# EDGAR Filing Document

**Accession Number:** 0001733294
**File Stem:** 0001104659-25-107006
**Filing Date:** 2025-11
**Character Count:** 444132
**Document Hash:** c8621139065b187f17e98cf5daa753d5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-107006.hdr.sgml**: 20251105

**ACCESSION NUMBER**: 0001104659-25-107006

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 79

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251105

**DATE AS OF CHANGE**: 20251105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Generation Bio Co.
- **CENTRAL INDEX KEY:** 0001733294
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 814301281
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39319
- **FILM NUMBER:** 251454239

**BUSINESS ADDRESS:**
- **STREET 1:** 301 BINNEY STREET
- **CITY:** CAMBRIDGE
- **STATE:** MA
- **ZIP:** 02142
- **BUSINESS PHONE:** 857-529-5908

**MAIL ADDRESS:**
- **STREET 1:** 301 BINNEY STREET
- **CITY:** CAMBRIDGE
- **STATE:** MA
- **ZIP:** 02142

?xml version='1.0' encoding='ASCII'? GENERATION BIO CO._September 30, 2025

[**Table of Contents**](#TOC)

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 10-Q**

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

**For the quarterly period ended September 30, 2025**

**OR**

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

**For the transition period from &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** 

**Commission File Number: 001-39319**

## GENERATION BIO CO.
**(Exact name of registrant as specified in its charter)**

---

| | |
|:---|:---|
| **Delaware** | **81-4301284** |
| **(State or other jurisdiction ofincorporation or organization)** | **(I.R.S. EmployerIdentification Number)** |
| **301 Binney StreetCambridge, Massachusetts** | **02142** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**(617) 655-7500**

**(Registrant's telephone number, including area code)**

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

---

| | | |
|:---|:---|:---|
| **Title of each class** | **TradingSymbol(s)** | **Name of each exchangeon which registered** |
| **Common Stock, $0.0001 Par Value** | **GBIO** | **Nasdaq Global Select 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 ☒&nbsp;&nbsp;&nbsp;&nbsp;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 ☒&nbsp;&nbsp;&nbsp;&nbsp;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 ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

As of October 31, 2025 there were 6,737,899 shares of Common Stock, $0.0001 par value per share, outstanding.

------

[**Table of Contents**](#TOC)

#### CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q, or this Quarterly Report, of Generation Bio Co. contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, that involve substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this Quarterly Report, including statements regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans and objectives of management, are forward-looking statements. The words "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "project," "should," "target," "will," "would," or the negative of these words or other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.

The forward-looking statements in this Quarterly Report include, among other things, statements about:

● the outcome of our exploration of strategic alternatives and our ability to consummate any such transaction;

● our strategic restructuring announced in August 2025 and our ability to achieve the anticipated savings from the reduction in force and related actions;

● our estimates regarding expenses, future revenue, capital requirements, and the period over which we believe that our existing cash, cash equivalents and marketable securities will be sufficient to fund our operating expenses and capital expenditure requirements;

● the potential achievement of milestones and receipt of payments under our collaboration with ModernaTX, Inc., or Moderna;

● the potential advantages of our technologies;

● our expectations regarding our ability to obtain and maintain intellectual property protection;

● our intellectual property position;

● the impact of government laws and regulations; and

● our ability to maintain existing collaborations.

We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and stockholders should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements we make. We have included important factors in the cautionary statements included in this Quarterly Report, particularly in the "Risk Factors" section in this Quarterly Report and our most recent Annual Report on Form 10-K, or our 2024 Annual Report, filed with the Securities and Exchange Commission, or SEC, that we believe could cause actual results or events to differ materially from the forward-looking statements that we make. Moreover, we operate in a competitive and rapidly changing environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, collaborations, joint ventures, or investments we may make or enter into.

Stockholders should read this Quarterly Report and the documents that we file with the SEC with the understanding that our actual future results may be materially different from what we expect. The forward-looking statements contained in this Quarterly Report are made as of the date of this Quarterly Report, and we do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Except where the context otherwise requires or where otherwise indicated, the terms "we," "us," "our," "our company," "the company," and "our business" in this Quarterly Report refer to Generation Bio Co. and its consolidated subsidiary.

[**Table of Contents**](#TOC)

**Generation Bio Co.**

#### INDEX

---

| | | |
|:---|:---|:---|
|  |  | **Page(s)** |
| **PART I – FINANCIAL INFORMATION** | **PART I – FINANCIAL INFORMATION** | **PART I – FINANCIAL INFORMATION** |
| [Item 1.](#Item1FinancialStatementsunaudited_760627) | [Financial Statements (unaudited)](#Item1FinancialStatementsunaudited_760627) | 4 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Condensed Consolidated Balance Sheets](#CondensedConsolidatedBalanceSheets_16978) | 4 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Condensed Consolidated Statements of Operations and Comprehensive Loss](#CondensedConsolidatedStatementsofOperati) | 5 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Condensed Consolidated Statements of Stockholders' Equity](#CondensedConsolidatedStatementsofStockho) | 6 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Condensed Consolidated Statements of Cash Flows](#CondensedConsolidatedStatementsofCashFlo) | 8 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Condensed Consolidated Financial Statements](#a1NatureoftheBusinessandBasisofPresentat) | 9 |
| [Item 2.](#Item2ManagementsDiscussionandAnalysisofF) | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#Item2ManagementsDiscussionandAnalysisofF) | 22 |
| [Item 3.](#Item3QuantitativeandQualitativeDisclosur) | [Quantitative and Qualitative Disclosures About Market Risk](#Item3QuantitativeandQualitativeDisclosur) | 29 |
| [Item 4.](#Item4ControlsandProcedures_298957) | [Controls and Procedures](#Item4ControlsandProcedures_298957) | 30 |
| **PART II – OTHER INFORMATION** | **PART II – OTHER INFORMATION** | **PART II – OTHER INFORMATION** |
| [Item 1.](#Item1LegalProceedings_304866) | [Legal Proceedings](#Item1LegalProceedings_304866) | 30 |
| [Item 1A.](#Item1ARiskFactors) | [Risk Factors](#Item1ARiskFactors) | 30 |
| [Item 5.](#Item5OtherInformation) | [Other Information](#Item5OtherInformation) | 33 |
| [Item 6.](#Item6Exhibits_238282) | [Exhibits](#Item6Exhibits_238282) | 34 |
|  | [Signatures](#SIGNATURES_674690) | 35 |

---

[**Table of Contents**](#TOC)

#### PART I—FINANCIAL INFORMATION

#### Item 1. Financial Statements (unaudited)
**Generation Bio Co.**

**Condensed Consolidated Balance Sheets**

**(In thousands, except share and per share amounts)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $21940 | $76301 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketable securities | 67682 | 108922 |
| &nbsp;&nbsp;&nbsp;&nbsp;Collaboration receivable | 391 | 1224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets held for sale | 1070 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 2379 | 6293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 93462 | 192903 |
| Property and equipment, net | 8853 | 15293 |
| Operating lease right-of-use assets | 17429 | 20310 |
| Restricted cash | 2152 | 2152 |
| Other long-term assets |  | 539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $121896 | $231197 |
| **Liabilities and Stockholders' Equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $2064 | $1408 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 12475 | 10059 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 149 | 10582 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 6352 | 13006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 21040 | 35055 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue, net of current portion | 30552 | 29161 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, net of current portion | 19744 | 80554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities, net of current portion |  | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 71336 | 144993 |
| Commitments and contingencies (Note 9) |  |  |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;Preferred stock, $0.0001 par value; 5,000,000 shares authorized and no shares<br> issued or outstanding at September 30, 2025 and December 31, 2024 |  |  |
| &nbsp;&nbsp;Common stock, $0.0001 par value; 150,000,000 shares authorized at<br> September 30, 2025 and December 31, 2024; 6,735,676 and 6,697,197 shares <br> issued and outstanding at September 30, 2025 and December 31, 2024,<br> respectively | 1 | 1 |
| &nbsp;&nbsp;Additional paid-in capital | 794841 | 789089 |
| &nbsp;&nbsp;Accumulated other comprehensive income | 8 | 159 |
| &nbsp;&nbsp;Accumulated deficit | (744290) | (703045) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 50560 | 86204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $121896 | $231197 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

[**Table of Contents**](#TOC)

**Generation Bio Co.**

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

**(In thousands, except share and per share amounts)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;Collaboration revenue | $1594 | $7554 | $11082 | $15704 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;Research and development | 21630 | 15088 | 52486 | 45811 |
| &nbsp;&nbsp;General and administrative | 12162 | 9181 | 28664 | 29124 |
| (Gain) loss on lease termination | (25490) | 1169 | (23838) | 59596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 8302 | 25438 | 57312 | 134531 |
| Loss from operations | (6708) | (17884) | (46230) | (118827) |
| Other income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income and interest income, net | 1188 | 2571 | 4985 | 8541 |
| Net loss | $(5520) | $(15313) | $(41245) | $(110286) |
| Net loss per share, basic and diluted | $(0.82) | $(2.29) | $(6.14) | $(16.57) |
| Weighted average common shares outstanding,<br> basic and diluted | 6735454 | 6673846 | 6713226 | 6656832 |
| Comprehensive loss: |  |  |  |  |
| Net loss | $(5520) | $(15313) | $(41245) | $(110286) |
| Other comprehensive income (loss): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gains (losses) on marketable securities | 4 | 599 | (151) | 45 |
| Comprehensive loss | $(5516) | $(14714) | $(41396) | $(110241) |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

[**Table of Contents**](#TOC)

**Generation Bio Co.**

**Condensed Consolidated Statements of Stockholders' Equity**

**(In thousands, except share amounts)**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | | |
|  | **Shares** | **Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Additional**<br>**Paid-in**<br>**Capital** | **Accumulated**<br>**Other**<br>**Comprehensive**<br>**Income (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br><br>**Accumulated**<br>**Deficit** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Total**<br>**Stockholders'**<br>**Equity**  |
| **Balances at June 30, 2025** | 6733413 | $1 | $792866 | $4 | $(738770) | $54101 |
| Vesting of restricted common stock | 2263 |  | (2) |  |  | (2) |
| Stock-based compensation expense |  |  | 1977 |  |  | 1977 |
| Unrealized gains on marketable securities |  |  |  | 4 |  | 4 |
| Net loss |  |  |  |  | (5520) | (5520) |
| **Balances at September 30, 2025** | 6735676 | $1 | $794841 | $8 | $(744290) | $50560 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | | |
|  | **Shares** | **Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Additional**<br>**Paid-in**<br>**Capital** | **Accumulated**<br>**Other**<br>**Comprehensive**<br>**Income (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br><br>**Accumulated**<br>**Deficit** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Total**<br>**Stockholders'**<br>**Equity**  |
| **Balances at June 30, 2024** | 6670272 | $1 | $782036 | $(280) | $(666350) | $115407 |
| Issuance of common stock upon exercise<br> of stock options | 968 |  | 13 |  |  | 13 |
| Vesting of restricted common stock | 4109 |  | (16) |  |  | (16) |
| Stock-based compensation expense |  |  | 3752 |  |  | 3752 |
| Unrealized gains on marketable securities |  |  |  | 599 |  | 599 |
| Net loss |  |  |  |  | (15313) | (15313) |
| **Balances at September 30, 2024** | 6675349 | $1 | $785785 | $319 | $(681663) | $104442 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

[**Table of Contents**](#TOC)

**Generation Bio Co.**

**Condensed Consolidated Statements of Stockholders' Equity**

**(In thousands, except share amounts)**

**(Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | | |
|  | **Shares** | **Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Additional**<br>**Paid-in**<br>**Capital** | **Accumulated**<br>**Other**<br>**Comprehensive**<br>**Income (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br><br>**Accumulated**<br>**Deficit** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Total**<br>**Stockholders'**<br>**Equity**  |
| **Balances at December 31, 2024** | 6697197 | $1 | $789089 | $159 | $(703045) | $86204 |
| Vesting of restricted common stock | 8747 |  | (10) |  |  | (10) |
| Issuance of common stock under ESPP  | 29732 |  | 81 |  |  | 81 |
| Stock-based compensation expense |  |  | 5681 |  |  | 5681 |
| Unrealized losses on marketable securities |  |  |  | (151) |  | (151) |
| Net loss |  |  |  |  | (41245) | (41245) |
| **Balances at September 30, 2025** | 6735676 | $1 | $794841 | $8 | $(744290) | $50560 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | | |
|  | **Shares** | **Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Additional**<br>**Paid-in**<br>**Capital** | **Accumulated**<br>**Other**<br>**Comprehensive**<br>**Income (Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br><br>**Accumulated**<br>**Deficit** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Total**<br>**Stockholders'**<br>**Equity**  |
| **Balances at December 31, 2023** | 6620555 | $1 | $774230 | $274 | $(571377) | $203128 |
| Issuance of common stock upon exercise<br> of stock options | 2251 |  | 31 |  |  | 31 |
| Vesting of restricted common stock | 36941 |  | (172) |  |  | (172) |
| Issuance of common stock under ESPP  | 15602 |  | 247 |  |  | 247 |
| Stock-based compensation expense |  |  | 11449 |  |  | 11449 |
| Unrealized gains on marketable securities |  |  |  | 45 |  | 45 |
| Net loss |  |  |  |  | (110286) | (110286) |
| **Balances at September 30, 2024** | 6675349 | $1 | $785785 | $319 | $(681663) | $104442 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

[**Table of Contents**](#TOC)

**Generation Bio Co.**

**Condensed Consolidated Statements of Cash Flows**

**(In thousands)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| &nbsp;&nbsp;**Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(41245) | $(110286) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on lease termination | (23838) | 59085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 5681 | 11449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 3674 | 3755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of discount on marketable securities, net | (2577) | (6312) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Losses on property and equipment, net | 1911 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collaboration receivable | 833 | (2212) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 3914 | 694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 2881 | 2799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other noncurrent assets | 539 | (2840) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 725 | (79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 3201 | (9526) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | (9042) | (12154) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other noncurrent liabilities | (223) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (44302) | (7236) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (97868) | (72779) |
| &nbsp;&nbsp;**Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (705) | (2023) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of property and equipment | 475 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of marketable securities | (66334) | (115881) |
| &nbsp;&nbsp;&nbsp;&nbsp;Maturities of marketable securities | 110000 | 142000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by investing activities | 43436 | 24245 |
| &nbsp;&nbsp;**Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of stock options and ESPP, net | 81 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax withholding payments related to net share settlements of restricted stock units | (10) | (172) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 71 | 106 |
| &nbsp;&nbsp;**Net decrease in cash, cash equivalents and restricted cash** | (54361) | (48428) |
| &nbsp;&nbsp;Cash, cash equivalents and restricted cash at beginning of period | 78453 | 72237 |
| &nbsp;&nbsp;Cash, cash equivalents and restricted cash at end of period | $24092 | $23809 |
| &nbsp;&nbsp;**Supplemental disclosure of noncash investing and financing information:** |  |  |
| &nbsp;&nbsp;Purchases of property and equipment included in accounts payable and accrued expenses | $— | $47 |
| &nbsp;&nbsp;Property and equipment exchanged for prepaid expenses | $50 | $— |
| &nbsp;&nbsp;Unrealized gains (losses) on marketable securities | $(151) | $45 |
| &nbsp;&nbsp;**Reconciliation of cash, cash equivalents and restricted cash:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $21940 | $21657 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 2152 | 2152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $24092 | $23809 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

[**Table of Contents**](#TOC)

**Generation Bio Co.**

**Notes to Condensed Consolidated Financial Statements**

**(Unaudited)**

1. Nature of the Business and Basis of Presentation

Generation Bio Co., or Generation Bio, was incorporated on October 21, 2016 as Torus Therapeutics, Inc. and subsequently changed its name to Generation Bio Co. Generation Bio Co. and its consolidated subsidiary, or the company, we, our or us, were historically working to change what's possible for people living with T cell-driven autoimmune diseases. We are headquartered in Cambridge, Massachusetts.

In August 2025, we announced the implementation of a strategic restructuring to occur in phases, beginning in mid-August 2025, which resulted in an approximately 90% reduction in workforce by the end of October 2025, or the Reduction, and commenced the exploration of strategic alternatives focused on maximizing shareholder value. There can be no assurance that the exploration of strategic alternatives will result in our pursuing a transaction or that any acquisition or other transaction involving us will be completed, nor as to the terms on which any acquisition or other transaction will occur, if at all. If the strategic process is unsuccessful, our board of directors may decide to pursue a dissolution and liquidation.

The accompanying condensed consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. Since inception, we have funded our operations with proceeds from the sale of instruments convertible into convertible preferred stock, sales of convertible preferred stock, and sales of common stock in underwritten public offerings, "at-the-market" offerings, and in a private placement, as well as collaboration revenue under our collaboration with ModernaTX, Inc., or Moderna. We have incurred recurring losses, including net losses of $41.2 million for the nine months ended September 30, 2025 and $110.3 million for the nine months ended September 30, 2024. As of September 30, 2025 we had an accumulated deficit of $744.3 million. We expect to continue to generate operating losses in the foreseeable future. As of the issuance date of these condensed consolidated financial statements, we expect that our cash, cash equivalents, and marketable securities will be sufficient to fund our operating expenses and capital expenditure requirements for at least 12 months.

The accompanying condensed consolidated financial statements reflect the operations of Generation Bio and our wholly owned subsidiary, Generation Bio Securities Corporation. Intercompany balances and transactions have been eliminated in consolidation. The accompanying condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America, or GAAP. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification, or ASC, and Accounting Standards Update, or ASU, of the Financial Accounting Standards Board, or FASB.

***Reverse Stock Split***

On July 18, 2025, we filed a certificate of amendment to our amended and restated certificate of incorporation to effect a 1-for-10 reverse stock split of our issued and outstanding common stock, without any change to par value, which became effective on July 21, 2025.

All share and per share amounts of our common stock and equity awards have been retroactively adjusted in this Quarterly Report to give effect to the reverse stock split for all periods presented.

2. Summary of Significant Accounting Policies

#### Use of estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting periods. Significant estimates

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and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the measurement of proportional performance of the combined license and research services performance obligation of our collaboration agreement and to a lesser extent, our accrual of research and development expenses. We base our estimates on historical experience, known trends and other market-specific or other relevant factors that we believe to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates, as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ from those estimates or assumptions.

#### Unaudited interim financial information
The condensed consolidated balance sheet as of December 31, 2024 was derived from audited financial statements but does not include all disclosures required by GAAP. The accompanying unaudited financial statements as of September 30, 2025 and for the three and nine months ended September 30, 2025 and 2024 have been prepared by us pursuant to the rules and regulations of the Securities and Exchange Commission, or SEC, for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with our audited financial statements included in our Annual Report on Form 10-K that was most recently filed with the SEC, or our 2024 Annual Report. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair presentation of our financial position as of September 30, 2025, the results of operations for the three and nine months ended September 30, 2025 and 2024, and cash flows for the nine months ended September 30, 2025 and 2024 have been made. The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2025 or any other period.

Our significant accounting policies are described in Note 2 of the Notes to Consolidated Financial Statements included in our 2024 Annual Report.

***Recently issued accounting pronouncements***

In December 2023, the FASB issued its final standard to improve income tax disclosures. This standard, issued as ASU 2023-09, requires public business entities to annually disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. This update is effective for us as of and for the year ended December 31, 2025. We anticipate that the adoption of ASU 2023-09 will expand our income tax footnote disclosures, including a more detailed effective tax rate reconciliation.

In November 2024, the FASB issued its final standard on expense disaggregation disclosures. This standard, issued as ASU 2024-03, requires public business entities to disclose, on an annual and interim basis, disaggregated information about certain income statement line items in a tabular format in the notes to the financial statements. This update is effective for annual periods beginning after December 15, 2026. We are currently evaluating the impact the guidance will have on our consolidated financial statements.

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3. Marketable Securities and Fair Value Measurements

The following tables present our marketable securities by security type:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** | **As of September 30, 2025** |
| **(in thousands)** | <br>**Amortized**<br>**Cost** | **Gross**<br>**Unrealized**<br>**Gains** | **Gross**<br>**Unrealized**<br>**Losses** | <br>**Fair**<br>**Value** |
| U.S. Treasury securities | $67674 | $8 | $— | $67682 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| **(in thousands)** | <br>**Amortized**<br>**Cost** | **Gross**<br>**Unrealized**<br>**Gains** | **Gross**<br>**Unrealized**<br>**Losses** | <br>**Fair**<br>**Value** |
| U.S. Treasury securities | $108763 | $159 | $— | $108922 |

---

Our marketable securities as of September 30, 2025 consisted of investments that mature within one year.

We assess our available-for-sale securities under the available-for-sale security impairment model in ASC 326 *Financial Instruments - Credit Losses*, as of each reporting date in order to determine if a portion of any decline in fair value below carrying value recognized on our available-for-sale securities is the result of a credit loss. We also evaluate our available-for-sale securities for impairment using a variety of factors including our intent to sell the underlying securities prior to maturity and whether it is more likely than not that we would be required to sell the securities before the recovery of their amortized basis. During the three and nine months ended September 30, 2025 and 2024, we did not recognize any impairment or realized gains or losses on sales of available-for-sale securities, and we did not record an allowance for, or recognize, any expected credit losses.

The following tables present our assets that are measured at fair value on a recurring basis and indicate the level within the fair value hierarchy of the valuation techniques that we utilized to determine such fair value:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value Measurements at September 30, 2025 Using:** | **Fair Value Measurements at September 30, 2025 Using:** | **Fair Value Measurements at September 30, 2025 Using:** | **Fair Value Measurements at September 30, 2025 Using:** |
| **(in thousands)** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Cash equivalents: |  |  |  |  |
| &nbsp;&nbsp;Money market funds | $7148 | $— | $— | $7148 |
| Marketable securities: |  |  |  |  |
| &nbsp;&nbsp;U.S. Treasury securities |  | 67682 |  | 67682 |
| Totals | $7148 | $67682 | $— | $74830 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value Measurements at December 31, 2024 Using:** | **Fair Value Measurements at December 31, 2024 Using:** | **Fair Value Measurements at December 31, 2024 Using:** | **Fair Value Measurements at December 31, 2024 Using:** |
| **(in thousands)** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Cash equivalents: |  |  |  |  |
| &nbsp;&nbsp;Money market funds | $46802 | $— | $— | $46802 |
| Marketable securities: |  |  |  |  |
| &nbsp;&nbsp;U.S. Treasury securities |  | 108922 |  | 108922 |
| Totals | $46802 | $108922 | $— | $155724 |

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**4. Collaboration and License Agreement**

*Moderna Collaboration and License Agreement*

In March 2023, we entered into a Collaboration and License Agreement, or the Collaboration Agreement, with Moderna to collaborate on developing treatments for certain diseases by targeting delivery of nucleic acids to liver cells and certain cells outside of the liver.

Under the Collaboration Agreement, the parties agreed to collaborate on preclinical research programs relating to lipid nanoparticle, or LNP, delivery systems and nucleic acid payloads, with each party obtaining certain rights to intellectual property used in and arising out of such research programs. Each party is solely responsible for its own clinical development and commercialization of products under the Collaboration Agreement. Moderna reimburses us for the internal and external costs incurred by us in conducting the research programs, to the extent consistent with such research plans and budgets.

Moderna has exclusive options, upon payment of option exercise fees, to obtain worldwide, exclusive, sublicensable licenses under specified company intellectual property to develop, manufacture and commercialize (a) products comprising LNP delivery systems and nucleic acid payloads that are directed to (i) up to two liver targets, (ii) up to two non-liver targets and (iii) a third liver or non-liver target and (b) Exclusive Targets, which are Independent Program Products (as defined below) that include messenger RNA, or mRNA, that are directed to gene and protein targets in any of certain agreed-upon immune cell types, referred to as the Cell Target Types. Subject to the exclusivity obligations described below, each party has granted to the other a worldwide, non-exclusive, sublicensable license under certain LNP-related intellectual property arising out of the non-liver ctLNP program, or the Joint Collaboration ctLNP Intellectual Property, to develop, manufacture and commercialize products comprising LNP delivery systems and nucleic acid payloads directed to gene and protein targets in any of the Cell Target Types, or Independent Program Products.

Each party is obligated to use commercially reasonable efforts to complete the activities assigned to it under the research plans, and Moderna is further obligated to use commercially reasonable efforts to develop, seek regulatory approval for and commercialize at least one product directed to each target for which Moderna exercises its exclusive license option in at least one indication in the United States and in specified European countries.

We have agreed not to, directly or indirectly, alone or with, for or through any third party, develop, manufacture, commercialize or exploit (a) products containing mRNA that are directed to any of the Cell Target Types, during an agreed-upon exclusivity period, which may be extended by payment of extension fees, (b) products directed to any liver target or non-liver target during the option periods for those targets, (c) products directed to any liver target or non-liver target for which Moderna has exercised its exclusive license option or (d) products containing mRNA that are directed to any Exclusive Target for which Moderna has exercised its exclusive license option.

Under the terms of the Collaboration Agreement, in April 2023, Moderna made an upfront payment to us of $40.0 million, and paid us $7.5 million in prepaid research funding. In addition, we are eligible to receive up to $1.8 billion in milestone payments upon the achievement of specified development, regulatory, commercial, and sales milestone events, research term extension fees and exclusivity extension fees. Subject to reductions in specified circumstances, we will also be entitled to receive tiered royalties: (i) ranging from high-single-digits to low-double-digits on sales of licensed products that are directed to any liver target or non-liver target with respect to which Moderna has exercised its exclusive license option, and (ii) in the single digits on sales of Independent Program Products, including the exclusively licensed Independent Program Products directed to the Exclusive Targets. In consideration for the non-exclusive license granted by Moderna to us under the Joint Collaboration ctLNP Intellectual Property, we have agreed to pay Moderna tiered royalties in the single digits on sales of Independent Program Products that include mRNA, subject to reductions in specified circumstances. Royalties will be paid by each party, on a licensed product-by-licensed product and country-by-country basis, until the latest to occur of: (i) expiration of the last-to-expire of specified licensed patent rights; (ii) expiration of regulatory exclusivity; or (iii) ten years after the first commercial sale of the applicable licensed product.

In addition, in connection with the execution of the Collaboration Agreement, we entered into a Share Purchase Agreement, or the Share Purchase Agreement, with Moderna, pursuant to which we issued and sold 585,937 shares of our

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common stock to Moderna, at a price of $61.40 per share, for an aggregate purchase price of $36.0 million, which closed concurrently with the execution of the Collaboration Agreement, and resulted in Moderna becoming a related party. Under the Share Purchase Agreement, Moderna has the right, subject to certain terms and conditions, to purchase up to 3.06% of the outstanding shares of our common stock (on a post-closing basis) in connection with a future equity financing of at least $25.0 million by us.

*Moderna Agreement Assessment*

We assessed the promised goods and services under the Collaboration Agreement, in accordance with ASC 606 *Revenue from Contracts with Customers,* or ASC 606. At inception, the Collaboration Agreement included one combined performance obligation, which includes the license to the ctLNP technology to target indications outside of the liver and the related research services to develop such technology, as the two items are not distinct in context of the contract. The Collaboration Agreement also provides Moderna with options to receive additional research services and options to receive exclusive licenses. The options to receive exclusive licenses allow Moderna to develop and commercialize product candidates that utilize our ctLNP and closed-ended DNA, or ceDNA, technology for targets within the liver, as well as utilizing the ctLNP technology to be developed as part of the Collaboration Agreement and our ceDNA, technology for targets outside the liver. These options are considered to be priced at a discount to its standalone selling price and therefore are considered to be material rights.

The initial transaction price included a $40.0 million upfront fee, premium paid over the fair value of the common stock of $13.3 million in connection with shares issued and sold to Moderna under the Share Purchase Agreement, and estimated revenue associated with the payment for research services, including $7.5 million in prepaid research services. We utilized the expected amount method to determine the amount of reimbursement for these activities. We utilized the most likely amount method to determine the amount of consideration to include in the transaction price related to any variable consideration related to exclusivity fees, and milestones, and the royalty payments are constrained based on the royalty constraint. No amounts are included in the transaction price related to these elements.

