 | 777 | (15) | 284034 |
| Commercial paper | 42896 | 1 | (28) | 42869 |
| Total | $903982 | $1860 | $(1284) | $904558 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Amortized** | **Unrealized** | **Unrealized** | **Estimated** |
|  | **Cost** | **Gains** | **Losses** | **Fair Value** |
| U.S. Treasury securities | $123072 | $233 | $(9) | $123296 |
| U.S. agency bonds | 389831 | 2195 | (18) | 392008 |
| Corporate debt securities | 315294 | 1874 |  | 317168 |
| Commercial paper | 81720 | 47 | (6) | 81761 |
| Total | $909917 | $4349 | $(33) | $914233 |

---

The amortized cost and estimated fair value in the tables above exclude $7.5 million and $6.4 million of accrued interest receivable as of March 31, 2026 and December 31, 2025, respectively. Accrued interest receivable is included in prepaid expenses and other current assets in the accompanying balance sheets.

Contractual maturities of available-for-sale debt securities are as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **As of March 31, 2026** | **As of March 31, 2026** |
|  | **Due in 1 Year or Less** | **Due Between 1 and 3 Years** |
| U.S. Treasury securities | $18010 | $128437 |
| U.S. agency bonds | 217840 | 213368 |
| Corporate debt securities | 217787 | 66247 |
| Commercial paper | 42869 |  |
| Total | $496506 | $408052 |

---

---

| | | |
|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Due in 1 Year or Less** | **Due Between 1 and 3 Years** |
| U.S. Treasury securities | $40011 | $83285 |
| U.S. agency bonds | 162804 | 229204 |
| Corporate debt securities | 185835 | 131333 |
| Commercial paper | 81761 |  |
| Total | $470411 | $443822 |

---

As of March 31, 2026, 53 out of 128 of our available-for-sale debt securities were in an aggregate gross unrealized loss position. The Company relies on both qualitative and quantitative factors to determine whether the unrealized loss for each available-for-sale debt security at any balance sheet date is due to a credit loss. Qualitative factors may include a credit downgrade, severity of the decline in fair value below amortized cost and other adverse conditions related specifically to the security, as well as the intent to sell the security, or whether the Company will "more likely than not" be required to sell the security before recovery of its amortized cost

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**Janux Therapeutics, Inc.** 

**Notes to Unaudited Condensed Financial Statements–(Continued)**

basis. From time to time, the market value of the Company's debt securities experience declines. This is primarily attributable to economic conditions and interest rate adjustments, rather than credit-related factors. The Company does not intend to sell any securities prior to maturity. No allowance for credit losses has been recorded as of March 31, 2026 or December 31, 2025.

There were no available-for-sale debt securities in a continuous unrealized loss position for 12 months or longer at March 31, 2026 or December 31, 2025.

**Concentrations of Credit Risk**

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and short-term investments. The Company invests its cash reserves in money market funds or available-for-sale debt securities in accordance with its investment policy. The Company's investment policy includes guidelines on acceptable investment securities, limits interest-bearing security investments to certain types of debt and money market instruments issued by the U.S. government and institutions with investment grade credit ratings and places restrictions on maturities and concentration by asset class and issuer in order to maintain appropriate diversification. In accordance with the Company's policies, the Company monitors exposure with its counterparties. The Company also maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such account and management believes that the Company is not exposed to significant credit risk.

The Company is also subject to credit risk from its accounts receivable. The Company generally does not perform evaluations of customers' financial condition and generally does not require collateral. For the three months ended March 31, 2026, all of the Company's revenue related to a single customer. As of March 31, 2026 and December 31, 2025, all of the Company's accounts receivable, if any, relate to a single customer. The Company did not recognize any revenue for the three months ended March 31, 2025.

**Deferred Revenue**

When the Company is entitled to bill its customers and receive payment from its customers in advance of its obligation to provide services or transfer goods to its customers, the Company includes the amounts in deferred revenue on its balance sheets. For further discussion, refer to the Company's revenue recognition policy below.

**Leases**

The Company determines if a contract contains a lease at the inception of the contract and evaluates each lease agreement to determine whether the lease is an operating or finance lease. For leases where the Company is the lessee, right-of-use ("ROU") assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. Liabilities from operating leases are included in current portion of operating lease liabilities, and operating lease liabilities, net of current portion on the accompanying condensed balance sheets. The Company does not have any financing leases. Short-term leases with an initial term of 12 months or less are not recorded on the condensed balance sheets. The Company does not have material short-term lease costs.

Lease liabilities are measured at the present value of the lease payments not yet paid discounted using the discount rate for the lease established at the lease commencement date. To determine the present value, the implicit rate is used when readily determinable. For those leases where the implicit rate is not provided, the Company determines an incremental borrowing rate ("IBR") based on the information available at the lease commencement date in determining the present value of lease payments. The IBR is the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. ROU assets are measured as the present value of the lease payments and also include any prepaid lease payments made and any other indirect costs incurred and exclude any lease incentives received. Lease terms may include the impact of options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term. The Company's operating leases are subject to additional variable charges, including common area maintenance, property taxes, property insurance and other variable costs. Given the variable nature of such costs, they are recognized as expense as incurred. The Company has elected the practical expedient to account for the lease and non-lease components, such as common area maintenance charges, as a single lease component for the Company's facilities leases. The Company has elected to recognize lease incentives, such as tenant improvement allowances, at the lease commencement date as a reduction to the ROU asset and lease liabilities balance until paid to it by the lessor to the extent that the lease provides a specified fixed or maximum level of reimbursement and the Company is reasonably certain to incur reimbursable costs at least equaling such amounts.

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**Janux Therapeutics, Inc.** 

**Notes to Unaudited Condensed Financial Statements–(Continued)**

**Revenue Recognition** 

The Company analyzes its collaboration arrangements to assess whether they are within the scope of ASC 808, Collaborative Arrangements ("ASC 808"), to determine whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards that are dependent on the commercial success of such activities. If the Company concludes that some or all aspects of the arrangement represent a transaction with a customer, the Company accounts for those aspects of the arrangement within the scope of ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"), as detailed below.

The Company recognizes revenue in a manner that depicts the transfer of control of a product or a service to a customer and reflects the amount of the consideration the Company is entitled to receive in exchange for such product or service. In doing so, the Company follows a five-step approach: (i) identify the contract with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations, and (v) recognize revenue when (or as) the customer obtains control of the product or service. The Company considers the terms of a contract and all relevant facts and circumstances when applying the revenue recognition standard.

A customer is a party that has entered into a contract with the Company, where the purpose of the contract is to obtain a product or a service that is an output of the Company's ordinary activities in exchange for consideration. To be considered a contract, (i) the contract must be approved (in writing, orally, or in accordance with other customary business practices), (ii) each party's rights regarding the product or the service to be transferred can be identified, (iii) the payment terms for the product or the service to be transferred can be identified, (iv) the contract must have commercial substance (that is, the risk, timing or amount of future cash flows is expected to change as a result of the contract), and (v) it is probable that the Company will collect substantially all of the consideration to which it is entitled to receive in exchange for the transfer of the product or the service.

A performance obligation is defined as a promise to transfer a product or a service to a customer. The Company identifies each promise to transfer a product or a service (or a bundle of products or services, or a series of products and services that are substantially the same and have the same pattern of transfer) that is distinct. A product or a service is distinct if both (i) the customer can benefit from the product or the service either on its own or together with other resources that are readily available to the customer and (ii) the Company's promise to transfer the product or the service to the customer is separately identifiable from other promises in the contract. Each distinct promise to transfer a product or a service is a unit of accounting for revenue recognition. If a promise to transfer a product or a service is not separately identifiable from other promises in the contract, such promises should be combined into a single performance obligation.

The transaction price is the amount of consideration the Company is entitled to receive in exchange for the transfer of control of a product or a service to a customer. To determine the transaction price, the Company considers the existence of any significant financing component, the effects of any variable elements, noncash considerations and consideration payable to the customer. If a significant financing component exists, the transaction price is adjusted for the time value of money. Certain arrangements may include reimbursement of research and development or other costs. Such reimbursements are included in the transaction price based on the Company's estimate of amounts expected to be received. If an element of variability exists, the Company must estimate the consideration it expects to receive and uses that amount as the basis for recognizing revenue as the product or the service is transferred to the customer. There are two methods for determining the amount of variable consideration: (i) the expected value method, which is the sum of probability-weighted amounts in a range of possible consideration amounts, and (ii) the mostly likely amount method, which identifies the single most likely amount in a range of possible consideration amounts.

With respect to variable consideration relating to development and regulatory milestone payments, if it is probable that a significant revenue reversal would not occur, the associated payment value is included in the transaction price. For development and regulatory milestones that are uncertain in nature and highly dependent on factors outside of our control, the aggregate consideration is determined to be fully constrained and is not included in the transaction price until the underlying events occur or the associated approvals are received. At the end of each reporting period, the Company re-evaluates the probability of achievement of each milestone and any related constraint, and if necessary, adjust our estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect the reported amount of revenues in the period of adjustment.

For arrangements that include sales-based royalties, including milestone payments based on a level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied).

If a contract has multiple performance obligations, the Company allocates the transaction price to each distinct performance obligation in an amount that reflects the consideration the Company is entitled to receive in exchange for satisfying each distinct

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**Janux Therapeutics, Inc.** 

**Notes to Unaudited Condensed Financial Statements–(Continued)**

performance obligation. For each distinct performance obligation, revenue is recognized when (or as) the Company transfers control of the product or the service applicable to such performance obligation.

For performance obligations satisfied over time, the Company recognizes revenue using an input method that measures progress based on costs incurred relative to total estimated costs, when that method best depicts the transfer of control of goods or services to the customer. Estimates of total costs are reviewed and updated each reporting period.

In those instances where the Company first receives consideration in advance of satisfying its performance obligation, the Company classifies such consideration as deferred revenue until (or as) the Company satisfies such performance obligation. In those instances where the Company first satisfies its performance obligation prior to its receipt of consideration, the consideration is recorded as accounts receivable.

The Company expenses incremental costs of obtaining and fulfilling a contract as and when incurred if the expected amortization period of the asset that would be recognized is one year or less, or if the amount of the asset is immaterial. Otherwise, such costs are capitalized as contract assets if they are incremental to the contract and amortized to expense proportionate to revenue recognition of the underlying contract.

**Research and Development Expenses**

All research and development costs are expensed in the period incurred. Payments for these activities are based on the terms of the individual agreements, which may differ from the pattern of costs incurred, and payments made in advance of performance are reflected in the accompanying condensed balance sheets as prepaid expenses. The Company records accruals for estimated costs incurred for ongoing research and development activities. When evaluating the adequacy of the accrued expenses, the Company analyzes progress of the services, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates may be made in determining the prepaid or accrued balances at the end of any reporting period. Actual results could differ from the Company's estimates.

**Clinical Trial Expenses**

The Company makes payments in connection with its clinical trials under contracts with contract research organizations that support conducting and managing clinical trials. The financial terms of these agreements are subject to negotiation and vary from contract to contract and may result in uneven payment flows. Generally, these agreements set forth the scope of work to be performed at a fixed fee, unit price or on a time and materials basis. A portion of the Company's obligation to make payments under these contracts depends on factors such as the successful enrollment of patients, treatment of patients, or the completion of other clinical trial milestones.

Expenses related to clinical trials are accrued based on the progress of the clinical trials. The Company incorporates in the expenses representations from service providers regarding work performed, including actual level of patient enrollment, completion of patient studies and progress of the clinical trials. Other incidental costs related to patient enrollment or treatment are accrued when reasonably certain. If the amounts the Company is obligated to pay under clinical trial agreements are modified (for instance, as a result of changes in the clinical trial protocol or scope of work to be performed), the Company adjusts the accruals accordingly. Revisions to the contractual payment obligations are charged to expense in the period in which the facts that give rise to the revision become reasonably certain.

**Stock-Based Compensation**

Stock-based compensation expense represents the grant date fair value of equity awards, consisting of stock options, restricted stock units ("RSUs") and employee stock purchase plan rights, recognized on a straight-line basis over the requisite service period for stock options and RSUs, and over the respective offering period for employee stock purchase plan rights. The Company estimates the fair value of stock options and employee stock purchase plan rights using the Black-Scholes option pricing model. The fair value of RSUs is based on the closing price of the Company's common stock as reported on The Nasdaq Global Market on the date of grant. The Company recognizes forfeitures for all awards as they occur.

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**Janux Therapeutics, Inc.** 

**Notes to Unaudited Condensed Financial Statements–(Continued)**

**Comprehensive Loss**

Comprehensive loss is defined as a change in equity during a period from transactions and other events and circumstances from non-owner sources. The only component of other comprehensive gain (loss) is unrealized gain (loss) on available-for-sale securities. Comprehensive losses have been reflected in the condensed statements of operations and comprehensive loss and as a separate component in the condensed statements of stockholders' equity.

**Segment Reporting**

Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker ("CODM"), or decision-making group, in making decisions on how to allocate resources and assess performance. The Company views its operations and manages its business as one operating segment, which is engaged in the research and development of a broad pipeline of novel immunotherapies. The accounting policies of the novel immunotherapies segment are the same as those described in the summary of significant accounting policies. The measure of segment profit or loss is reported on the statement of operations and comprehensive loss as net loss. The Company monitors its cash and cash equivalents and short-term investments as reported on the Company's condensed balance sheets to determine funding for its research and development. In order to allocate resources and assess performance, the Company's CODM, or President and Chief Executive Officer, regularly reviews scientific data from clinical and pre-clinical studies as well as forecasted expenses for clinical and pre-clinical programs and other projected operational expenses. No product revenue has been generated since inception and all assets are held in the United States. All revenue recognized to date has been derived from the Company's existing collaboration agreements with Merck Sharp & Dohme Corp. ("Merck") and Bristol-Myers Squibb Company ("BMS") (as defined and described in Note 5).

**Net Loss Per Share** 

Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding for the period, including pre-funded common stock warrants that were issued in underwritten offerings and vested RSUs for which deferred settlement was elected (Note 4), without consideration for potentially dilutive securities. The pre-funded common stock warrants are included in the calculation of basic and diluted net loss per share as the exercise price of $0.001 per share is non-substantive and the shares are issuable for little or no consideration. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock and dilutive common stock equivalents outstanding for the period determined using the treasury-stock and if-converted methods. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding as inclusion of the potentially dilutive securities would be anti-dilutive.

Potentially dilutive securities not included in the calculation of diluted net loss per share, because to do so would be anti-dilutive, are as follows (in common stock equivalent shares):

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| | | |
|:---|:---|:---|
|  | **As of March 31,** | **As of March 31,** |
|  | **2026** | **2025** |
| Common stock options outstanding | 10386109 | 9995064 |
| Unvested RSUs | 1142055 | 603132 |
| Employee stock purchase plan shares | 55909 | 78772 |
| Total potentially dilutive shares | 11584073 | 10676968 |

---

**Recent Accounting Pronouncements** 

In September 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract. The new standard refines the scope of derivative accounting under ASC 815 by expanding an existing scope exception to exclude certain non-exchange traded contracts with underlyings based on the operations or activities of one of the contract parties from derivative classification. The ASU also provides guidance under Topic 606 on the accounting for share-based noncash consideration received from a customer in a revenue contract, including measurement and timing considerations. ASU 2025-07 is effective for annual and interim periods beginning after December 15, 2026, with early adoption permitted. Entities may adopt prospectively for new or modified contracts after the adoption date, or modified retrospectively for contracts outstanding at adoption with a cumulative-effect adjustment to opening retained earnings. The Company early adopted ASU 2025-07 on January 1, 2026 and the adoption of the standard had no material impact on its financial statements and related disclosures.

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**Janux Therapeutics, Inc.** 

**Notes to Unaudited Condensed Financial Statements–(Continued)**

**Accounting Pronouncements Pending Adoption**

In November 2024, the FASB issued ASU 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The new standard requires public business entities to disclose disaggregated information about certain income statement expense line items. The standard is effective for the Company for annual periods beginning after December 15, 2026 and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted, however the Company does not expect to early adopt the new standard. The new standard is expected to be applied prospectively, but retrospective application is permitted. The Company is currently evaluating the impact of ASU 2024-03 on its financial statements and related disclosures.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) - Narrow-Scope Improvements. The new standard clarifies the guidance in Topic 270 to improve the consistency of interim financial reporting. The ASU provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The standard is effective for the Company for interim reporting periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of ASU 2025-11 on its financial statements and related disclosures.

**2. Balance Sheet Details**

Prepaid expenses and other current assets consist of the following (in thousands):

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| | | |
|:---|:---|:---|
|  | **March 31,<br>2026** | **December 31,<br>2025** |
| Interest receivable | $7463 | $6428 |
| Prepaid research and development | 2307 | 1854 |
| Other prepaid expenses | 893 | 1038 |
| Prepaid expenses and other current assets | $10663 | $9320 |

---

Property and equipment, net consist of the following (in thousands):

---

| | | |
|:---|:---|:---|
|  | **March 31,<br>2026** | **December 31,<br>2025** |
| Laboratory equipment | $9267 | $9317 |
| Furniture and fixtures | 792 | 792 |
| Computer equipment and software | 664 | 710 |
| Assets not placed in service | 175 |  |
| Total property and equipment | 10898 | 10819 |
| Less: accumulated depreciation | (7352) | (6967) |
| Property and equipment, net | $3546 | $3852 |

---

Accrued expenses consist of the following (in thousands):

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| | | |
|:---|:---|:---|
|  | **March 31,<br>2026** | **December 31,<br>2025** |
| Accrued research and development | $12387 | $12099 |
| Accrued compensation | 2248 | 4590 |
| Other accrued expenses | 841 | 944 |
| Accrued expenses | $15476 | $17633 |

---

**3. Commitments and Contingencies**

**License Agreement with WuXi Biologics (Hong Kong) Limited** 

In April 2021, the Company entered into a cell line license agreement ("Cell Line License Agreement") with WuXi Biologics (Hong Kong) Limited ("WuXi Biologics"), pursuant to which the Company received a non-exclusive, worldwide, sublicensable

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**Janux Therapeutics, Inc.** 

**Notes to Unaudited Condensed Financial Statements–(Continued)**

license under certain of WuXi Biologics' patent rights, know-how and biological materials ("WuXi Biologics Licensed Technology"), to use the WuXi Biologics Licensed Technology to make, use, sell, offer for sale and import certain therapeutic products produced through the use of the cell line licensed by WuXi Biologics under the Cell Line License Agreement ("WuXi Biologics Licensed Product").

In consideration for the license, the Company paid WuXi Biologics a non-refundable, one-time license fee of $0.2 million upon WuXi Biologics' achievement of a certain technical milestone. This one-time license fee was recognized as research and development expense when incurred since the WuXi Biologics Licensed Technology had no alternative future use. If the Company does not engage WuXi Biologics or its affiliates to manufacture the WuXi Biologics Licensed Products for its commercial supplies, the Company is required to make royalty payments to WuXi Biologics in an amount equal to a low single-digit percentage of specified portions of net sales of WuXi Biologics Licensed Products manufactured by a third-party manufacturer. The Company has the right (but not the obligation) to buy out its remaining royalty obligations with respect to each WuXi Biologics Licensed Product by paying WuXi Biologics a one-time payment in an amount ranging from low single digit million dollars to a maximum of $15.0 million depending on the development and commercialization stage of the WuXi Biologics Licensed Product (the "Buyout Option"), and upon such payment, the Company's license with respect to such WuXi Biologics Licensed Product will become fully paid-up, irrevocable, and perpetual. The royalty obligations will remain in effect during the term of the Cell Line License Agreement so long as the Company has not exercised the Buyout Option.

The Cell Line License Agreement will continue indefinitely unless terminated (i) by the Company upon three months' prior written notice and the Company's payment of all amounts due to WuXi Biologics through the effective date of termination, (ii) by either party for the other party's material breach that remains uncured for 30 days after written notice, and (iii) by WuXi Biologics if the Company fails to make a payment and such failure continues for 30 days after receiving notice of such failure.

**Operating Leases**

In October 2021, the Company entered into a lease agreement (the "Torrey Plaza Lease") to lease office and laboratory space in San Diego, California. The Company determined this facilities lease was an operating lease at the inception of the lease contract. According to accounting standards, the Torrey Plaza Lease commenced on April 1, 2022 and has a term of 130 months from the commencement date. The Torrey Plaza Lease provides an option to extend the term of the lease for a period of 5 years beyond the initial term, which the Company is not reasonably certain to exercise and therefore was not considered in determining the ROU assets and lease liabilities balance. The Company also has an operating lease for additional subleased office space in San Diego, California through January 2028.

As required under the terms of the Torrey Plaza Lease, in October 2021 the Company entered into a standby letter of credit, which is secured by a money market account in the amount of $0.8 million. The letter of credit is subject to draw down by the landlord upon certain events of breach or default by the Company. The letter of credit amount is subject to a 50% reduction subject to certain conditions on or following the date that is 54 months following the contractual lease commencement date.

Future minimum noncancelable operating lease payments as of March 31, 2026 are as follows (in thousands):

---

| | |
|:---|:---|
| 2026 (remaining) | $3051 |
| 2027 | 4173 |
| 2028 | 3868 |
| 2029 | 3945 |
| 2030 | 4064 |
| Thereafter | 8864 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total minimum lease payments | 27965 |
| Less: Imputed interest | (6394) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating lease liabilities | 21571 |
| Less: Current portion of operating lease liabilities | (2472) |
| Operating lease liabilities, net of current portion | $19099 |

---

The Company's operating leases had a weighted-average remaining lease term of 6.7 years and a weighted-average discount rate of 8.0% as of March 31, 2026. Operating lease expense included in the measurement of lease liabilities for the three months ended March 31, 2026 and 2025 was $1.0 million and $0.9 million, respectively. Cash paid for amounts included in the measurement of lease liabilities for the three months ended March 31, 2026 and 2025 was $1.0 million and $0.9 million, respectively.

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**Janux Therapeutics, Inc.** 

**Notes to Unaudited Condensed Financial Statements–(Continued)**

**Contingencies**

From time to time, the Company may be subject to claims or lawsuits arising in the ordinary course of business. The Company accrues a liability for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. As of March 31, 2026, the Company is not currently party to any material legal proceedings.

**4. Stockholders' Equity** 

**Shelf Registration Statement**

In May 2023, the Company entered into an ATM Equity Offering<sup>SM</sup> Sales Agreement ("Sale Agreement") with BofA Securities, Inc. ("BofA") to sell shares of common stock, from time to time, through an "at the market offering" program having an aggregate offering price of up to $150.0 million through which BofA would act as sales agent. In February 2024, the Company delivered written notice to BofA that it was suspending and terminating the prospectus related to the shares of its common stock issuable pursuant to the terms of the Sale Agreement. In May 2024, the Company filed a shelf registration statement on Form S-3ASR which included a new prospectus which covers the offering, issuance and sale of up to a maximum aggregate offering price of $150.0 million of the Company's common stock under the Sale Agreement. There was no activity from the Sale Agreement during the three months ended March 31, 2026 and 2025. As of March 31, 2026, $150.0 million of common stock remained available for sale under the Sale Agreement.

In July 2023, the Company closed an underwritten offering of 4,153,717 shares of its common stock and pre-funded warrants to purchase 583,483 shares of common stock at an exercise price of $0.001 per share. The shares of common stock were sold at a price of $12.46 per share and the pre-funded common stock warrants were sold at a price of $12.459 per pre-funded common stock warrant, resulting in gross proceeds of $59.0 million. Fees related to the offering included underwriting discounts, commissions, and offering expenses in the aggregate amount of $2.5 million, resulting in net proceeds of $56.5 million. The pre-funded common stock warrants will not expire until exercised in full and are exercisable in cash or by means of a cashless exercise.

In March 2024, the Company closed an underwritten offering of 5,397,301 shares of its common stock and pre-funded warrants to purchase 1,935,483 shares of common stock at an exercise price of $0.001 per share. The shares of common stock were sold at a price of $46.50 per share and the pre-funded common stock warrants were sold at a price of $46.499 per pre-funded common stock warrant, resulting in gross proceeds of $341.0 million. Fees related to the offering included underwriting discounts, commissions, and offering expenses in the aggregate amount of $20.9 million, resulting in net proceeds of $320.1 million. The pre-funded common stock warrants will not expire until exercised in full and are exercisable in cash or by means of a cashless exercise.

The registration statement on Form S-3ASR that the Company filed in May 2024 provides the Company with the ability to offer an unlimited amount of certain securities, including shares of its common stock, from time to time. The specific terms of any offering under the shelf registration statement are established at the time of such offering.

The Company has assessed the pre-funded common stock warrants for appropriate equity or liability classification. The pre-funded common stock warrants are equity classified because they (i) are freestanding financial instruments that are legally detachable and separately exercisable from the equity instruments, (ii) are immediately exercisable, (iii) do not embody an obligation for the Company to repurchase its shares, (iv) permit the holders to receive a fixed number of shares of common stock upon exercise, (v) are indexed to the Company's common stock and (vi) meet the equity classification criteria.

In addition, such pre-funded common stock warrants do not provide any guarantee of value or return and do not provide the warrant holders with the option to settle any unexercised warrants for cash outside of the Company's control. The pre-funded common stock warrants also include a separate provision whereby the exercisability of the warrants may be limited if, upon exercise, the warrant holder or any of its affiliates would beneficially own more than a certain percentage of the Company's outstanding common stock. The Company valued the pre-funded common stock warrants at issuance, concluding that their sale price approximated their fair value. Accordingly, the pre-funded common stock warrants are accounted for as a component of additional paid-in capital at the time of issuance.

**2017 Equity Incentive Plan**

In August 2017, the Company adopted the Janux Therapeutics, Inc. 2017 Equity Incentive Plan (the "2017 Plan"), which provided for the grant of incentive stock options, nonstatutory stock options, restricted stock awards and other stock awards to its employees, members of its board of directors and consultants. The maximum term of options granted under the 2017 Plan is ten years and, in general, the options issued under the 2017 Plan vest over a four-year period from the vesting commencement date. The 2017

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**Janux Therapeutics, Inc.** 

**Notes to Unaudited Condensed Financial Statements–(Continued)**

Plan allows for the early exercise of stock options, which may be subject to repurchase by the Company at the original exercise price. Upon the effectiveness of the 2021 Plan defined and described below, no further grants will be made under the 2017 Plan. Any outstanding awards granted under the 2017 Plan will remain subject to the terms of the 2017 Plan and applicable award agreements.

**2021 Equity Incentive Plan**

In June 2021, the Company adopted the 2021 Equity Incentive Plan (the "2021 Plan," and, together with the 2017 Plan, the "Plans"). Under the 2021 Plan, the Company may grant stock options, stock appreciation rights, restricted stock, RSUs, performance stock awards, performance cash awards and other forms of stock awards to employees, directors and consultants. The maximum term of options granted under the 2021 Plan is ten years and, in general, the options issued under the 2021 Plan vest over a four-year period from the vesting commencement date. The 2021 Plan does not permit early exercises. Any future cancellations under the 2017 Plan will become available for future issuance under the 2021 Plan. In addition, the number of shares of common stock available for issuance under the 2021 Plan automatically increases on January 1 of each calendar year through January 1, 2031, in an amount equal to 5% of the total number of shares of the Company's common stock on the last day of the calendar month before the date of each automatic increase, or a lesser number of shares determined by the Company's board of directors. As of March 31, 2026, there were 13,571,381 shares authorized for issuance under the 2021 Plan, inclusive of shares added from 2017 Plan cancellations.

**Stock Options**

A summary of the Company's stock option activity under the Plans is as follows (in thousands, except share, per share data and years):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of<br>Options** | **Weighted-<br>Average<br>Exercise Price** | **Weighted-<br>Average<br>Remaining<br>Contractual<br>Term (in years)** | **Aggregate<br>Intrinsic Value** |
| Outstanding at December 31, 2025 | 9547659 | $17.97 | 6.7 | $29596 |
| Granted | 1715370 | $13.68 |  |  |
| Exercised | (360719) | $9.83 |  |  |
| Forfeited or cancelled | (516201) | $24.36 |  |  |
| Outstanding at March 31, 2026 | 10386109 | $17.22 | 6.6 | $28499 |
| Vested and expected to vest at March 31, 2026 | 10386109 | $17.22 | 6.6 | $28499 |
| Exercisable at March 31, 2026 | 6879861 | $14.49 | 5.5 | $26264 |

---

The weighted-average grant date fair value per share of options granted during the three months ended March 31, 2026 and 2025 was $11.19 and $43.55, respectively. The total intrinsic value of stock options exercised for the three months ended March 31, 2026 and 2025 was $1.7 million and $3.0 million, respectively. As of March 31, 2026, total unrecognized stock-based compensation cost associated with option grants was $61.2 million, which is expected to be recognized over a remaining weighted-average period of approximately 2.7 years.

The assumptions used in the Black-Scholes option pricing model to determine the fair value of stock options granted under the Plans were as follows:

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| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Risk-free interest rate | 3.7% – 3.9% | 4.0% – 4.4% |
| Expected volatility | 102% – 103% | 103% – 104% |
| Expected term (in years) | 6.1 | 6.1 – 10.0 |
| Expected dividend yield |  |  |

---

*Risk-free interest rate*. The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of grant for zero coupon U.S. Treasury notes with maturities similar to the expected term of the awards.

*Expected volatility.* For options granted in the initial years following the Company's IPO, given the Company's limited historical stock price volatility data, the expected volatility assumption is based on volatilities of a peer group of similar companies whose share

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**Janux Therapeutics, Inc.** 

**Notes to Unaudited Condensed Financial Statements–(Continued)**

prices are publicly available, including the Company's historical volatility, weighted by years of available trading data within the expected term. The peer group was developed based on companies in the biotechnology industry. As sufficient historical data is now available for the Company's stock price, the Company is currently applying and will continue to apply the volatility of its own stock price in determining volatility.

*Expected term*. The expected term represents the period of time that options are expected to be outstanding. Because the Company does not have sufficient historical exercise behavior to provide a reasonable basis upon which to estimate the expected term, it determines the expected life assumption using the simplified method, for employees and nonemployee directors, which is an average of the contractual term of the option and its vesting period. The expected term for nonemployee options is generally the contractual term.

*Expected dividend yield*. The Company bases the expected dividend yield assumption on the fact that it has never paid cash dividends and has no present intention to pay cash dividends and, therefore, used an expected dividend yield of zero.

**Restricted Stock Units**

A summary of the Company's RSU activity under the 2021 Plan is as follows:

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| | | |
|:---|:---|:---|
|  | **Number of<br>RSUs** | **Weighted-<br>Average Grant Date Fair Value per Share** |
| Outstanding at December 31, 2025 | 704869 | $48.86 |
| Granted | 694680 | $13.71 |
| Vested and settled | (120456) | $57.56 |
| Forfeited or cancelled | (117892) | $35.95 |
| Outstanding at March 31, 2026<sup>(1)</sup> | 1161201 | $28.24 |

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<sup>(1)</sup> This amount includes 19,146 vested and unsettled RSUs granted to the Company's non-employee directors who have elected deferred settlement of the RSUs to a specified date following the first to occur of (i) the date that is 30 days following the date of the director's separation from service for any reason, or (ii) a change in control event.

RSU awards are share awards that, upon vesting, will deliver to the holder shares of the Company's common stock. The grant-date fair value is recognized as compensation expense over the vesting period. As of March 31, 2026, total unrecognized stock-based compensation cost associated with RSUs was $28.5 million, which is expected to be recognized over a remaining weighted-average period of approximately 3.3 years.

**2021 Employee Stock Purchase Plan**

In June 2021, the Company adopted the 2021 Employee Stock Purchase Plan (the "ESPP"), which became effective on June 10, 2021. The ESPP permits eligible employees who elect to participate in an offering under the ESPP to have up to 15% of their eligible earnings withheld, subject to certain limitations, to purchase shares of common stock pursuant to the ESPP. The price of common stock purchased under the ESPP is equal to 85% of the lower of the fair market value of the common stock at the commencement date of each offering period or the relevant date of purchase. In addition, the number of shares of common stock available for issuance under the ESPP automatically increases on January 1 of each calendar year through January 1, 2031, in an amount equal to the lesser of (i) 1% of the total number of shares of the Company's common stock on the last day of the calendar month before the date of each automatic increase and (ii) 932,000 shares; provided that before the date of any such increase, the Company's board of directors may determine that such increase will be less than the amount set forth in clauses (i) and (ii). Stock-based compensation expense related to the ESPP was immaterial for the three months ended March 31, 2026 and 2025. As of March 31, 2026, total unrecognized stock-based compensation expense related to the ESPP was $1.2 million, which is expected to be recognized over a remaining weighted-average period of approximately 1.4 years.

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**Janux Therapeutics, Inc.** 

**Notes to Unaudited Condensed Financial Statements–(Continued)**

**Stock-Based Compensation Expense**

Stock-based compensation expense has been reported in the condensed statements of operations and comprehensive loss as follows (in thousands):

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
|  | **2026** | **2025** |
| Research and development | $4540 | $5199 |
| General and administrative | 4729 | 5503 |
| Total | $9269 | $10702 |

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**Common Stock Reserved for Future Issuance**

Common stock reserved for future issuance consists of the following:

---

| | | |
|:---|:---|:---|
|  | **March 31,<br>2026** | **December 31,<br>2025** |
| Common stock options outstanding | 10386109 | 9547659 |
| RSUs outstanding | 1161201 | 704869 |
| Shares available for issuance under the Plans | 7873839 | 6630582 |
| Shares available for issuance under the ESPP | 2573523 | 1969681 |
| Pre-funded common stock warrants outstanding | 1901075 | 1901075 |
| Total | 23895747 | 20753866 |

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**5. Collaboration Revenue**

**Research Collaboration and Exclusive License Agreement with Merck**

In December 2020, the Company entered into a research collaboration and exclusive license agreement (the "Merck Agreement"), pursuant to which the Company granted Merck an exclusive, worldwide, royalty-bearing, sublicensable license to certain of its patent rights and know-how for up to two collaboration targets ("First Collaboration Target" and "Second Collaboration Target", together the "Collaboration Targets") related to next generation T cell engager immunotherapies for the treatment of cancer. In each case, once the Collaboration Targets are designated by Merck, they have the right to research, develop, make, have made, use, import, offer to sell, and sell compounds and any licensed products related thereto. Merck selected the First Collaboration Target upon execution of the Merck Agreement and selected the Second Collaboration Target in May 2022. Following the research term, Merck has the sole right to research, develop, manufacture, and commercialize the licensed compounds and products directed against the Collaboration Targets. Consideration in the Merck Agreement consists of (i) an $8.0 million non-refundable and non-creditable upfront fee, (ii) $8.0 million paid upon the selection of the Second Collaboration Target, (iii) research program funding (iv) development and regulatory milestones, (v) commercial milestones, and (vi) royalty payments. Under the Merck Agreement, the Company is eligible to receive up to an aggregate of $142.5 million per Collaboration Target in milestone payments ($285.0 million collectively for both Collaboration Targets), contingent on the achievement of certain regulatory and development milestones. Merck is also required to make milestone payments to the Company upon the successful completion of certain commercial milestones, in an aggregate amount not to exceed $350.0 million for each licensed product under either of the Collaboration Targets. The Merck Agreement provides that Merck is obligated to pay to the Company tiered royalty payments on a product-by-product and country-by-country basis, ranging from low single-digit to low teens percentage royalty rates on specified portions of annual net sales for licensed products under either of the Collaboration Targets that are commercialized. Such royalties are subject to reduction, on a product-by-product and country-by-country basis, for licensed products not covered by patent claims, or that require Merck to obtain a license to obtain a license to third-party intellectual property in order to commercialize the licensed products, or that are subject to compulsory licensing.

The Merck Agreement will terminate at the end of the calendar year in which the expiration of all royalty obligations occurs for all licensed products under the agreement. Merck has the unilateral right to terminate the Merck Agreement in its entirety or on a Collaboration Target by Collaboration Target basis at any time and for any reason upon prior written notice to the Company. Both

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**Janux Therapeutics, Inc.** 

**Notes to Unaudited Condensed Financial Statements–(Continued)**

parties have the right to terminate the agreement for an uncured material breach, certain illegal or unethical activities, and insolvency of the other party. Upon expiration of the agreement but not early termination thereof, and provided all payments due under the agreement have been made, Merck's exclusive licenses under the agreement will become fully paid-up and perpetual.

Under the Merck Agreement, the Company recognized no revenue for each of the three months ended March 31, 2026 and 2025. The Company's performance obligations related to the First Collaboration Target and Second Collaboration Target were completed in March 2023 and August 2024, respectively.

**Exclusive License and Collaboration Agreement with BMS**

In January 2026, the Company entered into an exclusive license and collaboration agreement (the "BMS Agreement") with Bristol-Myers Squibb Company ("BMS") to develop and commercialize an undisclosed, novel tumor-activated therapeutic targeting a validated solid tumor antigen expressed across several human cancer types ("BMS Collaboration Target"). Under the BMS Agreement, the Company granted BMS an exclusive, sublicensable, royalty-bearing license, under the relevant patents and know-how owned or in-licensed by the Company, to develop, manufacture, commercialize and otherwise exploit a tumor-activated therapeutic targeting the BMS Collaboration Target ("Licensed Compounds", and products containing Licensed Compounds, "Licensed Products") worldwide for all uses. The Company is responsible for conducting, at the Company's own expense and pursuant to an agreed joint development plan, pre-clinical development until IND submission for one Licensed Compound. In addition the Company will manufacture and supply Licensed Products to BMS for early clinical development leading up to IND submission. Thereafter, BMS will have the sole right, at its own expense, to develop, manufacture and commercialize Licensed Products. BMS is obligated to use commercially reasonable efforts to develop and seek regulatory approval of and commercialize at least one Licensed Product in the United States. As consideration for the rights granted to BMS under the BMS Agreement, the Company received an upfront payment of $15.0 million, will receive a $35.0 million payment related to a developmental milestone achieved in March 2026 and upon achievement of certain development, regulatory and sales milestones, will be eligible to receive up to $750.0 million in additional milestone payments. In addition, BMS is obligated to make tiered royalty payments to the Company based on annual net sales of Licensed Products, with the applicable royalty rates ranging from high-single digit to low-double digit percentages, subject to certain customary reductions. Such royalty obligation is on a Licensed Product-by-Licensed Product and country-by-country basis, beginning on the first commercial sale of a Licensed Product in a country and expiring on the latest of (i) 10 years from such first commercial sale in such country, (ii) the expiration of the last to expire valid claim of the relevant patents in such country or (iii) expiration of regulatory exclusivity for such Licensed Product in such country.

The BMS Agreement will remain in effect until it expires on a Licensed Product-by-Licensed Product and country-by-country basis with the expiration of the applicable royalty term. Each party may terminate the BMS Agreement for the uncured material breach or bankruptcy of the other party. BMS may also terminate the BMS Agreement for safety reasons and for convenience, and the Company may terminate the BMS Agreement for BMS' cessation of development and commercial activities for Licensed Products. Upon termination of the BMS Agreement, all rights and licenses granted to BMS for the Licensed Compounds and Licensed Products will terminate. The Company determined that forfeiture of the exclusive license rights upon early termination by BMS for convenience represents a substantive termination penalty given the value reverted back to the Company in being able to license any Licensed Compounds and Licensed Products to another end customer. Therefore, the Company has enforceable rights throughout the term of the contract.

The Company concluded that BMS represented a customer and has accounted for the initial units of account in accordance with ASC 606. The Company evaluated the promised goods and services in the BMS Agreement and determined that the license to the Company's intellectual property granted to BMS, research and development activities, and manufacture and supply of Licensed Products to BMS for early clinical development represented one combined performance obligation. Given the preclinical stage of the underlying intellectual property, the Company determined that BMS cannot benefit from the license separately from the research and early clinical manufacturing and supply activities as these services are specialized and rely on the Company's expertise such that these activities are highly interrelated and therefore not distinct. Accordingly, the entire transaction price was allocated to that single performance obligation. As it relates to the identified performance obligation, the Company recognizes revenue using the cost-to-cost method, as it appropriately depicts the transfer of control to BMS over time. Under the cost-to-cost method, revenue is recognized based on the percentage of actual costs incurred relative to total estimated costs required to satisfy the performance obligation, applied to the estimated transaction price.

In accordance with ASC 606, the Company determined the initial transaction price under the BMS Agreement to be $57.3 million, which is comprised of the non-refundable upfront payment of $15.0 million, $35.0 million related to a developmental milestone achieved in March 2026, at which time the Company had an unconditional right to the consideration, and a total of $7.3 million aggregate estimated reimbursable expenses associated with certain research and development activities the Company is

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**Janux Therapeutics, Inc.** 

**Notes to Unaudited Condensed Financial Statements–(Continued)**

required to perform under the BMS Agreement up to the point of IND submission. The variable consideration related to estimated reimbursable future research expenses was included in the transaction price under the expected value method based on the Company's best estimate of the amount to be received as part of the joint development plan. The aggregate amount of the transaction price allocated to the performance obligations that were unsatisfied (or partially unsatisfied) as of March 31, 2026 was $53.6 million.

The Company concluded that there was not a significant financing component under the BMS Agreement. As of March 31, 2026, with respect to the remaining variable consideration within the BMS Agreement, including all other future development milestone payments and sales milestone payments, the Company did not determine that these payments were not probable of significant revenue reversal as their achievement is highly dependent on factors outside the Company's control. Therefore, this aggregate consideration has been fully constrained and is not included in the transaction price at March 31, 2026. At the end of each subsequent reporting period, the Company will re-evaluate the probability of achievement of each milestone and any related constraint, and if necessary, adjust its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect the reported amount of revenues in the period of adjustment.

Under the BMS Agreement, the Company recognized $3.7 million of revenue for the three months ended March 31, 2026. As of March 31, 2026, aggregate deferred revenue related to the BMS Agreement was $46.3 million, $37.6 million of which was classified as current. The Company had $35.0 million of accounts receivable outstanding under the BMS Agreement as of March 31, 2026. The remaining performance obligations under the BMS Agreement relate to the Company's conduct of research services for the BMS Collaboration Target. The Company estimates the remaining term of the research services, over which revenue will be recognized, to be 1.6 years as of March 31, 2026.

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**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.**

*You should read the following discussion and analysis of our financial condition and results of operations together with our unaudited condensed financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q (Quarterly Report) and the audited financial statements and related notes thereto as of and for the year ended December 31, 2025 included in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (SEC), on February 26, 2026. Some of the information contained in this discussion and analysis or set forth elsewhere in this Quarterly Report, including information with respect to our plans and strategy for our business and related financing, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the "Risk Factors" section of this Quarterly Report, our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. You should carefully read the "Risk Factors" section of this Quarterly Report to gain an understanding of the important factors that could cause actual results to differ materially from our forward-looking statements. Furthermore, past operating results are not necessarily indicative of results that may occur in future periods.*

**Overview**

We are an innovative clinical-stage biopharmaceutical company developing a broad pipeline of novel immunotherapies by applying our proprietary technologies to our Tumor Activated T Cell Engager (TRACTr), Tumor Activated Immunomodulator (TRACIr), and Adaptive Immune Response Modulator (ARM) platforms. The TRACTr platform produces T cell engagers (TCEs) with a tumor antigen-binding domain and a CD3 T cell binding domain, while the TRACIr platform produces bispecifics with a tumor antigen-binding domain and a costimulatory CD28 binding domain. The goal of our TRACTr and TRACIr platforms is to provide cancer patients with safe and effective therapeutics that direct and guide their immune system to eradicate tumors while minimizing safety concerns. Our initial focus is on developing a novel class of TRACTr therapeutics designed to target clinically validated TCE drug targets while overcoming the liabilities associated with prior generations of TCEs. While TCE therapeutics have demonstrated potent anti-tumor activity in hematological cancers, development in solid tumors has been limited by challenges associated with prior TCE technologies, including (i) on-target healthy tissue immune activation that contributes to cytokine release syndrome (CRS) and healthy tissue toxicity and (ii) poor pharmacokinetics (PK) leading to short half-life. Our lead clinical candidate, JANX007, is a prostate-specific membrane antigen (PSMA)-targeted TRACTr being investigated in a Phase 1 clinical trial in adult subjects with metastatic castration-resistant prostate cancer (mCRPC). We are also advancing JANX014, a double-masked PSMA-targeted TRACTr, which entered clinical evaluation in April 2026. In addition, we are developing JANX013, a PSMA-targeted TRACIr incorporating CD28 costimulation, which is planned to enter clinical development in the second half of 2026. Our ARM platform builds upon our expertise to redesign bispecific T cell engagers to address the limitations of conventional approaches in autoimmune diseases and oncology. The platform is designed to enable controlled T cell activation and expansion followed by contraction, with the goal of achieving deep and durable target cell depletion while improving safety and convenience. In February 2026, we initiated a Phase 1 clinical study of our CD19-ARM program (JANX011), which is designed to evaluate the safety, tolerability, pharmacokinetics and pharmacodynamics of JANX011 in healthy volunteers. JANX011 is being developed for autoimmune diseases, and the initiation of this study represents an important step in the advancement of our ARM platform from preclinical development into the clinic. We are also generating a number of additional TRACTr, TRACIr and ARM programs for potential future development. In April 2026, we announced the decision to voluntarily discontinue further clinical development of JANX008, an epidermal growth factor receptor (EFGR)-targeted TRACTr program, following internal review of the data from the Phase 1a portion of the study because the overall magnitude and consistency of activity were not sufficient to support continued development relative to other pipeline programs and we have determined to prioritize development resources toward other pipeline opportunities.

We were incorporated in June 2017. To date, we have devoted substantially all of our resources to organizing and staffing our company, business planning, business development, raising capital, developing and optimizing our technology platform, identifying potential product candidates, undertaking research and development for our lead programs, establishing and enhancing our intellectual property portfolio and providing general and administrative support for these operations. All of our product candidates and research programs other than JANX007, JANX011 and JANX014 are in preclinical development, and none have been approved for commercial sale. We have never generated any revenue from product sales and have incurred net losses each year since we commenced operations. We have funded our operations primarily with the net proceeds from the issuance of convertible promissory notes, the issuance of convertible preferred stock, the exercise of common stock options, proceeds from our initial public offering (IPO), the issuance of common stock and pre-funded common stock warrants in public and/or underwritten offerings and amounts received under collaboration agreements with Merck Sharp & Dohme Corp. (Merck) and Bristol-Myers Squibb Company (BMS).

We have incurred operating losses since our inception and have not yet generated any product revenue. Our net losses were $24.4 million and $23.5 million for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, we had an accumulated deficit of $375.7 million.

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Our net losses may fluctuate significantly from quarter-to-quarter and year-to-year, depending on a variety of factors including the timing and scope of our clinical and preclinical studies and our expenditures on other research and development activities and the timing of any revenue recognition under our collaboration agreements with Merck and BMS. We expect our expenses and operating losses will increase substantially and that we will continue to incur significant losses for the foreseeable future as we conduct our ongoing and planned research and development activities and conduct preclinical studies and clinical trials, hire additional personnel, protect our intellectual property and incur additional costs associated with being a public company.

We do not expect to generate any revenues from product sales unless and until we successfully complete development and obtain regulatory approval for one or more product candidates, which will not be for many years, if ever. Accordingly, until such time as we can generate significant revenue from sales of our product candidates, if ever, we expect to finance our cash needs through equity offerings, debt financings or other capital sources, including potentially grants, collaborations, licenses or other similar arrangements. However, we may be unable to raise additional funds or enter into such other arrangements when needed on favorable terms or at all. Our failure to raise capital or enter into such other arrangements when needed would have a negative impact on our financial condition and could force us to delay, limit, reduce or terminate our product development or future commercialization efforts or grant rights to develop and market product candidates or to our platform technologies that we would otherwise prefer to develop and market ourselves. Based on our current operating plan, we believe that our existing cash, cash equivalents and short-term investments, will be sufficient to meet our anticipated operating expenses and capital expenditure requirements through at least the next 12 months, following the date of this Quarterly Report.

**Our Research Collaboration with Merck**

In December 2020, we entered into a research collaboration and exclusive license agreement with Merck to develop TRACTr product candidates that are distinct from those in our internally developed pipeline (the Merck Agreement). Merck has the right to select up to two collaboration targets (each a Collaboration Target) related to next generation T cell engager immunotherapies for the treatment of cancer. Merck selected the first Collaboration Target upon execution of the agreement and selected the second Collaboration Target in May 2022. Merck received an exclusive worldwide license for each selected target and intellectual property from the collaboration. In return, we are eligible to receive up to $500.5 million per target in upfront and milestone payments, plus royalties on sales of the products derived from the collaboration. Merck provided research funding under the collaboration through August 2024, after which our research services for both collaboration targets were completed.

**Our Research Collaboration with BMS**

In January 2026, we entered into an exclusive license and collaboration agreement (the BMS Agreement) with Bristol-Myers Squibb Company (BMS) to develop an undisclosed, novel tumor-activated therapeutic targeting a validated solid tumor antigen expressed across several human cancer types. Under the BMS Agreement, BMS received an exclusive worldwide license, under the relevant patents and know-how owned or in-licensed by us, to develop, manufacture, commercialize and otherwise exploit a tumor-activated therapeutic targeting the collaboration target. In addition, we are responsible for conducting, at our own expense and pursuant to an agreed joint development plan, pre-clinical development until Investigational New Drug application (IND) submission for the collaboration target. In return, we have received an upfront payment of $15.0 million, will receive $35.0 million related to a developmental milestone achieved in March 2026, we are entitled to reimbursement of expenses associated with certain research and development activities we are required to perform under the BMS Agreement and will be eligible to receive $750.0 million in additional payments contingent upon successful completion of certain milestones. We are also entitled to tiered royalties on global product sales, with the applicable royalty rates ranging from high-single digit to low-double digit percentages, subject to certain customary reductions.

**Risks and Uncertainties**

Global economic and business activities continue to face widespread geopolitical and macroeconomic uncertainties, including those associated with public health crises, bank failures, inflation and monetary supply shifts, recent and changing tariff policy announcements, tariffs, trade tensions and retaliatory measures by other countries, supply chain disruptions, recession risks and potential disruptions from the Russia-Ukraine conflict, the war in the Middle East and related sanctions. Inflation generally affects us by increasing our salaries and fees paid to third-party contract service providers. We have considered potential impacts arising from the risks and uncertainties as described above and have not experienced any material disruption to our operations to date.

**Financial Operations Overview**

***Revenues***

To date, we have not generated any revenues from the commercial sale of any products, and we do not expect to generate revenues from the commercial sale of any products for the foreseeable future, if ever. Under the Merck Agreement, we recognized no

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revenue for each of the three months ended March 31, 2026 and 2025, respectively. Under the BMS Agreement, we recognized $3.7 million for the three months ended March 31, 2026.

***Research and Development***

To date, our research and development expenses have related primarily to direct and indirect expenses in connection with the development of our TRACTr, TRACIr and ARM platforms, discovery efforts and preclinical and clinical development of our product candidates. Research and development expenses are recognized as incurred and payments made prior to the receipt of goods or services to be used in research and development are capitalized until the goods or services are received.

Our direct research and development expenses include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•external research and development expenses incurred under agreements with CROs and consultants to conduct our preclinical and clinical studies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•license fees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•laboratory equipment, materials and supplies.

Our indirect research and development expenses include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•salaries and employee-related costs, including recruiting fees and stock-based compensation for those individuals involved in research and development efforts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•maintenance of facilities and equipment, software license fees, depreciation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•allocated facilities and equipment-related expenses, which include rent, utilities, insurance, and office supplies.

We anticipate that our research and development expenses will substantially increase for the foreseeable future as we continue the development of our TRACTr, TRACIr and ARM platforms and the discovery and development of product candidates under our TRACTr, TRACIr and ARM platforms.

We cannot determine with certainty the timing of initiation, the duration or the completion costs of clinical trials and preclinical studies of product candidates due to the inherently unpredictable nature of preclinical and clinical development. Preclinical and clinical development timelines, the probability of success and development costs can differ materially from expectations. We anticipate that we will make determinations as to which product candidates and development programs to pursue and how much funding to direct to each product candidate or program on an ongoing basis in response to the results of ongoing and future preclinical studies and clinical trials, regulatory developments and our ongoing assessments as to each product candidate's commercial potential. We will need to raise substantial additional capital in the future. In addition, we cannot forecast which product candidates may be subject to future collaborations, when such arrangements will be secured, if at all, and to what degree such arrangements would affect our development plans and capital requirements.

***General and Administrative***

General and administrative expenses consist primarily of salaries and employee-related costs, including stock-based compensation, for personnel in executive, finance and other administrative functions. Other significant general and administrative expenses include facility-related costs, which include direct depreciation costs and allocated expenses for rent and maintenance of facilities; legal fees relating to intellectual property and corporate matters; professional fees for accounting, tax and consulting services; insurance costs; and other operating costs. We anticipate that our general and administrative expenses will increase for the foreseeable future as we continue to increase our general and administrative headcount to support our continued research and development activities and, if any of our product candidates receive marketing approval, commercialization activities. We also anticipate increased expenses associated with operating as a public company, including expenses related to audit, legal, regulatory, and tax-related services associated with maintaining compliance with exchange listing and SEC requirements, director and officer insurance premiums and investor relations costs.

***Other Income***

Other income consists of interest income on our cash and cash equivalents and short-term investments.

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**Results of Operations**

***Comparison of the Three Months Ended March 31, 2026 and 2025 (in thousands)***

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |  |
|  | **2026** | **2025** | **Change** |
| Collaboration revenue | $3733 | $— | $3733 |
| Operating expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 26813 | 25055 | 1758 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 11133 | 9842 | 1291 |
| Total operating expenses | 37946 | 34897 | 3049 |
| Loss from operations | (34213) | (34897) | 684 |
| Other income | 9852 | 11389 | (1537) |
| Net loss | $(24361) | $(23508) | $(853) |

---

*Collaboration Revenue*

Collaboration revenues were $3.7 million and $0 for the three months ended March 31, 2026 and 2025, respectively. The increase of $3.7 million was due to the execution of the BMS Agreement in January 2026 and the related revenue recognized based on the full-time equivalent hours and costs incurred in the performance of research services required.

*Research and Development Expense*

The following table summarizes our direct and indirect research and development expenses for the three months ended March 31, 2026 and 2025 (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |  |
|  | **2026** | **2025** | **Change** |
| Direct costs: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JANX007 | $5314 | $4443 | $871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JANX008 | 1294 | 1476 | (182) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JANX011 | 1267 | 2570 | (1303) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preclinical stage programs and other direct unallocated costs | 5919 | 4476 | 1443 |
| Total direct costs | 13794 | 12965 | 829 |
| Indirect costs | 13019 | 12090 | 929 |
| Total research and development expenses | $26813 | $25055 | $1758 |

---

Research and development expenses were $26.8 million and $25.1 million for the three months ended March 31, 2026 and 2025, respectively. The increase of $1.7 million was primarily due to increases in preclinical stage programs and other direct unallocated costs of $1.4 million. Additional increases included indirect costs as a result of increased personnel costs of $0.9 million and direct costs related to the development of JANX007 of $0.9 million. This was offset by decreases in direct costs related to the development of JANX011 of $1.3 million and direct costs related to the development of JANX008 of $0.2 million.

*General and Administrative Expense*

General and administrative expenses were $11.1 million and $9.8 million for the three months ended March 31, 2026 and 2025, respectively. The increase of $1.3 million was primarily due to increases in consulting and professional fees of $0.9 million, personnel costs of $0.9 million and other general and administrative costs of $0.3 million, offset by a decrease in stock-based compensation expense of $0.8 million.

*Other Income*

Other income was $9.9 million and $11.4 million for the three months ended March 31, 2026 and 2025, respectively. The decrease of $1.5 million was due to a decrease in cash and cash equivalents and short-term investments resulting in decreased interest income.

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**Liquidity and Capital Resources**

We have incurred net losses and negative cash flows from operations since our inception and anticipate we will continue to incur net losses and negative cash flows for the foreseeable future. As of March 31, 2026, we had cash, cash equivalents, restricted cash and short-term investments of $957.2 million. Inclusive in this amount is $0.8 million of restricted cash that is not available for current use.

In May 2023, we entered into an ATM Equity Offering<sup>SM</sup> Sales Agreement (Sale Agreement) with BofA Securities, Inc. (BofA) to sell shares of our common stock, from time to time, through an "at the market offering" program having an aggregate offering price of up to $150.0 million through which BofA would act as sales agent. In February 2024, we delivered written notice to BofA that we were suspending and terminating the prospectus related to the shares of our common stock issuable pursuant to the terms of the Sale Agreement. In May 2024, we filed a shelf registration statement on Form S-3ASR which included a new prospectus which covers the offering, issuance and sale of up to a maximum aggregate offering price of $150.0 million of our common under the Sale Agreement. As of March 31, 2026, $150.0 million of common stock remained available for sale under the Sale Agreement.

In July 2023, we closed an underwritten offering of 4,153,717 shares of our common stock and pre-funded warrants to purchase 583,483 shares of common stock at an exercise price of $0.001 per share. The shares of common stock were sold at a price of $12.46 per share and the pre-funded common stock warrants were sold at a price of $12.459 per pre-funded common stock warrant, resulting in gross proceeds of $59.0 million. Fees related to the offering included underwriting discounts, commissions, and offering expenses in the aggregate amount of $2.5 million, resulting in net proceeds of $56.5 million.

In March 2024, we closed an underwritten offering of 5,397,301 shares of our common stock and pre-funded warrants to purchase 1,935,483 shares of common stock at an exercise price of $0.001 per share. The shares of common stock were sold at a price of $46.50 per share and the pre-funded common stock warrants were sold at a price of $46.499 per pre-funded common stock warrant, resulting in gross proceeds of $341.0 million. Fees related to the offering included underwriting discounts, commissions, and offering expenses in the aggregate amount of $20.9 million, resulting in net proceeds of $320.1 million.

The registration statement on Form S-3ASR that we filed in May 2024 provides us with the ability to offer an unlimited amount of certain securities, including shares of our common stock, from time to time. The specific terms of any offering under the shelf registration statement are established at the time of such offering.

The following summarizes our cash flows for the periods indicated (in thousands):

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| | | |
|:---|:---|:---|
|  | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2026** | **2025** |
| Net cash provided by (used in): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating activities | $(12337) | $(17024) |
| &nbsp;&nbsp;&nbsp;&nbsp;Investing activities | 8286 | (340392) |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing activities | 3545 | 554 |
| Net decrease in cash, cash equivalents and restricted cash | $(506) | $(356862) |

---

***Operating Activities***

Net cash used in operating activities of $12.3 million for the three months ended March 31, 2026 was primarily due to our net loss of $24.4 million, an increase of $35.0 million of accounts receivable and a change in remaining operating assets and liabilities and other non-cash charges of $8.5 million, offset by $46.3 million of deferred revenue and $9.3 million of stock-based compensation expense. Net cash used in operating activities of $17.0 million for the three months ended March 31, 2025 was primarily due to our net loss of $23.5 million and a change in operating assets and liabilities and other non-cash charges of $4.2 million, offset by $10.7 million of stock-based compensation expense.

***Investing Activities***

Net cash provided by investing activities of $8.3 million for the three months ended March 31, 2026 was primarily due to $8.6 million of net maturities of short-term investments, offset by our purchase of property and equipment of $0.3 million. Net cash used in investing activities of $340.4 million for the three months ended March 31, 2025 was primarily due to $340.0 million of net purchases of short-term investments and by our purchase of property and equipment of $0.4 million.

***Financing Activities***

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Net cash provided by financing activities of $3.5 million for the three months ended March 31, 2026 was due to proceeds from stock option exercises. Net cash provided by financing activities of $0.6 million for the three months ended March 31, 2025 was primarily due to proceeds from stock option exercises of $0.9 million, adjusted for issuance costs paid in connection with an underwritten offering in December 2024 of $0.3 million.

***Funding Requirements***

Based on our current operating plan, we believe that our existing cash, cash equivalents and short-term investments, will be sufficient to meet our anticipated operating expenses and capital expenditure requirements through at least the next 12 months, following the date of this Quarterly Report. However, our forecast of the period of time through which our financial resources will be adequate to support our operations is a forward-looking statement that involves risks and uncertainties, and actual results could vary materially. We have based this estimate on assumptions that may prove to be wrong, and we could deplete our capital resources sooner than we expect. Additionally, the process of testing product candidates in clinical trials is costly, and the timing of progress and expenses in these trials is uncertain.

Our future capital requirements will depend on many factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the initiation, trial design, progress, timing, costs and results of drug discovery, preclinical studies and clinical trials of our product candidates, and in particular the clinical trials for JANX007, JANX011 and JANX014;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the number and characteristics of clinical programs that we pursue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the outcome, timing and costs of seeking FDA, European Commission and any other comparable regulatory approvals for any future drug candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the costs of manufacturing our product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the costs associated with hiring additional personnel and consultants as our preclinical, manufacturing and clinical activities increase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the receipt of marketing approval and revenue received from any commercial sales of any of our product candidates, if approved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the cost of commercialization activities for any of our product candidates, if approved, including marketing, sales and distribution costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability to establish and maintain strategic collaboration, licensing or other arrangements and the financial terms of such agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the extent to which we in-license or acquire other products and technologies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the costs involved in preparing, filing, prosecuting, maintaining, expanding, defending and enforcing patent claims, including litigation costs and the outcome of such litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our implementation of additional internal systems and infrastructure, including operational, financial and management information systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our costs associated with expanding our facilities or building out our laboratory space;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the effects of the disruptions to and volatility in the credit and financial markets in the United States and worldwide resulting from geopolitical and macroeconomic conditions, including recent and changing tariff policy announcements, tariffs, trade tensions and retaliatory measures by other countries, supply chain disruptions, recession risks, the military conflict in Ukraine and Russia, the war in the Middle East, epidemics and bank failures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the costs of operating as a public company.

Until such time, if ever, as we can generate substantial product revenues to support our cost structure, we expect to finance our cash needs through a combination of equity offerings, debt financings or other capital sources, including potentially grants, collaborations, licenses or other similar arrangements. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the ownership interest of our stockholders will be or could be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect the rights of our common stockholders. Debt financing and equity financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends. If we raise funds through collaborations, or other similar arrangements with third parties, we may have to relinquish valuable rights to our technologies, future revenue streams, research programs or product candidates or grant licenses on terms that may not be favorable to us and/or may reduce the value of our common stock. If we are unable to raise additional funds through equity or debt financings when needed, we may be required to delay,

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limit, reduce or terminate our product development or future commercialization efforts or grant rights to develop and market our product candidates even if we would otherwise prefer to develop and market such product candidates ourselves.

**Contractual Obligations and Commitments**

In April 2021, we entered into a cell line license agreement (Cell Line License Agreement) with WuXi Biologics (Hong Kong) Limited (WuXi Biologics). According to the terms of the Cell Line License Agreement, if we do not engage WuXi Biologics or its affiliates to manufacture the therapeutic products produced through the use of the cell line licensed by WuXi Biologics under the Cell Line License Agreement (WuXi Biologics Licensed Products) for our commercial supplies, we are required to make royalty payments to WuXi Biologics in an amount equal to a low single-digit percentage of specified portions of net sales of WuXi Biologics Licensed Products manufactured by a third-party manufacturer. We have the right (but not the obligation) to buy out our remaining royalty obligations with respect to each WuXi Biologics Licensed Product by paying WuXi Biologics a one-time payment in an amount ranging from low single digit million dollars to a maximum of $15.0 million (Buyout Option). The royalty obligations will remain in effect during the term of the Cell Line License Agreement so long as we have not exercised the Buyout Option. See the section within Item 1 of Part I, "Notes to Unaudited Condensed Financial Statements — Note 3 — Commitments and Contingencies" of this Quarterly Report for additional information.

In October 2021, we entered into a noncancelable agreement to lease office and laboratory space in San Diego, California (Torrey Plaza Lease) with aggregate payments of approximately $38.0 million over the 126-month term of the lease. The Torrey Plaza Lease commenced in July 2022. See the section within Item 1 of Part I, "Notes to Unaudited Condensed Financial Statements — Note 3 — Commitments and Contingencies" of this Quarterly Report for additional information. In June 2025, we entered into a noncancelable agreement to sublease additional office space in San Diego, California through January 2028.

We enter into contracts in the normal course of business with various third parties for preclinical and clinical research studies and testing, manufacturing and other services and products for operating purposes. These contracts provide for termination upon notice. Payments due upon cancellation consist only of payments for services provided or expenses incurred, including non-cancellable obligations of our service providers, up to the date of cancellation.

**Critical Accounting Policies and Estimates**

Our management's discussion and analysis of our financial condition and results of operations are based on our financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles (GAAP). The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, and expenses and the disclosure of contingent assets and liabilities in our financial statements. On an ongoing basis, we evaluate our estimates and judgments, including those related to estimates to complete the performance obligations and the estimated transaction price for collaboration revenues, accruals for research and development expenses and estimates used in valuing our equity awards for stock-based compensation expense. We base our estimates on historical experience, known trends and events, and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

Our critical accounting policies are those accounting principles generally accepted in the United States that require us to make subjective estimates and judgments about matters that are uncertain and are likely to have a material impact on our financial condition and results of operations, as well as the specific manner in which we apply those principles. For a description of our critical accounting policies, see Item 1 of Part I, "Notes to Unaudited Condensed Financial Statements — Note 1 — Organization and Summary of Significant Accounting Policies" of this Quarterly Report and the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations — Critical Accounting Policies and Estimates" contained in our Annual Report on Form 10-K, filed with the SEC on February 26, 2026. There have not been any material changes to the critical accounting policies discussed therein during the three months ended March 31, 2026.

**Item 3. Quantitative and Qualitative Disclosures About Market Risk.**

***Interest rate risk***

We hold certain financial instruments for which a change in prevailing interest rates may cause the principal amount of the marketable securities to fluctuate. Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of cash, cash equivalents and short-term investments. We invest our excess cash primarily in U.S. Treasury securities, U.S. agency bonds, corporate debt securities and commercial paper. The primary objectives of our investment activities are to ensure liquidity and to preserve principal while at the same time maximizing the income we receive from our marketable securities without significantly increasing risk. Additionally, we established guidelines regarding approved investments and maturities of investments,

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which are designed to maintain safety and liquidity. We believe that, if a 10.0% change in interest rates were to have occurred on March 31, 2026, this change would not have had a material effect on the fair value of our investment portfolio as of that date. Any changes would only be realized if we sold the investments prior to maturity.

***Foreign currency exchange risk***

We are not currently exposed to significant market risk related to changes in foreign currency exchange rates; however, we do contract with vendors that are located outside of the United States and may be subject to fluctuations in foreign currency rates. We may enter into additional contracts with vendors located outside of the United States in the future, which may increase our foreign currency exchange risk. We believe that, if a 10.0% change in foreign currency exchange rates were to have occurred on March 31, 2026, this change would not have had a material effect on our financial statements.

***Inflation***

Inflation generally affects us by increasing our cost of labor and preclinical and clinical development costs. We do not believe that inflation had a material effect on our business, financial condition or results of operations during the three months ended March 31, 2026.

**Item 4. Controls and Procedures.**

**Evaluation of Disclosure Controls and Procedures**

As required by Rules 13a-15(b) and 15d-15(b) of the Exchange Act, our management with the participation of our Chief Executive Officer (principal executive and financial officer), evaluated the effectiveness of our disclosure controls and procedures as of March 31, 2026. The term "disclosure controls and procedures" as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company's management, including its principal executive and financial officer, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation of our disclosure controls and procedures as of March 31, 2026, our Chief Executive Officer (principal executive and financial officer) concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.

**Changes in Internal Control over Financial Reporting**

There were no changes in our internal control over financial reporting that occurred during our most recent quarter to which this Quarterly Report relates that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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**PART II—OTHER INFORMATION**

**Item 1. Legal Proceedings.**

From time to time, we may become involved in legal proceedings or be subject to claims arising in the ordinary course of our business. We are not currently a party to any material legal proceedings. Regardless of outcome, such proceedings or claims can have an adverse impact on us because of defense and settlement costs, diversion of resources and other factors, and there can be no assurances that favorable outcomes will be obtained.

**Item 1A. Risk Factors.**

*Investing in our common stock is speculative and involves a high degree of risk. If any of the following risks occur, our business, financial condition, results of operations and future growth prospects could be materially and adversely affected. This report also contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in the forward-looking statements as a result of a number of factors, including the risks described below. You should consider all of the risk factors described when evaluating our business. We have marked with an asterisk (\*) those risk factors that reflect material changes from the similarly titled risk factors included in our Annual Report on Form 10-K, filed with the SEC on February 26, 2026.*

**Summary of Risks Associated with Our Business** 

*Below is a summary of the principal factors that make an investment in our common stock speculative or risky. This summary does not address all of the risks that we face. Additional discussion of the risks summarized in this risk factor summary, and other risks that we face, can be found below under the heading "Risk Factors" and should be carefully considered, together with other information in this Quarterly Report and our other filings with the SEC before making investment decisions regarding our common stock.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We have a limited operating history, have incurred net losses since our inception, and anticipate that we will continue to incur significant losses for the foreseeable future. We may never generate any revenue or become profitable or, if we achieve profitability, may not be able to sustain it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If we are unable to raise additional capital when needed, we may be forced to delay, reduce or eliminate our product development programs or other operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Raising additional capital may cause dilution to our stockholders, restrict our operations or require us to relinquish rights to our technologies or product candidates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We are early in our development efforts and all of our product candidates and research programs other than JANX007, JANX011 and JANX014 are in the preclinical development or discovery stage. We have a limited history of conducting clinical trials to test our product candidates in humans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Preclinical and clinical development is a lengthy, expensive and uncertain process. The results of preclinical studies and early clinical trials are not always predictive of future results. JANX007, JANX011, JANX014 and any other product candidate that we advance into clinical trials may not achieve favorable results in later clinical trials, if any, or receive marketing approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our product candidates are based on novel technologies, which make it difficult to predict the timing, results and cost of product candidate development and likelihood of obtaining regulatory approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We rely on third parties to conduct, supervise, and monitor our ongoing and planned clinical trials and perform some of our research and preclinical studies. If these third parties do not satisfactorily carry out their contractual duties or fail to meet expected deadlines, our development programs may be delayed or subject to increased costs, each of which may have an adverse effect on our business and prospects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The market opportunity for our product candidates may be relatively small as it will be limited to those patients who are ineligible for or have failed prior treatments and our estimates of the prevalence of our target patient populations may be inaccurate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We are highly dependent on our key personnel, and if we are not successful in attracting and retaining highly qualified personnel, we may not be able to successfully implement our business strategy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•International trade policies, including tariffs, sanctions and trade barriers may adversely affect our business, financial condition, results of operations and prospects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If we are unable to obtain and maintain sufficient intellectual property protection for our platform technologies and product candidates, or if the scope of the intellectual property protection is not sufficiently broad, our

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competitors could develop and commercialize products similar or identical to ours, and our ability to successfully commercialize our products may be adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We and the third parties with whom we work are subject to stringent and evolving U.S. and foreign laws, regulations, rules, contractual obligations, industry standards, policies and other obligations related to data privacy and security. Our (or the third parties with whom we work) actual or perceived failure to comply with such obligations could lead to regulatory investigations or actions; litigation (including class claims) and mass arbitration demands; fines and penalties; disruptions of our business operations; reputational harm; loss of revenue or profits; and other adverse business consequences.

**Risk Factors**

**Risks Related to Our Limited Operating History, Financial Position and Capital Requirements**

***We have a limited operating history, have incurred net losses since our inception, and anticipate that we will continue to incur significant losses for the foreseeable future. We may never generate any revenue or become profitable or, if we achieve profitability, may not be able to sustain it.\****

We are an early-stage biopharmaceutical company with a limited operating history that may make it difficult to evaluate the success of our business to date and to assess our future viability. Our operations to date have been limited to organizing and staffing our company, business planning, business development, raising capital, developing and optimizing our technology platform, identifying potential product candidates, undertaking research and preclinical studies for our lead programs, establishing and enhancing our intellectual property portfolio and providing general and administrative support for these operations. All of our product candidates and research programs other than JANX007, JANX011 and JANX014 are in preclinical development, and none have been approved for commercial sale. We have never generated any revenue from product sales and have incurred net losses each year since we commenced operations. For the three months ended March 31, 2026 and 2025, our net losses were $24.4 million and $23.5 million, respectively. We expect that it will be several years, if ever, before we have a product candidate ready for regulatory approval and commercialization. We expect to incur increasing levels of operating losses over the next several years and for the foreseeable future as we advance our product candidates through clinical development. Our prior losses, combined with expected future losses, have had and will continue to have an adverse effect on our stockholders' equity and working capital.

To become and remain profitable, we must develop and eventually commercialize a product or products with significant market potential. This will require us to be successful in a range of challenging activities, including completing preclinical studies and clinical trials of our product candidates, obtaining marketing approval for these product candidates, manufacturing, marketing and selling those products for which we may obtain marketing approval and satisfying any post-marketing requirements. We may never succeed in these activities and, even if we succeed in commercializing one or more of our product candidates, we may never generate revenue that is significant or large enough to achieve profitability. In addition, as a young business, we may encounter unforeseen expenses, difficulties, complications, delays and other known and unknown challenges. If we do achieve profitability, we may not be able to sustain or increase profitability on a quarterly or annual basis and we will continue to incur substantial research and development and other expenditures to develop and market additional product candidates. Our failure to become and remain profitable would decrease the value of the company and could impair our ability to raise capital, maintain our research and development efforts, expand our business or continue our operations. A decline in the value of our company could also cause the loss of all or part of investments.

***If we are unable to raise additional capital when needed, we may be forced to delay, reduce or eliminate our product development programs or other operations.\****

Since our inception, we have used substantial amounts of cash to fund our operations and expect our expenses to increase substantially during the next few years. The development of biopharmaceutical product candidates is capital intensive. As our product candidates enter and advance through preclinical studies and potential clinical trials, we will need substantial additional funds to expand our clinical, regulatory, quality and manufacturing capabilities. In addition, if we obtain marketing approval for any of our product candidates, we expect to incur significant commercialization expenses related to marketing, sales, manufacturing and distribution.

As of March 31, 2026, we had $956.4 million in cash, cash equivalents and short-term investments. Based upon our current operating plan, we estimate that our existing cash, cash equivalents and short-term investments will be sufficient to fund our operating expenses and capital expenditure requirements for at least the next 12 months following the date of this Quarterly Report. However, we believe that our existing cash, cash equivalents and short-term investments will not be sufficient to fund any of our product candidates through regulatory approval, and we will need to raise substantial additional capital to complete the development and commercialization of our product candidates.

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We have based these estimates on assumptions that may prove to be incorrect or require adjustment as a result of business decisions, and we could utilize our available capital resources sooner than we currently expect. Our future capital requirements will depend on many factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the initiation, trial design, progress, timing, costs and results of drug discovery, preclinical studies and clinical trials of our product candidates and, in particular, the clinical trials for JANX007, JANX011 and JANX014;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the number and characteristics of clinical programs that we pursue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the outcome, timing and costs of seeking FDA, European Commission and any other comparable regulatory approvals for any future drug candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the costs of manufacturing our product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the costs associated with hiring additional personnel and consultants as our preclinical, manufacturing and clinical activities increase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the receipt of marketing approval and revenue received from any commercial sales of any of our product candidates, if approved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the cost of commercialization activities for any of our product candidates, if approved, including marketing, sales and distribution costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability to establish and maintain strategic collaboration, licensing or other arrangements and the financial terms of such agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the extent to which we in-license or acquire other products and technologies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the costs involved in preparing, filing, prosecuting, maintaining, expanding, defending and enforcing patent claims, including litigation costs and the outcome of such litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our implementation of additional internal systems and infrastructure, including operational, financial and management information systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our costs associated with expanding our facilities or building out our laboratory space;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the effects of the disruptions to and volatility in the credit and financial markets in the United States and worldwide resulting from geopolitical and macroeconomic conditions, including the military conflict in Ukraine and Russia, the war in the Middle East, epidemics and bank failures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the costs of operating as a public company.