We initially allocated the transaction price to each unit of account as follows:

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| | | |
|:---|:---|:---|
| **Performance Obligations (in thousands)** | **Standalone Selling Price** | **Transaction Price Allocated**  |
| ctLNP technology and research<br> license | $52500 | $42576 |
| First liver program<br> commercialization option license | 7000 | 5677 |
| Second liver program<br> commercialization option license | 7000 | 5677 |
| First non-liver program<br> commercialization option license | 11700 | 9488 |
| Second non-liver program<br> commercialization option license | 11700 | 9488 |
| Third liver or non-liver program<br> commercialization option license | 6150 | 4987 |
| Total | $96050 | $77893 |

---

The transaction price was allocated to each unit of account based on the relative estimated standalone selling prices, over which management has applied significant judgment, of each element. We developed the estimated standalone selling price for combined performance obligation and each of the options to receive licenses primarily based on the probability-weighted present value of expected future cash flows associated with each license related to each specific program and an estimate of the costs to provide services including a reasonable return. In developing such estimate, we also considered applicable market conditions and relevant entity-specific factors, including those factors contemplated in negotiating the agreement, the probability of success and the time needed to commercialize a product candidate pursuant to the associated license.

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On a quarterly basis, we measure proportional performance of the combined performance obligation over time using an input method based on cost incurred relative to the total estimated costs by determining the proportion of effort incurred as a percentage of total effort we expect to expend. This ratio is then applied to the transaction price allocated to the combined performance obligation and each of the options to receive licenses. Any changes to these estimates are recognized in the period in which they change as a cumulative catch up. All allocated consideration for the material rights is deferred until such time that Moderna exercises its options or the right to exercise the options expires.

In the first quarter of 2025, we recorded additional revenue related to a change in estimate due to revisions in the research plan. The change in estimate resulted in a $3.5 million decrease in the allocated transaction price, and a $5.3 million increase in collaboration revenue, with a corresponding decrease in deferred revenue, and a $0.78 decrease in net loss per share, basic and diluted, for the first quarter of 2025.

The following table provides a summary of the transaction price allocated to each unit of account, in addition to revenue activity during the period:

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| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Performance Obligations (in thousands)** | **Transaction Price Allocated** <br>**as of**<br>**September 30, 2025** | **Revenue Recognized During**<br>**Three Months Ended**<br>**September 30, 2025** | **Revenue Recognized During**<br>**Nine Months Ended**<br>**September 30, 2025** | **Deferred Revenue**<br>**as of**<br>**September 30, 2025** |
| ctLNP technology and research<br> license | $36870 | $1558 | $10885 | $149 |
| First liver program<br> commercialization option license | 4916 |  |  | 4911 |
| Second liver program<br> commercialization option license | 4916 |  |  | 4911 |
| First non-liver program<br> commercialization option license | 8217 |  |  | 8208 |
| Second non-liver program<br> commercialization option license | 8217 |  |  | 8208 |
| Third liver or non-liver program<br> commercialization option license | 4319 |  |  | 4314 |
| Total | $67455 | $1558 | $10885 | $30701 |

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The following table presents the balance of our collaboration receivable and contract liabilities related to the Collaboration Agreement:

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| | | | | |
|:---|:---|:---|:---|:---|
| **(in thousands)** | **Balance at**<br>**December 31, 2024** | <br>**Additions** | <br>**Deductions** | **Balance at**<br>**September 30, 2025** |
| Collaboration receivable  | $1224 | $1843 | $(2712) | $355 |
| Contract liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | $39743 | $1843 | $(10885) | $30701 |

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On January 21, 2025, Moderna exercised an option to receive additional services under the Agreement on a time and materials basis. The Company accounts for these services as a separate contract under ASC 606 and recognizes revenue as services are performed. During the three and nine months ended September 30, 2025, the Company recognized revenue of less than $0.1 million and $0.2 million, respectively, of which less than $0.1 million is included in collaboration receivable as of September 30, 2025.

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5. Balance Sheet Accounts

*Assets held for sale*

Assets held for sale as of September 30, 2025, consist of laboratory equipment carried at the lower of the carrying amount or fair value less costs to sell. In August 2025, the Company committed to a plan to sell assets with a net book value of $2.9 million and recorded an impairment loss of $1.9 million in research and development expense during the three and nine months ended September 30, 2025, relating to the assets held for sale. The impairment loss was based on the agreed-to sales price of the assets with a third party, which we consider to be a level 2 fair value measurement.

*Accrued expenses and other current liabilities*

Accrued expenses and other current liabilities consisted of the following:

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| | | |
|:---|:---|:---|
|  | **September 30,** | **December 31,** |
| **(in thousands)** | **2025** | **2024** |
| Accrued employee compensation and benefits | $10335 | $5975 |
| Accrued external research and development expenses | 760 | 720 |
| Accrued professional fees | 980 | 597 |
| Property and equipment |  | 109 |
| Other | 400 | 2658 |
| &nbsp;&nbsp;Total | $12475 | $10059 |

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Accrued employee compensation and benefits as of September 30, 2025 includes $7.1 million related to the strategic restructuring we announced in August 2025. Accrued employee compensation and benefits as of December 31, 2024 includes salary continuation and severance costs of $0.4 million related to our previous strategic reorganization. For additional information, refer to Note 11, Reductions in Force.

**6. Leases** 

*Office and Lab Lease*

We lease our office and laboratory space under a noncancelable operating lease that expires in 2029, or the Office and Lab Lease. There have been no material changes to our Office and Lab Lease during the three or nine months ended September 30, 2025. For additional information, refer to Note 7, Leases, to the consolidated financial statements in our 2024 Annual Report.

*Seyon Lease*

In July 2021, we entered into a lease agreement for a manufacturing facility in Waltham, Massachusetts, or the Seyon Lease. The Seyon Lease commenced in December 2021, when we were granted access to the facility and monthly rent payments began in September 2022, and the total rent payment was expected to be approximately $104.3 million for the 12-year lease term. We had an option to extend the Seyon Lease term for two additional terms of five years each at the greater of the then-current base rent or the then-current fair market value. Exercise of this option was not determined to be reasonably certain and thus was not considered in determining the operating lease liability. In connection with the Seyon Lease, we provided a security deposit of $3.6 million in the form of a letter of credit. We paid an initial monthly base rent of approximately $0.4 million that increased annually, up to a monthly base rent of $0.6 million. We were obligated to pay operating costs, taxes and utilities applicable to the facility. We were responsible for costs of constructing interior improvements within the facility that exceed a construction allowance of $26.0 million provided by Waltham CenterPoint I Investment Group, LLC, or the Landlord. On January 31, 2024, we notified the Landlord of termination of the Seyon Lease due to the Landlord's breach of its obligations to us under the Seyon Lease and returned possession of the premises to the Landlord, effective January 31, 2024. On February 20, 2024, the Landlord served us with a complaint, filed in Massachusetts Superior Court, or the Court, with respect to the Seyon Lease. The complaint sought declaratory judgment

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that we unlawfully terminated the Seyon Lease and also asserted a claim for breach of contract damages. As of December 31, 2024, the Landlord had collected $3.6 million from our security deposit in lieu of monthly payments and had fully utilized such deposit. On August 15, 2025, we entered into a settlement agreement with the Landlord. Pursuant to the agreement, we paid the Landlord a lump sum of $31.0 million. Upon receipt of this payment, we and the Landlord granted each other mutual general releases and the litigation was dismissed with prejudice.

In connection with the termination of the Seyon Lease, in the first quarter of 2024, we recorded a material impairment loss of non-cash charges of $45.8 million in an impairment of the Seyon Lease right-of-use asset, $6.2 million in an impairment of construction in progress, and the write-off of $3.9 million in tenant improvement allowance receivable from the Landlord. In addition, during the three and nine months ended September 30, 2024, we recognized $1.2 million and $3.7 million, respectively, in accretion and other related expenses. Accordingly, during the three and nine months ended September 30, 2024, we recognized a loss on termination of lease of $1.2 million and $59.6 million, respectively, in our condensed consolidated statements of operations and comprehensive loss.

During the three and nine months ended September 30, 2025, we recognized $0.7 million and $2.3 million, respectively, in accretion and other related expenses. Additionally, during the three and nine months ended September 30, 2025, we met the criteria to extinguish the remaining lease liability of $57.2 million in accordance with ASC 405 Liabilities upon the Landlord's receipt of our $31.0 million payment pursuant to the settlement agreement, which resulted in the recognition of a $26.2 million gain on termination of the Seyon Lease. Accordingly, during the three and nine months ended September 30, 2025, we recognized a net gain on termination of lease of $25.5 million and $23.8 million, respectively, in our condensed consolidated statements of operations and comprehensive loss. During the three and nine months ended September 30, 2025, we also made cash payments of $1.5 million and $10.9 million, respectively, to the Landlord related to the Court's preliminary injunction, including $4.9 million due from July through December 2024. For additional information, refer to Note 9 Commitments and Contingencies.

7. Equity

As of September 30, 2025, our amended and restated certificate of incorporation authorizes us to issue 150,000,000 shares of common stock, par value $0.0001 per share, and 5,000,000 shares of preferred stock, par value $0.0001 per share, all of which preferred stock is undesignated.

In August 2024, we entered into an "at-the-market" sales agreement pursuant to which we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $237.0 million. As of the issuance date of these condensed consolidated financial statements, we have not issued and sold any shares of our common stock pursuant to the August 2024 sales agreement.

Each share of common stock entitles the holder to one vote on all matters submitted to a vote of our stockholders. Holders of common stock are not entitled to receive dividends, unless declared by the board of directors.

8. Stock-Based Compensation

#### Stock incentive plans
Our 2017 Stock Incentive Plan, or the 2017 Plan, provided for us to grant incentive or nonstatutory stock options, restricted stock, restricted stock units and other equity awards to employees, non-employees, and directors.

In May 2020, our board of directors adopted, and in June 2020, our stockholders approved, the 2020 Stock Incentive Plan, or the 2020 Plan, and, together with the 2017 Plan, the Plans, which became effective on June 11, 2020. The 2020 Plan provides for the grant of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock units and other stock-based awards. The number of shares of common stock reserved for issuance under the 2020 Plan is the sum of (1) 254,769 shares; plus (2) the number of shares (up to a maximum of 717,301 shares) as was equal to the sum of (x) the number of shares of common stock reserved for issuance under the 2017 Plan that remained available for grant under the 2017 Plan on June 11, 2020 and (y) the number of shares of common stock subject to outstanding awards granted under the 2017 Plan that expire, terminate or are otherwise surrendered, cancelled, forfeited

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or repurchased by us at their original issuance price pursuant to a contractual repurchase right; plus (3) an annual increase, to be added on the first day of each fiscal year, beginning with the fiscal year ending December 31, 2021 and continuing until, and including, the fiscal year ending December 31, 2030, equal to the lesser of (i) 4% of the number of shares of common stock outstanding on such date, and (ii) an amount determined by the board of directors. In January 2025, the number of shares of common stock authorized for issuance under the 2020 Plan was increased from 1,946,268 shares to 2,214,190 shares. Upon the effectiveness of the 2020 Plan, we ceased granting additional awards under the 2017 Plan.

The Plans are administered by the board of directors or, at the discretion of the board of directors, by a committee of the board of directors. The exercise prices, vesting and other restrictions on any award under the Plans are determined at the discretion of the board of directors, or its committee if so delegated. Stock options granted under the Plans with service-based vesting conditions generally vest over four years and expire after ten years. The exercise price for stock options granted is not less than the fair value of common stock as of the date of grant.

As of September 30, 2025, 174,457 shares remained available for future issuance under the 2020 Plan. Shares subject to outstanding awards granted under the Plans that expire, terminate or are otherwise surrendered, cancelled, forfeited or repurchased by us at their original issuance price pursuant to a contractual repurchase right will be available for future awards under the 2020 Plan.

#### 2025 Inducement Plan
In April 2025, the talent committee of our board of directors adopted the 2025 Inducement Stock Incentive Plan, or the Inducement Plan. Pursuant to the terms of the Inducement Plan, the Company may grant nonstatutory stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based awards to persons who (a) were not previously our employee or director or (b) are commencing employment with us following a bona fide period of nonemployment. A total of 125,000 shares of the Company's common stock were made available for issuance under the Inducement Plan. As of September 30, 2025, 112,140 shares remained available for future issuance under the Inducement Plan.

#### Grant of stock options
During the nine months ended September 30, 2025, we granted time-based options to certain employees for the purchase of an aggregate of 432,700 shares of common stock with a weighted average grant date fair value of $7.02 per share that vest over a weighted average period of approximately 2.0 years.

#### Employee stock purchase plan
In May 2020, our board of directors adopted, and in June 2020, our stockholders approved, the 2020 Employee Stock Purchase Plan, or the 2020 ESPP, which became effective June 11, 2020. The 2020 ESPP is administered by our board of directors or by a committee appointed by the board of directors. The number of shares of common stock authorized for issuance under the 2020 ESPP automatically increases on the first day of each fiscal year, beginning with the fiscal year that commenced on January 1, 2021 and continuing for each fiscal year until, and including the fiscal year commencing on, January 1, 2030, in an amount equal to the lowest of (1) 130,215 shares of common stock, (2) 1% of the number of shares of common stock outstanding on such date, and (3) an amount determined by the board of directors. In January 2025, the number of shares of common stock authorized for issuance under the 2020 ESPP was increased to 344,777 shares. As of September 30, 2025, 240,121 shares remained available for issuance under the 2020 ESPP.

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#### Stock-based compensation
Stock-based compensation expense was classified in the condensed consolidated statements of operations and comprehensive loss as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| **(in thousands)** | **2025** | **2024** | **2025** | **2024** |
| Research and development expenses | $880 | $1520 | $2258 | $4452 |
| General and administrative expenses | 1097 | 2232 | 3423 | 6997 |
| &nbsp;&nbsp;Total | $1977 | $3752 | $5681 | $11449 |

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9. Commitments and Contingencies

#### 401(k) Plan
We have a defined-contribution plan under Section 401(k) of the Internal Revenue Code of 1986, as amended, or the 401(k) Plan. The 401(k) Plan covers all employees who meet defined minimum age and service requirements and allows participants to contribute a portion of their annual compensation on a pre-tax and/or after-tax basis. In September 2020, we adopted a match program, beginning on January 1, 2021, for employee contributions to the 401(k) Plan up to a maximum of four percent of the employee's salary, subject to the maximums established under the U.S. Internal Revenue Code of 1986, as amended.

#### Indemnification agreements
In the ordinary course of business, we may provide indemnification of varying scope and terms to vendors, lessors, contract research organizations, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, we have entered into indemnification agreements with members of our board of directors and our officers that will require us, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments we could be required to make under these indemnification agreements is, in many cases, unlimited. We have not incurred any material costs as a result of such indemnifications and are not currently aware of any indemnification claims.

#### Legal proceedings
**We, from time to time, may be party to litigation arising in the ordinary course of business. On February 20, 2024, the Landlord served us with a complaint, filed in the Court with respect to the Seyon Lease. The complaint sought declaratory judgment that we unlawfully terminated the Seyon Lease and also asserted a claim for breach of contract damages. Following receipt of the complaint, we filed a counterclaim against the Landlord asserting breach of contract and violation of Massachusetts General Law Chapter 93A. On October 29, 2024, the Court determined that although we did not have the right to terminate the Seyon Lease, the Landlord's subsequent termination was effective, and that we had alleged sufficient facts to state a claim for breach of contract and violation of Massachusetts General Law Chapter 93A by the Landlord. On January 21, 2025, the Court granted the Landlord's motion for preliminary injunction and ordered us to pay, until further notice, monthly amounts equal to the rent and other charges that would have been due to the Landlord under the Seyon Lease had it not been terminated. On February 14, 2025, we filed a notice of appeal of the Court's preliminary injunction ruling and on March 28, 2025, we filed a petition for direct appellate review with the Massachusetts Supreme Judicial Court. On August 15, 2025, we entered into a settlement agreement with the Landlord. Pursuant to the agreement, we paid the Landlord a lump sum of $31.0 million, after which we and the Landlord granted each other mutual general releases and the litigation was dismissed with prejudice.**

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10. Net Loss per Share

We have generated a net loss in all periods presented in the statements of operations and comprehensive loss, therefore the basic and diluted net loss per share attributable to common stockholders are the same as the inclusion of the potentially dilutive securities would be anti-dilutive. We excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the three and nine months ended September 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **September 30,** | **September 30,** |
|  | **2025** | **2024** |
| Unvested restricted stock units | 13817 | 37407 |
| Stock options to purchase common stock | 1515013 | 1321501 |
| Total | 1528830 | 1358908 |

---

**11. Reductions in Force**

In January 2025, our management and board of directors approved a reduction in force, or the January 2025 RIF, to support our new focus on applying our ctLNP delivery technology to develop siRNA therapeutics to silence disease-driving targets in T cells. In connection with the January 2025 RIF, affected employees were eligible to receive one-time severance benefits, including cash severance, temporary healthcare coverage, to the extent they were eligible for and elected such coverage, and transition support services, subject to each such employee entering into an effective separation agreement, which included a general release of claims against us. We also offered a retention bonus to certain affected employees if such employees remain in continuous employment with us through their respective separation dates and execute a general release of claims against us. Retention amounts are expensed as services are performed.

During the three and nine months ended September 30, 2025, we recorded $nil and $0.6 million of restructuring expenses, respectively, related to the January 2025 RIF in our condensed consolidated statements of operation and comprehensive loss. Of the amount recorded during the nine months ended September 30, 2025, $0.4 million was classified as research and development expense and $0.2 million was classified as general and administrative expense. During the three and nine months ended September 30, 2024, we recorded less than $0.1 million and $0.4 million of restructuring expenses, respectively, in our condensed consolidated statements of operation and comprehensive loss, all of which was classified as general and administrative expense, and related to our prior strategic reorganization that commenced in November 2023 and was completed during the second quarter of 2024.

In August 2025, we commenced the exploration of strategic alternatives focused on maximizing shareholder value. We implemented the Reduction, which occurred in phases, beginning in mid-August 2025 and concluding at the end of October 2025, resulting in an approximately 90% reduction in workforce by October 31, 2025. We expect to incur total costs of approximately $12.0 million to $15.0 million related to our strategic restructuring, primarily consisting of severance and retention payments and employee benefit costs. The estimated costs that we expect to incur and the estimated savings we expect to achieve are subject to a number of assumptions, and actual results may differ materially from these estimates. We may also incur additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, our strategic restructuring. In connection with the August 2025 restructuring, affected employees are eligible to receive one-time severance benefits, including cash severance, temporary healthcare coverage, to the extent they are eligible for and elect such coverage, and transition support services, subject to each such employee entering into an effective separation agreement, which includes a general release of claims against us. We also offered a retention bonus to certain affected employees if such employees remain in continuous employment with us through their respective separation dates and execute a general release of claims against us. Retention amounts are expensed as services are performed.

During the three and nine months ended September 30, 2025, we recorded $8.8 million of restructuring expenses related to our strategic restructuring in our condensed consolidated statements of operation and comprehensive loss of which, $4.3 million was classified as research and development expense and $4.5 million was classified as general and administrative expense.

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Below is a summary of accrued restructuring costs recorded and included in accrued expenses and other current liabilities on our condensed consolidated balance sheets, for the three and nine months ended September 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
| **(in thousands)** | **Payroll-Related Costs** | **Stock-Based Compensation** | **Total** |
| **Balance at June 30, 2025** | $16 | $— | $16 |
| Restructuring expenses | 8399 | 410 | 8809 |
| Cash payments | (1327) |  | (1327) |
| Non-cash expenses |  | (410) | (410) |
| Adjustments | (1) |  | (1) |
| **Balance at September 30, 2025** | $7087 | $— | $7087 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
| **(in thousands)** | **Payroll-Related Costs** | **Stock-Based Compensation** | **Total** |
| **Balance at December 31, 2024** | $446 | $— | $446 |
| Restructuring expenses | 9029 | 423 | 9452 |
| Cash payments | (2365) |  | (2365) |
| Non-cash expenses |  | (423) | (423) |
| Adjustments | (23) |  | (23) |
| **Balance at September 30, 2025** | $7087 | $— | $7087 |

---

**12. Reportable Segments**

Our Chief Executive Officer is our chief operating decision maker, or CODM and we operate as one reportable segment. The measure of segment profit or loss is the Company's consolidated net loss.

Resource allocation decisions are based on the best use of our resources. These decisions are informed by our cash resources, reflected in the balance of cash, cash equivalents and marketable securities on our consolidated balance sheets, forecasted financial results, the actual results included in our consolidated balance sheets, consolidated statements of operations and comprehensive loss, and significant segment expenses included in the table below.

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Significant segment revenues and expenses include the following:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| **(in thousands)** | **2025** | **2024** | **2025** | **2024** |
| Revenue: |  |  |  |  |
| &nbsp;&nbsp;Collaboration revenue | $1594 | $7554 | $11082 | $15704 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;Personnel-related | 14587 | 8062 | 30342 | 22943 |
| &nbsp;&nbsp;Preclinical and manufacturing | 4737 | 2904 | 12910 | 10527 |
| &nbsp;&nbsp;Facilities-related (2) | 6991 | 4626 | 16392 | 15264 |
| &nbsp;&nbsp;Stock-based compensation | 1977 | 3752 | 5681 | 11449 |
| &nbsp;&nbsp;Lab supplies | 736 | 1120 | 2802 | 2777 |
| &nbsp;&nbsp;Consulting and professional services | 3505 | 2675 | 9872 | 8171 |
| (Gain) loss on lease termination | (25490) | 1169 | (23838) | 59596 |
| &nbsp;&nbsp;Other (1) | 1259 | 1130 | 3151 | 3804 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 8302 | 25438 | 57312 | 134531 |
| Loss from operations | (6708) | (17884) | (46230) | (118827) |
| Other income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income and interest income, net | 1188 | 2571 | 4985 | 8541 |
| Net Loss | $(5520) | $(15313) | $(41245) | $(110286) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Other segment items include depreciation, amortization, license fees and other costs. Depreciation and amortization expense for the three and nine months ended September 30, 2025 were $1.4 million and $3.7 million, respectively. Depreciation and amortization expense for the three and nine months ended September 30, 2024 were $1.2 million and $3.8 million, respectively, and such amounts are included in facilities-related and other segment operating expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Facilities-related expenses include an impairment loss of $1.9 million on laboratory equipment classified as held for sale. For additional information, refer to Note 5, Balance Sheet Accounts.

All collaboration revenue recognized to date which has been entirely in connection to our License and Collaboration Agreement with Moderna and long-lived assets are attributable solely to our operations in the United States.

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#### Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
*The following discussion and analysis of our financial condition and results of operations is meant to provide material information relevant to an assessment of the financial condition and results of operations of our company, including an evaluation of the amounts and uncertainties of cash flows from operations and from outside resources, so as to allow investors to better view our company from management's perspective. It should be read in conjunction with our condensed consolidated financial statements and related notes appearing elsewhere in this Quarterly Report and our consolidated financial statements and related notes appearing in our 2024 Annual Report. 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, 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, in our 2024 Annual Report and in the other documents filed with the SEC, 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.*

#### Overview
We are a biotechnology company that was historically working to change what's possible for people living with T cell-driven autoimmune diseases.

In August 2025, we commenced the exploration of strategic alternatives focused on maximizing shareholder value. Alternatives that may be explored include, but are not limited to, an acquisition, merger, business combination, sale of assets, or other strategic transactions. TD Cowen is acting as our financial advisor in connection with the exploration of strategic alternatives. There can be no assurance that the exploration of strategic alternatives will result in our pursuing a transaction or that any acquisition or other transaction involving us will be completed, nor as to the terms on which any acquisition or other transaction will occur, if at all. If the strategic process is unsuccessful, our board of directors may decide to pursue a dissolution and liquidation.

The company implemented a strategic restructuring in phases that began in mid-August 2025, resulting in an approximately 90% reduction in workforce by the end of October 2025, or the Reduction. We expect to incur costs of approximately $12.0 million to $15.0 million related to the strategic restructuring, primarily consisting of severance and retention payments and employee benefit costs. The estimated costs that we expect to incur and the estimated savings we expect to achieve are subject to a number of assumptions, and actual results may differ materially from these estimates. We may also incur additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, the strategic restructuring. The costs related to the Reduction are expected to be substantially incurred in the third and fourth quarters of 2025.

**Other Recent Events**

***Litigation settlement***

In July 2021, we entered into a lease agreement for a manufacturing facility in Waltham, Massachusetts, or the Seyon Lease. On January 31, 2024, we notified Waltham CenterPoint I Investment Group, LLC, or the Landlord, of our termination of the Seyon Lease due to the Landlord's breach of its obligations to us under the Seyon Lease and returned possession of the premises to the Landlord, effective January 31, 2024. On February 20, 2024, the Landlord served us with a complaint, filed in the Massachusetts Superior Court, or the Court, with respect to the Seyon Lease. The complaint sought declaratory judgment that we unlawfully terminated the Seyon Lease and also asserted a claim for breach of contract damages. Following receipt of the complaint, we filed a counterclaim against the Landlord asserting breach of contract and violation of Massachusetts General Law Chapter 93A. On August 15, 2025, we entered into a settlement agreement with the Landlord. Pursuant to the agreement, we paid the Landlord a lump sum of $31.0 million. Upon receipt of this payment, we and the Landlord granted each other mutual general releases and the litigation was dismissed with prejudice.

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#### Components of Our Results of Operations

#### Collaboration revenue
***Our revenue consists of collaboration revenue, including amounts recognized as payments for licenses, research funding and milestone payments earned under our collaboration and license agreements*.***

In March 2023, we entered into the Collaboration Agreement with Moderna, to collaborate on developing treatments for certain diseases by targeting delivery of nucleic acids to liver cells and certain cells outside of the liver. Under the Collaboration Agreement, the parties have agreed to collaborate on preclinical research programs relating to lipid nanoparticle, or LNP, delivery systems and nucleic acid payloads, with each party obtaining certain rights to intellectual property used in and arising out of such research programs.

The research programs are conducted pursuant to research plans and associated research budgets established by governance committees formed by the parties. Moderna reimburses us for the internal and external costs we incur in conducting the research programs, to the extent consistent with such research plans and budgets. Each party will be solely responsible for its own clinical development and commercialization of products under the Collaboration Agreement.

In addition, Moderna has exclusive options, upon payment of option exercise fees, to obtain worldwide, exclusive, sublicensable licenses under certain of our specified intellectual property to develop, manufacture and commercialize (a) products comprising LNP delivery systems and nucleic acid payloads that are directed to (i) up to two liver targets, (ii) up to two agreed-upon non-liver targets and (iii) a third liver or non-liver target and (b) Independent Program Products, which are products comprising LNP delivery systems that include mRNA that are directed to gene and protein targets in any of the agreed-upon immune cell types, or Cell Targets Types.

Under the terms of the Collaboration Agreement, in April 2023, Moderna made an upfront payment to us of $40.0 million, and paid us $7.5 million in prepaid research funding. In addition, we are eligible to receive up to $1.8 billion in milestone payments upon the achievement of specified development, regulatory, commercial, and sales milestone events, research term extension fees and exclusivity extension fees. Subject to reduction in specified circumstances, we will also be entitled to receive tiered royalties: (i) ranging from high-single-digits to low-double-digits on sales of licensed products that are directed to the liver targets and non-liver targets with respect to which Moderna has exercised its exclusive license options, and (ii) in the single digits on sales of Independent Program Products, including the exclusively licensed Independent Program Products. In consideration for the non-exclusive license granted by Moderna to us under the LNP-related intellectual property arising out of the research program focused on the discovery and development of ctLNPs directed to agreed-upon immune cell types, we have agreed to pay Moderna tiered royalties ranging from low-single-digits to mid-single-digits on sales of Independent Program Products that include mRNA, subject to reductions in specified circumstances.

In connection with the Collaboration Agreement, we entered into a Share Purchase Agreement with Moderna, pursuant to which we issued and sold 585,937 shares of our common stock to Moderna, at a price of $61.40 per share, for an aggregate purchase price of $36.0 million. In addition, under the Share Purchase Agreement, Moderna has the right, subject to certain terms and conditions, to purchase up to 3.06% of the outstanding shares of our common stock (on a post-closing basis) in connection with a future equity financing of at least $25.0 million by us. For additional information on our collaboration with Moderna and the accounting thereunder, refer to Note 4, Collaboration and License Agreement.

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#### Operating expenses
*Research and development expenses*

Research and development expenses consist of costs incurred for our research activities, including our discovery efforts, and the development of our programs. Since our announcement in August 2025 to restructure our operations, we have also incurred costs related to winding down our manufacturing and research and development efforts.

Research and development expenses primarily include:

&nbsp;&nbsp;&nbsp;&nbsp;● personnel-related costs, including salaries, benefits, stock-based compensation and severance and retention expense, for employees engaged in research and development functions;

&nbsp;&nbsp;&nbsp;&nbsp;● expenses incurred in connection with our research programs, including under agreements with third parties, such as consultants, contractors and contract research organizations, or CROs, and regulatory agency fees;

&nbsp;&nbsp;&nbsp;&nbsp;● the cost of developing and scaling our manufacturing process and capabilities and manufacturing drug substance and drug product for use in our research and preclinical studies, including under agreements with third parties, such as consultants, contractors and contract development organizations, or CDOs;

&nbsp;&nbsp;&nbsp;&nbsp;● laboratory supplies and research materials;

&nbsp;&nbsp;&nbsp;&nbsp;● facilities, depreciation and amortization, impairment charges and other expenses, which include direct and allocated expenses for rent and maintenance of facilities and insurance; and

&nbsp;&nbsp;&nbsp;&nbsp;● payments made under third-party licensing agreements.

We expense research and development costs as incurred. Advance payments that we make for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. The prepaid amounts are expensed as the related goods are delivered or the services are performed.

Our external research and development expenses consist of costs that include fees and other costs paid to consultants, contractors, CDOs and CROs in connection with our research, preclinical and manufacturing activities. We do not allocate our research and development costs to specific programs because costs are deployed across multiple programs and our technologies and, as such, are not separately classified. We are not actively developing any product candidates and, in August 2025, we began to wind down activities for our research activities and development programs and technologies. We are currently in the ongoing process of exploring strategic options for our assets.

*General and administrative expenses*

General and administrative expenses consist primarily of personnel-related costs, including salaries, benefits, stock-based compensation and severance and retention expense, for employees engaged in executive, legal, finance and accounting and other administrative functions. General and administrative expenses also include professional fees for legal, patent, consulting, investor and public relations and accounting and audit services as well as direct and allocated facility-related costs. We expect our general and administrative expenses to decrease in the future due to our workforce reductions and reduced level of business activities. We expect to incur significant costs, however, related to our evaluation of strategic alternatives, including legal, accounting and advisory expenses and other related charges.

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*(Gain) loss on lease termination*

(Gain) loss on lease termination consists of income recognized upon the settlement with the Landlord and extinguishment of our lease liability and expenses recognized for the impairment of the right-of-use asset and construction in progress, the write-off of the related tenant improvement allowance receivable, accretion and other related expenses in connection with the termination of the Seyon Lease.

#### Other income and interest income, net
Other income and interest income, net consists of interest income earned on our invested cash balances and miscellaneous income and expenses unrelated to our core operations.

#### Results of Operations
*Comparison of the three and nine months ended September 30, 2025 and 2024*

The following table summarizes our results of operations for the three and nine months ended September 30, 2025 and 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Change** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Change** |
| **(in thousands)** | **2025** | **2024** | **2025 vs. 2024** | **2025** | **2024** | **2025 vs. 2024** |
| Revenues: |  |  |  |  |  |  |
| &nbsp;&nbsp;Collaboration revenue | $1594 | $7554 | $(5960) | $11082 | $15704 | $(4622) |
| Operating expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;Research and development | 21630 | 15088 | 6542 | 52486 | 45811 | 6675 |
| &nbsp;&nbsp;General and administrative | 12162 | 9181 | 2981 | 28664 | 29124 | (460) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on lease termination | (25490) | 1169 | (26659) | (23838) | 59596 | (83434) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 8302 | 25438 | (17136) | 57312 | 134531 | (77219) |
| Loss from operations | (6708) | (17884) | 11176 | (46230) | (118827) | 72597 |
| Other income: |  |  |  |  |  |  |
| &nbsp;&nbsp;Other income and interest <br> income, net | 1188 | 2571 | (1383) | 4985 | 8541 | (3556) |
| Net loss | $(5520) | $(15313) | $9793 | $(41245) | $(110286) | $69041 |

---

*Collaboration revenue*

During the three months ended September 30, 2025, we recognized $1.6 million in collaboration revenue, compared to $7.6 million for the three months ended September 30, 2024. During the nine months ended September 30, 2025, we recognized $11.1 million in collaboration revenue, compared to $15.7 million for the nine months ended September 30, 2024. The decrease in collaboration revenue during the three months ended September 30, 2025, was primarily due to decreased reimbursable activity under our Collaboration Agreement with Moderna. Additionally, the three months ended September 30, 2024 included additional revenue related to a change in estimate due to revisions in the research plan resulting in a reduction in the estimated timeline. The decrease in collaboration revenue for the nine months ended September 30, 2025, was primarily due to decreased reimbursable activity under our Collaboration Agreement with Moderna. For additional information on our collaboration with Moderna and the accounting thereunder, refer to Note 4, Collaboration and License Agreement.

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*Research and development expenses*

The following table summarizes our research and development expenses for the three and nine months ended September 30, 2025 and 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Change** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Change** |
| **(in thousands)** | **2025** | **2024** | **2025 vs. 2024** | **2025** | **2024** | **2025 vs. 2024** |
| Personnel-related | $8019 | $5096 | $2923 | $17935 | $13867 | $4068 |
| Facilities-related | 5649 | 3230 | 2419 | 12719 | 10240 | 2479 |
| Preclinical and manufacturing | 4737 | 2904 | 1833 | 12910 | 10527 | 2383 |
| Stock-based compensation | 880 | 1520 | (640) | 2258 | 4452 | (2194) |
| Lab supplies | 736 | 1120 | (384) | 2802 | 2777 | 25 |
| Consulting and professional services | 575 | 415 | 160 | 1349 | 1220 | 129 |
| License fees | 70 | 17 | 53 | 92 | 203 | (111) |
| Other | 964 | 786 | 178 | 2421 | 2525 | (104) |
| Total research and development <br>expenses | $21630 | $15088 | $6542 | $52486 | $45811 | $6675 |

---

Research and development expenses were $21.6 million for the three months ended September 30, 2025, compared to $15.1 million for the three months ended September 30, 2024. The increase in personnel-related costs of $2.9 million was driven primarily by an increase in severance and retention costs, partially offset by a decrease in headcount. The increase in facilities-related costs of $2.4 million was driven primarily by impairment of assets held for sale in 2025 of $1.9 million. The increase in preclinical and manufacturing costs of $1.8 million was driven primarily by wind-down costs of our research projects and to a lesser extent, increased manufacturing costs prior to our decision to wind down our manufacturing and research projects. The decrease in stock-based compensation costs of $0.6 million was driven primarily by decreased headcount and a lower fair value of stock-based awards due to a lower stock price.

Research and development expenses were $52.5 million for the nine months ended September 30, 2025, compared to $45.8 million for the nine months ended September 30, 2024. The increase in personnel-related costs of $4.1 million was driven primarily by an increase in severance and retention costs and an employee tax credit in the first quarter of 2024 that did not recur, partially offset by a decrease in headcount. The increase in facilities-related costs of $2.5 million was driven primarily by impairment of assets held for sale in 2025 of $1.9 million. The increase in preclinical and manufacturing costs of $2.4 million was driven primarily by wind-down costs of our research projects and to a lesser extent, increased manufacturing costs prior to our decision to wind down our manufacturing and research projects. The decrease in stock-based compensation costs of $2.2 million was driven primarily by decreased headcount and a lower fair value of stock-based awards due to a lower stock price.

*General and administrative expenses*

The following table summarizes our general and administrative expenses for the three and nine months ended September 30, 2025 and 2024:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Change** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Change** |
| **(in thousands)** | **2025** | **2024** | **2025 vs. 2024** | **2025** | **2024** | **2025 vs. 2024** |
| Personnel-related | $6568 | $2966 | $3602 | $12407 | $9076 | $3331 |
| Stock-based compensation | 1097 | 2232 | (1135) | 3423 | 6997 | (3574) |
| Facilities-related | 1342 | 1396 | (54) | 3673 | 5024 | (1351) |
| Consulting and professional services | 2930 | 2260 | 670 | 8523 | 6951 | 1572 |
| Other | 225 | 327 | (102) | 638 | 1076 | (438) |
| Total general and administrative <br>expenses | $12162 | $9181 | $2981 | $28664 | $29124 | $(460) |

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General and administrative expenses were $12.2 million for the three months ended September 30, 2025, compared to $9.2 million for the three months ended September 30, 2024. The increase in personnel-related costs of $3.6 million was driven primarily by an increase in severance and retention costs. The increase in consulting and professional services costs of $0.7 million was driven primarily by higher legal fees. The decrease in stock-based compensation costs of $1.1 million was driven primarily by decreased headcount and a lower fair value of stock-based awards due to a lower stock price.

General and administrative expenses were $28.7 million for the nine months ended September 30, 2025, compared to $29.1 million for the nine months ended September 30, 2024. The decrease in stock-based compensation costs of $3.6 million was driven primarily by decreased headcount and a lower fair value of stock-based awards due to a lower stock price. The decrease in facilities-related costs of $1.4 million was driven primarily by the termination of the Seyon Lease in the first quarter of 2024 and due to a change in the proportion of our facility being assigned for general and administrative purposes. These decreases were partially offset by an increase in personnel-related costs of $3.3 million, driven primarily by an increase in severance and retention costs, partially offset by a decrease in headcount. Additionally, the increase in consulting and professional services of $1.6 million was driven primarily by higher legal fees.

*(Gain) loss on lease termination*

(Gain) loss on lease termination for the three and nine months ended September 30, 2025, consisted of the gain recognized upon the extinguishment of our lease liability of $26.2 million as a result of the settlement agreement with the Landlord, partially offset by accretion and other related expenses recorded during the periods. (Gain) loss on lease termination for the three months ended September 30, 2024 consisted of accretion and other related expenses in connection with the termination of the Seyon Lease. (Gain) loss on lease termination for the nine months ended September 30, 2024 consisted of expenses recognized for the impairment of the right-of-use asset and construction in progress, the write-off of the related tenant improvement allowance receivable, accretion and other related expenses in connection with the termination of the Seyon Lease.

*Other income and interest income, net*

Other income and interest income, net for the three and nine months ended September 30, 2025 was $1.2 million and $5.0 million, respectively, as compared to $2.6 million and $8.5 million for the three and nine months ended September 30, 2024. The decrease in other income and interest income, net during the three and nine months ended September 30, 2025 was primarily due to decreases in interest yields and invested cash balances.

**Liquidity and Capital Resources**

***Sources of Liquidity***

Since our inception, we have incurred significant operating losses. We expect to continue to generate operating losses in the foreseeable future. Historically, we have funded our operations with proceeds from the sale of instruments convertible into convertible preferred stock, sales of convertible preferred stock and sales of common stock in underwritten public offerings, "at-the-market" offerings and in a private placement, as well as collaboration revenue under our collaboration with Moderna. In August 2024, we entered into an "at-the-market" sales agreement pursuant to which we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $237.0 million. As of the date of this Quarterly Report, we have not issued and sold any shares of our common stock pursuant to the August 2024 sales agreement. As of September 30, 2025, we had cash, cash equivalents, and marketable securities of $89.6 million.

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***Cash flows***

The following table summarizes our sources and uses of cash for each of the periods presented:

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| | | |
|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| **(in thousands)** | **2025** | **2024** |
| Net cash used in operating activities | $(97868) | $(72779) |
| Net cash provided by investing activities | 43436 | 24245 |
| Net cash provided by financing activities | 71 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in cash, cash equivalents and restricted cash | $(54361) | $(48428) |

---

*Operating activities*

During the nine months ended September 30, 2025, operating activities used $97.9 million of cash, primarily resulting from our net loss of $41.2 million and the net changes in our operating assets and liabilities of $41.5 million. Additionally, we had net non-cash income of $15.1 million, which included a gain on lease termination of $23.8 million related to the Seyon Lease. Net changes in our operating assets and liabilities for the nine months ended September 30, 2025 consisted of a $44.3 million decrease in operating lease liabilities primarily due to the $31.0 million payment to settle the Seyon Lease and other payments for the Seyon Lease and our office and lab space lease, and a $9.0 million decrease in deferred revenue. These amounts were partially offset by a $3.9 million decrease in prepaid expenses and other current assets, primarily due to the receipt of the employee retention credit refund, and a $3.9 million increase in accounts payable and accrued expense and other current liabilities, primarily due to accrued restructuring expenses.

During the nine months ended September 30, 2024, operating activities used $72.8 million of cash, primarily resulting from our net loss of $110.3 million and the net changes in our operating assets and liabilities of $30.6 million, partially offset by net non-cash charges of $68.1 million, which included a loss on lease termination of $59.1 million related to the Seyon Lease. Net changes in our operating assets and liabilities for the nine months ended September 30, 2024 primarily consisted of a $12.2 million decrease in deferred revenue, a $9.6 million decrease in accounts payable and accrued expense and other current liabilities, and a $7.2 million decrease in operating lease liability.

Changes in deferred revenue relate to the recognition of revenue for consideration allocated to research activities performed under our Collaboration Agreement with Moderna. Changes in prepaid expenses and other current assets and accounts payable and accrued expenses and other current liabilities are generally due to the timing of employee compensation and vendor invoicing and payments.

*Investing activities*

During the nine months ended September 30, 2025, net cash provided by investing activities was $43.4 million, primarily due to $110.0 million in maturities of marketable securities and $0.5 million of proceeds from the sale of property and equipment, partially offset by purchases of marketable securities of $66.3 million and property and equipment of $0.7 million during the period. During the nine months ended September 30, 2024, net cash provided by investing activities was $24.2 million, primarily due to $142.0 million in maturities of marketable securities, partially offset by purchases of marketable securities of $115.9 million and property and equipment of $2.0 million during the period.

*Financing activities*

During the nine months ended September 30, 2025, net cash provided by financing activities was $0.1 million, consisting primarily of $0.1 million in proceeds from employee stock option exercises and sales of common stock in connection to our 2020 Employee Stock Purchase Plan. During the nine months ended September 30, 2024, net cash provided by financing activities was $0.1 million, consisting of $0.3 million in proceeds from employee stock option exercises and sales of common stock in connection to our 2020 Employee Stock Purchase Plan, partially offset by $0.2 million in payments for repurchases of common stock for employee tax withholdings.

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*Funding requirements*

We believe that our existing cash, cash equivalents, and marketable securities will enable us to fund our operating expenses and capital expenditures for the foreseeable future. We have based our estimates as to how long we expect we will be able to fund our operations on assumptions that may prove to be wrong and we could use our available capital resources sooner than we currently expect. Although we may receive potential future payments under our collaboration with Moderna, we do not have any committed external source of funds.

#### Critical Accounting Policies and Significant Judgments and Estimates
Our condensed consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America, or GAAP. The preparation of our condensed consolidated financial statements and related disclosures requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, costs and expenses and the disclosure of contingent assets and liabilities in our condensed consolidated financial statements. We base our estimates on historical experience, known trends and events and various other factors that we believe are 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. We evaluate our estimates and assumptions on an ongoing basis. Our actual results may differ from these estimates under different assumptions or conditions. There have been no material changes to our critical accounting policies and estimates from those disclosed in our 2024 Annual Report.

#### Item 3. Quantitative and Qualitative Disclosures about Market Risks.
**Interest Rate Market Risk**

We are exposed to market risk related to changes in interest rates. We had marketable securities of $67.7 million as of September 30, 2025. We did not record any impairment charges to our marketable securities during the three or nine months ended September 30, 2025. Our primary exposure to market risk is interest rate sensitivity, which is affected by changes in the general level of U.S. interest rates, particularly because a majority of our investments are generally invested in short-term securities. Interest rate changes would result in a change in the net fair value of these financial instruments due to the difference between the current market interest rate and the market interest rate at the date of purchase of the financial instrument. As of September 30, 2025, a hypothetical increase in interest rates of 100 basis points across the entire yield curve on our holdings would have resulted in a $0.1 million decrease in the fair value of our holdings. We currently do not seek to hedge this exposure to fluctuations in interest rates. We have not been exposed to, nor do we anticipate being exposed to, material risks due to changes in interest rates.

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#### Item 4. Controls and Procedures.

#### Evaluation of Disclosure Controls and Procedures
Our management, under the supervision and with the participation of our Interim President and Chief Executive Officer and our Chief Financial Officer, our principal executive officer and principal financial and accounting officer, respectively, evaluated the effectiveness of our disclosure controls and procedures as of September 30, 2025. The term "disclosure controls and procedures," as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended, or 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 principal financial officers, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any disclosure 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 September 30, 2025, our Interim President and Chief Executive Officer and our Chief 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 (as defined in Rules 13a–15(f) and 15d–15(f) under the Exchange Act) during the three months ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

#### PART II—OTHER INFORMATION

#### Item 1. Legal Proceedings.
For a discussion of material legal proceedings, see Note 9. Commitments and Contingencies—Legal Proceedings in Part I, Item 1, Financial Statements of this Quarterly Report.

#### Item 1A. Risk Factors.
In addition to the other information set forth in this Quarterly Report, you should carefully consider the factors discussed in Part I, Item 1A Risk Factors in our 2024 Annual Report, which could materially affect our business, financial condition, or future results. Other than as reflected in the following updated risk factors, there has been no material change from the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2024.

**Risks Related to Our Evaluation of Strategic Alternatives**

***We may not be successful in identifying and implementing any strategic transaction and any strategic transactions that we may consummate in the future could have negative consequences.***

In August 2025, we commenced the exploration of strategic alternatives focused on maximizing shareholder value. We are exploring potential strategic alternatives which may include, but are not limited to, an offer for or other acquisition of the company, merger, business combination, or other transaction. We expect to devote substantial time and resources to exploring strategic alternatives that our board of directors believes will maximize shareholder value. Despite devoting significant efforts to identify and evaluate potential strategic alternatives, there can be no assurance that this strategic review process will result in us pursuing any transaction or that any transaction, if pursued, will be completed on attractive terms or at all. We have not set a timetable for completion of this strategic review process, and our board of directors has not approved a definitive course of action. Additionally, there can be no assurances that any particular course of action,

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business arrangement or transaction, or series of transactions, will be pursued, successfully consummated or lead to increased shareholder value or that we will make any cash distributions to our shareholders.

The process of evaluating these strategic options may be very costly, time-consuming and complex and we expect to incur significant costs related to this evaluation, such as legal and accounting fees and expenses and other related charges. We may also incur additional unanticipated expenses in connection with this process. A considerable portion of these costs will be incurred regardless of whether any such course of action is implemented or transaction is completed. Any such expenses will decrease the remaining cash available for use in our business. In addition, potential counterparties in a strategic transaction involving our company may place minimal or no value on our assets and our public listing.

Further, any strategic business combination or other transactions that we may consummate in the future could have a variety of negative consequences and we may implement a course of action or consummate a transaction that yields unexpected results that adversely affects our business and decreases the remaining cash available for use in our business.

Any potential transaction would be dependent on a number of factors that may be beyond our control, including, among other things, market conditions, industry trends, the interest of third parties in a potential transaction with us, obtaining shareholder approval and the availability of financing to third parties in a potential transaction with us on reasonable terms. Any failure of such potential transaction to achieve the anticipated results could significantly impair our ability to enter into any future strategic transactions and may significantly diminish or delay any future distributions to our shareholders.

If we are not successful in identifying a strategic alternative or if our plans are not executed in a timely fashion, this may cause reputational harm with our shareholders and the value of our shares may be adversely impacted. In addition, speculation regarding any developments related to the review of strategic alternatives and perceived uncertainties related to the future of our business could cause our share price to fluctuate significantly.

***Even if we successfully consummate any transaction from our strategic evaluation, we may fail to realize all of the anticipated benefits of the transaction, those benefits may take longer to realize than expected, or we may encounter integration difficulties.***

Our ability to realize the anticipated benefits of any potential business combination or any other result from our pursuit of strategic alternatives, are highly uncertain. Any anticipated benefits will depend on a number of factors, including our ability to integrate with any future business partner and our ability to generate future shareholder value. The process may be disruptive to our business and the expected benefits may not be achieved within the anticipated time frame, or at all. The failure to meet the challenges involved and to realize the anticipated benefits of any potential transaction could adversely affect our business and financial condition.

***If we are successful in completing a strategic transaction, we may be exposed to other operational and financial risks.***

Although there can be no assurance that a strategic transaction will result from the process we have undertaken to identify and evaluate strategic alternatives, the negotiation and consummation of any such transaction will require significant time on the part of our management.

The negotiation and consummation of any such transaction may also require more time or greater cash resources than we anticipate and expose us to other operational and financial risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;● increased near-term and long-term expenditures;

&nbsp;&nbsp;&nbsp;&nbsp;● exposure to unknown liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;● higher than expected acquisition or integration costs;

&nbsp;&nbsp;&nbsp;&nbsp;● incurrence of substantial debt or dilutive issuances of equity securities to fund future operations;

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&nbsp;&nbsp;&nbsp;&nbsp;● write-downs of assets or goodwill or incurrence of non-recurring, impairment or other charges;

&nbsp;&nbsp;&nbsp;&nbsp;● increased amortization expenses;

&nbsp;&nbsp;&nbsp;&nbsp;● difficulty and cost in combining the operations and personnel of any acquired business with our operations and personnel;

&nbsp;&nbsp;&nbsp;&nbsp;● impairment of relationships with key suppliers or customers of any acquired business due to changes in management and ownership;

&nbsp;&nbsp;&nbsp;&nbsp;● inability to retain key employees of our company or any acquired business; and

&nbsp;&nbsp;&nbsp;&nbsp;● possibility of future litigation.

Any of the foregoing risks could have a material adverse effect on our business, financial condition and prospects.

***If a strategic transaction is not consummated, our board of directors may decide to pursue a dissolution and liquidation. In such an event, the amount of cash available for distribution to our shareholders will depend heavily on the timing of such liquidation as well as the amount of cash that will need to be reserved for commitments and contingent liabilities.***

There can be no assurance that a strategic transaction will be completed. If a strategic transaction is not completed, our board of directors may decide to pursue a dissolution and liquidation. In such an event, the amount of cash available for distribution to our shareholders will depend heavily on the timing of such decision and, with the passage of time the amount of cash available for distribution will be reduced as we continue to fund our operations. In addition, we may be subject to litigation or other claims related to a dissolution and liquidation. If a dissolution and liquidation were pursued, our board of directors, in consultation with our advisors, would need to evaluate these matters and make a determination about a reasonable amount to reserve. Accordingly, holders of our shares could lose all or a significant portion of their investment in the event of a liquidation, dissolution or winding up.

***Our ability to consummate a strategic transaction depends on our ability to retain our employees required to consummate such transaction.***

Our ability to consummate a strategic transaction depends upon our ability to retain our employees required to consummate such a transaction, the loss of whose services may adversely impact the ability to consummate such transaction. In connection with the evaluation of strategic alternatives and in order to extend our resources, we implemented the Reduction. The strategic review process is supported by our experience at the board of directors, executive management, and supporting staff levels. Our cash conservation activities may yield unintended consequences, such as attrition beyond the Reduction and reduced employee morale, which may cause remaining employees to seek alternative employment. Our ability to successfully complete a strategic transaction depends in large part on our ability to retain certain of our remaining personnel successfully, and if we are unable to do so, we are at risk of a disruption to our exploration and consummation of a strategic alternative.

***Our corporate restructuring and the associated headcount reduction may not result in anticipated savings, could result in total costs and expenses that are greater than expected.***

In August 2025, our board of directors determined to implement a strategic restructuring that included the Reduction, and ultimately discontinued our research and development operations. We conducted the Reduction in phases during the third and fourth quarters of 2025. We may incur additional costs in connection with the Reduction that are not currently contemplated due to events that may occur as a result of, or that are associated with, the Reduction. The costs related to the Reduction are expected to be substantially incurred in the third and fourth quarters of 2025. The estimated costs that we expect to incur and the estimated timing to complete the Reduction and for the incurrence of the costs are subject to a number of assumptions, and actual results may differ materially from these estimates.

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We may not realize, in full or in part, the anticipated benefits, savings and improvements in our cost structure from our restructuring efforts due to unforeseen difficulties, delays or unexpected costs. If we are unable to realize the expected operational efficiencies and cost savings from the restructuring, our operating results and financial condition would be adversely affected. Furthermore, our restructuring plan may be disruptive to our operations. For example, our headcount reductions could yield unanticipated consequences, such as increased difficulties in retention of our remaining employees.

***We may become involved in litigation, including securities class action litigation, that could divert management's attention and harm our business, and insurance coverage may not be sufficient to cover all costs and damages.***

In the past, litigation, including securities class action litigation, has often followed certain significant business transactions, such as the sale of a company or announcement of any other strategic transaction, or the announcement of negative events, such as negative results from clinical trials. These events may also result in investigations by the SEC. We may be exposed to such litigation or investigation even if no wrongdoing occurred. Litigation and investigations are usually expensive and divert management's attention and resources, which could adversely affect our cash resources and our ability to consummate a potential strategic transaction.

**Item 5. Other Information.**

**Director and Officer Trading Arrangements**

None of our directors or officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (each as defined in Item 408(a) of Regulation S-K) during the quarterly period covered by this Quarterly Report.

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#### Item 6. Exhibits.

---

| | |
|:---|:---|
| **ExhibitNumber** | **Description of Exhibit** |
| &nbsp;&nbsp;&nbsp;&nbsp;10.1+\* | [Separation Agreement, by and between the registrant and Antoinette Paone, dated August 12, 2025.](gbio-20250930xex10d1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2+\* | [Separation Agreement, by and between the registrant and Phillip Samayoa, dated August 12, 2025.](gbio-20250930xex10d2.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3+\*<br>| [Separation Agreement, by and between the registrant and Kevin Conway, dated August 12, 2025.](gbio-20250930xex10d3.htm)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4+\*<br>| [Consulting Agreement, by and between the registrant and Antoinette Paone, dated November 1, 2025.](gbio-20250930xex10d4.htm)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5+\*<br>| [Consulting Agreement, by and between the registrant and Phillip Samayoa, dated November 1, 2025.](gbio-20250930xex10d5.htm)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6+\* | [Separation Agreement, by and between the registrant and Geoff McDonough, dated October 22, 2025.](gbio-20250930xex10d6.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7+\* | [Consulting Agreement, by and between the registrant and Geoff McDonough, dated November 1, 2025.](gbio-20250930xex10d7.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8+\* | [Retention Letter, by and between the registrant and Yalonda Howze, dated August 26, 2025.](gbio-20250930xex10d8.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9+\* | [Promotion Letter, by and between the registrant and Yalonda Howze, dated October 22, 2025.](gbio-20250930xex10d09.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10+\* | [Separation Agreement, by and between the registrant and Yalonda Howze, dated October 22, 2025.](gbio-20250930xex10d10.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;31.1\* | [Certification of Principal Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](gbio-20250930xex31d1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;31.2\* | [Certification of Principal Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](gbio-20250930xex31d2.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;32.1\*\* | [Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](gbio-20250930xex32d1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;32.2\*\* | [Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](gbio-20250930xex32d2.htm) |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |

---

\* Filed herewith.

\*\* Furnished herewith.

+ Indicates management contract or compensatory plan.

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#### 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.