Because we do not expect to generate revenue from product sales for many years, if at all, we will need to obtain substantial additional funding in connection with our continuing operations and expected increases in expenses. Until such time as we can generate significant revenue from sales of our product candidates, if ever, we expect to finance our cash needs through equity offerings, debt financings or other capital sources, including potentially grants, collaborations, licenses or other similar arrangements. In addition, we may seek additional capital due to favorable market conditions or strategic considerations, even if we believe we have sufficient funds for our current or future operating plans. If we are unable to raise capital when needed or on attractive terms, we would be forced to delay, reduce or eliminate our research and development programs or future commercialization efforts.

***Raising additional capital may cause dilution to our stockholders, restrict our operations or require us to relinquish rights to our technologies or product candidates.***

Until such time, if ever, as we can generate substantial product revenue, we expect to finance our operations through equity offerings, debt financings or other capital sources, including potentially grants, collaborations, licenses or other similar arrangements. To the extent that we raise additional capital through the sale of equity or convertible debt securities, current stockholders will be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect the rights of existing stockholders. Debt financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as limitations on our ability to incur additional debt, make capital expenditures or declare dividends.

To the extent we raise funds through collaborations or licensing arrangements with third parties, we may have to relinquish valuable rights to our technologies, future revenue streams, research programs or product candidates or grant licenses on terms that may not be favorable to us. For example, we have entered into a collaboration with Merck and BMS to develop certain specified product candidates, which contains exclusive license rights in favor of Merck and BMS. If Merck or BMS decides not to pursue the collaboration, we will not receive the benefit of the milestone and royalty payments that we would otherwise potentially receive pursuant to our collaboration with Merck or BMS, as applicable, and accordingly may need to raise capital from other sources. If we are unable to raise additional funds when needed, we may be required to delay, limit, reduce or terminate our product development or future commercialization efforts or grant rights to develop and market product candidates that we would otherwise prefer to develop

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and market ourselves. Our ability to raise additional funds may be adversely impacted by potential worsening global economic conditions and disruptions to and volatility in the credit and financial markets in the United States and worldwide. Because of the numerous risks and uncertainties associated with product development, we cannot predict the timing or amount of increased expenses and cannot assure you that we will ever be profitable or generate positive cash flow from operating activities.

**Risks Related to the Discovery, Development and Regulatory Approval of Our Product Candidates**

***We are early in our development efforts and all of our product candidates and research programs other than JANX007, JANX011 and JANX014 are in the preclinical development or discovery stage. We have a limited history of conducting clinical trials to test our product candidates in humans.\****

We are early in our development efforts and most of our operations to date have been limited to developing our platform technologies and conducting drug discovery and preclinical studies. Other than JANX007, JANX011 and JANX014, our platform technologies and product candidates remain in the preclinical or discovery stage and our product candidates are based on novel technologies. As a result, we have limited infrastructure, experience conducting clinical trials as a company and regulatory interactions, and cannot be certain that our clinical trials will be completed on time, if at all, that our planned development programs would be acceptable to the FDA, the EMA or other comparable foreign regulatory authorities, or that, if approval is obtained, such product candidates could be successfully commercialized.

Because of the early stage of development of our products candidates, our ability to eventually generate significant revenues from product sales will depend on a number of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•completion of additional preclinical studies with favorable results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•acceptance of INDs by the FDA or similar regulatory filing with comparable foreign regulatory authorities for the conduct of clinical trials of our product candidates and our proposed design of future clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•successful enrollment in, and completion of, clinical trials and achieving positive results from the trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•demonstrating a risk-benefit profile acceptable to regulatory authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•receipt of marketing approvals from applicable regulatory authorities, including biologics license applications (BLAs), from the FDA and equivalent approvals from comparable foreign regulatory authorities and maintaining such approvals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•making arrangements with third-party manufacturers, or establishing manufacturing capabilities for clinical supply and, if and when approved, for commercial supply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•establishing sales, marketing and distribution capabilities and launching commercial sales of our products, if and when approved, whether alone or in combination with others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•acceptance of our products, if and when approved, by patients, the medical community and third-party payors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•effectively competing with other therapies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•obtaining and maintaining third-party coverage and adequate reimbursement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•obtaining and maintaining patent, trade secret and other intellectual property protection and regulatory exclusivity for our product candidates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•maintaining a continued acceptable safety profile of any product following approval, if any.

The success of our business, including our ability to finance our company and generate any revenue in the future, will primarily depend on the successful development, regulatory approval and commercialization of JANX007, JANX011 and JANX014, as well as our other product candidates, which may never occur. In the future, we may also become dependent on other product candidates that we may develop or acquire; however, given our early stage of development, it may be several years, if at all, before we have demonstrated the safety and efficacy of a treatment sufficient to warrant approval for commercialization. If we are unable to develop, or obtain regulatory approval for, or, if approved, successfully commercialize our product candidates, we may not be able to generate sufficient revenue to continue our business.

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***Preclinical and clinical development is a lengthy, expensive and uncertain process. The results of preclinical studies and early clinical trials are not always predictive of future results. JANX007, JANX011, JANX014 and any other product candidate that we advance into clinical trials may not achieve favorable results in later clinical trials, if any, or receive marketing approval.\****

Preclinical and clinical development is expensive and can take many years to complete, and their outcome is inherently uncertain. Failure or delay can occur at any time during the drug development process including due to factors outside of our control. Success in preclinical testing and early clinical trials does not ensure that later clinical trials will be successful. A number of companies in the biopharmaceutical industry have suffered significant setbacks in clinical trials, even after promising results in earlier preclinical or clinical trials. These setbacks have been caused by, among other things, preclinical findings made while clinical trials were underway and safety or efficacy observations made in clinical trials, including previously unreported adverse events. The results of preclinical and early clinical trials of our product candidates may not be predictive of the results of later-stage clinical trials. Product candidates in later stages of clinical trials may fail to show the desired safety and efficacy traits despite having progressed through preclinical and initial clinical trials. Notwithstanding any potential promising results in earlier studies, we cannot be certain that we will not face similar setbacks. Even if our clinical trials are completed, the results may not be sufficient to obtain regulatory approval for our product candidates.

We may experience delays in conducting our current clinical trials and initiating our future clinical trials for our product candidates and we cannot be certain that the trials or any other future clinical trials for our product candidates will begin on time, need to be redesigned, enroll an adequate number of patients on time or be completed on schedule, if at all. Clinical trials can be delayed or terminated for a variety of reasons, including delay or failure related to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the FDA, the EMA or comparable foreign regulatory authorities disagreeing as to the design or implementation of our clinical trials, or the sufficiency of preclinical data to initiate clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the size of the study population for further analysis of the study's primary endpoints;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•obtaining regulatory approval to commence a trial;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•reaching agreement on acceptable terms with prospective CROs and clinical trial sites, the terms of which can be subject to extensive negotiation and may vary significantly among different CROs and trial sites;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•obtaining IRB approval or ethics committee positive opinions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•recruiting suitable patients to participate in a trial;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•having patients complete a trial or return for post-treatment follow-up;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•addressing patient safety concerns that arise during the course of a trial;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•addressing any conflicts with new or existing laws or regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•adding a sufficient number of clinical trial sites; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•manufacturing sufficient quantities of product candidate for use in clinical trials.

Our product candidates may be used in combination with other drugs, such as other immuno-oncology agents, monoclonal antibodies or other protein-based drugs or small molecule anti-cancer agents such as targeted agents or chemotherapy, which can cause side effects or adverse events that are unrelated to our product candidate but may still impact the success of our clinical trials. Additionally, our product candidates could potentially cause adverse events. The inclusion of critically ill patients in our clinical trials may result in deaths or other adverse medical events due to other therapies or medications that such patients may be using. As described above, any of these events could prevent us from obtaining regulatory approval or achieving or maintaining market acceptance of our product candidates and impair our ability to commercialize our products. Because all of our product candidates are derived from our platform technologies, a clinical failure of one of our product candidates may also increase the actual or perceived likelihood that our other product candidates will experience similar failures.

Of the large number of products in development, only a small percentage successfully complete the FDA, the European Commission's or comparable foreign regulatory authorities' approval processes and are commercialized. The lengthy approval process as well as the unpredictability of future clinical trial results may result in our failing to obtain regulatory approval to market our product candidates, which would significantly harm our business, financial condition, results of operations and prospects.

Even if we eventually complete clinical testing and receive approval of a BLA or foreign marketing application for our product candidates, the FDA, the European Commission or the comparable foreign regulatory authorities may grant approval contingent on the performance of costly additional clinical trials, including post-market clinical trials. The FDA, the European Commission or the comparable foreign regulatory authorities also may approve a product candidate for a more limited indication or patient population than we originally request, and the FDA, the European Commission or comparable foreign regulatory authorities may not approve the

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labeling that we believe is necessary or desirable for the successful commercialization of a product candidate. Any delay in obtaining, or inability to obtain, applicable regulatory approval would delay or prevent commercialization of that product candidate and would adversely impact our business and prospects.

In addition, the FDA, the EMA and the European Commission or comparable foreign regulatory authorities may change their policies, adopt additional regulations or revise existing regulations or take other actions, which may prevent or delay approval of our future product candidates under development on a timely basis. Such policy or regulatory changes could impose additional requirements upon us that could delay our ability to obtain approvals, increase the costs of compliance or restrict our ability to maintain any marketing authorizations we may have obtained.

***Our product candidates are based on novel technologies, which make it difficult to predict the timing, results and cost of product candidate development and likelihood of obtaining regulatory approval.***

We have concentrated our research and development efforts on product candidates using our proprietary technology, and our future success depends on the successful development of this approach. We have not yet succeeded and may not succeed in demonstrating efficacy and safety for any product candidates based on our platform technologies in clinical trials or in obtaining marketing approval thereafter, and use of our platform technologies may not ever result in marketable products. For example, in April 2026 we announced that we would discontinue further clinical development on JANX008 following the completion of the Phase 1a clinical trial, because we determined that the overall magnitude and consistency of activity were not sufficient to support continued development relative to other pipeline programs. Additionally, although JANX007 has been in Phase 1 clinical development since October 2022, and because JANX011 and JANX014 have only been in Phase 1 clinical development since February 2026 and April 2026, respectively, our clinical data are limited, and nonclinical data from animal models and preclinical cell lines may not translate into humans and may not accurately predict the safety and efficacy of our product candidates in humans. Our approach may be unsuccessful in identifying product candidates for our development programs. We may also experience delays in developing a sustainable, reproducible and scalable manufacturing process or transferring that process to commercial partners or establishing our own commercial manufacturing capabilities, which may prevent us from completing our ongoing and planned clinical trials or commercializing any products on a timely or profitable basis, if at all. Further, because all of our product candidates and development programs are based on the same platform technologies, adverse developments with respect to one of our programs may have a significant adverse impact on the actual or perceived likelihood of success and value of our other programs.

The clinical trial requirements of the FDA, EMA and other comparable foreign regulatory authorities, and the criteria regulators use to determine the safety and efficacy of a product candidate vary substantially according to the type, complexity, novelty and intended use and market of the potential products. The regulatory approval process for novel product candidates such as ours can be more expensive and take longer than for other, better known or extensively studied pharmaceutical or other product candidates.

The immuno-oncology industry is also rapidly developing, and our competitors may introduce new technologies that render our technologies obsolete or less attractive, or limit the commercial value of our product candidates. New technology could emerge at any point in the development cycle of our product candidates. By contrast, adverse developments with respect to other companies that attempt to use a similar approach to our approach may adversely impact the actual or perceived value and potential of our product candidates.

If any of these events occur, we may be forced to abandon our development efforts for a program or programs, which would have a material adverse effect on our business and could potentially cause us to cease operations.

***If we experience delays in or difficulties enrolling our ongoing and planned clinical trials, our research and development efforts and business, financial condition and results of operations could be materially adversely affected.***

We may not be able to initiate or continue our ongoing and planned clinical trials for our product candidates if we are unable to identify and enroll a sufficient number of eligible patients to participate in these trials as required by the FDA, the EMA, or comparable foreign regulatory authorities. Patient enrollment, a significant factor in the timing of clinical trials, is affected by many factors including the size and nature of the patient population, the proximity of patients to clinical sites, the eligibility criteria for the clinical trial, the design of the clinical trial, competing clinical trials and clinicians' and patients' perceptions as to the potential advantages of the product candidate being studied in relation to other available therapies, including any new drugs that may be approved for the indications we are investigating.

The timely completion of clinical trials in accordance with their protocols depends, among other things, on our ability to enroll a sufficient number of patients who remain in the study until its conclusion. We may experience difficulties in patient enrollment or retention in our clinical trials for a variety of reasons. The enrollment of patients depends on many factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the patient eligibility criteria defined in the protocol;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the size of the patient population required for analysis of the trial's primary endpoints;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the proximity of patients to study sites;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the design of the trial;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to recruit clinical trial investigators with the appropriate competencies and experience;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•clinicians' and patients' perceptions as to the potential advantages of the product candidate being studied in relation to other available therapies, including any new drugs that may be approved for the indications we are investigating;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to obtain and maintain patient consents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the risk that patients enrolled in clinical trials will drop out of the trials before completion.

In addition, our ongoing and planned clinical trials may compete with other clinical trials that are in the same therapeutic areas as our product candidates, and this competition will reduce the number and types of patients available to us, because some patients who might have opted to enroll in our trials may instead opt to enroll in a trial being conducted by one of our competitors. Further, because we have ongoing and planned clinical trials in patients with relapsed/refractory cancer, the patients are typically in the late stages of their disease and may experience disease progression independent from our product candidates, making them unevaluable for purposes of the clinical trial and requiring additional patient enrollment.

Delays in patient enrollment may result in increased costs or may affect the timing or outcome of our ongoing and planned clinical trials, which could prevent completion of these trials and adversely affect our ability to advance the development of our product candidates.

***Serious adverse events, undesirable side effects or other unexpected properties of our product candidates may be identified during development or after approval, which could lead to the discontinuation of our clinical development programs, refusal by regulatory authorities to approve our product candidates or, if discovered following marketing approval, revocation of marketing authorizations or limitations on the use of our product candidates thereby limiting the commercial potential of such product candidate.***

As we continue developing and conducting clinical trials of our product candidates, serious adverse events (SAEs), undesirable side effects, relapse of disease or unexpected characteristics may emerge causing us to abandon these product candidates or limit their development to more narrow uses or subpopulations in which the SAEs or undesirable side effects or other characteristics are less prevalent, less severe or more acceptable from a risk-benefit perspective or in which efficacy is more pronounced or durable. Should we observe any SAEs in our ongoing or planned clinical trials or identify other undesirable side effects or other unexpected findings depending on their severity, our trials could be delayed or even stopped and our development programs may be halted entirely, such as imposition of a clinical hold by the FDA or comparable actions of foreign regulatory authorities and institutional review boards and ethics committees. The class of TCEs has been associated with overactivation of the immune system leading to cytokine release syndrome (CRS) and on-target healthy tissue toxicities, and while we have designed our TRACTr, TRACIr and ARM platform technologies and product candidates to mitigate these safety risks, until such time as we complete large-scale human trials there can be no assurances that our product candidates will not experience similar effects.

Even if our product candidates initially show positive results in early clinical trials, the side effects of biological products are frequently only detectable after they are tested in larger, longer and more extensive clinical trials or, in some cases, after they are made available to patients on a commercial scale after approval. Sometimes, it can be difficult to determine if the serious adverse or unexpected side effects were caused by the product candidate or another factor, especially in oncology subjects who may suffer from other medical conditions and be taking other medications. If serious adverse or unexpected side effects are identified during development or after approval and are determined to be attributed to our product candidate, we may be required to develop a Risk Evaluation and Mitigation Strategy (REMS), a Risk Management Plan, or equivalent foreign procedure to ensure that the benefits of treatment with such product candidate outweigh the risks for each potential patient, which may include, among other things, a communication plan to health care practitioners, patient education, extensive patient monitoring or distribution systems and processes that are highly controlled, restrictive and more costly than what is typical for the industry. Product-related side effects could also result in potential product liability claims. Any of these occurrences may harm our business, financial condition and prospects significantly.

In addition, if one or more of our product candidates receives marketing approval, and we or others later identify undesirable side effects caused by such products, a number of potentially significant negative consequences could result, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•regulatory authorities may suspend, vary, withdraw, or limit approvals of such product, or seek an injunction against its manufacture or distribution;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•regulatory authorities may require additional warnings on the label, including "boxed" warnings, or issue safety alerts, Dear Healthcare Provider letters, press releases or other communications containing warnings or other safety information about the product;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we may be required to create a medication guide outlining the risks of such side effects for distribution to patients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we may be required to change the way a product is administered or conduct additional clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the product may become less competitive, and our reputation may suffer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we may be obliged to, need to, or decide to recall or remove the product from the marketplace; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we may be subject to fines, injunctions or the imposition of civil or criminal penalties.

***Interim, topline and preliminary data from our preclinical studies or clinical trials may change as more patient data become available, and are subject to audit and verification procedures that could result in material changes in the final data.***

From time to time, we have and may continue to publicly disclose preliminary, interim or topline data from our preclinical studies or clinical trials, which may be subject to change following a more comprehensive review of the data related to the particular study or trial. We also make assumptions, estimations, calculations and conclusions as part of our analyses of data, and we may not have received or had the opportunity to fully and carefully evaluate all data. As a result, the interim, topline or preliminary results that we report may differ from future results of the same studies, or different conclusions or considerations may qualify such results, once additional data have been received and fully evaluated. Topline data also remain subject to audit and verification procedures that may result in the final data being materially different from the preliminary data we previously published. As a result, interim, topline and preliminary data should be viewed with caution until the final data are available. From time to time, we may also disclose interim data from our clinical trials. Interim, topline, or preliminary data from clinical trials that we may complete are subject to the risk that one or more of the clinical outcomes may materially change as patient enrollment continues and more patient data become available. Adverse differences between preliminary, interim or topline data and final data could significantly harm our business prospects.

Further, others, including regulatory authorities, may not accept or agree with our assumptions, estimates, calculations, conclusions or analyses or may interpret or weigh the importance of data differently, which could impact the value of the particular program, the approvability or commercialization of the particular product candidate or product and our company in general. In addition, the information we choose to publicly disclose regarding a particular study or clinical trial is based on what is typically extensive information, and you or others may not agree with what we determine to be material or otherwise appropriate information to include in our disclosure, and any information we determine not to disclose may ultimately be deemed significant with respect to future decisions, conclusions, views, activities or otherwise regarding a particular product candidate or our business. If the interim, topline, or preliminary data that we report differ from actual results, or if others, including regulatory authorities, disagree with the conclusions reached, our ability to obtain approval for and commercialize our product candidates, our business, operating results, prospects or financial condition may be harmed.

***The regulatory approval process is lengthy, expensive and uncertain, and we may be unable to obtain regulatory approval for our product candidates under applicable regulatory requirements. The denial or delay of any such approval would delay commercialization of our product candidates and adversely impact our ability to generate revenue, our business and our results of operations.***

The development, research, testing, manufacturing, labeling, approval, selling, import, export, marketing, promotion and distribution of drug products are subject to extensive and evolving regulation by federal, state and local governmental authorities in the United States, principally the FDA, and by foreign regulatory authorities, which regulations may differ from country to country. Neither we nor any current or future collaborator is permitted to market any of our product candidates in the United States until we receive regulatory approval of a BLA from the FDA. Equivalent limitations are imposed by comparable foreign regulatory authorities within their territories.

Obtaining regulatory approval of a BLA, or in an equivalent foreign process, can be a lengthy, expensive and uncertain process. Prior to obtaining approval to commercialize a product candidate in the United States or abroad, we or our collaborators must demonstrate with substantial evidence from well-controlled clinical trials, and to the satisfaction of the FDA, the EMA and the European Commission, or other foreign regulatory authorities, that such product candidates are safe and effective for their intended uses. The number of nonclinical studies and clinical trials that will be required for FDA, European Commission or comparable foreign regulatory approval varies depending on the product candidate, the disease or condition that the product candidate is designed to address, and the regulations applicable to any particular product candidate.

Results from nonclinical studies and clinical trials can be interpreted in different ways. Even if we believe the nonclinical or clinical data for our product candidates are positive, such data may not be sufficient to support approval by the FDA, the European Commission or other comparable foreign regulatory authorities. Administering product candidates to humans may produce

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undesirable side effects, which could interrupt, delay or halt clinical trials and result in the FDA, the European Commission or other comparable foreign regulatory authorities denying approval of a product candidate for any or all indications. The FDA, the EMA, the European Commission or other comparable foreign regulatory authorities, may also require us to conduct additional studies or trials for our product candidates either prior to or post-approval, or may object to elements of our clinical development program such as the number of subjects in our clinical trials from the United States or abroad.

The FDA, the EMA, the European Commission or other comparable foreign regulatory authorities can delay, limit or deny approval of our product candidates or require us to conduct additional nonclinical or clinical testing or abandon a program for many reasons, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the FDA, the EMA or comparable foreign regulatory authorities' disagreement with the design or implementation of our ongoing or planned clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•negative or ambiguous results from our clinical trials or results that may not meet the level of statistical significance required by the FDA, the EMA or comparable foreign regulatory authorities for approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•serious and unexpected drug-related side effects experienced by participants in our clinical trials or by individuals using drugs similar to our product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our inability to demonstrate to the satisfaction of the FDA, the EMA or comparable foreign regulatory authorities that our product candidates are safe and effective for the proposed indication;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the FDA's, the EMA's, or comparable foreign regulatory authorities' disagreement with the interpretation of data from nonclinical studies or clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our inability to demonstrate the clinical and other benefits of our product candidates outweigh any safety or other perceived risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the FDA's, the EMA's or a comparable foreign regulatory authorities' requirement for additional nonclinical studies or clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the FDA's, the EMA's or comparable foreign regulatory authorities' disagreement regarding the formulation, labeling and/or the specifications of our product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the FDA's or comparable foreign regulatory authorities' failure to approve the manufacturing processes or facilities of third-party manufacturers with which we contract; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the potential for approval policies or regulations of the FDA, the European Commission or comparable foreign regulatory authorities' to significantly change in a manner rendering our clinical data insufficient for approval.

Of the large number of drugs in development, only a small percentage successfully complete the FDA, the European Commission, or other regulatory approval processes and are commercialized. The lengthy approval process as well as the unpredictability of future clinical trial results may result in our failing to obtain regulatory approval to market our product candidates, which would significantly harm our business, financial condition, results of operations and prospects.

Even if we eventually complete clinical testing and receive approval of a BLA or foreign marketing authorization application for our product candidates, the FDA, the European Commission, or the applicable foreign regulatory authority may grant approval contingent on the performance of costly additional clinical trials, including Phase 4 clinical trials, and/or in the case of the FDA, the implementation of a REMS, and in the case of comparable foreign regulatory authorities equivalent actions, which may be required to ensure safe use of the drug after approval. The FDA or the applicable foreign regulatory authority also may approve a product candidate for a more limited indication or a narrower patient population than we originally requested, and the FDA, European Commission, or applicable foreign regulatory authority may not approve the labeling that we believe is necessary or desirable for the successful commercialization of a product candidate. Any delay in obtaining, or inability to obtain, applicable regulatory approval would delay or prevent commercialization of that product candidate and would materially adversely impact our business and prospects.

***Even if we obtain regulatory approval for our product candidates, they will remain subject to ongoing regulatory oversight. Additionally, our product candidates, if approved, could be subject to labeling and other restrictions on marketing or withdrawal from the market, and we may be subject to penalties if we fail to comply with regulatory requirements or if we experience unanticipated problems with our product candidates, when and if any of them are approved.***

Even if we obtain regulatory approval for any of our product candidates, they will be subject to extensive and ongoing regulatory requirements for manufacturing, labeling, packaging, distribution, adverse event reporting, storage, advertising, promotion, sampling and record-keeping. These requirements include submissions of safety and other post-marketing information and reports, registration, as well as continued compliance with current cGMP regulations, as well as GCPs for any clinical trials that we conduct post-approval, all of which may result in significant expense and limit our ability to commercialize such products. In addition, any regulatory

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approvals that we receive for our product candidates may also be subject to limitations on the approved indicated uses for which the product may be marketed or to the conditions of approval, or contain requirements for potentially costly post-marketing testing, including Phase 4 clinical trials, and surveillance to monitor the safety and efficacy of the product candidate. The FDA may also require a REMS and the European Commission, or comparable foreign regulatory authorities may require Risk Management Plans or equivalent actions as a condition of approval of our product candidates, which could include requirements for a medication guide, physician communication plans or additional elements to ensure safe use, such as restricted distribution methods, patient registries and other risk minimization tools. Such regulatory requirements may differ from country to country depending on where we have received regulatory approval.

The FDA's, EMA's, European Commission's, and other regulatory authorities' policies may change and additional government regulations may be enacted that could prevent, limit or delay regulatory approval of our product candidates. We cannot predict the likelihood, nature or extent of government regulation that may arise from future legislation or administrative action, either in the United States or abroad. If we are slow or unable to adapt to changes in existing requirements or the adoption of new requirements or policies, or if we are not able to maintain regulatory compliance, we may lose any marketing approval that we may have obtained and we may not achieve or sustain profitability. Moreover, if there are changes in the application of legislation or regulatory policies, or if problems are discovered with a product or our manufacture of a product, or if we or one of our distributors, licensees or co-marketers fails to comply with regulatory requirements, the regulators could take various actions. These include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•issuing warning or untitled letters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•mandating modifications to promotional materials or require us to provide corrective information to healthcare professionals, or require other restrictions on the labeling or marketing of such products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•seeking an injunction or imposing civil or criminal penalties or monetary fines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•suspension or imposition of restrictions on operations, including product manufacturing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•seizure or detention of products, refusal to permit the import or export of products or request that we initiate a product recall;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•suspension, modification or withdrawal of our marketing authorizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•suspension of any ongoing clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•refusal to approve pending applications or supplements to applications submitted by us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•refusal to permit the import or export of products; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•requiring us to conduct additional clinical trials, change our product labeling or submit additional applications for marketing authorization.

Moreover, the FDA and other regulatory authorities strictly regulate the promotional claims that may be made about biologic products. In particular, while physicians may choose to prescribe products for uses that are not described in the product's labeling and for uses that differ from those tested in clinical trials and approved by the regulatory authorities, a product may not be promoted for uses that are not approved by the FDA, the European Commission or other comparable foreign regulatory authorities as reflected in the product's approved labeling. The FDA and other comparable foreign regulatory authorities actively enforce the laws and regulations prohibiting the promotion of off-label uses, and a company that is found to have improperly promoted off-label uses may be subject to significant civil, criminal and administrative penalties. These penalties could include delays or refusal to authorize the conduct of clinical trials, or to grant marketing authorization, product withdrawals and recalls, product seizures, suspension, withdrawal or variation of the marketing authorization, total or partial suspension of production, distribution, manufacturing or clinical trials, operating restrictions, injunctions, suspension of licenses, fines and criminal penalties.

Any government investigation of alleged violations of law could require us to expend significant time and resources in response and could generate negative publicity. The occurrence of any event or penalty described above may inhibit our ability to commercialize our product candidates and harm our business, financial condition, results of operations and prospects.

If any of these events occurs, our ability to sell such product may be impaired, and we may incur substantial additional expense to comply with regulatory requirements, which could harm our business, financial condition, results of operations and prospects.

***Disruptions to the operations of the FDA, the SEC, other U.S. governmental agencies or comparable foreign regulatory authorities caused by funding shortages, leadership changes, staffing cuts or other staffing shortages, along with uncertainty regarding the*** 

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***potential for new initiatives, laws, regulations, policies and guidance affecting our product candidates or other aspects of our business, could materially and adversely affect our business.***

The ability of the FDA or other comparable foreign regulatory authorities to review and approve new products or take action with respect to other regulatory matters can be affected by a variety of factors, including government budget and funding levels, leadership changes, the ability to hire and retain key personnel and accept payment of user fees, the availability of personnel and other resources, changes in statutes, regulations and policies that affect the FDA's or comparable foreign regulatory authorities' ability to perform routine functions, and other business disruptions. Average review times at the FDA and comparable foreign regulatory authorities have fluctuated in recent years as a result. In addition, government funding of the SEC and other government agencies on which our operations may rely, including those that fund research and development activities is subject to the political process, which is inherently fluid and unpredictable.

Over the last several years, the U.S. government has shut down several times and certain regulatory agencies, such as the FDA and the SEC, have had to furlough critical FDA, SEC and other government employees and stop critical activities. In addition, there have recently been terminations of large numbers of federal employees at various federal agencies, including the FDA. Changes and cuts in FDA staffing could result in delays in the FDA's responsiveness or in its ability to review IND submissions or applications, issue regulations or guidance, or implement or enforce regulatory requirements in a timely fashion, or at all. A prolonged government shutdown occurs and/or employee terminations or resignations could significantly impact the ability of the FDA or other federal agencies to timely review and process our regulatory submissions, which could have a material adverse effect on our business. Further, future government shutdowns and/or employee terminations or resignations at the SEC could impact our ability to access the public markets and obtain necessary capital in order to properly capitalize and continue our operations.

There is substantial uncertainty as to whether and how the current administration will seek to modify or revise the requirements and policies of the FDA and other regulatory agencies with jurisdiction over our product candidates and any products for which we obtain approval. This uncertainty could present new challenges as we navigate development and approval of our product candidates. Some of these efforts have manifested to date in the form of personnel cuts and measures that could impact the FDA's ability to hire and retain key personnel, which could result in delays or limitations on our ability to obtain guidance from the FDA on our product candidates in development and obtain the requisite regulatory approvals in the future. There is uncertainty as to whether we will be materially and negatively impacted by governmental orders, regulations, policies or guidance, or disruptions to the normal operations of government agencies.

***We may expend our limited resources to pursue a particular product candidate or indication and fail to capitalize on product candidates or indications that may be more profitable or for which there is a greater likelihood of success.***

Because we have limited financial and managerial resources, we must prioritize our research programs and will need to focus our discovery and development on select product candidates and indications. Correctly prioritizing our research and development activities is particularly important for us due to the breadth of potential product candidates and indications that we believe could be pursued using our platform technologies. As a result, we may forego or delay pursuit of opportunities with other product candidates or for other indications that later prove to have greater commercial potential. Our resource allocation decisions may cause us to fail to capitalize on viable commercial products or profitable market opportunities. Our spending on current and future research and development programs and product candidates for specific indications may not yield any commercially viable products. If we do not accurately evaluate the commercial potential or target market for a particular product candidate, we may also relinquish valuable rights to that product candidate through collaboration, licensing or other royalty arrangements in cases in which it would have been more advantageous for us to retain sole development and commercialization rights to such product candidate.

***We may not be successful in our efforts to identify or discover additional product candidates in the future.***

Our research programs may initially show promise in identifying potential product candidates, yet fail to yield product candidates for clinical development for a number of reasons, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our inability to design such product candidates with the properties that we desire; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•potential product candidates may, on further study, be shown to have harmful side effects or other characteristics that indicate that they are unlikely to be products that will receive marketing approval and achieve market acceptance.

Research programs to identify new product candidates require substantial technical, financial and human resources. If we are unable to identify suitable additional candidates for preclinical and clinical development, our opportunities to successfully develop and commercialize therapeutic products will be limited.

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**Risks Related to Manufacturing, Commercialization and Reliance on Third Parties**

***We rely on third parties to conduct, supervise, and monitor our ongoing and planned clinical trials and perform some of our research and preclinical studies. If these third parties do not satisfactorily carry out their contractual duties or fail to meet expected deadlines, our development programs may be delayed or subject to increased costs, each of which may have an adverse effect on our business and prospects.***

We do not have the ability to conduct all aspects of our preclinical testing or clinical trials ourselves. As a result, we are and expect to remain dependent on third parties to conduct our preclinical studies, ongoing clinical trials and any future clinical trials of our product candidates. The timing of the initiation and completion of these studies and trials will therefore be partially controlled by such third parties and may result in delays to our development programs. Nevertheless, we are responsible for ensuring that each of our preclinical studies and clinical trials is conducted in accordance with the applicable protocol, legal requirements, and scientific standards, and our reliance on the CROs and other third parties does not relieve us of our regulatory responsibilities. We and our CROs are required to comply with GLP and GCP requirements, which are regulations and guidelines enforced by the FDA, the Competent Authorities of EEA countries, and comparable foreign regulatory authorities for all of our product candidates in clinical development. Regulatory authorities enforce these GLP and GCP requirements through periodic inspections of preclinical study sites, trial sponsors, clinical trial investigators and clinical trial sites. If we or any of our CROs or clinical trial sites fail to comply with applicable GLP or GCP requirements, the data generated in our preclinical studies and clinical trials may be deemed unreliable, and the FDA, the EMA or comparable foreign regulatory authorities may require us to perform additional preclinical or clinical trials before approving our marketing authorization applications. In addition, our clinical trials must be conducted with product produced under cGMP regulations. Our failure to comply with these regulations may require us to stop and/or repeat clinical trials, which would delay the marketing approval process.

Furthermore, these third parties may also have relationships with other entities, some of which may be our competitors. If these third parties do not successfully carry out their contractual duties, meet expected deadlines or conduct our clinical trials in accordance with regulatory requirements or our stated protocols, we will not be able to obtain, or may be delayed in obtaining, marketing approvals for our product candidates and will not be able to, or may be delayed in our efforts to, successfully commercialize our products.

***We contract with third parties for the manufacturing and supply of certain of our product candidates for use in preclinical testing and clinical trials, which supply may become limited or interrupted or may not be of satisfactory quality and quantity.***

We do not have any manufacturing facilities. We produce in our laboratory relatively small quantities of product for evaluation in our research programs. We rely on third parties for the manufacture of our product candidates for clinical testing and we will continue to rely on such third parties for commercial manufacture if any of our product candidates are approved. We currently have limited manufacturing arrangements and expect that the Bulk Drug Substance (BDS) for each of our product candidates will only be covered by single source suppliers for the foreseeable future. This reliance increases the risk that we will not have sufficient quantities of our product candidates or products, if approved, or such quantities at an acceptable cost or quality, which could delay, prevent or impair our development or commercialization efforts.

Furthermore, all entities involved in the preparation of therapeutics for clinical trials or commercial sale, including our existing contract manufacturers for our product candidates, are subject to extensive regulation. Components of a finished therapeutic product approved for commercial sale or used in clinical trials must be manufactured in accordance with cGMP requirements. These regulations govern manufacturing processes and procedures, including record keeping, and the implementation and operation of quality systems to control and assure the quality of investigational products and products approved for sale. Poor control of production processes can lead to the introduction of contaminants, or to inadvertent changes in the properties or stability of our product

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candidates that may not be detectable in final product testing. We or our contract manufacturers must supply all necessary documentation in support of a BLA, or equivalent foreign application, on a timely basis and must adhere to the relevant Good Laboratory Practice regulations and cGMP regulations enforced by the FDA, and competent authorities of EEA countries, through their facilities inspection program. Comparable foreign regulatory authorities may require compliance with similar requirements. The facilities and quality systems of our third-party contract manufacturers must pass a pre-approval inspection for compliance with the applicable regulations as a condition of marketing approval of our product candidates. We have limited control over the manufacturing activities of, and are completely dependent on, our contract manufacturers for compliance with cGMP regulations.

In the event that any of our manufacturers fails to comply with such requirements or to perform its obligations to us in relation to quality, timing or otherwise, or if our supply of components or other materials becomes limited or interrupted for other reasons, we may be forced to manufacture the materials ourselves, for which we currently do not have the capabilities or resources, or enter into an agreement with another third-party, which we may not be able to do on commercially reasonable terms, if at all. In particular, any replacement of our manufacturers could require significant effort and expertise because there may be a limited number of qualified replacements. In some cases, the technical skills or technology required to manufacture our product candidates may be unique or proprietary to the original manufacturer and we may have difficulty transferring such skills or technology to another third-party and a feasible alternative may not exist. In addition, certain of our product candidates and our own proprietary methods have never been produced or implemented outside of our company, and we may therefore experience delays to our development programs if and when we attempt to establish new third-party manufacturing arrangements for these product candidates or methods. These factors would increase our reliance on such manufacturer or require us to obtain a license from such manufacturer in order to have another third-party manufacture our product candidates. If we are required to or voluntarily change manufacturers for any reason, we will be required to verify that the new manufacturer maintains facilities and procedures that comply with quality standards and with all applicable regulations and guidelines and that the product produced is equivalent to that produced in a prior facility. The delays associated with the verification of a new manufacturer and equivalent product could negatively affect our ability to develop product candidates in a timely manner or within budget.

Our or a third-party's failure to execute on our manufacturing requirements, do so on commercially reasonable terms and timelines and comply with cGMP requirements could adversely affect our business in a number of ways, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•inability to meet our product specifications and quality requirements consistently;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•an inability to initiate or continue preclinical studies or clinical trials of our product candidates under development;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•delay in submitting regulatory applications, or receiving marketing approvals, for our product candidates, if at all;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•loss of the cooperation of future collaborators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•subjecting third-party manufacturing facilities or our manufacturing facilities to additional inspections by regulatory authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•requirements to cease development or to recall batches of our product candidates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•in the event of approval to market and commercialize our product candidates, an inability to meet commercial demands for our product or any other future product candidates.

Our ongoing manufacturing activities with WuXi Biologics may expose us to additional risk. Certain Chinese biotechnology companies may become subject to trade restrictions, sanctions, other regulatory requirements, or proposed legislation by the U.S. government, which would restrict or even prohibit our ability to work with such entities, thereby potentially disrupting the supply of material to us. Any U.S. executive action, legislative action, or potential sanctions with China could materially impact our work with WuXi Biologics. U.S. executive agencies have the ability to designate entities and individuals on various governmental prohibited and restricted parties lists. Depending on the designation, potential consequences can range from a comprehensive prohibition on all transactions or dealings with designated parties, or a limited prohibition on certain types of activities, such as exports and financing activities, with designated parties. Any unfavorable government policies on international trade, such as export controls, capital controls or tariffs, new legislation or regulations, renegotiation of existing trade agreements, or any retaliatory trade actions due to recent trade tension, may impede, delay, limit, or increase the cost of potentially manufacturing our product candidates including pursuant to any manufacturing service arrangements with WuXi Biologics. Such events could have an adverse effect on our business, financial condition and results of operations.

***Manufacturing our product candidates is complex and our third-party manufacturers may encounter difficulties in production. If any of our third-party manufacturers encounter such difficulties, our ability to provide supply of our product candidates for clinical trials or our products for patients, if approved, could be delayed or prevented.***

Manufacturing our product candidates is complex and requires the use of technologies directed to handle living cells. Manufacturing these products requires facilities specifically designed for and validated for this purpose and sophisticated quality

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assurance and quality control procedures are necessary. Slight deviations anywhere in the manufacturing process, including filling, labeling, packaging, storage and shipping and quality control and testing, may result in lot failures, product recalls or expiry. When changes are made to the manufacturing process, we may be required to provide preclinical and clinical data showing the comparable identity, strength, quality, purity or potency of the products before and after such changes. If microbial, viral or other contaminations are discovered at manufacturing facilities, such facilities may need to be closed for an extended period of time to investigate and remedy the contamination, which could delay clinical trials and adversely harm our business. The use of biologically derived ingredients can also lead to allegations of harm, including infections or allergic reactions, or closure of product facilities due to possible contamination.

In addition, there are risks associated with large scale manufacturing for clinical trials or commercial scale including, among others, cost overruns, potential problems with process scale-up, process reproducibility, stability issues, compliance with good manufacturing practices, lot consistency, significant lead times and timely availability of raw materials. Even if we obtain marketing approval for any of our product candidates, there is no assurance that we or our manufacturers will be able to manufacture the approved product to specifications acceptable to the FDA, the EMA or other comparable foreign regulatory authorities, to produce it in sufficient quantities to meet the requirements for the potential commercial launch of the product or to meet potential future demand. If our manufacturers are unable to produce sufficient quantities for clinical trials or for commercialization, our development and commercialization efforts would be impaired, which would have an adverse effect on our business, financial condition, results of operations and growth prospects.

Due to the early nature of our product candidates, the drug product may not be stable over time causing changes to be made to the manufacturing, formulation or storage process, which may result in delays or stopping the development of the product candidate.

***Changes in methods of product candidate manufacturing may result in additional costs or delays.***

As product candidates progress through preclinical to late-stage clinical trials to marketing approval and commercialization, it is common that various aspects of the development program, such as manufacturing methods, are altered along the way in an effort to optimize yield, manufacturing batch size, change drug product dosage form, minimize costs and achieve consistent quality and results. Such changes carry the risk that they will not achieve these intended objectives. Any of these changes could cause our product candidates to perform differently and affect the results of clinical trials or other future clinical trials conducted with the altered materials. This could delay completion of clinical trials, require the conduct of bridging clinical trials or the repetition of one or more clinical trials, increase clinical trial costs, delay approval of our product candidates and jeopardize our ability to commercialize our product candidates and generate revenue.

***Any approved products may fail to achieve the degree of market acceptance by physicians, patients, hospitals, cancer treatment centers, healthcare payors and others in the medical community necessary for commercial success.***

If any of our product candidates receive marketing approval, they may nonetheless fail to gain sufficient market acceptance by physicians, patients, healthcare payors and others in the medical community. For example, current cancer treatments like chemotherapy and radiation therapy are well established in the medical community, and physicians may continue to rely on these treatments. Most of our product candidates target medical conditions for which there are limited or no currently approved products, which may result in slower adoption by physicians, patients and payors. If our product candidates do not achieve an adequate level of acceptance, we may not generate significant product revenue and we may not become profitable. The degree of market acceptance of our product candidates, if approved for commercial sale, will depend on a number of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•efficacy and potential advantages compared to alternative treatments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to offer our products for sale at competitive prices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•convenience and ease of administration compared to alternative treatments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the willingness of the target patient population to try new therapies and of physicians to prescribe these therapies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the availability of coverage and adequate reimbursement from third-party payors, and the willingness of patients to pay out of pocket in the absence of coverage or limited third-party payor reimbursement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the strength of marketing and distribution support; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the prevalence and severity of any side effects.

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***We may not be able to successfully commercialize our product candidates, if approved, due to unfavorable pricing regulations or third-party coverage and reimbursement policies, which could make it difficult for us to sell our product candidates profitably.***

Obtaining coverage and reimbursement approval for a product from a government or other third-party payor is a time-consuming and costly process, with uncertain results, that could require us to provide supporting scientific, clinical and cost effectiveness data for the use of our products to the payor. There may be significant delays in obtaining such coverage and reimbursement for newly approved products, and coverage may not be available, or may be more limited than the purposes for which the product is approved by the FDA, the European Commission, or comparable foreign regulatory authorities. Moreover, eligibility for coverage and reimbursement does not imply that a product will be paid for in all cases or at a rate that covers our costs, including research, development, intellectual property, manufacture, sale and distribution expenses. Interim reimbursement levels for new products, if applicable, may also not be sufficient to cover our costs and may not be made permanent. Reimbursement rates may vary according to the use of the product and the clinical setting in which it is used, may be based on reimbursement levels already set for lower cost products and may be incorporated into existing payments for other services. Net prices for products may be reduced by mandatory discounts or rebates required by government healthcare programs or private payors, by any future laws limiting drug prices and by any future relaxation of laws that presently restrict imports of product from countries where they may be sold at lower prices than in the United States.

There is significant uncertainty related to the insurance coverage and reimbursement of newly approved products. In the United States, there is no uniform policy among third-party payors for coverage and reimbursement. Third-party payors often rely upon Medicare coverage policy and payment limitations in setting reimbursement policies, but also have their own methods and approval process apart from Medicare coverage and reimbursement determinations. Therefore, one third-party payor's determination to provide coverage for a product does not assure that other payors will also provide coverage for the product. The approach to pricing and reimbursement also varies widely between third countries, including between EEA countries.

Coverage and reimbursement by a third-party payor may depend upon a number of factors, including the third-party payor's determination that use of a product is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a covered benefit under its health plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•safe, effective and medically necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•appropriate for the specific patient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•cost-effective; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•neither experimental nor investigational.

We cannot be sure that reimbursement will be available for any product that we commercialize and, if coverage and reimbursement are available, what the level of reimbursement will be. Obtaining reimbursement for our products may be particularly difficult because of the higher prices often associated with branded therapeutics and therapeutics administered under the supervision of a physician. Our inability to promptly obtain coverage and adequate reimbursement rates from both government-funded and private payors for any approved products that we develop could have a material adverse effect on our operating results, our ability to raise capital needed to commercialize products and our overall financial condition.

Reimbursement may impact the demand for, and the price of, any product for which we obtain marketing approval. Even if we obtain coverage for a given product by a third-party payor, the resulting reimbursement payment rates may not be adequate or may require co-payments that patients find unacceptably high. Patients who are prescribed medications for the treatment of their conditions, and their prescribing physicians, generally rely on third-party payors to reimburse all or part of the costs associated with those medications. Patients are unlikely to use our products unless coverage is provided and reimbursement is adequate to cover all or a significant portion of the cost of our products. Therefore, coverage and adequate reimbursement are critical to a new product's acceptance. Coverage decisions may depend upon clinical and economic standards that disfavor new products when more established or lower cost therapeutic alternatives are already available or subsequently become available.

For products administered under the supervision of a physician, obtaining coverage and adequate reimbursement may be particularly difficult because of the higher prices often associated with such drugs. Even if favorable coverage and reimbursement status is attained for one or more products for which we receive regulatory approval, less favorable coverage policies and reimbursement rates may be implemented in the future. Additionally, separate reimbursement for the product itself may or may not be available. Instead, the hospital or administering physician may be reimbursed only for providing the treatment or procedure in which our product is used. Further, from time to time, in the US the Centers for Medicare & Medicaid Services (CMS) revises the reimbursement systems used to reimburse health care providers, including the Medicare Physician Fee Schedule and Hospital Outpatient Prospective Payment System, which may result in reduced Medicare payments. Equivalent competent foreign authorities sometimes adopt an equivalent approach with similar consequences.

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Further, the U.S. government, state legislatures and foreign governments have shown increased interest in implementing cost containment programs to limit government-paid health care costs, including price controls, restrictions on reimbursement and requirements for substitution of generic products. For example, HHS imposes rebates on many Medicare Part B and Medicare Part D products to penalize price increases that outpace inflation on an annual basis. HHS has also been empowered to negotiate the price of certain single-source biologics that have been on the market for at least eleven years covered under Medicare as part of the Medicare Drug Price Negotiation Program. Each year up to twenty products will be selected by HHS for the Medicare Drug Price Negotiation Program. Products subject to the Medicare Drug Price Negotiation Program are expected to experience a significant reduction in reimbursement from the Medicare program on a per unit basis.

We expect to experience pricing pressures in connection with the sale of any of our product candidates due to the trend toward managed healthcare, the increasing influence of health maintenance organizations, and additional legislative changes. The downward pressure on healthcare costs in general, particularly prescription medicines, medical devices and surgical procedures and other treatments, has become very intense. As a result, increasingly high barriers are being erected to the successful commercialization of new products. Further, the adoption and implementation of any future governmental cost containment or other health reform initiative may result in additional downward pressure on the price that we may receive for any approved product.

Outside of the United States, many countries require approval of the sale price of a product before it can be marketed, and the pricing review period only begins after marketing or product licensing approval is granted. To obtain reimbursement or pricing approval in some of these countries, including in some EEA countries, we may be required to conduct a clinical trial that compares the cost-effectiveness of our product candidate to other available therapies. In the EU, this Health Technology Assessment (HTA) process, which is currently governed by the national laws of the individual EU Member States, is the procedure to assess therapeutic, economic and societal impact of a given medicinal product in the national healthcare systems of the individual country. HTA of medicinal products is becoming an increasingly common part of the pricing and reimbursement procedures in some EU Member States, including those representing the larger markets. The outcome of an HTA will often influence the pricing and reimbursement status granted to these medicinal products by the competent authorities of individual EU Member States. The extent to which pricing and reimbursement decisions are influenced by the HTA of the specific medicinal product currently varies between EU Member States. Moreover, EU Member States may choose to restrict the range of products for which their national health insurance systems provide reimbursement and to control the prices of medicinal products for human use. EU Member States may approve a specific price for a product or it may instead adopt a system of direct or indirect controls on the profitability of the company placing the product on the market. Other EU Member States allow companies to fix their own prices for products but monitor and control prescription volumes and issue guidance to physicians to limit. If we are unable to maintain favorable pricing and reimbursement status in EU Member States for our products, any anticipated revenue from and growth prospects for those products in the EU could be negatively affected.

In some other foreign markets, prescription pharmaceutical pricing remains subject to continuing governmental control even after initial approval is granted. As a result, we might obtain marketing approval for a product candidate in a particular country, but then be subject to price regulations that delay our commercial launch of the product, possibly for lengthy time periods, and negatively impact the revenue, if any, we are able to generate from the sale of the product in that country. Adverse pricing limitations may hinder our ability to recoup our investment in one or more product candidates, even if such product candidates obtain marketing approval.

***Our product candidates for which we intend to seek approval as biologic products may face competition sooner than anticipated.***

The Patient Protection and Affordable Care Act, as amended by the Health Care and Education Reconciliation Act of 2010 (the Affordable Care Act) signed into law on March 23, 2010, includes a subtitle called the Biologics Price Competition and Innovation Act of 2009 (BPCIA) which created an abbreviated approval pathway for biological products that are biosimilar to or interchangeable with an FDA-licensed reference biological product. Under the BPCIA, an application for a biosimilar product may not be submitted to the FDA until four years following the date that the reference product was first licensed by the FDA. In addition, the approval of a biosimilar product may not be made effective by the FDA until 12 years from the date on which the reference product was first licensed. During this 12-year period of exclusivity, another company may still market a competing version of the reference product if the FDA approves a full BLA for the competing product containing the sponsor's own preclinical data and data from adequate and well-controlled clinical trials to demonstrate the safety, purity and potency of their product. Equivalent laws and procedures apply in foreign countries.

We believe that any of our product candidates approved as a biological product under a BLA should qualify for the 12-year period of exclusivity. However, there is a risk that this exclusivity could be shortened due to congressional action, court decisions or otherwise, or that the FDA will not consider our product candidates to be reference products for competing products, potentially creating the opportunity for generic competition sooner than anticipated. Other aspects of the BPCIA, some of which may impact the BPCIA exclusivity provisions, have also been the subject of recent litigation. Moreover, the extent to which a biosimilar, once approved, will be substituted for any one of our reference products in a way that is similar to traditional generic substitution for non-biological products is not yet clear, and will depend on a number of marketplace and regulatory factors that are still developing.

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If any approved products are subject to biosimilar competition sooner than we expect, we will face significant pricing pressure and our commercial opportunity will be limited.

***Relevant regulatory exclusivities may not be granted or, if granted, may be limited.***

The EU provides opportunities for data and market exclusivity related to Marketing Authorizations (MAs). Upon receiving an MA, innovative medicinal products are generally entitled to receive eight years of data exclusivity and 10 years of market exclusivity. Data exclusivity, if granted, prevents regulatory authorities in the EU from referencing the innovator's data to assess an application for authorization of a generic product or of a biosimilar for eight years from the date of authorization of the innovative product, after which an application for authorization of a generic or biosimilar may be submitted, and the innovator's data may be referenced. The market exclusivity period prevents a successful applicant for authorization of a generic or biosimilar from commercializing its product in the EU until 10 years have elapsed from the initial MA of the reference product in the EU. The overall ten year period may, occasionally, be extended for a further year to a maximum of 11 years if, during the first eight years of those ten years, the MA holder obtains an authorization for one or more new therapeutic indications which, during the scientific evaluation prior to their authorization, are held to bring a significant clinical benefit in comparison with existing therapies. However, there is no guarantee that a product will be considered by the EU's regulatory authorities to be a new chemical/biological entity, and products may not qualify for data exclusivity.

***The market opportunity for our product candidates may be relatively small as it will be limited to those patients who are ineligible for or have failed prior treatments and our estimates of the prevalence of our target patient populations may be inaccurate.***

Cancer therapies are sometimes characterized as first line, second line, or third line, and the FDA customarily approves new therapies only for a second line or later lines of use. When cancer is detected early enough, first line therapy is sometimes adequate to cure the cancer or prolong life without a cure. Whenever first line therapies, usually chemotherapy, antibody drugs, tumor-targeted small molecules, hormone therapy, radiation therapy, surgery or a combination of these, proves unsuccessful, second line therapy may be administered. Second line therapies often consist of more chemotherapy, radiation, antibody drugs, tumor-targeted small molecules or a combination of these. Third line therapies can include chemotherapy, antibody drugs and small molecule tumor-targeted therapies, more invasive forms of surgery and new technologies. We expect to initially seek approval of our product candidates in most instances at least as a second line therapy. Subsequently, depending on the nature of the clinical data and experience with any approved products or product candidates, if any, we may pursue approval as an earlier line therapy and potentially as a first line therapy. But there is no guarantee that our product candidates, even if approved as a second or subsequent line of therapy, would be approved for an earlier line of therapy, and, prior to any such approvals, we may have to conduct additional clinical trials.

Our projections of the number of people who have PSMA or other specific anti-tumor target expression are based on our assumptions and estimates. These estimates have been derived from a variety of sources, including scientific literature, surveys of clinics, patient foundations or market research, and may prove to be incorrect. Further, new therapies may change the estimated incidence or prevalence of the cancers that we are targeting. Consequently, even if our product candidates are approved for a second or third line of therapy, the number of patients who may be eligible for treatment with our product candidates may turn out to be much lower than expected. In addition, we have not yet conducted market research to determine how treating physicians would expect to prescribe a product that is approved for multiple tumor types if there are different lines of approved therapies for each such tumor type.

***Our reliance on third parties requires us to share our trade secrets, which increases the possibility that a competitor will discover them or that our trade secrets will be misappropriated or disclosed.***

Because we rely on third parties to research and develop and to manufacture our product candidates, we must share trade secrets with them. We seek to protect our proprietary technology in part by entering into confidentiality agreements and, if applicable, material transfer agreements, consulting agreements or other similar agreements with our advisors, employees, third-party contractors and consultants prior to beginning research or disclosing proprietary information. These agreements typically limit the rights of the third parties to use or disclose our confidential information, including our trade secrets. Despite the contractual provisions employed when working with third parties, the need to share trade secrets and other confidential information increases the risk that such trade secrets become known by our competitors, are inadvertently incorporated into the technology of others, or are disclosed or used in violation of these agreements. Given that our proprietary position is based, in part, on our know-how and trade secrets, a competitor's independent discovery of our trade secrets or other unauthorized use or disclosure would impair our competitive position and may have a material adverse effect on our business.

In addition, these agreements typically restrict the ability of our advisors, employees, third-party contractors and consultants to publish data potentially relating to our trade secrets, although our agreements may contain certain limited publication rights. For example, any academic institution that we may collaborate with will likely expect to be granted rights to publish data arising out of such collaboration and any joint research and development programs may require us to share trade secrets under the terms of our

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research and development or similar agreements. Despite our efforts to protect our trade secrets, our competitors may discover our trade secrets, either through breach of our agreements with third parties, independent development or publication of information by any of our third-party collaborators. A competitor's discovery of our trade secrets would impair our competitive position and have an adverse impact on our business.

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***If any of our product candidates are approved for marketing and commercialization and we are unable to establish sales and marketing capabilities or enter into agreements with third parties to sell and market our product candidates, we will be unable to successfully commercialize our product candidates if and when they are approved.***

We have no sales, marketing or distribution capabilities or experience. To achieve commercial success for any approved product for which we retain sales and marketing responsibilities, we must either develop a sales and marketing organization, which would be expensive and time consuming, or outsource these functions to other third parties. In the future, we may choose to build a focused sales and marketing infrastructure to sell, or participate in sales activities with our collaborators for, some of our product candidates if and when they are approved.

There are risks involved with both establishing our own sales and marketing capabilities and entering into arrangements with third parties to perform these services. For example, recruiting and training a sales force is expensive and time consuming and could delay any product launch. If the commercial launch of a product candidate for which we recruit a sales force and establish marketing capabilities is delayed or does not occur for any reason, we would have prematurely or unnecessarily incurred these commercialization expenses. This may be costly, and our investment would be lost if we cannot retain or reposition our sales and marketing personnel.

Factors that may inhibit our efforts to commercialize future products on our own include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our inability to recruit and retain adequate numbers of effective sales and marketing personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the inability of sales personnel to obtain access to physicians or educate adequate numbers of physicians on the benefits of prescribing any future products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the lack of complementary products to be offered by sales personnel, which may put us at a competitive disadvantage relative to companies with more extensive product portfolios; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•unforeseen costs and expenses associated with creating an independent sales and marketing organization.

If we enter into arrangements with third parties to perform sales, marketing and distribution services, our product revenue or the profitability of these product revenue to us are likely to be lower than if we were to market and sell any products that we develop ourselves. In addition, we may not be successful in entering into arrangements with third parties to sell and market our product candidates or may be unable to do so on terms that are favorable to us. In entering into third-party marketing or distribution arrangements, any revenue we receive will depend upon the efforts of the third parties and we cannot assure you that such third parties will establish adequate sales and distribution capabilities or devote the necessary resources and attention to sell and market any future products effectively. If we do not establish sales and marketing capabilities successfully, either on our own or in collaboration with third parties, we will not be successful in commercializing our product candidates.

***Even if we obtain FDA approval of any of our product candidates, we may never obtain approval or commercialize such products outside of the United States, which would limit our ability to realize their full market potential.***

In order to market any products outside of the United States, we must establish and comply with numerous and varying regulatory requirements of other countries regarding safety and efficacy. Clinical trials conducted in one country may not be accepted by regulatory authorities in other countries, and regulatory approval in one country does not mean that regulatory approval will be obtained in any other country. Approval procedures vary among countries and can involve additional product testing and validation and additional administrative review periods. Seeking foreign regulatory approvals could result in significant delays, difficulties and costs for us and may require additional preclinical studies or clinical trials which would be costly and time consuming. Regulatory requirements can vary widely from country to country and could delay or prevent the introduction of our products in those countries. Satisfying these and other regulatory requirements is costly, time consuming, uncertain and subject to unanticipated delays. In addition, our failure to obtain regulatory approval in any country may delay or have negative effects on the process for regulatory approval in other countries. We do not have any product candidates approved for sale in any jurisdiction, including international markets, and we do not have experience in obtaining regulatory approval in international markets. If we fail to comply with regulatory requirements in international markets or to obtain and maintain required approvals, our ability to realize the full market potential of our products will be harmed.

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**Risks Related to Our Collaborations and Other Strategic Agreements**

***Our existing collaborations with Merck and BMS are important to our business. If our collaborators cease development efforts under our existing or future collaboration agreements, or if any of those agreements are terminated, these collaborations may fail to lead to commercial products and we may never receive milestone payments or future royalties under these agreements.***

We have entered into collaborations with Merck and BMS to develop certain specified product candidates. All of our revenue to date has been derived from our existing collaboration agreements with Merck and BMS, and a significant portion of our near-term future revenue is expected to be derived from these agreements or other similar agreements into which we may enter in the future. Revenue from research and development collaborations depends upon continuation of the collaborations, payments for research and development services and product supply, and the achievement of milestones, contingent payments and royalties, if any, derived from future products developed from our research. If we are unable to successfully advance the development of our product candidates or achieve milestones, revenue and cash resources from milestone payments under our collaboration agreements will be substantially less than expected.

We are unable to predict the success of our collaborations and we may not realize the anticipated benefits of our strategic collaborations. Our collaborators have discretion in determining and directing the efforts and resources, including the ability to discontinue all efforts and resources, they apply to the development and, if approval is obtained, commercialization and marketing of the product candidates covered by such collaborations. As a result, our collaborators may elect to de-prioritize our programs, change their strategic focus or pursue alternative technologies in a manner that results in reduced, delayed or no revenue to us. Our collaborators may have other marketed products and product candidates under collaboration with other companies, including some of our competitors, and their corporate objectives may not be consistent with our best interests. Our collaborators may also be unsuccessful in developing or commercializing our products. If our collaborations are unsuccessful, our business, financial condition, results of operations and prospects could be adversely affected. In addition, any dispute or litigation proceedings we may have with our collaborators in the future could delay development programs, create uncertainty as to ownership of intellectual property rights, distract management from other business activities and generate substantial expense.

Moreover, to the extent that any of our existing or future collaborators were to terminate a collaboration agreement, we may be forced to independently develop these product candidates, including funding preclinical studies or clinical trials, assuming marketing and distribution costs and defending intellectual property rights, or, in certain instances, abandon product candidates altogether, any of which could result in a change to our business plan and have a material adverse effect on our business, financial condition, results of operations and prospects.

***We may not realize the benefits of any acquisitions, collaborations, in-license or strategic alliances that we enter into.***

We have entered into collaboration and exclusive license agreements with Merck and BMS and in the future may seek and form strategic alliances, create joint ventures or additional collaborations, or enter into acquisitions or licensing arrangements with third parties that we believe will complement or augment our existing technologies and product candidates.

These transactions can entail numerous operational and financial risks, including exposure to unknown liabilities, disruption of our business and diversion of our management's time and attention in order to manage a collaboration or develop acquired products, product candidates or technologies, incurrence of substantial debt or dilutive issuances of equity securities to pay transaction consideration or costs, higher than expected collaboration, acquisition or integration costs, write-downs of assets or goodwill or impairment charges, increased amortization expenses, difficulty and cost in facilitating the collaboration or combining the operations and personnel of any acquired business, impairment of relationships with key suppliers, manufacturers or customers of any acquired business due to changes in management and ownership and the inability to retain key employees of any acquired business. As a result, if we enter into acquisition or in-license agreements or strategic partnerships, we may not be able to realize the benefit of such transactions if we are unable to successfully integrate them with our existing operations and company culture, which could delay our timelines or otherwise adversely affect our business. We also cannot be certain that, following a strategic transaction or license, we will achieve the revenue or specific net income that justifies such transaction or such other benefits that led us to enter into the arrangement.

***We may wish to form additional collaborations in the future with respect to our product candidates, but may not be able to do so or to realize the potential benefits of such transactions, which may cause us to alter or delay our development and commercialization plans.***

We may, in the future, decide to collaborate with other biopharmaceutical companies for the development and potential commercialization of those product candidates, including in territories outside the United States or for certain indications. We will face significant competition in seeking appropriate collaborators. We may not be successful in our efforts to establish a strategic partnership or other alternative arrangements for our product candidates because they may be deemed to be at too early of a stage of

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development for collaborative effort and third parties may not view our product candidates as having the requisite potential to demonstrate safety and efficacy. If and when we collaborate with a third-party for development and commercialization of a product candidate, we can expect to relinquish some or all of the control over the future success of that product candidate to the third-party. Our ability to reach a definitive agreement for a collaboration will depend, among other things, upon our assessment of the collaborator's resources and expertise, the terms and conditions of the proposed collaboration and the proposed collaborator's evaluation of our technologies, product candidates and market opportunities. The collaborator may also consider alternative product candidates or technologies for similar indications that may be available to collaborate on and whether such a collaboration could be more attractive than the one with us for our product candidate. We may also be restricted under any license agreements from entering into agreements on certain terms or at all with potential collaborators.

Collaborations are complex and time-consuming to negotiate and document. In addition, there have been a significant number of recent business combinations among large pharmaceutical companies that have resulted in a reduced number of potential future collaborators and changes to the strategies of the combined company. As a result, we may not be able to negotiate collaborations on a timely basis, on acceptable terms, or at all. If we are unable to do so, we may have to curtail the development of such product candidate, reduce or delay one or more of our other development programs, delay the potential commercialization or reduce the scope of any planned sales or marketing activities for such product candidate, or increase our expenditures and undertake development, manufacturing or commercialization activities at our own expense. If we elect to increase our expenditures to fund development, manufacturing or commercialization activities on our own, we may need to obtain additional capital, which may not be available to us on acceptable terms or at all. If we do not have sufficient funds, we may not be able to further develop our product candidates or bring them to market and generate product revenue.

Our product candidates may also require specific components to work effectively and efficiently, and rights to those components may be held by others. We may be unable to in-license any compositions, methods of use, processes or other third-party intellectual property rights from third parties that we identify. We may fail to obtain any of these licenses at a reasonable cost or on reasonable terms, which would harm our business. Even if we are able to obtain a license, it may be non-exclusive, thereby giving our competitors access to the same technologies licensed to us. In that event, we may be required to expend significant time and resources to develop or license replacement technology.

**Risks Related to Our Industry and Business Operations**

***Our employees, principal investigators, consultants and commercial partners may engage in misconduct or other improper activities, including non-compliance with regulatory standards and requirements and insider trading.***

We are exposed to the risk of fraud or other misconduct by our employees, principal investigators, consultants and commercial partners. Misconduct by these parties could include intentional failures to comply with the regulations of the FDA and foreign regulatory authorities, provide accurate information to the FDA and foreign regulatory authorities, comply with healthcare fraud and abuse laws and regulations in the United States and abroad, report financial information or data accurately or disclose unauthorized activities to us. In particular, sales, marketing and business arrangements in the healthcare industry are subject to extensive laws and regulations intended to prevent fraud, misconduct, kickbacks, self-dealing and other abusive practices. These laws and regulations may restrict or prohibit a wide range of pricing, discounting, marketing and promotion, sales commission, customer incentive programs and other business arrangements. Such misconduct could also involve the improper use of information obtained in the course of clinical trials, which could result in regulatory sanctions and cause serious harm to our reputation. It is not always possible to identify and deter employee misconduct, and the precautions we take to detect and prevent this activity may not be effective in controlling unknown or unmanaged risks or losses or in protecting us from governmental investigations or other actions or lawsuits stemming from a failure to comply with these laws or regulations. If any such actions are instituted against us those actions could have a significant impact on our business, including the imposition of significant civil, criminal and administrative penalties, damages, fines, disgorgement, imprisonment, exclusion from government funded healthcare programs, such as Medicare and Medicaid or comparable foreign healthcare programs, contractual damages, reputational harm, diminished profits and future earnings, additional reporting obligations and oversight if subject to a corporate integrity agreement or other agreement to resolve allegations of non-compliance with these laws, and the curtailment or restructuring of our operations.

***We face potential product liability, and, if successful claims are brought against us, we may incur substantial liability and costs. If the use of our product candidates harms patients or is perceived to harm patients even when such harm is unrelated to our product candidates, our regulatory approvals could be revoked or otherwise negatively impacted and we could be subject to costly and damaging product liability claims.***

The use of our product candidates in clinical trials and the sale of any products for which we obtain marketing approval exposes us to the risk of product liability claims. Product liability claims might be brought against us by consumers, healthcare providers, pharmaceutical companies or others selling or otherwise coming into contact with our products. There is a risk that our product

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candidates may induce adverse events. If we cannot successfully defend against product liability claims, we could incur substantial liability and costs. In addition, regardless of merit or eventual outcome, product liability claims may result in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•impairment of our business reputation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•withdrawal of clinical trial participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•costs due to related litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•distraction of management's attention from our primary business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•substantial monetary awards to patients or other claimants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the inability to commercialize our product candidates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•decreased demand for our product candidates, if approved for commercial sale.

We may not be able to maintain product liability insurance coverage at a reasonable cost or in sufficient amounts to protect us against losses due to liability. If and when we obtain marketing approval for product candidates, we intend to expand our insurance coverage to include the sale of commercial products; however, we may be unable to obtain product liability insurance on commercially reasonable terms or in adequate amounts. On occasion, large judgments have been awarded in class action lawsuits based on drugs or medical treatments that had unanticipated adverse effects. A successful product liability claims, or series of claims brought against us could cause our stock price to decline and, if judgments exceed our insurance coverage, could adversely affect our results of operations and business.

Patients with cancer and other diseases targeted by our product candidates are often already in severe and advanced stages of disease and have both known and unknown significant pre-existing and potentially life-threatening health risks. During the course of treatment, patients may suffer adverse events, including death, for reasons that may be related to our product candidates. Such events could subject us to costly litigation, require us to pay substantial amounts of money to injured patients, delay, negatively impact or end our opportunity to receive or maintain regulatory approval to market our products, or require us to suspend or abandon our commercialization efforts. Even in a circumstance in which we do not believe that an adverse event is related to our products, the investigation into the circumstance may be time-consuming or inconclusive. These investigations may interrupt our sales efforts, delay our regulatory approval process in other countries, or impact and limit the type of regulatory approvals our product candidates could receive or maintain. As a result of these factors, a product liability claim, even if successfully defended, could have a material adverse effect on our business, financial condition or results of operations.

***We are highly dependent on our key personnel, and if we are not successful in attracting and retaining highly qualified personnel, we may not be able to successfully implement our business strategy.***

Our ability to compete in the highly competitive biotechnology and pharmaceutical industries depends upon our ability to attract and retain highly qualified managerial, scientific and medical personnel. We are highly dependent on our management, scientific and medical personnel. The loss of the services of any of our executive officers, other key employees, and other scientific and medical advisors, and our inability to find suitable replacements could result in delays in product development and harm our business.

We conduct substantially all of our operations remotely and at our facilities in San Diego, California. This region is headquarters to many other biopharmaceutical companies and many academic and research institutions. Competition for skilled personnel in our market is intense and may limit our ability to hire and retain highly qualified personnel on acceptable terms or at all.

To induce valuable employees to remain at our company, in addition to salary and cash incentives, we have provided stock options that vest over time. The value to employees of stock options that vest over time may be significantly affected by movements in our stock price that are beyond our control and may at any time be insufficient to counteract more lucrative offers from other companies. There also may be shortages of skilled labor due to public health crises, macroeconomic conditions, or other factors that may make it more difficult for us to attract and retain qualified personnel and lead to increased labor costs. Despite our efforts to retain valuable employees, members of our management, scientific and development teams may terminate their employment with us on short notice. Although we have employment agreements with certain of our key employees, these employment agreements provide for at-will employment, which means that any of our employees could leave our employment at any time, with or without notice. We do not maintain "key person" insurance policies on the lives of these individuals or the lives of any of our employees. Our success also depends on our ability to continue to attract, retain and motivate highly skilled junior, mid-level and senior managers as well as junior, mid-level and senior scientific and medical personnel.

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***We expect to expand our development, regulatory and operational capabilities and, as a result, we may encounter difficulties in managing our growth, which could disrupt our operations.\****

As of March 31, 2026, we had 108 full-time employees. As we advance our research and development programs, we will be required to further increase the number of our employees and the scope of our operations, particularly in the areas of research and clinical development, medical affairs, general and administrative matters relating to being a public company, regulatory affairs and, if any of our product candidates receives marketing approval, sales, marketing and distribution. To manage any future growth, we must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•identify, recruit integrate, maintain and motivate additional qualified personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•manage our development efforts effectively, including the initiation and conduct of clinical trials for our product candidates, both as monotherapy and in combination with other therapeutics; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•improve our operational, financial and management controls, reporting systems and procedures.

Our future financial performance and our ability to develop, manufacture and commercialize our product candidates, if approved, will depend, in part, on our ability to effectively manage any future growth, and our management may also have to divert financial and other resources, and a disproportionate amount of its attention away from day-to-day activities in order to devote a substantial amount of time, to managing these growth activities.

If we are not able to effectively expand our organization by hiring new employees and expanding our groups of consultants and contractors, we may not be able to successfully implement the tasks necessary to further develop and commercialize our product candidates and, accordingly, may not achieve our research, development and commercialization goals.

***We face substantial competition, which may result in others discovering, developing or commercializing products more quickly or marketing them more successfully than us.***

The development and commercialization of new products is highly competitive. We largely compete in the segments of the pharmaceutical, biotechnology and other related markets that develop immunotherapies for the treatment of cancer and autoimmune disease. Our commercial opportunity could be reduced or eliminated if our competitors develop and commercialize products that are safer, more effective, have fewer or less severe side effects, are more convenient, or are less expensive than any products that we may develop. Our competitors also may obtain FDA, European Commission, or other regulatory approval for their products more rapidly than we may obtain approval for ours, if ever, which could result in our competitors establishing a strong market position before we are able to enter the market or make our development more complicated. Moreover, with the proliferation of new drugs and therapies into oncology and autoimmune disease, we expect to face increasingly intense competition as new technologies become available. If we fail to stay at the forefront of technological change, we may be unable to compete effectively. Any product candidates that we successfully develop and commercialize will compete with existing therapies and new therapies that may become available in the future. The highly competitive nature of and rapid technological changes in the biotechnology and pharmaceutical industries could render our product candidates or our technology obsolete, less competitive or uneconomical.

Other products that are similar to our product candidates have already been approved and other products in the same class are further along in development. As more product candidates within a particular class of biopharmaceutical products proceed through clinical development to regulatory review and approval, the amount and type of clinical data that may be required by regulatory authorities may increase or change. Consequently, the results of our clinical trials for product candidates in those classes will likely need to show a risk benefit profile that is competitive with or more favorable than those products and product candidates in order to obtain marketing approval or, if approved, a product label that is favorable for commercialization. If the risk benefit profile is not competitive with those products or product candidates, we may have developed a product that is not commercially viable, that we are not able to sell profitably or that is unable to achieve favorable pricing or reimbursement. In such circumstances, our future product revenue and financial condition would be materially and adversely affected.

Specifically, there are many companies pursuing a variety of approaches to immuno-oncology and autoimmune disease treatments, including large pharmaceutical and biotechnology companies, such as AbbVie, Amgen, AstraZeneca, Biogene, Bristol Myers Squibb, Eli Lilly, Gilead, GlaxoSmithKline, Johnson & Johnson, Merck & Co., Novartis, Pfizer, Regeneron, Roche/Genentech, Sanofi, Takeda and Xencor. Other companies using PSMA-targeting therapeutics for the treatment of cancer include AbbVie, Amgen, AstraZeneca, Bayer, Crescendo Biologics, Eli Lilly, GlaxoSmithKline, Johnson and Johnson, Lantheus, Lava Therapeutics, Novartis, Regeneron and Vir Biotechnology. We also face competition from biologic prodrug developers such as Adagene, Chugai Pharmaceutical Co./Roche Holding AG, CytomX Therapeutics, Merck & Co., Takeda and Vir Biotechnology.

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Many of our competitors, either alone or with their collaboration partners, have significantly greater financial resources and expertise in research and development, preclinical testing, clinical trials, manufacturing and marketing than we do. Future collaborations and mergers and acquisitions may result in further resource concentration among a smaller number of competitors. Smaller or early-stage companies may also prove to be significant competitors, particularly through collaborative arrangements with large and established companies. These competitors will also compete with us in recruiting and retaining qualified scientific and management personnel and establishing clinical trial sites and subject registration for clinical trials, as well as in acquiring technologies complementary to, or that may be necessary for, our programs.

The key competitive factors affecting the success of all of our programs are likely to be efficacy, safety, and convenience. If we are not successful in developing, commercializing and achieving higher levels of reimbursement than our competitors, we will not be able to compete against them and our business would be materially harmed.

***Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited.***

We have incurred substantial losses during our history and do not expect to become profitable in the near future, and we may never achieve profitability. U.S. federal net operating losses (NOLs) incurred in taxable years beginning after December 31, 2017 can be carried forward indefinitely to offset future taxable income, but the deductibility of such U.S. federal NOL carryforwards in a taxable year is limited to 80% of taxable income in such year.