---

| | | |
|:---|:---|:---|
|  | GENERATION BIO CO. | GENERATION BIO CO. |
| Date: November 5, 2025 | By: | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Yalonda Howze |
|  |  | Yalonda Howze |
|  |  | Interim President and Chief Executive Officer |
|  |  | (Principal Executive Officer) |
| Date: November 5, 2025 | By: | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Kevin Conway |
|  |  | Kevin Conway |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial and Accounting Officer) |

---

## Exhibit 10.1

---

| | |
|:---|:---|
| ![Graphic](gbio-20250930xex10d1001.jpg) | **Exhibit 10.1**<br>Cambridge, MA 02142<br>**generationbio.com** |

---

August 12, 2025

Antoinette Paone

**Re:** **Separation Agreement**

Dear Antoinette:

This letter confirms the terms of your separation from employment at Generation Bio Co. (the "<u>Company</u>"). Your employment with the Company terminates on October 31, 2025 (the "Extended Separation Date"). Please read this letter agreement (the "Agreement"), which includes a general release, carefully. If you are willing to agree to its terms, please sign in the space provided below and return it to me by August 22, 2025.

Please read this Agreement, which includes a general release, carefully. If you are willing to agree to its terms, please sign in the space provided below and return it to me. This Agreement will become effective after you timely sign it (the "Effective Date").

In the interest of clarity, the following terms and conditions apply in connection with the end of your employment and regardless of whether you enter into the Agreement:

● The Company will pay your salary through the Separation Date, provided you remain actively employed through that date. Your final paycheck will be deposited directly into your designated bank account on or before the Separation Date.

● If you are enrolled in group health insurance through the Company, you will be able to continue group healthcare insurance coverage under the law known as "COBRA" subject to eligibility requirements, and to the extent available. Any COBRA continuation will be at your own cost, except as provided below if this Agreement becomes effective.

● Your eligibility to participate in any other employee benefit plans and programs of the Company will cease on or after the Separation Date in accordance with applicable benefit plan or program terms and practices.

● The Company will reimburse you for any outstanding, reasonable business expenses you have incurred on the Company's behalf through your last day of employment, after the Company's timely receipt of appropriate documentation and subject to the Company's business expense reimbursement policy.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● Because your employment is terminating without cause, as that term is defined in Section 7(d) of the Invention, Non-Disclosure, Non-Competition and Non-Solicitation Agreement (" <u>Covenants Agreement</u> ") you signed when you joined the Company, the post-employment non-compete restrictions in Section 7 of the Covenants Agreement will not be enforced. The balance of your obligations set forth in the Covenants Agreement will continue through the remainder of your employment as well as after your last day of employment consistent with the terms of that agreement and with applicable law. A copy of the Covenants Agreement is attached as **Exhibit A**. Please be advised nothing in the Covenants Agreement prevents you from disclosing information as permitted by law, including engaging in concerted activity protected under the Section 7 of the National Labor Relations Act which includes, but is not limited to, discussing terms and conditions of employment with coworkers, former coworkers, and third parties; filing unfair labor practice charges or assisting other employees in filing such charges with the National Labor Relations Board (the " <u>Board</u> "); and assisting in the Board's investigative process (" <u>Section 7 Activity</u> ") or disclosing or discussing any sexual assault or sexual harassment dispute arising after the date of this Agreement (" <u>Other Protected Activity</u> ").

● You will cease vesting in all of your Company stock options (the "Options") and restricted stock units, if applicable, as of the Separation Date, or the Extended Separation Date, if you timely sign and return the Agreement, and you may exercise any vested portion of your Options (the "Vested Options") in accordance with the time limits and subject to the terms of the applicable stock option agreements and Company equity plan (the " <u>Equity Documents</u> "). Any unvested portion of your Options or restricted stock units, if applicable, will terminate on the last day of employment.

● You will be required to return all Company property in your possession to the Company including, without limitation, Company-owned laptop, at the end of your employment. If necessary, the Company will send you a prepaid shipping label to facilitate your return of Company property.

● You may apply for unemployment compensation benefits under applicable state law. Information on how to apply for unemployment benefits is included with this Agreement. Decisions regarding eligibility for and amounts of unemployment benefits are made by the applicable state unemployment agency, not by the Company. Nothing in this Agreement shall affect the Company's obligation to respond truthfully to requests for information related to unemployment compensation eligibility.

In addition to the above-described terms, you will be eligible to receive the Severance Benefits described in <u>Section 1</u>, below, provided you enter into, do not revoke, and comply with this Agreement.

------

The remainder of this letter proposes the Agreement between you and the Company. If you timely sign and return this Agreement, you and the Company agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Severance Conditions and Benefits** 

&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)<u>Severance Conditions</u>. You must satisfy the following conditions ("Severance Conditions") in order to qualify for the Severance Benefits described below:

&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. You sign and return this Agreement to Jasmin Tower on or before August 22, 2025;

&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. You comply with 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;iii. You remain employed with the Company through the Extended Separation Date; 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;iv. Except as to Section 1(b)(i), you sign and return the Supplemental Release of Claims (attached as **Exhibit B)** no sooner than the day after the Extended Separation Date and no later than five (5) days after the Extended Separation 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;(b)<u>Severance Benefits</u>. If you satisfy the Severance Conditions, then in exchange for your agreement to the general release and waiver of claims and your other promises herein, the Company agrees to provide the following benefits (the "<u>Severance Benefits</u>"). For the avoidance of doubt, you will not be entitled to any Severance Benefits set forth below if (i) you voluntarily leave employment with the Company before the Extended Separation Date without written approval from the Company to depart early, (ii) the Company terminates your employment before the Extended Separation Date based on a good faith determination by the Company that you (a) have failed to satisfactorily perform your job duties or (b) otherwise materially failed to comply with Company rules, policies and directives, or (c) you have breached the terms of this Agreement. Specifically, the Severance Benefits are as follows:

&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) <u>Extended Separation Date</u>. You will continue to receive your regular pay and benefits for work performed through your Extended Separation Date. You agree to make best efforts to perform assigned job duties and assist with transitional matters, and further agree to comply with Company rules, policies and directives through the Extended Separation 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;(ii) <u>Severance Pay</u>. The Company will provide you with severance pay in an amount equivalent to 9 months of your current salary, less lawful deductions, in the total gross amount of $371,205.36, to be paid at the time set forth in

------

Section 2.A.i. of the Severance Plan Benefit Agreement dated May 31, 2022 (the "Severance Plan"), as a lump sum in lieu of the payment schedule set forth in the Severance Plan. Notwithstanding the foregoing, if a Change in Control occurs on or before the Extended Separation Date, the Company will instead pay you severance pay in an amount equivalent to 18 months of your current salary, less lawful deductions in the total gross amount of $742,410.72, to be paid at the time set forth in Section 2.B.i. of the Severance Plan, as a lump sum in lieu of the payment schedule set forth in the Severance 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;(iii) <u>Payment in lieu of Bonus</u>. The Company will pay you the gross amount of $165,182.69, less lawful deductions, representing a prorated bonus for 2025. This amount will be paid at the time and in the form set forth in Section 2.A.ii. of the Severance Plan. Notwithstanding the foregoing, if a Change in Control occurs on or before the Extended Separation Date, the Company will pay the bonus amount as set forth in Paragraph 2.B.ii. of your Severance Plan, or a prorated bonus for 2025, whichever is greater, to be paid at the time and in the form set forth in Section 2.B.ii. of the Severance 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;(iv) <u>COBRA Premiums.</u> Provided you timely enroll in COBRA continuation coverage for your medical, vision, and/or dental plan(s), and subject to all of the terms and conditions of such coverage, the Company agrees to subsidize your monthly COBRA premium as such premiums become due for a period of up to 9 months following the Extended Separation Date to the same extent that the Company paid for such coverage immediately prior to the Extended Separation Date (i.e., the employer portion), including the COBRA administration fee, until the earlier of (i) the date the health plan itself terminates, (ii) the date COBRA eligibility ends, or (iii) the date you are eligible for health benefits under another group employer plan, provided that the Company's payment for such coverage shall only apply if and while permitted under applicable tax or other laws as nondiscriminatory. You agree to immediately notify the Company if you become eligible for health benefits under another group employer plan during the period in which the Company is subsidizing your COBRA premium. Notwithstanding the foregoing, if a Change in Control (as defined in the Severance Plan) occurs on or before the Extended Separation Date and you are still employed with the Company at the time of the Change in Control, the Company will instead subsidize your monthly COBRA premium as such premiums become due for a period of up to 18 months following the Extended Separation Date, subject to the same conditions described above. In addition, if you are

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unable to continue COBRA coverage during the period in which the Company would otherwise be subsidizing COBRA because the health plan terminates, the Company will pay you a lump sum amount equal to the remaining amount if would have contributed towards your COBRA premium had the health plan continued, less lawful deductions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Equity</u>. Twenty-five percent (25%) (or, if a Change in Control, as defined in the Severance Plan, occurs on or prior to your Extended Separation Date, one hundred percent (100%)) of the unvested portion of any then-outstanding equity grant from the Company to you (the "Equity Grants"), shall vest and become fully exercisable as of the date of the Company's timely receipt of the fully signed Exhibit B and the expiration of the revocation period contained therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Outplacement Assistance.</u> The Company will also provide a $500 stipend payable in lump sum, less lawful deductions, on the second scheduled pay date after the Company's timely receipt of the fully signed Exhibit B, and the expiration of the revocation period contained therein, to assist with the cost of any outplacement services you may choose to use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) <u>Continued Employee Assistance Program ("EAP") Support</u>. The Company is offering continued access to the EAP program for you and your household members for the same number of months as the severance pay offered above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) <u>Retention Bonus</u>. In recognition of remaining actively employed through the Extended Separation Date, the Company will pay you a retention bonus in the gross amount of $54,918.05, less lawful deductions. This amount will be paid on the second scheduled pay date after the Company's timely receipt of the fully signed Exhibit B and the expiration of the revocation period contained therein. For the avoidance of doubt, you will not be eligible for the Retention Bonus described in this subparagraph if your employment ends for any reason (voluntarily or involuntarily) prior to the Extended Separation Date unless the Company in its discretion agrees in writing at that time to pay you the Retention Bonus notwithstanding your early departure.

You acknowledge and agree the Severance Benefits are being provided to you in exchange for your release of claims and other promises in this Agreement, and supersede and fully satisfy any entitlements you may have under the Severance Plan. You agree the Severance Benefits do not confer a benefit on anyone other than the parties to this Agreement. You further acknowledge except for the Severance Benefits, and the amounts described on pages 1-2 of this Agreement (which shall be paid to you as set forth above), you are not now and shall not in the future be entitled to any other compensation from the Company including, without limitation, other wages, commissions, bonuses, vacation pay, holiday pay, or any other form of compensation or benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Return of Property** You are required to return all Company property in your possession

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to the Company including, without limitation, all Company documents and files you created in the course of business, specialized equipment, any other requested information deemed necessary by the Company. Accordingly, by signing below, you acknowledge and agree you will return, or you have returned to the Company on or before your last day of employment all Company property, including, without limitation, all files, reports, documents, or other materials containing or pertaining to Proprietary Information (as defined in the Covenants Agreement) and to your work (and all reproductions thereof). After returning all of the foregoing, you commit to deleting and finally purging any duplicates of files or documents that may contain Company information from any non- Company computer or other device that remains your property after the Extended Separation Date. In the event you discover that you continue to retain any such information or property, you shall return it to the Company immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Confidentiality and Non-Disparagement** You agree not to disclose to anyone, either directly or indirectly, any information whatsoever regarding the financial terms of this Agreement, except your immediate family, attorneys, financial advisors, accountants, and tax preparation professionals, provided that they agree to keep such information strictly confidential. This includes, but is not limited to, present or former employees of the Company and other members of the public. You may also disclose this Agreement to a state agency if required as part of an application for unemployment compensation benefits. You agree not to make any statement that is maliciously untrue about the Company, or the Releasees outlined below, including, but not limited to, communications on social media websites such as Facebook, Twitter, LinkedIn, or Glassdoor, on blogs, by text or email, or through other electronic means. This provision does not prohibit you from making truthful statements about the terms or conditions of your employment, or from exercising your rights, if any, under the National Labor Relations Act, government whistleblower programs, or whistleblowing statutes or regulations. You understand and agree that your obligations under this paragraph are material terms of this Agreement, and that the Company shall have the right, in addition to any other damages, to seek and obtain the return of the consideration paid hereunder (without impacting the validity or enforceability of the general release contained herein) in the event you breach any of your obligations under this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Cooperation** Subject to Section 6, after your Extended Separation Date, you agree to cooperate reasonably with the Company (including its outside counsel), including in connection with litigation and Government Agency (as defined below) proceedings about which the Company believes you may have knowledge or information and responding to questions from the Company regarding transitioning your duties (together "Cooperation Services"). The Company will not utilize this section to require you to make yourself available to an extent that would unreasonably interfere with full-time employment responsibilities that you may have. The Company will reimburse you for any reasonable expenses approved in advance that you incur due to your performance of Cooperation Services, after receipt of appropriate documentation consistent with the Company's

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business expense reimbursement policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Release of Claims** In consideration for, among other terms, the opportunity to receive the Severance Benefits, to which you acknowledge you would otherwise not be entitled, you voluntarily release and forever discharge the Company, its affiliated and related entities, its and their respective predecessors, successors and assigns, its and their respective employee benefit plans and fiduciaries of such plans, and the current and former officers, directors, shareholders, employees, attorneys, accountants and agents of each of the foregoing in their official and personal capacities (collectively referred to as the " <u>Releasees</u> ") generally from all claims, demands, debts, damages and liabilities of every name and nature relating to your hiring by, employment at, and termination from employment at the Company (" <u>Claims</u> ") that, as of the date when you sign this Agreement, you have, ever had, now claim to have or ever claimed to have had against any or all of the Releasees. This release includes all known or unknown Claims, including without limitation, the following:

● Relating to your employment by the Company and the end of your employment with the Company;

● Title VII of the Civil Rights Act of 1964;

● Sections 1981 through 1988 of Title 42 of the United States Code; The Employee Retirement Income Security Act of 1974 ("ERISA"); The Internal Revenue Code of 1986;

● The Immigration Reform and Control Act; The Americans with Disabilities Act of 1990;

● The Worker Adjustment and Retraining Notification Act ("WARN"); The Fair Credit Reporting Act;

● The Family and Medical Leave Act; The Equal Pay Act;

● The Genetic Information Nondiscrimination Act of 2008;

● The Uniformed Services Employment and Reemployment Rights Act of 1994 ("USERRA");

● Families First Coronavirus Response Act;

● The Pregnant Worker's Fairness Act ("PWFA")

● The Massachusetts Law Against Discrimination, G.L. c. 151B, as amended; The Massachusetts Equal Rights Act, G.L. c. 93, as amended;

● The Massachusetts Civil Rights Act, G.L. c. 12, as amended;

● The Massachusetts Privacy Statute, G.L. c. 214, § 1B, as amended; The Massachusetts Sexual Harassment Statute, G.L. c. 214, § 1C;

● The Massachusetts Wage Payment Statute, G.L. c. 149, §§ 148, 148A, 148B, 149,150, 150A-150C, 151, 152, 152A, et seq.;

● The Massachusetts Wage and Hour laws, G.L. c. 151§1A et seq.; The Massachusetts Workers' Compensation Act, G.L. c. 152, § 75B; The Massachusetts Small Necessities Act, G.L. c. 149, § 52D;

● The Massachusetts Equal Pay Act, G.L. c. 149, § 105A-C;

● The Massachusetts Equal Rights for the Elderly and Disabled, G.L. c. 93, § 103;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● The Massachusetts AIDS Testing statute, G.L. c. 111, §70F; The Massachusetts Consumer Protection Act, G.L. c. 93A;

● Massachusetts Employment Leave for Victims and Family Members of Abuse, G.L. c. 149,

● §52E, as amended;

● The Massachusetts Earned Sick Time Law, M.G.L. c. 149, § 148C;

● The Massachusetts Paid Family and Medical Leave Act, M.G.L. c.175M et seq Massachusetts Parental Leave Act, G.L. c. 149, § 105D;

● Massachusetts Age Discrimination Law, G.L. c. 149 §24 A et seq.; any other federal, state or local law, rule, regulation, or ordinance; any public policy, contract, tort, or common law; or

● any basis for recovering costs, fees, or other expenses including attorneys' fees incurred in these matters.

**You agree and acknowledge you are waiving and releasing any claims for unpaid wages of any type you may have against the Company under the Massachusetts Payment of Wages Act, M.G.L. c. 149, § 148 et seq.**

Notwithstanding the foregoing or any other provision of this Agreement, you are not waiving any rights you may have to: (a) your own vested accrued employee benefits under the Company's health, welfare, or retirement benefit plans as of the Extended Separation Date; (b) benefits and/or the right to seek benefits under applicable workers' compensation and/or unemployment compensation statutes; (c) pursue claims which by law cannot be waived by signing this Agreement; (d) enforce this Agreement; and/or (e) challenge the validity of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.**Other Protected Actions** Nothing in this Agreement, Exhibit B, or any other agreement you may have signed or company policy, prohibits, prevents, or otherwise limits you from (1) reporting possible violations of federal or other law or regulations to any governmental agency, regulatory body, or law enforcement authority (*e.g.*, EEOC, MCAD, NLRB, SEC, DOJ, CFTC, U.S. Congress, or an Inspector General), (2) filing a charge or complaint with any such governmental agency, or (3) participating, testifying, or assisting in any investigation, hearing, or other proceeding brought by, in conjunction with, or otherwise under the authority of any such governmental agency. To the maximum extent permitted by law, you agree that if such an administrative claim is made, you shall not be entitled to recover any individual monetary relief or other individual remedies related to any alleged adverse employment action(s), except nothing in this Agreement prohibits, prevents, or otherwise limits your ability or right to seek or receive any monetary award or bounty from any such governmental agency in connection with protected "whistleblower" activity. You are also not required to notify or obtain permission from the Company when filing a governmental whistleblower charge or complaint or engaging or participating in protected whistleblower activity.

Further, notwithstanding your confidentiality and non-disclosure obligations, you are hereby advised as follows pursuant to the Defend Trade Secrets Act: "An individual shall not be

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held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney, and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual (A) files any document containing the trade secret under seal, and (B) does not disclose the trade secret, except pursuant to court order."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.**Tax Treatment** The Company shall undertake to make deductions, withholdings, and tax reports with respect to all payments and benefits made under this Agreement to the extent it reasonably and in good faith determines it is required to make such deductions, withholdings, and tax reports. Nothing in this Agreement shall be construed to require the Company to make any payments to compensate you for any adverse tax effect associated with any payments or benefits or for any deduction or withholding from any payment or benefit. The parties intend that payments under this Agreement will be exempt from or comply with Section 409A of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"). To the extent any provision of this Agreement is ambiguous as to its exemption from or compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder are exempt from or comply with Section 409A of the Code. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A 2(b)(2). The Company makes no representation or warranty and shall have no liability to you or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.**Acknowledgments and Representations** You acknowledge and represent you have not suffered any discrimination or harassment by any of the Releasees on account of race, gender, age, national origin, religion, marital or registered domestic partner status, sexual orientation, disability, genetic information, veteran or military status, medical condition or any other characteristic protected by applicable law. You further acknowledge and represent you have not been denied any leave, benefits, or rights to which you may have been entitled under any federal, state, or local law, and you have not suffered any job- related wrongs or injuries that you have not already reported to the Company. You further acknowledge and represent you have not raised a claim of sexual harassment or abuse with the Company. You further acknowledge and represent you have had the opportunity to provide the Company with written notice of any and all concerns regarding suspected ethical and compliance issues or violations on the part of the Company. You further acknowledge and represent your employment relationship with the Company was at-will and you were not promised, explicitly or implicitly, employment for any specified period of time. You represent and warrant that all of the factual representations made herein, all of which are a material inducement for the Company to enter into this agreement, are true in all material respects.

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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;9.**Consideration Period** It is the Company's desire and intent to make certain you fully understand the provisions and effects of this Agreement. To that end, the Company hereby advises you in writing to consult with legal counsel for the purpose of reviewing the terms of this Agreement. **You will have until August 22, 2025 to consider and accept the terms of this Agreement before signing it (the "Consideration Period").** To accept this Agreement, you must return a signed, unmodified original, PDF, or DocuSigned copy of this Agreement, so it is received by Jasmin Tower by 5:00 PM ET on the last day of the Consideration Period. You and the Company agree any changes to this Agreement, whether material or immaterial, do not restart or otherwise affect the Consideration Period.

By signing this Agreement, you acknowledge and agree: (i) but for providing the waiver and release in <u>Section 5</u>, you would not be receiving the Severance Benefits being provided to you under the terms of this Agreement; (ii) you understand the various claims you are entitled to assert under the laws set forth above; (iii) you have read this Agreement carefully and understand all its provisions; and (iv) the Company has advised you to consult with an attorney before signing this Agreement and to the extent you desired, you availed yourself of this right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.**Other Provisions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Termination of Payments</u>. In the event you fail to comply with any of your obligations under this Agreement, in addition to any other legal or equitable remedies it may have for such breach, the Company shall have the right to discontinue providing you with the Severance Benefits. Any such consequences of a breach by you will not affect the release or your continuing obligations under this Agreement or the Covenants Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Absence of Reliance</u>. In signing this Agreement, you are not relying upon any promises or representations made by anyone at or on behalf of the Company, except as set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Jurisdiction</u>. You and the Company hereby agree the state and federal courts in the Commonwealth of Massachusetts shall have the exclusive jurisdiction to consider any matters related to this Agreement, including without limitation any claim of a violation of this Agreement. With respect to any such court action, you submit to the jurisdiction of such courts and you acknowledge venue in such courts is proper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Governing Law; Interpretation</u>. This Agreement shall be interpreted and enforced under the laws of the Commonwealth of Massachusetts, without regard to conflict of law principles. In the event of any dispute, this Agreement is intended by the parties to be construed as a whole, to be interpreted in accordance with its fair meaning, and not to be construed strictly for or against either you or the Company or the "drafter" of all or any portion of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Enforceability</u>. If any portion or provision of this Agreement (including, without limitation, any portion or provision of any section of this Agreement) shall to any extent be

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declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Waiver; Amendment</u>. No waiver of any provision of this Agreement shall be effective unless made in writing and signed by the waiving party. The failure of a party to require the performance of any term or obligation of this Agreement, or the waiver by a party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach. This Agreement may not be modified or amended except in a writing signed by both you and a duly authorized officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Entire Agreement</u>. This Agreement, together with the Equity Documents, constitutes the entire agreement between you and the Company with respect to the subject matter hereof, and supersedes all prior agreements or understandings, both written and oral, between you and the Company with respect to the subject matter hereof, but does not in any way merge with or supersede the surviving provisions of the Covenants Agreement or the Equity Documents, which agreements and obligations shall supplement, and shall not limit or be limited by, this Agreement except as expressly set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Counterparts</u>. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be taken to be an original, but all of which together shall constitute one and the same document. Electronic and pdf signatures shall be deemed to have the same legal effect as originals.

Please indicate your agreement to the terms of this Agreement by signing and returning it to me by August 22, 2025 as set forth above.

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| | | |
|:---|:---|:---|
|  |  | Very truly yours, |
| By: | /s/ Jasmin Tower | 8/16/2025 |
|  | Jasmin Tower | Date |
|  | Chief Human Resources Officer |  |

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This is a legal document. Your signature will commit you to its terms. By signing below, you acknowledge the Company has advised you to consult with counsel prior to entering into this Agreement, you have carefully read and fully understand all of the provisions of this Agreement, and you are knowingly and voluntarily entering into this Agreement.

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| | |
|:---|:---|
| /s/ Antoinette Paone | 8/22/2025 |
| Antoinette Paone | Date |

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## Exhibit 10.2

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| | |
|:---|:---|
|  | **Exhibit 10.2** |
| ![Graphic](gbio-20250930xex10d2001.jpg) | Cambridge,<br>MA 02142 |
| August 12, 2025 | **generationbio.com** |
| Phillip Samayoa |  |

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#### Re: Separation Agreement
Dear Phillip:

This letter confirms the terms of your separation from employment at Generation Bio Co. (the "<u>Company</u>"). Your employment with the Company terminates on October 31, 2025 (the "Extended Separation Date"). Please read this letter agreement (the "Agreement"), which includes a general release, carefully. If you are willing to agree to its terms, please sign in the space provided below and return it to me by August 22, 2025.

Please read this Agreement, which includes a general release, carefully. If you are willing to agree to its terms, please sign in the space provided below and return it to me. This Agreement will become effective after you timely sign it (the "Effective Date").

In the interest of clarity, the following terms and conditions apply in connection with the end of your employment and regardless of whether you enter into the Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The Company will pay your salary through the Separation Date, provided you remain actively employed through that date. Your final paycheck will be deposited directly into your designated bank account on or before the Separation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●If you are enrolled in group health insurance through the Company, you will be able to continue group healthcare insurance coverage under the law known as "COBRA" subject to eligibility requirements, and to the extent available. Any COBRA continuation will be at your own cost, except as provided below if this Agreement becomes effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Your eligibility to participate in any other employee benefit plans and programs of the Company will cease on or after the Separation Date in accordance with applicable benefit plan or program terms and practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The Company will reimburse you for any outstanding, reasonable business expenses you have incurred on the Company's behalf through your last day of employment, after the Company's timely receipt of appropriate documentation and subject to the Company's business expense reimbursement policy.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Because your employment is terminating without cause, as that term is defined in Section 7(d) of the Invention, Non-Disclosure, Non-Competition and Non-Solicitation Agreement ("<u>Covenants Agreement</u>") you signed when you joined the Company, the post-employment non- compete restrictions in Section 7 of the Covenants Agreement will not be enforced. The balance of your obligations set forth in the Covenants Agreement will continue through the remainder of your employment as well as after your last day of employment consistent with the terms of that agreement and with applicable law. A copy of the Covenants Agreement is attached as **Exhibit A.** Please be advised nothing in the Covenants Agreement prevents you from disclosing information as permitted by law, including engaging in concerted activity protected under the Section 7 of the National Labor Relations Act which includes, but is not limited to, discussing terms and conditions of employment with coworkers, former coworkers, and third parties; filing unfair labor practice charges or assisting other employees in filing such charges with the National Labor Relations Board (the "<u>Board</u>"); and assisting in the Board's investigative process ("<u>Section</u> <u>7 Activity</u>") or disclosing or discussing any sexual assault or sexual harassment dispute arising after the date of this Agreement ("<u>Other Protected Activity</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●You will cease vesting in all of your Company stock options (the "Options") and restricted stock units, if applicable, as of the Separation Date, or the Extended Separation Date if you timely sign and return the Agreement, and you may exercise any vested portion of your Options (the "Vested Options") in accordance with the time limits and subject to the terms of the applicable stock option agreements and Company equity plan (the "<u>Equity Documents</u>"). Any unvested portion of your Options or restricted stock units, if applicable, will terminate on your last day of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●You will be required to return all Company property in your possession to the Company including, without limitation, Company-owned laptop, at the end of your employment. If necessary, the Company will send you a prepaid shipping label to facilitate your return of Company property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●You may apply for unemployment compensation benefits under applicable state law. Information on how to apply for unemployment benefits is included with this Agreement. Decisions regarding eligibility for and amounts of unemployment benefits are made by the applicable state unemployment agency, not by the Company. Nothing in this Agreement shall affect the Company's obligation to respond truthfully to requests for information related to unemployment compensation eligibility.

In addition to the above-described terms, you will be eligible to receive the Severance Benefits described in <u>Section</u><u> </u><u>1</u>, below, provided you enter into and comply with this Agreement.

The remainder of this letter proposes the Agreement between you and the Company. If you timely sign and return this Agreement, you and the Company agree as follows:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Severance Conditions and Benefits** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Severance Conditions</u>. You must satisfy the following conditions ("Severance Conditions") in order to qualify for the Severance Benefits described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. You sign and return this Agreement to Jasmin Tower on or before August 22, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. You comply with 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;iii. You remain employed with the Company through the Extended Separation Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Except as to Section 1(b)(i), you sign and return the Supplemental Release of Claims (attached as **Exhibit B)** no sooner than the day after the Extended Separation Date and no later than five (5) days after the Extended Separation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Severance</u><u> </u><u>Benefits</u>. If you satisfy the Severance Conditions, then in exchange for your agreement to the general release and waiver of claims and your other promises herein, the Company agrees to provide the following benefits (the "<u>Severance</u><u> </u><u>Benefits</u>"). For the avoidance of doubt, you will not be entitled to any Severance Benefits set forth below if (i) you voluntarily leave employment with the Company before the Extended Separation Date without written approval from the Company to depart early, (ii) the Company terminates your employment before the Extended Separation Date based on a good faith determination by the Company that you (a) have failed to satisfactorily perform your job duties or (b) otherwise materially failed to comply with Company rules, policies and directives, or (c) you have breached the terms of this Agreement. Specifically, the Severance Benefits are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&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) <u>Extended Separation Date</u>. You will continue to receive your regular pay and benefits for work performed through your Extended Separation Date. You agree to make best efforts to perform assigned job duties and assist with transitional matters, and further agree to comply with Company rules, policies and directives through the Extended Separation 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;(ii) <u>Severance Pay</u>. The Company will provide you with severance pay in an amount equivalent to 9 months of your current salary, less lawful deductions, in the total gross amount of $382,500.00, to be paid at the time set forth in Section 2.A.i. of the Severance Plan Benefit Agreement dated May 31, 2022 (the "Severance Plan"), as a lump sum in lieu of the payment schedule set forth in the Severance Plan. Notwithstanding the foregoing, if a Change in Control occurs on or before the Extended Separation Date, the Company will instead pay you severance pay in an amount equivalent to 18 months of your current salary, less lawful deductions in the total gross amount of $765,000.00, to be paid at the time set forth in Section 2.B.i. of the Severance Plan, as a lump sum in lieu of the payment schedule set forth in the Severance Plan.

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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;(iii) <u>Payment</u> <u> </u> <u>in</u> <u> </u> <u>lieu</u> <u> </u> <u>of</u> <u> </u> <u>Bonus</u>. The Company will pay you the gross amount of $170,164.38, less lawful deductions, representing a prorated bonus for 2025. This amount will be paid at the time and in the form set forth in Section 2.A.ii. of the Severance Plan. Notwithstanding the foregoing, if a Change in Control occurs on or before the Extended Separation Date, the Company will pay the bonus amount as set forth in Paragraph 2.B.ii. of your Severance Plan, or a prorated bonus for 2025, whichever is greater, to be paid at the time and in the form set forth in Section 2.B.ii. of the Severance 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;(iv) <u>COBRA Premiums.</u> Provided you timely enroll in COBRA continuation coverage for your medical, vision, and/or dental plan(s), and subject to all of the terms and conditions of such coverage, the Company agrees to subsidize your monthly COBRA premium as such premiums become due for a period of up to 9 months following the Extended Separation Date to the same extent that the Company paid for such coverage immediately prior to the Extended Separation Date (i.e., the employer portion), including the COBRA administration fee, until the earlier of (i) the date the health plan itself terminates, (ii) the date COBRA eligibility ends, or (iii) the date you are eligible for health benefits under another group employer plan, provided that the Company's payment for such coverage shall only apply if and while permitted under applicable tax or other laws as nondiscriminatory. You agree to immediately notify the Company if you become eligible for health benefits under another group employer plan during the period in which the Company is subsidizing your COBRA premium. Notwithstanding the foregoing, if a Change in Control (as defined in the Severance Plan) occurs on or before the Extended Separation Date and you are still employed with the Company at the time of the Change in Control, the Company will instead subsidize your monthly COBRA premium as such premiums become due for a period of up to 18 months following the Extended Separation Date, subject to the same conditions described above. In addition, if you are unable to continue COBRA coverage during the period in which the Company would otherwise be subsidizing COBRA because the health plan terminates, the Company will pay you a lump sum amount equal to the remaining amount if would have contributed towards your COBRA premium had the health plan continued, less lawful deductions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Equity</u>. Twenty-five percent (25%) (or, if a Change in Control, as defined in the Severance Plan, occurs on or prior to your Extended Separation Date, one hundred percent (100%)) of the unvested portion of any then-outstanding equity grant from the Company to you (the "Equity Grants"), shall vest and become fully exercisable as of the date of the Company's timely receipt of the fully signed Exhibit B and the expiration of the revocation period contained therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Outplacement Assistance.</u> The Company will also provide a $500 stipend payable in lump sum, less lawful deductions, on the second scheduled pay date after the Company's timely receipt of the fully signed Exhibit B, to assist with the cost of any outplacement services you may choose to use.

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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;(vii)<u>Continued</u><u> </u><u>Employee</u><u> </u><u>Assistance</u><u> </u><u>Program</u><u> </u><u>("EAP")</u><u> </u><u>Support</u>. The Company is offering continued access to the EAP program for you and your household members for the same number of months as the severance pay offered above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)<u>Retention</u><u> </u><u>Bonus</u>. In recognition of remaining actively employed through the Extended Separation Date, the Company will pay you a retention bonus in the gross amount of $56.589.04, less lawful deductions. This amount will be paid on the second scheduled pay date after the Company's timely receipt of the fully signed Exhibit B. For the avoidance of doubt, you will not be eligible for the Retention Bonus described in this subparagraph if your employment ends for any reason (voluntarily or involuntarily) prior to the Extended Separation Date unless the Company in its discretion agrees in writing at that time to pay you the Retention Bonus notwithstanding your early departure.

You acknowledge and agree the Severance Benefits are being provided to you in exchange for your release of claims and other promises in this Agreement. You acknowledge and agree the Severance Benefits are not otherwise due or owing to you under any Company employment agreement (oral or written) or Company policy or practice. You also agree the Severance Benefits to be provided to you are not intended to and do not constitute a severance plan and do not confer a benefit on anyone other than the parties to this Agreement. You further acknowledge except for the Severance Benefits, and the amounts described on pages 1-2 of this Agreement (which shall be paid to you as set forth above), you are not now and shall not in the future be entitled to any other compensation from the Company including, without limitation, other wages, commissions, bonuses, vacation pay, holiday pay, or any other form of compensation or benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**Return of Property** You are required to return all Company property in your possession to the Company including, without limitation, all Company documents and files you created in the course of business, specialized equipment, any other requested information deemed necessary by the Company. Accordingly, by signing below, you acknowledge and agree you will return, or you have returned to the Company on or before your last day of employment all Company property, including, without limitation, all files, reports, documents, or other materials containing or pertaining to Proprietary Information (as defined in the Covenants Agreement) and to your work (and all reproductions thereof). After returning all of the foregoing, you commit to deleting and finally purging any duplicates of files or documents that may contain Company information from any non-Company computer or other device that remains your property after the Extended Separation Date. In the event you discover that you continue to retain any such information or property, you shall return it to the Company immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**Confidentiality and Non-Disparagement** You agree not to disclose to anyone, either directly or indirectly, any information whatsoever regarding the financial terms of this Agreement, except your immediate family, attorneys, financial advisors, accountants, and tax preparation professionals, provided that they agree to keep such information strictly confidential. This includes, but is not limited to, present or former employees of the Company and other members of the public. You may also disclose this Agreement to a state agency if required as part of an application for unemployment compensation benefits. You agree not to make any statement that is maliciously untrue about the Company, or the Releasees outlined below, including, but not limited to, communications on social media websites such as Facebook, Twitter, LinkedIn, or Glassdoor, on blogs, by text or email, or through other electronic means. This provision does not prohibit you from making truthful statements about the terms or conditions of your employment, or from exercising your rights, if any, under the National Labor Relations Act, government whistleblower programs, or whistleblowing statutes or regulations. You understand and agree that your obligations under this paragraph are material terms of this Agreement, and that the Company shall have the right, in addition to any other damages, to seek and obtain the return of the consideration paid hereunder (without impacting the validity or enforceability of the general release contained herein) in the event you breach any of your obligations under this paragraph.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**Cooperation** Subject to Section 6, after your Extended Separation Date, you agree to cooperate reasonably with the Company (including its outside counsel), including in connection with litigation and Government Agency (as defined below) proceedings about which the Company believes you may have knowledge or information and responding to questions from the Company regarding transitioning your duties (together "Cooperation Services"). The Company will not utilize this section to require you to make yourself available to an extent that would unreasonably interfere with full-time employment responsibilities that you may have. The Company will reimburse you for any reasonable expenses approved in advance that you incur due to your performance of Cooperation Services, after receipt of appropriate documentation consistent with the Company's business expense reimbursement policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.**Release of Claims** In consideration for, among other terms, the opportunity to receive the Severance Benefits, to which you acknowledge you would otherwise not be entitled, you voluntarily release and forever discharge the Company, its affiliated and related entities, its and their respective predecessors, successors and assigns, its and their respective employee benefit plans and fiduciaries of such plans, and the current and former officers, directors, shareholders, employees, attorneys, accountants and agents of each of the foregoing in their official and personal capacities (collectively referred to as the "<u>Releasees</u>") generally from all claims, demands, debts, damages and liabilities of every name and nature relating to your hiring by, employment at, and termination from employment at the Company ("<u>Claims</u>") that, as of the date when you sign this Agreement, you have, ever had, now claim to have or ever claimed to have had against any or all of the Releasees. This release includes all known or unknown Claims, including without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;● Relating to your employment by the Company and the end of your employment with the Company;

&nbsp;&nbsp;&nbsp;&nbsp;● Title VII of the Civil Rights Act of 1964;

&nbsp;&nbsp;&nbsp;&nbsp;● Sections 1981 through 1988 of Title 42 of the United States Code;

&nbsp;&nbsp;&nbsp;&nbsp;● The Employee Retirement Income Security Act of 1974 ("ERISA");

&nbsp;&nbsp;&nbsp;&nbsp;● The Internal Revenue Code of 1986;

&nbsp;&nbsp;&nbsp;&nbsp;● The Immigration Reform and Control Act;

&nbsp;&nbsp;&nbsp;&nbsp;● The Americans with Disabilities Act of 1990;

&nbsp;&nbsp;&nbsp;&nbsp;● The Worker Adjustment and Retraining Notification Act ("WARN");

&nbsp;&nbsp;&nbsp;&nbsp;● The Fair Credit Reporting Act;

&nbsp;&nbsp;&nbsp;&nbsp;● The Family and Medical Leave Act;

&nbsp;&nbsp;&nbsp;&nbsp;● The Equal Pay Act;

&nbsp;&nbsp;&nbsp;&nbsp;● The Genetic Information Nondiscrimination Act of 2008;

&nbsp;&nbsp;&nbsp;&nbsp;● The Uniformed Services Employment and Reemployment Rights Act of 1994 ("USERRA");

&nbsp;&nbsp;&nbsp;&nbsp;● Families First Coronavirus Response Act;

&nbsp;&nbsp;&nbsp;&nbsp;● The Pregnant Worker's Fairness Act ("PWFA")

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&nbsp;&nbsp;&nbsp;&nbsp;● The Massachusetts Law Against Discrimination, G.L. c. 151B, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;● The Massachusetts Equal Rights Act, G.L. c. 93, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;● The Massachusetts Civil Rights Act, G.L. c. 12, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;● The Massachusetts Privacy Statute, G.L. c. 214, § 1B, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;● The Massachusetts Sexual Harassment Statute, G.L. c. 214, § 1C;

&nbsp;&nbsp;&nbsp;&nbsp;● The Massachusetts Wage Payment Statute, G.L. c. 149, §§ 148, 148A, 148B, 149,150, 150A- 150C, 151, 152, 152A, et seq.;

&nbsp;&nbsp;&nbsp;&nbsp;● The Massachusetts Wage and Hour laws, G.L. c. 151§1A et seq.;

&nbsp;&nbsp;&nbsp;&nbsp;● The Massachusetts Workers' Compensation Act, G.L. c. 152, § 75B;

&nbsp;&nbsp;&nbsp;&nbsp;● The Massachusetts Small Necessities Act, G.L. c. 149, § 52D;

&nbsp;&nbsp;&nbsp;&nbsp;● The Massachusetts Equal Pay Act, G.L. c. 149, § 105A- C;

&nbsp;&nbsp;&nbsp;&nbsp;● The Massachusetts Equal Rights for the Elderly and Disabled, G.L. c. 93, § 103;

&nbsp;&nbsp;&nbsp;&nbsp;● The Massachusetts AIDS Testing statute, G.L. c. 111, §70F;

&nbsp;&nbsp;&nbsp;&nbsp;● The Massachusetts Consumer Protection Act, G.L. c. 93A;

&nbsp;&nbsp;&nbsp;&nbsp;● Massachusetts Employment Leave for Victims and Family Members of Abuse, G.L. c. 149, §52E, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;● The Massachusetts Earned Sick Time Law, M.G.L. c. 149, § 148C;

&nbsp;&nbsp;&nbsp;&nbsp;● The Massachusetts Paid Family and Medical Leave Act, M.G.L. c.175M et seq

&nbsp;&nbsp;&nbsp;&nbsp;● Massachusetts Parental Leave Act, G.L. c. 149, § 105D;

&nbsp;&nbsp;&nbsp;&nbsp;● Massachusetts Age Discrimination Law, G.L. c. 149 §24 A et seq.;

&nbsp;&nbsp;&nbsp;&nbsp;● any other federal, state or local law, rule, regulation, or ordinance;

&nbsp;&nbsp;&nbsp;&nbsp;● any public policy, contract, tort, or common law; or

&nbsp;&nbsp;&nbsp;&nbsp;● any basis for recovering costs, fees, or other expenses including attorneys' fees incurred in these matters.

**You agree and acknowledge you are waiving and releasing any claims for unpaid wages of any type you may have against the Company under the Massachusetts Payment of Wages Act, M.G.L. c. 149, § 148 **et seq.**

Notwithstanding the foregoing or any other provision of this Agreement, you are not waiving any rights you may have to: (a) your own vested accrued employee benefits under the Company's health, welfare, or retirement benefit plans as of the Extended Separation Date; (b) benefits and/or the right to seek benefits under applicable workers' compensation and/or unemployment compensation statutes; (c) pursue claims which by law cannot be waived by signing this Agreement; (d) enforce this Agreement; and/or (e) challenge the validity of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.**Other Protected Actions** Nothing in this Agreement, Exhibit B, or any other agreement you may have signed or company policy, prohibits, prevents, or otherwise limits you from (1) reporting possible violations of federal or other law or regulations to any governmental agency, regulatory body, or law enforcement authority (*e.g.*, EEOC, MCAD, NLRB, SEC, DOJ, CFTC, U.S. Congress, or an Inspector General), (2) filing a charge or complaint with any such governmental agency, or (3) participating, testifying, or assisting in any investigation, hearing, or other proceeding brought by, in conjunction with, or otherwise under the authority of any such governmental agency. To the maximum extent permitted by law, you agree that if such an administrative claim is made, you shall not be entitled to recover any individual monetary relief or other individual remedies related to any alleged adverse employment action(s), except nothing in this Agreement prohibits, prevents, or otherwise limits your ability or right to seek or receive any monetary award or bounty from any such governmental agency in connection with protected "whistleblower" activity. You are also not required to notify or obtain permission from the Company when filing a governmental whistleblower charge or complaint or engaging or participating in protected whistleblower activity.

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Further, notwithstanding your confidentiality and non-disclosure obligations, you are hereby advised as follows pursuant to the Defend Trade Secrets Act: "An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney, and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual (A) files any document containing the trade secret under seal, and (B) does not disclose the trade secret, except pursuant to court order."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.**Tax Treatment** The Company shall undertake to make deductions, withholdings, and tax reports with respect to all payments and benefits made under this Agreement to the extent it reasonably and in good faith determines it is required to make such deductions, withholdings, and tax reports. Nothing in this Agreement shall be construed to require the Company to make any payments to compensate you for any adverse tax effect associated with any payments or benefits or for any deduction or withholding from any payment or benefit. The parties intend that payments under this Agreement will be exempt from or comply with Section 409A of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"). To the extent any provision of this Agreement is ambiguous as to its exemption from or compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder are exempt from or comply with Section 409A of the Code. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A 2(b)(2). The Company makes no representation or warranty and shall have no liability to you or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.**Acknowledgments and Representations** You acknowledge and represent you have not suffered any discrimination or harassment by any of the Releasees on account of race, gender, age, national origin, religion, marital or registered domestic partner status, sexual orientation, disability, genetic information, veteran or military status, medical condition or any other characteristic protected by applicable law. You further acknowledge and represent you have not been denied any leave, benefits, or rights to which you may have been entitled under any federal, state, or local law, and you have not suffered any job-related wrongs or injuries that you have not already reported to the Company. You further acknowledge and represent you have not raised a claim of sexual harassment or abuse with the Company. You further acknowledge and represent you have had the opportunity to provide the Company with written notice of any and all concerns regarding suspected ethical and compliance issues or violations on the part of the Company. You further acknowledge and represent your employment relationship with the Company was at-will and you were not promised, explicitly or implicitly, employment for any specified period of time. You represent and warrant that all of the factual representations made herein, all of which are a material inducement for the Company to enter into this agreement, are true in all material respects.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.**Consideration Period** It is the Company's desire and intent to make certain you fully understand the provisions and effects of this Agreement. To that end, the Company hereby advises you in writing to consult with legal counsel for the purpose of reviewing the terms of this Agreement. **You will have until August 22, 2025 to consider and accept the terms of this Agreement before signing it (the "Consideration Period").** To accept this Agreement, you must return a signed, unmodified original, PDF, or DocuSigned copy of this Agreement, so it is received by Jasmin Tower by 5:00 PM ET on the last day of the Consideration Period. You and the Company agree any changes to this Agreement, whether material or immaterial, do not restart or otherwise affect the Consideration Period.

By signing this Agreement, you acknowledge and agree: (i) but for providing the waiver and release in <u>Section</u><u> </u><u>5</u>, you would not be receiving the Severance Benefits being provided to you under the terms of this Agreement; (ii) you understand the various claims you are entitled to assert under the laws set forth above; (iii) you have read this Agreement carefully and understand all its provisions; and (iv) the Company has advised you to consult with an attorney before signing this Agreement and to the extent you desired, you availed yourself of this right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Other Provisions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Termination</u><u> </u><u>of</u><u> </u><u>Payments</u>. In the event you fail to comply with any of your obligations

under this Agreement, in addition to any other legal or equitable remedies it may have for such breach, the Company shall have the right to discontinue providing you with the Severance Benefits. Any such consequences of a breach by you will not affect the release or your continuing obligations under this Agreement or the Covenants Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Absence</u><u> </u><u>of</u><u> </u><u>Reliance</u>. In signing this Agreement, you are not relying upon any promises or representations made by anyone at or on behalf of the Company, except as set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Jurisdiction</u>. You and the Company hereby agree the state and federal courts in the Commonwealth of Massachusetts shall have the exclusive jurisdiction to consider any matters related to this Agreement, including without limitation any claim of a violation of this Agreement. With respect to any such court action, you submit to the jurisdiction of such courts and you acknowledge venue in such courts is proper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Governing Law; Interpretation</u>. This Agreement shall be interpreted and enforced under the laws of the Commonwealth of Massachusetts, without regard to conflict of law principles. In the event of any dispute, this Agreement is intended by the parties to be construed as a whole, to be interpreted in accordance with its fair meaning, and not to be construed strictly for or against either you or the Company or the "drafter" of all or any portion of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Enforceability</u>. If any portion or provision of this Agreement (including, without limitation, any portion or provision of any section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Waiver;</u><u> </u><u>Amendment</u>. No waiver of any provision of this Agreement shall be effective unless made in writing and signed by the waiving party. The failure of a party to require the performance of any term or obligation of this Agreement, or the waiver by a party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach. This Agreement may not be modified or amended except in a writing signed by both you and a duly authorized officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Entire Agreement</u>. This Agreement, together with the Equity Documents, constitutes the entire agreement between you and the Company with respect to the subject matter hereof, and supersedes all prior agreements or understandings, both written and oral, between you and the Company with respect to the subject matter hereof, but does not in any way merge with or supersede the surviving provisions of the Covenants Agreement or the Equity Documents, which agreements and obligations shall supplement, and shall not limit or be limited by, this Agreement except as expressly set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Counterparts</u>. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be taken to be an original, but all of which together shall constitute one and the same document. Electronic and pdf signatures shall be deemed to have the same legal effect as originals.

Please indicate your agreement to the terms of this Agreement by signing and returning it to me by August 22, 2025 as set forth above.

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| | | |
|:---|:---|:---|
| By: | <u>/s/ Jasmin Tower</u> | Very truly yours, |
|  | Jasmin Tower | <u>8/16/2025</u> |
|  | Chief Human Resources Officer | Date |

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This is a legal document. Your signature will commit you to its terms. By signing below, you acknowledge the Company has advised you to consult with counsel prior to entering into this Agreement, you have carefully read and fully understand all of the provisions of this Agreement, and you are knowingly and voluntarily entering into this Agreement.

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| | |
|:---|:---|
| /s/ Phillip Samayoa | 8/22/2025 |
| Phillip Samayoa | Date |

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## Exhibit 10.3

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| | |
|:---|:---|
| ![Graphic](gbio-20250930xex10d3001.jpg) | **Exhibit 10.3**<br>Cambridge, MA 02142<br>**generationbio.com** |

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August 12, 2025

Kevin Conway

**Re:** **Separation Agreement**

Dear Kevin:

This letter confirms the terms of your separation from employment at Generation Bio Co. (the "<u>Company</u>"). Your employment with the Company terminates on March 31, 2026 (the "Extended Separation Date"). Please read this letter agreement (the "Agreement"), which includes a general release, carefully. If you are willing to agree to its terms, please sign in the space provided below and return it to me by August 22, 2025.

Please read this Agreement, which includes a general release, carefully. If you are willing to agree to its terms, please sign in the space provided below and return it to me. This Agreement will become effective after you timely sign it (the "Effective Date").

In the interest of clarity, the following terms and conditions apply in connection with the end of your employment and regardless of whether you enter into the Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The Company will pay your salary through the Separation Date, provided you remain actively employed through that date. Your final paycheck will be deposited directly into your designated bank account on or before the Separation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·If you are enrolled in group health insurance through the Company, you will be able to continue group healthcare insurance coverage under the law known as "COBRA" subject to eligibility requirements, and to the extent available. Any COBRA continuation will be at your own cost, except as provided below if this Agreement becomes effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Your eligibility to participate in any other employee benefit plans and programs of the Company will cease on or after the Separation Date in accordance with applicable benefit plan or program terms and practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·The Company will reimburse you for any outstanding, reasonable business expenses you have incurred on the Company's behalf through your last day of employment, after the Company's timely receipt of appropriate documentation and subject to the Company's business expense reimbursement policy.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Because your employment is terminating without cause, as that term is defined in Section 7(d) of the Invention, Non-Disclosure, Non-Competition and Non-Solicitation Agreement ("<u>Covenants Agreement</u>") you signed when you joined the Company, the post-employment non- compete restrictions in Section 7 of the Covenants Agreement will not be enforced. The balance of your obligations set forth in the Covenants Agreement will continue through the remainder of your employment as well as after your last day of employment consistent with the terms of that agreement and with applicable law. A copy of the Covenants Agreement is attached as **Exhibit A.** Please be advised nothing in the Covenants Agreement prevents you from disclosing information as permitted by law, including engaging in concerted activity protected under the Section 7 of the National Labor Relations Act which includes, but is not limited to, discussing terms and conditions of employment with coworkers, former coworkers, and third parties; filing unfair labor practice charges or assisting other employees in filing such charges with the National Labor Relations Board (the "<u>Board</u>"); and assisting in the Board's investigative process ("<u>Section 7 Activity</u>") or disclosing or discussing any sexual assault or sexual harassment dispute arising after the date of this Agreement ("<u>Other Protected Activity</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·You will cease vesting in all of your Company stock options (the "Options") and restricted stock units, if applicable, as of the Separation Date, or the Extended Separation Date if you timely sign and return the Agreement, and you may exercise any vested portion of your Options (the "Vested Options") in accordance with the time limits and subject to the terms of the applicable stock option agreements and Company equity plan (the "<u>Equity Documents</u>"). Any unvested portion of your Options or restricted stock units, if applicable, will terminate on your last day of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·You will be required to return all Company property in your possession to the Company including, without limitation, Company-owned laptop, at the end of your employment. If necessary, the Company will send you a prepaid shipping label to facilitate your return of Company property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·You may apply for unemployment compensation benefits under applicable state law. Information on how to apply for unemployment benefits is included with this Agreement. Decisions regarding eligibility for and amounts of unemployment benefits are made by the applicable state unemployment agency, not by the Company. Nothing in this Agreement shall affect the Company's obligation to respond truthfully to requests for information related to unemployment compensation eligibility.

In addition to the above-described terms, you will be eligible to receive the Severance Benefits described in <u>Section 1</u>, below, provided you enter into and comply with this Agreement.

The remainder of this letter proposes the Agreement between you and the Company. If you timely sign and return this Agreement, you and the Company agree as follows:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**Severance Conditions and Benefits**

&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)<u>Severance Conditions</u>. You must satisfy the following conditions ("Severance Conditions") in order to qualify for the Severance Benefits described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. You sign and return this Agreement to Jasmin Tower on or before August 22, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. You comply with the terms of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Except as to Section 1(b)(i), you sign and return the Supplemental Release of Claims (attached as **Exhibit B)** no sooner than the day after the Extended Separation Date and no later than five (5) days after the Extended Separation 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;(b)<u>Severance Benefits</u>. If you satisfy the Severance Conditions, then in exchange for your agreement to the general release and waiver of claims and your other promises herein, the Company agrees to provide the following benefits (the "<u>Severance Benefits</u>"). For the avoidance of doubt, you will not be entitled to any Severance Benefits set forth below if (i) you voluntarily leave employment with the Company before the Extended Separation Date without written approval from the Company to depart early, (ii) the Company terminates your employment before the Extended Separation Date based on a good faith determination by the Company that you (a) have failed to satisfactorily perform your job duties or (b) otherwise materially failed to comply with Company rules, policies and directives, or (c) you have breached the terms of this Agreement. Specifically, the Severance Benefits are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&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) <u>Extended Separation Date</u>. You will continue to receive your regular pay and benefits for work performed through your Extended Separation Date. You agree to make best efforts to perform assigned job duties and assist with transitional matters, and further agree to comply with Company rules, policies and directives through the Extended Separation 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;(ii) <u>Severance Pay</u>. The Company will provide you with severance pay in an amount equivalent to 9 months of your current salary, less lawful deductions, in the total gross amount of $324,450.00, to be paid at the time set forth in Section 2.A.i. of the Severance Plan Benefit Agreement dated January 7, 2025 (the "Severance Plan"), as a lump sum in lieu of the payment schedule set forth in the Severance Plan. Notwithstanding the foregoing, if a Change in Control occurs on or before the Extended Separation Date, the Company will instead pay you severance pay in an amount equivalent to 18 months of your current salary, less lawful deductions in the total gross amount of $648,900.00, to be paid at the time set forth in Section 2.B.i. of the Severance Plan, as a lump sum in lieu of the payment schedule set forth in the Severance Plan.