As of December 31, 2025, we had $138.9 million of U.S. federal NOL carryforwards and $182.9 million of state NOL carryforwards. Of the total federal NOLs, $138.4 million have an indefinite carryforward period. The remaining federal and total state NOLs have a 20-year carryforward period, and will begin to expire in 2037 unless previously utilized. Our NOL carryforwards are subject to review and possible adjustment by the U.S. and state tax authorities.

In addition, under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended (the Code), and corresponding provisions of state law, if a corporation undergoes an "ownership change," which is generally defined as a greater than 50 percentage point change (by value) in its equity ownership over a rolling three-year period, the corporation's ability to use its pre-change NOL carryforwards and certain other tax attributes to offset its post-change income or taxes may be limited. This could limit the amount of NOL carryforwards or other applicable tax attributes that we can utilize annually to offset future taxable income or tax liabilities. Subsequent ownership changes and changes to the U.S. tax rules in respect of the utilization of NOLs and other applicable tax attributes carried forward may further affect the limitation in future years. We have not undertaken a Section 382 study, and it is possible that we have previously undergone one or more ownership changes so that our use of net operating loss carryforwards is subject to limitation. We may experience ownership changes in the future as a result of subsequent shifts in our stock ownership. As a result, if we earn net taxable income, our ability to use our pre-change NOL carryforwards to offset U.S. federal taxable income may be subject to limitations, which could potentially result in increased future tax liability to us. In addition, at the state level, there may be periods during which the use of NOL carryforwards is suspended or otherwise limited, which could accelerate or permanently increase state taxes owed. For example, California imposed limits on the usability of California state net operating losses to offset taxable income in tax years beginning after 2023 and before 2027. As a result, we may be unable to use all or a material portion of our NOL carryforwards and other tax attributes, which could adversely affect our future cash flows.

***Epidemic diseases could adversely impact our business, including our ongoing and planned clinical trials, supply chain and business development activities.***

A health epidemic or pandemic may cause, significant disruptions that could severely impact our business and clinical trials, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•interruption or delays in our operations, which may impact our ability to conduct and produce preclinical results required for submission of an IND in the United States or equivalent marketing authorization applications in foreign jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•delays in receiving approval from regulatory authorities to initiate our planned clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•delays or difficulties in enrolling patients in our ongoing and planned clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•delays or difficulties in clinical site initiation, including difficulties in recruiting clinical site investigators and clinical site staff;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•delays in clinical sites receiving the supplies and materials needed to conduct our ongoing and planned clinical trials, including interruption in global shipping that may affect the transport of clinical trial materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in local regulations which may require us to change the ways in which our ongoing and planned clinical trials are conducted, which may result in unexpected costs, or to discontinue the clinical trials altogether;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•diversion of healthcare resources away from the conduct of clinical trials, including the diversion of hospitals serving as our clinical trial sites and hospital staff supporting the conduct of our clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•interruption of key clinical trial activities, such as clinical trial site monitoring, due to limitations on travel imposed or recommended by federal or state governments, employers and others, or interruption of clinical trial subject visits and study procedures, the occurrence of which could affect the integrity of clinical trial data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•interruption or delays in the operations of the FDA, the EMA or the European Commission, or other comparable foreign regulatory authorities, which may impact review and approval timelines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•risk that participants enrolled in our clinical trials will acquire an epidemic disease while the clinical trial is ongoing, which could impact the results of the clinical trial, including by increasing the number of observed adverse events; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•refusal of the FDA, the EMA or comparable foreign regulatory authorities to accept data from clinical trials in affected geographies.

These and other disruptions in our operations and the global economy could negatively impact our business, operating results and financial condition.

A health epidemic or pandemic may also materially affect us economically. While the potential economic impact brought by, and the duration of, a health crise may be difficult to assess or predict, there could be a significant disruption of global financial markets, reducing our ability to access capital, which could in the future negatively affect our liquidity and financial position.

The extent to which a resurgence of a health epidemic or pandemic or other health crises may impede the development of our product candidates, reduce the productivity of our employees, disrupt our supply chains, delay our clinical trials, reduce our access to capital or limit our business development activities, will depend on future developments, which are highly uncertain and cannot be predicted with confidence and may also have the effect of heightening many of the other risks described in this "Risk Factors" section.

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**Risks Related to Government Regulation**

***Our business operations and current and future relationships with investigators, health care professionals, consultants, third-party payors and customers are subject, directly or indirectly, to U.S. federal and state, EU, or foreign jurisdictions' healthcare fraud and abuse laws, transparency laws and other healthcare laws and regulations. If we are unable to comply, or have not fully complied, with such laws, we could face substantial penalties.***

Our current and future operations may be, directly or indirectly through our prescribers, customers and third-party payors, subject to various U.S. federal and state healthcare laws and regulations, including, without limitation, the U.S. federal Anti-Kickback Statute, the U.S. federal civil and criminal false claims laws and the Physician Payments Sunshine Act and regulations. Healthcare providers and others play a primary role in the recommendation and prescription of any products for which we obtain marketing approval. These laws may impact, among other things, our current business operations, including our clinical research activities, and proposed sales, marketing and education programs and constrain the business or financial arrangements and relationships with healthcare providers and other parties through which we may market, sell and distribute our products for which we obtain marketing approval. In addition, we may be subject to additional healthcare, statutory and regulatory requirements and enforcement by foreign regulatory authorities in jurisdictions in which we conduct our business. The laws that may affect our ability to operate include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the U.S. federal Anti-Kickback Statute, which prohibits, among other things, persons or entities from knowingly and willfully soliciting, offering, receiving or paying any remuneration (including any kickback, bribe or certain rebates), directly or indirectly, overtly or covertly, in cash or in kind, to induce or reward either the referral of an individual for, or the purchase, lease, order or recommendation of, any good, facility, item or service, for which payment may be made, in whole or in part, under U.S. federal and state healthcare programs such as Medicare and Medicaid. A person or entity does not need to have actual knowledge of the statute or specific intent to violate it in order to have committed a violation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the U.S. federal false claims laws, including the False Claims Act, which can be enforced through whistleblower actions, and civil monetary penalties laws, which, among other things, impose criminal and civil penalties against individuals or entities for knowingly presenting, or causing to be presented, to the U.S. federal government, claims for payment or approval that are false or fraudulent, knowingly making, using or causing to be made or used, a false record or statement material to a false or fraudulent claim, or from knowingly making a false statement to avoid, decrease or conceal an obligation to pay money to the U.S. federal government. In addition, the government may assert that a claim including items and services resulting from a violation of the U.S. federal Anti-Kickback Statute constitutes a false or fraudulent claim for purposes of the False Claims Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the U.S. federal Health Insurance Portability and Accountability Act of 1996 (HIPAA) which imposes criminal and civil liability for, among other things, knowingly and willfully executing, or attempting to execute, a scheme to defraud any healthcare benefit program, or knowingly and willfully falsifying, concealing or covering up a material fact or making any materially false statement, in connection with the delivery of, or payment for, healthcare benefits, items or services; similar to the U.S. federal Anti-Kickback Statute, a person or entity does not need to have actual knowledge of the statute or specific intent to violate it in order to have committed a violation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•In addition, HIPAA, as amended by Health Information Technology for Economic and Clinical Health Act of 2009 (HITECH), imposes certain requirements on covered entities, which include certain healthcare providers, health plans and healthcare clearinghouses, and their business associates and covered subcontractors that receive or obtain protected health information in connection with providing a service on behalf of a covered entity relating to the privacy, security and transmission of individually identifiable health information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the U.S. Federal Food, Drug and Cosmetic Act, which prohibits, among other things, the adulteration or misbranding of drugs, biologics and medical devices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the U.S. federal legislation commonly referred to as Physician Payments Sunshine Act, enacted as part of the Affordable Care Act, and its implementing regulations, which requires certain manufacturers of drugs, devices, biologics and medical supplies that are reimbursable under Medicare, Medicaid or the Children's Health Insurance Program to report annually to the CMS information related to certain payments and other transfers of value to physicians (defined to include doctors, dentists, optometrists, podiatrists and chiropractors), other healthcare professionals (such as physicians assistants and nurse practitioners), and teaching hospitals, as well as ownership and investment interests held by the physicians described above and their immediate family members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•analogous state laws and regulations, including: state anti-kickback and false claims laws, which may apply to our business practices, including, but not limited to, research, distribution, sales and marketing arrangements and claims involving healthcare items or services reimbursed by any third-party payor, including private insurers; state laws that require pharmaceutical companies to comply with the pharmaceutical industry's voluntary compliance guidelines and the relevant compliance guidance promulgated by the U.S. federal government, or otherwise restrict payments that may be

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made to healthcare providers and other potential referral sources; state laws and regulations that require drug manufacturers to file reports relating to pricing and marketing information, which requires tracking gifts and other remuneration and items of value provided to healthcare professionals and entities; and state and local laws requiring certain regulatory licenses to manufacture or distribute pharmaceutical products commercially and/or the registration of pharmaceutical sales representatives; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•European Union and other foreign law equivalents of each of the laws, including reporting requirements detailing interactions with and payments to healthcare providers.

Ensuring that our internal operations and future business arrangements with third parties comply with applicable healthcare laws and regulations will involve substantial costs. It is possible that governmental authorities will conclude that our business practices do not comply with current or future statutes, regulations, agency guidance or case law involving applicable fraud and abuse or other healthcare laws and regulations. If our operations are found to be in violation of any of the laws described above or any other governmental laws and regulations that may apply to us, we may be subject to significant penalties, including civil, criminal and administrative penalties, damages, fines, exclusion from U.S. government funded healthcare programs, such as Medicare and Medicaid, or similar programs in other countries or jurisdictions, disgorgement, imprisonment, contractual damages, reputational harm, diminished profits, additional reporting requirements and oversight if we become subject to a corporate integrity agreement or similar agreement to resolve allegations of non-compliance with these laws and the delay, reduction, termination or restructuring of our operations. Further, defending against any such actions can be costly and time-consuming, and may require significant financial and personnel resources. Therefore, even if we are successful in defending against any such actions that may be brought against us, our business may be impaired. If any of the physicians or other providers or entities with whom we expect to do business is found to not be in compliance with applicable laws, they may be subject to significant criminal, civil or administrative sanctions, including exclusions from government funded healthcare programs and imprisonment. If any of the above occur, it could adversely affect our ability to operate our business and our results of operations.

***Enacted and future legislation may increase the difficulty and cost for us to obtain marketing approval of and commercialize our product candidates and affect the prices we may charge for such product candidates.***

The United States and many foreign jurisdictions have enacted or proposed legislative and regulatory changes affecting the healthcare system that could prevent or delay marketing approval of our product candidates, restrict or regulate post-approval activities and affect our ability to profitably sell any product for which we obtain marketing approval.

In March 2010, the Affordable Care Act was enacted, which includes measures that have significantly changed the way health care is financed by both governmental and private insurers. There have been executive, judicial and congressional challenges and amendments to certain aspects of the Affordable Care Act. For example, on July 4, 2025, the One Big Beautiful Bill Act (the OBBBA) was signed into law, which narrowed access to Affordable Care Act marketplace exchange enrollment and declined to extend the Affordable Care Act enhanced advanced premium tax credits that expired at the end of 2025, which, among other provisions in the law, are anticipated to reduce the number of Americans with health insurance. The OBBBA also is expected to reduce Medicaid spending and enrollment by implementing work requirements for some beneficiaries, capping state-directed payments, reducing federal funding, and limiting provider taxes used to fund the program. Congress is considering proposed legislation intended to further reduce healthcare costs with alternatives to replace the expired Affordable Care Act subsidies.

In addition, other legislative changes have been proposed and adopted since the Affordable Care Act was enacted. These changes include aggregate reductions to Medicare payments to providers of 2% per fiscal year, which began in 2013 and will remain in effect until 2032 unless additional Congressional action is taken.

The current administration is pursuing policies to reduce regulations and expenditures across government agencies including at HHS, the FDA, CMS and related agencies. These actions, presently directed by executive orders or memoranda from the Office of Management and Budget, may propose policy changes that create additional uncertainty for our business. For example, the current administration has announced agreements with several pharmaceutical companies that require the drug manufacturers to offer, through a direct to consumer platform (TrumpRx), or lower than those paid in other developed nations, with additional mandates for direct-to-patient discounts and repatriation of foreign revenues. Other recent actions, for example, include (1) directing agencies to reduce agency workforce and cut programs; (2) directing HHS and other agencies to lower prescription drug costs through a variety of initiatives; (3) imposing tariffs on certain imported pharmaceutical products; and (4) as part of the Make America Healthy Again (MAHA) Commission's Strategy Report released in September 2025, working across government agencies to increase enforcement on direct-to-consumer pharmaceutical advertising. Additionally, the current administration recently called on Congress to enact "The Great Healthcare Plan," to codify and expand Most-Favored Nation pricing, lower government subsidies to private insurance companies, increase healthcare price transparency, expand pharmaceutical drugs available for over-the-counter purchase, and enact restrictions on pharmacy benefit manager (PBM) payment methodologies, among other things. These actions and policies may significantly reduce U.S. drug prices, potentially impacting manufacturers' global pricing strategies and profitability, while increasing

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their operational costs and compliance risks. In June 2024, the U.S. Supreme Court's Loper Bright decision greatly reduced judicial deference to regulatory agencies, which could increase successful legal challenges to federal regulations affecting our operations. Congress may introduce and ultimately pass health care related legislation that could impact the drug approval process and make changes to the Medicare Drug Price Negotiation Program. We expect that additional U.S. federal healthcare reform measures will be adopted in the future, any of which could limit the amounts that the U.S. federal government will pay for healthcare products and services, which could result in reduced demand for our product candidates or additional pricing pressures.

We cannot predict the likelihood, nature or extent of government regulation that may arise from future legislation or administrative action, either in the United States or abroad. For example, the regulatory landscape related to clinical trials in the EU has undergone recent changes. The EU Clinical Trials Regulation, or CTR, which was adopted in April 2014 and repeals the EU Clinical Trials Directive, became effective on January 31, 2022. The CTR permits trial sponsors to make a single submission to both the competent authority and an ethics committee in each EU Member State, leading to a single decision for each EU Member State. The assessment procedure for the authorization of clinical trials has been harmonized as well, including a joint assessment of some elements of the application by all EU Member States in which the trial is to be conducted, and a separate assessment by each EU Member State with respect to specific requirements related to its own territory, including ethics rules. Each EU Member State's decision is communicated to the sponsor through a centralized EU portal, the Clinical Trial Information System, or CTIS. The CTR provides a three-year transition period. The extent to which ongoing clinical trials will be governed by the CTR varies. For clinical trials in relation to which an application for approval was made on the basis of the Clinical Trials Directive before January 31, 2023, the CTD will continue to apply on a transitional basis until January 31, 2025. By that date, all ongoing trials will become subject to the provisions of the CTR. The CTR foresaw a three-year transition period that ended on January 31, 2025. Since this date, all new or ongoing trials are subject to the provisions of the CTR. In the European Union, many EU Member States periodically review their reimbursement procedures for medicinal products, which could have an adverse impact on reimbursement status. Moreover, in order to obtain reimbursement for our products in some European countries, including some EU Member States, we may be required to compile additional data comparing the cost-effectiveness of our products to other available therapies. This HTA of medicinal products is becoming an increasingly common part of the pricing and reimbursement procedures in some EU Member States, including those representing the larger markets. The HTA process is the procedure to assess therapeutic, economic and societal impact of a given medicinal product in the national healthcare systems of the individual country. The outcome of an HTA will often influence the pricing and reimbursement status granted to these medicinal products by the competent authorities of individual EU Member States. The extent to which pricing and reimbursement decisions are influenced by the HTA of the specific medicinal product currently varies between EU Member States. On January 12, 2025, the HTA Regulation entered into application through a phased implementation. The HTA Regulation is intended to boost cooperation among EU Member States in assessing health technologies, including new medicinal products, and establishes the framework for EU level joint clinical assessments, joint scientific consultations and early identification of emerging health technologies. The HTA Regulation permits EU Member States to use common HTA tools, methodologies and procedures across the EU, and requires them to rely on EU level joint clinical assessment reports for the clinical components of their national HTA evaluations. Individual EU Member States continue to be responsible for assessing non-clinical (e.g., economic, social, ethical) aspects of health technologies and making decisions on pricing and reimbursement.

In addition, on December 11, 2025, the European Commission, the Parliament and the European Council reached a political agreement on the Pharma Package. The reform has been under negotiation since the European Commission submitted its proposal in April 2023. This package, comprised of a new directive and regulation to replace existing legislation, aims to modernize the EU framework. The political agreement is still subject to formal approval by the European Parliament and Council. If approved in the form proposed, the Pharma Package will, among other changes, reduce the baseline market protection period by one year, with limited opportunities for extensions; reshape the incentives regime for orphan medicinal products; and expand the Bolar exemption, a patent-related regulatory safe harbor, to permit generic and biosimilar manufacturers to conduct preparatory activities for regulatory submissions, including pricing and reimbursement, and participate in procurement tenders while patent protection remains in force. A decrease in market exclusivity opportunities for our product candidates in the EU, combined with the expanded Bolar exemption, could open them to generic or biosimilar competition earlier than under the current regime, potentially impacting reimbursement status and the commercial prospects of our product candidates.

***We and the third parties with whom we work are subject to stringent and evolving U.S. and foreign laws, regulations, rules, contractual obligations, industry standards, policies and other obligations related to data privacy and security. Our (or the third parties with whom we work) actual or perceived failure to comply with such obligations could lead to regulatory investigations or actions; litigation (including class claims) and mass arbitration demands; fines and penalties; disruptions of our business operations; reputational harm; loss of revenue or profits; and other adverse business consequences.***

In the ordinary course of business, we process personal information and other sensitive information, including proprietary and confidential business data, trade secrets, intellectual property, data we collect about trial participants in connection with clinical trials, and sensitive third-party data. Our data processing activities subject us to numerous data privacy and security obligations, such as various laws, regulations, guidance, industry standards, external and internal privacy and security policies, contractual requirements, and other obligations relating to data privacy and security.

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In the United States, federal, state, and local governments have enacted numerous data privacy and security laws, including health information privacy laws, data breach notification laws, personal information privacy laws, consumer protection laws (e.g., Section 5 of the Federal Trade Commission Act), and other similar laws (e.g., wiretapping laws). For example, we may obtain health information from third parties (including research institutions from which we obtain clinical trial data) that are subject to privacy and security requirements under the HIPAA, as amended by the Health Information Technology for Economic and Clinical Health Act of 2009 (HITECH), and their respective implementing regulations. HIPAA imposes specific requirements relating to the privacy, security, and transmission of individually identifiable health information. Additionally, in the past few years, numerous U.S. states have enacted comprehensive privacy laws that impose certain obligations on covered businesses, including providing specific disclosures in privacy notices and affording residents with certain rights concerning their personal information. As applicable, such rights may include the right to access, correct, or delete certain personal information, and to opt-out of certain data processing activities, such as targeted advertising, profiling, and automated decision-making. The exercise of these rights may impact our business and ability to provide our products and services. Certain states also impose stricter requirements for processing certain personal information, including sensitive information, such as conducting data privacy impact assessments. These state laws allow for statutory fines for noncompliance. For example, the CCPA applies to personal information of consumers, business representatives, and employees who are California residents, and requires businesses to provide specific disclosures in privacy notices and honor request of California residents to exercise certain privacy rights with respect to their personal information, such as those noted below. The CCPA provides for civil penalties for violations and allows private litigants affected by certain data breaches to recover significant statutory damages. The CCPA (and other U.S. comprehensive privacy laws) exempt some data processed in the context of clinical trials, but these developments t increase compliance costs and potential liability with respect to other personal information we maintain about residents in these states. Similar laws are being considered in several other states, as well as at the federal and local levels, and we expect more jurisdictions to pass similar laws in the future. Additionally, under various privacy laws and other obligations, we are required to obtain certain consents to process personal information. Our inability or failure to do so could result in material adverse consequences, including interrupting our clinical trial activities. In many jurisdictions, enforcement actions and consequences for noncompliance are rising. In the United States, these include enforcement actions in response to rules and regulations promulgated under the authority of federal agencies, state attorneys general, legislatures and consumer protection agencies.

Outside the United States, an increasing number of laws, regulations, and industry standards may govern data privacy and security. For example, the European Union's General Data Protection Regulation (EU GDPR), the United Kingdom's GDPR (UK GDPR) (collectively, the GDPR) and Australia's Privacy Act, impose strict requirements for processing personal data and violators of these laws face significant penalties. For example, under the GDPR, government regulators impose temporary or definitive bans on data processing, as well as fines of up to 20 million euros under the EU GDPR, £17.5 million under the UK GDPR) or 4% of annual global revenue, whichever is greater, or private litigation related to the processing of personal data, brought by classes of data subjects or consumer protection organizations authorized by law to represent their interests.

Our employees and personnel use generative artificial intelligence (AI) technologies to perform their work, and the disclosure and use of personal data in generative AI technologies is subject to various privacy laws and other privacy obligations. Governments have passed and are likely to pass additional laws regulating generative AI. Our use of this technology could result in additional compliance costs, regulatory investigations and actions, and lawsuits. If we are unable to use generative AI, it could make our business less efficient and result in competitive disadvantages.

We are also bound by contractual obligations related to data privacy and security, and our efforts to comply with such obligations may not be successful. For example, certain privacy laws, such as the GDPR and the CCPA, require us to impose specific contractual restrictions on our service providers. Moreover, clinical trial subjects about whom we or our potential collaborators obtain information, as well as the providers who share this information with us, may contractually limit our ability to use and disclose such information. We also publish privacy policies, marketing materials, white papers, and other statements regarding data privacy and security. If these policies, materials or statements are found to be deficient, lacking in transparency, deceptive, unfair, misleading, or misrepresentative of our practices, we may be subject to investigation, enforcement actions by regulators or other adverse consequences. In addition, privacy advocates and industry groups have regularly proposed, and may propose in the future, self-regulatory standards with which we are legally or contractually bound to comply, or may become subject to in the future.

Our obligations related to data privacy and security (and consumers' data privacy expectations) are quickly changing in an increasingly stringent fashion, creating some uncertainty as to the effective future legal framework. Additionally, these obligations may be subject to differing applications and interpretations, which may be inconsistent or conflict among jurisdictions. Preparing for and complying with these obligations requires significant resources, which may necessitate changes to our information technologies, systems, and practices and to those of any third parties with whom we work. Although we endeavor to comply with all applicable data privacy and security obligations, we may at times fail (or be perceived to have failed) to do so. Moreover, despite our efforts, our personnel or the third parties upon with whom we work may fail to comply with such obligations, which could negatively impact our business operations and compliance posture.

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If we or any of the third parties with whom we work fail, or are perceived to have failed, to address or comply with applicable data privacy and security obligations, we could face significant consequences, including but not limited to: government enforcement actions (e.g., investigations, fines, penalties, audits, inspections, and similar); litigation (including class-action claims) and mass arbitration demands; additional reporting requirements and/or oversight; bans or restrictions on processing personal information; orders to destroy or not use personal information; and imprisonment of company officials. In particular, plaintiffs have become increasingly more active in bringing privacy-related claims against companies, including class claims and mass arbitration demands. Some of these claims allow for the recovery of statutory damages on a per violation basis, and, if viable, carry the potential for monumental statutory damages, depending on the volume of data and the number of violations. Any of these events could have a material adverse effect on our reputation, business, or financial condition, including but not limited to, interruptions or stoppages in our business operations (including, as relevant, clinical trials), inability to process personal information or to operate in certain jurisdictions, limited ability to develop or commercialize our products, expenditure of time and resources to defend any claim or inquiry, adverse publicity, or substantial changes to our operations.

***In addition, we may be unable to transfer personal data from Europe and other jurisdictions to the United States or other countries due to data localization requirements or limitations on cross-border data flows. Although there are various mechanisms that may be used in some cases to lawfully transfer personal data to the United States or other countries, these mechanisms are subject to legal challenges and may not be available to us. An inability or material limitation on our ability to transfer personal data to the United States or other countries could materially impact our business operations.***

In the ordinary course of business, we may transfer personal data from Europe and other jurisdictions to the United States or other countries. Europe and other jurisdictions have enacted laws requiring data to be localized or limiting the transfer of personal data to other countries. In particular, the EEA and the UK have significantly restricted the transfer of personal data to the United States and other countries whose privacy laws it generally believes are inadequate. Other jurisdictions have adopted similarly stringent interpretations of their data localization and cross-border data transfer laws.

Although there are currently various mechanisms that may be used to transfer personal data from the EEA and UK to the United States in compliance with law, such as the EEA and UK's standard contractual clauses, the UK's International Data Transfer Agreement / Addendum, and the EU-U.S. Data Privacy Framework (Framework) and the UK extension thereto (which allows for transfers for relevant U.S.-based organizations who self-certify compliance and participate in the Framework), these mechanisms are subject to legal challenges, and there is no assurance that we can satisfy or rely on these measures to lawfully transfer personal data to the United States.

If there is no lawful manner for us to transfer personal data from the EEA, the UK or other jurisdictions to the United States, or if the requirements for a legally-compliant transfer are too onerous, we could face significant adverse consequences, including the interruption or degradation of our operations, the need to relocate part of or all of our business or data processing activities to other jurisdictions (such as Europe) at significant expense, increased exposure to regulatory actions, substantial fines and penalties, the inability to transfer data and work with partners, vendors and other third parties, and injunctions against our processing or transferring of personal data necessary to operate our business. Additionally, companies that transfer personal data out of the EEA and UK to other jurisdictions, particularly to the United States, are subject to increased scrutiny from regulators, individual litigants, and activist groups. Some European regulators have ordered certain companies to suspend or permanently cease certain transfers out of Europe for allegedly violating the GDPR's cross-border data transfer limitations.

Additionally, the U.S. Department of Justice issued a rule titled *The Preventing Access to Americans' Bulk Sensitive Personal Data and United States Government-Related Data by Countries of Concern*, which places additional restrictions on certain data transactions involving countries of concern (e.g., China, Russia, and Iran) and covered persons (i.e., individuals and entities who are designated as such by the U.S. Attorney General or considered "foreign persons" and are majority owned by, organized under the laws of, a primary resident in, or a contractor of, a covered personal or country of concern, as applicable) that impacts certain business activities such as vendor engagements, sale or sharing of data, employment of certain individuals, and investor agreements. Violations of this rule could lead to significant civil and criminal fines and penalties. The rule applies regardless of whether data is anonymized, key-coded, pseudonymized, de-identified or encrypted, which presents particular challenges for companies like ours that process key-coded clinical trial data and biospecimens.

***International trade policies, including tariffs, sanctions and trade barriers may adversely affect our business, financial condition, results of operations and prospects.***

We operate in a global economy, which includes utilizing third-party suppliers in several countries outside the United States. There is inherent risk, based on the complex relationships among the U.S. and the countries in which we conduct our business, that political, diplomatic, and national security factors can lead to global trade restrictions and changes in trade policies and export regulations that may adversely affect our business and operations. The current international trade and regulatory environment is subject to significant ongoing uncertainty. The U.S. government has recently announced substantial new tariffs affecting a wide range

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of products and jurisdictions and has indicated an intention to continue developing new trade policies, including with respect to the pharmaceutical industry. In response, certain foreign governments have announced or implemented retaliatory tariffs and other protectionist measures. These developments have created a dynamic and unpredictable trade landscape, which may adversely impact our business, results of operations, financial condition and prospects.

We do not own or operate, and currently have no plans to establish, any manufacturing facilities. We currently rely, and expect to continue to rely, on third parties for the manufacture of our product candidates for clinical testing, as well as for manufacture of any products that we may commercialize, if approved. Currently, several of our suppliers are located outside of the United States, and our principal supplier of critical biological materials, WuXi Biologics, is located in China. We also rely on specialized laboratory equipment, supplies, materials, and precursor compounds, all or part of which we believe may be ultimately sourced from multiple countries outside the United States, to advance our research and development efforts.

Current or future tariffs will result in increased research and development expenses, including with respect to increased costs associated with biological materials, laboratory equipment and research materials and components. In addition, such tariffs will increase our supply chain complexity and could also potentially disrupt our existing supply chain. Trade restrictions affecting the import of materials necessary for clinical trials could result in delays to our development timelines. Increased development costs and extended development timelines could place us at a competitive disadvantage compared to companies operating in regions with more favorable trade relationships and could reduce investor confidence, negatively impacting our ability to secure additional financing on favorable terms or at all. In addition, as we advance toward commercialization in the future, tariffs and trade restrictions could hinder our ability to establish cost-effective production capabilities, negatively impacting our growth prospects.

The complexity of announced or future tariffs may also increase the risk that we or our customers or suppliers may be subject to civil or criminal enforcement actions in the United States or foreign jurisdictions related to compliance with trade regulations. Foreign governments may also adopt non-tariff measures, such as procurement preferences or informal disincentives to engage with, purchase from or invest in U.S. entities, which may limit our ability to compete internationally and attract non-U.S. investment, employees, customers and suppliers. Foreign governments may also take other retaliatory actions against U.S. entities, such as decreased intellectual property protection, increased enforcement actions, or delays in regulatory approvals, which may result in heightened international legal and operational risks. In addition, the United States and other governments have imposed and may continue to impose additional sanctions, such as trade restrictions or trade barriers, which could restrict us from doing business directly or indirectly in or with certain countries or parties and may impose additional costs and complexity to our business.

Trade disputes, tariffs, restrictions and other political tensions between the United States and other countries may also exacerbate unfavorable macroeconomic conditions including inflationary pressures, foreign exchange volatility, financial market instability, and economic recessions or downturns. The ultimate impact of current or future tariffs and trade restrictions remains uncertain and could materially and adversely affect our business, financial condition, and prospects. While we actively monitor these risks, any prolonged economic downturn, escalation in trade tensions, or deterioration in international perception of U.S.-based companies could materially and adversely affect our business, ability to access the capital markets or other financing sources, results of operations, financial condition and prospects. In addition, tariffs and other trade developments have and may continue to heighten the risks related to the other risk factors described elsewhere in this Quarterly Report.

**Risks Related to Our Intellectual Property**

***If we are unable to obtain and maintain sufficient intellectual property protection for our platform technologies and product candidates, or if the scope of the intellectual property protection is not sufficiently broad, our competitors could develop and commercialize products similar or identical to ours, and our ability to successfully commercialize our products may be adversely affected.***

We rely upon a combination of patents, know-how and confidentiality agreements to protect the intellectual property related to our products and technologies and to prevent third parties from copying and surpassing our achievements, thus eroding our competitive position in our market.

Our success depends in large part on our ability to obtain and maintain patent protection for our platform technologies, product candidates and their uses, as well as our ability to operate without infringing the proprietary rights of others. We seek to protect our proprietary position by filing patent applications in the United States and abroad related to our novel discoveries and technologies that are important to our business. Our pending and future patent applications may not result in patents being issued or that issued patents will afford sufficient protection of our product candidates or their intended uses against competitors, nor can there be any assurance that the patents issued will not be infringed, designed around, invalidated by third parties, or effectively prevent others from commercializing competitive technologies, products or product candidates.

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Obtaining and enforcing patents is expensive and time-consuming, and we may not be able to file and prosecute all necessary or desirable patent applications or maintain and/or enforce patents that may issue based on our patent applications, at a reasonable cost or in a timely manner. It is also possible that we will fail to identify patentable aspects of our research and development results before it is too late to obtain patent protection. Although we enter into non-disclosure and confidentiality agreements with parties who have access to patentable aspects of our research and development output, such as our employees, corporate collaborators, outside scientific collaborators, contract research organizations, contract manufacturers, consultants, advisors and other third parties, any of these parties may breach these agreements and disclose such results before a patent application is filed, thereby jeopardizing our ability to seek patent protection.

Composition of matter patents for biological and pharmaceutical product candidates often provide a strong form of intellectual property protection for those types of products, as such patents provide protection without regard to any method of use. We cannot be certain that the claims in our pending patent applications directed to composition of matter of our product candidates will be considered patentable by the United States Patent and Trademark Office (USPTO) or by patent offices in foreign countries, or that any claims that issue from our patent applications will be considered valid and enforceable by courts in the United States or foreign countries. Method of use patents protect the use of a product for the specified method. This type of patent does not prevent a competitor from making and marketing a product that is identical to our product for an indication that is outside the scope of the patented method. Moreover, even if competitors do not actively promote their product for our targeted indications, physicians may prescribe these products "off-label." Although off-label prescriptions may infringe or contribute to the infringement of method of use patents, the practice is common and such infringement is difficult to prevent or prosecute.

The patent position of biopharmaceutical companies generally is highly uncertain, involves complex legal and factual questions and has in recent years been the subject of much litigation, resulting in court decisions, including Supreme Court decisions, which have increased uncertainties as to the ability to enforce patent rights in the future. In addition, the laws of foreign countries may not protect our rights to the same extent as the laws of the United States, or vice versa. European applications now have the option, upon grant of a patent, of becoming a Unitary Patent which will be subject to the jurisdiction of the Unitary Patent Court (UPC). This is a significant change in European patent practice. As the UPC is a new court system, there is no precedent for the court, increasing the uncertainty of any litigation.

Geopolitical actions in the United States and in foreign countries could increase the uncertainties and costs surrounding the prosecution or maintenance of our patent applications or those of any current or future licensors and the maintenance, enforcement or defense of our issued patents or those of any current or future licensors. For example, the United States and foreign government actions related to the military conflict in Ukraine and Russia may limit or prevent filing, prosecution and maintenance of patent applications in Russia. Government actions may also prevent maintenance of issued patents in Russia. These actions could result in abandonment or lapse of our patents or patent applications, resulting in partial or complete loss of patent rights in Russia. If such an event were to occur, it could have a material adverse effect on our business. Accordingly, our competitive position may be impaired, and our business, financial condition, results of operations and prospects may be adversely affected.

The patent application process is subject to numerous risks and uncertainties, and there can be no assurance that we or any of our potential future collaborators will be successful in protecting our product candidates by obtaining and defending patents. For example, we may not be aware of all third-party intellectual property rights potentially relating to our product candidates or their intended uses, and as a result the impact of such third-party intellectual property rights upon the patentability of our own patents and patent applications, as well as the impact of such third-party intellectual property upon our freedom to operate, is highly uncertain. Patent applications in the United States and other jurisdictions are typically not published until 18 months after filing or, in some cases, not at all. Therefore, we cannot know with certainty whether we were the first to make the inventions claimed in our patents or pending patent applications, or that we were the first to file for patent protection of such inventions. As a result, the issuance, inventorship, scope, validity, enforceability and commercial value of our patent rights are highly uncertain. Our pending patent applications may be challenged in patent offices in the United States and abroad. Even issued patents may later be found invalid or unenforceable or may be modified or revoked in proceedings instituted by third parties before various patent offices or in courts. For example, our pending patent applications may be subject to third-party pre-issuance submissions of prior art to the USPTO or our issued patents may be subject to post-grant review (PGR) proceedings, oppositions, derivations, reexaminations, or *inter partes* review proceedings, in the United States or elsewhere, challenging our patent rights or the patent rights of others. An adverse determination in any such challenges may result in loss of exclusivity or in patent claims being narrowed, invalidated, or held unenforceable, in whole or in part, which could limit our ability to stop others from using or commercializing similar or identical technology and products, or limit the duration of the patent protection of our technology and products. In addition, given the amount of time required for the development, testing and regulatory review of new product candidates, patents protecting such candidates might expire before or shortly after such candidates are commercialized. The degree of future protection for our proprietary rights is uncertain. Only limited protection may be available and may not adequately protect our rights or permit us to gain or keep any competitive advantage. Any failure to obtain or maintain patent protection with respect to our product candidates or their uses could have a material adverse effect on our business, financial condition, results of operations and prospects.

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In addition to the protection afforded by patents, we rely on trade secret protection and confidentiality agreements to protect proprietary know-how that is not patentable, processes for which patents are difficult to enforce and any other elements of our discovery and development processes that involve proprietary know-how, information or technology that is not covered by patents. We may also rely on trade secret protection as temporary protection for concepts that may be included in a future patent filing. However, trade secret protection will not protect us from innovations that a competitor develops independently of our proprietary know how. If a competitor independently develops a technology that we protect as a trade secret and files a patent application on that technology, then we may not be able to patent that technology in the future, may require a license from the competitor to use our own know-how, and if the license is not available on commercially-viable terms, then we may not be able to launch our product. Although we require all of our employees to assign their inventions to us, and require all of our employees, consultants, advisors and any third parties who have access to our proprietary know-how, information or technology to enter into confidentiality agreements, we cannot be certain that our trade secrets and other confidential proprietary information will not be disclosed or that competitors will not otherwise gain access to our trade secrets or independently develop substantially equivalent information and techniques. Furthermore, the laws of some foreign countries do not protect proprietary rights to the same extent or in the same manner as the laws of the United States. As a result, we may encounter significant problems in protecting and defending our intellectual property both in the United States and abroad. If we are unable to prevent unauthorized material disclosure of our intellectual property to third parties, we will not be able to establish or maintain a competitive advantage in our market, and this scenario could materially adversely affect our business, financial condition and results of operations.

***We cannot ensure that patent rights relating to inventions described and claimed in our pending patent applications will issue or that patents based on our patent applications will not be challenged and rendered invalid and/or unenforceable.***

The patent application process is subject to numerous risks and uncertainties, and there can be no assurance that we or any of our potential future collaborators will be successful in protecting our product candidates by obtaining and defending patents. We have pending Patent Cooperation Treaty applications, U.S. patent applications, and foreign patent applications in our portfolio; however, we cannot predict:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•if and when patents may issue based on our patent applications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the scope of protection of any patent issuing based on our patent applications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•whether the claims of any patent issuing based on our patent applications will provide protection against competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•whether or not third parties will find ways to invalidate or circumvent our patent rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•whether or not others will obtain patents claiming aspects similar to those covered by our patents and patent applications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•whether we will need to initiate litigation or administrative proceedings to enforce and/or defend our patent rights which will be costly whether we win or lose; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•whether the patent applications that we own or in-license will result in issued patents with claims that cover our product candidates or uses thereof in the United States or in other foreign countries.

We cannot be certain that the claims in our pending patent applications directed to our product candidates and/or technologies will be considered patentable by the USPTO or by patent offices in foreign countries. There can be no assurance that any such patent applications will issue as granted patents. One aspect of the determination of patentability of our inventions depends on the scope and content of the "prior art," information that was or is deemed available to a person of skill in the relevant art prior to the priority date of the claimed invention. There may be prior art of which we are not aware that may affect the patentability of our patent claims or, if issued, affect the validity or enforceability of a patent claim. Even if the patents do issue based on our patent applications, third parties may challenge the validity, enforceability or scope thereof, which may result in such patents being narrowed, invalidated or held unenforceable. Furthermore, even if they are unchallenged, patents in our portfolio may not adequately exclude third parties from practicing relevant technology or prevent others from designing around our claims. If the breadth or strength of our intellectual property position with respect to our product candidates is threatened, it could dissuade companies from collaborating with us to develop and threaten our ability to commercialize our product candidates. In the event of litigation or administrative proceedings, we cannot be certain that the claims in any of our issued patents will be considered valid by courts in the United States or foreign countries.

***Intellectual property rights do not necessarily address all potential threats to our competitive advantage.***

The degree of future protection afforded by our intellectual property rights is uncertain because intellectual property rights have limitations and may not adequately protect our business or permit us to maintain our competitive advantage. For example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•others may be able to make product candidates that are similar to ours but that are not covered by the claims of the patents that we own or may exclusively license;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we or licensors or collaborators might not have been the first to make the inventions covered by the issued patent or pending patent application that we own or have exclusively licensed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we or licensors or collaborators might not have been the first to file patent applications covering certain aspects of our inventions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•others may independently develop similar or alternative technologies or duplicate any of our technologies without infringing our intellectual property rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•it is possible that noncompliance with the USPTO and foreign governmental patent agencies requirement for a number of procedural, documentary, fee payment and other provisions during the patent process can result in abandonment or lapse of a patent or patent application, and partial or complete loss of patent rights in the relevant jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•it is possible that our pending patent applications will not lead to issued patents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•issued patents that we own or have exclusively licensed may be revoked, modified, or held invalid or unenforceable, as a result of legal challenges by our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our competitors might conduct research and development activities in countries where we do not have patent rights and then use the information learned from such activities to develop competitive products for sale in our major commercial markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we may not develop additional proprietary technologies that are patentable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we cannot predict the scope of protection of any patent issuing based on our patent applications, including whether the patent applications that we own or in-license will result in issued patents with claims that directed to our product candidates or uses thereof in the United States or in other foreign countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•there may be significant pressure on the U.S. government and international governmental bodies to limit the scope of patent protection both inside and outside the United States for disease treatments that prove successful, as a matter of public policy regarding worldwide health concerns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•countries other than the United States may have patent laws less favorable to patentees than those upheld by U.S. courts, allowing foreign competitors a better opportunity to create, develop and market competing product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the claims of any patent issuing based on our patent applications may not provide protection against competitors or any competitive advantages, or may be challenged by third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•if enforced, a court may not hold that our patents are valid, enforceable and infringed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we may need to initiate litigation or administrative proceedings to enforce and/or defend our patent rights which will be costly whether we win or lose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we may choose not to file a patent application in order to maintain certain trade secrets or know-how, and a third-party may subsequently file a patent application covering such intellectual property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•we may fail to adequately protect and police our trademarks and trade secrets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the patents of others may have an adverse effect on our business, including if others obtain patents claiming subject matter similar to or improving that covered by our patents and patent applications.

Should any of these or similar events occur, they could significantly harm our business, results of operations and prospects.

***We may not identify relevant third-party patents or may incorrectly interpret the relevance, scope or expiration of a third-party patent, which might adversely affect our ability to develop and market our products.***

We cannot guarantee that any of our patent searches or analyses, including the identification of relevant patents, the scope of patent claims or the expiration of relevant patents, are complete or thorough, nor can we be certain that we have identified each and every third-party patent and pending application in the United States and abroad that is relevant to or necessary for the commercialization of our product candidates in any jurisdiction.

The scope of a patent claim is determined by an interpretation of the law, the written disclosure in a patent and the patent's prosecution history. Our interpretation of the relevance or the scope of a patent or a pending application may be incorrect. For example, we may incorrectly determine that our products are not covered by a third-party patent or may incorrectly predict whether a third-party's pending application will issue with claims of relevant scope. Our determination of the expiration date of any patent in the United States or abroad that we consider relevant may be incorrect. Our failure to identify and correctly interpret relevant patents may negatively impact our ability to develop and market our products.

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***We are currently a party to an in-license agreement under which we were granted rights to manufacture certain components of our product candidates. If we breach our obligations under this and future license agreements, we may be required to pay damages, lose our rights to these technologies or both, which would adversely affect our business and prospects.***

We rely, in part, on license and other strategic agreements, which subject us to various obligations, including payment obligations for achievement of certain milestones on product sales. For example, we have licensed a cell line to manufacture these products under an agreement with WuXi Biologics. If we fail to comply with the obligations under our license agreements or use the intellectual property licensed to us in an unauthorized manner, we may be required to pay damages and our licensors may have the right to terminate the license. If our license agreements are terminated, we may experience significant delays, difficulties, and costs in developing new cell lines and identifying an alternative source to manufacture components of our candidate products covered by our agreements and those being tested or approved in combination with such products. Such an occurrence could materially adversely affect the value of the product candidates being developed under any such agreement.

In addition, the agreements under which we license intellectual property or technology to or from third parties are complex, and certain provisions in such agreements may be susceptible to multiple interpretations. The resolution of any contract interpretation disagreement that may arise could narrow what we believe to be the scope of our rights to the relevant intellectual property or technology or increase what we believe to be our financial or other obligations under the relevant agreement, either of which could have a material adverse effect on our business, financial condition, results of operations or prospects.

In the event we breach any of our obligations related to such prosecution, we may incur significant liability to our licensing partners. Licensing intellectual property involves complex legal, business and scientific issues and is complicated by the rapid pace of scientific discovery in our industry. Disputes may arise regarding intellectual property subject to a licensing agreement, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the scope of rights granted under the license agreement and other interpretation-related issues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the extent to which our technology and processes infringe on intellectual property of the licensor that is not subject to the licensing agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the sublicensing of patent and other rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our diligence obligations under the license agreement and what activities satisfy those diligence obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ownership of inventions and know-how resulting from the creation or use of licensed intellectual property by us alone or with our licensors and partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the right to control prosecution, maintenance, enforcement, and defense of the licensed patents and improvements thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the scope and duration of our payment obligations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the priority of invention of patented technology.

If disputes over intellectual property and other rights that we have licensed prevent or impair our ability to maintain our current licensing arrangements on acceptable terms, we may be unable to successfully develop and commercialize the affected product candidates. We are generally also subject to all of the same risks with respect to protection of intellectual property that we license as we are for intellectual property that we own, which are described herein. If we or our licensor fail to adequately protect this intellectual property, our ability to develop, manufacture, or commercialize products could suffer.

In addition, while we cannot currently determine the amount of the royalty obligations we would be required to pay on sales of future products, if any, the amounts may be significant. The amount of our future royalty obligations will depend on the technology and intellectual property we use in products that we successfully develop and commercialize, if any. Therefore, even if we successfully develop and commercialize products, we may be unable to achieve or maintain profitability.

If we are unable to successfully obtain rights to required third-party intellectual property rights or maintain the existing intellectual property rights we have, we may have to abandon development of the relevant research programs or product candidates and our business, financial condition, results of operations and prospects could suffer.

***In the future, we may need to obtain licenses of third-party technology that may not be available to us or are available only on commercially unreasonable terms, and which may cause us to operate our business in a more costly or otherwise adverse manner that was not anticipated.***

We currently own intellectual property directed to our product candidates and other proprietary technologies. Other pharmaceutical companies and academic institutions may also have filed or are planning to file patent applications potentially relevant to our business. From time to time, in order to avoid infringing these third-party patents, we may be required to license technology

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from additional third parties to further develop or commercialize our product candidates. Should we be required to obtain licenses to any third-party technology, including any such patents required to manufacture, use or sell our product candidates, such licenses may not be available to us on commercially reasonable terms, or at all. The inability to obtain any third-party license required to develop or commercialize any of our product candidates could cause us to abandon any related efforts, which could seriously harm our business and operations.

The licensing or acquisition of third-party intellectual property rights is a competitive area, and several more established companies may pursue strategies to license or acquire third-party intellectual property rights we may consider attractive or necessary. These established companies may have a competitive advantage over us due to their size, capital resources and greater clinical development and commercialization capabilities. In addition, companies that perceive us to be a competitor may be unwilling to assign or license rights to us.

Moreover, some of our owned patent applications and patents may be co-owned with third parties. If we are unable to obtain an exclusive license to any such third-party co-owners' interest in such patents or patent applications, such co-owners may be able to license their rights to other third parties, including our competitors, and our competitors could market competing products and technology. In addition, we may need the cooperation of any such co-owners of our patents in order to enforce such patents against third parties, and such cooperation may not be provided to us. Furthermore, our owned patents may be subject to a reservation of rights by one or more third parties. Any of the foregoing could have a material adverse effect on our competitive position, business, financial conditions, results of operations and prospects.

***If we are sued for infringing intellectual property rights of third parties, such litigation could be costly and time consuming and could prevent or delay us from developing or commercializing our product candidates.***

Our commercial success depends, in part, on our ability to develop, manufacture, market and sell our product candidates without infringing the intellectual property and other proprietary rights of third parties. Third parties may allege that we have infringed or misappropriated their intellectual property. Litigation or other legal proceedings relating to intellectual property claims, with or without merit, is unpredictable and generally expensive and time consuming and, even if resolved in our favor, is likely to divert significant resources from our core business, including distracting our technical and management personnel from their normal responsibilities. In addition, there could be public announcements of the results of hearings, motions or other interim proceedings or developments and if securities analysts or investors perceive these results to be negative, it could have a substantial adverse effect on the market price of our common stock. Such litigation or proceedings could substantially increase our operating losses and reduce the resources available for development activities or any future sales, marketing or distribution activities. We may not have sufficient financial or other resources to adequately conduct such litigation or proceedings. Some of our competitors may be able to sustain the costs of such litigation or proceedings more effectively than we can because of their greater financial resources and more mature and developed intellectual property portfolios. Uncertainties resulting from the initiation and continuation of patent litigation or other proceedings could have a material adverse effect on our ability to compete in the marketplace.

There is a substantial amount of intellectual property litigation in the biotechnology and pharmaceutical industries, and we may become party to, or threatened with, litigation or other adversarial proceedings regarding intellectual property rights with respect to our products candidates. We cannot be certain that our product candidates and other proprietary technologies we may develop will not infringe existing or future patents owned by third parties. We are currently aware of a third-party European patent that may cover our products. However, we do not plan to launch any product in the European Union before the expiration of such patent. Third parties may assert infringement claims against us based on existing or future intellectual property rights. Proving invalidity may be difficult. For example, in the United States, proving invalidity in court requires a showing of clear and convincing evidence to overcome the presumption of validity enjoyed by issued patents. If we are found to infringe a third-party's intellectual property rights, we could be forced, including by court order, to cease developing, manufacturing or commercializing the infringing candidate product or product. Alternatively, we may be required to obtain a license from such third-party in order to use the infringing technology and continue developing, manufacturing or marketing the infringing candidate product or product. However, we may not be able to obtain any required license on commercially reasonable terms or at all. Even if we were able to obtain a license, it could be non-exclusive, thereby giving our competitors access to the same technologies licensed to us. In addition, we could be found liable for monetary damages, including treble damages and attorneys' fees if we are found to have willfully infringed a patent. A finding of infringement could prevent us from commercializing our investigational products or force us to cease some of our business operations, which could materially harm our business.

We may not be aware of patents that have already been issued and that a third-party, for example, a competitor in the fields in which we are developing our product candidates, might assert are infringed by our current or future product candidates, including claims to compositions, formulations, methods of manufacture or methods of use or treatment that cover our product candidates. It is also possible that patents owned by third parties of which we are aware, but which we do not believe are relevant to our product candidates and other proprietary technologies we may develop, could be found to be infringed by our product candidates. In addition, because patent applications can take many years to issue, there may be currently pending patent applications that may later result in

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issued patents that our product candidates may infringe. Our competitors in both the United States and abroad, many of which have substantially greater resources and have made substantial investments in patent portfolios and competing technologies, may have applied for or obtained or may in the future apply for and obtain, patents that will prevent, limit or otherwise interfere with our ability to make, use and sell our product candidates. The pharmaceutical and biotechnology industries have produced a considerable number of patents, and it may not always be clear to industry participants, including us, which patents cover various types of products or methods of use. The coverage of patents is subject to interpretation by the courts, and the interpretation is not always uniform. If we were sued for patent infringement, we would need to demonstrate that our product candidates, products or methods either do not infringe the patent claims of the relevant patent or that the patent claims are invalid or unenforceable, and we may not be able to do this. Proving invalidity may be difficult and there is no assurance that a court of competent jurisdiction would invalidate the claims of any such U.S. patent. Even if we are successful in these proceedings, we may incur substantial costs and the time and attention of our management and scientific personnel could be diverted in pursuing these proceedings, which could have a material adverse effect on our business and operations. Furthermore, because of the substantial amount of discovery required in connection with intellectual property litigation, there is a risk that some of our confidential information could be compromised by disclosure during litigation. In addition, we may not have sufficient resources to bring these actions to a successful conclusion.

We may choose to challenge the enforceability or validity of claims in a third-party's U.S. patent by requesting that the USPTO review the patent claims in an *ex-parte* re-exam, *inter partes* review or post-grant review proceedings. These proceedings are expensive and may consume our time or other resources. We may choose to challenge a third-party's patent in patent opposition proceedings in the European Patent Office (EPO), or other foreign patent office. The costs of these opposition proceedings could be substantial, and may consume our time or other resources. If we fail to obtain a favorable result at the USPTO, EPO or other patent office then we may be exposed to litigation by a third-party alleging that the patent may be infringed by our product candidates or proprietary technologies.

If we are found to infringe a third-party's intellectual property rights, we could be forced, including by court order, to cease developing, manufacturing or commercializing the infringing product candidate or product. Alternatively, we may be required to obtain a license from such third-party in order to use the infringing technology and continue developing, manufacturing or marketing the infringing product candidate. However, we may not be able to obtain any required license on commercially reasonable terms or at all. Even if we were able to obtain a license, it could be non-exclusive, thereby giving our competitors access to the same technologies licensed to us. In addition, we could be found liable for monetary damages, including treble damages and attorneys' fees if we are found to have willfully infringed a patent. A finding of infringement could prevent us from commercializing our product candidates or force us to cease some of our business operations, and could divert the time and attention of our technical personnel and management, cause development delays, and/or require us to develop non-infringing technology, which may not be possible on a cost-effective basis, any of which could materially harm our business. In the event of a successful claim of infringement against us, we may have to pay substantial monetary damages, including treble damages and attorneys' fees for willful infringement, pay royalties and other fees, redesign our infringing drug or obtain one or more licenses from third parties, which may be impossible or require substantial time and monetary expenditure. Claims that we have misappropriated the confidential information or trade secrets of third parties could have a similar negative impact on our business.

***We may become involved in lawsuits to protect or enforce our patents or other intellectual property, which could be expensive, time consuming and unsuccessful.***

Competitors or other third parties may infringe our patents, trademarks or other intellectual property. To counter infringement or unauthorized use, we may be required to file infringement claims, which can be expensive and time consuming and divert the time and attention of our management and scientific personnel. Our pending patent applications cannot be enforced against third parties practicing the technology claimed in such applications unless and until a patent issues from such applications. Any claims we assert against perceived infringers could provoke these parties to assert counterclaims against us alleging that we infringe their patents, in addition to counterclaims asserting that our patents are invalid or unenforceable, or both. In patent litigation in the United States, defendant counterclaims alleging invalidity and/or unenforceability are commonplace. Grounds for a validity challenge could be an alleged failure to meet any of several statutory requirements, including lack of novelty, obviousness, non-enablement or insufficient written description. Grounds for an unenforceability assertion could be an allegation that someone connected with prosecution of the patent withheld relevant information from the USPTO or made a misleading statement during prosecution. The outcome following legal assertions of invalidity and unenforceability is unpredictable. In any patent infringement proceeding, there is a risk that a court will decide that a patent of ours is invalid or unenforceable, in whole or in part, and that we do not have the right to stop the other party from using the invention at issue. There is also a risk that, even if the validity of such patents is upheld, the court will construe the patent's claims narrowly or decide that we do not have the right to stop the other party from using the invention at issue on the grounds that our patent claims do not cover the invention, or decide that the other party's use of our patented technology falls under the safe harbor to patent infringement under 35 U.S.C. §271(e)(1). An adverse outcome in a litigation or proceeding involving our patents could limit our ability to assert our patents against those parties or other competitors and may curtail or preclude our ability to exclude third parties from making and selling similar or competitive products. Any of these occurrences could adversely affect our competitive business position, business prospects and financial condition. Similarly, if we assert trademark infringement claims, a

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court may determine that the marks we have asserted are invalid or unenforceable, or that the party against whom we have asserted trademark infringement has superior rights to the marks in question. In this case, we could ultimately be forced to cease use of such trademarks.

Even if we establish infringement, the court may decide not to grant an injunction against further infringing activity and instead award only monetary damages, which may or may not be an adequate remedy. Furthermore, because of the substantial amount of discovery required in connection with intellectual property litigation, there is a risk that some of our confidential information could be compromised by disclosure during litigation. There could also be public announcements of the results of hearings, motions or other interim proceedings or developments. If securities analysts or investors perceive these results to be negative, it could have a material adverse effect on the price of shares of our common stock. Moreover, we cannot assure you that we will have sufficient financial or other resources to file and pursue such infringement claims, which typically last for years before they are concluded. Even if we ultimately prevail in such claims, the monetary cost of such litigation and the diversion of the attention of our management and scientific personnel could outweigh any benefit we receive as a result of the proceedings.

***Because of the expense and uncertainty of litigation, we may not be in a position to enforce our intellectual property rights against third parties.***

Because of the expense and uncertainty of litigation, we may conclude that even if a third-party is infringing our patents that may be issued as a result of our pending or future patent applications or other intellectual property rights, the risk-adjusted cost of bringing and enforcing such a claim or action may be too high or not in the best interest of our company or our stockholders, or it may be otherwise impractical or undesirable to enforce our intellectual property against some third parties. Our competitors or other third parties may be able to sustain the costs of complex patent litigation or proceedings more effectively than we can because of their greater financial resources and more mature and developed intellectual property portfolios. In such cases, we may decide that the more prudent course of action is to simply monitor the situation or initiate or seek some other non-litigious action or solution. In addition, the uncertainties associated with litigation could compromise our ability to raise the funds necessary to continue our preclinical studies, initiate and continue clinical trials, continue our internal research programs, in-license needed technology or other product candidates, or enter into development partnerships that would help us bring our product candidates to market.

***We may be subject to claims that we have wrongfully hired an employee from a competitor or that our employees, consultants or independent contractors have wrongfully used or disclosed confidential information of third parties.***

As is common in the pharmaceutical industry, in addition to our employees, in the future we may engage the services of consultants to assist us in the development of our product candidates. Many of these potential consultants, and many of our employees, were previously employed at, or may have previously provided or may be currently providing consulting services to, other pharmaceutical companies including our competitors or potential competitors. We could in the future be subject to claims that we or our employees have inadvertently or otherwise used or disclosed alleged trade secrets or other confidential information of former employers or competitors. Although we try to ensure that our employees and consultants do not use the intellectual property, proprietary information, know-how or trade secrets of others in their work for us, we may become subject to claims that we caused an employee to breach the terms of his or her non-competition or non-solicitation agreement, or that we or these individuals have, inadvertently or otherwise, used or disclosed the alleged trade secrets or other proprietary information of a former employer or competitor.

While we may litigate to defend ourselves against these claims, even if we are successful, litigation could result in substantial costs and could be a distraction to management. If our defenses to these claims fail, in addition to requiring us to pay monetary damages, a court could prohibit us from using technologies or features that are essential to our product candidates, if such technologies or features are found to incorporate or be derived from the trade secrets or other proprietary information of the former employers. Moreover, any such litigation or the threat thereof may adversely affect our reputation, our ability to form strategic alliances or sublicense our rights to collaborators, engage with scientific advisors or hire employees or consultants, each of which would have an adverse effect on our business, results of operations and financial condition. Even if we are successful in defending against such claims, litigation could result in substantial costs and be a distraction to management.

***Changes in patent law in the United States and other jurisdictions could diminish the value of patents in general, thereby impairing our ability to protect our product candidates.***

As is the case with other biopharmaceutical companies, our success is heavily dependent on intellectual property, particularly patents. Obtaining and enforcing patents in the biopharmaceutical industry involves both technological and legal complexity and is therefore costly, time consuming and inherently uncertain. Changes in either the patent laws or interpretation of the patent laws in the United States could increase the uncertainties and costs, and may diminish our ability to protect our inventions, obtain, maintain, and enforce our intellectual property rights and, more generally, could affect the value of our intellectual property or narrow the scope of our owned patents that issue in the future. Patent reform legislation in the United States and other countries, including the

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Leahy-Smith America Invents Act (the Leahy-Smith Act), signed into law on September 16, 2011, could increase those uncertainties and costs surrounding the prosecution of our patent applications and the enforcement or defense of our issued patents. The Leahy-Smith Act includes a number of significant changes to U.S. patent law. These include provisions that affect the way patent applications are prosecuted, redefine prior art and provide more efficient and cost-effective avenues for competitors to challenge the validity of patents. These include allowing third-party submission of prior art to the USPTO during patent prosecution and additional procedures to attack the validity of a patent by USPTO administered post-grant proceedings, including post-grant review, *inter partes* review, and derivation proceedings. Further, because of a lower evidentiary standard in these USPTO post-grant proceedings compared to the evidentiary standard in United States federal courts necessary to invalidate a patent claim, a third-party could potentially provide evidence in a USPTO proceeding sufficient for the USPTO to hold a claim invalid even though the same evidence would be insufficient to invalidate the claim if first presented in a district court action. Accordingly, a third-party may attempt to use the USPTO procedures to invalidate our patent claims that would not have been invalidated if first challenged by the third-party as a defendant in a district court action. Thus, the Leahy-Smith Act and its implementation could increase the uncertainties and costs surrounding the prosecution of our patent applications and the enforcement or defense of our issued patents, all of which could have a material adverse effect on our business, financial condition, results of operations and prospects.

After March 2013, under the Leahy-Smith Act, the United States transitioned to a first inventor to file system in which, assuming that the other statutory requirements are met, the first inventor to file a patent application will be entitled to the patent on an invention regardless of whether a third-party was the first to invent the claimed invention. A third-party that files a patent application in the USPTO after March 2013, but before we file an application covering the same invention, could therefore be awarded a patent covering an invention of ours even if we had made the invention before it was made by such third-party. This will require us to be cognizant going forward of the time from invention to filing of a patent application. Since patent applications in the United States and most other countries are confidential for a period of time after filing or until issuance, we cannot be certain that we or our licensors were the first to either (i) file any patent application related to our product candidates and other proprietary technologies we may develop or (ii) invent any of the inventions claimed in our or our licensor's patents or patent applications. Even where we have a valid and enforceable patent, we may not be able to exclude others from practicing the claimed invention where the other party can show that they used the invention in commerce before our filing date or the other party benefits from a compulsory license. However, the Leahy-Smith Act and its implementation could increase the uncertainties and costs surrounding the prosecution of our patent applications and the enforcement or defense of our issued patents, all of which could have a material adverse effect on our business, financial condition, results of operations and prospects.

In addition, the patent positions of companies in the development and commercialization of pharmaceuticals are particularly uncertain. The U.S. Supreme Court has ruled on several patent cases in recent years, either narrowing the scope of patent protection available in certain circumstances or weakening the rights of patent owners in certain situations. We cannot predict how decisions by the federal courts, the U.S. Congress or the USPTO may impact the value of our patent rights. In the 2013 case Assoc. for Molecular Pathology v. Myriad Genetics, Inc., the U.S. Supreme Court held that certain claims to DNA molecules are not patentable. As another example, the Supreme Court of the United States held in Amgen v. Sanofi (2023) that a functionally claimed genus of antibodies that bind and block the PCSK9 receptor was invalid for failing to comply with the enablement requirement of the Patent Act. In addition, the Federal Circuit issued a decision involving the interaction of patent term adjustment (PTA), terminal disclaimers, and obvious-type double patenting. Depending on future actions by the U.S. Congress, the U.S. courts, the USPTO and the relevant law-making bodies in other countries, the laws and regulations governing patents could change in unpredictable ways that would weaken our ability to obtain new patents or to enforce our existing patents and patents that we might obtain in the future. While we do not believe that any of the patents owned or licensed by us will be found invalid based on these decisions, we cannot predict how future decisions by the courts, the U.S. Congress or the USPTO may impact the value of our patents.

***Obtaining and maintaining patent protection depends on compliance with various procedural, document submissions, fee payment and other requirements imposed by governmental patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements.***

Periodic maintenance fees, renewal fees, annuities fees and various other governmental fees on patents and/or patent applications are due to be paid to the USPTO and foreign patent agencies in several stages over the lifetime of the patent and/or patent application. The USPTO and various foreign governmental patent agencies also require compliance with a number of procedural, documentary, fee payment and other similar provisions during the patent application process. While an inadvertent lapse can in many cases be cured by payment of a late fee or by other means in accordance with the applicable rules, there are situations in which noncompliance can result in abandonment or lapse of the patent or patent application, resulting in partial or complete loss of patent rights in the relevant jurisdiction. Non-compliance events that could result in abandonment or lapse of a patent or patent application include, but are not limited to, failure to respond to official actions within prescribed time limits, non-payment of fees and failure to properly legalize and submit formal documents. If we fail to maintain the patents and patent applications covering our product candidates, our competitive position would be adversely affected.

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***We may rely on trade secret and proprietary know-how which can be difficult to trace and enforce and, if we are unable to protect the confidentiality of our trade secrets, our business and competitive position would be harmed.***

In addition to seeking patents for some of our technology and product candidates, we may also rely on trade secrets, including unpatented know-how, technology and other proprietary information, to maintain our competitive position. Elements of our product candidates, including processes for their preparation and manufacture, may involve proprietary know-how, information, or technology that is not covered by patents, and thus for these aspects we may consider trade secrets and know-how to be our primary intellectual property. Any disclosure, either intentional or unintentional, by our employees, the employees of third parties with whom we share our facilities or third-party consultants and vendors that we engage to perform research, clinical trials or manufacturing activities, or misappropriation by third parties (such as through a cybersecurity breach) of our trade secrets or proprietary information could enable competitors to duplicate or surpass our technological achievements, thus eroding our competitive position in our market. Because we expect to rely on third parties in the development and manufacture of our product candidates, we must, at times, share trade secrets with them. Our reliance on third parties requires us to share our trade secrets, which increases the possibility that a competitor will discover them or that our trade secrets will be misappropriated or disclosed.

Trade secrets and know-how can be difficult to protect. We require our employees to enter into written employment agreements containing provisions of confidentiality and obligations to assign to us any inventions generated in the course of their employment. We and any third parties with whom we share facilities enter into written agreements that include confidentiality and intellectual property obligations to protect each party's property, potential trade secrets, proprietary know-how, and information. We further seek to protect our potential trade secrets, proprietary know-how, and information in part, by entering into non-disclosure and confidentiality agreements with parties who are given access to them, such as our corporate collaborators, outside scientific collaborators, contract research organizations, contract manufacturers, consultants, advisors and other third parties. With our consultants, contractors, and outside scientific collaborators, these agreements typically include invention assignment obligations. We cannot guarantee that we have entered into such agreements with each party that may have or has had access to our trade secrets or proprietary technology and processes. We cannot be certain that our trade secrets and other confidential proprietary information will not be disclosed or that competitors will not otherwise gain access to our trade secrets or independently develop substantially equivalent information and techniques. Despite these efforts, any of these parties may breach the agreements and disclose our proprietary information, including our trade secrets, and we may not be able to obtain adequate remedies for such breaches. Enforcing a claim that a party illegally disclosed or misappropriated a trade secret is difficult, expensive and time-consuming, and the outcome is unpredictable. In addition, some courts inside and outside the United States are less willing or unwilling to protect trade secrets. We may need to share our proprietary information, including trade secrets, with future business partners, collaborators, contractors and others located in countries at heightened risk of theft of trade secrets, including through direct intrusion by private parties or foreign actors, and those affiliated with or controlled by state actors. Further, if any of our trade secrets were to be lawfully obtained or independently developed by a competitor or other third-party, we would have no right to prevent them from using that technology or information to compete with us. If any of our trade secrets were to be disclosed to or independently developed by a competitor or other third-party, our competitive position would be harmed.

***We may become subject to claims challenging the inventorship or ownership of our patents and other intellectual property.***

We may be subject to claims that former employees, collaborators or other third parties have an interest in our patents or other intellectual property as an inventor or co-inventor. The failure to name the proper inventors on a patent application can result in the patents issuing thereon being unenforceable. Inventorship disputes may arise from conflicting views regarding the contributions of different individuals named as inventors, the effects of foreign laws where foreign nationals are involved in the development of the subject matter of the patent, conflicting obligations of third parties involved in developing our product candidates or as a result of questions regarding co-ownership of potential joint inventions. Litigation may be necessary to resolve these and other claims challenging inventorship and/or ownership. Alternatively, or additionally, we may enter into agreements to clarify the scope of our rights in such intellectual property. If we fail in defending any such claims, in addition to paying monetary damages, we may lose valuable intellectual property rights, such as exclusive ownership of, or right to use, valuable intellectual property. Such an outcome could have a material adverse effect on our business. Even if we are successful in defending against such claims, litigation could result in substantial costs and be a distraction to management and other employees.

Our current or future licensors may have relied on third-party consultants or collaborators or on funds from third parties, such as the U.S. government, such that our licensors are not the sole and exclusive owners of the patents we in-licensed. If other third parties have ownership rights or other rights to our in-licensed patents, they may be able to license such patents to our competitors, and our competitors could market competing products and technology. This could have a material adverse effect on our competitive position, business, financial conditions, results of operations, and prospects.

In addition, while it is our policy to require our employees and contractors who may be involved in the conception or development of intellectual property to execute agreements assigning such intellectual property to us, we may be unsuccessful in executing such an agreement with each party who, in fact, conceives or develops intellectual property that we regard as our own. The

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assignment of intellectual property rights may not be self-executing, or the assignment agreements may be breached, and we may be forced to bring claims against third parties, or defend claims that they may bring against us, to determine the ownership of what we regard as our intellectual property. Such claims could have a material adverse effect on our business, financial condition, results of operations, and prospects.

***Patent terms may be inadequate to protect our competitive position on our product candidates for an adequate amount of time.***

Patent rights are of limited duration. In the United States, if all maintenance fees are paid timely, the natural expiration of a patent is generally 20 years after its first effective filing date excluding U.S. provisional patent applications. Given the amount of time required for the development, testing and regulatory review of new product candidates, patents protecting such candidates might expire before or shortly after such product candidates are commercialized. Even if patents covering our product candidates are obtained, once the patent life has expired for a product, we may be open to competition from biosimilar or generic products. As a result, our patent portfolio may not provide us with sufficient rights to exclude others from commercializing product candidates similar or identical to ours. Upon issuance in the United States, the term of a patent can be increased by patent term adjustment, which is based on certain delays caused by the USPTO, but this increase can be reduced or eliminated based on certain delays caused by the patent applicant during patent prosecution. The term of a United States patent may also be shortened if the patent is terminally disclaimed over an earlier-filed patent. A patent term extension (PTE) based on regulatory delay may be available in the United States. However, only a single patent can be extended for each marketing approval, and any patent can be extended only once, for a single product. Moreover, the scope of protection during the period of the PTE does not extend to the full scope of the claim, but instead only to the scope of the product as approved. Laws governing analogous PTEs in foreign jurisdictions vary widely, as do laws governing the ability to obtain multiple patents from a single patent family. Additionally, we may not receive an extension if we fail to exercise due diligence during the testing phase or regulatory review process, apply within applicable deadlines, fail to apply prior to expiration of relevant patents or otherwise fail to satisfy applicable requirements. If we are unable to obtain PTE or restoration, or the term of any such extension is less than we request, the period during which we will have the right to exclusively market our product will be shortened and our competitors may obtain approval of competing products following our patent expiration and may take advantage of our investment in development and clinical trials by referencing our clinical and preclinical data to launch their product earlier than might otherwise be the case, and our revenue could be reduced, possibly materially.

***If our trademarks and trade names are not adequately protected, then we may not be able to build name recognition in our markets of interest and our business may be adversely affected.***

Our current or future trademarks or trade names may be challenged, infringed, circumvented or declared generic or descriptive or determined to be infringing on other marks. We may not be able to protect our rights to these trademarks and trade names or may be forced to stop using these names, which we need for name recognition by potential partners or customers in our markets of interest. During trademark registration proceedings, we may receive rejections of our applications by the USPTO or in other foreign jurisdictions. Although we would be given an opportunity to respond to those rejections, we may be unable to overcome such rejections. In addition, in the USPTO and in comparable agencies in many foreign jurisdictions, third parties are given an opportunity to oppose pending trademark applications and to seek to cancel registered trademarks. Opposition or cancellation proceedings may be filed against our trademarks, and our trademarks may not survive such proceedings. If we are unable to establish name recognition based on our trademarks and trade names, we may not be able to compete effectively and our business may be adversely affected. We may license our trademarks and trade names to third parties, such as distributors. Although these license agreements may provide guidelines for how our trademarks and trade names may be used, a breach of these agreements or misuse of our trademarks and tradenames by our licensees may jeopardize our rights in or diminish the goodwill associated with our trademarks and trade names.

Moreover, any name we have proposed to use with our product candidate in the United States must be approved by the FDA, regardless of whether we have registered it, or applied to register it, as a trademark. Similar requirements exist in Europe. The FDA typically conducts a review of proposed product names, including an evaluation of potential for confusion with other product names. If the FDA (or an equivalent administrative body in a foreign jurisdiction) objects to any of our proposed proprietary product names, it may be required to expend significant additional resources in an effort to identify a suitable substitute name that would qualify under applicable trademark laws, not infringe the existing rights of third parties and be acceptable to the FDA. Furthermore, in many countries, owning and maintaining a trademark registration may not provide an adequate defense against a subsequent infringement claim asserted by the owner of a senior trademark. At times, competitors or other third parties may adopt trade names or trademarks similar to ours, thereby impeding our ability to build brand identity and possibly leading to market confusion. In addition, there could be potential trade name or trademark infringement claims brought by owners of other registered trademarks or trademarks that incorporate variations of our registered or unregistered trademarks or trade names. If we assert trademark infringement claims, a court may determine that the marks we have asserted are invalid or unenforceable, or that the party against whom we have asserted trademark infringement has superior rights to the marks in question. In this case, we could ultimately be forced to cease use of such trademarks.

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**Risks Related to the Securities Market and Ownership of Our Common Stock**

***The price of our common stock could be subject to volatility related or unrelated to our operations.***

Our stock price has been and may continue to be volatile. The stock market in general and the market for biotechnology and pharmaceutical companies, in particular, have experienced extreme volatility that has often been unrelated to the operating performance of particular companies. As a result of this volatility, you may not be able to sell your shares at a price that is attractive to you, or at all. The market price for our common stock may be influenced by numerous factors, many of which are beyond our control, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•adverse results or delays in preclinical studies or clinical trials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•results from our future clinical trials with our future product candidates or of our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•failure to commercialize our product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•unanticipated serious safety concerns related to immunotherapy or related to the use of our product candidates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in our projected operating results that we provide to the public, our failure to meet these projections or changes in recommendations by securities analysts that elect to follow our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any delay in our regulatory filings for our product candidates and any adverse development or perceived adverse development with respect to the applicable regulatory authority's review of such filings, including without limitation the FDA's issuance of a "refusal to file" letter or a request for additional information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•regulatory or legal developments in the United States and other countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the level of expenses related to future product candidates or clinical development programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our failure to achieve product development goals in the timeframe we announce;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•announcements of acquisitions, strategic alliances or significant agreements by us or by our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•recruitment or departure of key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•developments with respect to our intellectual property rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•overall performance of the equity markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the economy as a whole and market conditions in our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the published opinions and third-party valuations by banking and market analysts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•political uncertainty and/or instability in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the future impact of a health epidemic or pandemic; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any other factors discussed in this Quarterly Report.

In addition, the stock markets have experienced extreme price and volume fluctuations that have affected and continue to affect the market prices of equity securities of many immunotherapy companies. Stock prices of many immunotherapy companies have fluctuated in a manner unrelated or disproportionate to the operating performance of those companies.

***Our principal stockholders and management own a significant percentage of our stock and will be able to exert significant control over matters subject to stockholder approval.***

Certain of our executive officers, directors and large stockholders own a significant percentage of our outstanding capital stock. As a result of their share ownership, these stockholders will have the ability to influence us through their ownership positions. These stockholders may be able to determine all matters requiring stockholder approval. For example, these stockholders, acting together, may be able to control elections of directors, amendments of our organizational documents, or approval of any merger, sale of assets, or other major corporate transaction. This may prevent or discourage unsolicited acquisition proposals or offers for our common stock that you may believe are in your best interest as one of our stockholders.

***If there are substantial sales of shares of our common stock, the market price of our common stock could decline.\****

The price of our common stock could decline if there are substantial sales of our common stock, particularly sales by our directors, executive officers and significant stockholders, or if there is a large number of shares of our common stock available for sale and the market perceives that sales will occur. As of March 31, 2026, we had 60,865,458 outstanding shares of common stock.