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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;(iii) <u>Payment in lieu of Bonus</u>. The Company will pay you the gross amount of $167,902.64, less lawful deductions, representing a prorated bonus for 2025. This amount will be paid at the time and in the form set forth in Section 2.A.ii. of the Severance Plan. Notwithstanding the foregoing, if a Change in Control occurs on or before the Extended Separation Date, the Company will pay the bonus amount as set forth in Paragraph 2.B.ii. of your Severance Plan, or a prorated bonus for 2025, whichever is greater, to be paid at the time and in the form set forth in Section 2.B.ii. of the Severance 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;(iv) <u>COBRA Premiums.</u> Provided you timely enroll in COBRA continuation coverage for your medical, vision, and/or dental plan(s), and subject to all of the terms and conditions of such coverage, the Company agrees to subsidize your monthly COBRA premium as such premiums become due for a period of up to 9 months following the Extended Separation Date to the same extent that the Company paid for such coverage immediately prior to the Extended Separation Date (i.e., the employer portion), including the COBRA administration fee, until the earlier of (i) the date the health plan itself terminates, (ii) the date COBRA eligibility ends, or (iii) the date you are eligible for health benefits under another group employer plan, provided that the Company's payment for such coverage shall only apply if and while permitted under applicable tax or other laws as nondiscriminatory. You agree to immediately notify the Company if you become eligible for health benefits under another group employer plan during the period in which the Company is subsidizing your COBRA premium. Notwithstanding the foregoing, if a Change in Control (as defined in the Severance Plan) occurs on or before the Extended Separation Date and you are still employed with the Company at the time of the Change in Control, the Company will instead subsidize your monthly COBRA premium as such premiums become due for a period of up to 18 months following the Extended Separation Date, subject to the same conditions described above. In addition, if you are unable to continue COBRA coverage during the period in which the Company would otherwise be subsidizing COBRA because the health plan terminates, the Company will pay you a lump sum amount equal to the remaining amount if would have contributed towards your COBRA premium had the health plan continued, less lawful deductions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Equity</u>. If a Change in Control, as defined in the Severance Plan, occurs on or prior to your Extended Separation Date, one hundred percent (100%) of the unvested portion of any then-outstanding equity grant from the Company to you (the "Equity Grants"), shall vest and become fully exercisable as of the date of the Company's timely receipt of the fully signed Exhibit B and the expiration of the revocation period contained therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Outplacement Assistance.</u> The Company will also provide a $500 stipend payable in lump sum, less lawful deductions, on the second scheduled pay date after the Company's timely receipt of the fully signed Exhibit B, to assist with the cost of any outplacement services you may choose to use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) <u>Continued Employee Assistance Program ("EAP") Support</u>. The Company is offering continued access to the EAP program for you and your household members for the same number of months as the severance pay offered above.

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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;(viii) <u>Retention Bonus</u>. In recognition of remaining actively employed through the Extended Separation Date, the Company will pay you a retention bonus in the gross amount of $308,910.00, less lawful deductions. This amount will be paid on the second scheduled pay date after the Company's timely receipt of the fully signed Exhibit B. For the avoidance of doubt, you will not be eligible for the Retention Bonus described in this subparagraph if your employment ends for any reason (voluntarily) prior to the Extended Separation Date unless the Company in its discretion agrees in writing at that time to pay you the Retention Bonus notwithstanding your early departure.

You acknowledge and agree the Severance Benefits are being provided to you in exchange for your release of claims and other promises in this Agreement. You acknowledge and agree the Severance Benefits are not otherwise due or owing to you under any Company employment agreement (oral or written) or Company policy or practice. You also agree the Severance Benefits to be provided to you are not intended to and do not constitute a severance plan and do not confer a benefit on anyone other than the parties to this Agreement. You further acknowledge except for the Severance Benefits, and the amounts described on pages 1-2 of this Agreement (which shall be paid to you as set forth above), you are not now and shall not in the future be entitled to any other compensation from the Company including, without limitation, other wages, commissions, bonuses, vacation pay, holiday pay, or any other form of compensation or benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**Return of Property** You are required to return all Company property in your possession to the Company including, without limitation, all Company documents and files you created in the course of business, specialized equipment, any other requested information deemed necessary by the Company. Accordingly, by signing below, you acknowledge and agree you will return, or you have returned to the Company on or before your last day of employment all Company property, including, without limitation, all files, reports, documents, or other materials containing or pertaining to Proprietary Information (as defined in the Covenants Agreement) and to your work (and all reproductions thereof). After returning all of the foregoing, you commit to deleting and finally purging any duplicates of files or documents that may contain Company information from any non-Company computer or other device that remains your property after the Extended Separation Date. In the event you discover that you continue to retain any such information or property, you shall return it to the Company immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**Confidentiality and Non-Disparagement** You agree not to disclose to anyone, either directly or indirectly, any information whatsoever regarding the financial terms of this Agreement, except your immediate family, attorneys, financial advisors, accountants, and tax preparation professionals, provided that they agree to keep such information strictly confidential. This includes, but is not limited to, present or former employees of the Company and other members of the public. You may also disclose this Agreement to a state agency if required as part of an application for unemployment compensation benefits. You agree not to make any statement that is maliciously untrue about the Company, or the Releasees outlined below, including, but not limited to, communications on social media websites such as Facebook, Twitter, LinkedIn, or Glassdoor, on blogs, by text or email, or through other electronic means. This provision does not prohibit you from making truthful statements about the terms or conditions of your employment, or from exercising your rights, if any, under the National Labor Relations Act, government whistleblower programs, or whistleblowing statutes or regulations. You understand and agree that your obligations under this paragraph are material terms of this Agreement, and that the Company shall have the right, in addition to any other damages, to seek and obtain the return of the consideration paid hereunder (without impacting the validity or enforceability of the general release contained herein) in the event you breach any of your obligations under this paragraph.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**Cooperation** Subject to Section 6, after your Extended Separation Date, you agree to cooperate reasonably with the Company (including its outside counsel), including in connection with litigation and Government Agency (as defined below) proceedings about which the Company believes you may have knowledge or information and responding to questions from the Company regarding transitioning your duties (together "Cooperation Services"). The Company will not utilize this section to require you to make yourself available to an extent that would unreasonably interfere with full-time employment responsibilities that you may have. The Company will reimburse you for any reasonable expenses approved in advance that you incur due to your performance of Cooperation Services, after receipt of appropriate documentation consistent with the Company's business expense reimbursement policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.**Release of Claims** In consideration for, among other terms, the opportunity to receive the Severance Benefits, to which you acknowledge you would otherwise not be entitled, you voluntarily release and forever discharge the Company, its affiliated and related entities, its and their respective predecessors, successors and assigns, its and their respective employee benefit plans and fiduciaries of such plans, and the current and former officers, directors, shareholders, employees, attorneys, accountants and agents of each of the foregoing in their official and personal capacities (collectively referred to as the "<u>Releasees</u>") generally from all claims, demands, debts, damages and liabilities of every name and nature relating to your hiring by, employment at, and termination from employment at the Company ("<u>Claims</u>") that, as of the date when you sign this Agreement, you have, ever had, now claim to have or ever claimed to have had against any or all of the Releasees. This release includes all known or unknown Claims, including without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;• Relating to your employment by the Company and the end of your employment with the Company;

&nbsp;&nbsp;&nbsp;&nbsp;• Title VII of the Civil Rights Act of 1964;

&nbsp;&nbsp;&nbsp;&nbsp;• Sections 1981 through 1988 of Title 42 of the United States Code;

&nbsp;&nbsp;&nbsp;&nbsp;• The Employee Retirement Income Security Act of 1974 ("ERISA");

&nbsp;&nbsp;&nbsp;&nbsp;• The Internal Revenue Code of 1986;

&nbsp;&nbsp;&nbsp;&nbsp;• The Immigration Reform and Control Act;

&nbsp;&nbsp;&nbsp;&nbsp;• The Americans with Disabilities Act of 1990;

&nbsp;&nbsp;&nbsp;&nbsp;• The Worker Adjustment and Retraining Notification Act ("WARN");

&nbsp;&nbsp;&nbsp;&nbsp;• The Fair Credit Reporting Act;

&nbsp;&nbsp;&nbsp;&nbsp;• The Family and Medical Leave Act;

&nbsp;&nbsp;&nbsp;&nbsp;• The Equal Pay Act;

&nbsp;&nbsp;&nbsp;&nbsp;• The Genetic Information Nondiscrimination Act of 2008;

&nbsp;&nbsp;&nbsp;&nbsp;• The Uniformed Services Employment and Reemployment Rights Act of 1994 ("USERRA");

&nbsp;&nbsp;&nbsp;&nbsp;• Families First Coronavirus Response Act;

&nbsp;&nbsp;&nbsp;&nbsp;• The Pregnant Worker's Fairness Act ("PWFA")

&nbsp;&nbsp;&nbsp;&nbsp;• The Massachusetts Law Against Discrimination, G.L. c. 151B, as amended;

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&nbsp;&nbsp;&nbsp;&nbsp;• The Massachusetts Equal Rights Act, G.L. c. 93, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;• The Massachusetts Civil Rights Act, G.L. c. 12, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;• The Massachusetts Privacy Statute, G.L. c. 214, § 1B, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;• The Massachusetts Sexual Harassment Statute, G.L. c. 214, § 1C;

&nbsp;&nbsp;&nbsp;&nbsp;• The Massachusetts Wage Payment Statute, G.L. c. 149, §§ 148, 148A, 148B, 149,150, 150A- 150C, 151, 152, 152A, et seq.;

&nbsp;&nbsp;&nbsp;&nbsp;• The Massachusetts Wage and Hour laws, G.L. c. 151§1A et seq.;

&nbsp;&nbsp;&nbsp;&nbsp;• The Massachusetts Workers' Compensation Act, G.L. c. 152, § 75B;

&nbsp;&nbsp;&nbsp;&nbsp;• The Massachusetts Small Necessities Act, G.L. c. 149, § 52D;

&nbsp;&nbsp;&nbsp;&nbsp;• The Massachusetts Equal Pay Act, G.L. c. 149, § 105A-C;

&nbsp;&nbsp;&nbsp;&nbsp;• The Massachusetts Equal Rights for the Elderly and Disabled, G.L. c. 93, § 103;

&nbsp;&nbsp;&nbsp;&nbsp;• The Massachusetts AIDS Testing statute, G.L. c. 111, §70F;

&nbsp;&nbsp;&nbsp;&nbsp;• The Massachusetts Consumer Protection Act, G.L. c. 93A;

&nbsp;&nbsp;&nbsp;&nbsp;• Massachusetts Employment Leave for Victims and Family Members of Abuse, G.L. c. 149, §52E, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;• The Massachusetts Earned Sick Time Law, M.G.L. c. 149, § 148C;

&nbsp;&nbsp;&nbsp;&nbsp;• The Massachusetts Paid Family and Medical Leave Act, M.G.L. c.175M et seq

&nbsp;&nbsp;&nbsp;&nbsp;• Massachusetts Parental Leave Act, G.L. c. 149, § 105D;

&nbsp;&nbsp;&nbsp;&nbsp;• Massachusetts Age Discrimination Law, G.L. c. 149 §24 A et seq.;

&nbsp;&nbsp;&nbsp;&nbsp;• any other federal, state or local law, rule, regulation, or ordinance;

&nbsp;&nbsp;&nbsp;&nbsp;• any public policy, contract, tort, or common law; or

&nbsp;&nbsp;&nbsp;&nbsp;• any basis for recovering costs, fees, or other expenses including attorneys' fees incurred in these matters.

**You agree and acknowledge you are waiving and releasing any claims for unpaid wages of any type you may have against the Company under the Massachusetts Payment of Wages Act, M.G.L. c. 149, § 148 et seq.**

Notwithstanding the foregoing or any other provision of this Agreement, you are not waiving any rights you may have to: (a) your own vested accrued employee benefits under the Company's health, welfare, or retirement benefit plans as of the Extended Separation Date; (b) benefits and/or the right to seek benefits under applicable workers' compensation and/or unemployment compensation statutes; (c) pursue claims which by law cannot be waived by signing this Agreement; (d) enforce this Agreement; and/or (e) challenge the validity of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.**Other Protected Actions** Nothing in this Agreement, Exhibit B, or any other agreement you may have signed or company policy, prohibits, prevents, or otherwise limits you from (1) reporting possible violations of federal or other law or regulations to any governmental agency, regulatory body, or law enforcement authority (*e.g.*, EEOC, MCAD, NLRB, SEC, DOJ, CFTC, U.S. Congress, or an Inspector General), (2) filing a charge or complaint with any such governmental agency, or (3) participating, testifying, or assisting in any investigation, hearing, or other proceeding brought by, in conjunction with, or otherwise under the authority of any such governmental agency. To the maximum extent permitted by law, you agree that if such an administrative claim is made, you shall not be entitled to recover any individual monetary relief or other individual remedies related to any alleged adverse employment action(s), except nothing in this Agreement prohibits, prevents, or otherwise limits your ability or right to seek or receive any monetary award or bounty from any such governmental agency in connection with protected "whistleblower" activity. You are also not required to notify or obtain permission from the Company when filing a governmental whistleblower charge or complaint or engaging or participating in protected whistleblower activity.

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Further, notwithstanding your confidentiality and non-disclosure obligations, you are hereby advised as follows pursuant to the Defend Trade Secrets Act: "An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney, and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual (A) files any document containing the trade secret under seal, and (B) does not disclose the trade secret, except pursuant to court order."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.**Tax Treatment** The Company shall undertake to make deductions, withholdings, and tax reports with respect to all payments and benefits made under this Agreement to the extent it reasonably and in good faith determines it is required to make such deductions, withholdings, and tax reports. Nothing in this Agreement shall be construed to require the Company to make any payments to compensate you for any adverse tax effect associated with any payments or benefits or for any deduction or withholding from any payment or benefit. The parties intend that payments under this Agreement will be exempt from or comply with Section 409A of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"). To the extent any provision of this Agreement is ambiguous as to its exemption from or compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder are exempt from or comply with Section 409A of the Code. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A 2(b)(2). The Company makes no representation or warranty and shall have no liability to you or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.**Acknowledgments and Representations** You acknowledge and represent you have not suffered any discrimination or harassment by any of the Releasees on account of race, gender, age, national origin, religion, marital or registered domestic partner status, sexual orientation, disability, genetic information, veteran or military status, medical condition or any other characteristic protected by applicable law. You further acknowledge and represent you have not been denied any leave, benefits, or rights to which you may have been entitled under any federal, state, or local law, and you have not suffered any job-related wrongs or injuries that you have not already reported to the Company. You further acknowledge and represent you have not raised a claim of sexual harassment or abuse with the Company. You further acknowledge and represent you have had the opportunity to provide the Company with written notice of any and all concerns regarding suspected ethical and compliance issues or violations on the part of the Company. You further acknowledge and represent your employment relationship with the Company was at-will and you were not promised, explicitly or implicitly, employment for any specified period of time. You represent and warrant that all of the factual representations made herein, all of which are a material inducement for the Company to enter into this agreement, are true in all material respects.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.**Consideration Period** It is the Company's desire and intent to make certain you fully understand the provisions and effects of this Agreement. To that end, the Company hereby advises you in writing to consult with legal counsel for the purpose of reviewing the terms of this Agreement. **You will have until August 22, 2025 to consider and accept the terms of this Agreement before signing it (the "Consideration Period").** To accept this Agreement, you must return a signed, unmodified original, PDF, or DocuSigned copy of this Agreement, so it is received by Jasmin Tower by 5:00 PM ET on the last day of the Consideration Period. You and the Company agree any changes to this Agreement, whether material or immaterial, do not restart or otherwise affect the Consideration Period.

By signing this Agreement, you acknowledge and agree: (i) but for providing the waiver and release in <u>Section 5</u>, you would not be receiving the Severance Benefits being provided to you under the terms of this Agreement; (ii) you understand the various claims you are entitled to assert under the laws set forth above; (iii) you have read this Agreement carefully and understand all its provisions; and (iv) the Company has advised you to consult with an attorney before signing this Agreement and to the extent you desired, you availed yourself of this right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.**Other Provisions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Termination of Payments</u>. In the event you fail to comply with any of your obligations under this Agreement, in addition to any other legal or equitable remedies it may have for such breach, the Company shall have the right to discontinue providing you with the Severance Benefits. Any such consequences of a breach by you will not affect the release or your continuing obligations under this Agreement or the Covenants Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Absence of Reliance</u>. In signing this Agreement, you are not relying upon any promises or representations made by anyone at or on behalf of the Company, except as set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Jurisdiction</u>. You and the Company hereby agree the state and federal courts in the Commonwealth of Massachusetts shall have the exclusive jurisdiction to consider any matters related to this Agreement, including without limitation any claim of a violation of this Agreement. With respect to any such court action, you submit to the jurisdiction of such courts and you acknowledge venue in such courts is proper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Governing Law; Interpretation</u>. This Agreement shall be interpreted and enforced under the laws of the Commonwealth of Massachusetts, without regard to conflict of law principles. In the event of any dispute, this Agreement is intended by the parties to be construed as a whole, to be interpreted in accordance with its fair meaning, and not to be construed strictly for or against either you or the Company or the "drafter" of all or any portion of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Enforceability</u>. If any portion or provision of this Agreement (including, without limitation, any portion or provision of any section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Waiver; Amendment</u>. No waiver of any provision of this Agreement shall be effective unless made in writing and signed by the waiving party. The failure of a party to require the performance of any term or obligation of this Agreement, or the waiver by a party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach. This Agreement may not be modified or amended except in a writing signed by both you and a duly authorized officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Entire Agreement</u>. This Agreement, together with the Equity Documents, constitutes the entire agreement between you and the Company with respect to the subject matter hereof, and supersedes all prior agreements or understandings, both written and oral, between you and the Company with respect to the subject matter hereof, but does not in any way merge with or supersede the surviving provisions of the Covenants Agreement or the Equity Documents, which agreements and obligations shall supplement, and shall not limit or be limited by, this Agreement except as expressly set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Counterparts</u>. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be taken to be an original, but all of which together shall constitute one and the same document. Electronic and pdf signatures shall be deemed to have the same legal effect as originals.

Please indicate your agreement to the terms of this Agreement by signing and returning it to me by August 22, 2025 as set forth above.

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| | | |
|:---|:---|:---|
|  |  | Very truly yours, |
| By: | /s/ Jasmin Tower | 8/16/2025 |
|  | Jasmin Tower | Date |
|  | Chief Human Resources Officer |  |

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This is a legal document. Your signature will commit you to its terms. By signing below, you acknowledge the Company has advised you to consult with counsel prior to entering into this Agreement, you have carefully read and fully understand all of the provisions of this Agreement, and you are knowingly and voluntarily entering into this Agreement.

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| | |
|:---|:---|
| /s/ Kevin Conway | 8/21/2025 |
| Kevin Conway | Date |

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## Exhibit 10.4

**Exhibit 10.4**

**CONSULTING AGREEMENT**

This Consulting Agreement (the "Consulting Agreement") made this November 1, 2025 (the "Effective Date"), is entered into by Generation Bio Co. (the "Company") having a principal place of business at 301 Binney Street, Cambridge, Massachusetts 02142, and Antoinette Paone (the "Consultant") having a residence at \*\*\*.

WHEREAS, the Consultant served as the Company's Chief Operating Officer from February 10, 2022 until October 31, 2025;

WHEREAS, the Company anticipates it will need to communicate with Consultant concerning the Company's affairs about which Consultant has significant, unique historical knowledge;

WHEREAS, the Company desires to retain the transition and advisory services of the Consultant and the Consultant desires to perform certain services for the Company; and

NOW, THEREFORE in consideration of the mutual covenants and promises contained herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the parties hereto, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Services.</u> The Consultant agrees to perform such transition, advisory, and related services to and for the Company as may be reasonably requested from time to time by the Company, including, but not limited to, the services specified on **Exhibit A** to this Consulting Agreement. The Consultant also agrees to provide the Company with related services that may be requested from time to time by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Term and Termination</u>. The term of this Consulting Agreement shall be from the Extended Separation Date (as defined in the Separation Agreement dated August 12, 2025 between the Consultant and the Company (the "Separation Agreement") through October 31, 2026 (the "Services Period"), unless earlier terminated in accordance with this Consulting Agreement or extended by mutual written agreement. This Consulting Agreement and the Services Period may be terminated prior to its expiration in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) by the Company at any time immediately upon written notice to the Consultant if the Consultant has materially breached this Consulting Agreement, the Separation Agreement, or the Non-Disclosure Agreement referenced in the Separation 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;(ii) at any time upon the mutual written consent of both parties; 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;(iii) automatically upon (a) the Consultant's failure to timely sign the Separation Agreement and/or any Supplemental Release of Claims attached thereto, (b) the Consultant's timely revocation of the Separation Agreement and/or any Supplemental Release of Claims attached thereto (if a revocation period is provided therein), (c) a Change in Control occurs as defined in the Severance Plan Benefit agreement dated May 31, 2022 (the "Severance Plan") (it being acknowledged and agreed that the Consultant has no further rights or entitlements under or with respect to the Severance Plan); or (d) the death of Consultant or his/her inability to perform the services contemplated under this Consulting Agreement due to disability, with or without reasonable accommodation, as that term is defined under state or federal law. Any expiration or termination of this Consulting Agreement shall be without prejudice to any obligation of either party under this Consulting Agreement or otherwise that has accrued prior to the expiration or termination of the Consulting Agreement.

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Upon expiration or termination of this Consulting Agreement, neither the Consultant nor the Company will have any further obligations under this Consulting Agreement, except that (a) the Consultant will terminate all Services in progress in an orderly manner as soon as practicable and in accordance with a schedule agreed to by the Company, unless the Company specifies in the notice of termination that Services in progress should be completed; (b) the Company will pay the Consultant for any authorized expenses actually incurred; and (c) the Consultant will immediately return to the Company any and all Company Proprietary Information and copies thereof in the Consultant's possession or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Payment During Service Period</u>. The Company agrees to pay or provide Consultant with the consulting fees and/or benefits as set forth in **Exhibit A**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Continued Vesting</u>. During the Services Period and until a Reorganization Event, as defined in the Company's 2020 Stock Incentive Plan, has occurred (i) each restricted stock award previously granted by the Company to the Consultant shall continue to vest and become free from forfeiture in accordance with and subject to applicable award agreements and plan documents, and (ii) each stock option previously granted by the Company to the Consultant shall continue to vest and become exercisable in accordance with and subject to applicable option agreements and plan documents. The Consultant shall have three months from the date of termination of this Consulting Agreement to exercise any stock options that have vested and become exercisable as of such date in accordance with and subject to applicable option agreements and plan documents (provided that no option shall be exercisable later than the end of the original expiration date of such option).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Expenses.</u> The Consultant shall be responsible for all business expenses incurred by the Consultant in connection with, or related to, the performance of the services unless the Consultant receives advance approval from the Company in writing for expenses to be paid by the Company, which approval shall be granted in the Company's sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Benefits</u>. The Consultant shall not be entitled to any benefits, coverages or privileges, including, without limitation, health insurance, social security, unemployment, medical or pension payments, made available to employees of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Cooperation.</u> The Consultant shall use the Consultant's best efforts in the performance of the Consultant's obligations under this Consulting Agreement. The Company shall provide such access to its information and property as may be reasonably required in order to permit the Consultant to perform the Consultant's obligations hereunder. The Consultant shall cooperate with the Company's personnel, shall not interfere with the conduct of the Company's business and shall observe all rules, regulations and security requirements of the Company concerning the safety of persons and property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Change in Control Benefits.</u> Only if (i) a "Change in Control" (as defined in the Severance Plan) occurs during the Services Period and (ii) either (x) the transaction that resulted in such Change in Control commenced before the Extended Separation Date, and Consultant performed services while employed by the Company pursuant to Company request that directly related to such transaction, or (y) the transaction that resulted in such Change in Control commenced after the Extended Separation Date, and Consultant performed services under this Consulting Agreement pursuant to Company request that were directly related to such transaction (in each case as determined by the Company in its good faith discretion), the Company will pay Consultant as follows, subject to Consultant complying with the terms of this Agreement and the Separation Agreement and timely signing and returning the additional release of claims set forth in **Exhibit B** hereto (the "Additional Release"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Severance Pay</u>. The Company will provide Consultant a gross lump sum amount equal to nine (9) months of Consultant's base salary as in effect on the Extended Separation

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Date (representing the additional base salary severance that Consultant would be eligible to receive under the Severance Plan in the event of certain qualifying terminations on or within 12 months following a Change in Control), payable in a lump sum, less lawful deductions, within thirty (30) days after the date of consummation of the Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Bonus Payment</u>. The Company will pay Consultant a lump sum equal to $131,781.60 (which represents 1.5x the Consultant's target annual incentive bonus that was in effect for calendar year 2025, less the prorated amount Consultant received under Section 1(b)(iii) of the Separation Agreement), payable in a lump sum, less lawful deductions, within thirty (30) days after the date of consummation of the Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Health Insurance</u>. Provided Consultant timely enrolled in COBRA continuation coverage for Consultant's medical, vision, and/or dental plan(s), and remains on such COBRA continuation coverage as of the date of consummation of the Change in Control, and subject to all of the terms and conditions of such coverage, the Company agrees to subsidize Consultant's monthly COBRA premiums as such premiums become due for an extended period of up to nine (9) months following the Extended Separation Date to the same extent that the Company paid for such coverage immediately prior to the Extended Separation Date (i.e., the employer portion), including the COBRA administration fee, (representing the additional COBRA premiums that Consultant would be eligible to receive under the Severance Plan in the event of certain qualifying terminations on or within 12 months following a Change in Control) until the earlier of (i) the date the health plan itself terminates, (ii) the date COBRA eligibility ends, or (iii) the date Consultant is eligible for health benefits under another group employer plan, provided that the Company's payment for such coverage shall only apply if and while permitted under applicable tax or other laws as nondiscriminatory. Consultant agrees to immediately notify the Company if Consultant becomes eligible for health benefits under another group employer plan during the period in which the Company is subsidizing Consultant's COBRA premium.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Equity.</u> Any equity grant from the Company held by Consultant as of the date of consummation of the Change in Control (the "Outstanding Equity Grants"), to the extent not yet vested, shall immediately fully (100%) vest (and, in the case of stock options, become exercisable) as of the date of the Company's timely receipt of the fully signed Additional Release. The effect of such vesting, including the time and form of any settlement of the vested Outstanding Equity Grants, will be governed by the Company's incentive equity plan and the individual award agreements governing such Outstanding Equity Grants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Proprietary Information and Inventions.</u> 

&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 *Proprietary Information*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Consultant acknowledges that the Consultant's relationship with the Company is one of high trust and confidence and that in the course of the Consultant's service to the Company, the Consultant will have access to and contact with Proprietary Information. The Consultant will not disclose any Proprietary Information to any person or entity other than employees of the Company or use the same for any purposes (other than in the performance of the services) without written approval by an officer of the

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Company, either during or after the Services Period, unless and until such Proprietary Information has become public knowledge without fault by the Consultant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of this Agreement, Proprietary Information shall mean, by way of illustration and not limitation, all information, whether or not in writing, whether or not patentable and whether or not copyrightable, of a private, secret or confidential nature, owned, possessed or used by the Company, concerning the Company's business, business relationships or financial affairs, including, without limitation, any Invention, formula, vendor information, customer information, apparatus, equipment, trade secret, process, research, report, technical or research data, clinical data, know-how, computer program, software, software documentation, hardware design, technology, product, processes, methods, techniques, formulas, compounds, projects, developments, marketing or business plan, forecast, unpublished financial statement, budget, license, price, cost, customer, supplier or personnel information or employee list that is communicated to, learned of, developed or otherwise acquired by the Consultant in the course of the Consultant's service as a consultant to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Consultant agrees that the Consultant's obligation not to disclose or to use information and materials of the types set forth in paragraphs (b) and (c) above, and Consultant's obligation to return materials and tangible property set forth in paragraph (c) above extends to such types of information, materials and tangible property of customers of the Company or suppliers to the Company or other third parties who may have disclosed or entrusted the same to the Company or to the Consultant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Consultant acknowledges that the Company from time to time may have agreements with other persons or with the United States Government, or agencies thereof, that impose obligations or restrictions on the Company regarding inventions made during the course of work under such agreements or regarding the confidential nature of such work. The Consultant agrees to be bound by all such obligations and restrictions that are known to the Consultant and to take all action necessary to discharge the obligations of the Company under such agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Consultant's obligations under this Section 9.1 shall not apply to any information that (i) is or becomes known to the general public under circumstances involving no breach by the Consultant or others of the terms of this Section 9.1, (ii) is generally disclosed to third parties by the Company without restriction on such third parties, or (iii) is approved for release by written authorization of an officer of the Company. Further, nothing herein prohibits the Consultant from communicating with government agencies about possible violations of federal, state, or local laws or otherwise providing information to government agencies or participating in government agency investigations or proceedings. In addition, notwithstanding the Consultant's confidentiality and nondisclosure obligations, the Consultant is hereby advised as follows pursuant to the Defend Trade Secrets Act: "An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely

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for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual (A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order."

&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 *Inventions*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Consultant will make full and prompt disclosure to the Company of all inventions, creations, improvements, enhancements, designs, innovations, discoveries, processes, methods, techniques, developments, software, computer programs, and works of authorship, whether or not patentable and whether or not copyrightable, that are created, made, conceived or reduced to practice by the Consultant or under the Consultant's direction or jointly with others during the Services Period, whether or not during normal working hours or on the premises of the Company (all of which are collectively referred to in this Agreement as "Inventions"). The Consultant agrees to assign and does hereby assign to the Company (or any person or entity designated by the Company) all of the Consultant's right, title and interest in and to all Inventions and all related patents, patent applications, copyrights created in the work(s) of authorship, trademarks, trade names, and other industrial and intellectual property rights and applications therefor in the United States and elsewhere. However, the previous sentence shall not apply to Inventions that do not relate to the present or planned business or research and development of the Company and that are made and conceived by the Consultant not during the course of Consultant's performance of services for the Company, not on the Company's premises and not using the Company's tools, devices, equipment or Proprietary Information. The Consultant understands that, to the extent this Agreement shall be construed in accordance with the laws of any state that precludes a requirement that an individual assign certain classes of inventions, this Section 9.2(a) shall be interpreted not to apply to any invention that a court rules and/or the Company agrees falls within such classes. The Consultant further acknowledges that each original work of authorship that is made by the Consultant (solely or jointly with others) within the scope of the Agreement and which is protectable by copyright is a "work made for hire," as that term is defined in the United States Copyright Act. The Consultant hereby waives all claims to moral rights in any Inventions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Consultant agrees that if, in the course of performing the services, the Consultant incorporates into any Invention developed under this Agreement any preexisting invention, improvement, development, concept, discovery or other proprietary information owned by the Consultant or in which the Consultant has an interest ("Prior Inventions"), (i) the Consultant will inform the Company, in writing before incorporating such Prior Inventions into any Invention, and (ii) the Company is hereby granted a nonexclusive, royalty-free, perpetual, irrevocable, transferable worldwide license with the right to grant and authorize sublicenses, to make, have made, modify, use, import, offer for sale, sell, reproduce, distribute, modify, adapt, prepare derivative works of, display, perform, and otherwise exploit such Prior Inventions, without restriction, including, without limitation, as part of or in connection with such Invention, and to practice any method related thereto. The Consultant will not incorporate any invention, improvement, development, concept, discovery or other proprietary information owned by any third party into any Invention without the Company's prior written permission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Consultant agrees to cooperate fully with the Company, both during and after the Services Period, with respect to the procurement, maintenance, and enforcement of copyrights, patents and other intellectual property rights (both in the United States and foreign countries) relating to Inventions. The Consultant shall sign all papers, including, without limitation, copyright applications, patent applications, declarations, oaths, formal assignments, assignments of priority rights, and powers of attorney, which the Company may deem necessary or desirable in order to protect its rights and interests in any Invention. The Consultant further agrees that if the Company is unable, after reasonable effort, to secure the signature of

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the Consultant on any such papers, any executive officer of the Company shall be entitled to execute any such papers as the agent and the attorney-in-fact of the Consultant, and the Consultant hereby irrevocably designates and appoints each executive officer of the Company as the Consultant's agent and attorney-in-fact to execute any such papers on the Consultant's behalf, and to take any and all actions as the Company may deem necessary or desirable in order to protect its rights and interests in any Invention, under the conditions described in this sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Consultant shall maintain adequate and current written records (in the form of notes, sketches, drawings and as may be specified by the Company) to document the conception and/or first actual reduction to practice of any Invention. Such written records shall be available to and remain the sole property of the Company at all times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u>Non-Exclusivity</u>. The Company retains the right to contract with other companies and/or individuals for consulting services without restriction. The Consultant retains the right to contract with and consult for other companies and/or individuals without restriction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.<u>Other Agreements; Warranty</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1The Consultant hereby represents that, except as the Consultant has disclosed in writing to the Company, the Consultant is not bound by the terms of any agreement with any third party to refrain from using or disclosing any trade secret or confidential or proprietary information in the course of Consultant's consultancy with the Company, to refrain from competing, directly or indirectly, with the business of such third party or to refrain from soliciting employees, customers or suppliers of such third party. The Consultant further represents that the Consultant's performance of all the terms of this Consulting Agreement and the performance of the services as a consultant of the Company do not and will not breach any agreement with any third party to which the Consultant is a party (including, without limitation, any nondisclosure or noncompetition agreement), and that the Consultant will not disclose to the Company or induce the Company to use any confidential or proprietary information or material belonging to any current or previous employer or others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2The Consultant hereby represents, warrants and covenants that the Consultant has the skills and experience necessary to perform the services, that the Consultant will perform said services in a professional, competent and timely manner, that the Consultant has the power to enter into this Consulting Agreement and that the Consultant's performance hereunder will not infringe upon or violate the rights of any third party or violate any federal, state or municipal laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<u>Independent Contractor Status</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1The Consultant shall perform all services under this Consulting Agreement as an "independent contractor" and not as an employee or agent of the Company. The Consultant is not authorized to assume or create any obligation or responsibility, express or implied, on behalf of, or in the name of, the Company or to bind the Company in any manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2The Consultant shall have the right to control and determine the time, place, methods, manner and means of performing the services. In performing the services, the amount of time devoted by the Consultant on any given day will be entirely within the Consultant's control, and the Company will rely on the Consultant to put in the amount of time necessary to fulfill the requirements of this Agreement. The Consultant will provide all equipment and supplies required to perform the services. The Consultant is not required to attend regular meetings at the Company.

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However, upon reasonable notice, the Consultant shall meet with representatives of the Company at a location to be designated by the parties to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3In the performance of the services, the Consultant has the authority to control and direct the performance of the details of the services, the Company being interested only in the results obtained. However, the services contemplated by the Consulting Agreement must meet the Company's standards and approval and shall be subject to the Company's general right of inspection and supervision to secure their satisfactory completion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4The Consultant shall not use the Company's trade names, trademarks, service names or service marks without the prior approval of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5The Consultant shall be solely responsible for all state and federal income taxes, unemployment insurance and social security taxes in connection with this Consulting Agreement and for maintaining adequate workers' compensation insurance coverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6Notwithstanding the Consultant's independent contractor status, the Company shall indemnify and hold Consultant harmless from claims, if any, by third parties arising out of any work performed on behalf of the Company by Consultant in accordance with this Consulting Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.<u>Remedies</u>.

The Consultant acknowledges that any breach of the provisions of Sections 9 or 10 of this Consulting Agreement shall result in serious and irreparable injury to the Company for which the Company cannot be adequately compensated by monetary damages alone. The Consultant agrees, therefore, that, in addition to any other remedy the Company may have, the Company shall be entitled to enforce the specific performance of this Consulting Agreement by the Consultant and to seek both temporary and permanent injunctive relief (to the extent permitted by law) without the necessity of proving actual damages or posting a bond.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.<u>Notices</u>.

All notices required or permitted under this Consulting Agreement shall be in writing and shall be deemed effective upon personal delivery or upon deposit in the United States Post Office, by registered or certified mail, postage prepaid, addressed to the other party at the address shown above, or at such other address or addresses as either party shall designate to the other in accordance with this Section 14.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.<u>Entire Agreement</u>.

This Consulting Agreement, the Separation Agreement and the Nondisclosure Agreement (as defined in the Separation Agreement) constitute the entire agreement between the parties and supersedes all prior agreements and understandings, whether written or oral, relating to the subject matter of this Agreement. Notwithstanding the foregoing, if there is a conflict between the Consultant's obligations set forth in Sections 9 or 10 herein and the Consultant's obligations under the Separation Agreement or Non-Disclosure Agreement, such conflict will be resolved in the manner most protective of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.<u>Amendment</u>.

This Agreement may be amended or modified only by a written instrument executed by both the Company and the Consultant.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.<u>Non-Assignability of Contract</u>.

This Consulting Agreement is personal to the Consultant and the Consultant shall not have the right to assign any of Consultant's rights or delegate any of Consultant's duties without the express written consent of the Company. Any non-consented-to assignment or delegation, whether express or implied or by operation of law, shall be void and shall constitute a breach and a default by the Consultant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.<u>Governing Law</u>.

This Consulting Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts without giving effect to any choice or conflict of law provision or rule that would cause the application of laws of any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.<u>Successors and Assigns</u>.

This Agreement shall be binding upon, and inure to the benefit of, both parties and their respective successors and assigns, including any corporation with which, or into which, the Company may be merged or which may succeed to its assets or business, provided, however, that the obligations of the Consultant are personal and shall not be assigned by Consultant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.<u>Survival</u>.

Sections 5 through 22 shall survive the expiration or termination of this Consulting Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.<u>Interpretation</u>.

If any restriction set forth in Sections 9 or 10 is found by any court of competent jurisdiction to be unenforceable because it extends for too long a period of time or over too great a range of activities or in too broad a geographic area, it shall be interpreted to extend only over the maximum period of time, range of activities or geographic area as to which it may be enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.<u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1No delay or omission by the Company in exercising any right under this Consulting Agreement shall operate as a waiver of that or any other right. A waiver or consent given by the Company on any one occasion shall be effective only in that instance and shall not be construed as a bar or waiver of any right on any other occasion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2The captions of the sections of this Consulting Agreement are for convenience of reference only and in no way define, limit or affect the scope or substance of any section of this Consulting Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.3In the event that any provision of this Consulting Agreement shall be invalid, illegal or otherwise unenforceable, the validity, legality and enforceability of the remaining provisions shall in no way be affected or impaired thereby.

[Remainder of Page Intentionally Left Blank]

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**IN WITNESS WHEREOF, the parties hereto have executed this Consulting Agreement as of the date and year written above.**

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| | |
|:---|:---|
| **GENERATION BIO CO.** | **GENERATION BIO CO.** |
| **By:** | **/s/ Jasmin Tower** |
| **Name: Jasmin Tower** | **Name: Jasmin Tower** |
| **Title: Chief HR Officer** | **Title: Chief HR Officer** |
| **By:** | **/s/ Antoinette Paone** |
| **Name: Antoinette Paone** | **Name: Antoinette Paone** |
| **Title: Consultant** | **Title: Consultant** |

---

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## Exhibit 10.5

**Exhibit 10.5**

**CONSULTING AGREEMENT**

This Consulting Agreement (the "Consulting Agreement") made this November 1, 2025 (the "Effective Date"), is entered into by Generation Bio Co. (the "Company") having a principal place of business at 301 Binney Street, Cambridge, Massachusetts 02142, and Phillip Samayoa (the "Consultant") having a residence at \*\*\*.

WHEREAS, the Consultant served as the Company's Chief Scientific Officer from January 10, 2025 until October 31, 2025;

WHEREAS, the Company anticipates it will need to communicate with Consultant concerning the Company's affairs about which Consultant has significant, unique historical knowledge;

WHEREAS, the Company desires to retain the transition and advisory services of the Consultant and the Consultant desires to perform certain services for the Company; and

NOW, THEREFORE in consideration of the mutual covenants and promises contained herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the parties hereto, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Services.</u> The Consultant agrees to perform such transition, advisory, and related services to and for the Company as may be reasonably requested from time to time by the Company, including, but not limited to, the services specified on **Exhibit A** to this Consulting Agreement. The Consultant also agrees to provide the Company with related services that may be requested from time to time by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Term and Termination</u>. The term of this Consulting Agreement shall be from the Extended Separation Date (as defined in the Separation Agreement dated August 12, 2025 between the Consultant and the Company (the "Separation Agreement") through October 31, 2026 (the "Services Period"), unless earlier terminated in accordance with this Consulting Agreement or extended by mutual written agreement. This Consulting Agreement and the Services Period may be terminated prior to its expiration in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by the Company at any time immediately upon written notice to the Consultant if the Consultant has materially breached this Consulting Agreement, the Separation Agreement, or the Non-Disclosure Agreement referenced in the Separation Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at any time upon the mutual written consent of both parties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) automatically upon (a) the Consultant's failure to timely sign the Separation Agreement and/or any Supplemental Release of Claims attached thereto, (b) the Consultant's timely revocation of the Separation Agreement and/or any Supplemental Release of Claims attached thereto (if a revocation period is provided therein), (c) a Change in Control occurs as defined in the Severance Plan Benefit agreement dated May 31, 2022 (the "Severance Plan") (it being acknowledged and agreed that the Consultant has no further rights or entitlements under or with respect to the Severance Plan); or (d) the death of Consultant or his/her inability to perform the services contemplated under this Consulting Agreement due to disability, with or without reasonable accommodation, as that term is defined under state or federal law. Any expiration or termination of this Consulting Agreement shall be without prejudice to any obligation of either party under this Consulting Agreement or otherwise that has accrued prior to the expiration or termination of the Consulting Agreement.

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Upon expiration or termination of this Consulting Agreement, neither the Consultant nor the Company will have any further obligations under this Consulting Agreement, except that (a) the Consultant will terminate all Services in progress in an orderly manner as soon as practicable and in accordance with a schedule agreed to by the Company, unless the Company specifies in the notice of termination that Services in progress should be completed; (b) the Company will pay the Consultant for any authorized expenses actually incurred; and (c) the Consultant will immediately return to the Company any and all Company Proprietary Information and copies thereof in the Consultant's possession or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Payment During Service Period</u>. The Company agrees to pay or provide Consultant with the consulting fees and/or benefits as set forth in **Exhibit A**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Continued Vesting</u>. During the Services Period and until a Reorganization Event, as defined in the Company's 2020 Stock Incentive Plan, has occurred (i) each restricted stock award previously granted by the Company to the Consultant shall continue to vest and become free from forfeiture in accordance with and subject to applicable award agreements and plan documents, and (ii) each stock option previously granted by the Company to the Consultant shall continue to vest and become exercisable in accordance with and subject to applicable option agreements and plan documents. The Consultant shall have three months from the date of termination of this Consulting Agreement to exercise any stock options that have vested and become exercisable as of such date in accordance with and subject to applicable option agreements and plan documents (provided that no option shall be exercisable later than the end of the original expiration date of such option).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Expenses.</u> The Consultant shall be responsible for all business expenses incurred by the Consultant in connection with, or related to, the performance of the services unless the Consultant receives advance approval from the Company in writing for expenses to be paid by the Company, which approval shall be granted in the Company's sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Benefits</u>. The Consultant shall not be entitled to any benefits, coverages or privileges, including, without limitation, health insurance, social security, unemployment, medical or pension payments, made available to employees of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Cooperation.</u> The Consultant shall use the Consultant's best efforts in the performance of the Consultant's obligations under this Consulting Agreement. The Company shall provide such access to its information and property as may be reasonably required in order to permit the Consultant to perform the Consultant's obligations hereunder. The Consultant shall cooperate with the Company's personnel, shall not interfere with the conduct of the Company's business and shall observe all rules, regulations and security requirements of the Company concerning the safety of persons and property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Change in Control Benefits.</u> Only if (i) a "Change in Control" (as defined in the Severance Plan) occurs during the Services Period and (ii) either (x) the transaction that resulted in such Change in Control commenced before the Extended Separation Date, and Consultant performed services while employed by the Company pursuant to Company request that directly related to such transaction, or (y) the transaction that resulted in such Change in Control commenced after the Extended Separation Date, and Consultant performed services under this Consulting Agreement pursuant to Company request that were directly related to such transaction (in each case as determined by the Company in its good faith discretion), the Company will pay Consultant as follows, subject to Consultant complying with the terms of this Agreement and the Separation Agreement and timely signing and returning the additional release of claims set forth in **Exhibit B** hereto (the "Additional Release"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Severance Pay</u>. The Company will provide Consultant a gross lump sum amount equal to nine (9) months of Consultant's base salary as in effect on the Extended Separation

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Date (representing the additional base salary severance that Consultant would be eligible to receive under the Severance Plan in the event of certain qualifying terminations on or within 12 months following a Change in Control), payable in a lump sum, less lawful deductions, within thirty (30) days after the date of consummation of the Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Bonus Payment</u>. The Company will pay Consultant a lump sum equal to $135,835.62 (which represents 1.5x the Consultant's target annual incentive bonus that was in effect for calendar year 2025, less the prorated amount Consultant received under Section 1(b)(iii) of the Separation Agreement), payable in a lump sum, less lawful deductions, within thirty (30) days after the date of consummation of the Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Health Insurance</u>. Provided Consultant timely enrolled in COBRA continuation coverage for Consultant's medical, vision, and/or dental plan(s), and remains on such COBRA continuation coverage as of the date of consummation of the Change in Control, and subject to all of the terms and conditions of such coverage, the Company agrees to subsidize Consultant's monthly COBRA premiums as such premiums become due for an extended period of up to nine (9) months following the Extended Separation Date to the same extent that the Company paid for such coverage immediately prior to the Extended Separation Date (i.e., the employer portion), including the COBRA administration fee, (representing the additional COBRA premiums that Consultant would be eligible to receive under the Severance Plan in the event of certain qualifying terminations on or within 12 months following a Change in Control) until the earlier of (i) the date the health plan itself terminates, (ii) the date COBRA eligibility ends, or (iii) the date Consultant is eligible for health benefits under another group employer plan, provided that the Company's payment for such coverage shall only apply if and while permitted under applicable tax or other laws as nondiscriminatory. Consultant agrees to immediately notify the Company if Consultant becomes eligible for health benefits under another group employer plan during the period in which the Company is subsidizing Consultant's COBRA premium.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Equity.</u> Any equity grant from the Company held by Consultant as of the date of consummation of the Change in Control (the "Outstanding Equity Grants"), to the extent not yet vested, shall immediately fully (100%) vest (and, in the case of stock options, become exercisable) as of the date of the Company's timely receipt of the fully signed Additional Release. The effect of such vesting, including the time and form of any settlement of the vested Outstanding Equity Grants, will be governed by the Company's incentive equity plan and the individual award agreements governing such Outstanding Equity Grants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Proprietary Information and Inventions.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 *Proprietary Information*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Consultant acknowledges that the Consultant's relationship with the Company is one of high trust and confidence and that in the course of the Consultant's service to the Company, the Consultant will have access to and contact with Proprietary Information. The Consultant will not disclose any Proprietary Information to any person or entity other than employees of the Company or use the same for any purposes (other than in the performance of the services) without written approval by an officer of the

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Company, either during or after the Services Period, unless and until such Proprietary Information has become public knowledge without fault by the Consultant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of this Agreement, Proprietary Information shall mean, by way of illustration and not limitation, all information, whether or not in writing, whether or not patentable and whether or not copyrightable, of a private, secret or confidential nature, owned, possessed or used by the Company, concerning the Company's business, business relationships or financial affairs, including, without limitation, any Invention, formula, vendor information, customer information, apparatus, equipment, trade secret, process, research, report, technical or research data, clinical data, know-how, computer program, software, software documentation, hardware design, technology, product, processes, methods, techniques, formulas, compounds, projects, developments, marketing or business plan, forecast, unpublished financial statement, budget, license, price, cost, customer, supplier or personnel information or employee list that is communicated to, learned of, developed or otherwise acquired by the Consultant in the course of the Consultant's service as a consultant to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Consultant agrees that the Consultant's obligation not to disclose or to use information and materials of the types set forth in paragraphs (b) and (c) above, and Consultant's obligation to return materials and tangible property set forth in paragraph (c) above extends to such types of information, materials and tangible property of customers of the Company or suppliers to the Company or other third parties who may have disclosed or entrusted the same to the Company or to the Consultant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Consultant acknowledges that the Company from time to time may have agreements with other persons or with the United States Government, or agencies thereof, that impose obligations or restrictions on the Company regarding inventions made during the course of work under such agreements or regarding the confidential nature of such work. The Consultant agrees to be bound by all such obligations and restrictions that are known to the Consultant and to take all action necessary to discharge the obligations of the Company under such agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Consultant's obligations under this Section 9.1 shall not apply to any information that (i) is or becomes known to the general public under circumstances involving no breach by the Consultant or others of the terms of this Section 9.1, (ii) is generally disclosed to third parties by the Company without restriction on such third parties, or (iii) is approved for release by written authorization of an officer of the Company. Further, nothing herein prohibits the Consultant from communicating with government agencies about possible violations of federal, state, or local laws or otherwise providing information to government agencies or participating in government agency investigations or proceedings. In addition, notwithstanding the Consultant's confidentiality and nondisclosure obligations, the Consultant is hereby advised as follows pursuant to the Defend Trade Secrets Act: "An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely

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for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual (A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 *Inventions*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Consultant will make full and prompt disclosure to the Company of all inventions, creations, improvements, enhancements, designs, innovations, discoveries, processes, methods, techniques, developments, software, computer programs, and works of authorship, whether or not patentable and whether or not copyrightable, that are created, made, conceived or reduced to practice by the Consultant or under the Consultant's direction or jointly with others during the Services Period, whether or not during normal working hours or on the premises of the Company (all of which are collectively referred to in this Agreement as "Inventions"). The Consultant agrees to assign and does hereby assign to the Company (or any person or entity designated by the Company) all of the Consultant's right, title and interest in and to all Inventions and all related patents, patent applications, copyrights created in the work(s) of authorship, trademarks, trade names, and other industrial and intellectual property rights and applications therefor in the United States and elsewhere. However, the previous sentence shall not apply to Inventions that do not relate to the present or planned business or research and development of the Company and that are made and conceived by the Consultant not during the course of Consultant's performance of services for the Company, not on the Company's premises and not using the Company's tools, devices, equipment or Proprietary Information. The Consultant understands that, to the extent this Agreement shall be construed in accordance with the laws of any state that precludes a requirement that an individual assign certain classes of inventions, this Section 9.2(a) shall be interpreted not to apply to any invention that a court rules and/or the Company agrees falls within such classes. The Consultant further acknowledges that each original work of authorship that is made by the Consultant (solely or jointly with others) within the scope of the Agreement and which is protectable by copyright is a "work made for hire," as that term is defined in the United States Copyright Act. The Consultant hereby waives all claims to moral rights in any Inventions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Consultant agrees that if, in the course of performing the services, the Consultant incorporates into any Invention developed under this Agreement any preexisting invention, improvement, development, concept, discovery or other proprietary information owned by the Consultant or in which the Consultant has an interest ("Prior Inventions"), (i) the Consultant will inform the Company, in writing before incorporating such Prior Inventions into any Invention, and (ii) the Company is hereby granted a nonexclusive, royalty-free, perpetual, irrevocable, transferable worldwide license with the right to grant and authorize sublicenses, to make, have made, modify, use, import, offer for sale, sell, reproduce, distribute, modify, adapt, prepare derivative works of, display, perform, and otherwise exploit such Prior Inventions, without restriction, including, without limitation, as part of or in connection with such Invention, and to practice any method related thereto. The Consultant will not incorporate any invention, improvement, development, concept, discovery or other proprietary information owned by any third party into any Invention without the Company's prior written permission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Consultant agrees to cooperate fully with the Company, both during and after the Services Period, with respect to the procurement, maintenance, and enforcement of copyrights, patents and other intellectual property rights (both in the United States and foreign countries) relating to Inventions. The Consultant shall sign all papers, including, without limitation, copyright applications, patent applications, declarations, oaths, formal assignments, assignments of priority rights, and powers of attorney, which the Company may deem necessary or desirable in order to protect its rights and interests in any Invention. The Consultant further agrees that if the Company is unable, after reasonable effort, to secure the signature of

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the Consultant on any such papers, any executive officer of the Company shall be entitled to execute any such papers as the agent and the attorney-in-fact of the Consultant, and the Consultant hereby irrevocably designates and appoints each executive officer of the Company as the Consultant's agent and attorney-in-fact to execute any such papers on the Consultant's behalf, and to take any and all actions as the Company may deem necessary or desirable in order to protect its rights and interests in any Invention, under the conditions described in this sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Consultant shall maintain adequate and current written records (in the form of notes, sketches, drawings and as may be specified by the Company) to document the conception and/or first actual reduction to practice of any Invention. Such written records shall be available to and remain the sole property of the Company at all times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u>Non-Exclusivity</u>. The Company retains the right to contract with other companies and/or individuals for consulting services without restriction. The Consultant retains the right to contract with and consult for other companies and/or individuals without restriction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.<u>Other Agreements; Warranty</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 The Consultant hereby represents that, except as the Consultant has disclosed in writing to the Company, the Consultant is not bound by the terms of any agreement with any third party to refrain from using or disclosing any trade secret or confidential or proprietary information in the course of Consultant's consultancy with the Company, to refrain from competing, directly or indirectly, with the business of such third party or to refrain from soliciting employees, customers or suppliers of such third party. The Consultant further represents that the Consultant's performance of all the terms of this Consulting Agreement and the performance of the services as a consultant of the Company do not and will not breach any agreement with any third party to which the Consultant is a party (including, without limitation, any nondisclosure or noncompetition agreement), and that the Consultant will not disclose to the Company or induce the Company to use any confidential or proprietary information or material belonging to any current or previous employer or others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 The Consultant hereby represents, warrants and covenants that the Consultant has the skills and experience necessary to perform the services, that the Consultant will perform said services in a professional, competent and timely manner, that the Consultant has the power to enter into this Consulting Agreement and that the Consultant's performance hereunder will not infringe upon or violate the rights of any third party or violate any federal, state or municipal laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<u>Independent Contractor Status</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 The Consultant shall perform all services under this Consulting Agreement as an "independent contractor" and not as an employee or agent of the Company. The Consultant is not authorized to assume or create any obligation or responsibility, express or implied, on behalf of, or in the name of, the Company or to bind the Company in any manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 The Consultant shall have the right to control and determine the time, place, methods, manner and means of performing the services. In performing the services, the amount of time devoted by the Consultant on any given day will be entirely within the Consultant's control, and the Company will rely on the Consultant to put in the amount of time necessary to fulfill the requirements of this Agreement. The Consultant will provide all equipment and supplies required to perform the services. The Consultant is not required to attend regular meetings at the Company.

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However, upon reasonable notice, the Consultant shall meet with representatives of the Company at a location to be designated by the parties to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 In the performance of the services, the Consultant has the authority to control and direct the performance of the details of the services, the Company being interested only in the results obtained. However, the services contemplated by the Consulting Agreement must meet the Company's standards and approval and shall be subject to the Company's general right of inspection and supervision to secure their satisfactory completion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 The Consultant shall not use the Company's trade names, trademarks, service names or service marks without the prior approval of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 The Consultant shall be solely responsible for all state and federal income taxes, unemployment insurance and social security taxes in connection with this Consulting Agreement and for maintaining adequate workers' compensation insurance coverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 Notwithstanding the Consultant's independent contractor status, the Company shall indemnify and hold Consultant harmless from claims, if any, by third parties arising out of any work performed on behalf of the Company by Consultant in accordance with this Consulting Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.<u>Remedies</u>.

The Consultant acknowledges that any breach of the provisions of Sections 9 or 10 of this Consulting Agreement shall result in serious and irreparable injury to the Company for which the Company cannot be adequately compensated by monetary damages alone. The Consultant agrees, therefore, that, in addition to any other remedy the Company may have, the Company shall be entitled to enforce the specific performance of this Consulting Agreement by the Consultant and to seek both temporary and permanent injunctive relief (to the extent permitted by law) without the necessity of proving actual damages or posting a bond.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.<u>Notices</u>.

All notices required or permitted under this Consulting Agreement shall be in writing and shall be deemed effective upon personal delivery or upon deposit in the United States Post Office, by registered or certified mail, postage prepaid, addressed to the other party at the address shown above, or at such other address or addresses as either party shall designate to the other in accordance with this Section 14.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.<u>Entire Agreement</u>.

This Consulting Agreement, the Separation Agreement and the Nondisclosure Agreement (as defined in the Separation Agreement) constitute the entire agreement between the parties and supersedes all prior agreements and understandings, whether written or oral, relating to the subject matter of this Agreement. Notwithstanding the foregoing, if there is a conflict between the Consultant's obligations set forth in Sections 9 or 10 herein and the Consultant's obligations under the Separation Agreement or Non-Disclosure Agreement, such conflict will be resolved in the manner most protective of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.<u>Amendment</u>.