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***Future sales and issuances of our common stock or rights to purchase common stock, including pursuant to our equity incentive plans, could result in additional dilution of the percentage ownership of our stockholders and could cause our stock price to fall.***

Additional capital will be needed in the future to continue our planned operations. To the extent we raise additional capital by issuing equity securities, our stockholders may experience substantial dilution. We may sell common stock, convertible securities or other equity securities in one or more transactions at prices and in a manner, we determine from time to time. If we sell common stock, convertible securities or other equity securities, investors may be materially diluted. These sales may also result in material dilution to our existing stockholders, and new investors could gain rights superior to our existing stockholders.

Pursuant to our 2021 Equity Incentive Plan (2021 Plan), we are authorized to grant stock options and other equity-based awards to our employees, directors and consultants. The number of shares of our common stock reserved for issuance under our 2021 Plan automatically increases on January 1 of each calendar year, through January 1, 2031, in an amount equal to the lesser of (i) 5% of the total number of shares of our common stock outstanding on the last day of the calendar month before the date of each automatic increase; or (ii) a lesser number of shares determined by our board of directors prior to the applicable January 1st. In addition, pursuant to our 2021 Employee Stock Purchase Plan, the number of shares of our common stock reserved for issuance automatically increases on January 1 of each calendar year, through January 1, 2031, by the lesser of (i) 1% of the total number of shares of our common stock outstanding on the last day of the calendar month before the date of each automatic increase, and (ii) 932,000 shares; provided that before the date of any such increase, our board of directors may determine that such increase will be less than the amount set forth in clauses (i) and (ii). Unless our board of directors elects not to increase the number of shares available for future grant each year, our stockholders may experience additional dilution, which could cause our stock price to fall.

***We do not intend to pay dividends on our common stock so any returns will be limited to the value of our stock.***

We currently anticipate that we will retain future earnings for the development, operation and expansion of our business and do not anticipate declaring or paying any cash dividends for the foreseeable future. Any return to stockholders will therefore be limited to the appreciation of their stock.

***Delaware law and provisions in our amended and restated certificate of incorporation and amended and restated bylaws could make a merger, tender offer or proxy contest difficult, thereby depressing the trading price of our common stock.***

Our status as a Delaware corporation and the anti-takeover provisions of the Delaware General Corporation Law may discourage, delay or prevent a change in control by prohibiting us from engaging in a business combination with an interested stockholder for a period of three years after the person becomes an interested stockholder, even if a change of control would be beneficial to our existing stockholders. Our amended and restated certificate of incorporation and amended and restated bylaws contain provisions that may make the acquisition of our company more difficult, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a classified board of directors with three-year staggered terms, which could delay the ability of stockholders to change the membership of a majority of our board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the ability of our board of directors to issue shares of preferred stock and to determine the price and other terms of those shares, including preferences and voting rights, without stockholder approval, which could be used to significantly dilute the ownership of a hostile acquirer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a prohibition on stockholder action by written consent, which forces stockholder action to be taken at an annual or special meeting of our stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the requirement that a special meeting of stockholders may be called only by a majority vote of our entire board of directors, the chairman of our board of directors or our chief executive officer, which could delay the ability of our stockholders to force consideration of a proposal or to take action, including the removal of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the requirement for the affirmative vote of holders of at least 66-2/3% of the voting power of all of the then-outstanding shares of the voting stock, voting together as a single class, to amend the provisions of our amended and restated certificate of incorporation relating to the management of our business or our amended and restated bylaws, which may inhibit the ability of an acquirer to affect such amendments to facilitate an unsolicited takeover attempt; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•advance notice procedures with which stockholders must comply to nominate candidates to our board of directors or to propose matters to be acted upon at a stockholders' meeting, which may discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer's own slate of directors or otherwise attempting to obtain control of us.

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In addition, as a Delaware corporation, we are subject to Section 203 of the Delaware General Corporation Law. These provisions may prohibit large stockholders, in particular those owning 15% or more of our outstanding voting stock, from merging or combining with us for a certain period of time. A Delaware corporation may opt out of this provision by express provision in its original certificate of incorporation or by amendment to its certificate of incorporation or bylaws approved by its stockholders. However, we have not opted out of this provision.

These and other provisions in our amended and restated certificate of incorporation, amended and restated bylaws and Delaware law could make it more difficult for stockholders or potential acquirors to obtain control of our board of directors or initiate actions that are opposed by our then-current board of directors, including delay or impede a merger, tender offer or proxy contest involving our company. The existence of these provisions could negatively affect the price of our common stock and limit opportunities for you to realize value in a corporate transaction.

***Our amended and restated certificate of incorporation and our amended and restated bylaws provide that the Court of Chancery of the State of Delaware will be the exclusive forum for substantially all disputes between us and our stockholders and that the federal district courts shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees or the underwriters or any offering giving rise to such claim.***

These exclusive forum provisions may limit a stockholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers, or other employees and may discourage these types of lawsuits and result in increased costs for investors to bring a claim. Furthermore, the enforceability of similar choice of forum provisions in other companies' certificates of incorporation or bylaws has been challenged in legal proceedings, and it is possible that a court could find these types of provisions to be inapplicable or unenforceable. If a court were to find the exclusive forum provision contained in our amended and restated certificate of incorporation or amended and restated bylaws to be inapplicable or unenforceable in an action, we may incur further significant additional costs associated with resolving such action in other jurisdictions, all of which could seriously harm our business.

**General Risk Factors**

***We incur significantly increased costs as a result of operating as a public company, and our management is required to devote substantial time to public company reporting and compliance initiatives.***

As a public company listed on the Nasdaq Global Market, we incur significant legal, accounting, and other expenses that we did not incur as a private company. We are subject to the reporting requirements of the Exchange Act, which require, among other things, that we file with the SEC annual, quarterly, and current reports with respect to our business and financial condition. In addition, the Sarbanes-Oxley Act, as well as rules subsequently adopted by the SEC and Nasdaq to implement provisions of the Sarbanes-Oxley

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Act, impose significant requirements on public companies, including requiring establishment and maintenance of effective disclosure and financial controls and changes in corporate governance practices. Further, in July 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) was enacted. There are significant corporate governance and executive compensation related provisions in the Dodd-Frank Act that require the SEC to adopt additional rules and regulations in these areas such as "say on pay" and proxy access. Emerging growth companies and smaller reporting companies are exempted from certain of these requirements, but as of January 1, 2025, we are not exempted and will incur significant legal, accounting and other expenses related to these stated requirements. Stockholder activism, the current political environment and the current high level of government intervention and regulatory reform may lead to substantial new regulations and disclosure obligations, which may lead to additional compliance costs and impact the manner in which we operate our business in ways we cannot currently anticipate.

The rules and regulations applicable to public companies substantially increase our legal and financial compliance costs and make some activities more time-consuming and costly. If these requirements divert the attention of our management and personnel from other business concerns, they could have a material adverse effect on our business, financial condition, results of operations and prospects. The increased costs decrease our net income or increase our net loss, and may require us to reduce costs in other areas of our business or increase the prices of our products or services. For example, these rules and regulations make it more difficult and more expensive for us to obtain director and officer liability insurance and we may be required to incur substantial costs to maintain the same or similar coverage. We cannot predict or estimate the amount or timing of additional costs we may incur to respond to these requirements. The impact of these requirements could also make it more difficult for us to attract and retain qualified persons to serve on our board of directors, our board committees or as executive officers.

***If we fail to maintain an effective system of disclosure controls and internal control over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable regulations could be impaired.***

As a public company, we are subject to requirements of the Sarbanes-Oxley Act, the regulations of the Nasdaq Global Market, the rules and regulations of the SEC, expanded disclosure requirements, accelerated reporting requirements and more complex accounting rules. We expect that the requirements of these rules and regulations will continue to increase our legal, accounting and financial compliance costs, make some activities more difficult, time-consuming and costly and place significant strain on our personnel, systems and resources. Company responsibilities required by the Sarbanes-Oxley Act include, among other things, that we maintain corporate oversight and adequate internal control over financial reporting and disclosure controls and procedures. We are continuing to develop and refine our disclosure controls and other procedures that are designed to ensure that information required to be disclosed by us in the reports that we file with the SEC is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and that information required to be disclosed in reports under the Exchange Act is accumulated and communicated to our principal executive and financial officer. We are also continuing to improve our internal control over financial reporting. In order to develop, maintain, and improve the effectiveness of our internal controls and procedures, and internal control over financial reporting, we have expended, and anticipate that we will continue to expend, significant resources, including accounting-related costs and significant management oversight.

Our current controls and any new controls that we develop may become inadequate because of changes in conditions in our business. Further, weaknesses in our disclosure controls and internal control over financial reporting may be discovered in the future. Any failure to develop or maintain effective controls or any difficulties encountered in their implementation or improvement could harm our results of operations or cause us to fail to meet our reporting obligations and may result in a restatement of our financial statements for prior periods. Any failure to implement and maintain effective internal control over financial reporting could also adversely affect the results of periodic management evaluations and annual independent registered public accounting firm attestation reports regarding the effectiveness of our internal control over financial reporting that we will eventually be required to include in our periodic reports that will be filed with the SEC. Ineffective disclosure controls and procedures and internal control over financial reporting could also cause investors to lose confidence in our reported financial and other information, which would likely have a negative effect on the trading price of our common stock. In addition, if we are unable to continue to meet these requirements, we may not be able to remain listed on the Nasdaq Global Market. We are not currently required to make a formal assessment of the effectiveness of our internal control over financial reporting under the SEC rules that implement Section 404 of the Sarbanes-Oxley Act. We are also required to provide an annual management report on the effectiveness of our disclosure controls and procedures over financial reporting.

If we cannot provide reliable financial reports or prevent fraud, our business and results of operations could be harmed, investors could lose confidence in our reported financial information and we could be subject to sanctions or investigations by Nasdaq, the SEC or other regulatory authorities. Any failure to maintain effective disclosure controls and internal control over financial reporting could have a material and adverse effect on our business, results of operations and financial condition and could cause a decline in the trading price of our common stock.

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***Our disclosure controls and procedures may not prevent or detect all errors or acts of fraud.***

We are subject to the periodic reporting requirements of the Exchange Act. We designed our disclosure controls and procedures to reasonably assure that information we must disclose in reports we file or submit under the Exchange Act is accumulated and communicated to management, and recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC. We believe that any disclosure controls and procedures or internal controls and procedures, no matter how well-conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met.

These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. For example, our directors or executive officers could inadvertently fail to disclose a new relationship or arrangement causing us to fail to make any related party transaction disclosures. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by an unauthorized override of the controls. Accordingly, because of the inherent limitations in our control system, misstatements due to error or fraud may occur and not be detected.

***Future changes in financial accounting standards or practices may cause adverse and unexpected revenue fluctuations and adversely affect our reported results of operations.***

Future changes in financial accounting standards may cause adverse, unexpected revenue fluctuations and affect our reported financial position or results of operations. Financial accounting standards in the United States are constantly under review and new pronouncements and varying interpretations of pronouncements have occurred with frequency in the past and are expected to occur again in the future. As a result, we may be required to make changes in our accounting policies. Those changes could affect our financial condition and results of operations or the way in which such financial condition and results of operations are reported. We intend to invest resources to comply with evolving standards, and this investment may result in increased general and administrative expenses and a diversion of management time and attention from business activities to compliance activities. See the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations—Recent Accounting Pronouncements."

***Changes in tax laws or regulations that are applied adversely to us or our customers may have a material adverse effect on our business, cash flow, financial condition or results of operations.***

New income, sales, use, or other tax laws, statutes, rules, regulations or ordinances could be enacted at any time, which could adversely affect our business operations and financial performance. Further, existing tax laws, statutes, rules, regulations, or ordinances could be interpreted, changed, modified, or applied adversely to us. The OBBBA, the IRA, the Coronavirus Aid, Relief, and Economic Security Act and legislation commonly referred to as the Tax Cuts and Jobs Act made many significant changes to the U.S. tax laws. For example, the Tax Cuts and Jobs Act required taxpayers to capitalize and amortize U.S.-based and non-U.S. based research and experimental (R&E) expenditures over five and fifteen years, respectively. The OBBBA restored the deductibility of domestic R&E expenditures in the year incurred for tax years beginning after December 31, 2024, but retained the capitalization and amortization requirement for foreign R&E expenditures. Future guidance from the Internal Revenue Service and other tax authorities with respect to any legislation may affect us, and certain aspects of such legislation could be repealed or modified or sunset in future years. In addition, it is uncertain if and to what extent various states will conform to federal tax laws. Future tax reform legislation could have a material impact on the value of our deferred tax assets, could result in significant one-time charges, and could increase our future U.S. tax expense.

***Unstable market and economic conditions may have serious adverse consequences on our business, financial condition and stock price.***

As a result of disruptions and changes in the macro environment, including those resulting from health epidemics or pandemics, bank failures, and geopolitical actions such as the United States and foreign government actions related to the military conflict in Ukraine and Russia and the war in the Middle East, the global credit and financial markets have experienced extreme volatility and disruptions, including severely diminished liquidity and credit availability, declines in consumer confidence, declines in economic growth, increases in unemployment rates and uncertainty about economic stability. There can be no assurance that further deterioration in credit and financial markets and confidence in economic conditions will not occur. Our general business strategy may be adversely affected by any such economic downturn, volatile business environment or continued unpredictable and unstable market conditions. If the current equity and credit markets deteriorate, it may make any necessary debt or equity financing more difficult, more costly and more dilutive. Failure to secure any necessary financing in a timely manner and on favorable terms or failure to access to our liquidity within the U.S. banking system could have a material adverse effect on our growth strategy, financial performance and stock price and could require us to delay or abandon clinical development plans. In addition, there is a risk that one or more of our current service providers, manufacturers and other partners may not survive an economic downturn, which could directly affect our ability to attain our operating goals on schedule and on budget.

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***Inflation may adversely affect us by increasing our costs.***

Recently, inflation has increased throughout the U.S. economy. Inflation can adversely affect us by increasing the costs of clinical trials and research, the development of our product candidates, administration and other costs of doing business. We may experience increases in the prices of labor and other costs of doing business. In an inflationary environment, cost increases may outpace our expectations, causing us to use our cash and other liquid assets faster than forecasted. If this happens, we may need to raise additional capital to fund our operations, which may not be available in sufficient amounts or on reasonable terms, if at all, sooner than expected.

***If our internal information technology systems or sensitive information, or those of third parties with whom we work (such as CROs or other contractors or consultants), are or were compromised, we could experience adverse consequences from such compromise, including but not limited to, a material disruption of our product candidates' development programs, regulatory investigations or actions, litigation, fines and penalties, reputational harm, loss of revenue or profits, and other adverse consequences.***

We are increasingly dependent upon information technology systems, infrastructure and data to operate our business. In the ordinary course of business, we and the third parties with whom we work process proprietary, confidential, and sensitive information, including personal information (such as health-related data), intellectual property, and trade secrets (collectively, sensitive information).

Cyber-attacks, malicious internet-based activity, online and offline fraud, and other similar activities threaten the confidentiality, integrity, and availability of our sensitive information and information technology systems, and those of the third parties with whom we work. Such threats are prevalent and continue to rise, are increasingly difficult to detect, and come from a variety of sources, including traditional computer "hackers," threat actors, "hacktivists," organized criminal threat actors, personnel (such as through theft or misuse), sophisticated nation states, and nation-state-supported actors. Some actors now engage and are expected to continue to engage in cyber-attacks, including, without limitation, nation-state actors for geopolitical reasons and in conjunction with military conflicts and defense activities. During times of war and other major conflicts, we and the third parties with whom we work may be vulnerable to a heightened risk of these attacks, including cyber-attacks that could materially disrupt our systems and operations, supply chain, and ability to produce, sell and distribute our goods and services.

We and the third parties with whom we work are subject to a variety of evolving threats, including, but not limited to social-engineering attacks (including through deep fakes, which are increasingly more difficult to identify as fake, and phishing attacks), malicious code (such as viruses and worms), malware (including as a result of advanced persistent threat intrusions), denial-of-service attacks, credential stuffing, credential harvesting, personnel misconduct or error, ransomware attacks, supply-chain attacks, software bugs, server malfunctions, software or hardware failures, loss of data or other information technology assets, adware, telecommunications failures, attacks enhanced or facilitated by artificial intelligence, earthquakes, fires, floods, and other similar threats.

Severe ransomware attacks are increasingly prevalent and can lead to significant interruptions in our operations, loss of data and income, reputational harm, and diversion of funds. Extortion payments may alleviate the negative impact of a ransomware attack, but we may be unwilling or unable to make such payments due to, for example, applicable laws or regulations prohibiting such payments. Future or past business transactions (such as acquisitions or integrations) could also expose us to additional cybersecurity risks and vulnerabilities, as our systems could be negatively affected by vulnerabilities present in acquired or integrated entities' systems and technologies. Furthermore, we may discover security issues that were not found during due diligence of such acquired or integrated entities, and it may be difficult to integrate companies into our information technology environment and security program.

We rely on third parties and technologies to operate critical business systems in a variety of contexts, including, without limitation, cloud-based infrastructure, encryption and authentication technology, employee email, and other functions. Our ability to monitor these third parties' information security practices is limited, and these third parties may not have adequate information security measures in place. If the third parties with whom we work experience a security incident or other interruption, we could experience adverse consequences. While we may be entitled to damages if the third parties with whom we work fail to satisfy their privacy or security-related obligations to us, any award may be insufficient to cover our damages, or we may be unable to recover such award. In addition, supply-chain attacks have increased in frequency and severity, and we cannot guarantee that third parties' infrastructure in our supply chain or that of the third parties with whom we work have not been compromised.

While we have implemented security measures designed to protect against security incidents, there can be no assurance that these measures will be effective. We take steps designed to detect, mitigate and remediate vulnerabilities in our information security systems (such as our hardware and/or software, including that of third parties with whom we work), but we have not been and may not be able to detect, mitigate, and remediate all such vulnerabilities including on a timely basis. It may also be difficult and/or costly to detect, investigate, mitigate, contain, and remediate a security incident. Further, we may experience delays in developing and deploying remedial measures designed to address any such identified vulnerabilities. Vulnerabilities could be exploited and result in a

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security incident. Actions taken by us or the third parties with whom we work to detect, investigate, mitigate, contain, and remediate a security incident could result in outages, data losses, and disruptions of our business. Threat actors may also gain access to other networks and systems after a compromise of our networks and systems. For example, threat actors may use an initial compromise of one part of our environment to gain access to other parts of our environment, or leverage a compromise of our networks or systems to gain access to the networks or systems of third parties with whom we work, such as through phishing or supply chain attacks.

Any of the previously identified or similar threats could cause a security incident or other interruption that could result in unauthorized, unlawful, or accidental acquisition, modification, destruction, loss, alteration, encryption, disclosure of, or access to our sensitive information or our information technology systems, or those of the third parties with whom we work. For example, we have been the target of unsuccessful phishing attempts in the past, and expect such attempts will continue in the future. A security incident or other interruption could disrupt our ability (and that of third parties with whom we work) to provide our services. A security incident or other interruption could disrupt our ability (and that of third parties with whom we work) to conduct our business operations. For example, a security incident could result in a material disruption of our programs and the development of our product candidates could be delayed. In addition, the loss of preclinical study data or clinical trial data for our product candidates could result in delays in our marketing approval efforts and significantly increase our costs to recover or reproduce the data. We may expend significant resources or modify our business activities (including our clinical trial activities) to try to protect against security incidents. Certain data privacy and security obligations require us to implement and maintain specific security measures, industry-standard or reasonable security measures to protect our information technology systems and sensitive information.

Applicable data privacy and security obligations may require us, or we may voluntarily choose, to notify relevant stakeholders of security incidents, including affected individuals, customers, regulators, and investors, or to take other actions, such as providing credit monitoring and identity theft protection services. Such disclosures and related actions can be costly, and the disclosures or the failure to comply with such applicable requirements could lead to adverse consequences. If we (or a third-party with whom we work) experience a security incident or are perceived to have experienced a security incident, we may experience adverse consequences, such as government enforcement actions (for example, investigations, fines, penalties, audits, and inspections); additional reporting requirements and/or oversight; restrictions on processing sensitive information (including personal information); litigation (including class claims); indemnification obligations; negative publicity; reputational harm; monetary fund diversions; diversion of management attention; interruptions in our operations (including availability of data); financial loss; and other similar harms. Security incidents and attendant consequences may cause interruptions in our operations and could result in a material disruption of our programs. For example, the loss of clinical trial data for our product candidates could result in delays in our regulatory approval efforts and significantly increase our costs to recover or reproduce the data.

Our contracts may not contain limitations of liability, and even where they do, there can be no assurance that limitations of liability in our contracts are sufficient to protect us from liabilities, damages, or claims related to our data privacy and security obligations. We cannot be sure that our insurance coverage will be adequate or sufficient to protect us from or to mitigate liabilities arising out of our privacy and security practices, that such coverage will continue to be available on commercially reasonable terms or at all, or that such coverage will pay future claims. In addition, third parties may gather, collect, or infer sensitive information about us from public sources, data brokers, or other means that reveals competitively sensitive details about our organization and could be used to undermine our competitive advantage or market position. Sensitive information of the company could also be leaked, disclosed, or revealed as a result of or in connection with our employees', personnel's, or third parties' with whom we work use of generative AI technologies.

***We or the third parties upon whom we depend on may be adversely affected by earthquakes, fires or other natural disasters and our business continuity and disaster recovery plans may not adequately protect us from a serious disaster.***

Our corporate headquarters and main research facility are located in the county of San Diego, California, which in the past has experienced severe earthquakes and fires. If these earthquakes, fires, other natural disasters, arson and similar unforeseen events beyond our control prevented us from using all or a significant portion of our headquarters or research facility, it may be difficult or, in certain cases, impossible for us to continue our business for a substantial period of time. We do not have a disaster recovery or business continuity plan in place and may incur substantial expenses as a result of the absence or limited nature of our internal or third-party service provider disaster recovery and business continuity plans, which, particularly when taken together with our lack of earthquake insurance, could have a material adverse effect on our business. Furthermore, integral parties in our supply chain are operating from single sites, increasing their vulnerability to natural disasters or other sudden, unforeseen and severe adverse events. If such an event were to affect our supply chain, it could have a material adverse effect on our ability to conduct our clinical trials, our development plans and business.

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***We are subject to certain U.S. and foreign anti-corruption, anti-money laundering, export control, sanctions, and other trade laws and regulations. We can face serious consequences for violations.***

U.S. and foreign anti-corruption, anti-money laundering, export control, sanctions, and other trade laws and regulations (collectively, Trade Laws) prohibit, among other things, companies and their employees, agents, CROs, legal counsel, accountants, consultants, contractors, and other partners from authorizing, promising, offering, providing, soliciting, or receiving directly or indirectly, corrupt or improper payments or anything else of value to or from recipients in the public or private sector. Violations of Trade Laws can result in substantial criminal fines and civil penalties, imprisonment, the loss of trade privileges, debarment, tax reassessments, breach of contract and fraud litigation, reputational harm, and other consequences. We have direct or indirect interactions with officials and employees of government agencies or government-affiliated hospitals, universities, and other organizations. We also expect our non-U.S. activities to increase over time. We expect to rely on third parties for research, preclinical studies, and clinical trials and/or to obtain necessary permits, licenses, patent registrations, and other marketing approvals. We can be held liable for the corrupt or other illegal activities of our personnel, agents, or partners, even if we do not explicitly authorize or have prior knowledge of such activities.

***If we fail to comply with environmental, health and safety laws and regulations, we could become subject to fines or penalties or incur costs that could have a material adverse effect on the success of our business.***

We, and the third parties with whom we share our facilities, are subject to numerous environmental, health and safety laws and regulations, including those governing laboratory procedures and the handling, use, storage, treatment and disposal of hazardous materials and wastes. Each of our operations involve the use of hazardous and flammable materials, including chemicals and biological materials. Each of our operations also produce hazardous waste products. We generally contract with third parties for the disposal of these materials and wastes. We cannot eliminate the risk of contamination or injury from these materials. We could be held liable for any resulting damages in the event of contamination or injury resulting from the use of hazardous materials by us or the third parties with whom we share our facilities, and any liability could exceed our resources. We also could incur significant costs associated with civil or criminal fines and penalties.

Although we maintain workers' compensation insurance to cover us for costs and expenses we may incur due to injuries to our employees resulting from the use of hazardous materials, this insurance may not provide adequate coverage against potential liabilities. We do not maintain insurance for environmental liability or toxic tort claims that may be asserted against us in connection with our storage or disposal of biological or hazardous materials.

In addition, we may incur substantial costs in order to comply with current or future environmental, health and safety laws and regulations. These current or future laws and regulations may impair our research and development. Failure to comply with these laws and regulations also may result in substantial fines, penalties or other sanctions.

***We may not be able to protect our intellectual property rights throughout the world.***

Patent protection is available on a national or regional level. Filing, prosecuting and defending patents throughout the world and on all of our product candidates would be prohibitively expensive. As such, our intellectual property rights outside the United States may not extend to all other possible countries outside the United States and we may not be able to prevent third parties from practicing our inventions in countries outside the United States where we do not have patent protection, or from selling in and importing products into other jurisdictions made using our inventions in such countries outside the United States. Competitors may use our technologies in jurisdictions where we have not obtained patent protection to develop their own products or technology and may export otherwise infringing products or technology to territories where we have patent protection, but enforcement rights are not as strong as those in the United States. These products may compete with our products, and our patents or other intellectual property rights may not be effective or sufficient to prevent them from competing. Further, the legal systems of certain countries particularly certain developing countries, do not favor the enforcement of patents and other intellectual property protection, particularly those relating to pharmaceuticals or biologics, which could make it difficult for us to stop the infringement of our patents or marketing of competing products in violation of our proprietary rights generally. Proceedings to enforce our patent rights in foreign jurisdictions could result in substantial costs and divert our efforts and attention from other aspects of our business, could put our patents at risk of being invalidated or interpreted narrowly and our patent applications at risk of not issuing and could provoke third parties to assert claims against us. We may not prevail in any such lawsuits that we initiate and the damages and other remedies awarded, if any, may not be commercially meaningful.

Similarly, if our trade secrets are disclosed in a foreign jurisdiction, competitors worldwide could have access to our proprietary information and we may be without satisfactory recourse. Such disclosure could have a material adverse effect on our business. Moreover, our ability to protect and enforce our intellectual property rights may be adversely affected by unforeseen changes in foreign intellectual property laws. We plan to enter into contract research and manufacturing relationships with organizations that operate in certain countries that are at heightened risk of theft of technology, data and intellectual property, including through direct

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intrusion by private parties or foreign actors, and those affiliated with or controlled by state actors. In addition, certain developing countries, including China and India, have compulsory licensing laws under which a patent owner may be compelled under certain circumstances to grant licenses to third parties at nominal or no consideration. In those countries, we and our licensors may have limited remedies if patents are infringed or if we or our licensors are compelled to grant a license to a third-party, which could materially diminish the value of those patents. In addition, many countries limit the enforceability of patents against government agencies or government contractors. This could limit our potential revenue opportunities. Accordingly, our efforts to enforce our intellectual property rights around the world may be inadequate to obtain a significant commercial advantage from the intellectual property that we develop or license.

***If securities or industry analysts cease to publish research or publish inaccurate or unfavorable research about our business, our stock price and trading volume could decline.***

The trading market for our common stock will depend in part on the research and reports that securities or industry analysts publish about us or our business. If one or more of the analysts who cover us downgrade our common stock or publish inaccurate or unfavorable research about our business, our common stock price would likely decline. If one or more of these analysts cease coverage of us or fail to publish reports on us regularly, demand for our common stock could decrease, which might cause our common stock price and trading volume to decline.

***Raising additional capital may cause dilution to our existing stockholders, restrict our operations or require us to relinquish rights to our technologies or product candidates.***

We may seek additional capital through a combination of public and private equity offerings, debt financings, strategic partnerships and alliances and licensing arrangements. To the extent that we raise additional capital through the sale of equity or convertible debt securities, your ownership interest will be diluted, and the terms may include liquidation or other preferences that adversely affect your rights as a stockholder. The incurrence of indebtedness would result in increased fixed payment obligations and could involve certain restrictive covenants, such as limitations on our ability to incur additional debt, limitations on our ability to acquire or license intellectual property rights and other operating restrictions that could adversely impact our ability to conduct our business. If we raise additional funds through strategic partnerships and alliances and licensing arrangements with third parties, we may have to relinquish valuable rights to our technologies or product candidates, or grant licenses on terms unfavorable to us.

***We could be subject to securities class action litigation.***

In the past, securities class action litigation has often been brought against a company following a decline in the market price of its securities. This risk is especially relevant for us because pharmaceutical companies have experienced significant stock price volatility in recent years. If we face such litigation, it could result in substantial costs and a diversion of management's attention and resources, which could harm our business.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.**

On June 10, 2021, the SEC declared effective our registration statement on Form S-1 (File No. 333-256297), as amended, filed in connection with our initial public offering (IPO). At the closing of the offering on June 15, 2021, we issued and sold 13,110,000 shares of our common stock at the IPO price to the public of $17.00 per share, which included the exercise in full of the underwriters' option to purchase additional shares. We received gross proceeds from the IPO of $222.9 million, before deducting underwriting discounts and commissions of approximately $15.6 million and offering costs of approximately $3.1 million. BofA, Cowen and Company, LLC and Evercore Group L.L.C. acted as joint book-running managers for the offering. H.C. Wainwright & Co., LLC acted as lead manager for the offering. No offering expenses were paid or are payable, directly or indirectly, to our directors or officers, to persons owning 10% or more of any class of our equity securities or to any of our affiliates.

Upon receipt, the net proceeds from our IPO were held in cash and cash equivalents, primarily in money market funds invested in U.S. government agency securities. As of March 31, 2026, we have used $155.1 million of the proceeds from our IPO and there has been no material change in the planned use of such proceeds from that described in the final prospectus filed by us with the SEC on June 11, 2021. Pursuant to our investment policy we have invested the balance of these funds in high-quality marketable security types with contractual maturity dates of up to three years until needed to fund our operations.

**Item 5. Other Information.**

*Trading arrangements*

During the three months ended March 31, 2026, no director or officer adopted or terminated any Rule 10b5-1 trading arrangement or any non-Rule 10b5-1 trading arrangement (as such terms are defined pursuant to Item 408(a) of Regulation S-K).

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**Item 6. Exhibits.**

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| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 3.1 | [<u>Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K, filed June 15, 2021).</u>](https://www.sec.gov/Archives/edgar/data/1817713/000119312521191155/d177137dex31.htm) |
| 3.2 | [<u>Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to the Registrant's Current Report on Form 8-K, filed June 15, 2021).</u>](https://www.sec.gov/Archives/edgar/data/1817713/000119312521191155/d177137dex32.htm) |
| 4.1 | Reference is made to [<u>Exhibit 3.1</u>](https://www.sec.gov/Archives/edgar/data/0001817713/000119312521191155/d177137dex31.htm) and [<u>Exhibit 3.2</u>](https://www.sec.gov/Archives/edgar/data/0001817713/000119312521191155/d177137dex32.htm). |
| 4.2 | [<u>Form of Common Stock Certificate (incorporated by reference to Exhibit 4.1 to the Registrant's Registration Statement on Form S-1, as amended, filed June 7, 2021).</u>](https://www.sec.gov/Archives/edgar/data/1817713/000119312521183568/d143369dex41.htm) |
| 4.3 | [<u>Amended and Restated Investors' Rights Agreement, by and between the Registrant and certain of its stockholders, dated April 15, 2021, as amended (incorporated by reference to Exhibit 4.2 to the Registrant's Registration Statement on Form S-1, as amended, filed June 7, 2021).</u>](https://www.sec.gov/Archives/edgar/data/1817713/000119312521183568/d143369dex42.htm) |
| 4.4 | [<u>Form of Pre-Funded Warrant (incorporated by reference to Exhibit 4.1 to the Registrant's Current Report on Form 8-K, filed July 18, 2023).</u>](https://www.sec.gov/Archives/edgar/data/1817713/000119312523188867/d508614dex41.htm) |
| 4.5 | [<u>Form of Pre-Funded Warrant (incorporated by reference to Exhibit 4.1 to the Registrant's Current Report on Form 8-K, filed February 29, 2024).</u>](https://www.sec.gov/Archives/edgar/data/1817713/000095017024023257/janx-ex4_1.htm) |
| 10.1+ | [<u>Amended and Restated Non-Employee Director Compensation Policy.</u>](janx-ex10_1.htm) |
| 10.2+ | [<u>Employment Agreement, by and between the Registrant and William Go, M.D., Ph.D., dated January 12, 2026.</u>](janx-ex10_2.htm) |
| 10.3\* | [<u>Exclusive License and Collaboration Agreement, by and between the Registrant and Bristol Myers Squibb, dated January 21, 2026.</u>](janx-ex10_3.htm) |
| 31.1 | [<u>Certification of Principal Executive and Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](janx-ex31_1.htm) |
| 32.1# | [<u>Certification of Principal Executive and Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](janx-ex32_1.htm) |
| 101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema With Embedded Linkbases Document |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

---

| | |
|:---|:---|
| + | Indicates management contract or compensatory plan. |
| \* | Certain portions of this exhibit are omitted because they are not material and would likely cause competitive harm to the Registrant if disclosed. |
| #  | The information in Exhibit 32.1 shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act (including this Quarterly Report on Form 10-Q), unless the Registrant specifically incorporates the foregoing information into those documents by reference. |

---

------

[**<u>**Table of Contents**</u>**](#toc_page)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **JANUX THERAPEUTICS, INC.** | **JANUX THERAPEUTICS, INC.** |
| Date: May 7, 2026 | By: | /s/ David Campbell, Ph.D. |
|  |  | David Campbell, Ph.D. |
|  |  | President and Chief Executive Officer<br>(Principal Executive and Financial Officer) |

---

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## Exhibit 10.1

**Exhibit 10.1**

**Janux Therapeutics, Inc.**

**Amended and Restated Non-Employee Director Compensation Policy**

Each member of the Board of Directors (the "***Board***") who is not also serving as an employee of or consultant to Janux Therapeutics, Inc. (the "***Company***") or any of its subsidiaries (each such member, an "***Eligible Director***") will receive the compensation described in this Non-Employee Director Compensation Policy (the "***Policy***") for his or her Board service. An Eligible Director may decline all or any portion of his or her compensation by giving notice to the Company prior to the date cash may be paid or equity awards are to be granted, as the case may be. This Policy is initially effective as of June 11, 2021 (the "***Effective Date***") (and most recently amended and restated effective as of April 1, 2026) and may be amended at any time in the sole discretion of the Board or the Compensation Committee of the Board.

**Annual Cash Compensation**

The annual cash compensation amount set forth below is payable to Eligible Directors in equal quarterly installments, payable in arrears on the last day of each fiscal quarter in which the service occurred. If an Eligible Director joins the Board or a committee of the Board at a time other than effective as of the first day of a fiscal quarter, each annual retainer set forth below will be pro-rated based on days served in the applicable fiscal quarter, with the pro-rated amount paid on the last day of the first fiscal quarter in which the Eligible Director provides the service and regular full quarterly payments thereafter. All annual cash fees are vested upon payment.

1. <u>Annual Board Service Retainer</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All Eligible Directors: $45,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Chair of the Board Service Retainer (in addition to Eligible Director Service Retainer): $35,000

2. <u>Annual Committee Chair Service Retainer</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Chair of the Audit Committee: $20,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Chair of the Compensation Committee: $15,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Chair of the Nominating and Corporate Governance Committee: $10,000

3. <u>Annual Committee Member Service Retainer (not applicable to Committee Chairs)</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Member of the Audit Committee: $10,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Member of the Compensation Committee: $7,500

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Member of the Nominating and Corporate Governance Committee: $5,000

**Equity Compensation**

The equity compensation set forth below will be granted under the Company's 2021 Equity Incentive Plan (as amended from time to time, the "***Plan***"). All stock options granted under this Policy will be nonstatutory stock options, with an exercise price per share equal to 100% of the Fair Market Value (as defined in the Plan) of the underlying Common Stock of the Company (the

------

"***Common Stock***") on the date of grant, and a term of ten years from the date of grant (subject to earlier termination in connection with a termination of service as provided in the Plan).

1. <u>Initial Grant</u>: For each Eligible Director who is first elected or appointed to the Board following the Effective Date, on the date of such Eligible Director's initial election or appointment to the Board (or, if such date is not a market trading day, the first market trading day thereafter), the Eligible Director will be automatically, and without further action by the Board or the Compensation Committee of the Board, granted (i) a stock option to purchase 31,000 shares of Common Stock (the "***Initial Option Grant***") and (ii) a restricted stock unit award covering 11,000 shares of Common Stock (the "***Initial RSU Grant***" and, together with the Initial Option Grant, the "***Initial Grants***"). The shares subject to each Initial Option Grant will vest in thirty-six equal monthly installments over a three year period such that the Initial Option Grant is fully vested on the third anniversary of the date of grant and the shares subject to each Initial RSU Grant will vest in three equal annual installments over a three year period such that the Initial RSU Grant is fully vested on the third anniversary of the date of grant, in each case, subject to the Eligible Director's Continuous Service (as defined in the Plan) through each such vesting date and will vest in full upon a Change in Control (as defined in the Plan). Notwithstanding the foregoing, in the event that the aggregate grant date fair value of the Initial Grants granted to any individual for service as a Non-Employee Director (as defined in the Plan) would have a value in excess of $900,000, as calculated in accordance with Financial Accounting Standards Board, Accounting Standards Codification Topic 718, Compensation—Stock Compensation ("***FASB ASC Topic 718***") which for stock options is estimated using the Black-Scholes option pricing model, the amount of each of the Initial Option Grant and the Initial RSU Grant shall be reduced on a pro rata basis (rounded down to the nearest whole share) until such aggregate value is equal to $900,000.

2. <u>Annual Grant</u>: On the date of each annual stockholder meeting of the Company held after the Effective Date (an "***Annual Meeting***"), each Eligible Director who continues to serve as a non-employee member of the Board following such Annual Meeting will be automatically, and without further action by the Board or the Compensation Committee of the Board, granted (i) a stock option to purchase 15,500 shares of Common Stock (the "***Annual Option Grant***") and (ii) a restricted stock unit award covering 5,500 shares of Common Stock (the "***Annual RSU Grant***" and, together with the Annual Option Grant, the "***Annual Grants***"). If an Eligible Director is elected or appointed for the first time to be an Eligible Director after the date of the Company's first Annual Meeting and other than at an Annual Meeting, then the Eligible Director will be automatically, and without further action by the Board or the Compensation Committee of the Board, granted (a) a prorated Annual Option Grant on the date of the Eligible Director's election or appointment (the "***Prorated Annual Option Grant***") that will be subject to the number of shares of Common Stock equal to 15,500 multiplied by a fraction (the numerator of which is equal to (i) 12 *minus* (ii) the number of completed months since the most recent Annual Meeting as of the Eligible Director's date of election or appointment, and the denominator of which is 12), with the resulting number of shares rounded down to the nearest whole share and (b) a prorated Annual RSU Grant on the date of the Eligible Director's election or appointment (the "***Prorated Annual RSU Grant***" and, together with the Prorated Annual Option Grant, the "***Prorated Annual Grants***") that will be subject to the number of shares of Common Stock equal to 5,500 multiplied by a fraction (the numerator of which is equal to (i) 12 *minus* (ii) the number of completed months since the most recent Annual Meeting as of the Eligible Director's date of election or appointment, and the

------

denominator of which is 12), with the resulting number of shares rounded down to the nearest whole share. The shares subject to the Annual Option Grant or Prorated Annual Option Grant will vest in equal monthly installments over the 12 months following the date of grant and the shares subject to the Annual RSU Grant or Prorated Annual RSU Grant will vest in full on the first anniversary of the date of grant, provided that the Annual Grants will in any case be fully vested on the date of Company's next Annual Meeting, subject to the Eligible Director's Continuous Service through such vesting date; provided, further, that the shares subject to the Annual Grants or Prorated Annual Grants will vest in full upon a Change in Control. Notwithstanding the foregoing, in the event that the aggregate grant date fair value of the Annual Grants or Prorated Annual Grants, as applicable, granted to any individual for service as a Non-Employee Director would have a value in excess of $450,000, as calculated in accordance with FASB ASC Topic 718 which for stock options is estimated using the Black-Scholes option pricing model, the amount of each of the Annual Option Grant and the Annual RSU Grant or the Prorated Annual Option Grant and the Prorated Annual RSU Grant, as applicable, shall be reduced on a pro rata basis (rounded down to the nearest whole share) until such aggregate value is equal to $450,000.

3. <u>Deferral of RSU Awards</u>: Unless and until otherwise determined by the Board, each Eligible Director may elect to defer the delivery of shares in settlement of any Initial RSU Grant, any Annual RSU Grant, or any Prorated Annual RSU Grant that is granted pursuant to this Policy and that would otherwise be delivered to such Eligible Director on or following the date such Initial RSU Grant, Annual RSU Grant, or Prorated Annual RSU Grant vests pursuant to the terms of this Policy (the "***Deferral Election***"), until the earlier of (i) the date that is 30 days following the date on which the director ceases to serve as a member of the Board or otherwise provide services to the Company, and (ii) a change in control, subject to such rules, conditions and procedures as shall be determined by the Board, in its sole discretion.

**Non-Employee Director Compensation Limit**

Notwithstanding the foregoing, the aggregate value of all compensation granted or paid, as applicable, to any individual for service as a Non-Employee Director shall in no event exceed the limits set forth in the Plan.

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## Exhibit 10.2

**Exhibit 10.2**

January 10, 2026

William Y. Go, M.D., Ph.D.

**Re: Employment Terms** 

Dear Will:

Janux Therapeutics, Inc. (the "***Company***") is pleased to offer you employment anticipated to begin on or around January 26, 2026 (the "***Start Date***").

# Position
Your initial position will be Chief Medical Officer, responsible for performing such duties as are assigned to you from time to time, reporting to the Company's Chief Executive Officer. You will primarily work both from our office located in San Diego, California and your home office in Sherman Oaks, California, although you may be reasonably required to perform your duties at places other than your primary office location and home office from time to time and undertake reasonable business travel. You will be required to be present at the Company's San Diego, California office at least three (3) days per week, except for periods of illness or otherwise approved vacations or other periods approved by the Company's Chief Executive Officer in writing. The Company may change your position, duties, and work location from time to time in its discretion.

As a full-time, exempt employee, you will be expected to work the Company's normal business hours as well as additional hours as required by the nature of your work assignments, and you will not be eligible for overtime compensation.

# Compensation and Benefits
You will be compensated at an annual base salary of $525,000 per year, less payroll deductions and withholdings, paid on the Company's normal payroll schedule.

You will also be eligible to earn an annual discretionary bonus with a target of 40% of your base salary (or annualized base earnings, as applicable). The amount of this bonus will be determined in the sole discretion of the Company and based, in part, on your performance and the performance of the Company during the calendar year, as well as any other criteria the Company deems relevant. The bonus is not earned until paid and no pro-rated amount will be paid if your employment terminates for any reason prior to the payment date.

During your employment, you will be eligible to participate in the benefits plans offered to similarly situated employees by the Company from time to time, subject to plan terms and generally applicable Company policies. A full description of current benefits is available for your review. Currently, exempt employees do not accrue vacation. Supervisors will approve paid vacation requests based on the employee's progress on work goals or milestones, status of projects, fairness to the working team, and productivity and efficiency of the employee. An employee's ability to take vacation is not a form of additional wages for services performed, but rather evidences the Company's commitment to provide exempt employees with a flexible work schedule. Since vacation is not allotted or accrued, there is no "unused" vacation time to be carried over from one year to the next nor paid out upon termination. A full description of current benefits is available for your review. The Company may change compensation, benefits from time to time in its

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discretion.

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# Sign-On / Retention Payments
If you join the Company, you will also be eligible to earn a one-time bonus of $100,000, less applicable withholdings (the "***Sign-On/Retention Payment***"), subject to the terms and conditions, including repayment obligations, set forth in the attached Sign-On Bonus/Retention Payment Agreement. The Sign-On/Retention Payment shall be paid within 30 days after your Start Date, unless you elect to defer receipt of the payment in accordance with the terms and conditions in the Sign-On Bonus/Retention Payment Agreement.

# Equity Incentive Plan
The Company anticipates granting you the following equity awards:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•An option to purchase 154,000 shares of the Company's common stock with an exercise price equal to the fair market value, as provided in the Company's 2021 Equity Incentive Plan (the "Plan") as of the date of grant (the "New Hire Option"). The New Hire Option will be governed by the terms and conditions of the Plan and your grant agreement, and will include the following vesting schedule: 12/48ths of the total shares will vest on the one year anniversary of the Start Date, and 1/48th of the total shares will vest each month thereafter on the same day of the month as the Start Date (or if there is no corresponding day, on the last day of the month), subject to your Continuous Service (as defined in the Plan) as of each such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•An award of restricted stock units representing the opportunity to acquire 44,000 shares of the Company's common stock (the "***New Hire RSUs***"). The New Hire RSUs will be governed by the terms and conditions of the Plan and your grant agreement, and will include the following vesting schedule: the New Hire RSUs will vest in four equal annual installments on each of the first four anniversaries of the first day of the month following the Start Date, subject to your Continuous Service (as defined in the Plan) as of each such date.

# Change in Control and Severance Benefit Plan
Upon commencement of and during your employment with the Company, you will be designated as a participant under the Company's Change in Control and Severance Benefit Plan (the "***Severance Plan***"), subject to your execution of a Participation Agreement. The Severance Plan and your participation thereunder may be modified, amended and/or terminated pursuant to the terms thereof.

# Confidential Information and Company Policies
As a Company employee, you will be expected to abide by Company rules and policies. As a condition of employment, you must sign and comply with the attached Employee Confidential Information and Inventions Assignment Agreement which prohibits unauthorized use or disclosure of the Company's proprietary information, among other obligations.

By signing this letter, you are representing that you have full authority to accept this position and perform the duties of the position without conflict with any other obligations and that you are not involved in any situation that might create, or appear to create, a conflict of interest with respect to your loyalty or duties to the Company. You specifically warrant that you are not subject to an employment agreement or restrictive covenant preventing full performance of your duties to the Company. You agree not to bring to the Company or use in the performance of your responsibilities at the Company any materials or documents of a former employer that are not generally available to the public unless you have obtained express written authorization from the former employer for their possession and use. You also agree to honor all obligations to former employers during your employment with the Company.

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# At-Will Employment
Your employment with the Company will be "at-will." You may terminate your employment with the Company at any time and for any reason whatsoever simply by notifying the Company. Likewise, the Company may terminate your employment at any time, with or without cause or advance notice. Your employment at-will status can only be modified in a written agreement signed by you and by an officer of the Company.

# Conditions, Dispute Resolution, and Complete Agreement
This offer is contingent upon a satisfactory reference check and satisfactory proof of your right to work in the United States. If the Company informs you that you are required to complete a background check, this offer is contingent upon satisfactory clearance of such background check. You agree to assist as needed and to complete any documentation at the Company's request to meet these conditions.

To aid the rapid and economical resolution of disputes that may arise in connection with your employment with the Company, and in exchange for the mutual promises contained in this offer letter agreement, you and the Company agree that any and all disputes, claims, or causes of action, in law or equity, including but not limited to statutory claims, arising from or relating to the enforcement, breach, performance, or interpretation of this letter agreement, your employment with the Company, or the termination of your employment, shall be resolved to the fullest extent permitted by law, by final, binding and confidential arbitration conducted by JAMS, Inc. ("***JAMS***") or its successor, under JAMS' then applicable rules and procedures appropriate to the relief being sought (available upon request and also currently available at the following web address: (i) https://www.jamsadr.com/rules-employment-arbitration/ and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) https://www.jamsadr.com/rules-comprehensive-arbitration/) at a location closest to where you last worked for the Company or another mutually agreeable location. Any demand for arbitration must be made within the statute of limitations applicable to the claim asserted as if such claim were asserted in court. Failure to demand arbitration (or, where applicable, file a counterclaim, crossclaim, or third-party claim) within such time limitation shall serve as a waiver and release with respect to all such claims. **You acknowledge that by agreeing to this arbitration procedure, both you and the Company waive the right to resolve any such dispute through a trial by jury or judge.** The Federal Arbitration Act, 9 U.S.C.

§ 1 et seq., will, to the fullest extent permitted by law, govern the interpretation and enforcement of this arbitration agreement and any arbitration proceedings. This provision shall not be mandatory for any claim or cause of action to the extent applicable law prohibits subjecting such claim or cause of action to mandatory arbitration and such applicable law is not preempted by the Federal Arbitration Act or otherwise invalid (collectively, the "***Excluded Claims***"), such as non-individual claims that cannot be waived under applicable law, claims or causes of action alleging sexual harassment or a nonconsensual sexual act or sexual contact, or unemployment or workers' compensation claims brought before the applicable state governmental agency. In the event you or the Company intend to bring multiple claims, including one of the Excluded Claims listed above, the Excluded Claims may be filed with a court, while any other claims will remain subject to mandatory arbitration. You acknowledge and agree that proceedings of any non-individual claim(s) under the California Private Attorneys General Act ("***PAGA***") that may be brought in court shall be stayed for the duration and pending a final resolution of the arbitration of any individual or individual PAGA claim. Nothing herein prevents you from filing and pursuing proceedings before a federal or state governmental agency, although if you choose to pursue a claim following the exhaustion of any applicable administrative remedies, that claim would be subject to this provision. In addition, with the exception of Excluded Claims arising out of 9 U.S.C. § 401 et seq., all claims, disputes, or causes of action under this section, whether by you or the Company, must be brought in an individual capacity, and shall not be brought as a plaintiff (or claimant) or class member in any purported class, representative, or collective proceeding, nor joined or consolidated with the claims of any other person or entity. **You acknowledge that by agreeing to this arbitration procedure, both you and the Company waive all rights to have any dispute be brought, heard, administered, resolved, or arbitrated on a class,**

------

**representative, or collective action basis.** The arbitrator may not consolidate the claims of more than one person or entity, and may not preside over any form of representative or class proceeding. If a court finds, by means of a final decision, not subject to any further appeal or recourse, that the preceding sentences regarding class, representative, or collective claims or proceedings violate applicable law or are otherwise unenforceable, as to a particular claim or request for relief, the parties agree that any such claim(s) or request(s) for relief be severed from the arbitration and may proceed in a court of law rather than by arbitration. All other claims or requests for relief shall be arbitrated. You will have the right to be represented by legal counsel at any arbitration proceeding. Questions of whether a claim is subject to arbitration and procedural questions which grow out of the dispute and bear on the final disposition are matters for the arbitrator to decide, provided however, that if required by applicable law, a court and not the arbitrator may determine the enforceability of this paragraph with respect to Excluded Claims. The arbitrator shall: (a) have the authority to compel adequate discovery for the resolution of the dispute and to award such relief as you or the Company would otherwise be entitled to seek in a court of law; and (b) issue a written statement signed by the arbitrator regarding the disposition of each claim and the relief, if any, awarded as to each claim, the reasons for the award, and the arbitrator's essential findings and conclusions on which the award is based. The Company shall pay all JAMS arbitration administrative fees in excess of the administrative fees that you would be required to pay if the dispute were decided in a court of law. Each party is responsible for its own attorneys' fees, except as may be expressly set forth in your Employee Confidential Information and Inventions Assignment Agreement or as otherwise provided under applicable law. Nothing in this letter agreement is intended to prevent either you or the Company from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration. Any awards or orders in such arbitrations may be entered and enforced as judgments in the federal and state courts of any competent jurisdiction.

This letter, together with your Employee Confidential Information and Inventions Assignment Agreement, forms the complete and exclusive statement of your employment agreement with the Company. It supersedes any other agreements or promises made to you by anyone, whether oral or written. Changes in your employment terms, other than those changes expressly reserved to the Company's discretion in this letter, require a written modification signed by an officer of the Company. If any provision of this offer letter agreement is determined to be invalid or unenforceable, in whole or in part, this determination shall not affect any other provision of this offer letter agreement and the provision in question shall be modified so as to be rendered enforceable in a manner consistent with the intent of the parties insofar as possible under applicable law. This letter may be delivered and executed via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, or other applicable law) or other transmission method and shall be deemed to have been duly and validly delivered and executed and be valid and effective for all purposes.

Please sign and date this letter, and the enclosed Employee Confidential Information and Inventions Assignment Agreement and return them to me within seven (7) calendar days following the date of this letter, if you wish to accept at-will employment at the Company under the terms described above.

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We look forward to your favorable reply and to a productive and enjoyable work relationship.

Sincerely,

/s/ David Campbell

David Campbell, Ph.D.

President & Chief Executive Officer

Understood and Accepted:

/s/ William Y. Go

William Y. Go, M.D., Ph.D.

Date: 1/12/2026

Attachments: Employee Confidential Information and Inventions Assignment Agreement

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## Exhibit 10.3

**Exhibit 10.3**

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*\*], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED

***EXECUTION VERSION***

**EXCLUSIVE LICENSE AND COLLABORATION AGREEMENT<br>DATED AS OF JANUARY 21, 2026<br>BY AND BETWEEN<br>JANUX THERAPEUTICS, INC.<br>AND<br>BRISTOL-MYERS SQUIBB COMPANY**

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CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*\*], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED

**Table of Contents**

**Page**

ARTICLE 1 Definitions 1

ARTICLE 2 Licenses 30

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Grant to BMS 30

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Additional Licensing Provisions 31

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Performance by Affiliates and Subcontractors 31

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 Exclusivity 32

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 General Technology Transfer and Assistance. 34

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 BMS Loss of Licenses for Patent Challenges 35

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 Gatekeeper Process for Additional Tumor Antigen Targets 36

ARTICLE 3 Governance 38

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Joint Steering Committee 38

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Decision Making on JSC and Resolution of JSC Disputes 40

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Discontinuation of JSC 42

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Technically Infeasible 43

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 Modification of Timelines 43

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 Limitations on Authority 43

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 Alliance Manager 43

ARTICLE 4 Early Development 44

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Overview of Early Development 44

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Selection of Lead Compounds, Development Candidates 45

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 Janux Development Breach. 48

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 Additional Development by Janux 49

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 Records, Reports, and Information 50

-i-

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CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*\*], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED

**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;(continued)

**Page**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 Regulatory Matters 50

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 Compliance 50

ARTICLE 5 ADDITIONAL Development and Commercialization 52

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Development 52

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Regulatory 52

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 Commercialization 54

ARTICLE 6 Manufacturing 54

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 GMP-Grade Supply of Licensed Compounds and Licensed Products to BMS 54

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 Supply of Licensed Compounds and Licensed Products for Janux Joint Development Activities 55

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 Other Supply of Licensed Compounds and Licensed Products 55

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 Manufacturing Technology Transfer 55

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 […\*\*\*…] 57

ARTICLE 7 Payments 59

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 Upfront Fee 59

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 Development and Regulatory Milestone Payments 59

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 Sales Milestone Payments 61

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 Payments for the […\*\*\*…] Licensed Product 62

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 Royalty Payments 62

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 Biosimilar Competition 64

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 Expiration of Valid Claims 64

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 Royalty Floor 64

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**Table of Contents**

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**Page**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 Stacking 65

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 Compulsory Licenses; Inflation Reduction Act 65

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 Royalty Payments and Reports 66

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12 Janux Third Party Agreements and Other Third Party License Agreements. 66

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13 Taxes and Withholding 69

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.14 Currency Conversion 71

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.15 General Payment Procedures 71

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.16 Offset Rights 71

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.17 Records; Audits 71

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.18 Late Payments 73

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.19 […\*\*\*…] 73

ARTICLE 8 Intellectual Property Matters 73

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 IP Contacts 73

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 Ownership 74

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 Prosecution and Maintenance of Janux Licensed Patents 76

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 Patent Linkage 78

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 Enforcement of Intellectual Property Rights 78

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 Patent Extensions and Supplementary Protection Certificates 82

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 BMS Arising Patents and BMS Arising Know-How 82

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 Defense of Third Party Infringement Claims from Exploitation of Licensed Product 83

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9 Trademarks. 84

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10 Common Ownership Under Joint Research Agreements 85

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11 […\*\*\*…] 85

ARTICLE 9 Representations, Warranties and Covenants; Compliance 85

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 Mutual Representations and Warranties 85

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 Additional Representations and Warranties of Janux 86

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 Additional Covenants of Janux. 92

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 Additional Covenants of BMS. 94

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 Compliance Representations, Warranties, and Covenants of the Parties. 94

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 No Other Representations or Warranties 96

ARTICLE 10 Indemnification 96

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 Indemnification by Janux 96

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 Indemnification by BMS 96

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 Indemnification Procedures 97

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 Insurance 98

ARTICLE 11 Confidentiality 98

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 Confidential Information 98

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 Prior CDA 101

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 Publicity 102

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 Additional Permitted Disclosures 102

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 Terms of this Agreement 103

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 Publications 103

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**Table of Contents**

&nbsp;&nbsp;&nbsp;&nbsp;(continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 Clinical Trials Registry 103

ARTICLE 12 Term and Termination 104

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 Term 104

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 Termination for Breach 104

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 Termination as a Result of Bankruptcy 105

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 Termination for Convenience by BMS 105

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 Termination by BMS for Safety Reasons 105

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 Termination for Cessation. 105

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7 […\*\*\*…]. 106

ARTICLE 13 Effects of Expiration or Termination 107

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 Termination of Licenses 107

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 Reversion 107

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 Confidential Information 111

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 Handling of Joint Arising Patents and Joint Platform Arising Patents 111

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5 Remedies 111

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6 Accrued Rights 111

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7 Survival 111

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.8 Rights in Bankruptcy 112

ARTICLE 14 Dispute Resolution 113

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 Disputes 113

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 Intellectual Property Disputes 113

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 ADR 113

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**Table of Contents**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4 Adverse Ruling 114

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5 Choice of Law 114

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.6 Interim Relief 114

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.7 Equitable Remedies 114

ARTICLE 15 Miscellaneous 114

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 Entire Agreement; Amendment 114

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 Force Majeure 115

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3 Notices 115

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4 Assignment 116

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5 Change of Control 116

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6 Severability 117

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7 U.S. Export and Transfer Controls 117

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.8 Cumulative Remedies 117

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.9 Interpretation 117

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.10 Further Assurances 119

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.11 Extension to Affiliates 119

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.12 No Consequential or Punitive Damages 119

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.13 Waivers and Modifications 119

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.14 No Third Party Beneficiaries 119

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.15 Relationship of the Parties 119

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.16 Counterparts 120

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**LIST OF SCHEDULES**

Schedule 1.64 Janux Licensed Patents

Schedule 1.66 Existing Janux Platform Patents

Schedule 1.67 Janux Platform Technology

Schedule 1.71 Initial Joint Development Plan

Schedule 1.75 Knowledge Persons

Schedule 2.5 Certain Transferred Materials

Schedule 6.1 Fully Burdened Cost

Schedule 9.2.1 […\*\*\*…]

Schedule 9.2.11 Related Janux Agreements

Schedule 11.3 Janux Press Release

Schedule 14.1 Baseball Arbitration

Schedule 14.3 ADR Procedures

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**EXCLUSIVE LICENSE AND COLLABORATION AGREEMENT**

This Exclusive License and Collaboration Agreement (this "**Agreement**"), dated as of January 21, 2026 (the "**Effective Date**"), is made by and between Janux Therapeutics, Inc., a Delaware corporation with offices at 10955 Vista Sorrento Parkway, Suite 200, San Diego, CA 92130 ("**Janux**"), and Bristol-Myers Squibb Company, a Delaware corporation with offices at Route 206 & Province Line Road, Princeton, NJ 08543 ("**BMS**"). Janux and BMS are sometimes referred to herein individually as a "**Party**" and collectively as the "**Parties**."

**RECITALS**

**Whereas**, Janux has developed and owns certain proprietary technology related to conditionally-active T-cell engagers that enables the design and engineering of T-cell engagers that bind to a specific target and allows for tumor microenvironment activation of a T-cell engager;

**Whereas**, through the application of such technology, Janux has discovered and developed certain Licensed Compounds (as defined herein) existing as of the Effective Date, including the Initial Lead Licensed Compound (as defined herein), the First Backup Compound (as defined herein) and the Second Backup Compound (as defined herein);

**Whereas**, BMS has experience and is engaged in the development, manufacture and commercialization of pharmaceutical and biologic products in the Field (as defined herein) in the Territory (as defined herein); and

**Whereas**, Janux wishes to grant a license to BMS under certain intellectual property rights to further develop, manufacture, commercialize and otherwise exploit Licensed Compounds and Licensed Products (as defined herein) in the Field in the Territory, and BMS wishes to take such license, in each case, in accordance with the terms and conditions set forth below.

**Now Therefore**, in consideration of the foregoing premises and the mutual promises, covenants and conditions contained in this Agreement and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

**ARTICLE 1** **<br>Definitions**

As used in this Agreement, the following initially capitalized terms will have the meanings set forth in this Article 1 (Definitions) or as otherwise defined elsewhere in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1**"**Accounting Standards**" means U.S. generally accepted accounting principles, consistently applied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2**"**Active Ingredient**" means the clinically active material(s), including small molecules, proteins, nucleic acids and other biological materials, that provide pharmacological activity in a pharmaceutical product (excluding formulation components such as coatings, stabilizers, excipients or solvents, adjuvants, or controlled release technologies).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3**"**Affiliate**" means, with respect to any Person, any entity directly or indirectly controlled by, controlling, or under common control with such Person, at any time (and regardless of whether such Affiliate is or becomes an Affiliate on or after the Effective Date) but only for so long as such control exists. For purposes of this definition, "control" (including, with correlative meanings, "controlled by," "controlling" and "under common control with") means (a) possession, direct or indirect, of the power to direct or cause direction of the management or policies of an entity (whether through ownership of securities or other ownership interests, by contract or otherwise), or (b) beneficial ownership of more than fifty percent (50%) (or the maximum ownership interest permitted by Applicable Law) of the voting securities or other ownership or general partnership interest (whether directly or pursuant to any option, warrant or other similar arrangement) or other comparable equity interests of an entity. For clarity, for purposes of this Agreement, if a private equity fund or other investment fund is an investor in the publicly traded ultimate parent company of either Janux or BMS, as applicable, and such private equity fund or other investment fund (i) appoints a member of the board (but not a majority of the board) of such publicly traded ultimate parent company, but (ii) does not otherwise fall within clause (a) or clause (b) of the meaning of "control" with respect to Janux or BMS, as applicable, then any controlled portfolio company of such private equity fund or other investment fund shall not be deemed an "Affiliate" of Janux or BMS, as applicable, as long as such portfolio company does not otherwise control, is not otherwise controlled by, and is not otherwise under common control with, Janux or BMS, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4**"**Applicable Law**" means any federal, state, local, foreign, national or multinational law, statute, standard, ordinance, code, rule, regulation, directive, resolution, or promulgation (including the FD&C Act, GCP, GLP, GMP, data protection and privacy laws, rules and regulations, including the United States Department of Health and Human Services privacy rules under the Health Insurance Portability and Accountability Act of 1996, the Health Information Technology for Economic and Clinical Health Act, and the E.U. General Data Protection Regulation (2016/679), and Anti-Corruption Laws), or any order, writ, judgment, injunction, decree, stipulation, ruling, determination, or award entered by or with any Governmental Authority, or any license, franchise, permit, or similar right granted under any of the foregoing, or any similar provision having the force or effect of law; in each case that is applicable to a particular activity or situation. For clarity, any specific references to any Applicable Law or any portion thereof will be deemed to include all then-current amendments thereto or any replacement or successor law, statute, standard, ordinance, code, rule, regulation, directive, resolution, order, writ, judgment, injunction, decree, stipulation, ruling, or determination thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5**"**Arising IP Rights**" means the Arising Know-How and Arising Patents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6**"**Arising Know-How**" means any and all Know-How (including, for clarity, all inventions and data) that is first developed, discovered, created, generated or conceived during the Term (a) solely by or on behalf of a Party or any of its Related Parties or (b) jointly by or on behalf of (i) Janux or any of its Related Parties and (ii) BMS or any of its Related Parties, in each case ((a) and (b)), in the performance of activities under this Agreement (including activities under the Joint Development Plan).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7**"**Arising Patent**" means any Patent claiming any Arising Know-How.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.8**"**ARM Target**" means the T-cell antigen target […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.9**"**Biosimilar Application**" means a submission filed with a Regulatory Authority for marketing authorization of a product, naming a Licensed Product as a reference product and seeking approval of such product as biosimilar or interchangeable to such Licensed Product, including an application submitted to the FDA under subsection (k) of Section 351 of the PHSA or an application submitted under Article 10(4) of Directive 2001/83/EC (as amended, including by EU Directive 2004/27/EC) in the E.U. or any member state thereof (or any amended or substitute regulatory regime of either of the foregoing), or any foreign equivalents thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.10**"**Biosimilar Product**" means, with respect to a Licensed Product and country, any product (a) that is the subject of an approved Biosimilar Application in such country citing such Licensed Product as the reference product, or (b) for which an approved Marketing Authorization Application in such country relies on or otherwise references a prior approved MAA (or any data generated in support of and included in such MAA) for such Licensed Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.11**"**BMS Arising Know-How**" means any Arising Know-How that is first developed, discovered, created, generated or conceived solely by or on behalf of BMS or any of its Related Parties, but excluding any Joint Platform Arising Know-How. […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.12**"**BMS Arising Patent**" means any Arising Patent solely claiming an invention or inventions first developed, discovered, created, generated or conceived during the Term in the performance of activities under this Agreement (including activities under the Joint Development Plan) solely by BMS's or any of its Related Party's employees, independent contractors, consultants, or others under an obligation to assign such invention to BMS or any of its Related Parties, as determined in accordance with U.S. patent laws governing inventorship (each, a "**BMS Inventor**"), but excluding any Joint Platform Arising Patent. […\*\*\*…]

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[…\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.13**"**BMS Reversion Know-How**" means, with respect to a given Reversion Product, any BMS Arising Know-How Controlled by BMS or its Affiliates as of the effective date of termination of this Agreement that is necessary to continue to Develop or Commercialize such Reversion Product, or that was otherwise actually incorporated by BMS or its Affiliate or Sublicensee into such Reversion Product, in each case, as such Reversion Product exists as of the effective date of termination, but excluding, in all cases, any such Know-How relating to (a) any Other Component or product in a Combination Product or Combination Therapy (other than a Licensed Compound), (b) Manufacturing or (c) diagnostics (including biomarkers). […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.14**"**BMS Reversion Patent**" means, with respect to a given Reversion Product, any BMS Arising Patent Controlled by BMS or its Affiliates as of the effective date of termination of this Agreement that claims BMS Reversion Know-How for such Reversion Product and is necessary to continue to Develop or Commercialize such Reversion Product, as such Reversion Product exists as of the effective date of termination, but excluding, in all cases, any such Patent to the extent it claims or Covers (a) any Other Component or product in a Combination Product or Combination Therapy (other than a Licensed Compound), (b) Manufacturing or (c) diagnostics (including biomarkers).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.15**"**Business Day**" means any day that is not (a) a Saturday, Sunday or other day on which banking institutions are required or authorized by Applicable Law to be closed in New York City, New York; or (b) the nine (9) consecutive calendar days beginning on December 24 through and including January 1 of each Calendar Year, to the extent those days are not included in the foregoing clause (a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.16**"**Calendar Quarter**" means each three (3) month period commencing January 1, April 1, July 1, or October 1 of any year; provided, however, that (a) the first Calendar Quarter of the Term will extend from the Effective Date to the end of the first full Calendar Quarter thereafter, and (b) the last Calendar Quarter of the Term will commence on the last-to-occur of any of the foregoing dates during the Term and end upon the expiration or termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.17**"**Calendar Year**" means each period beginning on the 1st of January and ending on the 31st of December of the same year; provided, however, that (a) the first Calendar Year of the Term will commence on the Effective Date and end on December 31 of the same year, and (b) the last Calendar Year of the Term will commence on January 1 of the Calendar Year in which this Agreement terminates or expires and end on the date of termination or expiration of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.18**"**Change of Control**" means, with respect to a Party, the occurrence of any of the following with respect to such Party (or any direct or indirect parent entity of such Party) (such Party, or any direct or indirect parent entity of such Party, the "**Acquired Party**") after the Effective Date: (a) any Person or group of Persons that is not an Affiliate of such Acquired Party becomes the beneficial owner (directly or indirectly) of fifty percent (50%) or more of the voting shares of the Acquired Party; (b) such Acquired Party consolidates with or merges into or with another Person that is not an Affiliate of such Acquired Party pursuant to a transaction in which fifty percent (50%) or more of the voting shares of the acquiring or resulting entity outstanding immediately after such consolidation or merger is not held by the holders of the outstanding voting shares of such Acquired Party immediately preceding such consolidation or merger; or (c) the Acquired Party sells or transfers to another Person that is not an Affiliate of such Acquired Party all or substantially all of its assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.19**"**Clinical Candidate**" means any Development Candidate or other Licensed Compound that (a) the JSC determines has Successfully Achieved the Development Candidate Completion Criteria under the Joint Development Plan, and (b) the JSC has then selected for advancement into, and approved commencement of, a Phase I Clinical Trial under the Joint Development Plan (and the filing of an IND in connection therewith), in each case, as set forth in Section 4.2.1(e); provided that any Development Candidate or other Licensed Compound that satisfies the preceding clause (b) but not the preceding clause (a) will be deemed a Clinical Candidate as of the date of such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.20**"**Clinical Trial**" means any tests and studies in human subjects that are required or permitted by Applicable Law to obtain or maintain any Regulatory Approval for, or to support the pricing, reimbursement or use of, a Licensed Product, including a Phase I Clinical Trial, Phase II Clinical Trial, Phase III Clinical Trial or Phase IV Clinical Trial.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.21**"**CMC**" means chemistry, manufacturing, and controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.22**"**Combination Product**" means any product that contains a Licensed Compound as well as one or more other Active Ingredients (each such other Active Ingredient, an "**Other Component**"), either (a) as a co-formulated product or (b) as separate formulations but co-packaged in a single package and sold for a single price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.23**"**Combination Therapy**" means, with respect to a Licensed Compound or a Licensed Product, the use of or method of using such Licensed Compound or Licensed Product with any Other Component in concomitant or sequential administration (other than a Combination Product).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.24**"**Commercialize**" means, with respect to a product, any and all activities directed to promote, market, distribute, sell (and offer for sale or contract to sell), import, export, or otherwise commercially exploit (including Pre-Marketing), or provide product support for such product and to conduct activities, other than Development or Manufacturing, in preparation for conducting the foregoing activities, including interactions with Regulatory Authorities following receipt of Regulatory Approval in the applicable country for such product, including activities to produce commercialization support data and to secure and maintain market access and reimbursement. "**Commercializing**", "**Commercialized**", and "**Commercialization**" will have

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correlative meanings. For clarity, Commercialization does not include Development and Manufacturing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.25**"**Commercially Reasonable Efforts**" means, with respect to a Party in relation to an obligation under this Agreement with respect to a Licensed Compound or Licensed Product, such efforts that are consistent with the efforts and resources […\*\*\*…] in the exercise of its […\*\*\*…] business practices relating to performance of such obligation for a molecule or product (including the research, development, manufacture and commercialization of a molecule or product), as applicable, with similar commercial and scientific potential and at a similar stage in its research, development or commercial life as the relevant Licensed Compound or Licensed Product, taking into account all scientific, technological, commercial, and other factors […\*\*\*…], such as adequacy, quality and quantity of scientific data with respect to such Licensed Compound or Licensed Product and validation of such data, issues of intellectual property coverage, safety and efficacy, stage of development, product profile, competitiveness of the marketplace, […\*\*\*…], proprietary position, the nature and extent of expected market exclusivity (including patent coverage and regulatory exclusivity), anticipated or approved labeling, present and future market and commercial potential, the likelihood of receipt of Regulatory Approval, profitability (including pricing and reimbursement status achieved or likely to be achieved), legal issues and […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.26**"**Compulsory License**" means, with respect to a Licensed Product in a country or other jurisdiction, a license or rights granted to a Third Party through the order, decree or grant of a Governmental Authority within such jurisdiction to sell or otherwise Commercialize such Licensed Product in such country or other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.27**"**Control**" and "**Controlled by**" means, with respect to any Know-How, Patent, other intellectual property right or Regulatory Materials, possession by a Party or its Affiliates (whether by ownership, license grant, or other means, other than a license granted in this Agreement) of the legal right to grant to the other Party the right to access, reference or use, or to grant a license or a sublicense to, such Know-How, Patent, other intellectual property right or Regulatory Materials as provided for herein without violating the terms of any agreement between such Party (or any of its Affiliates) and any Third Party existing at the time such Party or its Affiliate, as applicable, would be required hereunder to grant the other Party such access, reference or use, or to grant such license or a sublicense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.28**"**Cover**" means, with respect to a particular subject matter at issue and a relevant Patent, that, in the absence of a (sub)license under or ownership of such Patent, the research, development, making, using, offering for sale, selling or importing of such subject matter would infringe one or more claims of such Patent or, as to a pending claim included in such Patent, the research, development, making, using, offering for sale, selling or importing of such subject matter would infringe such Patent if such pending claim were to issue in an issued Patent without amendment (without considering any "safe harbor" under 35 U.S.C. § 271(e)(1) or otherwise).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.29**"**Data Package**" means, with respect to a given Licensed Compound and the applicable activities under the Joint Development Plan (*i.e.*, the activities to determine whether the Lead Optimization Completion Criteria, Development Candidate Advancement Criteria or Development Candidate Completion Criteria, as applicable, for such Licensed Compound have been Successfully Achieved), a data package provided by Janux that includes all of the following: (a) all data (including, for clarity, all raw data) generated by or on behalf of Janux that is related to such Licensed Compound and resulted from the conduct of such activities, including a reasonably detailed analysis of such data to the extent provided in the Joint Development Plan, including the chemical structure / sequences of such Licensed Compound, (b) such other information as may be required to be included in the Data Package as set forth in the Joint Development Plan, and (c) such other information regarding such Licensed Compound necessary or reasonably useful in determining whether the Lead Optimization Completion Criteria, Development Candidate Advancement Criteria or Development Candidate Completion Criteria, as applicable, have been Successfully Achieved, as applicable, or as BMS may otherwise reasonably request, in each case of this clause (c), that is then in Janux's (or its Affiliate's) possession and Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.30**"**Designated Officer**" means: (a) in the case of BMS, […\*\*\*…]; and (b) in the case of Janux, […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.31**"**Develop**" means to research, develop, analyze, test, and conduct pre-clinical trials, Clinical Trials (including, for clarity, Phase IV Clinical Trials and any pre-clinical/clinical/CMC commitments following the receipt of Regulatory Approval) and all other regulatory trials (which conduct may include funding clinical grants or providing supplies, including comparators), for any molecule or product, as well as any and all activities pertaining to manufacturing development, formulation development, and the development of manufacturing processes (including Manufacturing Development Activities), medical affairs, and lifecycle management (including the conduct of a Phase IV Clinical Trial not explicitly for registrational purposes and non-interventional studies), including new indications, new formulations, and all other activities (including regulatory activities) related to supporting, securing, and maintaining Regulatory Approval for any molecule or product. Development may also include the foregoing activities with respect to any assay, biomarker or diagnostic for use with any Licensed Compound or Licensed Product. Develop will also include (a) Manufacturing Development Activities for Licensed Products, (b) activities to characterize, produce, synthesize, modify, enhance, improve, optimize, derivatize and validate a Licensed Compound (or any component thereof) or Licensed

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Product (or any component thereof), including […\*\*\*…]; provided that, […\*\*\*…] (the activities under this clause (b), "**Optimize**"), and (c) activities under the Joint Development Plan. "**Developing**", "**Developed**", and "**Development**" will have correlative meanings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.32**"**Development Candidate**" means any Lead Compound or other Licensed Compound that (a) the JSC determines has Successfully Achieved the Development Candidate Advancement Criteria under the Joint Development Plan, and (b) the JSC has then selected for advancement into, and approved commencement of, IND-enabling studies under the Joint Development Plan, in each case, as set forth in Section 4.2.1(d); provided that any Lead Compound or other Licensed Compound that satisfies the preceding clause (b) but not the preceding clause (a) will be deemed a Development Candidate as of the date of such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.33**"**Development Candidate Advancement Criteria**" means the target criteria set forth in the Joint Development Plan for a Lead Compound to be eligible for selection as a "Development Candidate", as such criteria may be updated from time to time by the JSC in accordance with Section 3.2 (Decision Making on JSC and Resolution of JSC Disputes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.34**"**Development Candidate Completion Criteria**" means the target criteria set forth in the Joint Development Plan for a Development Candidate to be eligible for selection as a "Clinical Candidate", as such criteria may be updated from time to time by the JSC in accordance with Section 3.2 (Decision Making on JSC and Resolution of JSC Disputes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.35**"**Directed to**" means, with respect to a molecule and an antigen or other target, that such molecule recognizes, binds to, or interacts with such antigen or other target (whether or not also recognizing, binding to, or interacting with, one (1) or more other antigens or targets); provided […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.36**"**Distributor**" means any Person appointed by BMS (or any of its Related Parties) to distribute and sell a Licensed Product, as applicable, with or without packaging rights, in one or more countries in circumstances where such Person purchases its requirements of Licensed Product from BMS (or any of its Related Parties) but does not make any royalty or other similar revenue-based payment to BMS or any of its Related Parties. For clarity, a Distributor may be granted a license by BMS (or any of its Related Parties) to distribute and sell (but not Develop or Manufacture) a Licensed Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.37**"**Divest**" or "**Divestment**" means, with respect to an Acquired Competing Program, (a) the outright sale or assignment by Janux and its Affiliates of all of Janux's and its Affiliates' rights and interests in and to such Acquired Competing Program to a Third Party or (b) the

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exclusive out-license by Janux and its Affiliates of all of Janux's and its Affiliates' rights and interests in and to such Acquired Competing Program to a Third Party (including granting the Third Party all rights to research, develop, manufacture, commercialize and otherwise exploit such Acquired Competing Program), in each case ((a) or (b)), without the retention or reservation of any research, development, manufacturing, commercialization or other exploitation role, interest, control, or participation rights or any other ability to be involved in, influence or control, directly or indirectly, such Acquired Competing Program, or any ability to reacquire rights to such Acquired Competing Program in the future (other than through customary termination of such exclusive out-license; provided that, in the event that Janux or any of its Affiliates reacquires any such rights as a result of such termination of such exclusive out-license, then Janux and its Affiliates shall again be required to Divest such reacquired rights pursuant to and in accordance with Section 2.4.3 (Exceptions for Acquired Program), *mutatis mutandis*, provided that the "Divestment Period" shall be […\*\*\*…]) (provided that in each case (a) and (b) Janux (or its Affiliate, as applicable) shall be permitted to receive license fees, royalties or milestones in connection with the Third Party's development or commercialization of the Acquired Competing Program and to enforce such terms in any such agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.38**"**Dollar**" or "**$**" means the legal tender of the United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.39**"**E.U.**" means the European Union, as it may be constituted from time to time during the Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.40**"**Exploit**" means to Develop, Manufacture, Commercialize or otherwise exploit, including to research, have researched, make, have made, distribute, have distributed, sell, have sold, offer for sale, have offered for sale, import, have imported, export and have exported. "**Exploiting**" and "**Exploitation**" will have correlative meanings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.41**"**FD&C Act**" means the U.S. Federal Food, Drug and Cosmetic Act, as amended from time to time, together with any rules, regulations, and requirements promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.42**"**FDA**" means the United States Food and Drug Administration or any successor Regulatory Authority having substantially the same function and authority over drugs in the U.S.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.43**"**Field**" means any and all uses, including any and all human and non-human diagnostic, prophylactic and therapeutic uses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.44**"**First Commercial Sale**" means, on a Licensed Product-by-Licensed Product and country-by-country basis, the first sale of such Licensed Product in such country by BMS or its Affiliates or Sublicensees for use or consumption by the general public following receipt of all Regulatory Approvals necessary for the marketing and sale of such Licensed Product in such country (including, for clarity, any applicable Pricing Approval that is necessary for sale); provided, however, that the following shall not constitute a First Commercial Sale: (x) any sale among BMS, its Affiliates or Sublicensees; (y) any use or disposition of such Licensed Product in Clinical Trials or non-clinical development activities with respect to such Licensed Product by or on behalf of a Party; or (z) any disposal or transfer of such Licensed Product for a *bona fide* <br>

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charitable purpose, compassionate use or samples or so-called "treatment IND sales" or "named patient sales".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.45**"**FTE**" means the equivalent of the work of one (1) appropriately qualified person working on a full-time basis for one (1) full calendar year consisting of a total of […\*\*\*…] per full calendar year. Any person who devotes less than […\*\*\*…] per full calendar year shall be treated as an FTE in such calendar year on a pro rata basis based upon the actual number of hours worked divided by […\*\*\*…]. Any person who devotes more than […\*\*\*…] per full calendar year shall be treated as more than one (1) FTE in such calendar year on a pro rata basis based upon the actual number of hours worked divided by […\*\*\*…]. For clarity, FTE shall not include any person performing secretarial, clerical, or administrative activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.46**"**FTE Costs**" means, with respect to an activity for any period, the applicable FTE Rate multiplied by the applicable number of FTEs performing such activity during such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.47**"**FTE Rate**" means (a) with respect to personnel engaged in […\*\*\*…] hereunder, […\*\*\*…], and (b) with respect to […\*\*\*…] hereunder, […\*\*\*…] per FTE, in each case ((a) and (b)), which amount is to be adjusted […\*\*\*…], based on […\*\*\*…]; provided […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.48**[…\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.49**"[**…\*\*\*…] T-Cell Engager**" means any molecule that is Directed to, or intended to be Directed to, both (a) at least one antigen or target on a T-cell(s) and (b) at least one antigen or target on a tumor cell(s) through (in the case of this clause (b)) being Directed to, or intended to be Directed to, […\*\*\*…], in each case, whether or not also Directed to one (1) or more other antigens or targets (for example, in the case of a multispecific antibody or other multispecific molecule).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.50** **"**[**…\*\*\*…**] **T-Cell Engager Product**" means any product containing a […\*\*\*…] T-Cell Engager (alone or in combination with one or more Other Components) in all forms, presentations, formulations, methods of administration and dosage forms, including any Combination Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.51**"**Good Clinical Practice**" or "**GCP**" means all applicable then-current Good Clinical Practice standards for the design, conduct, performance, monitoring, auditing, recording,

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analyses, and reporting of Clinical Trials, including, as applicable, (a) as set forth in the International Conference on Harmonisation of Technical Requirements for Registration of Pharmaceuticals for Human Use ("**ICH**") Harmonised Tripartite Guideline for Good Clinical Practice (CPMP/ICH/135/95), as amended, (b) U.S. Code of Federal Regulations Title 21, Parts 11 (Electronic Records and Signatures), 50 (Protection of Human Subjects), 54 (Financial Disclosure by Clinical Investigators), 56 (Institutional Review Boards), and 312 (Investigational New Drug Application), and (c) the equivalent Applicable Law in any relevant country, each as may be amended and applicable from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.52**"**Good Laboratory Practice**" or "**GLP**" means all applicable then-current Good Laboratory Practice standards, including, as applicable, (a) the Good Laboratory Practice standards promulgated or endorsed by the FDA as defined in 21 C.F.R. Part 58 for the conduct of nonclinical laboratory studies, and (b) the equivalent Applicable Law in any relevant country, each as may be amended and applicable from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.53**"**Good Manufacturing Practice**" or "**GMP**" means all applicable then-current Good Manufacturing Practice including, as applicable, (a) the principles detailed in the U.S. Current Good Manufacturing Practice regulations, 21 C.F.R. Sections 210, 211, 600, and 610, (b) the principles detailed in the ICH Q7 guidelines, and (c) the equivalent Applicable Law in any relevant country, each as may be amended and applicable from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.54**"**Government Official**" means: (a) any officer or employee of: (i) a government, or any department or agency thereof; (ii) a government-owned or controlled company, institution, or other entity, including a government-owned hospital or university; or (iii) a public international organization (such as the United Nations, the International Monetary Fund, the International Committee of the Red Cross, and the World Health Organization), or any department or agency thereof; (b) any political party or party official or candidate for public or political party office; or (c) any person acting in an official capacity on behalf of any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.55**"**Governmental Authority**" means any multi-national, federal, state, local or governmental authority of any nature (including any governmental division, subdivision, department, agency, bureau, branch, office, commission, council, court, tribunal or other entity), in each case, entitled to exercise any administrative, executive, judicial, legislative, police, regulatory, or taxing authority or power, any court or tribunal (or any department, bureau, or division thereof), or any governmental arbitrator or arbitral body. For clarity, any Regulatory Authority is a Governmental Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.56**"**IND**" means an investigational new drug application, clinical trial authorization, or similar application, submission, or a clinical trial exemption to the applicable Regulatory Authority, in each case, which must be approved, cleared or authorized by the applicable Regulatory Authority to commence or conduct any Clinical Trial of a pharmaceutical or biological product in humans in such jurisdiction, and all supplements and amendments to any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.57**"**Initiation**" means, with respect to any Clinical Trial, […\*\*\*…] in such Clinical Trial with the applicable Licensed Product. "Initiating," "Initiated," and "Initiate" shall have the corresponding meaning.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.58**"**Janux Arising Know-How**" means any Arising Know-How that is first developed, discovered, created, generated or conceived solely by or on behalf of Janux or any of its Related Parties, including any Janux Platform Arising Know-How. […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.59**"**Janux Arising Patent**" means any Arising Patent solely claiming an invention or inventions first developed, discovered, created, generated or conceived during the Term in the performance of activities under this Agreement (including activities under the Joint Development Plan) solely by Janux's or any of its Related Party's employees, independent contractors, consultants, or others under an obligation to assign such invention to Janux or any of its Related Parties, as determined in accordance with U.S. patent laws governing inventorship (each, a "**Janux Inventor**"), including any Janux Platform Arising Patent. […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.60**"**Janux Excluded Discovery Platform Technology**" means Janux's proprietary T-cell engager discovery platform technology consisting of […\*\*\*…]. For clarity, the "Janux Excluded Discovery Platform Technology" excludes the Janux Platform Technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.61**"**Janux In-License Agreements**" means any agreement between Janux (or any of its Affiliates, as applicable) and any Third Party pursuant to which such Third Party licenses to Janux (or any of its Affiliates, as applicable) any Patents or Know-How included in the Janux Licensed IP Rights, […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.62**"**Janux Licensed IP Rights**" means (a) the Janux Licensed Know-How and Janux Licensed Patents, and (b) Janux's and its Affiliates' right, title and interest in and to the Joint Arising Know-How, Joint Arising Patents, Joint Platform Arising Know-How and Joint Platform Arising Patents.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.63**"**Janux Licensed Know-How**" means any and all Know-How that is Controlled by Janux or any of its Affiliates as of the Effective Date or at any time thereafter until the end of the Term that is necessary or reasonably useful to Exploit any Licensed Compound or Licensed Product (or any components of any Licensed Compound or Licensed Product), including as a monotherapy or for use in any Combination Therapy, including […\*\*\*…], but excluding any Know-How (i) specifically related to (w) […\*\*\*…], (x) […\*\*\*…], or (z) any Other Component of a Combination Product or Combination Therapy that is proprietary to Janux (i.e., that is owned or exclusively licensed to Janux) (such Other Component, a "**Janux Other Proprietary Component**"), (ii) that is owned or controlled by any Third Party that becomes a New Affiliate of (or that merges or consolidates with) Janux after the Effective Date as a result of a Change of Control of Janux, unless such Know-How (u) is Arising Know-How, (v) was Controlled by Janux (or any of its Affiliates) immediately prior to the consummation of the Change of Control, (w) becomes Controlled by Janux (or any of its Affiliates, other than the New Affiliate) following the consummation of the Change of Control, (x) is used in the performance of activities by or on behalf of Janux hereunder (including under the Joint Development Plan or the Manufacture of Licensed Compounds or Licensed Products), or […\*\*\*…], (y) […\*\*\*…], or (z) is an improvement, modification or enhancement of any Janux Licensed Know-How and is made by such New Affiliate through the use of, or reference to, any Janux Licensed IP Rights after the consummation of such Change of Control ([…\*\*\*…]), (iii) that Janux first in-licenses pursuant to a Potential Janux New In-License Agreement entered into after the Effective Date, unless such Know-How is included in Janux Licensed Know-How pursuant to Section 7.12 (Janux Third Party Agreements and Other Third Party License Agreements), (iv) that is Joint Arising Know-How or Joint Platform Arising Know-How, (v) […\*\*\*…<u>]</u>, or (v) that is Janux Excluded Discovery Platform Technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.64**"**Janux Licensed Patent**" means any and all Patents that are Controlled by Janux or any of its Affiliates as of the Effective Date or at any time thereafter until the end of the Term that claim or Cover (a) any Janux Licensed Know-How, or any Licensed Compound or Licensed Product (or any components of any Licensed Compound or Licensed Product), including as a

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monotherapy or for use in any Combination Therapy, or the Exploitation thereof, including […\*\*\*…], (b) any invention that is otherwise necessary or reasonably useful to Exploit any Licensed Compound or Licensed Product (or any components of any Licensed Compound or Licensed Product), including as a monotherapy or for use in any Combination Therapy, including […\*\*\*…], and (c) all Janux Platform Patents and all Janux Arising Patents, but excluding (A) any Patent to the extent it claims or Covers (w) […\*\*\*…<u>]</u>, (x) […\*\*\*…], (y) […\*\*\*…], or (z) any Janux Other Proprietary Component of a Combination Product or Combination Therapy, (B) any Patent that is owned or controlled by any Third Party that becomes a New Affiliate of (or that merges or consolidates with) Janux after the Effective Date as a result of a Change of Control of Janux, except (u) if such Patent is an Arising Patent, (v) if such Patent was Controlled by Janux (or any of its Affiliates) immediately prior to the consummation of the Change of Control (including any substitutions, divisionals, continuations, continuations-in-part, reissues, renewals, registrations, confirmations, re-examinations, extensions, supplementary protection certificates and the like of any such Patents, as well as any other Patents that claim priority to any such Patents),

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(w) if such Patent becomes Controlled by Janux (or any of its Affiliates, other than the New Affiliate) following the consummation of the Change of Control, (x) to the extent such Patent claims or Covers subject matter used in the performance of activities by or on behalf of Janux hereunder (including under the Joint Development Plan or the Manufacture of Licensed Compounds or Licensed Products), or […\*\*\*…], (y) […\*\*\*…], or (z) to the extent such Patent claims or Covers an improvement, modification or enhancement of any Janux Licensed Know-How or subject matter claimed or Covered in a Janux Licensed Patent, which improvement, modification or enhancement is made by such New Affiliate through the use of, or reference to, any Janux Licensed IP Rights or subject matter of any Janux Licensed Patent after the consummation of such Change of Control (but excluding, with respect to this clause (z), […\*\*\*…], (C) any Patent that Janux first in-licenses pursuant to a Potential Janux New In-License Agreement entered into after the Effective Date, unless such Patent is included as a Janux Licensed Patent pursuant to Section 7.12 (Janux Third Party Agreements and Other Third Party License Agreements), (D) any Patent that is a Joint Arising Patent or Joint Platform Arising Patent, (E) […\*\*\*…<u>]</u>, or (F) any Patent that solely claims Janux Excluded Discovery Platform Technology. The Janux Licensed Patents include those Patents set forth on <u>Schedule 1.64</u> (Janux Licensed Patents).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.65**"**Janux Platform Arising Know-How**" means any Arising Know-How that is first developed, discovered, created, generated or conceived solely by or on behalf of Janux (or any of its Related Parties), in each case, that consists of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)[…\*\*\*…]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)[…\*\*\*…]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)[…\*\*\*…]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) […\*\*\*…]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) […\*\*\*…]

Notwithstanding the foregoing, "Janux Platform Arising Know-How" expressly excludes any Arising Know-How that […\*\*\*…]. Notwithstanding the foregoing, […\*\*\*…] shall not be Janux Platform Arising Know-How.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.66**"**Janux Platform Patent**" means (a) any Janux Licensed Patent set forth on <u>Schedule 1.66</u> (Existing Janux Platform Patents), (b) any Arising Patent that solely claims any Janux Platform Arising Know-How (the Patents in this clause (b), the "**Janux Platform Arising Patents**") and (c) any other Janux Licensed Patent that is filed after the Effective Date and […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.67**"**Janux Platform Technology**" has the meaning set forth in <u>Schedule 1.67</u> (Janux Platform Technology); provided that, in all cases, Janux Platform Technology excludes any Arising Know-How.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.68**"**Joint Arising Know-How**" means any Arising Know-How that is first developed, discovered, created, generated or conceived jointly by or on behalf of (a) Janux or any of its Related Parties and (b) BMS or any of its Related Parties, but excluding any Joint Platform Arising Know-How. […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.69**"**Joint Arising Patent**" means any Arising Patent (a) claiming an invention or inventions first developed, discovered, created, generated or conceived during the Term in the performance of activities under this Agreement (including activities under the Joint Development Plan) jointly by at least one BMS Inventor and at least one Janux Inventor, or (b) claiming both (i)

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an invention or inventions first developed, discovered, created, generated or conceived during the Term in the performance of activities under this Agreement (including activities under the Joint Development Plan) solely by a BMS Inventor(s) and (ii) an invention or inventions first developed, discovered, created, generated or conceived during the Term in the performance of activities under this Agreement (including activities under the Joint Development Plan) solely by a Janux Inventor(s), but in each case ((a) and (b)), excluding any Joint Platform Arising Patent. […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.70**"**Joint Development Activities**" means the activities to be conducted under the Joint Development Plan as set forth in the Joint Development Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.71**"**Joint Development Plan**" means the Joint Development Plan attached hereto as <u>Schedule 1.71</u> (Initial Joint Development Plan) (the "**Initial Joint Development Plan**"), as it may be amended from time to time by the JSC in accordance with this Agreement, detailing the responsibilities and activities of Janux and BMS in carrying out the collaborative program of Development activities to be conducted by or on behalf of the Parties (or their respective Affiliates) in accordance with the terms and conditions of this Agreement in order to (a) identify, generate, produce, and optimize Licensed Compounds, including optimization of Licensed Compounds to Successfully Achieve the Lead Optimization Completion Criteria to become a Lead Compound as set forth in Section 4.2.1(c), (b) further Develop Lead Compounds for potential selection by the JSC as Development Candidates in accordance with Section 4.2.1(d), (c) following selection of a Development Candidate, conduct IND-enabling studies and certain other pre-clinical Development of Development Candidates for potential selection by the JSC as Clinical Candidates in accordance with Section 4.2.1(e), and (d) following selection of a Clinical Candidate, on a Clinical Candidate-by-Clinical Candidate basis, conduct the first Phase I Clinical Trial for such Clinical Candidate by or on behalf of BMS (or its Affiliates). The Joint Development Plan sets forth, among other things, (i) a description of the activities, with respective responsibilities of each of the Parties, to be conducted thereunder, including a timeline for the conduct of such activities, and (ii) desirable therapeutic attributes and other criteria required for the Lead Optimization Completion Criteria, Development Candidate Advancement Criteria or Development Candidate Completion Criteria, as applicable, including for a Licensed Compound to be eligible to be designated as a Lead Compound, Development Candidate or Clinical Candidate, as applicable, under the Joint Development Plan. For clarity, the Joint Development Plan shall not include any other clinical activities (e.g., Clinical Trials other than the first Phase I Clinical Trial for a given

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Clinical Candidate (on a Clinical Candidate-by-Clinical Candidate basis)), and, for clarity, such clinical activities, if any, shall be conducted by or on behalf of BMS outside of the Joint Development Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.72**"**Joint Platform Arising Know-How**" means any Arising Know-How that is first developed, discovered, created, generated or conceived either (I) solely by or on behalf of BMS (or any of its Related Parties), or (II) jointly by or on behalf of Janux (or any of its Related Parties) and BMS (or any of its Related Parties), in each case, that consists of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)[…\*\*\*…]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)[…\*\*\*…]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)[…\*\*\*…]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) […\*\*\*…]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) […\*\*\*…]

provided that, such Arising Know-How shall only be "Joint Platform Arising Know-How" if […\*\*\*…]. Notwithstanding the foregoing, "Joint Platform Arising Know-How" expressly excludes […\*\*\*…]. Notwithstanding the foregoing, […\*\*\*…] shall not be Joint Platform Arising Know-How.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.73**"**Joint Platform Arising Patent**" means any Arising Patent that solely claims any Joint Platform Arising Know-How.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.74**"**Know-How**" means any and all proprietary or confidential technical, scientific, regulatory, and other information, results, knowledge, techniques and data (including Regulatory Data), in whatever form and whether or not patented or patentable, including inventions, invention disclosures, discoveries, plans, processes, practices, methods, knowledge, trade secrets, know-how, instructions, skill, experience, ideas, concepts, data (including biological, chemical, pharmacological, toxicological, pharmaceutical, physical and analytical, safety, quality control, and pre-clinical and clinical data), formulae, formulations, compositions, specifications, marketing, pricing, distribution, cost, sales and manufacturing data or descriptions, and all chemical or biological materials and other tangible materials (including cell lines, cell banks and cell media); provided that Know-How does not include any Patent claiming any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.75**"**Knowledge**" means, with respect to the matter in question, the knowledge of any of the employees of Janux listed on <u>Schedule 1.75</u> (Knowledge Persons) (or any successor holding comparable authority to any of the foregoing at Janux as of the applicable date)[…\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.76**"**Lead Compound**" means (a) the Initial Lead Licensed Compound and (b) any Backup Compound(s) Developed under the Joint Development Plan that the JSC determines has Successfully Achieved the Lead Optimization Completion Criteria in accordance with Section 4.2.1(c) or otherwise designates as a Lead Compound in accordance with Section 4.2.1(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.77**"**Lead Optimization Completion Criteria**" means the criteria set forth in the Joint Development Plan for a Licensed Compound Developed under the Joint Development Plan to have satisfied "lead optimization status", as such criteria may be updated from time to time by the JSC in accordance with Section3.2 (Decision Making on JSC and Resolution of JSC Disputes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.78**"**Licensed Compound**" means (a) […\*\*\*…] (the "**Initial Lead Licensed Compound**"), (b) […\*\*\*…] (the "**First Backup Compound**"), (c) […\*\*\*…] (the "**Second Backup Compound**"), (d) […\*\*\*…] (the "**Third Backup Compound**"), (e) […\*\*\*…] (the "**Fourth Backup Compound**"), (f) […\*\*\*…] (the "**Fifth Backup Compound**"), (g) […\*\*\*…] (the "**Sixth Backup Compound**"), and (h) any other […\*\*\*…] T-Cell Engager that is owned or otherwise controlled (through license or otherwise) by Janux or any of its Affiliates as of the Effective Date or at any time thereafter until the end of the Term and that contains a T-Cell Binding Domain (provided that, for clarity, such […\*\*\*…] T-Cell Engager is not Directed <br>

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to any antigen target on a T-cell other than[…\*\*\*…]), including any […\*\*\*…] T-Cell Engager that is discovered, identified, designed, characterized or generated by or on behalf of Janux or any of its Affiliates in the course of performing activities under the Joint Development Plan (each […\*\*\*…] T-Cell Engager under this clause (h), an "**Additional Backup Compound**" and together with the First Backup Compound, the Second Backup Compound, the Third Backup Compound, the Fourth Backup Compound, the Fifth Backup Compound and the Sixth Backup Compound, each a "**Backup Compound**" and collectively the "**Backup Compounds**"), […\*\*\*…]. For clarity, (i) all Lead Compounds, Development Candidates and Clinical Candidates are a subset of Licensed Compounds and (ii) the only tumor antigen targets that a Licensed Compound may be Directed to are […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.79**"**Licensed Product**" means any product containing a Licensed Compound (alone or in combination with one or more Other Components) in all forms, presentations, formulations, methods of administration and dosage forms, including any Combination Product. For clarity, different forms, presentations, formulations, methods of administration and dosage forms of a given Licensed Product shall be considered the same Licensed Product for the purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.80**"**Manufacture**" or "**Manufacturing**" or "**Manufactured**" means, with respect to a molecule or product, the receipt, handling and storage of active pharmaceutical ingredients, drug substance or drug product, excipients and other materials, the manufacturing, processing, packaging and labeling, filling, finishing, assembly, supply, holding (including storage), quality assurance and quality control testing (including release) of such molecule or product (other than quality assurance and quality control related to the development of manufacturing processes and manufacturing development and formulation development, all of which activities will be considered Manufacturing Development Activities) and shipping of such molecule or product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.81**"**Manufacturing Development Activities**" means development of test methods, stability testing, formulation development, process development, quality assurance activities, quality control activities, qualification and validation activities, analytic process development, manufacturing process validation, scale-up, and all other activities, including Development-related activities, necessary for or related to the development of a process for the Manufacture of any Licensed Compound or Licensed Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.82**"**Marketing Authorization Application**" or "**MAA**" means an application to the appropriate Regulatory Authority for approval to sell a Licensed Product (but excluding Pricing Approval) in any particular country or regulatory jurisdiction, including any (a) Biologics License Application submitted under Section 351(a) of the PHSA, (b) New Drug Application submitted under Section 505 of the FD&C Act, or (c) substantially similar application or submission filed

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with a Regulatory Authority in a country or group of countries to obtain approval (but excluding Pricing Approval) to Commercialize such Licensed Product in that country or in that group of countries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.83**"**Net Sales**" means, in respect of a given Licensed Product, the actual gross amounts invoiced by BMS or its Related Party (the "**Selling Party**") to Third Party purchasers (including wholesalers and Distributors) during a net sales measurement period for sales of such Licensed Product in the Territory for use in the Field, less the following deductions to the extent specifically applicable or reasonably allocable to such sales and actually allowed or taken and not otherwise received by or reimbursed to the Selling Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)[…\*\*\*…]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)[…\*\*\*…]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)[…\*\*\*…]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)[…\*\*\*…]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)[…\*\*\*…]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)[…\*\*\*…]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)[…\*\*\*…]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)[…\*\*\*…]

Any of the above deductions shall be determined in accordance with the Accounting Standards, as applicable. For clarity, a particular deduction may only be accounted for once in the calculation of Net Sales with respect to a given unit of Licensed Product.

All such deductions, to the extent allocable across multiple products including the Licensed Products, will be fairly and equitably allocated between the Licensed Products and other products of the Selling Party such that the Licensed Products do not bear a disproportionate portion of such deductions.

Net Sales shall not include transfers to Third Parties in connection with Clinical Trials or other research or development purposes, promotional or advertising purposes, or charitable donations, compassionate use, named-patient, indigent patient or similar arrangements. Net Sales will not include transfers among BMS or any of its Related Parties unless the recipient is the end user.

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If a Licensed Product is sold as a Combination Product, the Net Sales of such Licensed Product shall be determined as follows: first, BMS shall determine the actual Net Sales of such Combination Product (using the above provisions) and then such amount shall be multiplied by the fraction […\*\*\*…], where […\*\*\*…] is […\*\*\*…], and […\*\*\*…] is […\*\*\*…]. If either the applicable Licensed Compound or any Other Components in such Combination Product is not sold separately in the same formulation, dosage or unit quantity, as applicable, as in such Combination Product in the same country and Calendar Year, the adjustment to Net Sales shall be determined by the Parties in good faith to reasonably reflect the fair market value of the contribution of such Licensed Product in such Combination Product to the total fair market value of such Combination Product. If the Parties cannot agree on such relative value, then at the request of either Party, the Dispute shall be resolved pursuant to Article 14 (Dispute Resolution).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.84**"**Patent Challenge**" means: (a) initiation or request of an interference, nullity actions, *inter-partes* reexaminations, *inter-partes* review, *ex parte* reexaminations, supplemental examinations, post-grant review, or opposition proceeding (or any equivalent proceeding in any country outside of the United States with respect to any of the foregoing) with respect to; (b) making, filing or maintaining any claim, demand, lawsuit or cause of action to challenge the validity or enforceability of; or (c) opposing any extension of, or the grant of a supplementary protection certificate with respect to; in each case ((a) through (c)), any Janux Licensed Patent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.85**"**Patents**" means any and all: (a) issued patents; (b) pending patent applications, including all provisional and priority patent applications, convention filings, PCT applications, substitutions, continuations, continuations-in-part, converted provisionals, divisionals, renewals and all patents granted thereon; (c) patents-of-addition, supplementary protection certificates, international applications and utility models, reissues, reexaminations, and extensions or restorations by existing or future extension or restoration mechanisms, including patent term adjustments, patent term extensions, supplementary protection certificates, or the equivalent thereof; (d) inventor's certificates; (e) other forms of government-issued rights substantially similar to any of the foregoing; and (f) United States and foreign counterparts of any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.86**"**Person**" means any individual, firm, corporation, partnership, limited liability company, trust, business trust, joint venture, Governmental Authority, association, or other entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.87**"**Phase I Clinical Trial**" means a Clinical Trial of a Licensed Product in patients or healthy volunteers conducted to evaluate the safety or tolerability of the Licensed Product, which Clinical Trial meets the requirements of 21 C.F.R. §312.21(a), as amended, whether conducted within or outside the U.S.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.88**"**Phase II Clinical Trial**" means a Clinical Trial, the principal purpose of which is a preliminary determination of the efficacy and safety of a Licensed Product in patients for an

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indication in a well-defined, homogeneous population of patients being studied, at the intended clinical dose or doses or range of doses, on a sufficient number of subjects and for a sufficient period of time to confirm the optimal manner of use of such Licensed Product in patients (dose and dose regimen) for such indication, where such Clinical Trial meets the requirements of 21 C.F.R. §312.21(b), whether conducted within or outside the U.S. A Phase II Clinical Trial must be prospectively designed, including with standard of care comparator control group(s), if available or recommended by an applicable Regulatory Authority, to generate data to support commencing a Phase III Clinical Trial. For clarity, "Phase II Clinical Trial" excludes any Phase I Clinical Trial.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.89**"**Phase III Clinical Trial**" means a Clinical Trial of a Licensed Product in patients prospectively designed to demonstrate statistically that such Licensed Product is safe and efficacious, in a well-defined, homogeneous population of subjects for its intended use for an indication, and to determine warnings, precautions, and adverse reactions that are associated with such Licensed Product in the dosage range to be prescribed, and in a manner sufficient to support the approval of an MAA for such Licensed Product for such indication (without the need for any additional Clinical Trials if the pre-defined endpoints are met), which Clinical Trial meets the requirements of 21 C.F.R. §312.21(c), as amended, whether conducted within or outside the U.S.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.90**"**Phase IV Clinical Trial**" means a post-marketing Clinical Trial of a Licensed Product for an indication as to which Regulatory Approval has been received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.91**"**PHSA**" means the U.S. Public Health Service Act, 42 U.S.C. §§ 201 et seq., as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.92**"**Pre-Marketing**" means all sales and marketing activities undertaken prior to and in preparation for the launch of Licensed Products in a given country or other regulatory jurisdiction. Pre-Marketing includes market research, key opinion leader development, advisory boards, medical education, disease-related public relations, health care economic studies, sales force training, and other pre-launch activities prior to the First Commercial Sale of a Licensed Product in a given country or other regulatory jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.93**"**Pricing Approval**" means, with respect to any country or jurisdiction where a Governmental Authority authorizes reimbursement or access, or approves or determines pricing, for pharmaceutical or biologic products, receipt (or publication, if required to make such authorization, approval of determination effective) of such reimbursement or access authorization or pricing approval or determination (as the case may be).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.94**"**Prior CDA**" means that certain Mutual Confidential Disclosure Agreement by and between the Parties […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.95**"**Product Information**" means any Janux Licensed Know-How that specifically relates to (a) any Licensed Compound or Licensed Product in its entirety (or the composition, formulation, combination, product by process, method of use, preparation or administration, Development, Manufacture, Commercialization or other Exploitation thereof) or (b) any component that is specific to any Licensed Compound (or […\*\*\*…] T-Cell Engagers generally) or Licensed Product (or […\*\*\*…] T-Cell Engager Products generally) […\*\*\*…].

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.96**"**Product Labeling**" means, with respect to a Licensed Product in a country or other jurisdiction, (a) the Regulatory Authority approved full prescribing information for such Licensed Product for such country or other jurisdiction, including any required patient information, and (b) all labels and other written, printed or graphic matter upon a container, wrapper or any package insert utilized with or for such Licensed Product in such country or other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.97**"**Product Specifications**" means, with respect to a Licensed Compound or Licensed Product, the Manufacturing, performance, quality-control, and packaging and labeling specifications for such Licensed Compound or Licensed Product, as applicable, as such specifications may be amended from time to time in accordance with the terms of this Agreement or the applicable Supply Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.98**"**Prosecution**" or "**Prosecute**" means, with respect to a particular Patent, all activities associated with the filing, prosecution and maintenance of such Patent (and patent application(s) derived from such Patent), as well as re-examinations, supplemental examinations, reissues, and applications for patent term adjustments and extensions, supplementary protection certificates and the like with respect to that Patent, together with the conduct of any interference, opposition, invalidation, reexamination, or reissue proceeding, post-grant review, *inter partes* review, derivation proceeding or other similar administrative proceeding or administrative appeal thereof, or any appeal of any of the foregoing to the applicable court of competent jurisdiction, with respect to that Patent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.99**"**Regulatory Approval**" means, with respect to any product in any regulatory jurisdiction for a given indication, all approvals from the applicable Regulatory Authority necessary for the Manufacture, distribution, use, sale, importing and exporting of such product in such regulatory jurisdiction for such indication in accordance with Applicable Law, including (a) any Pricing Approvals or National Formulary Placement in such country or jurisdiction, in each case, even if not legally required to sell product in a country, (b) any prerequisite Manufacturing approval or authorization required by a Regulatory Authority, and (c) approval of Product Labeling (including approvals for any expansion or modification of the label).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.100**"**Regulatory Authority**" means, in a particular country or regulatory jurisdiction, any applicable Governmental Authority involved in granting approval of an MAA or other Regulatory Approval for a product in such country or regulatory jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.101**"**Regulatory Data**" means (a) any and all research data, pharmacology data, CMC data, pre-clinical data, and clinical data related to a Licensed Compound or Licensed Product, and (b) all other information submitted, or required to be submitted, to Regulatory Authorities in association with regulatory filings for a Licensed Compound or Licensed Product (including information in any applicable Drug Master Files, or similar documentation). Notwithstanding the foregoing, Regulatory Data shall not include any research data, pharmacology data, CMC data, pre-clinical data, or clinical data that is specifically related to (i) […\*\*\*…], or (ii) any Janux Other Proprietary Component of a Combination Product or Combination Therapy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.102**"**Regulatory Exclusivity**" means, with respect to a Licensed Product in any country in the Territory, any exclusive market protection or data exclusivity rights (in each case, other than Patents) granted by a Regulatory Authority in such country to BMS or its Related Party

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that confers a period during which (a) BMS or its Related Party has the exclusive right to market and sell such Licensed Product (or Biosimilar Product thereto) in such country and (b) no other Person may rely on safety, efficacy or other data generated by or on behalf of BMS or its Related Party with respect to such Licensed Product in an MAA for a Biosimilar Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.103**"**Regulatory Materials**" means regulatory applications, submissions, notifications, communications, correspondence, registrations, listings, Regulatory Approvals, or other filings made to, received from or otherwise conducted with a Regulatory Authority (including minutes and official contact reports relating to any communications with any Regulatory Authorities) in order to Develop, Manufacture, obtain marketing authorization, market, sell, or otherwise Commercialize a Licensed Product in a particular country or regulatory jurisdiction. Regulatory Materials include INDs, MAAs, presentations, responses, and applications for other Regulatory Approvals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.104**"**Related Parties**" means (a) with respect to BMS, BMS's Affiliates and Sublicensees, and (b) with respect to Janux, Janux's Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.105**"**Reversion Product**" means, in the event of a termination (but not expiration) of this Agreement, any Licensed Product that is (a) the subject of clinical Development or Commercialization by BMS or any Related Party as of the effective date of termination and (b) not a Combination Product, in each case solely in the form that such Licensed Product exists as of the effective date of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.106**"**Royalty Payment**" means any royalty payment pursuant to Section 7.5 (Royalty Payments).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.107**"**Royalty Term**" means, with respect to a given Licensed Product on a country-by-country basis (i.e., the applicable country in which such Licensed Product is sold) in the Territory, the period of time beginning on the First Commercial Sale of such Licensed Product in such country and ending the later of (a) ten (10) years from the First Commercial Sale of such Licensed Product in such country, (b) the expiration of the last to expire Valid Claim in such country that Covers […\*\*\*…] Licensed Product in such country or (c) expiration of Regulatory Exclusivity for such Licensed Product in such country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.108**"**Safety Reason**" means that it is BMS's or any of its Related Parties' reasonable belief that based upon additional information that becomes available or an analysis of the existing information at any time, that the medical risk/benefit of further Development or Commercialization of the Licensed Products would pose an unacceptable safety risk to patients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.109**"**Settlement Sublicensee**" means a Third Party to which BMS (or any of its Related Parties) (a) grants a sublicense to settle or avoid litigation on any Patent claim or dispute related to the alleged infringement, non-infringement, invalidity or unenforceability of, or challenge against, any Patents claiming or Covering a Licensed Product or the Exploitation thereof or (b) is required to grant a Compulsory License (any such sublicense, a "**Settlement Sublicense**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.110**"**Settlement Sublicensee Revenue**" means, with respect to a Licensed Product, any amounts received by BMS (or any of its Related Parties) from a Settlement Sublicensee (or any of

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its Affiliates or its or their sublicensees), after deducting […\*\*\*…], under a Settlement Sublicense to the extent attributable to […\*\*\*…], during the Royalty Term (in the applicable country) for such Licensed Product; provided […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.111**"**Sublicensee**" means any Third Party that is granted a sublicense under the license granted to BMS pursuant to Section 2.1.1(a) as provided in Section 2.1.2 (Sublicensees), but excluding any subcontractors or Distributors or Settlement Sublicensees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.112**"**Successful Achievement**" means, with respect to a given Licensed Compound that is Developed under the Joint Development Plan, that such Licensed Compound meets the Lead Optimization Completion Criteria, Development Candidate Advancement Criteria or Development Candidate Completion Criteria, as applicable, set forth in the Joint Development Plan, in each case, as determined by the JSC in accordance with Section 4.2.1(c), Section 4.2.1(d) or Section 4.2.1(e), as applicable. "**Successfully Achieve**", "**Successfully Achieves**" and "**Successfully Achieved**" will have correlative meaning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.113**"**T-Cell Engager**" means any molecule that is Directed to, or intended to be Directed to, both (a) a T-cell(s) and (b) a tumor cell(s), in each case, whether or not also Directed to one (1) or more other antigens or targets (for example, in the case of a multispecific antibody or other multispecific molecule).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.114**"**Technically Infeasible**" means that, with respect to a given activity under the Joint Development Plan, such activity cannot reasonably be conducted or completed due to scientific or technical limitations (but excluding, for clarity, lack of personnel), as applicable, as determined by the JSC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.115**"**Territory**" means worldwide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.116**"**Third Party**" means any Person other than Janux, BMS, or their respective Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.117**"**Third Party Claim**" means any and all suits, claims, actions, proceedings or demands brought by a Third Party against a Party (or the Janux Indemnitees or BMS Indemnitees, as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.118**"**Third Party Damages**" means all losses, costs, taxes (including penalties and interest), damages, judgments, liabilities and expenses payable to a Third Party by a Party (or the Janux Indemnitees or BMS Indemnitees, as applicable) under a Third Party Claim (including reasonable attorneys' fees and other reasonable out-of-pocket costs of litigation in connection therewith).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.119**"**United States**" or "**U.S.**" means the United States of America and its possessions and territories.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.120**"**Valid Claim**" means (a) a claim of an issued patent within (i) the BMS Arising Patents, the Janux Licensed Patents (other than a Janux Platform Patent) or the Joint Arising Patents, in each case, in a given country that claims the Licensed Compound (contained in the

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applicable Licensed Product) […\*\*\*…] or (ii) the Janux Platform Patents or Joint Platform Arising Patents in a given country that claims […\*\*\*…], and in each case (i) and (ii) that has not expired, lapsed, been cancelled or

abandoned, or been […\*\*\*…], disclaimed, or held unenforceable, invalid, revoked or cancelled by a court or administrative agency of competent jurisdiction in an order or decision or other action from which no appeal has been or can be taken, including through opposition, reexamination, reissue, disclaimer, inter partes review, post grant procedures or similar proceedings, or (b) a claim of a pending patent application within (i) the BMS Arising Patents, the Janux Licensed Patents (other than a Janux Platform Patent) or the Joint Arising Patents, in each case, in a given country that claims the Licensed Compound (contained in the applicable Licensed Product) […\*\*\*…] or (ii) the Janux Platform Patents or Joint Platform Arising Patents in a given country that claims […\*\*\*…], and in each case (i) and (ii) that has been filed, […\*\*\*…] that has not been cancelled, withdrawn or abandoned, or finally rejected by a court or administrative agency of competent jurisdiction in an order or decision or other action from which no appeal has been or can be taken; provided, […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.121**[…\*\*\*…]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.122** **Additional Definitions.** The following terms have the meanings set forth in the corresponding Sections of this Agreement:

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---

| | |
|:---|:---|
| &nbsp;&nbsp;**Term** | &nbsp;&nbsp;**Section** |
| &nbsp;&nbsp;"**AAA**" | &nbsp;&nbsp;Schedule 14.3 |
| &nbsp;&nbsp;[…\*\*\*…] | &nbsp;&nbsp;7.2 |
| &nbsp;&nbsp;**"Acquired Competing Program"** | &nbsp;&nbsp;2.4.3 |
| &nbsp;&nbsp;**"Acquired Party"** | &nbsp;&nbsp;1.18 |
| &nbsp;&nbsp;**"Acquisition Wind-Down Period"** | &nbsp;&nbsp;2.4.3 |
| &nbsp;&nbsp;**"Additional Backup Compound"** | &nbsp;&nbsp;1.78 |
| &nbsp;&nbsp;**"ADR"** | &nbsp;&nbsp;14.3 |
| &nbsp;&nbsp;**"Advanced CoC Competing Program"** | &nbsp;&nbsp;2.4.2 |
| &nbsp;&nbsp;**"Aggregate Material Amendment"** | &nbsp;&nbsp;3.2.2 |
| &nbsp;&nbsp;**"Agreement"** | &nbsp;&nbsp;Preamble |
| &nbsp;&nbsp;**"Alliance Manager"** | &nbsp;&nbsp;3.7 |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Term** | &nbsp;&nbsp;**Section** |
| &nbsp;&nbsp;**"Anti-Corruption Laws"** | &nbsp;&nbsp;9.5.1 |
| &nbsp;&nbsp;[**…\*\*\*…**] | &nbsp;&nbsp;Schedule 1.67 |
| &nbsp;&nbsp;"**Appointing Baseball Arbitrator**" | &nbsp;&nbsp;Schedule 14.1 |
| &nbsp;&nbsp;**"Audit"** | &nbsp;&nbsp;7.17.2 |
| &nbsp;&nbsp;**"Audit Expert"** | &nbsp;&nbsp;7.17.4 |
| &nbsp;&nbsp;[**…\*\*\*…**] | &nbsp;&nbsp;8.8 |
| &nbsp;&nbsp;**"Backup Compound(s)"** | &nbsp;&nbsp;1.78 |
| &nbsp;&nbsp;**"Bankrupt Party"** | &nbsp;&nbsp;13.8 |
| &nbsp;&nbsp;"**Baseball Arbitration Notice**" | &nbsp;&nbsp;Schedule 14.1 |
| &nbsp;&nbsp;"**Baseball Arbitrator**" | &nbsp;&nbsp;Schedule 14.1 |
| &nbsp;&nbsp;**"BMS"** | &nbsp;&nbsp;Preamble |
| &nbsp;&nbsp;[…\*\*\*…] | &nbsp;&nbsp;8.5.1 |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Term** | &nbsp;&nbsp;**Section** |
| &nbsp;&nbsp;**"BMS Indemnitees"** | &nbsp;&nbsp;10.1 |
| &nbsp;&nbsp;"**BMS Identified Third Party IP**" | &nbsp;&nbsp;7.12.2 |
| &nbsp;&nbsp;**"BMS Inventor"** | &nbsp;&nbsp;1.12 |
| &nbsp;&nbsp;**"BMS Patent Challenge"** | &nbsp;&nbsp;2.6 |
| &nbsp;&nbsp;"**BMS Platform Infringement Backup Rights**" | &nbsp;&nbsp;8.5.3(a)(ii) |
| &nbsp;&nbsp;**"BMS Third Party Payments"** | &nbsp;&nbsp;7.9 |
| &nbsp;&nbsp;**"BMS Wind-Down Period"** | &nbsp;&nbsp;13.1 |
| &nbsp;&nbsp;**"Breaching Party"** | &nbsp;&nbsp;12.2 |
| &nbsp;&nbsp;**"Chairpersons"** | &nbsp;&nbsp;3.1.1 |
| &nbsp;&nbsp;[**…\*\*\*…**] | &nbsp;&nbsp;2.6 |
| &nbsp;&nbsp;[**…\*\*\*…**] | &nbsp;&nbsp;2.6 |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Term** | &nbsp;&nbsp;**Section** |
| &nbsp;&nbsp;**"Clearance Inquiry"** | &nbsp;&nbsp;2.7.3 |
| &nbsp;&nbsp;**"Cleared Target"** | &nbsp;&nbsp;2.7.3 |
| &nbsp;&nbsp;**"CoC Date"** | &nbsp;&nbsp;2.4.2 |
| &nbsp;&nbsp;"**Competitive Janux Platform Infringement**" | &nbsp;&nbsp;8.5.3(a)(i) |
| &nbsp;&nbsp;**"Confidential Information"** | &nbsp;&nbsp;11.1.1 |
| &nbsp;&nbsp;**"DC Milestone"** | &nbsp;&nbsp;7.2 |
| &nbsp;&nbsp;**"Development and Regulatory Milestone"** | &nbsp;&nbsp;7.2 |
| &nbsp;&nbsp;**"Development and Regulatory Milestone Notice"** | &nbsp;&nbsp;7.2 |
| &nbsp;&nbsp;**"Development and Regulatory Milestone Payment"** | &nbsp;&nbsp;7.2 |
| &nbsp;&nbsp;"**Development Breach Notice**" | &nbsp;&nbsp;4.3(a) |
| &nbsp;&nbsp;**"Dispute"** | &nbsp;&nbsp;14.1 |
| &nbsp;&nbsp;**"Divestment Alternative"** | &nbsp;&nbsp;2.4.3 |
| &nbsp;&nbsp;**"Divestment Period"** | &nbsp;&nbsp;2.4.3 |
| &nbsp;&nbsp;**"Effective Date"** | &nbsp;&nbsp;Preamble |
| &nbsp;&nbsp;**"Electronic Delivery"** | &nbsp;&nbsp;15.16 |
| &nbsp;&nbsp;[…\*\*\*…] | &nbsp;&nbsp;8.8 |
| &nbsp;&nbsp;**"Exclusions List"** | &nbsp;&nbsp;4.7.2 |
| &nbsp;&nbsp;"**Existing Janux Agreements**" | &nbsp;&nbsp;9.2.11 |
| &nbsp;&nbsp;[…\*\*\*…] | &nbsp;&nbsp;Schedule 1.67 |
| &nbsp;&nbsp;**"Fifth Backup Compound"** | &nbsp;&nbsp;1.78 |
| &nbsp;&nbsp;**"First Backup Compound"** | &nbsp;&nbsp;1.78 |
| &nbsp;&nbsp;[…\*\*\*…] | &nbsp;&nbsp;7.2 |
| &nbsp;&nbsp;**"Force Majeure"** | &nbsp;&nbsp;15.2 |
| &nbsp;&nbsp;**"Fourth Backup Compound"** | &nbsp;&nbsp;1.78 |
| &nbsp;&nbsp;**"Gatekeeper"** | &nbsp;&nbsp;2.7.2 |
| &nbsp;&nbsp;**"Gatekeeper Notice"** | &nbsp;&nbsp;2.7.3 |
| &nbsp;&nbsp;[**…\*\*\*…**] | &nbsp;&nbsp;Schedule 1.67 |
| &nbsp;&nbsp;[**…\*\*\*…**] | &nbsp;&nbsp;Schedule 1.67 |
| &nbsp;&nbsp;**"ICH"** | &nbsp;&nbsp;1.51 |
| &nbsp;&nbsp;"**Identified Third Party IP**" | &nbsp;&nbsp;7.12.2 |
| &nbsp;&nbsp;**"Indirect Taxes"** | &nbsp;&nbsp;7.13.1 |
| &nbsp;&nbsp;[**…\*\*\*…**] | &nbsp;&nbsp;3.2.2 |
| &nbsp;&nbsp;**"Indemnified Party"** | &nbsp;&nbsp;10.3 |
| &nbsp;&nbsp;**"Indemnifying Party"** | &nbsp;&nbsp;10.3 |
| &nbsp;&nbsp;**"Infringement"** | &nbsp;&nbsp;8.5.1 |
| &nbsp;&nbsp;**"Initial Joint Development Plan"** | &nbsp;&nbsp;1.71 |
| &nbsp;&nbsp;**"Initial Lead Licensed Compound"** | &nbsp;&nbsp;1.78 |
| &nbsp;&nbsp;[…\*\*\*…] | &nbsp;&nbsp;6.4.1 |
| &nbsp;&nbsp;[**…\*\*\*…**] | &nbsp;&nbsp;2.5.2 |
| &nbsp;&nbsp;**"IP Contact"** | &nbsp;&nbsp;8.1 |
| &nbsp;&nbsp;**"Janux"** | &nbsp;&nbsp;Preamble |
| &nbsp;&nbsp;**"Janux Additional Reimbursable Development Costs"** | &nbsp;&nbsp;3.2.2 |
| &nbsp;&nbsp;**"Janux Development Breach"** | &nbsp;&nbsp;4.3(a) |
| &nbsp;&nbsp;**"Janux Indemnitees"** | &nbsp;&nbsp;10.2 |
| &nbsp;&nbsp;"**Janux Identified Third Party IP**" | &nbsp;&nbsp;7.12.2 |
| &nbsp;&nbsp;"**Janux Inventor**" | &nbsp;&nbsp;1.59 |
| &nbsp;&nbsp;[**…\*\*\*…**] | &nbsp;&nbsp;9.3.3(b) |
| &nbsp;&nbsp;**"Janux Other Proprietary Component"** | &nbsp;&nbsp;1.63 |
| &nbsp;&nbsp;**"Janux Platform Arising Patents"** | &nbsp;&nbsp;1.66 |
| &nbsp;&nbsp;"**Janux Platform Enforcement Outside Date**" | &nbsp;&nbsp;8.5.3(a)(ii) |
| &nbsp;&nbsp;"**Janux Relevant Regulatory Materials**" | &nbsp;&nbsp;5.2.4 |
| &nbsp;&nbsp;[**…\*\*\*…**] | &nbsp;&nbsp;Schedule 1.67 |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Term** | &nbsp;&nbsp;**Section** |
| &nbsp;&nbsp;[**…\*\*\*…**] | &nbsp;&nbsp;Schedule 1.67 |
| &nbsp;&nbsp;[…\*\*\*…] | &nbsp;&nbsp;Schedule 1.67 |
| &nbsp;&nbsp;"**Janux Transaction**" | &nbsp;&nbsp;15.5.2 |
| &nbsp;&nbsp;**"JSC"** | &nbsp;&nbsp;3.1.1 |
| &nbsp;&nbsp;[**…\*\*\*…**] | &nbsp;&nbsp;Schedule 1.67 |
| &nbsp;&nbsp;[**…\*\*\*…**] | &nbsp;&nbsp;Schedule 1.67 |
| &nbsp;&nbsp;[**…\*\*\*…**] | &nbsp;&nbsp;Schedule 1.67 |
| &nbsp;&nbsp;[**…\*\*\*…**] | &nbsp;&nbsp;Schedule 1.67 |
| &nbsp;&nbsp;**"Manufacturing Technology Transfer"** | &nbsp;&nbsp;6.4 |
| &nbsp;&nbsp;**"Manufacturing Technology Transfer Plan"** | &nbsp;&nbsp;6.4 |
| &nbsp;&nbsp;[**…\*\*\*…**] | &nbsp;&nbsp;Schedule 1.67 |
| &nbsp;&nbsp;[**…\*\*\*…**] | &nbsp;&nbsp;Schedule 1.67 |
| &nbsp;&nbsp;**"Material Breach Notice"** | &nbsp;&nbsp;12.2 |
| &nbsp;&nbsp;**"Milestone Events"** | &nbsp;&nbsp;7.3 |
| &nbsp;&nbsp;**"Milestone Payments"** | &nbsp;&nbsp;7.3 |
| &nbsp;&nbsp;**"Necessary Identified Third Party Platform IP"** | &nbsp;&nbsp;7.12.2 |
| &nbsp;&nbsp;"**Necessary Third Party Platform Infringement IP**"  | &nbsp;&nbsp;8.8 |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Term** | &nbsp;&nbsp;**Section** |
| &nbsp;&nbsp;[…\*\*\*…] | &nbsp;&nbsp;Schedule 14.1 |
| &nbsp;&nbsp;**[…\*\*\*…]** | &nbsp;&nbsp;Schedule 14.3 |
| &nbsp;&nbsp;**"New Affiliate"** | &nbsp;&nbsp;2.4.2 |
| &nbsp;&nbsp;[…\*\*\*…] | &nbsp;&nbsp;Schedule 1.67 |
| &nbsp;&nbsp;"**New Third Party IP Pass-Through Payments**" | &nbsp;&nbsp;7.12.4 |
| &nbsp;&nbsp;**"Optimize"** | &nbsp;&nbsp;1.31 |
| &nbsp;&nbsp;"**Opt-In Janux New In-License Agreement**" | &nbsp;&nbsp;7.12.4 |
| &nbsp;&nbsp;**"Other Component"** | &nbsp;&nbsp;1.22 |
| &nbsp;&nbsp;[…\*\*\*…] | &nbsp;&nbsp;12.7 |
| &nbsp;&nbsp;"**Other Janux Platform Infringement**" | &nbsp;&nbsp;8.5.3(b) |
| &nbsp;&nbsp;**"Party" or "Parties"** | &nbsp;&nbsp;Preamble |
| &nbsp;&nbsp;**"Patent Term Extensions"** | &nbsp;&nbsp;8.6 |
| &nbsp;&nbsp;[…\*\*\*…] | &nbsp;&nbsp;7.2 |
| &nbsp;&nbsp;"**Potential Janux New In-License Agreement**" | &nbsp;&nbsp;7.12.3 |
| &nbsp;&nbsp;[…\*\*\*…] | &nbsp;&nbsp;7.19 |
| &nbsp;&nbsp;**"Product Marks"** | &nbsp;&nbsp;8.9.1 |
| &nbsp;&nbsp;**"Product Patents"** | &nbsp;&nbsp;8.3.1 |
| &nbsp;&nbsp;[**…\*\*\*…**] | &nbsp;&nbsp;2.7.2 |
| &nbsp;&nbsp;**"Prosecuting Party"** | &nbsp;&nbsp;8.3.4 |
| &nbsp;&nbsp;[…\*\*\*…] | &nbsp;&nbsp;8.3.2 |
| &nbsp;&nbsp;[…\*\*\*…] | &nbsp;&nbsp;8.3.2 |
| &nbsp;&nbsp;"**Reversion Regulatory Materials**" | &nbsp;&nbsp;13.2.3(a) |
| &nbsp;&nbsp;"**Rules**" | &nbsp;&nbsp;Schedule 14.3 |
| &nbsp;&nbsp;**"Sales Milestone"** | &nbsp;&nbsp;7.3 |
| &nbsp;&nbsp;**"Sales Milestone Notice"** | &nbsp;&nbsp;7.3 |
| &nbsp;&nbsp;**"Second Backup Compound"** | &nbsp;&nbsp;1.78 |
| &nbsp;&nbsp;**"Sales Milestone Payment"** | &nbsp;&nbsp;7.3 |
| &nbsp;&nbsp;**"Selling Party"** | &nbsp;&nbsp;1.83 |
| &nbsp;&nbsp;**"Service Provider Agreements"** | &nbsp;&nbsp;9.2.10 |
| &nbsp;&nbsp;**"Settlement Sublicense"** | &nbsp;&nbsp;1.109 |
| &nbsp;&nbsp;**"Sixth Backup Compound"** | &nbsp;&nbsp;1.78 |
| &nbsp;&nbsp;[**…\*\*\*…**] | &nbsp;&nbsp;Schedule 1.64 |
| &nbsp;&nbsp;[…\*\*\*…] | &nbsp;&nbsp;7.19 |
| &nbsp;&nbsp;**"Supply Agreements"** | &nbsp;&nbsp;6.1 |
| &nbsp;&nbsp;**"Supply Period"** | &nbsp;&nbsp;6.1 |
| &nbsp;&nbsp;**"Tangible Materials Technology Transfer"** | &nbsp;&nbsp;2.5.2 |
| &nbsp;&nbsp;[**…\*\*\*…**] | &nbsp;&nbsp;Schedule 1.67 |
| &nbsp;&nbsp;[**…\*\*\*…**] | &nbsp;&nbsp;Schedule 1.67 |
| &nbsp;&nbsp;**"Term"** | &nbsp;&nbsp;12.1.1 |
| &nbsp;&nbsp;**"Third Backup Compound"** | &nbsp;&nbsp;1.78 |
| &nbsp;&nbsp;[**…\*\*\*…**] | &nbsp;&nbsp;3.2.2 |
| &nbsp;&nbsp;**"Unavailable Target"** | &nbsp;&nbsp;2.7.2 |
| &nbsp;&nbsp;**"Wind-Down Alternative"** | &nbsp;&nbsp;2.4.3 |
| &nbsp;&nbsp;**"Withholding Tax Action"** | &nbsp;&nbsp;7.13.2 |
| &nbsp;&nbsp;[**…\*\*\*…**] | &nbsp;&nbsp;1.121 |
| &nbsp;&nbsp;[**…\*\*\*…**] | &nbsp;&nbsp;6.5 |

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**ARTICLE 2** **<br>Licenses**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** **Grant to BMS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.1** **License Grant under Janux Licensed IP Rights**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Subject to the terms and conditions of this Agreement, Janux hereby grants to BMS an exclusive (even as to Janux and its Affiliates, subject to Section 2.2.2 (Retained Rights)), sublicensable (in accordance with Section 2.1.2 (Sublicensees)), royalty-bearing (in accordance with Article 7 (Payments)) license, under the Janux Licensed IP Rights, in each case, to Exploit (i) the Licensed Compounds and Licensed Products (including as a monotherapy or for use in any Combination Therapy) and (ii) any assays, biomarkers or diagnostics for use in connection therewith […\*\*\*…]

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[…\*\*\*…], in each case (i) and (ii) in the Field in the Territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The foregoing license in Section 2.1.1(a) excludes the right to use the Janux Licensed IP Rights to (i) screen compounds from compound libraries to discover any new […\*\*\*…] T-Cell Engagers that are not Licensed Compounds […\*\*\*…], or (ii) Exploit any Janux Other Proprietary Component as part of a Combination Product or Combination Therapy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.2** **Sublicensees**. BMS will have the right (but not the obligation) to sublicense, through multiple tiers, those rights and licenses granted to it under Section 2.1.1(a) to one or more Third Parties. In no event shall any sublicense granted pursuant to this Section 2.1.2 (Sublicensees) diminish, reduce or eliminate any of the obligations of BMS under this Agreement. BMS shall remain responsible for the performance by any of its Sublicensees under such sublicense (including any acts and omissions of such Sublicensees in connection with such performance) and will require that its Sublicensees comply with the applicable provisions of this Agreement that are applicable to Sublicensees, including intellectual property and confidentiality provisions (including with respect to ownership of Joint Platform Arising Know-How and Joint Platform Arising Patents). BMS shall notify Janux promptly after granting any sublicense to a Sublicensee to Commercialize Licensed Products in […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** **Additional Licensing Provisions.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.1** **No Implied Licenses**. Except as explicitly set forth in this Agreement, neither Party shall be deemed by estoppel or implication to have granted to the other Party any license or other right to any Patents, Know-How or other intellectual property of such Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.2** **Retained Rights**. All rights in and to any Know-How, Patents, information or other intellectual property rights owned or otherwise Controlled by a Party (or any of its Affiliates) not expressly licensed or otherwise granted to the other Party under this Agreement are hereby retained by such Party (or any of its Affiliates, as applicable). Without limiting the generality of the foregoing, notwithstanding the exclusive license grants to BMS pursuant to Section 2.1.1(a), Janux hereby retains a limited non-exclusive, non-sublicensable right, under the Janux Licensed IP Rights solely as necessary to (a) conduct the Joint Development Activities allocated to Janux under the Joint Development Plan in accordance with the terms and conditions of this Agreement, including the Joint Development Plan, and (b) perform its Manufacturing and supply obligations of Licensed Compounds and Licensed Products pursuant to Section 6.1 (Supply of Licensed Compounds and Licensed Products to BMS) or Section 6.2 (Supply of Licensed Compounds and Licensed Products for Janux Development Activities), in each case in accordance with the terms and conditions of this Agreement (including the Supply Agreements), and not for

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any other purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.3** **Other BMS Product.** BMS shall have no obligation to disclose any data or other information with respect to any Other Component(s) in a Combination Product or Combination Therapy hereunder, and shall have the right to redact any data or other information related to any such Other Component(s) from any reports, records or other materials made available or provided to Janux hereunder. For clarity, no payments shall be due or payable hereunder by BMS on any sales of any such Other Component(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3** **Performance by Affiliates and Subcontractors.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.1** **Performance by Affiliates**. BMS (a) shall have the right (but not the obligation) to sublicense, through multiple tiers, those rights and licenses granted to it under Section 2.1 (Grant to BMS) to its Affiliates and (b) may perform (but shall not be obligated to perform) some or all of its obligations under this Agreement through one or more Affiliates; provided, however, that BMS will remain responsible for the performance by its Affiliates and will ensure that its Affiliates comply with the applicable provisions of this Agreement in connection with such performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.2** **Subcontractors**. Except as expressly provided in the Joint Development Plan or otherwise with the prior written consent of BMS (such consent not to be unreasonably withheld, conditioned or delayed), Janux shall not subcontract to any Third Party any of the activities for any of its Joint Development Activities (including any Manufacturing or supply activities for Licensed Compounds or Licensed Products to be used in any such Joint Development Activities) or any Manufacturing activities pursuant to Section 6.1 (Supply of Licensed Compounds and Licensed Products to BMS) or Section 6.2 (Supply of Licensed Compounds and Licensed Products for Janux Joint Development Activities) (including under the Supply Agreements). BMS may subcontract its rights or other obligations hereunder to a Third Party without consent of Janux. Each Party shall remain responsible for the performance by any of its subcontractors (including any acts and omissions of such subcontractor in connection with such performance) and will require that its subcontractors comply with the applicable provisions of this Agreement that are applicable to subcontractors, including intellectual property and confidentiality provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4** **Exclusivity.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4.1** **Exclusivity Covenant**. Janux hereby covenants and agrees that, during the Term, it will not, and will cause its Affiliates not to, either directly or indirectly (a) whether alone or with, for or on behalf of any Third Party, engage in any discovery, research, development, manufacturing or commercialization activities (including any Development, Manufacturing, Commercialization or other Exploitation) related or with respect to any […\*\*\*…] T-Cell Engager or […\*\*\*…] T-Cell Engager Product (including submitting any MAA for any […\*\*\*…] T-Cell Engager Product), in each case, other than (i) the conduct of the Joint Development Activities allocated to Janux under the Joint Development Plan as set forth in, and in accordance with, this Agreement (including the Joint Development Plan) and (ii) the performance of its Manufacturing and supply obligations of Licensed Compounds and Licensed Products pursuant to Section 6.1 (Supply of Licensed Compounds and Licensed Products to BMS) or Section 6.2 (Supply of Licensed Compounds and Licensed Products for Janux Joint Development Activities), in each case

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((i) and (ii)), in accordance with this Agreement, or (b) license (or grant any other right, including any option), authorize, assist, appoint or otherwise enable any Third Party to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4.2** **Exceptions for Change of Control**. Notwithstanding the provisions of Section 2.4.1 (Exclusivity Covenant), if Janux undergoes a Change of Control and any Third Party that first becomes an Affiliate of Janux as a result of such Change of Control (any such Third Party and any of its Affiliates immediately prior to the Change of Control that were not Affiliates of Janux prior to such Change of Control, each, a "**New Affiliate**") owns or otherwise has exclusive rights (as of the date of the closing of such Change of Control (the "**CoC Date**")) to a *bona fide* active and ongoing program with an approved budget for the discovery, research, development or commercialization (including manufacturing in connection with such activities) of […\*\*\*…] T-Cell Engager Products (that are not Licensed Compounds or Licensed Products) (such program, an "**Advanced CoC Competing Program**"), then Janux shall not be in breach of the provisions of Section 2.4.1 (Exclusivity Covenant) as a result of the continued conduct of such Advanced CoC Competing Program by any such New Affiliate during the Term, provided that (a) Janux notifies BMS in writing of such Advanced CoC Competing Program within […\*\*\*…]; (b) all activities with respect to such Advanced CoC Competing Program are conducted independently of the activities of this Agreement (including maintaining separate lab notebooks) and without use of, or access to, any Janux Licensed IP Rights or Arising IP Rights or any Confidential Information of BMS or Janux; (c) no Janux Licensed IP Rights or Arising IP Rights or Confidential Information of BMS or Janux is accessible by, provided to, or shared with any employee or other personnel engaged in any Development, Manufacture, Commercialization or other Exploitation of any product in such Advanced CoC Competing Program, except […\*\*\*…]; (d) no employee or other personnel engaged in any Development, Manufacture, Commercialization or other Exploitation of any Licensed Compound or Licensed Product (including the performance of any activities under the Joint Development Plan) is engaged in any Development, Manufacture, Commercialization or other Exploitation of any product in such Advanced CoC Competing Program, except […\*\*\*…], and (e) Janux and its Affiliates (including any such New Affiliate) put in place and implement for the remainder of the Term commercially reasonable firewalls and other protections that are designed to ensure that the foregoing clauses (b), (c) and (d) are complied with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4.3** **Exceptions for Acquired Program**. Notwithstanding the provisions of Section 2.4.1 (Exclusivity Covenant), if Janux or its Affiliate acquires a Third Party (whether by merger, consolidation, or purchase of all or substantially all of its assets, directly or indirectly) that owns or otherwise has rights (as of the date of such acquisition) to any program for the discovery, research, development or commercialization (including manufacturing in connection with such activities) of […\*\*\*…] T-Cell Engager Products (that are not Licensed Compounds or Licensed Products) (such program, an "**Acquired Competing Program**") as of the date of such acquisition, then Janux shall not be in breach of the provisions of Section 2.4.1 (Exclusivity Covenant) as a result of the continued conduct of any such Acquired Competing Program during the Divestment Period (if Janux elects the Divestment Alternative) or Acquisition Wind-Down Period (if Janux

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elects the Wind-Down Alternative), as applicable, provided that Janux and its Affiliates (including, if applicable, such newly acquired Affiliate) comply with the following: (a) Janux notifies BMS in writing of such Acquired Competing Program within […\*\*\*…], which notice shall include an election by Janux of either the Divestment Alternative or Wind-Down Alternative with respect to each Acquired Competing Program; (b) Janux and its Affiliates (including, if applicable, such newly acquired Affiliate) either (i) Divest the Acquired Competing Program(s) (the "**Divestment Alternative**") within […\*\*\*…] (the "**Divestment Period**"); provided that the Divestment Period will be automatically extended for […\*\*\*…] if at the end of such […\*\*\*…] period, Janux and its Affiliates are actively negotiating the terms of such Divestment; provided further that if the Divestment is not completed by the end of the Divestment Period, then Janux and its Affiliates (including, if applicable, such newly acquired Affiliate) shall permanently cease all Development, Manufacture, Commercialization, and other Exploitation under the Acquired Competing Program(s) (including by withdrawing any INDs and Regulatory Approvals for any […\*\*\*…] T-Cell Engager Products under such Acquired Competing Program) within […\*\*\*…], or (ii) wind-down and permanently cease all Development, Manufacture, Commercialization, and other Exploitation under the Acquired Competing Program(s) (including by withdrawing any INDs and Regulatory Approvals for such Acquired Competing Program) (the "**Wind-Down Alternative**") within […\*\*\*…] (the "**Acquisition Wind-Down Period**"); provided that the Acquisition Wind-Down Period will be automatically extended (on an activity-by-activity basis, as applicable) for the time needed to wind-down the applicable activity to account for reasonable patient safety reasons or as required by Applicable Law; (c) at all times prior to the Divestment (under the foregoing clause (b)(i)) or wind down and cessation (under the foregoing clause (b)(ii)), as applicable, of the Acquired Competing Program(s), all activities with respect to the Acquired Competing Program(s) are conducted independently of the activities of this Agreement (including maintaining separate lab notebooks) and without use of, or access to, any Janux Licensed IP Rights or Arising IP Rights or any Confidential Information of BMS or Janux; (d) no Janux Licensed IP Rights or Arising IP Rights or Confidential Information of BMS or Janux, is accessible by, provided to, or shared with any employee or other personnel engaged in any Development, Manufacture, Commercialization or other Exploitation of any product in such Acquired Competing Program, except […\*\*\*…]; (e) no employee or other personnel engaged in any Development, Manufacture, Commercialization, or other Exploitation of any Licensed Compound or Licensed Product (including the performance of any activities under the Joint Development Plan) is engaged in any Development, Manufacture, Commercialization, or other Exploitation of any product in such Acquired Competing Program, […\*\*\*…], and (f) Janux and its Affiliates (including, if applicable, such newly acquired Affiliate) put in place and implement for the remainder of the Term commercially reasonable firewalls and other protections that are designed to ensure that the foregoing clauses (c), (d) and (e) are complied with.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5** **General Technology Transfer and Assistance.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5.1**Without limiting any obligations of Janux under the Joint Development Plan, as and to the extent reasonably requested by BMS, Janux shall (and shall cause its Affiliates to) […\*\*\*…], cooperate with BMS (and its designees) and provide assistance to BMS (and its designees) to enable BMS (and its designees) to Exploit Licensed Compounds and Licensed Products, including by providing BMS (and its designees) with reasonable access by teleconference or in-person (as requested by BMS) to Janux personnel (and personnel of its Affiliates) involved in the Exploitation of Licensed Compounds or Licensed Products to answer questions related to Licensed Compounds and Licensed Products (including, if applicable, any assay, biomarker or diagnostic for use with any Licensed Compound or Licensed Product) and the Exploitation thereof, but subject to the terms of Section 2.5.2 with respect to the Tangible Materials Technology Transfer. Notwithstanding anything to the contrary herein, Janux shall have no obligation to disclose or transfer to BMS any Know-How that is specifically related to […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5.2**Without limiting Section 2.5.1 and without limiting any obligations of Janux under the Joint Development Plan (and, for clarity, the activities under Section 2.5.1 or under the Joint Development Plan, as applicable, shall not be subject to this Section 2.5.2 and shall not count towards the Initial Tangible Materials Transfer Threshold), Janux shall (and shall cause its Affiliates to) […\*\*\*…], within […\*\*\*…], provide and transfer to BMS (or its designees) the following (the "**Tangible Materials Technology Transfer**"): (a) the tangible embodiments of the Janux Licensed Know-How, including any documents and other information and materials containing Janux Licensed Know-How, (b) all Regulatory Materials, Regulatory Data, and other regulatory documentation related to any Licensed Compound or Licensed Product, in each case, in the Control of Janux (or any of its Affiliates), (c) all assays, reagents, biomarkers, compounds, cell lines, […\*\*\*…] and other samples and materials useful for the Exploitation of any Licensed Compounds or Licensed Products, in each case in the Control of Janux (or any of its Affiliates), (d) as and to the extent requested by BMS, reasonable quantities (as reasonably agreed to between BMS and Janux) of non-GMP Licensed Compounds and Licensed Products, and (e) the materials set forth in <u>Schedule 2.5</u> (Certain Transferred Materials), in each case, in a format reasonably requested by BMS (and, for clarity, BMS (and its designees) shall have the right to use all of the foregoing in accordance with the license grants under Section 2.1.1(a)); provided that Janux shall not be obligated to provide or transfer (i) off-the-shelf reagents, cell media or other materials that are readily commercially available (provided that Janux identifies the source thereof to BMS), (ii) tangible embodiments of any of the foregoing in clauses (a) through (c) that BMS is reasonably able to make from sequence information provided by Janux, unless otherwise agreed by Janux […\*\*\*…] or set forth in <u>Schedule 2.5</u> (Certain Transferred Materials), (iii) GMP materials until

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after Janux's release thereof […\*\*\*…], or (iv) any report until it is finalized […\*\*\*…]. All documents and information provided by Janux shall be in English. Such transfers will occur in an orderly fashion and in a manner such that the value, usefulness, and confidentiality of the transferred Janux Licensed Know-How, Regulatory Materials, Regulatory Data, and other regulatory documentation and materials are preserved in all material respects. Notwithstanding the foregoing, Janux shall have no obligation to provide any data or other information to BMS that is specifically related to (A) any Janux Other Proprietary Component(s) in a Combination Product or Combination Therapy, or (B) […\*\*\*…], or (C) […\*\*\*…]. In the event that […\*\*\*…], then Janux shall notify BMS thereof in writing. If BMS thereafter notifies Janux that […\*\*\*…], Janux shall […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6** **BMS Loss of Licenses for Patent Challenges**. Except to the extent unenforceable under the Applicable Law of the applicable jurisdiction, in the event that BMS or any of its Affiliates or Sublicensees, in any country or jurisdiction in the Territory, without the prior written consent of Janux, commences in a court or patent office of competent jurisdiction a Patent Challenge of a given Janux Licensed Patent in such country or jurisdiction (each, a "**BMS Patent Challenge**", […\*\*\*…], then, upon written notice from Janux to BMS of such BMS Patent Challenge […\*\*\*…] unless BMS or its Affiliate or Sublicensee, as applicable, terminates or withdraws from such claim, litigation or proceeding within […\*\*\*…] (but subject in all cases to final determination under the dispute resolution procedures pursuant to Article 14 (Dispute Resolution) in the event that BMS disagrees with Janux's assertion of a BMS Patent Challenge […\*\*\*…]. Notwithstanding the foregoing, the foregoing provisions of this Section 2.6 shall not apply where: […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7** **Gatekeeper Process for Additional Tumor Antigen Targets.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7.1**Notwithstanding anything to the contrary herein, (a) BMS and its Related Parties shall not have the right to Optimize any Licensed Compound by adding a sequence that is Directed to a tumor antigen target that is not […\*\*\*…] unless such tumor antigen target is a Cleared Target, and (b) for clarity, Janux shall not be obligated to engage in any discovery, research, development, manufacturing or other Exploitation of any Licensed Compound or Licensed Product pursuant to the Joint Development Plan or Section 6.1 (GMP-Grade Supply of Licensed Compounds and Licensed Products to BMS) that includes a sequence that is Directed to a tumor antigen target that is not […\*\*\*…] unless such tumor antigen target is a Cleared Target.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7.2**If BMS or any of its Related Parties has a [*…\*\*\*…*] desire to add to a Licensed Compound a sequence that is Directed to a tumor antigen target that (a) is not […\*\*\*…] and (b) is relevant to one or more indications to which […\*\*\*…] is also relevant […\*\*\*…] (such tumor antigen target, a "**Proposed Tumor Antigen Target**"), then BMS shall notify Janux (but not the identity of the Proposed Tumor Antigen Target), and Janux shall promptly (but in all cases within […\*\*\*…]) engage an independent Third Party that is reasonably acceptable to BMS, […\*\*\*…], to serve as a gatekeeper to determine whether a given Proposed Tumor Antigen Target of BMS is a "Cleared Target" in accordance with this Section 2.7 (Gatekeeper Process for Additional Tumor Antigen Targets) (the "**Gatekeeper**"). Promptly following the engagement of the Gatekeeper, Janux shall notify BMS of the identity of, and contact information for, the Gatekeeper and Janux shall provide the Gatekeeper with a list of tumor antigen targets (including, to the extent available, the UniProt number for each such tumor antigen target), each of which is then-currently the subject of either (i) […\*\*\*…] research or development program of Janux with respect to […\*\*\*…] or (ii) a written agreement between Janux and a Third Party (that is in full force and effect) that prohibits Janux from permitting BMS to […\*\*\*…] (each such tumor antigen target in (i) and (ii), an "**Unavailable Target**"). For clarity, each time that BMS desires to […\*\*\*…], Janux shall […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7.3**To determine whether any Proposed Tumor Antigen Target is an Unavailable Target, BMS shall provide the Gatekeeper with the Proposed Tumor Antigen Target, including, to the extent available, the UniProt number for the Proposed Tumor Antigen Target (a "**Clearance Inquiry**"). For clarity, each Clearance Inquiry will include […\*\*\*…]. Upon receipt of the Clearance Inquiry for such Proposed Tumor Antigen Target, the Gatekeeper will determine whether such Proposed Tumor Antigen Target is an Unavailable Target or not an Unavailable Target. Once the Gatekeeper determines whether the Proposed Tumor Antigen Target is an Unavailable Target or not an Unavailable Target, the Gatekeeper shall notify BMS in writing whether the Proposed Tumor Antigen Target is an Unavailable Target or not an Unavailable Target (the "**Gatekeeper Notice**"). If the Gatekeeper Notice indicates that the Proposed Tumor Antigen Target is not an Unavailable Target, then BMS shall have the right to designate such Proposed Tumor Antigen Target as a "**Cleared Target**" by written notice to Janux identifying such Cleared Target and delivered to Janux within […\*\*\*…]. If BMS does not designate a Proposed Tumor Antigen Target identified in the applicable Clearance Inquiry as a Cleared Target within […\*\*\*…] and subsequently wants to […\*\*\*…], then the Parties shall […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7.4**BMS shall not have the right to submit more than […\*\*\*…] Clearance Inquiries in any […\*\*\*…]

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[…\*\*\*…]; provided that BMS shall not have the right to add a given Proposed Tumor Antigen Target (that is not an Unavailable Target) as another Cleared Target while BMS or any of its Related Parties […\*\*\*…], unless Janux otherwise agrees in writing, […\*\*\*…]. If BMS elects to designate a new Cleared Target […\*\*\*…] after a Cleared Target has been previously designated by BMS, then unless agreed otherwise pursuant to the preceding sentence, such prior Cleared Target will no longer be deemed a Cleared Target. Each time that BMS conducts such process, Janux shall […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7.5**Each list of Unavailable Targets provided by Janux to the Gatekeeper is the Confidential Information of Janux, and the Parties will instruct the Gatekeeper to disclose to BMS (with respect to each request by BMS) only whether the Proposed Tumor Antigen Target in the Clearance Inquiry is an Unavailable Target or not an Unavailable Target. The Proposed Tumor Antigen Targets are the Confidential Information of BMS, and the Parties will instruct the Gatekeeper to disclose to Janux only when the Gatekeeper has received a Clearance Inquiry from BMS (but not the identity of any Proposed Tumor Antigen Targets) and has provided the Gatekeeper Notice to BMS. At the request of BMS, Janux shall cause the Gatekeeper to enter into a reasonable confidentiality agreement with BMS obligating the Gatekeeper to retain all information received from BMS in confidence pursuant to such confidentiality agreement.

**ARTICLE 3** **<br>Governance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **Joint Steering Committee.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1.1** **Formation; Composition**. No later than […\*\*\*…], the Parties will establish a joint steering committee (the "**JSC**") comprised of up to […\*\*\*…] representatives from each Party (who shall each be an employee of such Party or its Affiliate) with sufficient seniority within the applicable Party to perform functions within the scope of the JSC's responsibilities. Each Party may replace its JSC representatives at any time upon written notice to the other Party; provided that such replacement is an employee of such Party or its Affiliate. Either Party's representatives at the JSC may invite non-members to participate in the discussions and meetings of the JSC; provided that such participants will have no voting authority at the JSC and are bound by confidentiality and non-use obligations consistent with, and at least as protective as, those set out in Article 11 (Confidentiality) and, with respect to any Third Party participant, such participation has been approved by the other Party prior to such discussion or meeting, such approval not to be unreasonably conditioned, withheld or delayed. The JSC will

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be co-chaired by one of the representatives from BMS and one of the representatives from Janux (the "**Chairpersons**"). The role of the Chairpersons will be to convene and preside at meetings of the JSC. The Chairpersons will have no additional powers or rights beyond those held by the other JSC representatives. The Alliance Managers will work with the Chairpersons to prepare and circulate agendas and to ensure the preparation of minutes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1.2** **Specific Responsibilities**. The JSC will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)oversee, coordinate and make decisions regarding the activities that are expressly set forth in the Joint Development Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)review and determine whether to approve, subject to Section 3.5 (Modifications of Timelines), any amendments to the Joint Development Plan from time to time (and at least on a […\*\*\*…] basis), including to review and approve any amendments to the Lead Optimization Completion Criteria, Development Candidate Advancement Criteria and Development Candidate Completion Criteria;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)review and discuss and approve Janux's Manufacturing plans to support the Development of the Licensed Compounds and Licensed Products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)review and discuss any proposed subcontractor of Janux to perform any of Janux's Joint Development Activities, including any Manufacturing activities to be performed by or on behalf of Janux or its Affiliates with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)review data generated in the course of the Joint Development Activities by the Parties and consider and advise on any technical issues that arise in the course thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)review, discuss, and determine whether a given Licensed Compound has Successfully Achieved the Lead Optimization Completion Criteria, Development Candidate Advancement Criteria or Development Candidate Completion Criteria, as applicable, and select Licensed Compounds to be Lead Compounds, Lead Compounds to be Development Candidates and Development Candidates to be Clinical Candidates, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)approve commencement of (i) IND-enabling studies of a Lead Compound and (ii) a Phase I Clinical Trial of a Development Candidate (and the filing of an IND in connection therewith);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)monitor the Parties' progress under the Joint Development Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)facilitate the exchange of Know-How, deliverables, or materials to be provided by Janux as required hereunder, including with respect to technology transfers under Section 2.5 (General Technology Transfer and Assistance) and Section 6.4 (Manufacturing Technology Transfer);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)review, discuss and determine whether any Joint Development Activities allocated to Janux under the Joint Development Plan have been completed;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)determine if any of the activities under the Joint Development Plan are Technically Infeasible;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)as determined by the JSC, form subcommittees or working groups (in each case, that have no decision-making powers) that are responsible for the oversight and information sharing with respect to any specific aspect of activities under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)perform such other functions as are necessary for the conduct of the Joint Development Plan, in each case, as expressly set forth in this Agreement or as otherwise agreed in writing by the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1.3** **Meetings**. The JSC will meet at least […\*\*\*…], or as otherwise agreed to by the JSC. The first meeting of the JSC will occur […\*\*\*…]. No later than […\*\*\*…] prior to any meeting of the JSC, the Alliance Managers from both Parties will prepare and circulate an agenda for such meeting; provided, however, that either Party may propose additional topics to be included on such agenda prior to such meeting so long as the other Party consents to such later addition of such agenda items (which consent shall not be unreasonably conditioned, withheld or delayed). The JSC may meet in person, by videoconference or by teleconference. […\*\*\*…]. The Alliance Manager of one of the Parties (on an alternating basis, with BMS's Alliance manager having the responsibility with respect to the first meeting of the JSC, and thereafter rotating between the Alliance Manager of each Party) shall have responsibility for preparing written reasonably detailed draft minutes of each meeting of the JSC, and shall provide the draft minutes to the Alliance Manager of the other Party within […\*\*\*…] to coordinate review and approval by the JSC members, and such JSC members shall provide any comments within […\*\*\*…]. The Parties shall limit the content of such minutes to factual statements regarding the status and results of work under the Joint Development Plan and of any actions proposed or decisions made by the JSC. The Parties shall refrain from including any opinions or other extraneous content in such minutes. The JSC minutes shall become official when approved by the JSC at the next regularly scheduled JSC meeting, it being understood that actionable items approved and directed by the JSC shall commence notwithstanding the formal approval of JSC minutes. Any discrepancies or disputes with respect to the content of JSC minutes shall be resolved by the Parties prior to being presented at a JSC meeting for approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** **Decision Making on JSC and Resolution of JSC Disputes.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.1** **JSC Decision Making**. At the JSC, each Party shall have collectively one vote in all decisions within the JSC's purview, and the JSC shall make all decisions by unanimous vote, provided that in the event that the JSC cannot reach, despite using good faith efforts, a unanimous vote with respect to any decision within its purview within […\*\*\*…], then either Party may refer such dispute to the Designated Officers for resolution, and the Designated Officers will attempt to resolve the matter in good faith. If consensus cannot be reached with respect to such matter within […\*\*\*…], then, except as set forth in Section 3.2.2 (Limitations

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on BMS Final Decision-Making) and Section 3.5 (Modifications of Timelines), BMS shall have the final decision-making authority with respect to such matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.2** **Limitations on BMS Final Decision-Making**. BMS shall not have the final decision-making authority with respect to whether any activity under (or proposed to be conducted under) the Joint Development Plan is Technically Infeasible, and instead the Parties shall refer such matter to a Third Party independent technical expert mutually agreed by the Parties, whose decision will be final and binding; provided that, […\*\*\*…], and BMS shall reimburse Janux for its reasonable out-of-pocket costs and its FTE Costs for […\*\*\*…]; provided that Janux […\*\*\*…]. Without Janux's prior written consent (such consent not to be unreasonably withheld, conditioned or delayed), in exercise of its final decision-making authority on any matters pursuant to Section 3.2.1 (JSC Decision Making), BMS may not unilaterally amend the Joint Development Plan solely to accelerate the timelines therein for the performance of existing activities (i.e., activities already included in the Joint Development Plan) allocated to Janux without also modifying the corresponding activities to be conducted by Janux thereunder as permitted under this Section 3.2.2 (Limitations on BMS Final Decision-Making) and Section 3.5 (Modifications of Timelines). Without Janux's prior written consent (such consent not to be unreasonably withheld, conditioned or delayed), in exercise of its final decision-making authority on any matters pursuant to Section 3.2.1 (JSC Decision Making), BMS may not unilaterally amend the Joint Development Plan to […\*\*\*…] that would reasonably be expected to result in […\*\*\*…] expenses to Janux and […\*\*\*…] that, in aggregate with […\*\*\*…], are greater than […\*\*\*…] (an "**Aggregate Material Amendment**"), unless, […\*\*\*…]; provided that, […\*\*\*…]

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[…\*\*\*…]. In the case of either (x) an Aggregate Material Amendment that is not approved by Janux or (y) an […\*\*\*…] that is approved by Janux, BMS shall reimburse Janux for […\*\*\*…], the "**Janux Additional Reimbursable Development Costs**"). Notwithstanding the foregoing, in all cases, no consent of Janux shall be required to determine that a Licensed Compound is a Lead Compound, determine that a Lead Compound is a Development Candidate or determine that a Development Candidate is a Clinical Candidate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** **Discontinuation of JSC**. The JSC will continue to exist until the earlier of (i) BMS's election by written notice to discontinue the JSC (provided that BMS may not make such election until the study report for the first Phase I Clinical Trial under the Joint Development Plan has been drafted) and (ii) mutual agreement by the Parties to disband the JSC. Additionally, BMS shall have the right to disband the JSC as set forth in Section 15.5 (Change of Control or Assignment). Once the JSC is disbanded, the JSC will have no further obligations under this Agreement and, thereafter (a) the Alliance Managers will be the points of contact for the exchange of information between the Parties under this Agreement, (b) any requirement of a Party to provide information or other materials to the JSC shall be deemed a requirement to provide such information or other materials directly to the other Party and (c) any decisions or determinations that would otherwise have been made by the JSC had the JSC not disbanded shall thereafter be

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made by BMS, subject to the decision-making authority in Section 3.2 (Decision Making on JSC and Resolution of JSC Disputes) with respect to the activities under the Joint Development Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** **Technically Infeasible**. In the event that the JSC is deciding whether a given activity is Technically Infeasible, Janux shall provide to the JSC reasonable evidence in Janux's possession and Control, as reasonably requested by either Party's representatives on the JSC, to assist in making the determination as to whether the activity is Technically Infeasible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5** **Modification of Timelines**. In the event that the JSC amends the Joint Development Plan to modify the activities to be performed by Janux under the Joint Development Plan, including those activities in connection with either (x) the generation of a Development Candidate or corresponding Data Package or (y) the generation of a Clinical Candidate or corresponding Data Package, as applicable, and such modification is reasonably likely to impact the timelines for Janux to perform such activities under the foregoing clause (x) or (y) or to deliver to the JSC a Development Candidate or Clinical Candidate or corresponding Data Package, as applicable, for evaluation for advancement, then such amendment shall also include a reasonable associated adjustment, if any, to the timeline set forth in the Joint Development Plan for Janux to perform such activities or deliver the Development Candidate or Clinical Candidate, as applicable, to the JSC, provided […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6** **Limitations on Authority**. For clarity, and notwithstanding the creation of the JSC, each Party shall retain the rights and powers expressly granted to it under this Agreement and no such rights or powers shall be delegated to or vested in the JSC unless such delegation or vesting of rights is expressly provided for in this Agreement or the Parties expressly so agree in writing. For clarity, no decision of the JSC shall finally determine any interpretation of this Agreement or the Parties' rights or obligations hereunder. The JSC or a Party via exercise of its final decision-making authority shall not have any authority beyond the specific matters set forth in this Agreement, including not having the authority to amend, modify, terminate or waive compliance with this Agreement. It is understood and agreed that the issues to be formally decided by the JSC are limited to those specific issues that are expressly provided in Section 3.1.2 (Specific Responsibilities), and disputes arising between the Parties arising out of, in connection with or relating to this Agreement or any document or instrument delivered in connection herewith, and that are outside of the jurisdiction of the JSC, shall be resolved pursuant to Article 14 (Dispute Resolution).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.7** **Alliance Manager**. Within thirty (30) days of the Effective Date, each Party will appoint an employee (from the Party or from any Affiliate of such Party) who possesses adequate experience and qualifications related to the Development, Manufacturing, and Commercialization issues regarding pharmaceutical and biologic products (each, an "**Alliance Manager**"). The Alliance Managers will act as the first point of contact between the Parties with regard to questions relating to this Agreement or the overall business relationship and related matters between the Parties and assist the JSC in performing oversight responsibilities. In particular, each Alliance Manager shall (a) identify and bring disputes to the attention of the JSC (to the extent within the

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purview of the JSC) or the Parties, as applicable, in a timely manner and be the point of first referral in all matters of conflict resolution; (b) provide a single point of communication both internally within the Parties' respective organizations and between the Parties regarding issues that arise in the performance of the Joint Development Activities; and (c) take responsibility for ensuring that governance activities, such as the conduct of JSC meetings and drafting and securing approval of meeting minutes, occur as set forth in this Agreement and that relevant action items resulting from such meetings are appropriately carried out or otherwise addressed. Each Party may replace its Alliance Manager at any time upon written notice to the other Party. The Alliance Managers shall have only the responsibilities assigned expressly to it in this Agreement and shall not have any authority or power to amend, modify or waive compliance with the terms or provisions of this Agreement or any other agreement between or among any of the Parties.

**ARTICLE 4** **<br>Early Development**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** **Overview of Early Development**. Subject to the terms of this Agreement, the Parties shall conduct Joint Development Activities in accordance with the Joint Development Plan and the terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.1** **Joint Development Plan**. All Joint Development Activities under this Agreement shall be conducted pursuant to, and in accordance with, the Joint Development Plan, with (a) Janux conducting, in accordance with the Joint Development Plan, pre-clinical Development of the Licensed Compounds up to the point of IND submission, with the goal of (i) identifying, generating, producing, and optimizing Licensed Compounds, including optimization of Licensed Compounds to Successfully Achieve the Lead Optimization Completion Criteria and further Developing Lead Compounds for potential selection by the JSC as Development Candidates, (iii) conducting IND-enabling studies of Development Candidates and certain other pre-clinical Development of Development Candidates for potential selection by the JSC as Clinical Candidates, and (iii) conducting other activities allocated to Janux as set forth in the Joint Development Plan, and (b) BMS conducting (i) early clinical Development for Clinical Candidates following IND submission through the conduct of the first Phase I Clinical Trial for the applicable Clinical Candidate (on a Clinical Candidate-by-Clinical Candidate basis) and (ii) other activities allocated to BMS as set forth in the Joint Development Plan. The Joint Development Plan shall allocate responsibility for the Joint Development Activities between the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.2** **Amendments to the Joint Development Plan**. On at least […\*\*\*…] basis, the JSC will review and update (if applicable) the Joint Development Plan, and such updated Joint Development Plan shall supersede the previous Joint Development Plan once approved by the JSC. Without limiting the foregoing, either Party may propose to the JSC amendments to the then-current Joint Development Plan from time to time, as such Party deems appropriate. If approved by the JSC, the amended Joint Development Plan shall become effective for the applicable period on the date approved by the JSC (or such other date as the JSC shall specify). Any JSC-approved amended Joint Development Plan shall supersede the then-current Joint Development Plan for the applicable period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.3** **Performance**. Janux will be responsible for the performance and, to the extent not Technically Infeasible, completion of the Joint Development Activities allocated to it

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in the Joint Development Plan in accordance with the Joint Development Plan and this Agreement. For clarity, Janux will not be obligated to complete any activities (a) if such completion cannot be achieved because it is Technically Infeasible or (b) that are dependent on the completion of, or a particular result from, […\*\*\*…]. Without limiting the foregoing, and subject to the foregoing with respect to a given activity being Technically Infeasible or […\*\*\*…], Janux will perform and complete all the activities allocated to it under the Joint Development Plan (including meeting the timelines specifically set forth therein for the […\*\*\*…] and the […\*\*\*…] and […\*\*\*…], as such timelines may be updated by the JSC pursuant to Section 3.5 (Modification of Timelines), and subject to BMS meeting any timeline set forth in the Joint Development Plan for any […\*\*\*…] if such Janux activity is dependent on the completion of, or a particular result from, such […\*\*\*…]), and commit sufficient resources, staffing, equipment, facilities, materials, and other resources to timely perform all the activities allocated to it under the Joint Development Plan. For clarity, Janux and its Affiliates shall not, itself or with any Third Party, conduct any Development of any Licensed Compound or Licensed Product, except for the Joint Development Activities allocated to Janux under the Joint Development Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.4** **Costs for Joint Development Activities**. Each Party shall be responsible for any and all costs and expenses it (or its Affiliate) incurs in connection with the Joint Development Activities, other than the Janux Additional Reimbursable Development Costs (if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** **Selection of Lead Compounds, Development Candidates and Clinical Candidates.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2.1** **Information for and Selection of Lead Compounds, Development Candidates and Clinical Candidates**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)On a regular basis, and in all cases reasonably in advance of each regularly scheduled meeting of the JSC (but at least […\*\*\*…]), each Party shall provide an update in writing to the other Party with respect to the Joint Development Activities conducted by or on behalf of such Party under the Joint Development Plan since the last regularly scheduled meeting of the JSC, which update shall contain all data (provided […\*\*\*…]) related to a Licensed Compound or Licensed Product made, collected, or otherwise generated by or on behalf of such Party in the conduct of Joint Development Activities since the last regularly scheduled meeting of the JSC, including any data, reports, and results with respect thereto, information about material developments under the Joint Development Plan, and analysis of the results of its Joint Development Activities, including, with respect to any such reports provided by Janux, the identity of any Backup Compounds including the chemical structure / sequences thereof. In addition, Janux shall provide BMS such other data and information regarding the Joint Development

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Activities, and Licensed Compounds and Licensed Products, as BMS may reasonably request from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Within […\*\*\*…] following the date on which Janux has completed all activities under the Joint Development Plan that are necessary or reasonably useful to determine whether the Lead Optimization Completion Criteria, Development Candidate Advancement Criteria or Development Candidate Completion Criteria, as applicable, with respect to a given Licensed Compound has been Successfully Achieved, Janux will deliver to BMS a Data Package for such Licensed Compound (and, for clarity, with respect to a given Licensed Compound, (i) a Data Package will be provided by Janux to make such determination with respect to the Lead Optimization Completion Criteria, (ii) thereafter, if such Licensed Compound is a Lead Compound, a separate Data Package will be subsequently provided by Janux to make such determination with respect to the Development Candidate Advancement Criteria and (iii) thereafter, if such Licensed Compound is a Development Candidate, a separate Data Package will be subsequently provided by Janux to make such determination with respect to the Development Candidate Completion Criteria). Upon receipt of the applicable Data Package, BMS shall review such Data Package, and BMS shall notify Janux, no later than […\*\*\*…], whether the Data Package is complete and of any requests for additional information and records within the definition of Data Package, and Janux shall respond to such requests, and provide such information and records to BMS, within […\*\*\*…] (provided that, for clarity, as long as Janux has conducted and completed its activities under the Joint Development Plan in accordance with the terms of this Agreement, Janux shall not be obligated to conduct additional Development activities in response to BMS's requests for additional information and records under this Section 4.2.1(b) unless otherwise agreed to by the Parties […\*\*\*…]). The Parties will discuss the Data Package at a JSC meeting to be held no later than […\*\*\*…] and determine whether the proposed Licensed Compound has Successfully Achieved the Lead Optimization Completion Criteria, Development Candidate Advancement Criteria or Development Candidate Completion Criteria, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)If the JSC determines that a given Backup Compound has Successfully Achieved the Lead Optimization Completion Criteria, or otherwise designates such Backup Compound as a Lead Compound, then such Backup Compound will be deemed a "Lead Compound" hereunder. Except as set forth in the Joint Development Plan, Janux shall not conduct any post-lead optimization Development under the Joint Development Plan for a given Backup Compound unless and until such Backup Compound is designated as a "Lead Compound" by the JSC. For clarity, there may be more than one "Lead Compound" hereunder at any given time, but the JSC shall determine which Lead Compound(s) shall be prioritized for additional Development work (if any) by Janux under the Joint Development Plan, including in order to potentially select such Lead Compound as a Development Candidate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)If (i) the JSC determines that a given Lead Compound has Successfully Achieved the Development Candidate Advancement Criteria, and (ii) the JSC chooses such Lead Compound (that has Successfully Achieved the Development Candidate Advancement Criteria) for advancement into IND-enabling studies, and approves commencement of IND-enabling studies for such Lead Compound, under the Joint Development Plan, or if the

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JSC approves commencement of IND-enabling studies for a Lead Compound notwithstanding its failure to Successfully Achieve the Development Candidate Advancement Criteria, then such Lead Compound will be deemed to be selected as a "Development Candidate" hereunder and the DC Milestone will be deemed achieved (and, for clarity, even if a given Lead Compound has Successfully Achieved the Development Candidate Advancement Criteria, such Lead Compound shall not be deemed to be selected as a "Development Candidate" unless and until the JSC has chosen such Lead Compound for advancement into, and approved commencement of, IND-enabling studies under the Joint Development Plan). Except as set forth in the Joint Development Plan, Janux shall not conduct any IND-enabling studies (or other post-IND-enabling study Development activities) with respect to a given Licensed Compound under the Joint Development Plan unless and until such Licensed Compound is selected as a "Development Candidate" by the JSC. For clarity, if Janux has conducted and completed, in accordance with this Agreement, all applicable activities for a Lead Compound under the Joint Development Plan to be conducted prior to commencing IND-enabling studies, but the JSC does not determine that such Lead Compound has Successfully Achieved the Development Candidate Advancement Criteria (or otherwise designate such Lead Compound as a Development Candidate), then Janux shall not be obligated to continue to Develop such Lead Compound or any other Licensed Compound (that was not a Lead Compound) in order to achieve a Development Candidate unless and until the JSC amends the Joint Development Plan accordingly, in accordance with Section 3.2 (Decision Making on JSC and Resolution of JSC Disputes). For further clarity, unless otherwise determined by the JSC, it is anticipated that Janux will only Develop one (1) Development Candidate at a time under the Joint Development Plan; provided that if the Parties are Developing a given Development Candidate under the Development Plan, the JSC may determine to pause or cease the Development of such Development Candidate, and, in such case, may select an alternative Lead Compound(s) as a "Development Candidate" (pursuant to this Section 4.2.1(d)) for further Development under the Joint Development Plan (and, if applicable, the JSC will amend the Joint Development Plan accordingly).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)If (i) the JSC determines that a given Development Candidate has Successfully Achieved the Development Candidate Completion Criteria, and (ii) the JSC chooses such Development Candidate (that has Successfully Achieved the Development Candidate Completion Criteria) for advancement into a Phase I Clinical Trial (including the filing of an IND in connection therewith), and approves commencement of a Phase I Clinical Trial for such Development Candidate, under the Joint Development Plan, or if the JSC approves commencement of a Phase I Clinical Trial (including the filing of an IND in connection therewith) for a Development Candidate notwithstanding its failure to Successfully Achieve the Development Candidate Completion Criteria, then such Development Candidate will be deemed to be selected as a "Clinical Candidate" hereunder (and, for clarity, even if a given Development Candidate has Successfully Achieved the Development Candidate Completion Criteria, such Development Candidate shall not be deemed to be selected as a "Clinical Candidate" unless and until the JSC has chosen such Development Candidate for advancement into, and approved commencement of, a Phase I Clinical Trial under the Joint Development Plan). For clarity, if Janux has conducted and completed, in accordance with this Agreement, all applicable activities for a Development Candidate under the Joint Development Plan to be conducted prior to commencing a Phase I Clinical Trial, but the JSC does not determine that such Development Candidate has Successfully Achieved the Development Candidate Completion Criteria (or otherwise designate such

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Development Candidate as a Clinical Candidate), then Janux shall not be obligated to continue to Develop such Development Candidate or any other Licensed Compound (that was not Development Candidate) in order to achieve a Clinical Candidate unless and until the JSC amends the Joint Development Plan accordingly, in accordance with Section 3.2 (Decision Making on JSC and Resolution of JSC Disputes). For further clarity, if the Parties are Developing a given Clinical Candidate under the Development Plan, the JSC may determine to pause or cease the Development of such Clinical Candidate and, in such case, may select an alternative Development Candidate(s) as a "Clinical Candidate" (pursuant to this Section 4.2.1(e)) for further Development under the Joint Development Plan (and, if applicable the JSC will amend the Joint Development Plan accordingly).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)For clarity, any disputes with respect to the decisions or determinations to be made by the JSC pursuant to this Section 4.2.1 (Information for and Selection of Lead Compounds, Development Candidates and Clinical Candidates) shall be resolved in accordance with Section 3.2 (Decision Making on JSC and Resolution of JSC Disputes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3** **Janux Development Breach.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)If Janux fails to […\*\*\*…] (a "**Janux Development Breach**"), then BMS may provide written notice thereof to Janux (the "**Development Breach Notice**"), and, as soon as reasonably practicable upon receipt of such notice, the Parties will discuss […\*\*\*…] such issue and the activities necessary to remedy such Janux Development Breach. Upon receipt of such notice, Janux will have a period of […\*\*\*…] to remedy such Janux Development Breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Subject to Section 4.3(c), if Janux has not remedied such Janux Development Breach within the period set forth in Section 4.3(a) or, if applicable, the period set forth in Section 4.3(c), then the following shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)at the written request of BMS, in BMS's sole discretion, BMS (itself or through its designee) may assume and undertake any or all Joint Development Activities allocated to Janux under the Joint Development Plan and not previously conducted, in which case the following shall apply: (A) Janux shall, […\*\*\*…]

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[…\*\*\*…] effect a full technology transfer to BMS (or its designee), including […\*\*\*…] to enable BMS (or its designee) to undertake and complete any such Joint Development Activities (and, for clarity, […\*\*\*…]), and otherwise make Janux personnel reasonably available to advise BMS (or its designee) in connection with the conduct of such Joint Development Activities and cooperate with BMS to ensure a smooth and orderly transition thereof, in a […\*\*\*…] manner, that will not involve any significant delay in the Development of the Licensed Compounds or Licensed Products, and (B) Janux shall […\*\*\*…]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)BMS will have the right, upon written notice to Janux […\*\*\*…], to invoke […\*\*\*…], which, if elected by BMS, will […\*\*\*…]: (A) Janux shall […\*\*\*…], and (B) the Parties shall […\*\*\*…]; provided […\*\*\*…]. If the Parties are unable to agree on […\*\*\*…] within […\*\*\*…], then, at the request of either Party, such […\*\*\*…] will be finally determined in accordance with <u>Schedule 14.1</u> (Baseball Arbitration).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Notwithstanding the foregoing, if Janux initiates a dispute resolution procedure under Section 14.1 (Disputes) within […\*\*\*…], the period set forth in Section 4.3(a) to remedy the […\*\*\*…] shall be tolled pending resolution of the dispute in favor of BMS in accordance with Article 14 (Dispute Resolution), and the remedies set forth in Section 4.3(b) will become effective only if such breach remains unremedied for […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4** **Additional Development by Janux**. If, following Janux's completion of all of its activities under the Joint Development Plan in accordance with this Agreement, BMS desires <br>

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Janux to conduct additional Development of Licensed Compounds, such as […\*\*\*…], BMS may request Janux to conduct such activities, and the Parties will discuss BMS's request in good faith. If the Parties agree on the scope of and budget (including out-of-pocket costs and FTE Costs) for such activities (such agreement not to be unreasonably withheld, conditioned or delayed), then Janux shall conduct such activities in accordance with the agreed plan and budget for such activities, and BMS shall reimburse the […\*\*\*…] costs and FTE Costs incurred by Janux to conduct such activities, within […\*\*\*…]. Such activities will be deemed conducted under the Joint Development Plan and such costs will be considered Janux Additional Reimbursable Development Costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5** **Records, Reports, and Information**. Each Party will maintain complete, current and accurate reports and records and all related documentation with respect to its Joint Development Activities and, in the case of BMS, its subsequent Development hereunder of Licensed Compounds and Licensed Products during the Term, in good scientific manner and in compliance with Applicable Law, and each Party shall retain the same for a time period of no less than such time period as may be required by Applicable Law. Such reports, records and documentation shall fully and properly reflect all work done and results achieved in the performance of such Joint Development Activities or other Development activities in good scientific manner and appropriate for regulatory and patent purposes, and shall be prepared and maintained in accordance with Applicable Law, including, to the extent applicable, GLP, GCP and GMP recordkeeping requirements. Upon the reasonable written request of BMS, Janux shall provide BMS with reasonable access to (and afford BMS the right to inspect and copy) the foregoing records, reports, and documentation as reasonably requested by BMS, including to determine whether the Joint Development Activities have been performed in accordance with this Agreement or otherwise in connection with the Exploitation of Licensed Products. Upon the reasonable written request of Janux, BMS shall provide Janux with reasonable access to (and afford Janux the right to inspect and copy) the foregoing records, reports, and documentation with respect to any Transferred Activity (if any) as reasonably requested by Janux, to determine whether such Transferred Activity has been performed in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6** **Regulatory Matters**. If any Regulatory Materials will need to be prepared, filed or maintained in connection with the conduct of the Joint Development Activities hereunder, or if there will be any other meetings or interactions with any Regulatory Authorities related to the conduct of the Joint Development Activities, as between the Parties, BMS shall have the sole right to prepare, file and maintain such Regulatory Materials and attend such meetings or have such interactions, as set forth in Section 5.2 (Regulatory); provided, however, that Janux shall assist BMS in connection therewith as reasonably requested by BMS or as otherwise set forth in the Joint Development Plan. As between the Parties, such Regulatory Materials shall be owned by, and in the name of, BMS (or its designee), and if Janux (or any of its Affiliates) has any ownership interests (or other right, title or interest) in any such Regulatory Materials, Janux (and its Affiliates) shall assign, and hereby does assign, such ownership interests (and all other right, title and interest) in and to such Regulatory Materials to BMS (or its designee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.7** **Compliance**. With respect to any Joint Development Activities conducted by or on behalf of a Party under this Agreement, the following shall apply:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.7.1** **General**. Each Party (and its Affiliates) shall, and shall require that its subcontractors, conduct activities under the Joint Development Plan in compliance with all Applicable Laws (including, to the extent applicable, GCP, GLP and GMP), in good scientific manner and consistent with good business ethics, and each Party will promptly notify the other Party in writing after it becomes aware of any deviations from any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.7.2** **No Use of Debarred Person**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Janux hereby represents and warrants to BMS that (x) as of the Effective Date, Janux has screened itself, its Affiliates and its and their respective officers and directors (and its or their respective consultants and subcontractors who will be conducting Joint Development Activities and their respective officers and directors) against the Exclusions Lists (as defined below); and (y) Janux, its Affiliates and any Third Party subcontractor performing on Janux's behalf under the Joint Development Plan has not employed or otherwise used in any capacity, and will not employ or otherwise use in any capacity, the services of any Person, including any employee, officer, director, consultant or subcontractor, (i) who is (or has been) (1) convicted of any of the felonies identified among the exclusion authorities listed on the U.S. Department of Health and Human Services, Office of Inspector General (OIG) website, including 42 U.S.C. § 1320a-7(a) (http://oig.hhs.gov/exclusions/authorities.asp); (2) identified in the OIG List of Excluded Individuals/Entities (LEIE) database (http://exclusions.oig.hhs.gov/) or otherwise excluded from contracting with the federal government (see the System for Award Management (formerly known as the Excluded Parties Listing System) at http://sam.gov/portal/public/SAM/); or (3) listed by any U.S. federal agency as being suspended, debarred, excluded or otherwise ineligible to participate in federal procurement or non-procurement programs, including under 21 U.S.C. § 335a (http://www.fda.gov/ora/compliance_ref/debar/) (each of (1), (2) and (3), collectively, the "**Exclusions Lists**"), or otherwise debarred under U.S. law (including Section 21 U.S.C. § 335a) or any foreign equivalent thereof or (ii) that is the subject of an FDA debarment investigation or proceeding (or similar proceeding by any Regulatory Authority outside the U.S.), in each case ((i) and (ii)), in performing any portion of the activities under the Joint Development Plan. If at any point during the Term, Janux is, or learns that any of its Affiliates or its or their respective officers or directors, or any Person performing on behalf of Janux under the Joint Development Plan falls within the foregoing clauses (i) or (ii), Janux will promptly notify BMS and will prohibit such Person from performing any such activities, function or capacity related to any such activities under the Joint Development Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)BMS hereby represents and warrants to Janux that (x) as of the Effective Date, BMS has screened itself, its Affiliates and its and their respective executive officers and directors against the Exclusions Lists; and (y) BMS, its Affiliates and any Third Party subcontractor performing on BMS's behalf under the Joint Development Plan or other Development activities under this Agreement will not employ or otherwise use in any capacity, the services of any Person, including any employee, officer, director, consultant or subcontractor, (i) who is (or has been) on any Exclusions List, or otherwise debarred under U.S. law (including Section 21 U.S.C. § 335a) or any foreign equivalent thereof or (ii) that is the subject of an FDA debarment investigation or proceeding (or similar proceeding by any Regulatory Authority outside the U.S.), in each case ((i) and (ii)), in performing any portion of the activities under the Joint Development Plan. If at any point during the Term, BMS is, or learns that any of its Affiliates, or its or their respective officers or directors, or any Person performing on behalf of BMS under the

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Joint Development Plan or other Development activities under this Agreement falls within the foregoing clauses (i) or (ii), BMS will promptly notify Janux and will prohibit such Person from performing any such activities, function or capacity related to any such activities under the Joint Development Plan or this Agreement.

**ARTICLE 5** **<br>ADDITIONAL Development and Commercialization**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1** **Development.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.1** **General**. Except for the Joint Development Activities allocated to Janux under the Joint Development Plan, BMS (and its Affiliates), either itself or with or through Third Party(ies), shall have the sole right to Develop (and shall control all aspects of the Development of) Licensed Compounds and Licensed Products in the Field in the Territory. Notwithstanding anything to the contrary contained herein, but subject to the terms and conditions of this Agreement (including Section 5.1.2 (Diligence)), BMS shall have the right to conduct Development activities with respect to Licensed Compounds and Licensed Products outside of the Joint Development Plan in its discretion (including pre-clinical Development activities and Phase I Clinical Trials) at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.2** **Diligence**. BMS will use Commercially Reasonable Efforts to Develop and seek Regulatory Approval of at least one (1) Licensed Product in the Field in the U.S.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.3** **Assistance by Janux**. At the reasonable request of BMS, Janux shall consult with BMS with respect to, and provide reasonable assistance (including technical assistance) to BMS in connection with, BMS's Development (including manufacturing process development) and Manufacture of Licensed Compounds and Licensed Products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.4** **BMS Development Reports**. Following the completion of all Joint Development Activities under the Joint Development Plan and until the First Commercial Sale of a Licensed Product, on […\*\*\*…] basis, BMS will provide Janux with a high-level written report summarizing, since the previous such report, the material clinical Development activities by BMS for the Licensed Products. All such information shall be the Confidential Information of BMS. Upon Janux's request within […\*\*\*…], BMS will meet with Janux to discuss any reasonable inquiries of Janux with respect to such report and BMS's related Development activities and plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2** **Regulatory.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.1** **Regulatory Activities**. BMS (or its Affiliates or other designees) shall have the sole right to (i) prepare, obtain, and maintain Regulatory Materials and other regulatory submissions and applications for Licensed Compounds and Licensed Products (including as a single agent, for combination use or otherwise) in the Field in the Territory (including the setting of the overall regulatory strategy therefor), and (ii) conduct communications with Regulatory Authorities for Licensed Compounds and Licensed Products (including as a single agent, for combination use or otherwise) in the Field in the Territory. Without limiting Janux's obligations

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set forth in the Joint Development Plan, Janux shall provide support and assistance to BMS, as may be reasonably requested by BMS, in preparing, obtaining and maintaining Regulatory Materials for Licensed Products, and in the activities in support thereof, including (A) providing documents or other materials required by Applicable Law or requested by a Regulatory Authority, including with respect to the Janux Platform Technology, to the extent within Janux's (or its Affiliate's) possession and Control, (B) otherwise assisting BMS with preparing such Regulatory Materials and answering questions from Regulatory Authorities (including, if requested by BMS, attending meetings with Regulatory Authorities), (C) filing (and directing its contract manufacturers to file, as applicable) regulatory documentation with Regulatory Authorities such that such documentation may be referenced in Regulatory Material submitted by BMS (or its Affiliates or other designees) for Licensed Compounds and Licensed Products if applicable, and (D) providing (and directing its contract manufacturers to provide, as applicable) CMC and other Manufacturing-related information and assistance. As between the Parties, all Regulatory Material (including all Regulatory Approvals) for any Licensed Compound or Licensed Product shall be owned by, and shall be the sole property and held in the name of, BMS (or its Affiliate or other designee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.2** **Interactions with Regulatory Authorities**. As between the Parties, BMS (or its Affiliates or other designees) shall have the sole right to communicate and otherwise interact with Regulatory Authorities with respect to any Licensed Compound or Licensed Product, including with respect to any Regulatory Materials in connection therewith; provided that as and to the extent reasonably requested by BMS in writing, Janux shall interact with Regulatory Authorities (including making such regulatory filings and performing such other regulatory functions) in connection with Licensed Compounds and Licensed Products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.3** **Global Safety Database; Pharmacovigilance**. BMS (itself or through its designee) shall be responsible for establishing, holding and maintaining the global safety database for any Licensed Product with respect to information on adverse events concerning any Licensed Product, as and to the extent required by Applicable Law. Prior to the first Licensed Product entering clinical Development, the Parties will negotiate in good faith and agree on processes and procedures for Janux to share and provide to BMS any applicable safety information in Janux's (or its Affiliate's) possession and Control that is required for BMS to satisfy its reporting requirements to Regulatory Authorities relating to Licensed Products. The agreed upon processes and procedures will be set forth in a pharmacovigilance agreement containing mutually agreed terms and conditions that are customary for agreements of this type.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2.4** **Rights of Reference; Further Assurances**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Janux hereby grants to BMS and its Related Parties a right of reference to any regulatory approvals, filings and submissions, and any other regulatory materials, in each case Controlled by Janux or any of its Affiliates as of the Effective Date or at any time thereafter until the end of the Term that are reasonably useful for any Licensed Compound or Licensed Product or the Exploitation thereof (all such regulatory approvals, filings and submissions, and other regulatory materials, the "**Janux Relevant Regulatory Materials**"), in each case solely for BMS's or its Related Parties' use in the Exploitation of the Licensed Compounds and Licensed Products (including any assays, biomarkers or diagnostics for use with any Licensed Compound or Licensed Product) in the Field, including for use in connection with

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any Regulatory Materials or Regulatory Approvals for any Licensed Compound or Licensed Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In furtherance of the foregoing, Janux (and its Affiliates) will take such actions as may be reasonably requested by BMS to give effect to the intent of the foregoing provisions and to give BMS and its Related Parties the benefit of the foregoing right of reference, including providing a signed statement that BMS and its Related Parties may rely on, and that the Regulatory Authority may access, the Janux Relevant Regulatory Materials in support of BMS's (or any of its Related Party's) application for Regulatory Approval or other Regulatory Materials for the Licensed Compounds and Licensed Products in the Field.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3** **Commercialization.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3.1** **General**. BMS (and its Affiliates), either itself or with or through Third Party(ies), shall have the sole right to Commercialize (and shall control all aspects of the Commercialization of) Licensed Compounds and Licensed Products in the Field in the Territory, and Janux and its Affiliates shall have no right to do so. Without limiting the foregoing, BMS (and its Affiliates), either itself or with or through Third Party(ies), shall have the sole right to (a) invoice and book sales, establish all terms of sale (including pricing and discounts), warehouse and distribute the Licensed Products in the Field in the Territory and to perform or cause to be performed all related services and (b) handle all returns, recalls, or withdrawals, order processing, invoicing, collection, distribution, and inventory management with respect to the Licensed Products in the Field in the Territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3.2** **Diligence**. BMS will use Commercially Reasonable Efforts to, following receipt of Regulatory Approval from the FDA for the applicable Licensed Product, Commercialize at least one (1) Licensed Product for use in the Field in the U.S.

**ARTICLE 6** **<br>Manufacturing**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1** **GMP-Grade Supply of Licensed Compounds and Licensed Products to BMS**. During the period beginning on the Effective Date and ending on the date that BMS determines […\*\*\*…] (the "**Supply Period**"), Janux shall Manufacture and supply to BMS (and its Related Parties) GMP-grade Licensed Compounds and Licensed Products, in quantities as reasonably requested by BMS (or its Related Party) for the purpose of performing Development activities, including for use in the conduct of Phase I Clinical Trials under the Joint Development Plan; provided that such Manufacturing and supply shall be in accordance with supply agreements and associated quality agreements (collectively, "**Supply Agreements**") to be entered into by the Parties in good faith within […\*\*\*…]. The Supply Agreements will include terms customary for similar

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supply arrangements. Janux will Manufacture and supply Licensed Compounds and Licensed Products to BMS in accordance with the Supply Agreements, and each Party will otherwise comply with its obligations under the Supply Agreements and this Agreement with respect thereto. In all cases, (a) notwithstanding anything to the contrary herein, the Supply Agreements shall set forth that the supply price payable by BMS to Janux for such Manufacture and supply shall be […\*\*\*…], which payment shall be made in accordance with the terms and conditions of the Supply Agreements, and (b) the Supply Agreements will require that Licensed Compounds and Licensed Products supplied thereunder shall (i) have been Manufactured in accordance with Applicable Law (including GMP), (ii) conform to the Product Specifications with respect thereto and (iii) not be adulterated or misbranded. For clarity, in all cases, subject to BMS's obligations under the Supply Agreements, […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** **Supply of Licensed Compounds and Licensed Products for Janux Joint Development Activities**. Janux shall be responsible, […\*\*\*…], for Manufacturing and supplying sufficient quantities of Licensed Compounds and Licensed Products for the conduct of the Joint Development Activities allocated to Janux under the Joint Development Plan. With respect to any such Licensed Compounds and Licensed Products, Janux hereby represents, warrants and covenants to BMS that such Licensed Compounds and Licensed Products shall (a) be Manufactured in accordance with Applicable Law (including GMP, as applicable), (b) conform to the Product Specifications with respect thereto and (c) if applicable, not be adulterated or misbranded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3** **Other Supply of Licensed Compounds and Licensed Products**. Except as specifically required pursuant to and in accordance with Section 6.1 (Supply of Licensed Compounds and Licensed Products to BMS) and Section 6.2 (Supply of Licensed Compounds and Licensed Products for Janux Joint Development Activities), BMS (and its Affiliates), either itself or with or through Third Party(ies), shall have the sole right to Manufacture (and shall control all aspects of the Manufacturing of) Licensed Compounds and Licensed Products for use in the Field in the Territory (including for Clinical Trials), and for clarity, Janux (and its Affiliates) shall have no right to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4** **Manufacturing Technology Transfer.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4.1**Without limiting the provisions of Section 2.5 (General Technology Transfer and Assistance), at the request of BMS, Janux will (and will cause its Affiliates and direct its Third Party contract Manufacturers to) provide to BMS (or its designee), and assist BMS (or its designee) with respect to, the transfer and implementation at facilities designated by BMS of Manufacturing capabilities with respect to the Licensed Compounds and Licensed Products in accordance with the Manufacturing Technology Transfer Plan (the "**Manufacturing Technology Transfer**"). The Manufacturing Technology Transfer shall include (unless otherwise determined by BMS), among other things, the following to be conducted by Janux (and its Affiliates and Third Party contract Manufactures, as applicable): (a) the transfer of the Janux Licensed Know-How

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related to Manufacturing of any Licensed Compound or Licensed Product, and any assays, reagents, biomarkers, cell lines, cell banks (including master cell banks and cell media), analytical test methods, SOPs, reference materials, compounds and other materials that are necessary or useful for the Manufacture of any Licensed Compound or Licensed Product, in each case that are Controlled by Janux or any of its Affiliates (but excluding any off-the-shelf materials that are readily commercially available (provided that Janux identifies the source thereof to BMS)), as well as […\*\*\*…], in order for BMS (or its designee) to Manufacture the Licensed Compounds and Licensed Products, including to replicate the processes employed by or on behalf of Janux (including Janux's Third Party manufacturers) (and, for clarity, BMS (and its designees) shall have the right to use all of the foregoing in accordance with the license grants under Section 2.1.1(a)); (b) at the request of BMS, facilitating BMS (or its Affiliate) entering into agreements with applicable Third Party suppliers of Janux (or its Affiliate) relating to Licensed Compounds or Licensed Products; and (c) cooperating with and providing technical assistance (including on-site assistance) and consultation as reasonably requested by BMS in connection with the transfer and the implementation of such Janux Licensed Know-How by BMS (or its designee), and directing Janux's Third Party manufacturers to do the same; provided that Janux shall not be obligated to provide or transfer GMP materials until after Janux's release thereof (provided that Janux shall use Commercially Reasonable Efforts to promptly release such GMP materials), or any report until it is finalized (provided that Janux shall use Commercially Reasonable Efforts to promptly finalize such reports). Within […\*\*\*…], the Parties shall mutually agree on, and finalize, the manufacturing technology transfer plan (the "**Manufacturing Technology Transfer Plan**") detailing a plan for the Manufacturing Technology Transfer, which plan shall be consistent with this Section 6.4.1, and Janux shall carry out (and will cause its Affiliates and direct its Third Party contract Manufacturers to carry out) activities set forth in such Manufacturing Technology Transfer Plan. BMS will reimburse Janux for any reasonable out-of-pocket costs incurred by Janux to conduct the Manufacturing Technology Transfer in accordance with the Manufacturing Technology Transfer Plan (which reimbursement shall be made within […\*\*\*…]), but only to the extent that […\*\*\*…]. […\*\*\*…]; provided that in the event that […\*\*\*…] to conduct the Manufacturing Technology Transfer pursuant to this Section 6.4.1, then […\*\*\*…]

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[…\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4.2**Without limiting the foregoing provisions of Section 6.4.1, upon BMS's reasonable request, Janux will provide, and direct its Third Party manufacturers to provide, BMS with reasonable sample quantities of the (a) once the applicable Licensed Compound is added to the […\*\*\*…] and the […\*\*\*…] has occurred, the […\*\*\*…] Cell Line Materials, and (b) any other master cell bank line and working cell bank line and any non-off the shelf media used for those cell banks, in each case of this clause (b) to the extent Controlled by Janux at the applicable time, in each case ((a) and (b)), as a precursor to Manufacturing Technology Transfer activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5**[…\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5.1**[…\*\*\*…]

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[…\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5.2**[…\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5.3**[…\*\*\*…].

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[…\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5.4**[…\*\*\*…].

**ARTICLE 7** **<br>Payments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1** **Upfront Fee**. Within […\*\*\*…], BMS will make a one-time, non-refundable, non-creditable payment to Janux of fifteen million Dollars ($15,000,000).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2** **Development and Regulatory Milestone Payments**. Subject to the terms and conditions of this Agreement (including […\*\*\*…], this Section 7.2 (Development and Regulatory Milestone Payments), […\*\*\*…], and […\*\*\*…]), BMS will pay to Janux the one-time, non-refundable, non-creditable milestone payments described in this Section 7.2 (Development and Regulatory Milestone Payments) as set forth in Table 7.2 (Development and Regulatory Milestones) below following the […\*\*\*…] achievement by BMS or any of its Related Parties (or in the case of the DC Milestone, […\*\*\*…]) following the Effective Date of the corresponding milestone events […\*\*\*…] in the Field in the Territory to achieve such milestone event hereunder during the Term (each such milestone event, a "**Development and Regulatory Milestone**" and its corresponding milestone payment, a "**Development and Regulatory Milestone Payment**"). Upon achievement of the DC Milestone, Janux shall invoice BMS for the corresponding Development and Regulatory Milestone Payment, and BMS shall pay such invoice within […\*\*\*…]. Within […\*\*\*…] following the achievement of each other Development and Regulatory Milestone by BMS or its Related Party […\*\*\*…] to achieve such milestone, BMS will (i) notify Janux in writing of such achievement (each, a "**Development and Regulatory Milestone Notice**"), and (ii) pay the applicable Development and Regulatory Milestone Payment set forth in

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Table 7.2 (Development and Regulatory Milestone Payments); provided that, at the request of BMS to Janux, Janux will promptly issue an invoice (with wire instructions) to BMS for the applicable Development and Regulatory Milestone Payment. Each Development and Regulatory Milestone will be paid a maximum of […\*\*\*…], and Development and Regulatory Milestone Payments […\*\*\*…]. […\*\*\*…]. The maximum aggregate amount payable by BMS pursuant to this Section 7.2 (Development and Regulatory Milestones) is […\*\*\*…].

[…\*\*\*…].

[…\*\*\*…].

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Table 7.2 – Development and Regulatory Milestones*** | &nbsp;&nbsp;***Table 7.2 – Development and Regulatory Milestones*** |
| &nbsp;&nbsp;**Development and Regulatory Milestone** | &nbsp;&nbsp;**Development and Regulatory Milestone Payment** |
| &nbsp;&nbsp;Selection of the first Licensed Compound as a Development Candidate under the Joint Development Plan pursuant to Section 4.2.1(d) (the "**DC Milestone**")  | &nbsp;&nbsp;$35000000 |
| &nbsp;&nbsp;[…\*\*\*…]  | &nbsp;&nbsp;$[…\*\*\*…] |

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---

| | |
|:---|:---|
| &nbsp;&nbsp;[…\*\*\*…] | &nbsp;&nbsp;$[…\*\*\*…] |
| &nbsp;&nbsp;[…\*\*\*…] | &nbsp;&nbsp;$[…\*\*\*…]  |
| &nbsp;&nbsp;**Maximum Development and Regulatory Milestone Payments** | &nbsp;&nbsp;$[…\*\*\*…] |

---

[…\*\*\*…]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3** **Sales Milestone Payments**. Subject to the terms and conditions of this Agreement (including […\*\*\*…], this Section 7.3 (Sales Milestone Payments), […\*\*\*…], […\*\*\*…], and […\*\*\*…]), following the […\*\*\*…] achievement by BMS or any of its Related Parties following the Effective Date of the sales milestone events described in Table 7.3 (Sales Milestones) below […\*\*\*…] hereunder during the Term (prior to the expiration of the last Royalty Term), BMS will pay Janux the corresponding […\*\*\*…], non-creditable, non-refundable payment set forth in Table 7.3 (Sales Milestones) (each such sales milestone event, a **"Sales Milestone**" and its corresponding milestone payment, a "**Sales Milestone Payment**", and each Sales Milestone and each Development and Regulatory Milestone, each a "**Milestone Event**" and collectively the "**Milestone Events**", and each Sales Milestone Payment and Development and Regulatory Milestone Payment, each a "**Milestone Payment**" and collectively the "**Milestone Payments**"). Within […\*\*\*…] in which a given Sales Milestone is […\*\*\*…] achieved hereunder […\*\*\*…] by BMS, BMS will (i) notify Janux in writing of such achievement (each, a "**Sales Milestone Notice**"), and (ii) pay the applicable Sales Milestone Payment set forth in Table 7.3 (Sales Milestones); provided that, at the request of BMS to Janux, Janux will promptly issue an invoice (with wire instructions) to BMS for the applicable Sales Milestone Payment . The tiers set forth in Table 7.3 (Sales Milestones)

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shall apply separately to each Licensed Product, and […\*\*\*…]. Each Sales Milestone will be paid a maximum of […\*\*\*…], and […\*\*\*…]. The maximum aggregate milestone payments payable by BMS pursuant to this Section 7.3 (Sales Milestones) is […\*\*\*…)].

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Table 7.3 – Sales Milestones*** | &nbsp;&nbsp;***Table 7.3 – Sales Milestones*** |
| &nbsp;&nbsp;**Sales Milestone** | &nbsp;&nbsp;**Sales Milestone Payment** |
| &nbsp;&nbsp;First Calendar Year in which total annual Net Sales for a given Licensed Product in a single Calendar Year in the Field in the Territory meet or exceed $[…\*\*\*…] | &nbsp;&nbsp;$[…\*\*\*…] |
| &nbsp;&nbsp;First Calendar Year in which total annual Net Sales for a given Licensed Product in a single Calendar Year in the Field in the Territory meet or exceed $[…\*\*\*…] | &nbsp;&nbsp;$[…\*\*\*…] |
| &nbsp;&nbsp;First Calendar Year in which total annual Net Sales for a given Licensed Product in a single Calendar Year in the Field in the Territory meet or exceed $[…\*\*\*…] | &nbsp;&nbsp;$[…\*\*\*…] |
| &nbsp;&nbsp;**Maximum Sales Milestone Payments** | &nbsp;&nbsp;**$**[**…\*\*\*…**] |

---

If two (2) or more Sales Milestones are achieved in the same Calendar Year, then payment of the corresponding Sales Milestone Payments will be concurrently due for all such achieved Sales Milestones. If […\*\*\*…], then […\*\*\*…]. For clarity, […\*\*\*…] shall not be deemed "Net Sales" for purposes of […\*\*\*…], but, for clarity, […\*\*\*…] shall be deemed "Net Sales" for purposes of calculating […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4** **Payments for the […\*\*\*…] Licensed Product**. Each Milestone Payment will be paid […\*\*\*…] regardless of whether […\*\*\*…] and regardless of […\*\*\*…].

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.5** **Royalty Payments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.5.1** **Royalty Rates**. Subject to the terms and conditions of this Agreement (including […\*\*\*…], Section 7.5.2 (Provisions Applicable to Royalty Payments), Section 7.6 (Biosimilar Competition), Section 7.7 (Expiration of Valid Claims), Section 7.8 (Royalty Floor), Section 7.9 (Stacking), Section 7.10 (Compulsory Licenses; Inflation Reduction Act), […\*\*\*…], […\*\*\*…], and […\*\*\*…]), during the applicable Royalty Term with respect to a given Licensed Product, BMS will pay to Janux, for each applicable Calendar Year, a tiered royalty on annual Net Sales of such Licensed Product sold by BMS (or any of its Related Parties) in the Field in the Territory in such Calendar Year (excluding Net Sales of such Licensed Product in any country in the Territory for which the Royalty Term for such Licensed Product in such country has expired), on a Licensed Product-by-Licensed Product and country-by-country basis, based on the royalty rates as set forth in Table 7.5.1 (Royalties for Licensed Products).

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| | |
|:---|:---|
| &nbsp;&nbsp;***Table 7.5.1 –Royalties for Licensed Products*** | &nbsp;&nbsp;***Table 7.5.1 –Royalties for Licensed Products*** |
| &nbsp;&nbsp;**Net Sales Thresholds** | &nbsp;&nbsp;**Royalty Rates for a given Licensed Product\*** |
| &nbsp;&nbsp;On the portion of aggregate Net Sales of a given Licensed Product in a given Calendar Year in the Territory that is less than or equal to $[…\*\*\*…] | &nbsp;&nbsp;[…\*\*\*…]% |
| &nbsp;&nbsp;On the portion of aggregate Net Sales of a given Licensed Product in a given Calendar Year in the Territory that is greater than $[…\*\*\*…] but less than or equal to $[…\*\*\*…] | &nbsp;&nbsp;[…\*\*\*…]% |
| &nbsp;&nbsp;On the portion of aggregate Net Sales of a given Licensed Product in a given Calendar Year in the Territory that is greater than $[…\*\*\*…] but less than or equal to $[…\*\*\*…] | &nbsp;&nbsp;[…\*\*\*…]% |
| &nbsp;&nbsp;On the portion of aggregate Net Sales of a given Licensed Product in a given Calendar Year in the Territory that is greater than $[…\*\*\*…] | &nbsp;&nbsp;[…\*\*\*…]% |

---

\*royalty rates are subject to reduction pursuant to the terms of this Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.5.2** **Provisions Applicable to Royalty Payments**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)BMS's royalty obligations to Janux under this Section 7.5 (Royalty Payments) shall apply on a Licensed Product-by-Licensed Product and country-by-country basis only during the applicable Royalty Term for such Licensed Product in such country. Following expiration of the applicable Royalty Term for a given Licensed Product in a given country, as applicable, no further royalties will be payable in respect of sales of such Licensed Product in such country and, from and after the expiration of such Royalty Term, the license granted to BMS

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hereunder with respect to such Licensed Product in such country will automatically become perpetual, irrevocable, fully paid-up and royalty-free. For clarity, with respect to each Licensed Product and a country in the Territory, no Royalty Payments shall be due or payable on any future sales of such Licensed Product in such country held in inventory (i.e., that have not been sold as determined in accordance with Accounting Standards) as of the date of expiration of the Royalty Term for such Licensed Product in such country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The applicable royalty rates set forth in the table above will apply only to that portion of the annual Net Sales of the applicable Licensed Product during a given Calendar Year that falls within the indicated range. For clarity, (i) if no royalty is payable on a given unit of Licensed Product (e.g., following the Royalty Term for a given Licensed Product in a given country), then the Net Sales of such unit of Licensed Product shall not be included for purposes of determining the royalties or royalty tiers, (ii) Net Sales of a given Licensed Product will not be combined with Net Sales of any other Licensed Product for purposes of determining the royalties or royalty tiers, and (iii) with respect to each unit of the Licensed Product for which a royalty is payable, only one royalty shall be payable by BMS to Janux for the sale of such unit of Licensed Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)For the purpose of this Section 7.5 (Royalty Payments), any […\*\*\*…] received by BMS (or any of its Related Parties) during the Royalty Term for a given Licensed Product in a given country in a given Calendar Year shall be deemed "aggregate Net Sales" of such Licensed Product in such country in such Calendar Year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.6** **Biosimilar Competition**. On a Licensed Product-by-Licensed Product and country-by-country basis, if a Biosimilar Product(s) to such Licensed Product is sold in such country, the royalty rate otherwise applicable to the Net Sales of such Licensed Product in such country will be reduced as follows in any […\*\*\*…]: (a) by […\*\*\*…] if in such […\*\*\*…] the unit volume of such Biosimilar Product(s) (in the aggregate) sold in such country exceeds […\*\*\*…] of the unit volume of such Biosimilar Product(s) and such Licensed Product sold in such country, and (b) by […\*\*\*…] if in such […\*\*\*…] the unit volume of such Biosimilar Product(s) (in the aggregate) sold in such country exceeds […\*\*\*…] of the unit volume of such Biosimilar Product(s) and such Licensed Product sold in such country. Unit volumes will be determined by a well-known reporting service agreed by the Parties, acting reasonably (e.g., IMS International); provided that, for clarity, there may be different reporting services in different countries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.7** **Expiration of Valid Claims**. On a Licensed Product-by-Licensed Product and country-by-country basis (i.e., the applicable country in which such Licensed Product is sold), […\*\*\*…] there is no Valid Claim in such country that Covers the sale of the Licensed Compound contained in such Licensed Product in such country, the royalty rate otherwise applicable to the Net Sales of such Licensed Product in such country […\*\*\*…] will be reduced by […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.8** **Royalty Floor**. Notwithstanding anything to the contrary herein, but without prejudice to […\*\*\*…] or […\*\*\*…] (and, for clarity, the provisions

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of this Section 7.8 (Royalty Floor) shall not apply to any reductions pursuant to such Sections), in no event will (a) the aggregate Royalty Payments that are payable pursuant to Section 7.5 (Royalty Payments) in any […\*\*\*…] be reduced, as a result of Section […\*\*\*…], individually or in combination, below […\*\*\*…] of the aggregate Royalty Payments otherwise payable pursuant to Section 7.5.1 (Royalty Rates) in such […\*\*\*…] and (b) the aggregate Royalty Payments that are payable pursuant to Section […\*\*\*…], individually or in combination, below […\*\*\*…] of the aggregate Royalty Payments otherwise payable pursuant to Section 7.5.1 (Royalty Rates) in such […\*\*\*…]; provided that the foregoing floors will not apply to Royalty Payments based on Net Sales under […\*\*\*…]. […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.9** **Stacking**. If BMS (or any of its Related Parties) obtains a right or license under any Patent, Know-How or other intellectual property of a Third Party (whether prior to, or after, the Effective Date), where […\*\*\*…], would result in a payment to such Third Party, then BMS may deduct from the Royalty Payments that would otherwise have been due hereunder for the applicable […\*\*\*…], an amount equal to […\*\*\*…] of […\*\*\*…] payable by BMS (or any of its Related Parties) to such Third Party for such right or license (or the exercise thereof) that are attributable to […\*\*\*…]. Notwithstanding the foregoing, the royalty floor in clause (b) of Section 7.8 (Royalty Floor) will apply to the reductions pursuant to this Section 7.9 (Stacking); provided that, […\*\*\*…]

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[…\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.10** **Compulsory Licenses; Inflation Reduction Act.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)If a Compulsory License is granted to a Third Party with respect to a Licensed Product in any country in the Territory with a royalty rate lower than the royalty rate that otherwise would be applicable as set forth in the chart in Section 7.5.1 (Royalty Rates) to such Licensed Product in such country (as adjusted pursuant to Section 7.6 (Biosimilar Competition) and Section 7.7 (Expiration of Valid Claims)), then the royalty rate applicable to Net Sales of such Licensed Product in such country that would otherwise be applicable as set forth in the chart in Section 7.5.1 (Royalty Rates) (as adjusted pursuant to Section 7.6 (Biosimilar Competition) and Section 7.7 (Expiration of Valid Claims)) shall be reduced to […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In addition, with respect to the U.S., in the event that, during the Royalty Term for a Licensed Product in the U.S., the U.S. Department of Health and Human Services designates such Licensed Product as a selected drug subject to maximum fair price negotiation under the Inflation Reduction Act (or similar regime), then the Parties will negotiate in good faith a royalty rate reduction (to the rates that would otherwise be applicable as set forth in the chart in as set forth in the chart in Section 7.5.1 (Royalty Rates)) applicable to Net Sales of such Licensed Product in the U.S. based on the change in average gross selling price before and after the effectiveness of any maximum fair price, which shall not be lower than […\*\*\*…] of the otherwise applicable royalty rate; provided that if the Parties are unable to agree on such rate reduction pursuant to this Section 7.10(b) within […\*\*\*…], then, at the request of either Party, such reduction will be finally determined in accordance with <u>Schedule 14.1</u> (Baseball Arbitration).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.11** **Royalty Payments and Reports**. BMS will calculate all Royalty Payments payable to Janux pursuant to Section 7.5 (Royalty Payments) with respect to Net Sales of each Licensed Product at the end of each […\*\*\*…], which amounts will be converted to Dollars at such time in accordance with Section 7.14 (Currency Conversion). BMS will pay to Janux the Royalty Payments due for Net Sales during a given […\*\*\*…] within […\*\*\*…]. Each Royalty Payment due to Janux will be accompanied by a statement setting forth, on a Licensed Product-by-Licensed Product and country-by-country basis: (a) the amount of gross sales, (b) the amount of Net Sales, (c) the basis for any reductions pursuant to Section 7.6 (Biosimilar Competition), Section 7.7 (Expiration of Valid Claims), Section 7.9 (Stacking) and Section 7.10 (Compulsory Licenses; Inflation Reduction Act), (d) the Royalty Payment due hereunder, and (e) the exchange rate(s) used.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.12** **Janux Third Party Agreements and Other Third Party License Agreements**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.12.1**Subject to (a) the remaining provisions of this Section 7.12 (Janux Third Party Agreements and Other Third Party License Agreements) (with respect to BMS's payment obligations with respect to certain payments under Opt-In Janux New In-License Agreements) and (b) any payment obligations of […\*\*\*…] under […\*\*\*…] as set forth in Section 6.5 […\*\*\*…], […\*\*\*…] will […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.12.2**If either (a) Janux (or any of its Affiliates) becomes aware of any Know-How or Patents of any Third Party (other than Know-How or Patents previously included in the Janux Licensed IP Rights) that would, if Controlled by Janux, be included in the Janux Licensed IP Rights (and that are not otherwise owned or controlled (through license or otherwise) by BMS or any of its Related Parties) (such Know-How or Patents, the "**Janux Identified Third Party IP**") or (b) BMS (or any of its Affiliates) determines to seek a license, after the Effective Date, under any Know-How or Patents of any Third Party specifically for use by BMS (or its Related Parties) in the Exploitation of Licensed Compounds or Licensed Products (but excluding solely with respect to any Other Component of a Combination Product or Combination Therapy) hereunder (such Know-How or Patents, the "**BMS Identified Third Party IP**" and together with any Janux Identified Third Party IP, the "**Identified Third Party IP**"), then such Party shall promptly notify the other Party (but in all cases prior to commencing any negotiations for such Identified Third Party IP) thereof in writing (through the IP Contacts), and following such notification, the Parties shall discuss such Identified Third Party IP. Unless otherwise agreed by the Parties in writing, if such Identified Third Party IP is necessary to use or practice the Janux Platform Technology generally (and not specifically in connection with (i) any Licensed Compound(s) (or […\*\*\*…] T-Cell Engagers generally) or Licensed Product(s) (or […\*\*\*…] T-Cell Engager Products generally), in each case in its entirety, (ii) any component that is specific to a Licensed Compound(s) (or […\*\*\*…] T-Cell Engagers generally) or Licensed Product(s) (or […\*\*\*…] T-Cell Engager Products generally) (e.g., […\*\*\*…]), (iii) […\*\*\*…] or any Cleared Target or (iv) any other component of a Licensed Compound (or T-Cell Engagers generally) that is not a […\*\*\*…]) (the "**Necessary Identified Third Party Platform IP**"), then […\*\*\*…]. For clarity, Identified Third Party IP that is both (A) necessary to use or practice the Janux Platform Technology generally and (B) necessary to use or practice any Janux Platform Arising Know-How or Joint Platform Arising Know-How will be considered Necessary Identified Third Party Platform IP. If […\*\*\*…] does not […\*\*\*…] within […\*\*\*…], then […\*\*\*…]. With respect to all other Identified Third Party IP, BMS (or its Affiliate) shall have the […\*\*\*…] right, but not the obligation, to enter into a license with the applicable Third Party to acquire a license under such Identified Third Party IP. If BMS (or its Affiliate) does not enter into

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such license within […\*\*\*…], then either Party (or its Affiliate) may enter into a license agreement with the applicable Third Party to acquire a license under such Identified Third Party IP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.12.3**If Janux or any of its Affiliates will seek a license for any Identified Third Party IP, then Janux shall keep BMS reasonably informed with respect to the negotiation of any such license agreement (including by describing the payments that Janux would be obligated to pay in connection with the exercise of a sublicense by BMS or any of its Related Parties under such Identified Third Party IP and other obligations under such proposed agreement that would be applicable to BMS as a sublicensee under such agreement) and shall provide a copy of such agreement to BMS prior to entering into such agreement, and Janux shall consider comments of BMS with respect thereto in good faith. In all cases, Janux shall negotiate such agreement in good faith, and shall use reasonable efforts to ensure that (a) the terms of such agreement do not disproportionately burden BMS or any Licensed Compounds or Licensed Products (financially or otherwise) as compared to any other products for which the Identified Third Party IP may be used, (b) Janux can sublicense its rights under the Identified Third Party IP to BMS (and its Related Parties) (through multiple tiers), (c) if BMS takes a sublicense thereunder, the terms of such agreement do not restrict or limit in any way BMS's (or any of its Affiliate's) business or activities outside of this Agreement (e.g., neither BMS nor any of its Affiliates would be subject to any non-competes or other similar provisions), and (d) the agreement with the Third Party includes a provision such that if such agreement is terminated, BMS, at its discretion, has the right to obtain a direct license from the Third Party on substantially the same terms. Janux shall provide to BMS a copy of the final agreement between Janux (or its Affiliate) and the Third Party for the applicable Identified Third Party IP within […\*\*\*…] after execution thereof (a "**Potential Janux New In-License Agreement**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.12.4**If Janux (or any of its Affiliates) enters into a Potential Janux New-In License Agreement, such Potential Janux New In-License Agreement will not be considered a Janux In-License Agreement, and the applicable Identified Third Party IP licensed to Janux (or its Affiliate) thereunder will not be considered Controlled by Janux or its Affiliate and included in Janux Licensed IP Rights (provided that such Identified Third Party IP was not previously Controlled by Janux or any of its Affiliates), unless and until, at any time after the receipt of a copy of the executed Potential Janux New In-License Agreement, BMS provides written notice to Janux that (A) it wants a sublicense under the Potential Janux New In-License Agreement and (B) unless […\*\*\*…], BMS agrees to reimburse Janux for one hundred percent (100%) of all royalty payments and milestone payments thereunder to the extent attributable to the Development, Manufacture or Commercialization of Licensed Compounds or Licensed Products by BMS (or its Related Parties) hereunder during the Term (or during the BMS Wind-Down Period or after the expiration (but not termination) of this Agreement, as applicable) (the "**New Third Party IP Pass-Through Payments**") […\*\*\*…], in which case (a) the Potential Janux New In-License Agreement shall become a Janux In-License Agreement hereunder (an "**Opt-In Janux New In-License Agreement**"), (b) such Identified Third Party IP thereunder shall be included in the Janux Licensed Patents and Janux Licensed Know-How, as applicable, and sublicensed to BMS hereunder, which sublicense shall be subject to the applicable terms and conditions of such Opt-In Janux New In-License Agreement applicable to sublicensees, and (c) BMS shall (i) at the written requests of

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Janux, provide Janux, in a timely manner as necessary for Janux to comply with its obligations under such Opt-In Janux New In-License Agreement, with the applicable information in BMS's possession and Control related to the Licensed Products needed to determine the requirement to make, and the amount of, any New Third Party IP Pass-Through Payment thereunder, and (ii) within […\*\*\*…], reimburse Janux for one hundred percent (100%) of each such New Third Party IP Pass-Through Payment under the Opt-In Janux New In-License Agreement paid by Janux to the Third Party (provided that […\*\*\*…]). Notwithstanding the foregoing, in the event that […\*\*\*…], then […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.12.5**Prior to the time that BMS elects, or if BMS never elects, for a given Potential Janux New In-License Agreement to be an Opt-In Janux New In-License Agreement as set forth in Section 7.12.5, such Identified Third Party IP under such Potential Janux New In-License Agreement will be deemed not to be Controlled by Janux and will be excluded from the Janux Licensed IP Rights (provided that such Identified Third Party IP was not previously Controlled by Janux or any of its Affiliates), and the Potential Janux New In-License Agreement will be deemed not to be a Janux In-License Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.12.6**If BMS (or any of its Related Parties) enters into an agreement with a Third Party for any Identified Third Party IP in accordance with the terms of this Section 7.12 (Janux Third Party Agreements and Other Third Party License Agreements), and if such Identified Third Party IP is Necessary Identified Third Party Platform IP, then […\*\*\*…]. For clarity, if BMS (or any of its Related Parties) enters into an agreement with a Third Party for any Identified Third Party IP, and if such Identified Third Party IP is not Necessary Identified Third Party Platform IP for which the foregoing provisions of this Section 7.12.6 apply, then the provisions of Section 7.9 (Stacking) shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.12.7**For clarity, (a) the foregoing provisions of this Section 7.12 shall be subject to the provisions of Section 8.8 (Defense of Third Party Infringement Claims from Exploitation of Licensed Product), Sections 9.2.8 (Infringement of Third Party IP), 10.1 (Indemnification by Janux), 10.2 (Indemnification by BMS), 10.3 (Indemnification Procedures), and (b) the foregoing provisions of this Section 7.12 shall not limit or restrict in any way (including that BMS shall not be required to (but may, in its discretion) provide any notices to Janux pursuant to Section 7.12.2)

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the rights of BMS (or any of its Affiliates) to negotiate or enter into any license or other agreement with any Third Party for any Know-How, Patents or other intellectual property (including Janux Identified Third Party IP or BMS Identified Third Party IP, as applicable) that BMS or its Affiliate obtains or licenses for the purpose of using with any compounds or products other than Licensed Compounds or Licensed Products (even if such Know-How, Patents or other intellectual property may potentially also be used for Licensed Compounds or Licensed Products); provided that, for clarity, if BMS (or any of its Related Parties) uses such Know-How, Patents or other intellectual property with respect to any Licensed Compounds or Licensed Products, then […\*\*\*…], to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.13** **Taxes and Withholding**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.13.1** **Indirect Taxes**. The Parties agree to cooperate with one another and use reasonable efforts to ensure that sales, use, consumption, value added or other similar taxes ("**Indirect Taxes**") in respect of any payments made by BMS to Janux (or any of its Affiliates) under this Agreement do not represent an unnecessary cost in respect of payments made under this Agreement. All sums payable under this Agreement are exclusive of Indirect Taxes. All Indirect Taxes shall be borne by BMS. In the event that any Indirect Tax is required to be paid in respect of any payment made by BMS to Janux (or any of its Affiliates) under this Agreement, BMS will pay such Indirect Tax directly to Janux, as applicable in addition to any other payments due to Janux; provided that, Janux and its Affiliates shall use commercially reasonable efforts to obtain a refund of or a credit with respect to any such Indirect Tax to which it may be entitled under Applicable Law, and in the event that any Indirect Tax is later credited to offset otherwise currently payable taxes or refunded to Janux or any of its Affiliates, Janux will reimburse BMS within […\*\*\*…] for the credited or refunded amount. In the event that any Indirect Tax is owed in any jurisdiction in respect of any payment made by BMS to Janux (or any of its Affiliates) under this Agreement, Janux will provide, or will cause to be provided, to BMS tax invoices showing the correct amount of Indirect Tax in respect of such payments hereunder and BMS will pay the amount of Indirect Tax shown on such invoice promptly upon receipt of such invoice directly or to Janux, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.13.2** **Withholding Tax Matters**. Janux shall provide, and shall cause its applicable Affiliates to provide, to BMS a valid and duly executed Form W-9 or Form W-8, as applicable, prior to the due date of the first payment under this Agreement. Except as provided in this Section 7.13.2 (Withholding Tax Matters), if BMS is required to make a payment to Janux (or any of its Affiliates) subject to a deduction of tax or withholding tax, then the sum payable by BMS (in respect of which such deduction or withholding is required to be made) will be made to Janux (or its applicable Affiliate) after deduction of the amount required to be so deducted or withheld, which deducted or withheld amount will be remitted to the applicable Governmental Authority in accordance with Applicable Law and will be treated for purpose of this Agreement as having been paid to Janux (or its applicable Affiliate). BMS agrees to reasonably cooperate with Janux in obtaining official tax certificates or other evidence of such withholding and in claiming refunds or exemptions from such deductions or withholdings under Applicable Law. Notwithstanding the foregoing, the Parties acknowledge and agree that if BMS is required to make a payment to Janux subject to a deduction or withholding of tax, and if such deduction or withholding obligation arises or is increased solely as a result of the assignment or transfer of all or a portion of this Agreement by BMS, or a Change of Control of BMS, or BMS exercising its

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rights or performing its obligations through an Affiliate, Sublicensee, subcontractor, or other Third Party (each a "**Withholding Tax Action**"), then notwithstanding anything to the contrary herein, the payment by BMS (in respect of which such deduction and withholding of tax is required to be made) shall be increased to take into account such increased withholding taxes as may be necessary to ensure that, after making all required withholdings (including withholdings on additional amounts), Janux (or its Affiliate) receives an amount equal to the same amount that it would have received had no Withholding Tax Action occurred; provided, however, that BMS will have no obligation to pay any additional amount under this Section 7.13.2 (Withholding Tax Matters) to the extent that such new or increased withholding tax is refunded to Janux (or its Affiliate), or if such new or increased withholding tax is due to a change in Applicable Law or an action of Janux (or its Affiliate) following the occurrence of a Withholding Tax Action; provided further that, Janux and its Affiliates shall use commercially reasonable efforts to obtain a refund of or a credit with respect to any such withholding tax to which it may be entitled under Applicable Law, and if Janux (or its Affiliates) claims a credit to offset otherwise currently payable taxes or receives any refund or repayment in respect of any tax withheld, it shall as soon as practicable make a payment to BMS of such amount as shall leave Janux in the same position it would have been in had there been no such deduction or withholding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.13.3** **Cooperation.** Each Party shall use commercially reasonable efforts to provide information or documentation requested by the other Party that is in such Party's possession or reasonably available to such Party, […\*\*\*…], reasonably necessary for purposes of seeking any exemption, deduction, credit or similar tax benefit with respect to any Licensed Product or Licensed Compound or the transactions described in this Agreement; provided, however, that neither Party shall be required to share its tax returns or information such Party reasonably deems to be confidential with the other Party, and neither Party shall be required to provide information already in the requesting Party's possession or reasonably available to the requesting Party. Without limiting the foregoing, Janux and its Affiliates shall use commercially reasonable efforts to cooperate with BMS as reasonably requested by BMS, and take such actions as reasonably requested by BMS, in order to (a) obtain a credit or refund of (i) any Indirect Taxes, or (ii) of any additional deduction or withholding of taxes as a result of a Withholding Tax Action, as applicable, and (b) minimize (i) any Indirect Taxes, or (ii) any additional deduction or withholding of taxes as a result of a Withholding Tax Action, as applicable, including making such filings and taking such other actions as requested by BMS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.14** **Currency Conversion**. All payments hereunder will be made in Dollars. For the purpose of calculating any sums due by a Party under, or otherwise reimbursable to a Party pursuant to, this Agreement (including the calculation of Net Sales expressed in currencies other than Dollars), any amount expressed in a foreign currency will be converted into Dollars in a manner consistent with such Party's normal practices used to prepare its audited financial statements for external reporting purposes, in accordance with Accounting Standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.15** **General Payment Procedures**. Unless otherwise expressly payable in certain time frames as provided in this Agreement, the receiving Party will invoice the paying Party for all amounts due to such receiving Party under this Agreement, and such payments will be made within […\*\*\*…]. Each payment hereunder will be made by electronic transfer in immediately available funds to an account designated in writing by the Party receiving the payment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.16**[**…\*\*\*…**] **Rights**. Notwithstanding anything to the contrary herein, BMS shall have the right to […\*\*\*…] under or in connection with this Agreement […\*\*\*…] under this Agreement. Such […\*\*\*…] shall be in addition to any other rights or remedies available under this Agreement and Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.17** **Records; Audits.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.17.1** **Records**. BMS will and will cause its Related Parties to keep full, true, and accurate records and books of account containing all particulars that may be necessary for the purpose of confirming the accuracy of, and calculating, as applicable, all Royalty Payments and Sales Milestone Payments during the Term and for […\*\*\*…] thereafter or such longer period as required by Applicable Law. All reports and financial information of BMS, its Affiliates and Sublicensees which are provided to or are subject to review by Janux under this Article 7 (Payments) will be deemed BMS's Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.17.2** **Audits**. Janux will have a right to audit BMS and its Affiliates in order to confirm the accuracy of the foregoing as provided in this Section 7.17 (Records; Audits) (an "**Audit**"); provided, however, that Janux will only have the right to conduct such Audit […\*\*\*…] during any given […\*\*\*…] and may not Audit the same records or books more than […\*\*\*…], and may only Audit the records or books during […\*\*\*…]. Upon the written request of Janux to Audit BMS, Janux will engage an independent, internationally recognized accounting firm reasonably acceptable to BMS (and in no event shall such accounting firm be compensated in whole or in part on a contingent fee arrangement) to perform a review as is reasonably necessary to enable such accounting firm to calculate or otherwise confirm the accuracy of the applicable Royalty Payments and Sales Milestone Payments payable to Janux hereunder (including records of Net Sales), in each case, for the Calendar Year(s) requested by Janux; provided that (a) such accounting firm will be given access to, and will be permitted to examine and copy such books and records of BMS upon […\*\*\*…] prior written notice to BMS, and at all reasonable times on Business Days, (b) prior to any such examination taking place, such accounting firm will enter into a confidentiality agreement with BMS reasonably acceptable to BMS in order to keep all information and data contained in such books and records strictly confidential and only use the same for the purpose of the reviews, preparation of any audit reports or findings, or calculations that they need to perform in order to determine any amounts being reviewed, and (c) such accounting firm will use reasonable efforts to minimize any disruption to BMS's business. BMS will make applicable personnel reasonably available during regular business hours to answer queries on all such books and records to the extent required for the purpose of the Audit. The accounting firm shall not disclose BMS's Confidential Information to Janux but shall only report whether the financial reports provided by BMS, and the amount of Royalty Payments and Sales Milestone Payments made by BMS, are correct or not, and the actual amounts due and payable for the period audited. No other information shall be shared. The accounting firm will deliver a copy of their findings to

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each of the Parties within […\*\*\*…], and, unless BMS invokes the dispute resolution mechanism set forth in Section 7.17.4 (Audit Dispute) within […\*\*\*…] of BMS's receipt of such finding, the findings of such accounting firm will be final and binding on each of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.17.3** **Overpayments/Underpayments**. Any undisputed underpayments by BMS will be paid to Janux within […\*\*\*…]. Any undisputed overpayments made by BMS will be refunded by Janux within […\*\*\*…]. The cost of the accounting firm will be the responsibility of Janux unless the accounting firm's calculation shows that the actual Royalty Payments or Sales Milestone Payments payable by BMS were underpaid by BMS for the period subject to the Audit by more than […\*\*\*…], in which case, BMS will reimburse Janux for the reasonable cost of the accounting firm for such Audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.17.4** **Audit Dispute**. In the event of a dispute by BMS with respect to any audit under Section 7.17.2 (Audits), Janux and BMS shall work in good faith to resolve such dispute. If the Parties are unable to reach a mutually acceptable resolution of any such dispute within […\*\*\*…], the dispute shall be submitted for resolution to a certified public accounting firm jointly selected by each Party's certified public accountants or to such other Person as the Parties shall mutually agree (the "**Audit Expert**"). The decision of the Audit Expert shall be final and binding, and the costs of such resolution as well as the initial audit shall be borne between the Parties in such manner as the Audit Expert shall determine. If such decision concludes that (a) additional amounts were owed by BMS to Janux, BMS shall pay the additional amounts; or (b) excess payments were made by BMS to Janux, Janux shall reimburse such excess payments, in either case ((a) or (b)), within […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.18** **Late Payments**. Any undisputed payments that are not paid within […\*\*\*…] shall bear interest at an annual rate equal to the lesser of (a) […\*\*\*…] and (b) the highest rate permitted by Applicable Law, in each case ((a) or (b)), calculated on the number of days such payment is delinquent, compounded […\*\*\*…]; provided that, with respect to any disputed payments (or with respect to any payments that are being audited pursuant to Section 7.17 (Records; Audits)), no interest payment will be due on the disputed (or audited) amount until such dispute (or audit) is resolved in favor of the Party to whom the payment is owed, and the interest that will be payable thereon will be based on the finally-resolved amount of such payment, calculated from the date […\*\*\*…] (or, with respect to an audit, […\*\*\*…], including pursuant to Section 7.17.4 if applicable) through the date on which payment is actually made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.19**[…\*\*\*…]

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[…\*\*\*…]

**ARTICLE 8** **<br>Intellectual Property Matters**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1** **IP Contacts**. Each Party will designate a patent counsel representative(s) who will be responsible for coordinating the activities between the Parties in accordance with this Article 8 (Intellectual Property) (each an "IP Contact"). Each Party's IP Contact must (a) hold an active and valid registration number with the United States Patent and Trademark Office, and (b) be licensed as an attorney in the United States or operate under the supervision of someone who is licensed as an attorney in the United States. Each Party will designate its initial IP Contact within […\*\*\*…] and will promptly thereafter notify the other Party of such designation. Each Party will promptly notify the other Party of any substitution of another person as its IP Contact.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2** **Ownership.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.1** **Background IP**. As between the Parties, and except with respect to any Arising IP Rights (which is addressed in Section 8.2.2 (Arising IP Rights)) and subject to the rights and licenses granted by one Party to the other Party hereunder: (a) Janux will retain all of its rights, title, and interest in and to any Patent, Know-How, and other intellectual property right owned or Controlled by Janux or any of its Affiliates as of the Effective Date or generated or obtained by or on behalf of Janux or any of its Affiliates during the Term outside of the scope of performance of activities under this Agreement and (b) BMS will retain all of its rights, title, and interest in and to any Patent, Know-How, and other intellectual property right owned or Controlled by BMS or any of its Affiliates as of the Effective Date or generated or obtained by or on behalf of BMS or any of its Affiliates during the Term outside of the scope of performance of activities under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.2** **Arising IP Rights**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Inventorship shall be determined in accordance with United States patent laws (regardless of where the applicable activities occurred).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)As between the Parties, all right, title and interest in and to any and all Janux Platform Arising Know-How, and all Janux Platform Arising Patents, will be solely owned by Janux. Subject to the terms and conditions of this Agreement, as between the Parties, Janux (or its Affiliate) shall be entitled to record in its own name Janux Platform Arising Patents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)As between the Parties, all right, title and interest in and to any and all BMS Arising Know-How, and all BMS Arising Patents, will be solely owned by BMS (or its designee). Subject to the terms and conditions of this Agreement, as between the Parties, BMS (or any of its designees) shall be entitled to record in its own (or its designee's) name BMS Arising Patents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)All right, title and interest in and to any and all Joint Arising Know-How, all Joint Arising Patents, all Joint Platform Arising Know-How and all Joint Platform Arising Patents will be jointly owned by BMS and Janux such that each Party has an undivided interest in the entirety. Each Party (on behalf of itself and its Affiliates) hereby assigns (and to the extent such assignment can only be made in the future hereby agrees to assign and does assign), to the other Party such right, title and interest worldwide in and to the Joint Arising Know-How, Joint Arising Patents, Joint Platform Arising Know-How and Joint Platform Arising Patents to effectuate such joint ownership (but in all cases, subject to the rights and licenses granted to BMS hereunder with respect thereto); provided that if such assignment is prohibited by Applicable Law, and also with respect to any Joint Arising Know-How, Joint Arising Patents, Joint Platform Arising Know-How and Joint Platform Arising Patents that are exclusively licensed to the applicable Party as described in Section 8.2.2(f), then the applicable Party shall grant, and hereby does grant, to the other Party a perpetual, irrevocable, non-exclusive, worldwide, royalty-free, fully paid-up license, with the right to grant sublicenses through multiple tiers, under such Party's (and its Affiliates') right, title and interest in and to such Joint Arising Know-How, Joint Arising Patents, Joint Platform Arising Know-How and Joint Platform Arising Patents (but in all cases, subject to the rights and licenses granted to BMS hereunder with respect thereto). Each Party shall reasonably assist the other Party in recording and perfecting such other Party's rights in and to Joint Arising Know-How, Joint Arising Patents, Joint Platform Arising Know-How and Joint Platform Arising Patent. Subject to the terms and conditions of this Agreement (including the rights and licenses granted to BMS herein, as well as the provisions of Section 2.4 (Exclusivity)), (i) each Party may practice and license (through multiple tiers) (and may also assign its interest therein to its Affiliates and to Third Parties) the Joint Arising Know-How and Joint Arising Patents for any purposes (including for any purpose outside of this Agreement) without the consent of, or a duty of accounting to, the other Party, and to the extent such consent is required under any Applicable Law, it is hereby granted, and (ii) each Party may practice and license (through multiple tiers) the Joint Platform Arising Know-How and Joint Platform Arising Patents for any purposes (including for any purpose outside of this Agreement) without the consent of, or a duty of accounting to, the other Party, and to the extent such consent is required under any Applicable Law, it is hereby granted. Subject to the terms and conditions of this Agreement (including the rights and licenses granted to BMS herein, as well as the provisions of Section 2.4 (Exclusivity)), (A) Janux may assign its interest in the Joint

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Platform Arising Know-How and Joint Platform Arising Patents to its Affiliates and to Third Parties without the consent of, or a duty of accounting to, BMS, and to the extent such consent is required under any Applicable Law, it is hereby granted, (B) BMS may assign its interest in the Joint Platform Arising Know-How and Joint Platform Arising Patents to its Affiliates without the consent of, or a duty of accounting to, Janux, and to the extent such consent is required under any Applicable Law, it is hereby granted, and (C) BMS may not assign its interest in the Joint Platform Arising Know-How or Joint Platform Arising Patents to any Third Party without Janux's prior written consent (such consent not to be unreasonably withheld, conditioned or delayed), except that BMS may, without Janux's consent (and to the extent such consent is required under any Applicable Law, it is hereby granted), and without a duty of accounting to Janux, assign its interest therein to any of its (or its Affiliate's) successors in interest in connection with its (or its Affiliate's) merger, consolidation, or sale of all or substantially all of its (or its Affiliate's) assets or that portion of its business pertaining to the subject matter of this Agreement, directly or indirectly, provided that BMS also assigns this Agreement to such successor in interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Janux shall promptly disclose to BMS (through the IP Contacts or JSC) in writing any Arising Know-How that is developed, discovered, created, generated or conceived solely or jointly by or on behalf of Janux or its Affiliates. BMS shall promptly disclose to Janux in writing (through the IP Contacts or JSC) any Joint Platform Arising Know-How or Joint Arising Know-How that is developed, discovered, created, generated or conceived solely or jointly by or on behalf of BMS or its Affiliates. Notwithstanding the foregoing, neither Party shall be required to disclose any Arising Know-How to the other Party pursuant to this Section 8.2.2(e) that has been previously disclosed by such Party to the other Party pursuant to another Section of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Janux will require its Related Parties, and all of its or its Related Parties' employees, independent contractors and agents involved in the Exploitation of Licensed Compounds or Licensed Products (including, in all cases, any Third Party performing activities on behalf of Janux (or any of its Affiliates) under the Joint Development Plan or pursuant to Article 6 (Manufacturing)) to (i) assign (or, to the extent Janux is unable to obtain such assignment, grant an exclusive license to Janux (or its Affiliate) under) all of its or their right, title and interest in or to any Janux Arising Patents, Janux Arising Know-How, Joint Arising Know-How, Joint Arising Patents, Joint Platform Arising Know-How and Joint Platform Arising Patents to Janux (including for further assignment (or license) to BMS pursuant to the foregoing provisions of this Section 8.2.2 (Arising IP Rights), as applicable) and (ii) cooperate and take all additional ministerial actions and to execute such agreements, instruments and documents as may be reasonably required to perfect Janux's or BMS's, as applicable, right, title and interest (or license, as applicable) in and to such Arising IP Rights as allocated in accordance with this Section 8.2.2 (Arising IP Rights). BMS will require its Related Parties, and all of its or its Related Parties' employees, licensees, sublicensees, independent contractors and agents involved in the Exploitation of Licensed Compounds or Licensed Products to (A) assign (or, to the extent BMS is unable to obtain such assignment, grant an exclusive license to BMS (or its Affiliate) under) all of its or their right, title and interest in or to any Joint Platform Arising Know-How, Joint Platform Arising Patents, Joint Arising Know-How and Joint Arising Patents to BMS (including for further assignment (or license) to Janux pursuant to the foregoing provisions of this Section 8.2.2 (Arising IP Rights), as applicable) and (B) cooperate and take all additional actions and to execute such agreements,

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instruments and documents as may be reasonably required to perfect BMS's or Janux's, as applicable, right, title and interest (or license, as applicable) in and to such Arising IP Rights as allocated in accordance with this Section 8.2.2 (Arising IP Rights).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3** **Prosecution and Maintenance of Janux Licensed Patents, Joint Arising Patents and Joint Platform Arising Patents.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3.1** **Janux Licensed Patents (other than Janux Platform Patents) and Joint Arising Patents**. Subject to Section 8.3.4 (Cooperation), BMS (or its designee) will have the […\*\*\*…] right (but not the obligation) and discretion to Prosecute all Janux Licensed Patents (excluding the Janux Platform Patents) and Joint Arising Patents (such Janux Licensed Patents and Joint Arising Patents, collectively, the "**Product Patents**"), […\*\*\*…]. BMS shall promptly notify Janux if it intends to discontinue the prosecution and maintenance of a Product Patent at least […\*\*\*…] prior to the irrevocable abandonment of such Patent in any jurisdiction where filed, […\*\*\*…], Janux shall […\*\*\*…] have the […\*\*\*…] right to prosecute and maintain such Patent in such jurisdiction, […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3.2** **Janux Platform Patents and Joint Platform Arising Patents**. Subject to Section 8.3.4 (Cooperation) and the remainder of this Section 8.3.2 (Janux Platform Patents and Joint Platform Arising Patents), Janux shall have the […\*\*\*…] right (but no obligation) and discretion to Prosecute all Janux Platform Patents and Joint Platform Arising Patents, […\*\*\*…]; provided that (a) […\*\*\*…], and (b) […\*\*\*…]; provided that, if Janux notifies BMS in writing within […\*\*\*…], as applicable, in a given […\*\*\*…] that Janux does not want to file such Janux Platform Patent or Joint Platform Arising Patent, as applicable, in […\*\*\*…], then BMS (or its designee) shall thereafter have the right (but not the obligation), in its discretion, to file and thereafter continue to prosecute and maintain such Janux Platform Patent or Joint Platform Arising Patent, as applicable, in such […\*\*\*…]. With respect to a given Janux Platform Patent or Joint Platform Arising Patent […\*\*\*…], Janux shall promptly notify BMS if it desires to discontinue the prosecution or maintenance of such Janux Platform Patent or Joint Platform Arising Patent […\*\*\*…], but may not do so without the prior written consent of BMS (such

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consent not to be unreasonably withheld, conditioned or delayed). If Janux (or its Affiliate) has filed a given Janux Platform Patent or Joint Platform Arising Patent […\*\*\*…] and Janux (or its Affiliate) desires to discontinue the prosecution and maintenance of such Janux Platform Patent or Joint Platform Arising Patent, as applicable, […\*\*\*…], then Janux shall promptly notify BMS thereof (and in all cases, at least […\*\*\*…] prior to the abandonment of such Janux Platform Patent or Joint Platform Arising Patent, as applicable, […\*\*\*…]), in which case, BMS (or its designee) shall thereafter have the right to prosecute and maintain such Janux Platform Patent or Joint Platform Arising Patent, as applicable, […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3.3** **BMS Arising Patents**. Subject to Section 8.3.4 (Cooperation) (with respect to any BMS Arising Patent that claims or first discloses Janux Platform Arising Know-How or Joint Platform Arising Know-How), BMS (or its designee) will have the […\*\*\*…] right (but not the obligation) and discretion to Prosecute all BMS Arising Patents, at its […\*\*\*…] cost and expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3.4** **Cooperation**. The Party responsible for the Prosecution of the applicable (A) Product Patent, Janux Platform Patent or Joint Platform Arising Patent, as applicable, as set forth in Section 8.3.1 (Janux Licensed Patents (other than Janux Platform Patents) and Joint Arising Patents) or Section 8.3.2 (Janux Platform Patents and Joint Platform Arising Patents), as applicable, or (B) BMS Arising Patent that claims or first discloses Janux Platform Arising Know-How or Joint Platform Arising Know-How (and, for clarity, not any other BMS Arising Patent) as set forth in Section 8.3.3 (BMS Arising Patents) (such Party responsible for Prosecution of the applicable Patent in the foregoing clause (A) or (B), as applicable, the "**Prosecuting Party**") will keep the non-Prosecuting Party informed (through its IP Contact) of the status of all material actions taken with respect to the Prosecution of the applicable Patent, and in particular, will (a) provide the non-Prosecuting Party (through its IP Contact) with copies of all such Patents, as applicable, and other material submissions (including applications, amendments, submissions or responses) and correspondence with Governmental Authorities concerning such Patents, in sufficient time to allow for review and comment by the non-Prosecuting Party; and (b) provide the non-Prosecuting Party (through its IP Contact) with an opportunity to consult with the Prosecuting Party (through its IP Contact) regarding the filing and contents of any such application, amendment, submission, or response, and the suggestions and comments of the non-Prosecuting Party (through its IP Contact) will be considered by the Prosecuting Party in good faith; provided (i) the Prosecuting Party shall have the final decision making authority with respect to the filing and contents of such application, amendment, submission or response and (ii) the Parties will coordinate the filing dates of any patent applications that disclose the same Janux Platform Arising Know-How or Joint Platform Arising Know-How. If BMS is the Party responsible for the Prosecution of the applicable Product Patent (or Janux Platform Patent or Joint Platform Arising Patent, as applicable), then Janux (and its Affiliates) will cooperate with BMS (and its designees) in connection with such Prosecution, including (a) executing all documents necessary for BMS (or its designee) to Prosecute such Patents, and (b) if the Patent is in the name of Janux (or its Affiliate), making such filings and other submissions (including applications, amendments, submissions or responses) with the applicable Governmental Authorities as directed by BMS in connection with the Prosecution of such Patents. If any BMS personnel is an inventor on a Joint Platform Arising Patent, then BMS (and its Affiliates) will cooperate with Janux (and its designees) in connection

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with the Prosecution of such Joint Platform Arising Patent, including (a) executing all documents necessary for Janux (or its designee) to Prosecute such Patents, and (b) making such filings and other submissions (including applications, amendments, submissions or responses) with the applicable Governmental Authorities as directed by Janux in connection with the Prosecution of such Patents. The Parties shall cooperate to file into separate Patents claims for BMS Arising Know-How, Janux Arising Know-How, Joint Arising Know-How and Joint Platform Arising Know-How, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4** **Patent Linkage**. BMS (or its designee) shall have the […\*\*\*…] right to list all applicable Patents (including Janux Licensed Patents) for any Licensed Product required under the U.S. Public Health Service Act, and all similar listings in any other relevant countries, and Janux and its Affiliates shall have no right to do so; provided that BMS shall not list any Janux Platform Patent or Joint Platform Arising Patent without Janux's prior written consent, […\*\*\*…]. For the avoidance of doubt, BMS will retain final decision-making authority as to the listing of all applicable Patents for any Licensed Product in the Territory (except for any Janux Platform Patent or Joint Platform Arising Patent), regardless of which Party owns such Patent, and Janux shall reasonably assist BMS in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5** **Enforcement of Intellectual Property Rights.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5.1** **Notice**. With respect to any infringement or threatened infringement by a Third Party of (i) any BMS Arising Patent that claims a Licensed Compound in its entirety as a […\*\*\*…], (ii) any Product Patent, (iii) any Janux Platform Patent or (iv) any Joint Platform Arising Patent, including in each case ((i), (ii), (iii) and (iv)), (a) by any filing of a Biosimilar Application under the PHSA or other Applicable Law or (b) through the making (or having made), using (or having used), selling (or having sold), offering for sale (or having offered for sale), importing (or having imported) or other exploitation (or having exploited) of any […\*\*\*…] T-Cell Engager Product or other product (an "**Infringement**"), if either Party learns of any Infringement, such Party shall promptly notify the other Party (through its IP Contact) thereof (provided that, for clarity, the following provisions of this Section 8.5 (Enforcement of Intellectual Property Rights) shall apply regardless of whether a Party provides such notice).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5.2** **Infringement of Product Patents**. BMS (or its designee) will have (i) the […\*\*\*…] right ([…\*\*\*…], including through the use of internal or outside counsel of its choice), but not the obligation, to institute, direct and control proceedings against any Infringement of any Product Patent, and (ii) the […\*\*\*…] right ([…\*\*\*…], including through the use of internal or outside counsel of its choice), but not the obligation, to defend any Product Patent from any claim of invalidity or unenforceability in connection therewith in the Territory, in each case at its sole expense. If BMS fails to institute a proceeding against any such Infringement or to defend any such claim of invalidity or enforceability within […\*\*\*…] (or such shorter period as may be necessary to bring or defend and maintain such action without loss of rights), then Janux shall have the right, but not the obligation, to institute, direct and control proceedings against such Infringement and to defend against such claim of invalidity and enforceability, […\*\*\*…]; provided that, notwithstanding the foregoing, if BMS notifies Janux in reasonable detail of its reasonable grounds

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for believing that Janux's exercise of such rights as set forth in this this Section 8.5.2 (Infringements of Product Patents) would reasonably be expected to be detrimental to the patent protection of any Licensed Compound or Licensed Product, then the Parties shall discuss such reasonable grounds in good faith […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5.3** **Infringement of Janux Platform Patents and Joint Platform Arising Patents**. With respect to any Infringement of any Janux Platform Patent or Joint Platform Arising Patent, the following shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**Competitive Janux Platform Infringement**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)With respect to any Infringement of a Janux Platform Patent or a Joint Platform Arising Patent, as applicable, by any […\*\*\*…] T-Cell Engager (a "**Competitive Janux Platform Infringement**"), the Parties shall mutually discuss (through their respective IP Contacts) such Competitive Janux Platform Infringement and any proceedings to take with respect to such Competitive Janux Platform Infringement. Following such discussions, Janux will have (x) the first right (in its sole discretion, including through the use of internal or outside counsel of its choice), but not the obligation, to institute, direct and control proceedings against such Competitive Janux Platform Infringement of such Janux Platform Patent or Joint Platform Arising Patent, and (y) the first right (in its sole discretion, including through the use of internal or outside counsel of its choice), but not the obligation, to defend such Janux Platform Patent or Joint Platform Arising Patent from any claim of invalidity or unenforceability in connection therewith in the Territory, […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)If (x) Janux fails to institute a proceeding against such Competitive Janux Platform Infringement of such Janux Platform Patent or Joint Platform Arising Patent, as applicable, or to defend any such claim of invalidity or enforceability, within […\*\*\*…] (the "**Janux Platform Enforcement Outside Date**") and (y) there are no other […\*\*\*…], then BMS (or its designee) shall have the right, but not the obligation, to institute, direct and control any proceedings against such Competitive Janux Platform Infringement with respect to such Janux Platform Patent or Joint Platform Arising Patent, as applicable, in such country and to defend against any claim of invalidity and enforceability in connection therewith, at its sole expense (the "**BMS Platform Infringement Backup Rights**"); provided that, notwithstanding the foregoing, if Janux notifies BMS in writing (through the IP Contacts) prior to the Janux Platform Enforcement Outside Date that (A) Janux reasonably believes […\*\*\*…]

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[…\*\*\*…] and (B) as a result of the foregoing clause (A) Janux does not want BMS (or its designee) to exercise its BMS Platform Infringement Backup Rights with respect to such Competitive Janux Platform Infringement of such Janux Platform Patent or Joint Platform Arising Patent, as applicable, in such country, then (w) BMS (and its designees) shall not be permitted to exercise its BMS Platform Infringement Backup Rights with respect to such Competitive Janux Platform Infringement of such Janux Platform Patent or Joint Platform Arising Patent, as applicable, in such country, (x) […\*\*\*…], (y) […\*\*\*…], and (z) […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**Other Janux Platform Infringement**. With respect to any Infringement of a Janux Platform Patent or Joint Platform Arising Patent, as applicable, other than a Competitive Janux Platform Infringement (an "**Other Janux Platform Infringement**"), the Parties shall mutually discuss (through their respective IP Contacts) such Other Janux Platform Infringement and any proceedings to take with respect to such Other Janux Platform Infringement (provided that Janux shall not be required to disclose to BMS specific details with respect to such Other Janux Platform Infringement to the extent such details are subject to Janux's confidentiality obligations to a Third Party), and Janux shall consider BMS's comments with respect thereto in good faith. Following such discussions, Janux (or its designee) shall have the sole right, […\*\*\*…], to institute, direct and control such proceeding against the applicable Third Party with respect to such Other Janux Platform Infringement of the Janux Platform Patent or Joint Platform Arising Patent, as applicable, including the sole right, but not the obligation, to defend such Janux Platform Patent or Joint Platform Arising Patent, as applicable, from any claim of invalidity or unenforceability in connection therewith in the Territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5.4** **Infringement of** […\*\*\*…]. With respect to any […\*\*\*…], BMS will have (i) the […\*\*\*…] right (in its […\*\*\*…] discretion, including through the use of internal or outside counsel of its choice), but not the obligation, to institute, direct and control proceedings against any Infringement of such […\*\*\*…], and (ii) the […\*\*\*…] right (in its […\*\*\*…] discretion, including through the use of internal or outside counsel of its choice), but not the obligation, to defend any such […\*\*\*…] from any claim of invalidity or unenforceability in connection therewith in the Territory, in each case at its sole expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5.5** **Cooperation in Enforcement Proceedings**. The Parties will keep each other reasonably informed of the status of, and of their (or their designee's, as applicable) respective activities regarding, any enforcement action against an Infringement pursuant to this

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Section 8.5 (Enforcement of Intellectual Property Rights). For any action by a Party (or its designee) pursuant to this Section 8.5 (Enforcement of Intellectual Property Rights) (but excluding any Other Janux Platform Infringement with respect to a Janux Platform Patent), in the event that such Party (or its designee) is unable to initiate or prosecute such action solely in its own name, or otherwise at the reasonable request of such Party, the other Party (and its applicable Affiliates) will join such action voluntarily and will execute all documents necessary for such Party (or its designee) to initiate, prosecute, and maintain such action, and the Party bringing the action will […\*\*\*…]. If a Party (or its designee) initiates an enforcement action pursuant to Section 8.5 (Enforcement of Intellectual Property Rights) (but excluding any Other Janux Platform Infringement with respect to a Janux Platform Patent), then, at such Party's request (through its IP Contact), the other Party (and its applicable Affiliates) will cooperate with such Party (and its designee) in connection with such enforcement action, and the Party bringing the action will […\*\*\*…]. Each Party will, if possible, assert and not waive the joint defense privilege with respect to all communications between the Parties reasonably the subject thereof with respect to any such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5.6** **Settlement**. A settlement or consent judgment or other voluntary final disposition of a suit or other action pursuant to this Section 8.5 (Enforcement of Intellectual Property Rights) may be entered into without the consent of the Party not bringing the suit or other action; provided, however, that any such settlement, consent judgment or other disposition of any action or proceeding by the Party (or its designee) bringing the suit or other action under this Section 8.5 (Enforcement of Intellectual Property Rights) against an Infringement shall not, without the prior written consent of the Party not bringing the suit or other action, such consent not to be unreasonably withheld, conditioned or delayed, (a) impose any liability or obligation on the Party (or any of its Affiliates) not bringing the suit or other action, (b) conflict with or reduce the scope of the subject matter claimed in the applicable Product Patent, Janux Platform Patent or Joint Platform Arising Patent, or (c) in the case of Janux (or its designee) as the Party bringing the suit or other action, […\*\*\*…], or otherwise diminish or adversely affect the rights granted to BMS hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5.7** **Proceeds**. All amounts recovered by an enforcing Party (or its designee) to the extent from any enforcement against any Infringement of a Product Patent, Janux Platform Patent, Joint Platform Arising Patent or […\*\*\*…] pursuant to this Section 8.5 (Enforcement of Intellectual Property Rights) (whether by way of settlement or otherwise) will be first used to […\*\*\*…], and any remainder of such recovery will be […\*\*\*…]; provided that, (a) in the event BMS (or its designee) is the enforcing Party with respect to a Product Patent, Janux Platform Patent, Joint Platform Arising Patent or […\*\*\*…], as applicable, to the extent such recovery is attributable to lost sales or lost profits (including due to price erosion, as applicable) with respect to a Licensed Product during the Royalty Term for such Licensed Product in the applicable country, or to pre- or post-judgment interest with respect thereto, such remainder of such recovery

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shall be […\*\*\*…], and BMS will […\*\*\*…], but, for clarity, such recovery shall […\*\*\*…], (b) in the event that Janux (or its designee) is the enforcing Party with respect to a Product Patent, then Janux shall […\*\*\*…], and (c) in the event that Janux (or its designee) is the enforcing Party with respect to a Janux Platform Patent or Joint Platform Arising Patent, then Janux shall […\*\*\*…]. Notwithstanding the foregoing, the provisions of this Section 8.5.7 (Proceeds) shall not apply with respect to Janux's enforcement of a Janux Platform Patent or Joint Platform Arising Patent to the extent […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5.8** **Other Enforcement of Janux Platform Patents**. For clarity, BMS will have no rights with respect to any enforcement of a Janux Platform Patent or Joint Platform Arising Patent, except as expressly set forth in this Section 8.5 (Enforcement of Intellectual Property Rights).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.6** **Patent Extensions and Supplementary Protection Certificates**. BMS (or its designee) shall have the […\*\*\*…] right (in its […\*\*\*…] discretion), but not the obligation, to apply for patent term extensions in the Territory (and to make all decisions in connection therewith), including the United States with respect to extensions pursuant to 35 U.S.C. § 156 et. seq. and in other jurisdictions pursuant to supplementary protection certificates or otherwise, and in all jurisdictions with respect to any other extensions that are now or become available in the future, wherever applicable (collectively "**Patent Term Extensions**"), for (a) the Product Patents, and (b) any Patents that are not Janux Platform Patents or Joint Platform Arising Patent, in each case (a) and (b) in connection with a Licensed Compound or Licensed Product (including, for clarity, in each case of (a) and (b), all decisions with respect to any Patent Term Extensions related to any Licensed Product), and […\*\*\*…]. BMS shall not apply for any Patent Term Extensions with respect to a Janux Platform Patent or Joint Platform Arising Patent without Janux's prior written consent, which may be granted or withheld in Janux's sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.7** **BMS Arising Patents and BMS Arising Know-How**. Except as expressly set forth in this Article 8 (Intellectual Property), as between the Parties, BMS (or its designee) shall have the […\*\*\*…] right (in its […\*\*\*…] discretion), but not the obligation, to Prosecute the BMS Arising Patents, including with respect to any patent term extensions and patent listings, and to enforce and defend (including […\*\*\*…]) all BMS Arising Patents and BMS Arising Know-How, in each case, in its […\*\*\*…] discretion, and […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.8** **Defense of Third Party Infringement Claims from Exploitation of Licensed Product**. Subject to Sections 10.1 (Indemnification by Janux) and 10.3 (Indemnification Procedures), in the event that BMS receives notice that it or any of its Related Parties have been individually named as a defendant in a legal proceeding by a Third Party alleging infringement, misappropriation, or other violation of a Third Party's Patents or other intellectual property right

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as a result of the Exploitation of a Licensed Compound or Licensed Product in the Territory or the use of any technology or intellectual property licensed under this Agreement in connection therewith, then BMS (or any of its Related Parties) will have the […\*\*\*…] right (in its […\*\*\*…] discretion), but not the obligation, to assume the responsibility for the conduct of the defense of any such claim at its expense. Janux will reasonably cooperate with BMS or any of its Related Parties in connection with such legal proceeding. For clarity, BMS (or any of its Related Parties) may settle or consent to the entry of any judgement in any enforcement action without the consent of Janux, unless such settlement or judgement includes an admission of infringement with respect to any Janux Platform Technology, in which case BMS and its Related Parties may not settle or consent to the entry of any judgment without Janux's prior written consent […\*\*\*…]; provided that, if any such Patent or other intellectual property right is necessary to use or practice the Janux Platform Technology generally (and not specifically in connection with (i) any Licensed Compound(s) (or […\*\*\*…] T-Cell Engagers generally) or Licensed Product(s) (or […\*\*\*…] T-Cell Engager Products generally), in each case in its entirety, (ii) any component that is specific to a Licensed Compound(s) (or […\*\*\*…] T-Cell Engagers generally) or Licensed Product(s) (or […\*\*\*…] T-Cell Engager Products generally) (e.g., a […\*\*\*…]), (iii) […\*\*\*…] or (iv) any other component of a Licensed Compound (or T-Cell Engagers generally) that is not a […\*\*\*…] (it being understood that any intellectual property right that is both (A) necessary to use or practice the Janux Platform Technology generally and (B) necessary to use or practice any Janux Platform Arising Know-How or Joint Platform Arising Know-How will be considered necessary to use or practice the Janux Platform Technology generally)) (the "Necessary Third Party Platform Infringement IP"), then […\*\*\*…]. Subject to the foregoing provisions of this Section 8.8 (Defense of Third Party Infringement Claims from Exploitation of Licensed Product), in the event that Janux receives notice that it or any of its Related Parties have been individually named as a defendant in a legal proceeding by a Third Party alleging infringement, misappropriation, or other violation of a Third Party's Patents or other intellectual property right as a result of the Exploitation of a Licensed Compound or Licensed Product in the Territory or the use of any technology or intellectual property licensed under this Agreement in connection therewith, then Janux shall promptly notify BMS thereof in writing and the Parties shall consult and determine how to address such allegations. For clarity, this Section 8.8 (Defense of Third Party Infringement Claims from Exploitation of Licensed Product) does not affect the Parties' rights and obligations under Section 7.12 (Janux Third Party Agreements and Other Third Party License Agreements) outside of the context of a legal proceeding against BMS or any of its Related Parties as set forth in this Section 8.8 (Defense of Third Party Infringement Claims from Exploitation of Licensed Product); provided, however, that

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with respect to Award Payments with respect to any Necessary Third Party Platform Infringement IP, […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.9** **Trademarks.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.9.1** **Licensed Product Trademarks**. As between the Parties, BMS (or its designee) shall have the […\*\*\*…] right (in its […\*\*\*…] discretion) with respect to the selection of all trademarks, trade dress, advertising taglines or slogans, specifically for use in connection with the development, marketing, sale or distribution of Licensed Compounds and Licensed Products in the Field in the Territory (the "**Product Marks**"). As between the Parties, BMS (or its designee) shall own (and shall have the […\*\*\*…] rights, in its […\*\*\*…] discretion (but without any obligation), to register and maintain) all Product Marks, and all trademark registrations for said marks and all goodwill with respect thereto, as well as the copyright in any promotional and other materials created specifically for use in connection with the Exploitation of Licensed Compounds and Licensed Products in the Territory. For clarity, the Product Marks shall exclude any corporate trademarks, trade dress, advertising taglines or slogans of BMS or any of its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.9.2** **Enforcement of Product Marks; Third Party Claims**. BMS (or its designee) shall have the […\*\*\*…] right, in its […\*\*\*…] discretion (but without any obligation), for (i) taking such action as BMS determines against a Third Party based on any alleged, threatened, or actual infringement, dilution, misappropriation, or other violation of, or unfair trade practices or any other like offense relating to, the Product Marks by a Third Party in the Territory, and (ii) defending against any alleged, threatened, or actual Third Party Claim that the use or registration of the Product Marks in the Territory infringes, dilutes, misappropriates, or otherwise violates any trademark or other right of that Third Party or constitutes unfair trade practices or any other like offense, or any other Third Party Claims as may be brought by a Third Party in connection with the use of the Product Marks with respect to a Licensed Product in the Territory. At BMS's request, Janux will reasonably cooperate with BMS in connection with the foregoing, and BMS will reimburse Janux for all reasonable out-of-pocket costs incurred by Janux for providing such assistance […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.9.3** **Use of Name**. Neither Party shall, without the other Party's prior written consent, use any trademarks or other marks of the other Party (including the other Party's corporate name), or any trademarks, advertising taglines or slogans confusingly similar thereto, in

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connection with such Party's marketing or promotion of Licensed Compounds or Licensed Products under this Agreement or for any other purpose (including in any public announcement, press release or other public document) in connection with this Agreement, except (i) as may be expressly authorized in writing by the other Party in connection with activities under this Agreement, (ii) to the extent required to comply with Applicable Law, (iii) with respect to BMS, in connection with any publications pursuant to Section 11.6 (Publications), or as otherwise may be reasonably useful in connection with the activities under this Agreement (e.g., identifying Janux as the manufacturer of Licensed Product, in connection with filing for Regulatory Approvals or Patents, etc.) and (iv) subject to Section 11.3 (Publicity), either Party may use the name of the other Party to the extent required in any document filed with any Regulatory Authority or Governmental Authority, including the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.9.4** **Further Actions**. Each Party shall, upon the reasonable request of the other Party, provide such assistance and execute such documents as are reasonably necessary for such other Party to exercise its rights or perform its obligations pursuant to this Section 8.9 (Trademarks); provided, however, that (a) neither Party shall be required to take any action pursuant to this Section 8.9 (Trademarks) that such Party reasonably determines in its sole judgment and discretion conflicts with or violates any applicable court or government order or decree or Applicable Law and (b) the requesting Party will reimburse the other Party for all reasonable out-of-pocket costs incurred by such other Party for providing such assistance (within sixty (60) days after receipt of an invoice therefor).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.10** **Common Ownership Under Joint Research Agreements**. The Parties acknowledge and agree that this Agreement is a "joint research agreement" as defined in 35 U.S.C. §100(h). Notwithstanding anything to the contrary in this Agreement, neither Party shall invoke this Agreement under 35 U.S.C. §102(c) to except any patent or patent application as prior art without the prior written consent of the other Party. If such written consent is granted, the Parties shall coordinate their activities with respect to all submissions under 35 U.S.C. §102(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.11**[…\*\*\*…].

**ARTICLE 9** **<br>Representations, Warranties and Covenants; Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1** **Mutual Representations and Warranties**. Each Party hereby represents and warrants to the other Party, as of the Effective Date, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.1** **Corporate Existence and Power**. It is a company or corporation duly organized, validly existing, and in good standing under the laws of the jurisdiction in which it is incorporated, and has full corporate power and authority and the legal right to own and operate its property and assets and to carry on its business as it is now being conducted and as contemplated in this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.2** **Authority and Binding Agreement**. (a) It has the corporate power and authority and the legal right to enter into this Agreement and perform its obligations hereunder, (b) it has taken all necessary corporate action on its part required to authorize the execution and delivery of this Agreement and the performance of its obligations hereunder, and (c) this Agreement has been duly executed and delivered on behalf of such Party, and constitutes a legal, valid, and binding obligation of such Party that is enforceable against it in accordance with its terms, except as enforcement may be affected by bankruptcy, insolvency, or other similar laws and by general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.3** **No Conflicts**. The execution, delivery, and performance of this Agreement by it does not (a) conflict with any agreement, instrument, or understanding, oral or written, to which it (or any of its Affiliates) is a party and by which it (or any of its Affiliates) may be bound or (b) violate any Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.4** **All Consents and Approvals Obtained**. It has obtained all necessary authorizations, consents and approvals of any Governmental Authority and any other Person that is required to be obtained by it as of the Effective Date for, or in connection with, the transactions contemplated by this Agreement, or for the performance by it of its obligations under this Agreement (including the grant of the rights (including, in the case of Janux, exclusivity covenants) and licenses to the other Party hereunder), except in the case of BMS for Regulatory Approvals as may be required to Develop, Manufacture and Commercialize Licensed Compound and Licensed Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.5** **No Litigation**. There is no action or proceeding pending or, to the knowledge of such Party, threatened against such Party (or any of its Affiliates), that could reasonably be expected to impair or delay the ability of such Party to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2** **Additional Representations and Warranties of Janux**. Janux hereby represents and warrants to BMS, as of Effective Date, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.1** **Title to Janux Licensed Patents and Janux Licensed Know-How**. All Janux Licensed Patents as of the Effective Date are listed on <u>Schedule 1.64</u> (Janux Licensed Patents), including the Janux Licensed Patents that are licensed to Janux under […\*\*\*…], and such schedule contains all application numbers and filing dates, registration numbers and dates, jurisdictions and owners. Janux is (a) the sole and exclusive owner of the entire right, title and interest in the Janux Licensed Patents and the Janux Licensed Know-How (other than […\*\*\*…]), including those Patents listed on <u>Schedule 1.64</u> (Janux Licensed Patents), Part A; and (b) the non-exclusive licensee of the Janux Licensed Patents and Janux Licensed Know-How controlled by […\*\*\*…] and licensed to Janux under […\*\*\*…], including those Patents listed on <u>Schedule 1.64</u> (Janux Licensed Patents), Part B, in each case ((a) and (b)) free and clear of any liens, charges, and encumbrances (other than (y) […\*\*\*…]

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[…\*\*\*…] and (z) […\*\*\*…]. Neither Janux nor any of its Affiliates has entered into any agreement, whether written or oral, with respect to, or otherwise assigned, transferred, licensed, or conveyed or otherwise encumbered its rights, title, or interests in or to (i) any Janux Licensed Know-How or Janux Licensed Patent, in each case, in a manner that is inconsistent with or could limit in any way the rights granted to BMS under this Agreement or (ii) any Patent or Know-How that would be a Janux Licensed Patent or Janux Licensed Know-How but for such assignment, transfer, license, conveyance or encumbrance. Janux and its Affiliates have obtained from all individuals who were involved, or who may be involved, in the development, creation, generation, conception or reduction to practice of any Janux Licensed Patent or Janux Licensed Know-How (other than […\*\*\*…]) effective assignments that vest in Janux or its applicable Affiliate all ownership rights of such individuals in such Janux Licensed Patent or Janux Licensed Know-How, either pursuant to written agreement or by operation of law. There are no claims that have been asserted in writing to Janux (or any of its Affiliates) challenging the inventorship of any Janux Licensed Patents or Janux Licensed Know-How, and to Janux's Knowledge, there are no claims that have been threatened against Janux (or any of its Affiliates) challenging the inventorship of any Janux Licensed Patents or Janux Licensed Know-How.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.2** **Completeness of Janux Licensed Know-How and Janux Licensed Patents**. Other than the Janux Licensed Know-How, the Janux Licensed Patents and the […\*\*\*…], Janux does not own, control (through license or otherwise), or otherwise possess any rights under, any Know-How or Patent, as applicable, that claims or Covers any Licensed Compound, Licensed Product or Janux Platform Technology, or that is otherwise necessary or reasonably useful in connection with the Development, Manufacture or Commercialization of any Licensed Compound or Licensed Product (excluding in each case any Know-How specifically related to, or any Patent to the extent it Covers, (i) […\*\*\*…], (ii) […\*\*\*…], (iii) any Janux Other Proprietary Component of a Combination Product or Combination Therapy, (iv) […\*\*\*…], or (v) […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.3** **Validity**. The Janux Licensed Patents that are granted or issued are in full force and effect, and any granted or issued Janux Licensed Patents are (and upon issuance thereof, the patent applications within the Janux Licensed Patents will be), valid and enforceable, and there are no pending, or to Janux's Knowledge, threatened, claims, challenges, oppositions, nullity actions, interferences, *inter-partes* reexaminations, *inter-partes* reviews, post-grant reviews, derivation proceedings, or other proceedings with respect thereto. Neither Janux nor any of its

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Affiliates has committed any act, or omitted to commit any act, that may cause any Janux Licensed Patent to not grant or remain valid or enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.4** **Prosecution**. Janux and its Affiliates have complied with all Applicable Law, including any disclosure requirements and any laws involving inventor remuneration, in connection with the Prosecution of the Janux Licensed Patents. In addition, the pending applications included in the Janux Licensed Patents (other than […\*\*\*…]) are being diligently prosecuted in the applicable patent offices. In addition, Janux has paid on or before any final due date for payment, all necessary application, registration, maintenance, and renewal fees in respect of the Janux Licensed Patents (other than […\*\*\*…]), and Janux has filed all necessary documents and certificates with the relevant agencies that are required for the purpose of maintaining such Janux Licensed Patents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.5** **Proceedings**. There are no claims, judgments, administrative proceedings, investigations, arbitrations, litigations or settlements, and, to Janux's Knowledge, there are no pending or threatened claims, administrative proceedings, investigations, arbitrations or litigations, in each case, relating to any Janux Licensed IP Rights, Licensed Compound or Licensed Product. Without limiting the foregoing, neither Janux nor any of its Affiliates has received written notice of any proceedings pending before or threatened by any Regulatory Authority with respect to any Janux Licensed IP Rights, Licensed Compound or Licensed Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.6** **Infringement of Janux Licensed IP Rights**. To Janux's Knowledge, no Third Party has infringed or is infringing any Janux Licensed Patents or has misappropriated or is misappropriating or any Janux Licensed Know-How.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.7** **Patent Challenges**. No Person has asserted any action, proceeding, challenge or other claim (including a Patent Challenge), or, to Janux's Knowledge, threatened any action, proceeding, challenge or other claim (including a Patent Challenge), with respect to Janux's (or any of its Affiliate's) ownership or other right, title or interest in or to, right to use or license to, any Janux Licensed IP Rights, or the use, validity, enforceability, patentability or registrability of any of the Janux Licensed Patents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.8** **Infringement of Third Party IP**. To Janux's Knowledge, except as otherwise permitted under the "safe harbor" under 35 U.S.C. § 271(e)(1) or any foreign equivalent, the Exploitation of any Licensed Compound or Licensed Product (excluding, in each case, with respect to (i) […\*\*\*…], (ii) […\*\*\*…], (iii) any Other Component of a Combination Product or Combination Therapy, or (iv) any other component or ingredient of a Licensed Product that is not a Licensed Compound, which other component or ingredient is not included in the Joint Development Plan as in existence as of the Effective Date or is first incorporated by BMS (or its Related Parties) into such Licensed Product following completion of the activities under the Joint Development Plan, or (v) any Optimization that is not included in the Joint Development Plan as in existence as of the Effective Date or that is conducted by or on behalf of BMS or any of its Related Parties following

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completion of the activities under the Joint Development Plan) does not and will not infringe any Patent or misappropriate any Know-How owned in whole or in part by any Third Party. In addition, to Janux's Knowledge, except as otherwise permitted under the "safe harbor" under 35 U.S.C. § 271(e)(1) or any foreign equivalent, the use or practice of the Janux Platform Technology, including in the Exploitation of any Licensed Compound or Licensed Product (excluding, in each case, with respect to (i) […\*\*\*…], (ii) […\*\*\*…], (iii) Other Component of a Combination Product or Combination Therapy, (iv) any other component or ingredient of a Licensed Product that is not a Licensed Compound, which other component or ingredient is not included in the Joint Development Plan as in existence as of the Effective Date or is first incorporated by BMS (or its Related Parties) into such Licensed Product following completion of the activities under the Joint Development Plan, or (v) any Optimization that is not included in the Joint Development Plan as in existence as of the Effective Date or that is conducted by or on behalf of BMS or any of its Related Parties following completion of the activities under the Joint Development Plan) does not and will not infringe any Patent or misappropriate any Know-How owned in whole or in part by any Third Party. To Janux's Knowledge, neither Janux nor any of its Affiliates has (a) infringed any Patents of any Third Party; or (b) misappropriated any Know-How of any Third Party, in each case ((a) and (b)), in connection with the Development, Manufacture or other Exploitation of any Licensed Compound or Licensed Product, or the use or practice of the Janux Platform Technology. No claim or litigation has been brought or, to Janux's Knowledge, threatened, by any Person alleging that the Development, Manufacture, Commercialization or other Exploitation of the Licensed Compounds or Licensed Products, or the practice or use of any Janux Licensed IP Rights (including the practice or use of the Janux Platform Technology), in each case, will violate, infringe, or misappropriate, any Patent or other proprietary right of any Third Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.9** **Third Party Payments**. Neither Janux nor its Affiliates are subject to any payment obligations to Third Parties as a result of the execution or performance of this Agreement, including the Development, Manufacture, Commercialization or other Exploitation of any Licensed Compound or Licensed Product, except […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.10** **No Conflicting Grants**. Janux has the full right, power and authority to enter into this Agreement and to perform the activities hereunder, including to grant the rights and licenses granted (or purported to be granted) to BMS hereunder (including, […\*\*\*…], the full right, power and authority to grant the rights and licenses granted (or purported to be granted) to BMS hereunder with respect to all Patents and Know-How licensed or sublicensed to Janux (or its Affiliate) under […\*\*\*…]). Except for […\*\*\*…], neither Janux nor any of its Affiliates have entered into any agreement under which Janux or its Affiliate has obtained a license or sublicense of rights from a Third Party to any Licensed Compound or Licensed Product, or to any Janux Licensed IP Rights. Except for non-exclusive licenses granted to service providers for the purpose of conducting pre-clinical development or manufacturing activities for Janux or its Affiliates in the ordinary course of business (and pursuant to which Janux owns all rights to Patents and Know-How generated by such service providers in the conduct of such activities (other than generally applicable improvements to such service providers' background technology)) ("**Service Provider Agreements**"), neither Janux nor any of

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its Affiliates has granted a license, sublicense, option or right to a Third Party that remains in effect as of the Effective Date, to Develop, Manufacture, Commercialize or otherwise Exploit any Licensed Compound or Licensed Product. Neither Janux nor any of its Affiliates has granted a license, sublicense, option or right to a Third Party that remains in effect as of the Effective Date, or is otherwise a party to any agreement that remains in effect as of the Effective Date, that would otherwise conflict with, be inconsistent with, or prohibit or limit in any way any (A) the rights (including exclusivity covenants) or licenses granted (or purported to be granted) to BMS, including any rights granted to BMS under Article 8 (Intellectual Property Matters) (including any rights with respect to the Prosecution, enforcement, defense, Patent Term Extension or listing of any Janux Licensed Patents), or (B) the performance of Janux's obligations hereunder (including the performance of any activities under the Joint Development Plan).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.11** **Janux Agreements**. Janux has provided BMS true, complete and correct copies (including all amendments, restatements, side letters and other modifications thereto) of (a) […\*\*\*…] and (b) any other agreements, whether written or oral, between Janux (or its Affiliate) and a Third Party pursuant to which Janux (or any of its Affiliates) has either granted any rights to a Third Party to Exploit any Licensed Compound or Licensed Product (other than any Service Provider Agreement) or granted any licenses to any Janux Licensed Patents or Janux Licensed Know-How (other than under any Service Provider Agreement for the purposes of performing the services thereunder or the grants of licenses to Third Parties under the Janux Platform Technology and Janux Platform Patents, in each case, outside of the context of […\*\*\*…]) (and each of the agreements in this clause (b) are set forth on <u>Schedule 9.2.11</u> (Related Janux Agreements)) (the agreements in clauses (a) and (b), the "**Existing Janux Agreements**"). With respect to each Existing Janux Agreement, (i) it is in full force and effect, (ii) Janux (or its Affiliate, as applicable) is not in breach thereof (and to Janux's Knowledge, no counterparty thereto is in breach thereof), (iii) Janux (or its Affiliate, as applicable) has not received any notice from the counterparty to such Existing Janux Agreement of Janux's (or its Affiliate's, as applicable) breach or notice of threatened breach by Janux (or its Affiliate, as applicable) thereof, (iv) neither Janux nor any of its Affiliates has received any notice from the counterparty thereto of any intent to reduce the scope of the field thereunder or render any of the licenses thereunder non-exclusive or otherwise terminate such agreement, and no event, act or omission has occurred which could reasonably give rise to the right of the counterparty thereto to reduce the scope of the field thereof or render any of the licenses thereunder non-exclusive or otherwise terminate such agreement or any licenses thereunder (including with respect to any particular Patents or other intellectual property), (v) neither Janux nor any of its Affiliates have waived or relinquished any rights thereunder in a manner that would affect the rights granted to BMS hereunder, (vi) no portions of any upfront payments, milestone payments or royalty payments payable by BMS to Janux pursuant to this Agreement are payable to, or otherwise shareable with, the counterparty thereto and (vii) this Agreement, and the rights (including exclusivity covenants) and licenses granted (or purported to be granted) to BMS hereunder comply with the terms and conditions of the applicable Existing Janux Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.12** **No Public Funding**. The Licensed Compounds and Licensed Products, as well as the inventions claimed or Covered by the Janux Licensed Patents (other than […\*\*\*…]), and any other intellectual property within the Janux Licensed Know-How (other than […\*\*\*…]

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[…\*\*\*…]), in each case, were not discovered, developed, created, generated, conceived or otherwise made in connection with any research activities funded, in whole or in part, by any grants, funds, or other money received from any governmental authority or any other public sector funding sources, and no governmental authority, public sector funding source or academic institution has any right to, ownership of (including any "step-in" or "march-in" rights with respect to), or right to royalties for, or to impose any restriction on the assignment, transfer, grant of licenses or other disposal of the Janux Licensed IP Rights, or to impose any requirement or restriction on the Exploitation of any Licensed Compound or Licensed Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.13** **No Disclosure of Product Information**. The Product Information has been kept confidential by Janux (and its Affiliates) or has been disclosed to Third Parties only under terms of confidentiality. To Janux's Knowledge, no breach of such confidentiality has been committed by any Third Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.14** **Disclosure of Information**. Janux has made available to BMS all material information in Janux's (or any of its Affiliate's) Control regarding the safety or efficacy of any Licensed Compound or Licensed Product or the Janux Platform Technology, and all such information is true, complete and correct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.15** **Regulatory Materials**. To Janux's Knowledge, no Person has obtained, or filed for, any INDs, MAAs or Regulatory Approvals for any Licensed Compound or Licensed Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.16** **Compliance**. Janux, its Affiliates and its and their respective contractors and consultants have conducted (including the generation, preparation, maintenance and retention of documentation with respect thereto) all Development and Manufacture of the Licensed Compounds and Licensed Products in accordance with Applicable Law (including GLP, GCP, GMP as applicable). Janux (and its Affiliates) has complied with all Applicable Laws with respect to the Janux Licensed IP Rights, and none of the Janux Licensed IP Rights were procured by Janux or any of its Affiliates in violation of any Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.17** **No Other** […\*\*\*…] **T-Cell Engagers**. Neither Janux (nor any of its Affiliates, nor any Third Party on behalf of Janux or any of its Affiliates) is conducting (or, within the twelve (12) month period prior to the Effective Date has conducted) any Exploitation of any […\*\*\*…] T-Cell Engager or […\*\*\*…] T-Cell Engager Product (other than any Licensed Compound and Licensed Product or the Development activities resulting in the Licensed Compounds and Licensed Products existing as of the Effective Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.18** **No Clinical Trials**. Neither Janux (nor any of its Affiliates, nor any Third Party on behalf of Janux or any of its Affiliates) is conducting (or has previously conducted prior to the Effective Date) any Clinical Trial for any Licensed Compound or Licensed Product.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.19** **Diligence Timing**. No documents were added after […\*\*\*…] to the virtual data room(s) established by Janux, hosted by […\*\*\*…] and made available in electronic form to BMS.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.20**[…\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.21** **Initial Lead Licensed Compound and Backup Compounds**. The Initial Lead Licensed Compound has achieved the Lead Optimization Completion Criteria as of the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.22** **Prosecution, Enforcement and Defense of the Janux Platform Patents**. Janux hereby represents and warrants to BMS that prior to the Effective Date it (and its Affiliates) have not granted to any Third Party any rights to Prosecute (other than rights to review patent filings, but not control or approve such patent filings or the content thereof, granted to Third Parties), enforce or defend any Janux Platform Patents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3** **Additional Covenants of Janux**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3.1** **Control of Intellectual Property Rights**. Except for any Know-How and Patents that are Janux Identified Third Party IP that are not included in Janux Licensed IP Rights pursuant to Section 7.12 (Janux Third Party Agreements and Other Third Party License Agreements), Janux shall ensure that throughout the Term it Controls (a) (i) any and all Know-How included within the Janux Licensed Know-How as of the Effective Date and (ii) any and all Know-How first owned or licensed by Janux or any of its Affiliates after the Effective Date that would otherwise be Janux Licensed Know-How if Controlled by Janux, (b) (i) any and all Patents included within the Janux Licensed Patents as of the Effective Date and (ii) any and all Patents first owned or licensed by Janux or any of its Affiliates after the Effective Date that would otherwise be Janux Licensed Patents if Controlled by Janux, and (c) (i) any and all regulatory approvals, filings and submissions, and other regulatory materials owned or licensed by Janux or any of its Affiliates as of the Effective Date and (ii) any and all regulatory approvals, filings and submissions, and other regulatory materials first owned or licensed by Janux or any of its Affiliates after the Effective Date that would otherwise be Janux Relevant Regulatory Materials, in each case (a), (b) and (c), such that Janux can grant all rights and licenses (including rights of reference) to BMS hereunder (including any rights granted to BMS under Article 8 (Intellectual Property Matters)) with respect to such (i) Know-How, (ii) Patents and (iii) regulatory approvals, filings and submissions, and other regulatory materials, as Janux Licensed Know-How, Janux Licensed Patents or Janux Relevant Regulatory Materials, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3.2** **No Conflicting Grants**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Commencing on the Effective Date until the end of the Term, Janux shall not and shall cause its Affiliates not to, assign, transfer, convey, encumber (including through a lien, charge, security interest, mortgage or similar encumbrance) or dispose of, or enter into any agreement with any Third Party to assign, transfer, convey, encumber (including through a lien, charge, security interest, mortgage or similar encumbrance) or dispose of, any Janux Licensed IP Rights (or any intellectual property that would otherwise be included in the Janux Licensed IP

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Rights), including any rights to any Licensed Compound or Licensed Products, except (a) to the extent such assignment, transfer, conveyance, encumbrance or disposition would not conflict with, be inconsistent with or prohibit or limit in any respect any of the rights or licenses granted to BMS hereunder, or (b) with respect to Patents, in the ordinary course of prosecution in the United States Patent and Trademark Office and foreign equivalents thereof or any abandonment in accordance with Section 8.3 (Prosecution and Maintenance of Janux Licensed Patents, Joint Arising Patents and Joint Platform Arising Patents).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Commencing on the Effective Date until the end of the Term, Janux shall not and shall cause its Affiliates not to: (i) except for non-exclusive licenses granted to service providers for the purpose of conducting pre-clinical development or manufacturing activities for Janux or its Affiliates in accordance with this Agreement and the Joint Development Plan (and pursuant to which Janux owns all rights to Patents and Know-How generated by such service providers in the conduct of such activities (other than generally applicable improvements to such service providers' background technology)), grant a license, sublicense, option or right to a Third Party to Develop, Manufacture, Commercialize or otherwise Exploit any Licensed Compound or Licensed Product, or (ii) grant a license, sublicense, option or right to a Third Party, or otherwise enter into any agreement, that would otherwise conflict with, be inconsistent with, or prohibit or limit in any way (A) the rights (including exclusivity covenants) or licenses granted (or purported to be granted) to BMS, including any rights granted to BMS under Article 8 (Intellectual Property Matters) (including any rights with respect to the Prosecution, enforcement, defense, Patent Term Extension or listing of any Janux Licensed Patents), or (B) the performance of Janux's obligations hereunder (including the performance of any activities under the Joint Development Plan).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3.3** **Janux In-License Agreements**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)With respect to each of the Janux In-License Agreements, (i) Janux (and its Affiliates, as applicable) shall not breach such Janux In-License Agreement, or commit any acts or permit the occurrence of any omissions (A) that would cause the breach or termination of such Janux In-License Agreement, or (B) that may otherwise impact BMS's interest under any such Janux In-License Agreement or under this Agreement, and (ii) Janux shall (and shall cause its Affiliates to, as applicable) satisfy all of its material obligations under each Janux In-License Agreement and maintain each Janux In-License Agreements in full force and effect. Janux shall, and shall cause its Affiliates to, as applicable, use commercially reasonable efforts to enforce its rights under each Janux In-License Agreement to preserve BMS's rights under this Agreement. Janux shall not, and shall cause its Affiliates not to, amend, modify, terminate, assign or transfer any Janux In-License Agreement to the extent that BMS's rights hereunder or any Licensed Compound or Licensed Product would be affected (including not amending or modifying any Janux In-License Agreement in a manner that could impose any additional financial obligations on BMS), unless Janux obtains BMS's prior written consent (such consent not to be unreasonably withheld, conditioned or delayed), and Janux shall provide to BMS a true, correct and complete copy of any amendment to any Janux In-License Agreement promptly after the execution thereof. Janux will provide BMS with prompt written notice of any claim of a breach of which it is aware under any Janux In-License Agreement or notice of termination of any Janux In-License Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)At the written request of BMS on case-by-case basis, Janux shall (or shall cause its Affiliates to, as applicable) use reasonable efforts to […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3.4** **No Public Funding**. Janux and its Affiliates shall not use (and shall ensure that its contractors do not use) in the performance of any of its Joint Development Activities, any grants, funds, or other money received from any governmental authority or any other public sector funding sources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3.5** **Updates to Schedule of Janux Licensed Patents**. On a […\*\*\*…] basis during the Term, Janux will update <u>Schedule 1.64</u> (Janux Licensed Patents) to include any Janux Licensed Patents not then listed on such schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3.6** **Other Covenants**. Janux will not knowingly use any material, technology or intellectual property rights in the conduct of the Joint Development Plan or in the conduct of its Manufacturing obligations hereunder, that, to its Knowledge, is encumbered by any Third Party restriction or any Third Party right or obligation that would conflict or interfere with any of the rights or licenses granted to, or to be granted to, BMS hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.4** **Additional Covenants of BMS.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.4.1** **No Conflicting Grants**. Commencing on the date of notice of termination of this Agreement until the end of the Term, BMS shall not and shall cause its Affiliates not to, assign, transfer, convey, encumber (including through a lien, charge, security interest, mortgage or similar encumbrance) or dispose of, or enter into any agreement with any Third Party to assign, transfer, convey, encumber (including through a lien, charge, security interest, mortgage or similar encumbrance) or dispose of, any BMS Reversion Know-How or BMS Reversion Patents, except (a) to the extent such assignment, transfer, conveyance, encumbrance or disposition would not conflict with, be inconsistent with or prohibit or limit in any respect any of the rights or licenses granted to Janux under Section 13.2.1 (Reversion License to BMS Reversion Patents and Reversion Know-How) with respect to such BMS Reversion Know-How or BMS Reversion Patents, or (b) with respect to Patents, in the ordinary course of prosecution in the United States Patent and Trademark Office and foreign equivalents thereof or any abandonment (in accordance

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with Section 8.3 (Prosecution and Maintenance of Janux Licensed Patents, Joint Arising Patents and Joint Platform Arising Patents) if applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5** **Compliance Representations, Warranties, and Covenants of the Parties.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5.1** **Compliance**. Each Party (and its Affiliates) shall, and shall require that its other Related Parties and its and their respective contractors and consultants, conduct (including the generation, preparation, maintenance and retention of documentation with respect thereto) all Development, Manufacture and other Exploitation of the Licensed Compounds and Licensed Products in accordance with Applicable Law (including GLP, GCP, GMP as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5.2** **Debarment**. Each Party hereby certifies to the other Party that (a) neither such Party, nor any of its Affiliates, has been debarred by any Governmental Authority, including under Section 306 of the FD&C Act (or similar Applicable Law outside of the U.S.), is under investigation for debarment action by any Governmental Authority, has been excluded, debarred, suspended, or otherwise ineligible to participate in federal health care programs or in federal procurement or non-procurement programs, has been disqualified as an investigator pursuant to Section 306 of the FD&C Act (or similar Applicable Law outside of the U.S.), has been convicted of a criminal offense that falls within the scope of 42 U.S.C. § 1320a-7(a), but has not yet been excluded, debarred, suspended, or otherwise declared ineligible, has a disqualification hearing pending, or is currently employing or using any Person that has been so debarred or disqualified by any Governmental Authority; and (b) neither such Party nor any of its Affiliates have used, or will use, in any capacity, in connection with its Development, Manufacture or other Exploitation of the Licensed Compounds or Licensed Products, any Person who has been debarred pursuant to Section 306 of the FD&C Act (or similar Applicable Law outside of the U.S.), or who is the subject of a conviction described in such section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5.3** **Compliance with Anti-Corruption Laws**. In connection with this Agreement, each Party has complied and will comply with all Applicable Law and industry codes dealing with government procurement, conflicts of interest, corruption or bribery, including, if applicable, the U.S. Foreign Corrupt Practices Act of 1977, as amended, the UK Bribery Act 2010, the Criminal Law of China, the PRC Anti-Unfair Competition Law and any laws enacted to implement the Organization of Economic Cooperation and Development Convention on Combating Bribery of Foreign Officials in International Business Transactions (the "**Anti-Corruption Laws**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5.4** **Prohibited Conduct**. In connection with this Agreement, neither Party has made, offered, given, promised to give, or authorized, and during the Term neither Party will make, offer, give, promise to give, or authorize, any bribe, kickback, donation (including of Licensed Products), payment or transfer of anything of value, directly or indirectly, to any person (including healthcare professionals, hospitals, hospital services or departments or healthcare organizations) or to any Government Official for the purpose of: (a) improperly influencing any act or decision of the person or Government Official; (b) inducing the person or Government Official to do or omit to do an act in violation of a lawful or otherwise required duty; (c) corruptly obtaining or retaining business; (d) securing any improper advantage; (e) inducing the person or Government Official to improperly influence the act or decision of any organization, including any government or government instrumentality to assist BMS or Janux in obtaining or retaining business; or (f)

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engaging in any act that might cause a reasonable person to infer that BMS or Janux is making improper payments to any person or Government Official.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5.5** **Notifications and Requests for Information**. Each Party will notify the other Party of any violations of this Section 9.5 (Compliance Representations, Warranties, and Covenants by the Parties) by any of the Party's employees, subcontractors, consultants, and agents within […\*\*\*…]. Each Party will make all reasonable efforts to comply with requests for disclosure of information, including answering questionnaires and narrowly tailored audit inquiries, to enable the other Party to ensure compliance with all Applicable Law, including anti-corruption laws, related to the subject matter of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5.6** **Cooperation in Investigation**. Each Party agrees to cooperate in good faith to investigate the extent of any potential violations of Applicable Law in connection with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.6** **No Other Representations or Warranties**. EXCEPT AS EXPRESSLY STATED IN THIS AGREEMENT, NO REPRESENTATIONS OR WARRANTIES WHATSOEVER, WHETHER EXPRESS OR IMPLIED, INCLUDING WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT, OR NON-MISAPPROPRIATION OF THIRD PARTY INTELLECTUAL PROPERTY RIGHTS, ARE MADE OR GIVEN BY OR ON BEHALF OF A PARTY. EXCEPT AS EXPRESSLY STATED IN THIS AGREEMENT, ALL IMPLIED REPRESENTATIONS AND WARRANTIES, WHETHER ARISING BY OPERATION OF LAW OR OTHERWISE, ARE HEREBY EXPRESSLY EXCLUDED.

**ARTICLE 10** **<br>Indemnification**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1** **Indemnification by Janux**. Janux shall indemnify, defend, and hold BMS, its Affiliates, and its and their respective directors, officers, agents, employees, successors and assigns (collectively, the "**BMS Indemnitees**") harmless from and against any and all Third Party Damages to the extent resulting or otherwise arising from (a) any breach by Janux of any of its representations, warranties, covenants or obligations under this Agreement; (b) the gross negligence or willful misconduct by any Janux Indemnitee in connection with the exercise of Janux's rights, or performance of its obligations, under this Agreement; or (c) the Development, Manufacturing, Commercialization or other Exploitation of any Licensed Compounds or Licensed Product (i) prior to the Effective Date or (ii) after the effective date of termination of this Agreement (but excluding any Development, Manufacturing, Commercialization or other Exploitation of any Licensed Compounds or Licensed Products by or on behalf of BMS or any of its Related Parties pursuant to Section 13.1 during the BMS Wind-Down Period); provided, however, that such indemnity shall not apply to the extent BMS has an indemnification obligation pursuant to Section 10.2(a) or (b) for such Third Party Damages.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2** **Indemnification by BMS**. BMS shall indemnify, defend and hold Janux, its Affiliates, its and their respective directors, officers, agents, employees, successors and assigns (collectively, the "**Janux Indemnitees**") harmless from and against any and all Third Party Damages to the extent resulting or otherwise arising from (a) any breach by BMS of any of its representations, warranties, covenants, or obligations under this Agreement; (b) the gross negligence or willful misconduct by any BMS Indemnitee in connection with the exercise of BMS's rights, or performance of its obligations, under this Agreement; or (c) the Development, Manufacturing, Commercialization or other Exploitation of any Licensed Compounds or Licensed Products by or on behalf of BMS or any of its Related Parties hereunder during the Term or thereafter following expiration (but not termination) of this Agreement (or during the BMS Wind-Down Period with respect to the Development, Manufacturing, Commercialization or other Exploitation of any Licensed Compounds or Licensed Products by or on behalf of BMS or any of its Related Parties pursuant to Section 13.1) (but excluding, for clarity, any such activities performed by or on behalf of Janux or any of its Affiliates); provided, however, that such indemnity shall not apply to the extent Janux has an indemnification obligation pursuant to Section 10.1(a), (b) or (c) for such Third Party Damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3** **Indemnification Procedures**. If a Party is seeking indemnification under Section 10.1 (Indemnification by Janux) or Section 10.2 (Indemnification by BMS), as applicable (the "**Indemnified Party**"), it shall inform the other Party (the "**Indemnifying Party**") of the relevant Third Party Claim giving rise to the obligation to indemnify pursuant to Section 10.1 (Indemnification by Janux) or Section 10.2 (Indemnification by BMS), as applicable, […\*\*\*…] after receiving notice of such Third Party Claim (provided, however, that any delay or failure to provide such notice shall not constitute a waiver or release of, or otherwise limit, the Indemnitee's rights to indemnification under Section 10.1 (Indemnification by Janux) or Section 10.2 (Indemnification by BMS), as applicable, except to the extent that such delay or failure materially prejudices the Indemnitor's ability to defend against such Third Party Claim). The Indemnifying Party shall have the right to assume the defense of any such Third Party Claim for which the Indemnified Party is seeking indemnification pursuant to Section 10.1 (Indemnification by Janux) or Section 10.2 (Indemnification by BMS), as applicable. The Indemnified Party shall cooperate with the Indemnifying Party and the Indemnifying Party's insurer as the Indemnifying Party may reasonably request, and at the Indemnifying Party's cost and expense. The Indemnified Party shall have the right to participate, at its own expense and with counsel of its choice, in the defense of any Third Party Claim that has been assumed by the Indemnifying Party. The Indemnifying Party shall not settle any such Third Party Claim without the prior written consent of the Indemnified Party, not to be unreasonably withheld, conditioned or delayed; provided, however, that the Indemnifying Party shall not be required to obtain such consent if the settlement (a) involves only the payment of money and will not result in the Indemnified Party (or other Janux Indemnitees or BMS Indemnitees, as applicable) becoming subject to injunctive or other similar type of relief, or additional non-monetary obligations; (b) does not require an admission by the Indemnified Party (or other Janux Indemnitees or BMS Indemnitees, as applicable); and (c) if Janux is the Indemnifying Party, does not adversely affect the rights or licenses granted to BMS (or its Affiliate) under this Agreement. The Indemnified Party shall not settle or compromise any such Third Party Claim without the prior written consent of the Indemnifying Party, which it may provide in its sole discretion. In each case, the Indemnified Party shall reasonably cooperate with

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the Indemnifying Party, and shall make available to the Indemnifying Party all pertinent information under the control of the Indemnified Party, which information shall be subject to Article 11 (Confidentiality). If the Indemnifying Party does not assume and conduct the defense of the Third Party Claim as provided above, (i) the Indemnified Party may defend against, consent to the entry of any judgment, or enter into any settlement with respect to such Third Party Claim in any manner the Indemnified Party may deem reasonably appropriate (provided that the Indemnified Party shall not settle or compromise any such Third Party Claim without the prior written consent of the Indemnifying Party, which it may provide in its sole discretion), and (ii) the Indemnifying Party shall remain responsible to indemnify the Indemnified Party as provided in this Article 10 (Indemnification).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4** **Insurance.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4.1**BMS shall maintain a program of self-insurance sufficient to satisfy its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4.2**Janux shall procure and maintain commercially reasonable levels of insurance, taking into account its obligations under this Agreement (including its indemnification obligations and any obligations with respect to Development or Manufacture of Licensed Compounds or Licensed Products under this Agreement). Janux will provide BMS with written evidence of such insurance upon BMS's request and upon expiration of any such coverage. Without limiting the foregoing, Janux will provide BMS with written notice at least […\*\*\*…] prior to the cancellation, nonrenewal, or material adverse change in such insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4.3**It is understood that such insurance or other protection will not be construed to create a limit of either Party's liability with respect to its indemnification obligations under this Article 10 (Indemnification) or other obligations under this Agreement.

**ARTICLE 11** **<br>Confidentiality**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1** **Confidential Information.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1.1**During the Term and for a period of […\*\*\*…], each Party will, and will cause its Affiliates and sublicensees and contractors to, (a) maintain in confidence the other Party's Confidential Information at least to the same extent such Party maintains its own proprietary information of similar kind and value (which shall be no less than a reasonable standard), (b) not disclose such Confidential Information to any Third Party without the prior written consent of the other Party, except as otherwise expressly permitted by this Agreement, and (c) not use such Confidential Information for any purpose except those permitted by this Agreement (including to exercise its rights and perform its obligations hereunder). As used herein, "**Confidential Information**" means any and all non-public Know-How and other information and materials received by either Party from or on behalf of the other Party or its Affiliates pursuant to this Agreement, whether prior to, on, or after the Effective Date, including pursuant to the Prior CDA to the extent related to the subject matter hereof; provided that, notwithstanding the foregoing, (i) all BMS Arising Know-How will be the Confidential Information of BMS, and BMS shall constitute the disclosing Party and Janux the receiving Party with respect thereto, (ii) all

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Regulatory Data and Regulatory Materials specifically related to any Licensed Compound or Licensed Product will be the Confidential Information of BMS, and BMS shall constitute the disclosing Party and Janux the receiving Party with respect thereto, (iii) during the Term (and thereafter following expiration, but not termination, of this Agreement), the Product Information will be the Confidential Information of BMS, and BMS shall be deemed the disclosing Party and Janux the receiving Party with respect thereto, provided that, in the event that a Party delivers a notice of termination of this Agreement to the other Party in accordance with Article 12 (Term and Termination), then from and after the delivery of such notice of termination, the Product Information will be the Confidential Information of each Party, and each Party shall be deemed both the disclosing Party and the receiving Party with respect thereto (provided that if such termination is contested and it is determined that this Agreement will not terminate as a result of such notice of termination, then following such determination, the Product Information shall again be deemed to be the Confidential Information of BMS), (iv) the Janux Platform Arising Know-How and Joint Platform Arising Know-How and, subject to the foregoing clause (iii), any other Janux Arising Know-How and, after the termination of this Agreement (but not after expiration of this Agreement), the Product Information, will be the Confidential Information of Janux, and Janux shall constitute the disclosing Party and BMS the receiving Party with respect thereto, and (v) the terms of this Agreement and the Joint Arising Know-How will be the Confidential Information of each Party, and each Party shall be deemed the disclosing Party and the receiving Party with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1.2**The obligations set forth in this Section 11.1 (Confidential Information) will not apply with respect to any portion of such Confidential Information that the receiving Party can demonstrate by contemporaneous tangible records or other competent evidence:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)is publicly disclosed by the disclosing Party, either before or after it becomes known to the receiving Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)was known to the receiving Party or any or its Affiliates, without any obligation to keep it confidential, prior to when it was received from the disclosing Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)is subsequently disclosed to the receiving Party or any of its Affiliates by a Third Party that is lawfully in possession thereof without obligation to keep it confidential;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)has been published by a Third Party or otherwise enters the public domain through no fault of the receiving Party or any of its Affiliates in breach of this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)has been independently developed or acquired by the receiving Party or any of its Affiliates without the aid, application, or use of the disclosing Party's Confidential Information;

provided that the exceptions in subclauses (b) above shall not apply to (i) Janux with respect to the Product Information, or Joint Arising Know-How, or (ii) to BMS with respect to the Joint Arising Know-How or Joint Platform Arising Know-How. Specific aspects or details of Confidential Information shall not be deemed to be within the public domain or in the possession of the

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receiving Party merely because the Confidential Information is embraced by more general information in the public domain or in the possession of the receiving Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1.3**Notwithstanding Section 11.1.1, a receiving Party shall be permitted to disclose Confidential Information of the disclosing Party, if such Confidential Information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)with respect to BMS as the receiving Party, is disclosed by or on behalf of BMS (or its Affiliates) to governmental or other regulatory agencies to obtain Patents or to gain or maintain approval to conduct Clinical Trials or to Commercialize or otherwise Exploit Licensed Products under this Agreement, in each case, in accordance with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)with respect to BMS as the receiving Party, is disclosed by or on behalf of BMS (or its Affiliates) to […\*\*\*…], including (i) […\*\*\*…], (ii) […\*\*\*…], (iii) […\*\*\*…], or (iv) […\*\*\*…], in each case (i), (ii), (iii) and (iv), on the condition that such Affiliates and Third Parties are bound by confidentiality and non-use obligations that substantially are no less stringent than those confidentiality and non-use provisions contained in this Agreement (except that […\*\*\*…]), and provided that BMS will be responsible for the compliance of all such recipients with such confidentiality and non-use obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)is deemed necessary by the receiving Party (or its Affiliates) to be disclosed to such Party's (or its Affiliate's) attorneys, independent accountants or financial advisors for the sole purpose of enabling such attorneys, independent accountants or financial advisors to provide advice to the receiving Party (or its Affiliate), on the condition that such attorneys, independent accountants and financial advisors are bound by confidentiality and non-use obligations, in each case, that substantially are no less stringent than those confidentiality and non-use provisions contained in this Agreement (or, with respect to attorneys, are otherwise under professional codes of conduct giving rise to expectations of confidentiality and non-use); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)with respect to Janux as the receiving Party, is disclosed by or on behalf of Janux (or its Affiliates) to governmental or other regulatory agencies to the extent necessary to obtain Patents in accordance with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)with respect to Janux as the receiving Party, is disclosed by or on behalf of Janux (or its Affiliates) to […\*\*\*…], including (i) […\*\*\*…], (ii) […\*\*\*…], or (iii) […\*\*\*…], in each case (i), (ii) and (iii) on the condition that such Affiliates and Third Parties are bound by confidentiality and non-use obligations that substantially are no less stringent than those confidentiality and non-use provisions contained in this Agreement (except that […\*\*\*…]), and provided that (x) Janux will be responsible for the compliance of all such recipients with such confidentiality and non-use obligations and (y) the disclosures to any Third Parties pursuant to this clause (e) shall be limited to this Agreement and a high-level summary of the Development status of the Licensed Compounds and Licensed Products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)without limiting the foregoing, with respect to Joint Arising Know-How that is the Confidential Information of both Parties, is disclosed by or on behalf of a Party (or its Affiliate) to […\*\*\*…], in each case on the condition that such Third Parties are bound by confidentiality and non-use obligations that substantially are no less stringent than those confidentiality and non-use provisions contained in this Agreement, and provided that such Party

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will be responsible for the compliance of all such recipients with such confidentiality and non-use obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1.4** **Equitable Remedies**. Each Party acknowledges that a Party in breach of any of its obligations under this Section 11.1 (Confidential Information) may cause the non-breaching Party irreparable harm, for which monetary damages may be an inadequate remedy. Therefore, notwithstanding anything to the contrary in this Agreement, in the event of any such breach, the non-breaching Party will be entitled, in addition to any other remedy available to it under this Agreement, at law or in equity, to seek equitable relief as provided in Section 14.7 (Equitable Remedies).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2** **Prior CDA**. […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3** **Publicity**. Janux shall have the right to publish a press release in the form set out in <u>Schedule 11.3</u> (Janux Press Release) within […\*\*\*…]. Any other press releases or other public statements or disclosures regarding the subject matter of this Agreement to be made by Janux or its Affiliates will be subject to the express prior written consent of BMS; provided that (a) a disclosure will be permitted without BMS's consent to the extent that it does not contain information beyond that included in a prior disclosure approved in writing by BMS and that such previously published information remains true and correct at the time of such subsequent disclosure and (b) in all cases, Janux shall provide a copy of the press release, statement or other disclosure to BMS […\*\*\*…] prior to the proposed issuance thereof. Notwithstanding the foregoing (but subject to Section 11.4 (Additional Permitted Disclosures) with respect to the filing of this Agreement), any disclosure that is required by Applicable Law or the rules of the U.S. Securities and Exchange Commission or any securities exchange may be made without the prior consent of the other Party; provided that the disclosing Party has first provided the other Party a reasonable opportunity to review and comment on such disclosure, and the disclosing Party shall take into account any timely comments from the other Party in good faith. For clarity, […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.4** **Additional Permitted Disclosures**. Notwithstanding Section 11.1.1, the receiving Party will have the right to disclose any Confidential Information of the other Party hereunder if such disclosure is necessary to comply with the requirements of any law or rule imposed by the U.S. Securities and Exchange Commission or any securities exchanges or other Applicable Law, but, in each case, only to the extent of such necessity or requirements; provided that no such disclosure will cause any such information to cease to be Confidential Information hereunder, except to the extent such disclosure results in a public disclosure of such information. If reasonably possible, the receiving Party will notify the disclosing Party of the receiving Party's intent to make such disclosure of Confidential Information pursuant to the preceding sentence sufficiently prior to making such disclosure so as to allow the disclosing Party adequate time to take whatever action the disclosing Party may deem to be appropriate to protect the confidentiality of its Confidential Information. For clarity, either Party may disclose without any limitation such Party's U.S. federal

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income tax treatment of the transactions relating to such Party that are based on or derived from this Agreement. Notwithstanding the foregoing, if a Party is obligated to file under Applicable Law a copy of this Agreement with the U.S. Securities and Exchange Commission or other Governmental Authority, such Party shall be entitled to make such a required filing; provided that such Party (a) requests confidential treatment of at least the financial terms and sensitive technical terms hereof and thereof to the extent such confidential treatment is reasonably available to such Party; (b) provides the other Party with a copy of this Agreement marked to show provisions for which such Party intends to seek confidential treatment not less than […\*\*\*…] (and any revisions to such portions of the proposed filing […\*\*\*…]), and incorporates the other Party's comments thereon to the extent consistent with the legal requirements governing such disclosure of such provisions; and (c) only discloses Confidential Information that it is advised by counsel or the applicable Governmental Authority is legally required to be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.5** **Terms of this Agreement**. The Parties agree that this Agreement and the terms hereof are the Confidential Information of Janux and BMS, and each Party agrees not to disclose any of them without the prior written consent of the other Party, except that (a) each Party may disclose any of them in accordance with the provisions of either Section 11.1.3 or Section 11.4 (Additional Permitted Disclosure); and (b) either Party may disclose any of them to the United States Internal Revenue Service or other tax authorities, to the extent required by Applicable Law, without advance written notice or approval of the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.6** **Publications**. Except for disclosures otherwise permitted to be made by BMS under this Agreement, BMS (and its Affiliates and its and their respective employee(s) and consultant(s)) may make publications related to […\*\*\*…] provided that BMS complies with the following: (a) If BMS (or its Affiliates or its or their respective employee(s) and consultant(s)) wishes to make a publication related to any Licensed Compound or Licensed Product that contains Confidential Information of Janux, […\*\*\*…], and (b) as requested by Janux within […\*\*\*…], BMS shall […\*\*\*…], in which case, BMS may only […\*\*\*…]. Janux (and its Affiliates and its and their respective employee(s) and consultant(s)) shall not have the right to make any publication related to any Licensed Compound or Licensed Product without the prior written consent of BMS, such consent not to be unreasonably withheld, conditioned or delayed (and in order for BMS to determine whether to provide such consent, Janux shall provide a copy of the publication to BMS […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.7** **Clinical Trials Registry**. Notwithstanding anything to the contrary contained herein, during the Term and after the expiration (but not termination) thereof, BMS (and its Affiliates and designees) shall have the right to publish registry information and summaries of data and results from any Clinical Trials of Licensed Products conducted in connection with activities under this Agreement, on its clinical trials registry or on a government-sponsored database such as www.clinicaltrials.gov, without requiring the consent of Janux. Janux shall reasonably cooperate if required or reasonably requested by BMS in order to facilitate any such publication by BMS (and its Affiliates and designees), and BMS shall reimburse Janux for all reasonable out-of-pocket costs incurred by Janux in connection therewith (within […\*\*\*…]).

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**ARTICLE 12** **<br>Term and Termination**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1** **Term.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1.1** **Term and Expiration**. This Agreement shall become effective on the Effective Date and shall remain in effect until it expires as follows, unless earlier terminated in accordance herewith (the "**Term**"): (a) on a Licensed Product-by-Licensed Product and country-by-country basis, this Agreement shall expire on the date of the expiration of the Royalty Term with respect to such Licensed Product in such country; and (b) in its entirety upon the expiration of all applicable Royalty Terms under this Agreement with respect to all Licensed Products in all countries in the Territory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1.2** **Effect of Expiration**. Following the expiration of the Royalty Term for a given Licensed Product in a given country, the rights and licenses granted to BMS hereunder (including pursuant to Section 2.1 (Grant to BMS) and the rights of reference pursuant to Section 5.2.4 (Rights of Reference; Further Assurances)) shall become unrestricted, exclusive, fully-paid, royalty-free, perpetual and irrevocable for such Licensed Product in such country. Following the expiration of the Royalty Term for all Licensed Products in all countries in the Territory, all rights and licenses granted to BMS hereunder (including pursuant to Section 2.1 (Grant to BMS) and the rights of reference pursuant to Section 5.2.4 (Rights of Reference; Further Assurances)) will become unrestricted, fully-paid, royalty-free, perpetual and irrevocable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2** **Termination for Breach**. Either Party may, without prejudice to any other remedies available to it at law or in equity, terminate this Agreement upon written notice to the other Party in the event that the other Party (the "**Breaching Party**") materially breaches this Agreement and such breach is not cured in accordance with this Section 12.2 (Termination for Breach). The Breaching Party will have […\*\*\*…] after written notice thereof (a "**Material Breach Notice**") was provided to the Breaching Party by the non-Breaching Party to remedy such breach. Unless the Breaching Party has cured any such breach prior to the expiration of such […\*\*\*…] period, such termination will become effective upon receipt of the written notice of termination by the Breaching Party to be given within […\*\*\*…] of the end of such […\*\*\*…] period; provided that (a) if such breach is a curable breach of an obligation other than a payment obligation and cannot be cured within such […\*\*\*…] period and the Breaching Party commences actions to cure such breach within such […\*\*\*…] period and provides a cure plan to the non-Breaching Party within such […\*\*\*…] period, then the cure period will be extended for so long as the Breaching Party diligently continues such actions, but no more than […\*\*\*…], and (b) if either Party initiates a dispute resolution procedure under Section 14.1 (Disputes) during such […\*\*\*…] period to resolve the dispute for which termination is being sought and is diligently pursuing such procedure (including pursuant to Article 14 (Dispute Resolution), if applicable), the cure period set forth in this Section 12.2 (Termination for Breach) shall be tolled and the termination shall become effective only if such breach remains uncured for […\*\*\*…], after the final resolution of the dispute in accordance with Article 14 (Dispute Resolution); provided that if such breach is a curable breach of an obligation other than a payment obligation and cannot be cured within such […\*\*\*…] period and the Breaching Party commences actions to cure such breach within such […\*\*\*…] period and provides a cure plan to the non-Breaching Party within

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such […\*\*\*…] period, then the cure period will be extended for so long as the Breaching Party diligently continues such actions, but no more than […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3** **Termination as a Result of Bankruptcy**. Each Party may terminate this Agreement upon written notice to the other Party if such other Party (or any controlling Affiliate of such other Party) (a) makes an assignment of all or a substantial portion of its assets for the benefit of creditors, (b) appoints or suffers appointment of a receiver or trustee over all or substantially all of its property that is not dismissed or discharged within […\*\*\*…], (c) proposes a written agreement of composition or extension of its debts, (d) proposes or is a party to any dissolution or liquidation, (e) files a petition under any bankruptcy or insolvency law or is the subject of any such petition that is not dismissed within […\*\*\*…] or (f) admits in writing its inability to meet its obligations as they generally become due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.4** **Termination for Convenience by BMS**. BMS may terminate this Agreement in its entirety at will, in its sole discretion, by providing not less than (a) […\*\*\*…] prior written notice to Janux if such notice is delivered prior to the First Commercial Sale of a Licensed Product hereunder, or (b) […\*\*\*…] prior written notice to Janux if such notice is delivered at any time thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.5** **Termination by BMS for Safety Reasons**. BMS may terminate this Agreement in its entirety upon written notice to Janux based on Safety Reasons; provided that prior to sending such notice, BMS shall discuss such Safety Reasons with Janux. Upon such termination for Safety Reasons, BMS shall be responsible for the wind-down of any of its Development of the Licensed Products (including any Clinical Trials for the Licensed Products being conducted by or on behalf of BMS) and any of its Commercialization activities for the Licensed Products, in each case, as determined by BMS. Such termination shall become effective upon the date that BMS notifies Janux in writing that such wind-down is complete.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.6** **Termination for Cessation**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.6.1**Subject to Section 12.6.2, following Janux's completion of all of its activities under the Joint Development Plan, Janux may terminate this Agreement upon […\*\*\*…] prior written notice to BMS (which notice shall expressly reference termination pursuant to this Section 12.6 (Termination for Cessation)) in the event that (a) neither BMS nor any of its Related Parties have conducted any Development or Commercialization activities with respect to any Licensed Compound or Licensed Product for a […\*\*\*…] period of […\*\*\*…] (following Janux's completion of all of its activities under the Joint Development Plan) or (b) BMS (through its applicable governing body with ultimate responsibility for making such determination) makes a decision to permanently terminate all further Development and Commercialization of the Licensed Products, then unless in each case (a) or (b) BMS (or any of its Related Parties) recommences (or commences, as applicable) any Development, Manufacturing or Commercialization activities with respect to any Licensed Compound or Licensed Product prior to the end of such […\*\*\*…] period; provided that the foregoing termination right shall not apply to the extent that any such cessation is a result of (i) […\*\*\*…], (ii) […\*\*\*…], (iii) any Force Majeure (subject to BMS's compliance with Section 15.2 (Force Majeure)), (iv) […\*\*\*…], (v) any breach by Janux or any of its Affiliates of any of its obligations under this Agreement, (vi) […\*\*\*…] or (vii) BMS's (or any of its Related Parties') customary pauses in Development (e.g., waiting for readouts of data from trials, etc.).

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BMS shall notify Janux within […\*\*\*…] after making the decision described in the foregoing clause (b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.6.2**Notwithstanding Section 12.6.1, if BMS disputes the existence of a cessation for which Janux has delivered notice pursuant to Section 12.6.1, and BMS provides Janux notice of such dispute within […\*\*\*…], then the […\*\*\*…] cure period set forth in Section 12.6.1 shall be tolled and Janux shall not have the right to terminate this Agreement under Section 12.6.1 unless and until (a) such dispute is finally resolved in accordance with Article 14 (Dispute Resolution), (b) such final resolution pursuant to the foregoing clause (a) determines that a cessation has occurred in accordance with and for the period described in Section 12.6.1, and (c) BMS (or any of its Related Parties) fails to recommence (or commence, as applicable) any Development or Commercialization activities with respect to any Licensed Compound or Licensed Product within […\*\*\*…], in which case the termination shall become effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.7**[…\*\*\*…].

**ARTICLE 13** **<br>Effects of Expiration or Termination**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1** **Termination of Licenses**. Upon the termination (but excluding, for clarity, expiration of the Term) of this Agreement, except as otherwise set forth in this Article 13 (Effects of Expiration or Termination), all rights and licenses granted to a Party by the other Party hereunder with respect to the Licensed Compounds and Licensed Products will immediately terminate and be of no further force and effect; provided that the licenses granted to BMS hereunder shall survive (on a non-exclusive basis) for a period of either (a) […\*\*\*…], if this Agreement is terminated prior to the First Commercial Sale of a Licensed Product by BMS or any of its Related Parties hereunder, or (b) […\*\*\*…], if this Agreement is terminated after the First Commercial Sale of a Licensed Product by BMS or any of its Related Parties hereunder (the period in the foregoing clause (a) or (b), as applicable, the **"BMS Wind-Down Period**") in order for BMS (and its Affiliates, Sublicensees and distributors), […\*\*\*…], during the BMS Wind-Down Period, to (i) subject to Section 13.2.3(d), finish or otherwise wind-down any ongoing Clinical Trials with respect to Licensed Products hereunder (provided that, if a Clinical Trial is not able to be finished or wound-down during the BMS Wind-Down Period, then, at the request of BMS, the BMS Wind-Down Period shall automatically be extended with respect to such Clinical Trial until such Clinical Trial is completed or can be reasonably and safely wound-down), and (ii) finish and sell any work-in-progress and any remaining inventory of the Licensed Products hereunder (provided that BMS shall pay Royalty Payments on Net Sales during such period (provided that the applicable Royalty Term is still ongoing) as and to the extent BMS would otherwise be required to pay such Royalty Payments as set forth in Section 7.5 (Royalty Payments)) as would have applied had this Agreement otherwise remained in full force and effect; provided that, for clarity, BMS shall have no obligation to undertake such activities. […\*\*\*…]

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[…\*\*\*…]. In the event that Janux is supplying (or having supplied) any Licensed Compounds or Licensed Products to BMS under the Supply Agreements as of the effective date of termination, then […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2** **Reversion**. If this Agreement is terminated (i) by BMS under Section 12.4 (Termination for Convenience by BMS) or (ii) by Janux under Section 12.2 (Termination for Breach), Section 12.3 (Termination as a Result of Bankruptcy) or Section 12.6 (Termination for Cessation), then the following will apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2.1** **Reversion License to BMS Reversion Patents and Reversion Know-How**. Effective upon both (a) Janux's written request to BMS (provided to BMS within […\*\*\*…]) and (b) the determination (by written agreement of the Parties or determination by Baseball Arbitration pursuant to <u>Schedule 14.1</u> (Baseball Arbitration), as applicable, in each case, as set forth in Section 13.2.5 (Financials for Reversion)) of the financials to be paid by Janux to BMS, BMS shall grant, and hereby grants, to Janux, an exclusive, worldwide, royalty-bearing license, with the right to grant sublicenses through multiple tiers, under the BMS Reversion Know-How and BMS Reversion Patents to Exploit the Reversion Product in the Field in the Territory (but excluding for use in Combination Therapies), but subject to (a) BMS retaining the rights for BMS (and its Related Parties) to conduct (or have conducted) the activities under Section 13.1 (Termination of Licenses) and (b) Janux agreeing in writing to comply with the provisions of any applicable agreement between BMS (or any of its Affiliates) and a Third Party with respect to the applicable BMS Reversion Know-How or BMS Reversion Patents, as applicable (including, at the written request of BMS, providing all applicable information in Janux's possession and Control to BMS with respect to the Reversion Product that BMS (or its Affiliate) is required to provide to such Third Party) and, in all cases, the license grants in the foregoing provisions of this 13.2.1 (Reversion License to BMS Reversion Patents and Reversion Know-How) shall be subject to the terms and conditions of any such agreement. For clarity, the foregoing license does not include any rights to any Other Component of BMS (or any of its Affiliates).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2.2** **License to BMS Intellectual Property (other than BMS Reversion Patents and BMS Reversion Know-How)**. Upon Janux's written request to BMS (provided to BMS within […\*\*\*…]), BMS and Janux shall discuss in good faith, for a period of up to […\*\*\*…] following such written request, terms and conditions under which BMS may be willing to grant to Janux a license under any Patents and Know-How (other than the BMS Reversion Patents and BMS Reversion Know-How) Controlled by BMS (or any of its Affiliates) as of the effective date of termination and that were actually being used by BMS in the Development, Manufacture or Commercialization of the Reversion Product as of the effective date of termination, for use by Janux to Exploit the Reversion Product in the Field in the Territory, including reasonable financial and other terms. For clarity, any such license would not include any rights to any Other Component of BMS (or any of its Affiliates).

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Notwithstanding the foregoing or anything to the contrary contained herein, neither Party shall have any obligation to grant any such license (or enter into any such agreement with respect thereto) unless each Party agrees to do so in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2.3** **Reversion Transfers to Janux**. As soon as reasonably practicable following the effective date of termination, the Parties will undertake the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)where permitted by Applicable Law, BMS shall assign and transfer to Janux all material Regulatory Materials solely relating to the Reversion Products (and excluding, for clarity, any such Regulatory Materials relating to Combination Therapies), in each case, owned and Controlled by BMS (or any of its Affiliates) as of the effective date of termination (the "**Reversion Regulatory Materials**") (and, pending such transfer of the applicable Reversion Regulatory Material, the Parties shall reasonably cooperate to allocate regulatory responsibilities with respect to such Reversion Regulatory Material for the Reversion Products to Janux, until such Reversion Regulatory Material has been transferred to Janux); provided that, if BMS is prohibited by Applicable Law from assigning and transferring ownership of any of the foregoing Reversion Regulatory Materials to Janux, BMS shall grant to Janux a right of reference under such Reversion Regulatory Materials to Exploit the Reversion Products, with the right to grant further rights of reference through multiple tiers, and BMS shall take other actions reasonably requested by Janux to give effect to such right of reference to such Reversion Regulatory Materials, including providing a signed statement that Janux may rely on, and that the Regulatory Authority may access, such Reversion Regulatory Materials in support of Janux's application for Regulatory Approval for the Reversion Products in the Field in the Territory. […\*\*\*…]. Notwithstanding the foregoing, in all cases, BMS (and its Affiliates) shall not be required to maintain any such Reversion Regulatory Materials following the end of the BMS Wind-Down Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)where permitted under the relevant agreement (and without BMS (or any of its Affiliates) being obligated to incur any costs to assign), (i) BMS shall provide Janux with a copy of each agreement between BMS (or its Affiliates) and a Third Party solely relating to the Development, Manufacture or Commercialization of any Reversion Product that are in effect on the effective date of termination, and, (ii) upon Janux's written request to BMS (provided to BMS within […\*\*\*…]), subject to any consent required from any Third Party to the applicable agreement, BMS shall […\*\*\*…] assign, and cause its Affiliates assign, to Janux such agreement, to the extent permitted under the terms thereof; provided that Janux shall assume in writing all obligations of BMS under such agreements so assigned; provided further that with respect to any such agreement that does not permit such assignment contemplated in the foregoing (ii), upon Janux's written request to BMS (provided to BMS within […\*\*\*…]), BMS shall […\*\*\*…] introduce Janux to the Third Party counterparty to such agreement so that Janux may discuss entering into an agreement with such Third Party;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)promptly following the end of the BMS Wind-Down Period, (i) BMS shall deliver to Janux a list of the inventory of each Reversion Product then remaining in BMS's (or its Affiliates') Control, and (ii) upon Janux's written request to BMS (provided to BMS within […\*\*\*…]), deliver to Janux all or part of such inventory (as so requested by Janux), […\*\*\*…]; provided that, with respect to any inventory on the list provided pursuant to the foregoing clause (i) that Janux does not elect to have delivered pursuant to the foregoing clause (ii), BMS shall destroy (or have destroyed) such inventory. […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)if, at the effective date of such termination, BMS (or any of its Affiliates) is conducting any Clinical Trials for any Reversion Product for use as a monotherapy (i.e., excluding any Clinical Trials for a Combination Therapy of a Reversion Product and another product), then at Janux's written request to BMS (provided to BMS within […\*\*\*…]), on a Clinical Trial-by-Clinical Trial basis, where permitted by Applicable Law, BMS shall reasonably cooperate with Janux to transfer to Janux, […\*\*\*…], the conduct of all such Clinical Trials as soon as reasonably practicable; provided that (A) the Parties' rights and obligations under ARTICLE 10 (Indemnification) will apply to such transferred Clinical Trials (which from the effective date of termination will be deemed to be conducted on behalf of Janux and not on behalf of BMS) and (B) […\*\*\*…]. Notwithstanding the foregoing, in all cases, BMS (and its Affiliates) shall not be required to continue to conduct any such Clinical Trials following the end of the BMS Wind-Down Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)where permitted by Applicable Law, upon the written request of Janux to BMS (provided to BMS within […\*\*\*…]), BMS shall transfer and assign to Janux all of BMS's and its Affiliates' right, title and interests in and to the Product Mark(s) owned and Controlled by BMS or its Affiliates as of the effective date of termination and used solely for the Reversion Products; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)each Party shall reasonably cooperate with the other Party to effectuate the foregoing transfers and assignments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2.4** **Conditions; Reservations**. Notwithstanding the foregoing provisions of this Section 13.2 (Reversion), (a) the assignments, transfers and licenses, as applicable, by BMS (or its Affiliate) pursuant to this Section 13.2 (Reversion) shall be provided on an "as is" basis (without any representations or warranties), and (b) BMS reserves the right under any Patents, Know-How, Regulatory Materials, Product Marks, agreements and other assets assigned, transferred or licensed to Janux pursuant to the foregoing provisions of this Section 13.2 (Reversion) for BMS (and its Related Parties) (i) to conduct (or have conducted) the activities under Section 13.1 (Termination of Licenses), (ii) as may be necessary or reasonably useful to comply with Applicable Law or any requests from a Regulatory Authority (as reasonably

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determined by BMS) and (iii) as may be necessary or reasonably useful in connection with any Third Party Claims or other litigations, suits, claims, actions, proceedings or demands (as reasonably determined by BMS), and, in furtherance of the foregoing retained rights under this clause (b), at the request of BMS, Janux (and its Affiliates) shall provide reasonable access to BMS (and its designees) to all such assets assigned or transferred to Janux.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2.5** **Financials for Reversion**. In consideration of the foregoing assignments, transfers and licenses from BMS (or its Affiliate) to Janux pursuant to this Section 13.2 (Reversion) (but excluding any licenses that may be granted pursuant to Section 13.2.2 (License for other BMS Intellectual Property), which licenses, if any, will have their own separate financial terms), promptly following the effective date of termination of this Agreement, the Parties shall negotiate […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.3** **Confidential Information**. Within […\*\*\*…], each Party shall destroy all tangible items comprising, bearing or containing any Confidential Information of the other Party (but excluding, for clarity, any Joint Arising Know-How or Joint Platform Arising Know-How) that are in its or its Affiliates' possession or Control; provided that (a) such Party may retain Confidential Information of the other Party to exercise rights and licenses which expressly survive such termination or expiration pursuant to this Agreement, and (b) such Party may retain one copy of such Confidential Information for its legal archives; provided, further, for clarity, such Party shall not be required to destroy electronic files containing Confidential Information that are made in the ordinary course of its business information back-up procedures pursuant to its electronic record retention and destruction practices that apply to its own general electronic files and information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.4** **Handling of Joint Arising Patents and Joint Platform Arising Patents**. Promptly following the expiration or termination of this Agreement for any reason, the Parties shall discuss in good faith and agree on procedures for handling the prosecution, maintenance, defense and enforcement of Joint Arising Patents, and the rights and responsibilities of each of the Parties in connection therewith, following the expiration or termination of this Agreement. With respect to the Joint Platform Arising Patents, following the expiration or termination of this Agreement: (a) as between the Parties, Janux shall have the sole right, in its sole discretion, with

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respect to the Prosecution, enforcement and defense thereof, (b) BMS shall provide all cooperation in connection therewith as described in Sections 8.3.4 (Cooperation) and 8.5.5 (Cooperation in Enforcement Proceedings), provided […\*\*\*…], and (c) Janux shall provide, at BMS's reasonable request, information sharing in connection therewith as described in Sections 8.3.4 (Cooperation) and 8.5.5 (Cooperation in Enforcement Proceedings).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.5** **Remedies**. For clarity, except as otherwise expressly provided herein, termination of this Agreement in accordance with the provisions hereof shall not limit remedies that may otherwise be available in law or equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.6** **Accrued Rights**. Expiration or termination this Agreement for any reason will be without prejudice to any rights that will have accrued to the benefit of a Party prior to the effective date of such expiration or termination. Such expiration or termination will not relieve a Party from obligations that are expressly indicated to survive the expiration or termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.7** **Survival**. Notwithstanding anything to the contrary contained herein, the following provisions will survive any expiration or termination of this Agreement: ARTICLE 1 (Definitions) (as applicable with respect to the other surviving provisions of this Agreement), ARTICLE 13 (Effects of Expiration or Termination), ARTICLE 14 (Dispute Resolution) and Sections: 2.2.1 (No Implied Licenses), 2.2.2 (Retained Rights) (first sentence only), 4.5 (Records, Reports, and Information) (first two sentences only, and only for the time period set forth therein), 6.5.1 […\*\*\*…], 6.5.2 (last sentence only, and only in the event of expiration, but not termination (except during the BMS Wind-Down Period) of this Agreement), 7.5.2(a) (second sentence only), 7.5 (Royalty Payments) through 7.11 (Royalty Payments and Reports) (with respect to Royalty Payments on Net Sales during the BMS Wind-Down Period as set forth in Section 13.1 (Termination of Licenses)) and also with respect to Royalty Payments accrued prior to the end of the Term but made after the Term), 7.12.4 (only clause (c) thereof and the last sentence thereof, and only in the event of expiration, but not termination (except during the BMS Wind-Down Period) of this Agreement), 7.12.6 (with respect to Royalty Payments on Net Sales during the BMS Wind-Down Period as set forth in Section 13.1 (Termination of Licenses)) and also with respect to Royalty Payments accrued prior to the end of the Term but made after the Term), 7.13 (Taxes and Withholding), 7.14 (Currency Conversion), 7.15 (General Payment Procedures), 7.16 (Offset Rights), 7.17 (Records; Audits) (only for the time period set forth therein), 7.18 (Late Payments), 8.2 (Ownership) (but excluding 8.2.2(e)), 8.8 (Defense of Third Party Infringement Claims from Exploitation of Licensed Product) (fourth sentence thereof, with respect to Royalty Payments on Net Sales during the BMS Wind-Down Period as set forth in Section 13.1 (Termination of Licenses)) and also with respect to Royalty Payments accrued prior to the end of the Term but made after the Term), 8.10 (Common Ownership Under Joint Research Agreements), 9.3.3 (Janux In-License Agreements) (only until the expiration of the applicable Janux In-License Agreement and only in the event of expiration, but not termination (except during the BMS Wind-Down Period) of this Agreement), 9.6 (No Other Representations or Warranties), 10.1 (Indemnification by Janux), 10.2 (Indemnification by BMS), 10.3 (Indemnification Procedures), 11.1 (Confidential Information) (only for the time period set forth therein), 11.2 (Prior CDA) through 11.5 (Terms of this Agreement), 11.6

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(Publications) (in the event of expiration (but not termination) of this Agreement), 11.7 (Clinical Trials Registry) (in the event of expiration (but not termination) of this Agreement), 12.1.2 (Effect of Expiration), 15.1 (Entire Agreement; Amendment), 15.2 (Force Majure), 15.3 (Notices), 15.4 (Assignment), 15.6 (Severability), 15.8 (Cumulative Remedies), 15.9 (Interpretation), 15.10 (Further Assurances), 15.11 (Extension to Affiliates), 15.12 (No Consequential or Punitive Damages), 15.13 (Waivers and Modifications), 15.14 (No Third Party Beneficiaries), 15.15 (Relationship of the Parties) and 15.16 (Counterparts). Except as set forth in this Article 13 (Effects of Expiration or Termination) or otherwise expressly set forth herein, upon expiration or termination of this Agreement all other rights and obligations of the Parties will cease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.8** **Rights in Bankruptcy**. All rights and licenses granted under or pursuant to this Agreement by one Party to the other Party are, and will otherwise be deemed to be, for purposes of Section 365(n) of the U.S. Bankruptcy Code (or any analogous provisions of any other country or jurisdiction), licenses of right to "intellectual property" as defined under Section 101 of the U.S. Bankruptcy Code. The Parties agree that either Party, as licensee of certain rights under this Agreement, will retain and may fully exercise all of its rights and elections under the U.S. Bankruptcy Code or any analogous provisions in any other country or jurisdiction. The Parties further agree that, in the event of the commencement of a bankruptcy proceeding by or against a Party or any of its Affiliates (the "**Bankrupt Party**") under the U.S. Bankruptcy Code or any analogous provisions in any other country or jurisdiction, (a) the other Party will be entitled to a complete duplicate of (or complete access to, as appropriate) any intellectual property licensed to such other Party and all embodiments of such intellectual property, which, if not already in such other Party's possession, will be promptly delivered to it (i) upon any such commencement of a bankruptcy proceeding upon such other Party's written request therefor, unless the Bankrupt Party elects to continue to perform all of its obligations under this Agreement or (ii) if not delivered under clause (i), following the rejection of this Agreement by the Bankrupt Party upon written request therefor by such other Party, and (b) the Bankrupt Party will not unreasonably interfere with such other Party's rights to intellectual property and all embodiments of intellectual property, and will assist and not unreasonably interfere with such other Party in obtaining intellectual property and all embodiments of intellectual property from another entity. The "embodiments" of intellectual property includes all tangible, intangible, electronic, or other embodiments of rights and licenses hereunder, including all molecules and products embodying intellectual property, Licensed Products, filings with Regulatory Authorities and related rights, including Janux Licensed Know-How.

**ARTICLE 14** **<br>Dispute Resolution**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1** **Disputes**. Except (i) as provided in Section 7.17.4 (Audit Dispute), Section 14.6 (Interim Relief) or Section 14.7 (Equitable Remedies), or (ii) for the limited financial disputes that are to be determined pursuant to <u>Schedule 14.1</u> (Baseball Arbitration) as expressly set forth in this Agreement, any dispute between the Parties arising out of or in connection with or relating to this Agreement, these dispute resolution procedures (including their existence, validity, applicability or termination), or any document or instrument delivered in connection herewith that is outside the scope of authority of the JSC (a "**Dispute**") (provided that, for clarity, disputes within the scope of authority of the JSC shall be resolved pursuant to Section 3.2 (Decision Making on JSC and Resolution of JSC Disputes) and not this Article 14 (Dispute Resolution), except as expressly set

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forth in Section 3.2 (Decision Making on JSC and Resolution of JSC Disputes)), shall be resolved pursuant to this Article 14 (Dispute Resolution). Subject to the foregoing, any Dispute shall first be referred to the Designated Officers of the Parties, who shall confer in good faith on the resolution of the Dispute. Any final decision mutually agreed to by the Designated Officers shall be conclusive and binding on the Parties. If the Designated Officers are not able to agree on the resolution of any such Dispute within […\*\*\*…] (or such other period of time as mutually agreed by the Designated Officers) after such Dispute was first referred to them, then, except as otherwise set forth in Section 14.2 (Intellectual Property Dispute), at the written request of either Party to the other Party, the Dispute will be resolved pursuant to Section 14.3 (ADR).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2** **Intellectual Property Disputes**. In the event that a Dispute arises with respect (i) the validity, enforceability, or patentability of any Patent, or (ii) the validity or enforceability of any trademark or copyright rights, and such Dispute cannot be resolved in accordance with Section 14.1 (Disputes), unless otherwise agreed by the Parties in writing, such Dispute shall not be submitted to an ADR proceeding in accordance with Section 14.3 (ADR) and instead, either Party may initiate litigation in a court of competent jurisdiction in any country or other jurisdiction in which such rights apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.3** **ADR**. Except for disputes that are to be determined pursuant to <u>Schedule 14.1</u> (Baseball Arbitration), any alternative dispute resolution ("**ADR**") proceeding under this Agreement shall take place pursuant to the procedures set forth in <u>Schedule 14.3</u> (ADR Procedures). Any dispute concerning the scope, enforceability or applicability of Section 14.3 (ADR) and <u>Schedule 14.3</u> (ADR Procedures), including whether a Dispute is subject to Section 14.3 (ADR) and the propriety of commencing an ADR proceeding, shall be decided by the Neutrals. To the extent that any matter subject to an ADR proceeding under <u>Schedule 14.3</u> (ADR Procedures) includes a claim that when presented on its own would be subject to Baseball Arbitration under <u>Schedule 14.1</u> (Baseball Arbitration), then the Neutrals in the ADR proceeding shall have sole authority on such matter and must follow the requirements of <u>Schedule 14.1</u> (Baseball Arbitration) for the matter that when presented on its own would be subject to Baseball Arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4** **Adverse Ruling**. Any determination made by the Neutrals that a Party is in material breach of its obligations hereunder shall specify a (nonexclusive) set of actions to be taken to cure such material breach, if feasible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.5** **Choice of Law**. This Agreement and any dispute arising from the performance or breach hereof will be governed by and construed in accordance with the laws of the State of New York without reference to any rules of conflict of laws that might otherwise make this Agreement subject to the substantive law of another jurisdiction. The United Nations Convention on Contracts for the International Sale of Goods does not apply to this Agreement and is expressly and entirely excluded. Notwithstanding the foregoing with respect to the applicable substantive law, any ADR proceeding shall be governed by the Federal Arbitration Act, 9 U.S.C. § 1 *et seq.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.6** **Interim Relief**. Notwithstanding anything herein to the contrary, nothing in this ARTICLE 14 (Dispute Resolution) shall preclude either Party from seeking interim or provisional relief from a court of competent jurisdiction, including a temporary restraining order, preliminary

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injunction or other interim equitable relief concerning a Dispute, if necessary to protect the interests of such Party. This Section 14.6 (Interim Relief) shall be specifically enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.7** **Equitable Remedies**. Notwithstanding anything to the contrary herein, the Parties do not intend to deprive any court of its jurisdiction to issue, at the request of a Party, a pre-arbitral injunction, pre-arbitral attachment or other order of interim relief to avoid irreparable harm, maintain the status quo, preserve the subject matter of the Dispute, or aid the arbitration proceedings and the enforcement of any award. Without prejudice to such provisional or interim remedies in aid of arbitration as may be available under the jurisdiction of a competent court, the Neutrals will have full authority to grant provisional or interim remedies and to award damages for the failure of any party to the Dispute to respect the Neutrals' order to that effect.

**ARTICLE 15** **<br>Miscellaneous**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.1** **Entire Agreement; Amendment**. This Agreement, the […\*\*\*…], and any Supply Agreements, together with the Schedules and Exhibits hereto or thereto, contain the entire understanding of the Parties with respect to the subject matter hereof. Any other express or implied agreements and understandings, negotiations, writings and commitments, either oral or written, in respect to the subject matter hereof are superseded by the terms of this Agreement, including the Prior CDA to the extent relating to the subject matter hereof. The Schedules and Exhibits to this Agreement are incorporated herein by reference and will be deemed a part of this Agreement. This Agreement may be amended, or any term hereof modified, only by a written instrument duly executed by authorized representatives of each of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.2** **Force Majeure**. A Party shall not be liable for delay or failure in the performance of any of its obligations hereunder if such delay or failure is due to a cause beyond the reasonable control of such Party, including acts of God, embargoes, fires, earthquakes, acts of war, terrorism, insurrections, riots, strikes, lockouts, or other labor disturbances, actions or omissions or delays in acting by any Governmental Authority or the other Party, floods, epidemics, pandemics, quarantines or civil unrest, or hurricane or other inclement weather (**"Force Majeure**"); provided, however, that the affected Party promptly notifies the other Party; provided, further, that the affected Party shall use its commercially reasonable efforts to avoid or remove such causes of non-performance and to mitigate the effect of such occurrence, and shall continue performance in accordance with the terms of this Agreement whenever such causes are removed. When such circumstances arise, the Parties shall negotiate in good faith any modifications of the terms of this Agreement that may be necessary or appropriate in order to arrive at an equitable solution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.3** **Notices**. Any notice required or permitted to be given by this Agreement shall be in writing and in English and shall be (a) delivered by hand or by overnight courier with tracking capabilities, or (b) mailed postage prepaid by first class, registered, or certified mail, in each case, addressed as set forth below unless changed by notice so given:

If to Janux:

Janux Therapeutics, Inc.

10955 Vista Sorrento Parkway, Suite 200

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San Diego, CA 92130

Attention: […\*\*\*…]

With a copy to (that shall not constitute notice):

Cooley LLP

10265 Science Center Drive

San Diego, CA 92121-1117

Attention: […\*\*\*…]

If to BMS:

Bristol-Myers Squibb Company

Route 206 & Province Line Road

Princeton, NJ 08543-4000

Attention: […\*\*\*…]

With a copy to (that shall not constitute notice):

Bristol-Myers Squibb Company

Route 206 & Province Line Road

Princeton, New Jersey 08543-4000

Attention: […\*\*\*…]

Email: […\*\*\*…]

Any such notice shall be deemed given on the date received, except any notice received after 5:30 p.m. (in the time zone of the receiving party) on a Business Day or received on a non-Business Day shall be deemed to have been received on the next Business Day. A Party may add, delete, or change the person or address to which notices should be sent at any time upon written notice delivered to the other Parties in accordance with this Section 15.3 (Notices).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.4** **Assignment.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.4.2** **BMS**. Notwithstanding the limitations in Section 15.4.1 (Generally), subject to Section 15.5 (Change of Control or Assignment), BMS may assign or transfer this Agreement, or any rights or obligations hereunder, without the prior written consent of Janux, (a) in whole or in part, to one or more Affiliates (provided, however, that BMS shall remain fully and

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unconditionally liable and responsible to Janux for the performance and observance of all such duties and obligations by such Affiliate), or (b) in whole, to its successor in interest in connection with its merger, consolidation, or sale of all or substantially all of its assets or that portion of its business pertaining to the subject matter of this Agreement, directly or indirectly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.4.3** **Janux**. Notwithstanding the limitations in Section 15.4.1 (Generally), subject to Section 15.5 (Change of Control or Assignment), Janux may assign or transfer this Agreement, or any rights or obligations hereunder, without the prior written consent of BMS, (a) in whole or in part, to one or more Affiliates (provided, however, that Janux shall remain fully and unconditionally liable and responsible to BMS for the performance and observance of all such duties and obligations by such Affiliate), or (b) in whole, to its successor in interest in connection with its merger, consolidation, or sale of all or substantially all of its assets or that portion of its business pertaining to the subject matter of this Agreement, directly or indirectly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.4.4** **All Other Assignments Null and Void**. The terms of this Agreement will be binding upon and will inure to the benefit of the successors, heirs, administrators and permitted assigns of the applicable Party. Any purported assignment in violation of this Section 15.4 (Assignment) will be null and void *ab initio*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.5** **Change of Control or Assignment.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.6** **Severability**. If any one or more of the terms or provisions of this Agreement is held by a court of competent jurisdiction to be void, invalid or unenforceable in any situation in any jurisdiction, such holding shall not affect the validity or enforceability of the remaining terms

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and provisions hereof or the validity or enforceability of the invalid, void or unenforceable term or provision in any other situation or in any other jurisdiction, and the term or provision shall be considered severed from this Agreement solely for such situation and solely in such jurisdiction, unless the invalid, void or unenforceable term or provision is of such essential importance to this Agreement that it is to be reasonably assumed that the Parties would not have entered into this Agreement without the invalid, void or unenforceable term or provision. If the final judgment of such court declares that any term or provision hereof is invalid, void or unenforceable, the Parties agree to (a) reduce the scope, duration, area or applicability of the term or provision or to delete specific words or phrases to the minimum extent necessary to cause such term or provision as so reduced or amended to be enforceable, and (b) make a good faith effort to replace any invalid, void or unenforceable term or provision with a valid and enforceable one such that the objectives contemplated by the Parties when entering this Agreement may be realized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.7** **U.S. Export and Transfer Controls**. This Agreement is made subject to any restrictions concerning the export or transfer of products, technology, data or other information from the U.S. that may be imposed on the Parties from time to time under Applicable Law. Each Party agrees that it will not export or transfer (and shall not be required to export or transfer), directly or indirectly, any such products, technology, data or other information from the U.S. to a location or in a manner that at the time of export or transfer would (a) require an export license or other governmental approval, without first obtaining the written consent to do so from the appropriate agency or other governmental entity in accordance with Applicable Law, or (b) otherwise violate Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.8** **Cumulative Remedies**. No remedy referred to in this Agreement is intended to be exclusive, but each shall be cumulative and in addition to any other remedy referred to in this Agreement or otherwise available under Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.9** **Interpretation.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.9.1** **Generally**. This Agreement has been diligently reviewed by and negotiated by and among the Parties, and in such negotiations each of the Parties has been represented by competent (in-house or external) counsel, and the final agreement contained herein, including the language whereby it has been expressed, represents the joint efforts of the Parties and their counsel. Accordingly, in interpreting this Agreement or any provision hereof, no presumption shall apply against any Party as being responsible for the wording or drafting of this Agreement or any such provision, and ambiguities, if any, in this Agreement shall not be construed against any Party, irrespective of which Party may be deemed to have authored the ambiguous provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.9.2** **Definitions; Interpretation**. The definitions of the terms herein shall apply equally to the singular and plural forms of the terms defined and where a word or phrase is defined herein, each of its other grammatical forms shall have a corresponding meaning. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine, and neuter forms. The word "will" shall be construed to have the same meaning and effect as the word "shall". The word "any" shall mean "any and all" unless otherwise clearly indicated by context. The words "including", "includes", "include", "for example", and "e.g." and words of similar import will be deemed to be followed by the words "without limitation." The word "or" is disjunctive but not necessarily exclusive. The words "hereof", "herein" and "herewith" and words of similar import

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shall, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement. Any reference in this Agreement to "method of manufacture" includes "method of producing". Unless the context requires otherwise or otherwise specifically provided, (a) all references herein to Articles, Sections, Schedules or Exhibits shall be construed to refer to Articles, Sections, Schedules and Exhibits of this Agreement and (b) reference in any Section to any subclauses are references to such subclauses of such Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.9.3** **Subsequent Events**. Unless the context requires otherwise, (a) any definition of or reference to any agreement, instrument, or other document herein shall be construed as referring to such agreement, instrument, or other document as from time to time amended, supplemented, or otherwise modified (subject to any restrictions on such amendments, supplements, or modifications set forth herein), (b) any reference to any Applicable Law herein shall be construed as referring to such Applicable Law as from time to time enacted, repealed, or amended, and (c) any reference herein to any Person shall be construed to include the Person's successors and assigns (subject to Section 15.4 (Assignment)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.9.4** **Headings**. Headings, captions and the table of contents are for convenience only and are not to be used in the interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.9.5** **Prior Drafts**. No prior draft of this Agreement nor any course of performance or course of dealing shall be used in the interpretation or construction of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.9.6** **Independent Significance**. Although the same or similar subject matters may be addressed in different provisions of this Agreement, the Parties intend that, except as reasonably apparent on the face of this Agreement or as expressly provided in this Agreement, each such provision shall be read separately, be given independent significance and not be construed as limiting any other provision of this Agreement (whether or not more general or more specific in scope, substance or content).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.10** **Further Assurances**. Each Party shall execute, acknowledge and deliver such further instruments, and do all such other ministerial, administrative or similar acts, as may be reasonably necessary or appropriate in order to carry out the expressly stated purposes and the clear intent of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.11** **Extension to Affiliates**. Each Party shall have the right to extend the rights, licenses, immunities and obligations granted in this Agreement to one or more of its Affiliates. All applicable terms and provisions of this Agreement shall apply to any such Affiliate to which this Agreement has been extended to the same extent as such terms and provisions apply to such Party. Such Party shall remain fully liable for any acts or omissions of such Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.12** **No Consequential or Punitive Damages**. NEITHER JANUX NOR BMS, NOR ANY OF THEIR RESPECTIVE AFFILIATES, WILL BE LIABLE TO THE OTHER PARTY OR ITS AFFILIATES UNDER OR IN CONNECTION WITH THIS AGREEMENT FOR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL OR PUNITIVE OR EXEMPLARY DAMAGES (INCLUDING LOST PROFITS OR LOST REVENUES), WHETHER LIABILITY IS ASSERTED IN CONTRACT, TORT (INCLUDING NEGLIGENCE AND STRICT

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PRODUCT LIABILITY), INDEMNITY, CONTRIBUTION OR OTHERWISE, AND IRRESPECTIVE OF WHETHER THAT PARTY OR ANY REPRESENTATIVE OF THAT PARTY HAS BEEN ADVISED OF, OR OTHERWISE MIGHT HAVE ANTICIPATED THE POSSIBILITY OF, ANY SUCH LOSS OR DAMAGE. NOTWITHSTANDING THE FOREGOING, NOTHING IN THIS SECTION 15.12 (NO CONSEQUENTIAL OR PUNITIVE DAMAGES) IS INTENDED TO OR SHALL LIMIT OR RESTRICT (A) THE INDEMNIFICATION RIGHTS OR OBLIGATIONS OF ANY PARTY UNDER SECTION 10.1 (INDEMNIFICATION BY JANUX) OR SECTION 10.2 (INDEMNIFICATION BY BMS) FOR ANY THIRD PARTY DAMAGES, OR (B) THE LIABILITY OF ANY PARTY FOR BREACH OF ANY OF ITS OBLIGATIONS UNDER ARTICLE 11 (CONFIDENTIALITY), OR (C) SUBJECT TO […\*\*\*…].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.13** **Waivers and Modifications**. The failure of any Party to insist on the performance of any obligation hereunder shall not be deemed to be a waiver of such obligation. Waiver of any breach of any provision hereof shall not be deemed to be a waiver of any other breach of such provision or any other provision on such occasion or any succeeding occasion. No waiver, modification, release, or amendment of any obligation under or provision of this Agreement shall be valid or effective unless in writing and signed by the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.14** **No Third Party Beneficiaries**. There are no express or implied Third Party beneficiaries hereunder. The provisions of this Agreement are for the exclusive benefit of the Parties, and no other person or entity shall have any right or claim against any Party by reason of these provisions or be entitled to enforce any of these provisions against any Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.15** **Relationship of the Parties**. Janux and BMS are independent contractors under this Agreement. Nothing contained herein is intended or is to be construed so as to constitute (a) Janux as a partner, agent, or joint venturer of BMS or (b) BMS as a partner, agent or joint venturer of Janux. Neither Janux nor BMS, respectively, shall have any express or implied right or authority to assume or create any obligations on behalf of or in the name of BMS or Janux, respectively, or to bind BMS or Janux, respectively, to any contract, agreement, or undertaking with any Third Party. The Parties (and any successor, assignee, transferee, or affiliate of a Party) shall use commercially reasonable efforts to (i) avoid restructuring the arrangement contemplated by this Agreement in a way that would knowingly and intentionally cause the arrangement contemplated by this Agreement being treated as a partnership for any tax purposes and (ii) not treat or report the relationship between the Parties arising under this Agreement as a partnership for any tax purposes, without the prior written consent of the other Party unless required by a final "determination" as defined in Section 1313(a) of the United States Internal Revenue Code of 1986, as amended, or any similar or comparable provisions of state, local or non-U.S. law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.16** **Counterparts**. This Agreement may be executed in counterparts with the same effect as if both Parties had signed the same document. All such counterparts shall be deemed an original, shall be construed together, and shall constitute one and the same instrument. Any such counterpart, to the extent delivered by means of a fax machine or by .pdf, .tif, .gif, .jpeg or similar attachment to electronic mail (any such delivery, an "**Electronic Delivery**") shall be treated in all manner and respects as an original executed counterpart and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. No Party hereto shall raise the use of Electronic Delivery to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of Electronic Delivery as a defense to the formation of a contract, and each Party forever waives any such defense, except to the extent that such defense relates to lack of authenticity.

*[No Further Text on This Page]*

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**In Witness Whereof,** the Parties have executed this Agreement by their duly authorized representatives as of the Effective Date.

**Bristol-Myers Squibb Company Janux Therapeutics, Inc.**

By: <u>/s/ Julie Rozenblyum</u> By: <u>/s/ David Campbell</u> 

Printed: Julie Rozenblyum Printed: David Campbell

Title: SVP Business Development Title: President and CEO

[*Signature Page to Exclusive License and Collaboration Agreement*]

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**<u>Schedule 1.64</u><br>Janux Licensed Patents**

[…\*\*\*…]

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**<u>Schedule 1.66</u><br>Existing Janux Platform Patents**

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**<u>Schedule 1.67</u>**

**Janux Platform Technology**

[…\*\*\*…]

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**<u>Schedule 1.71</u>**

**<u>Pre-clinical Joint Development Plan ("JDP") for</u>** <u>[</u>**<u>…\*\*\*…</u>**<u>]</u> **<u>T-Cell Engager</u>**

[…\*\*\*…]

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**<u>Schedule 1.75<br></u><br> Knowledge Persons**

[…\*\*\*…]

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**<u>Schedule 2.5</u>**

**Certain Transferred Materials**

[…\*\*\*…]

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**<u>Schedule 6.1</u>**

**Fully Burdened Cost**

[…\*\*\*…]

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**<u>Schedule 9.2.1</u>**

[…\*\*\*…]

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**<u>Schedule 9.2.11</u>** 

**Related Janux Agreements**

[…\*\*\*…]

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**<u>Schedule 11.3<br></u><br> Janux Press Release**

**(see attached)**

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| | |
|:---|:---|
| ![img16583749_0.jpg](img16583749_0.jpg) | **CONFIDENTIAL** |

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**Janux Therapeutics Announces Collaboration and Exclusive Worldwide License Agreement with Bristol Myers Squibb to Develop a Novel Tumor-Activated Therapeutic for Solid Tumors**

SAN DIEGO, CA – January [X], 2026 – Janux Therapeutics, Inc. (Nasdaq: JANX) ("Janux"), a clinical-stage biopharmaceutical company developing a broad pipeline of novel immunotherapies by applying its proprietary technologies to its Tumor Activated T Cell Engager (TRACTr), Tumor Activated Immunomodulator (TRACIr), and Adaptive Immune Response Modulator (ARM) platforms, today announced a collaboration and exclusive worldwide license agreement with Bristol Myers Squibb. Under the terms of the agreement, the companies will develop an undisclosed, novel, tumor-activated therapeutic targeting a validated solid tumor antigen expressed across several human cancer types.

"This collaboration marks a significant milestone for Janux, validating the strength of our tumor-activated platforms and expanding our reach in solid tumor oncology," said David Campbell, Ph.D., President and CEO of Janux. "By combining Janux's innovative technology with Bristol Myers Squibb's deep expertise in clinical development and global commercialization, we aim to accelerate the delivery of transformative therapies to patients with difficult-to-treat cancers."

As part of the collaboration, Janux will complete preclinical development up to IND submission. Bristol Myers Squibb will hold the IND and be responsible for subsequent development and global commercialization, with Janux remaining actively involved, supporting Bristol Myers Squibb through completion of the first Phase 1 clinical study.

Under the terms of the collaboration and exclusive worldwide license agreement, Janux may receive up to $50 million in upfront and near-term milestone payments, and is eligible to receive development, regulatory and commercial milestones up to approximately $800 million in the aggregate. Janux is also entitled to tiered royalties on global product sales.

**About Janux Therapeutics**

Janux is a clinical-stage biopharmaceutical company developing a broad pipeline of novel immunotherapies by applying its proprietary technology to its Tumor Activated T Cell Engager (TRACTr), Tumor Activated Immunomodulator (TRACIr), and Adaptive Immune Response Modulator (ARM) platforms. Janux has two TRACTr therapeutic candidates in clinical trials, the first targeting prostate-specific membrane antigen (PSMA) is in development for prostate cancer, and the second targeting epidermal growth factor receptor (EGFR) is being developed for colorectal carcinoma, squamous cell carcinoma of the head and neck, non-small cell lung cancer, renal cell carcinoma, small cell lung cancer, pancreatic ductal adenocarcinoma and triple-negative breast cancer. For more information, please visit www.januxrx.com and follow us on LinkedIn.

**Janux's TRACTr, TRACIr and ARM Pipeline**

Janux's first clinical candidate, JANX007, is a TRACTr that targets PSMA and is being investigated in a Phase 1 clinical trial in adult patients with mCRPC. Janux's second clinical candidate, JANX008, is a TRACTr that targets EGFR and is being studied in a Phase 1 clinical trial for the treatment of multiple solid cancers including colorectal carcinoma, squamous cell carcinoma of the head and neck, non-small cell lung cancer, renal cell carcinoma, small cell lung cancer, pancreatic ductal adenocarcinoma and

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triple-negative breast cancer. Janux is also advancing additional CD3-based TRACTr and CD28-based TRACIr programs for future clinical development, including a PSMA-TRACIr for use in combination with our PSMA-TRACTr JANX007, and a TROP2-TRACTr for the treatment of TROP2+ solid tumors. Janux is advancing its first ARM platform program candidate, a CD19-ARM for the potential treatment of autoimmune diseases toward clinical trials. Janux is also generating a number of additional TRACTr, TRACIr and ARM programs for potential future development.

**Forward-Looking Statements**

<br> This news release contains certain forward-looking statements that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. Such forward-looking statements include statements regarding, among other things, Janux's ability to bring new treatments to cancer patients in need, expectations regarding the timing, scope and results of Janux's development activities, including its ongoing and planned preclinical studies and clinical trials, the timing of and plans for regulatory filings, the potential benefits of Janux's product candidates and platform technologies, expectations regarding the use of Janux's platform technologies to generate novel product candidates, and the upfront payment and other potential fees, milestone and royalty payments, and development activities under the collaboration agreement. Factors that may cause actual results to differ materially include the risk that compounds that appear promising in early research do not demonstrate safety and/or efficacy in later preclinical studies or clinical trials, the risk that Janux may not obtain IND approval, uncertainties associated with performing clinical trials, regulatory filings and applications, risks associated with reliance on third parties to successfully conduct clinical trials, the risks associated with reliance on outside financing to meet capital requirements, the fact that Janux has limited control over the efforts and resources that its collaborators devote to advancing development and commercialization of licensed compounds and/or licensed products and the risk that Janux may not receive the potential fees and payments under its collaboration agreements or fully realize the benefits of such collaborations, and other risks associated with the process of discovering, developing and commercializing drugs that are safe and effective for use as human therapeutics, and in the endeavor of building a business around such drugs. You are urged to consider statements that include the words "may," "will," "would," "could," "should," "believes," "estimates," "projects," "promise," "potential," "expects," "plans," "anticipates," "intends," "continues," "designed," "goal," or the negative of those words or other comparable words to be uncertain and forward-looking. For a further list and description of the risks and uncertainties Janux faces, please refer to Janux's periodic and other filings with the Securities and Exchange Commission, which are available at www.sec.gov. Such forward-looking statements are current only as of the date they are made, and Janux assumes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

**Contacts**

**Investors:**

Chad Rubin

Endurance Advisors

crubin@enduranceadvisors.com

(646) 319-3261

**<br>Media:**

Jessica Yingling, Ph.D.

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Little Dog Communications Inc.

jessica@litldog.com

(858) 344-8091

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**<u>Schedule 14.1<br></u><br> Baseball Arbitration**

Certain disputes related to financial terms of this Agreement, limited to those disputes arising in relation to rights or obligations under Section 2.5.2, […\*\*\*…], Section 6.4.1, Section 7.10(b), […\*\*\*…], and Section 13.2.5, as expressly set forth in this Agreement and only insofar as the claimed relief is solely an amount (or reduction) of payment or royalty rate, or a budget, shall be resolved in accordance with this <u>Schedule 14.1</u> (Baseball Arbitration).

If the Parties are unable to agree upon any matter that is to be determined pursuant to this <u>Schedule 14.1</u> (Baseball Arbitration) then in each such case, either Party shall have the right upon written notice to the other Party (a "**Baseball Arbitration Notice**"), to nominate an independent (i.e., not a current or former employee, officer, director, consultant or subcontractor of either Party or any of its Affiliates), impartial and conflict-free Third Party arbitrator who shall have at least […\*\*\*…] of experience in the biopharmaceutical industry and relevant subject matter expertise and sufficient availability to meet the timeframes for the arbitration proceedings set out in this <u>Schedule 14.1</u> (Baseball Arbitration) (the "**Baseball Arbitrator**"). The Baseball Arbitrator shall be mutually agreed to by the Parties (i.e., the other Party can accept or has the right to reject the Baseball Arbitrator nominated by the first Party); provided that if the Parties are unable to agree on the Baseball Arbitrator within […\*\*\*…] after the matter is first referred by either Party in writing to the other Party for resolution pursuant to this <u>Schedule 14.1</u> (Baseball Arbitration) (the "**Negotiation Period**"), then each Party shall select […\*\*\*…] the criteria of a Baseball Arbitrator (each an "**Appointing Baseball Arbitrator**"), and those […\*\*\*…] Appointing Baseball Arbitrators will select […\*\*\*…] Baseball Arbitrator within […\*\*\*…] thereafter (and, for clarity, the […\*\*\*…] Appointing Baseball Arbitrators shall have no responsibilities other than choosing the […\*\*\*…] Baseball Arbitrator who shall then be the "Baseball Arbitrator" for purposes of this <u>Schedule 14.1</u> (Baseball Arbitration)). The Parties shall use their best efforts to cause the Baseball Arbitrator (mutually agreed by the Parties or selected by the […\*\*\*…] Appointing Baseball Arbitrators selected by the Parties, as applicable) to be selected and retained within […\*\*\*…]. The costs and expenses of the Baseball Arbitrator (or Appointing Baseball Arbitrators, as applicable) […\*\*\*…].

Each Party shall submit to the Baseball Arbitrator (a) one proposal, in writing, for resolution of the dispute, within […\*\*\*…], and (b) such other information as may be requested by the Baseball Arbitrator within […\*\*\*…]. Each Party's proposed resolution, and any additional information provided to the Baseball Arbitrator by such Party, shall be simultaneously provided to the other Party.

The Baseball Arbitrator shall be instructed to select one (1) or the other of the two (2) proposals submitted by the Parties no later than […\*\*\*…] and to select the proposal that the Baseball Arbitrator determines is the most commercially reasonable under the circumstances and best gives effect to the intent of the Parties under this Agreement. The Baseball Arbitrator shall select only one proposal (without making any changes) as the award issued by the Baseball Arbitrator. Notwithstanding anything to the contrary

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in this Agreement, the Baseball Arbitrator shall not have the authority to render any decision other than selecting one proposal submitted by a Party pursuant to this <u>Schedule 14.1</u> (Baseball Arbitration). The Baseball Arbitrator shall promptly notify the Parties of the award in writing, and such decision shall be final and binding on the Parties.

All activities undertaken by the Baseball Arbitrator will be conducted subject to obligations of confidentiality consistent with ARTICLE 11 (Confidentiality) of this Agreement. The Parties acknowledge and agree that (a) each of their respective proposals and all information exchanged in connection with the proceedings pursuant to this <u>Schedule 14.1</u> (Baseball Arbitration), shall be the Confidential Information of the disclosing Party and (b) the conduct of such proceedings shall be the Confidential Information of each Party (and each Party shall be deemed to be the receiving Party and the disclosing Party with respect thereto).

The seat, or legal place, of the Baseball Arbitration shall be New York, New York.

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**<u>Schedule 14.3</u>**<u><br></u><br> **ADR Procedures** 

Any Dispute referred to ADR under this Agreement shall be resolved in accordance with this <u>Schedule 14.3</u> and by arbitration administered by the American Arbitration Association ("**AAA**") in accordance with its Commercial Arbitration Rules in effect at the time of the ADR proceeding (the "**Rules**"), except as they may be modified herein:

1. To initiate an ADR proceeding, a Party shall file a written Demand for Arbitration in accordance with the Rules. Within […\*\*\*…], the other Party may, in accordance with the Rules, file an answering statement, which shall identify any counterclaims and additional issues to be arbitrated. To the extent any issue raised is subject to Baseball Arbitration pursuant to <u>Schedule 14.1</u> (Baseball Arbitration) as expressly provided in this Agreement, the procedures in <u>Schedule 14.1</u> (Baseball Arbitration) must be followed by the Neutrals as to those specific issues (and in accordance with the last sentence of Section 14.3) and such disputes may not be arbitrated under these ADR procedures.

2. Within […\*\*\*…], each Party will select one (1) independent, impartial and conflicts-free neutral, and then, within […\*\*\*…], those two (2) neutrals will select a third independent, impartial and conflicts-free neutral as chairperson (together, the "**Neutrals**"). None of the Neutrals selected may be current or former employees, consultants, officers or directors of either Party or its Affiliates. In the event that a Party fails to select a Neutral within the time period prescribed above, or the two Party-selected Neutrals fail to select the third Neutral within the time period prescribed above, the AAA shall directly appoint the applicable Neutral. The Parties further agree to submit any objections or challenges to the continued service of any Neutral to the AAA's Administrative Review Council under the Arbitrator Challenge Review Procedures for Non-Administered Arbitrations.

3. No later than […\*\*\*…] (provided that (a) with respect to a Dispute pursuant to Section 4.3(c), such timing shall be […\*\*\*…], and (b) with respect to a Dispute pursuant to Section 3.5, such timing shall be […\*\*\*…]), the Neutrals shall hold a hearing to resolve each of the issues identified by the Parties. The hearing shall take place in New York, New York, which shall be the legal seat and legal place of the arbitration.

4. At least […\*\*\*…], each Party shall submit the following to the other Party and the Neutrals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)a copy of all exhibits on which such Party intends to rely in any oral or written presentation to the Neutrals;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)a list of any witnesses such Party intends to call at the hearing, and a short summary of the anticipated testimony of each witness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)a proposed ruling on each issue to be resolved, together with a request for a specific damage award or other remedy for each issue. The proposed ruling shall not contain any recitation of the facts or any legal arguments, and the proposed remedy shall not include any damages prohibited by Section 15.12 (No Consequential or Punitive Damages). The proposed ruling and the proposed remedy collectively shall not exceed one (1) page per issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)a brief in support of such Party's proposed rulings and remedies; provided that the brief shall not exceed […\*\*\*…] pages. This page limitation may be enlarged by agreement of the Parties or by order of the Neutrals upon a finding that additional pages are required based on the number and complexity of the issues raised in the ADR proceeding.

5. The hearing shall be conducted on […\*\*\*…] and shall be governed by the following rules:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Party shall be entitled to […\*\*\*…] of hearing time to present its case. The Neutrals shall determine whether each Party has had the […\*\*\*…] to which it is entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each Party shall be entitled, but not required, to present regular and rebuttal testimony, documents, or other evidence, to cross-examine witnesses, and to make a closing argument. Cross-examination of witnesses shall occur immediately after their direct testimony, and cross-examination time shall be charged against the Party conducting the cross-examination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Party initiating the ADR shall begin the hearing and may make an opening statement if it chooses. The responding Party may make an opening statement if it chooses irrespective of whether the Party initiating the ADR does so. Thereafter, the presentation of regular and rebuttal testimony and documents, other evidence, and closing arguments shall proceed in the same sequence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Except when testifying, witnesses shall be excluded from the hearing until closing arguments.

6. The number of hearing days may be increased by agreement of the Parties or by the Neutrals if it determines in a reasoned order that additional hearing days are needed in the interests of justice. Any additional hearing time shall be split by the Parties equally.

7. Within […\*\*\*…], each Party may submit to the other Party and the Neutrals a post-hearing brief in support of its proposed rulings and remedies; provided that such brief shall not contain or discuss any new evidence and shall not exceed […\*\*\*…] pages. This page limitation may be enlarged by agreement of the Parties or by order of the Neutrals upon a finding that additional pages are required based on the number and complexity of the issues raised in the ADR proceeding.

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8. The Neutrals shall use their best efforts to rule on each disputed issue within […\*\*\*…]. Such ruling shall adopt in its entirety the proposed ruling and remedy of one (1) of the Parties on each disputed issue but may adopt one (1) Party's proposed rulings and remedies on some issues and the other Party's proposed rulings and remedies on other issues. All rulings of the Neutrals shall be in writing and shall be delivered to the Parties except to the extent that the AAA Rules provide otherwise. For clarity, the ruling shall not include any damages prohibited by Section 15.12 (No Consequential or Punitive Damages). All decisions of the Neutrals shall be made by a majority of the Neutrals, with each Neutral having one (1) vote.

9.[…\*\*\*…].

10. The rulings of the Neutrals and […\*\*\*…] shall be binding, non-reviewable, and non-appealable, and may be entered as a final judgment in any court having jurisdiction.

11. Except as provided in paragraph 10 or as required by law, the existence of the Dispute, any settlement negotiations, the ADR proceeding, any submissions (including exhibits, testimony, proposed rulings, and briefs), and the rulings shall be deemed to be Confidential Information of both Parties. The Neutrals shall have the authority to impose sanctions for unauthorized disclosure of Confidential Information.

12. All ADR proceedings shall be conducted in the English language.

13. Each Party shall have the right to be represented by counsel in all aspects of any ADR proceeding.

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## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION PURSUANT TO** 

**SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, David Campbell, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Janux Therapeutics, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: May 7, 2026 | By: | /s/ David Campbell, Ph.D. |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;<br>David Campbell, Ph.D. |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;President and Chief Executive Officer |
|  |  | (Principal Executive and Financial Officer) |

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## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report on Form 10-Q of Janux Therapeutics, Inc. (the "Company") for the period ending March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the below undersigned officer of the Company hereby certifies, pursuant to 18 U.S.C. § 1350, that to his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | | |
|:---|:---|:---|
| Date: May 7, 2026 | By: | /s/ David Campbell, Ph.D. |
|  |  | David Campbell, Ph.D. |
|  |  | President and Chief Executive Officer<br>(Principal Executive and Financial Officer) |

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