This Agreement may be amended or modified only by a written instrument executed by both the Company and the Consultant.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.<u>Non-Assignability of Contract</u>.

This Consulting Agreement is personal to the Consultant and the Consultant shall not have the right to assign any of Consultant's rights or delegate any of Consultant's duties without the express written consent of the Company. Any non-consented-to assignment or delegation, whether express or implied or by operation of law, shall be void and shall constitute a breach and a default by the Consultant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.<u>Governing Law</u>.

This Consulting Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts without giving effect to any choice or conflict of law provision or rule that would cause the application of laws of any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.<u>Successors and Assigns</u>.

This Agreement shall be binding upon, and inure to the benefit of, both parties and their respective successors and assigns, including any corporation with which, or into which, the Company may be merged or which may succeed to its assets or business, provided, however, that the obligations of the Consultant are personal and shall not be assigned by Consultant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.<u>Survival</u>.

Sections 5 through 22 shall survive the expiration or termination of this Consulting Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.<u>Interpretation</u>.

If any restriction set forth in Sections 9 or 10 is found by any court of competent jurisdiction to be unenforceable because it extends for too long a period of time or over too great a range of activities or in too broad a geographic area, it shall be interpreted to extend only over the maximum period of time, range of activities or geographic area as to which it may be enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.<u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1No delay or omission by the Company in exercising any right under this Consulting Agreement shall operate as a waiver of that or any other right. A waiver or consent given by the Company on any one occasion shall be effective only in that instance and shall not be construed as a bar or waiver of any right on any other occasion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2The captions of the sections of this Consulting Agreement are for convenience of reference only and in no way define, limit or affect the scope or substance of any section of this Consulting Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.3In the event that any provision of this Consulting Agreement shall be invalid, illegal or otherwise unenforceable, the validity, legality and enforceability of the remaining provisions shall in no way be affected or impaired thereby.

[Remainder of Page Intentionally Left Blank]

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**IN WITNESS WHEREOF, the parties hereto have executed this Consulting Agreement as of the date and year written above.** 

**GENERATION BIO CO.**

**By: _/s/ Jasmin Tower___________________**

**Name: Jasmin Tower**

**Title: Chief HR Officer**

**By:_/s/ Phillip Samayoa_________________**

**Name: Phillip Samayoa**

**Title: Consultant**

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## Exhibit 10.6

Cambridge, MA 02142

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**generationbio.com**

![Graphic](gbio-20250930xex10d6002.jpg)

**`** **Exhibit 10.6**

October 22, 2025

Geoff McDonough

**Re:** **Separation Agreement**

Dear Geoff:

This letter confirms the terms of your separation from employment at Generation Bio Co. (the "<u>Company</u>"). Your employment with the Company terminates on October 31, 2025 (the "<u>Extended Separation Date</u>"). Please read this letter agreement (the "<u>Agreement</u>"), which includes a general release, carefully. If you are willing to agree to its terms, please sign in the space provided below and return it to me within 45 days from your receipt of this Agreement. This Agreement will become effective after you timely sign it and the revocation period expires without you having timely revoked your acceptance (the "<u>Effective Date</u>").

In the interest of clarity, the following terms and conditions apply in connection with the end of your employment and regardless of whether you enter into the Agreement:

● The Company will pay your salary through the Extended Separation Date, provided you remain actively employed through that date. Your final paycheck will be deposited directly into your designated bank account on or before your last date of employment.

● If you are enrolled in group health insurance through the Company, you will be able to continue group healthcare insurance coverage under the law known as "COBRA" subject to eligibility requirements, and to the extent available. Any COBRA continuation will be at your own cost, except as provided below if this Agreement becomes effective.

● Your eligibility to participate in any other employee benefit plans and programs of the Company will cease on your last date of employment in accordance with applicable benefit plan or program terms and practices.

● The Company will reimburse you for any outstanding, reasonable business expenses you have incurred on the Company's behalf through your last day of employment, after the Company's timely receipt of appropriate documentation and subject to the Company's business expense reimbursement policy.

● Because your employment is terminating without cause, as that term is defined in Section 7(d) of the Invention, Non-Disclosure, Non-Competition and Non-Solicitation Agreement (" <u>Covenants Agreement</u> ") you signed when you joined the Company, the

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post-employment non-compete restrictions in Section 7 of the Covenants Agreement will not be enforced. The balance of your obligations set forth in the Covenants Agreement will continue through the remainder of your employment as well as after your last day of employment consistent with the terms of that agreement and with applicable law. A copy of the Covenants Agreement is attached as **Exhibit A**. Please be advised nothing in the Covenants Agreement prevents you from disclosing information as permitted by law, including engaging in concerted activity protected under the Section 7 of the National Labor Relations Act which includes, but is not limited to, discussing terms and conditions of employment with coworkers, former coworkers, and third parties; filing unfair labor practice charges or assisting other employees in filing such charges with the National Labor Relations Board (the "<u>Board</u>"); and assisting in the Board's investigative process ("<u>Section 7 Activity</u>") or disclosing or discussing any sexual assault or sexual harassment dispute arising after the date of this Agreement ("<u>Other Protected Activity</u>").

● You will cease vesting in all of your Company stock options (the " <u>Options</u> ") and restricted stock units, if applicable, as of the Extended Separation Date, if you remain employed through that date, and you may exercise any vested portion of your Options (the " <u>Vested Options</u> ") in accordance with the time limits and subject to the terms of the applicable stock option agreements and Company equity plan (the " <u>Equity Documents</u> "). Any unvested portion of your Options or restricted stock units, if applicable, will terminate on the last day of employment.

● You will be required to return all Company property in your possession to the Company including, without limitation, Company-owned laptop, at the end of your employment. If necessary, the Company will send you a prepaid shipping label to facilitate your return of Company property.

● You may apply for unemployment compensation benefits under applicable state law. Information on how to apply for unemployment benefits is included with this Agreement. Decisions regarding eligibility for and amounts of unemployment benefits are made by the applicable state unemployment agency, not by the Company. Nothing in this Agreement shall affect the Company's obligation to respond truthfully to requests for information related to unemployment compensation eligibility.

In addition to the above-described terms, you will be eligible to receive the Severance Benefits described in <u>Section 1</u>, below, provided you enter into, do not revoke, and comply with this Agreement.

The remainder of this letter proposes the Agreement between you and the Company. If you timely sign and return this Agreement, you and the Company agree as follows:

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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;1. **Severance Conditions and Benefits** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Severance Conditions</u>. You must satisfy the following conditions ("<u>Severance Conditions</u>") in order to qualify for the Severance Benefits described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. You sign and return this Agreement to Shawna-Gay White within 45 days from receipt of this Agreement and do not timely revoke your acceptance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. You comply with the terms of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. You remain employed with the Company through the Extended Separation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Severance Benefits</u>. If you satisfy the Severance Conditions, then in exchange for your agreement to the general release and waiver of claims and your other promises herein, the Company agrees to provide the following benefits (the "<u>Severance Benefits</u>"). For the avoidance of doubt, you will not be entitled to any Severance Benefits set forth below if (i) you voluntarily leave employment with the Company before the Extended Separation Date without written approval from the Company to depart early, (ii) the Company terminates your employment before the Extended Separation Date based on a good faith determination by the Company that you (a) have failed to satisfactorily perform your job duties or (b) otherwise materially failed to comply with Company rules, policies and directives, or (c) you have breached the terms of this Agreement. Specifically, the Severance Benefits are as follows:

&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) <u>Extended Separation Date</u>. You will continue to receive your regular pay and benefits for work performed through your Extended Separation Date. You agree to make best efforts to perform assigned job duties and assist with transitional matters, and further agree to comply with Company rules, policies and directives through the Extended Separation 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;(ii) <u>Severance Pay</u>.

The Company will provide you with severance pay in an amount equivalent to 12 months of your current salary, less lawful deductions, in the total gross amount of $682,607.28, to be paid at the time set forth in Section 2.A.i. of the Severance Plan Benefit Agreement dated May 22, 2020 (the "Severance Plan"), as a lump sum in lieu of the payment schedule set forth in the Severance Plan. Notwithstanding the foregoing, if a Change in Control occurs on or before the Extended Separation Date, the Company will instead pay you severance pay in an amount equivalent to 24 months of your current salary, less lawful deductions in the total gross amount of $1,365,214.56, to be paid at the time set forth in Section 2.B.i. of the Severance Plan, as a lump sum in lieu of the payment schedule set forth in the Severance 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;(iii) <u>Payment in lieu of Bonus</u>.

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The Company will pay you the gross amount of $313,245.74, less lawful deductions, representing a prorated bonus for 2025. This amount will be paid at the time and in the form set forth in Section 2.A.ii. of the Severance Plan. Notwithstanding the foregoing, if a Change in Control occurs on or before the Extended Separation Date, the Company will pay the bonus amount as set forth in Paragraph 2.B.ii. of your Severance Plan, or a prorated bonus for 2025, whichever is greater, to be paid at the time and in the form set forth in Section 2.B.ii. of the Severance 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;(iv) <u>COBRA Premiums.</u> 

Provided you timely enroll in COBRA continuation coverage for your medical, vision, and/or dental plan(s), and subject to all of the terms and conditions of such coverage, the Company agrees to subsidize your monthly COBRA premium as such premiums become due for a period of up to 12 months following the Extended Separation Date to the same extent that the Company paid for such coverage immediately prior to the Extended Separation Date (i.e., the employer portion), including the COBRA administration fee, until the earlier of (i) the date the health plan itself terminates, (ii) the date COBRA eligibility ends, or (iii) the date you are eligible for health benefits under another group employer plan, provided that the Company's payment for such coverage shall only apply if and while permitted under applicable tax or other laws as nondiscriminatory. You agree to immediately notify the Company if you become eligible for health benefits under another group employer plan during the period in which the Company is subsidizing your COBRA premium. Notwithstanding the foregoing, if a Change in Control (as defined in the Severance Plan) occurs on or before the Extended Separation Date and you are still employed with the Company at the time of the Change in Control, the Company will instead subsidize your monthly COBRA premium as such premiums become due for a period of up to 24 months following the Extended Separation Date, subject to the same conditions described above. In addition, if you are unable to continue COBRA coverage during the period in which the Company would otherwise be subsidizing COBRA because the health plan terminates or because you reach the maximum 18 months of COBRA coverage, the Company will pay you a lump sum amount equal to the remaining amount if would have contributed towards your COBRA premium had the health plan continued or, if applicable, you could not continue COBRA coverage beyond 18 months, less lawful deductions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Equity</u>. Twenty-five percent (25%) (or, if a Change in Control, as defined in the Severance Plan, occurs on or prior to your Extended Separation Date, one hundred percent (100%)) of the unvested portion of any then-outstanding equity grant from the Company to you (the "Equity Grants"), shall vest and

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become fully exercisable as of the later of (i) the Extended Separation Date or (ii) the expiration of the revocation period contained in 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;(vi) <u>Outplacement Assistance.</u> The Company will also provide a $500 stipend payable in lump sum, less lawful deductions, on the second scheduled pay date after the later of (i) the Extended Separation Date or (ii) the expiration of the revocation period contained in this Agreement. , and the expiration of the revocation period, to assist with the cost of any outplacement services you may choose to use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) <u>Continued Employee Assistance Program ("EAP") Support</u>. The Company is offering continued access to the EAP program for you and your household members for the same number of months as the severance pay offered above, or the date the EAP program is ended by the Company, whichever occurs first.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) <u>Retention Bonus</u>. In recognition of remaining actively employed through the Extended Separation Date, the Company will pay you a retention bonus in the gross amount of $75,741.36, less lawful deductions. This amount will be paid on the second scheduled pay date after the later of (i) the Extended Separation Date or (ii) the expiration of the revocation period contained in this Agreement. For the avoidance of doubt, you will not be eligible for the Retention Bonus described in this subparagraph if your employment ends for any reason (voluntarily or involuntarily) prior to the Extended Separation Date unless the Company in its discretion agrees in writing at that time to pay you the Retention Bonus notwithstanding your early departure.

You acknowledge and agree the Severance Benefits are being provided to you in exchange for your release of claims and other promises in this Agreement, and supersede and fully satisfy any entitlements you may have under the Severance Plan. You agree the Severance Benefits do not confer a benefit on anyone other than the parties to this Agreement. You further acknowledge except for the Severance Benefits, and the amounts described on pages 1-2 of this Agreement (which shall be paid to you as set forth above), you are not now and shall not in the future be entitled to any other compensation from the Company including, without limitation, other wages, commissions, bonuses, vacation pay, holiday pay, or any other form of compensation or benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Return of Property** You are required to return all Company property in your possession to the Company including, without limitation, all Company documents and files you created in the course of business, specialized equipment, any other requested information deemed necessary by the Company. Accordingly, by signing below, you acknowledge and agree you will return, or you have returned to the Company on or before your last day of employment all Company property, including, without limitation, all files, reports, documents, or other materials containing or pertaining to Proprietary Information (as defined in the Covenants Agreement) and to your work (and all reproductions thereof). After returning all of the foregoing, you commit to deleting and finally purging any

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duplicates of files or documents that may contain Company information from any non-Company computer or other device that remains your property after the Extended Separation Date. In the event you discover that you continue to retain any such information or property, you shall return it to the Company immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Confidentiality and Non-Disparagement** You agree not to disclose to anyone, either directly or indirectly, any information whatsoever regarding the financial terms of this Agreement, except your immediate family, attorneys, financial advisors, accountants, and tax preparation professionals, provided that they agree to keep such information strictly confidential. This includes, but is not limited to, present or former employees of the Company and other members of the public. You may also disclose this Agreement to a state agency if required as part of an application for unemployment compensation benefits. You agree not to make any statement that is maliciously untrue about the Company, or the Releasees outlined below, including, but not limited to, communications on social media websites such as Facebook, Twitter, LinkedIn, or Glassdoor, on blogs, by text or email, or through other electronic means. This provision does not prohibit you from making truthful statements about the terms or conditions of your employment, or from exercising your rights, if any, under the National Labor Relations Act, government whistleblower programs, or whistleblowing statutes or regulations. You understand and agree that your obligations under this paragraph are material terms of this Agreement, and that the Company shall have the right, in addition to any other damages, to seek and obtain the return of the consideration paid hereunder (without impacting the validity or enforceability of the general release contained herein) in the event you breach any of your obligations under this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Cooperation** Subject to Section 6, after your Extended Separation Date, you agree to cooperate reasonably with the Company (including its outside counsel), including in connection with litigation and Government Agency (as defined below) proceedings about which the Company believes you may have knowledge or information and responding to questions from the Company regarding transitioning your duties (together "Cooperation Services"). The Company will not utilize this section to require you to make yourself available to an extent that would unreasonably interfere with full-time employment responsibilities that you may have. The Company will reimburse you for any reasonable expenses approved in advance that you incur due to your performance of Cooperation Services, after receipt of appropriate documentation consistent with the Company's business expense reimbursement policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Release of Claims** In consideration for, among other terms, the opportunity to receive the Severance Benefits, to which you acknowledge you would otherwise not be entitled, you voluntarily release and forever discharge the Company, its affiliated and related entities, its and their respective predecessors, successors and assigns, its and their respective employee benefit plans and fiduciaries of such plans, and the current and former officers, directors, shareholders, employees, attorneys, accountants and agents of each of the

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foregoing in their official and personal capacities (collectively referred to as the "<u>Releasees</u>") generally from all claims, demands, debts, damages and liabilities of every name and nature relating to your hiring by, employment at, and termination from employment at the Company ("<u>Claims</u>") that, as of the date when you sign this Agreement, you have, ever had, now claim to have or ever claimed to have had against any or all of the Releasees. This release includes all known or unknown Claims, including without limitation, the following:

● Relating to your employment by the Company and the end of your employment with the Company;

● Title VII of the Civil Rights Act of 1964;

● Sections 1981 through 1988 of Title 42 of the United States Code;

● the Age Discrimination in Employment Act of 1967 ("ADEA");

● the Older Workers Benefit Protection Act of 1990 ("OWBPA");

● The Employee Retirement Income Security Act of 1974 ("ERISA");

● The Internal Revenue Code of 1986;

● The Immigration Reform and Control Act;

● The Americans with Disabilities Act of 1990;

● The Worker Adjustment and Retraining Notification Act ("WARN");

● The Fair Credit Reporting Act;

● The Family and Medical Leave Act;

● The Equal Pay Act;

● The Genetic Information Nondiscrimination Act of 2008;

● The Uniformed Services Employment and Reemployment Rights Act of 1994 ("USERRA");

● Families First Coronavirus Response Act;

● The Pregnant Worker's Fairness Act ("PWFA")

● The Massachusetts Law Against Discrimination, G.L. c. 151B, as amended;

● The Massachusetts Equal Rights Act, G.L. c. 93, as amended;

● The Massachusetts Civil Rights Act, G.L. c. 12, as amended;

● The Massachusetts Privacy Statute, G.L. c. 214, § 1B, as amended;

● The Massachusetts Sexual Harassment Statute, G.L. c. 214, § 1C;

● The Massachusetts Wage Payment Statute, G.L. c. 149, §§ 148, 148A, 148B, 149,150, 150A-150C, 151, 152, 152A, et seq.;

● The Massachusetts Wage and Hour laws, G.L. c. 151§1A et seq.;

● The Massachusetts Workers' Compensation Act, G.L. c. 152, § 75B;

● The Massachusetts Small Necessities Act, G.L. c. 149, § 52D;

● The Massachusetts Equal Pay Act, G.L. c. 149, § 105A-C;

● The Massachusetts Equal Rights for the Elderly and Disabled, G.L. c. 93, § 103;

● The Massachusetts AIDS Testing statute, G.L. c. 111, §70F;

● The Massachusetts Consumer Protection Act, G.L. c. 93A;

● Massachusetts Employment Leave for Victims and Family Members of Abuse, G.L. c. 149, §52E, as amended;

● The Massachusetts Earned Sick Time Law, M.G.L. c. 149, § 148C;

● The Massachusetts Paid Family and Medical Leave Act, M.G.L. c.175M et seq

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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;

● Massachusetts Parental Leave Act, G.L. c. 149, § 105D;

● Massachusetts Age Discrimination Law, G.L. c. 149 §24 A et seq.;

● any other federal, state or local law, rule, regulation, or ordinance;

● any public policy, contract, tort, or common law; or

● any basis for recovering costs, fees, or other expenses including attorneys' fees incurred in these matters.

**You agree and acknowledge you are waiving and releasing any claims for unpaid wages of any type you may have against the Company under the Massachusetts Payment of Wages Act, M.G.L. c. 149, § 148 et seq.**

Notwithstanding the foregoing or any other provision of this Agreement, you are not waiving any rights you may have to: (a) your own vested accrued employee benefits under the Company's health, welfare, or retirement benefit plans as of the Extended Separation Date; (b) benefits and/or the right to seek benefits under applicable workers' compensation and/or unemployment compensation statutes; (c) pursue claims which by law cannot be waived by signing this Agreement; (d) enforce this Agreement; and/or (e) challenge the validity of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Other Protected Actions** Nothing in this Agreement or any other agreement you may have signed or company policy, prohibits, prevents, or otherwise limits you from (1) reporting possible violations of federal or other law or regulations to any governmental agency, regulatory body, or law enforcement authority (*e.g.*, EEOC, MCAD, NLRB, SEC, DOJ, CFTC, U.S. Congress, or an Inspector General), (2) filing a charge or complaint with any such governmental agency, or (3) participating, testifying, or assisting in any investigation, hearing, or other proceeding brought by, in conjunction with, or otherwise under the authority of any such governmental agency. To the maximum extent permitted by law, you agree that if such an administrative claim is made, you shall not be entitled to recover any individual monetary relief or other individual remedies related to any alleged adverse employment action(s), except nothing in this Agreement prohibits, prevents, or otherwise limits your ability or right to seek or receive any monetary award or bounty from any such governmental agency in connection with protected "whistleblower" activity. You are also not required to notify or obtain permission from the Company when filing a governmental whistleblower charge or complaint or engaging or participating in protected whistleblower activity.

Further, notwithstanding your confidentiality and non-disclosure obligations, you are hereby advised as follows pursuant to the Defend Trade Secrets Act: "An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney, and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade

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secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual (A) files any document containing the trade secret under seal, and (B) does not disclose the trade secret, except pursuant to court order."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Tax Treatment** The Company shall undertake to make deductions, withholdings, and tax reports with respect to all payments and benefits made under this Agreement to the extent it reasonably and in good faith determines it is required to make such deductions, withholdings, and tax reports. Nothing in this Agreement shall be construed to require the Company to make any payments to compensate you for any adverse tax effect associated with any payments or benefits or for any deduction or withholding from any payment or benefit. The parties intend that payments under this Agreement will be exempt from or comply with Section 409A of the Internal Revenue Code of 1986, as amended (the " <u>Code</u> "). To the extent any provision of this Agreement is ambiguous as to its exemption from or compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder are exempt from or comply with Section 409A of the Code. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A 2(b)(2). The Company makes no representation or warranty and shall have no liability to you or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Acknowledgments and Representations** You acknowledge and represent you have not suffered any discrimination or harassment by any of the Releasees on account of race, gender, age, national origin, religion, marital or registered domestic partner status, sexual orientation, disability, genetic information, veteran or military status, medical condition or any other characteristic protected by applicable law. You further acknowledge and represent you have not been denied any leave, benefits, or rights to which you may have been entitled under any federal, state, or local law, and you have not suffered any job-related wrongs or injuries that you have not already reported to the Company. You further acknowledge and represent you have not raised a claim of sexual harassment or abuse with the Company. You further acknowledge and represent you have had the opportunity to provide the Company with written notice of any and all concerns regarding suspected ethical and compliance issues or violations on the part of the Company. You further acknowledge and represent your employment relationship with the Company was at-will and you were not promised, explicitly or implicitly, employment for any specified period of time. You represent and warrant that all of the factual representations made herein, all of which are a material inducement for the Company to enter into this agreement, are true in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Consideration/Revocation Period** It is the Company's desire and intent to make certain you fully understand the provisions and effects of this Agreement. To that end, the Company hereby advises you in writing to consult with legal counsel for the purpose of reviewing the terms of this Agreement. **You will have a period of 45 days from receipt of this Agreement to consider the terms of this Agreement before signing it (the** 

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**"Consideration Period").** To accept this Agreement, you must return a signed, unmodified original, PDF, or DocuSigned copy of this Agreement, so it is received by Shawna-Gay White by 5:00 PM ET on the last day of the Consideration Period. You and the Company agree any changes to this Agreement, whether material or immaterial, do not restart or otherwise affect the Consideration Period. In addition, you may revoke your acceptance of the Agreement if, within seven (7) calendar days after you sign the Agreement, you deliver a written notice of revocation to the Company. To be effective, such notice of revocation must be postmarked, and sent by certified mail, return receipt requested, delivered in-hand, or emailed within the seven-day period to Yalonda Howze, Chief Legal Officer. On the eighth day following your execution of the Agreement without your revocation, it will become final and binding on all parties.

By signing this Agreement, you acknowledge and agree: (i) but for providing the waiver and release in <u>Section 5</u>, you would not be receiving the Severance Benefits being provided to you under the terms of this Agreement; (ii) you understand the various claims you are entitled to assert under the laws set forth above; (iii) you have read this Agreement carefully and understand all its provisions; and (iv) the Company has advised you to consult with an attorney before signing this Agreement and to the extent you desired, you availed yourself of this right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Other Provisions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Termination of Payments</u>. In the event you fail to comply with any of your obligations under this Agreement, in addition to any other legal or equitable remedies it may have for such breach, the Company shall have the right to discontinue providing you with the Severance Benefits. Any such consequences of a breach by you will not affect the release or your continuing obligations under this Agreement or the Covenants Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Absence of Reliance</u>. In signing this Agreement, you are not relying upon any promises or representations made by anyone at or on behalf of the Company, except as set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Jurisdiction</u>. You and the Company hereby agree the state and federal courts in the Commonwealth of Massachusetts shall have the exclusive jurisdiction to consider any matters related to this Agreement, including without limitation any claim of a violation of this Agreement. With respect to any such court action, you submit to the jurisdiction of such courts and you acknowledge venue in such courts is proper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Governing Law; Interpretation</u>. This Agreement shall be interpreted and enforced under the laws of the Commonwealth of Massachusetts, without regard to conflict of law principles. In the event of any dispute, this Agreement is intended by the parties to be construed as a whole, to be interpreted in accordance with its fair meaning, and not to be construed strictly for or against either you or the Company or the "drafter" of all or any portion of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Enforceability</u>. If any portion or provision of this Agreement (including, without

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limitation, any portion or provision of any section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Waiver; Amendment</u>. No waiver of any provision of this Agreement shall be effective unless made in writing and signed by the waiving party. The failure of a party to require the performance of any term or obligation of this Agreement, or the waiver by a party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach. This Agreement may not be modified or amended except in a writing signed by both you and a duly authorized officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Entire Agreement</u>. This Agreement, together with the Equity Documents, constitutes the entire agreement between you and the Company with respect to the subject matter hereof, and supersedes all prior agreements or understandings, both written and oral, between you and the Company with respect to the subject matter hereof, but does not in any way merge with or supersede the surviving provisions of the Covenants Agreement or the Equity Documents, which agreements and obligations shall supplement, and shall not limit or be limited by, this Agreement except as expressly set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be taken to be an original, but all of which together shall constitute one and the same document. Electronic and pdf signatures shall be deemed to have the same legal effect as originals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Applicable Data</u>. Consistent with the provisions of OWBPA, you acknowledge that the Company provided you with certain information, in the chart attached as **Exhibit B**, pertaining to the ages and job titles of employees who are and are not eligible for severance as part of the August 2025 Reduction in Force Program.

Please indicate your agreement to the terms of this Agreement by signing and returning it to me within 45 days from your receipt of this Agreement, as set forth above.

Very truly yours,

By: _<u>/s/ Jasmin Tower</u>____________________<u>10/22/2025</u>_______________________

Jasmin TowerDate

Chief Human Resources Officer

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This is a legal document. Your signature will commit you to its terms. By signing below, you acknowledge the Company has advised you to consult with counsel prior to entering into this Agreement, you have carefully read and fully understand all of the provisions of this Agreement, and you are knowingly and voluntarily entering into this Agreement.

_<u>/s/ Geoff McDonough</u>____________________<u>10/22/2025</u>_______________________

Geoff McDonoughDate

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## Exhibit 10.7

**Exhibit 10.7**

**CONSULTING AGREEMENT**

This Consulting Agreement (the "Consulting Agreement") made this November 1, 2025 (the "Effective Date"), is entered into by Generation Bio Co. (the "Company") having a principal place of business at 301 Binney Street, Cambridge, Massachusetts 02142, and Geoff McDonough (the "Consultant") having a residence at \*\*\*.

WHEREAS, the Consultant served as the Company's Chief Executive Officer & President from October 12, 2017 until October 31, 2025;

WHEREAS, the Company anticipates it will need to communicate with Consultant concerning the Company's affairs about which Consultant has significant, unique historical knowledge;

WHEREAS, the Company desires to retain the transition and advisory services of the Consultant and the Consultant desires to perform certain services for the Company; and

NOW, THEREFORE in consideration of the mutual covenants and promises contained herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the parties hereto, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Services.</u> The Consultant agrees to perform such transition, advisory, and related services to and for the Company as may be reasonably requested from time to time by the Company, including, but not limited to, the services specified on **Exhibit A** to this Consulting Agreement. The Consultant also agrees to provide the Company with related services that may be requested from time to time by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Term and Termination</u>. The term of this Consulting Agreement shall be from the Extended Separation Date (as defined in the Separation Agreement dated October 22, 2025 between the Consultant and the Company (the "Separation Agreement") through October 31, 2026 (the "Services Period"), unless earlier terminated in accordance with this Consulting Agreement or extended by mutual written agreement. This Consulting Agreement and the Services Period may be terminated prior to its expiration in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by the Company at any time immediately upon written notice to the Consultant if the Consultant has materially breached this Consulting Agreement, the Separation Agreement, or the Non-Disclosure Agreement referenced in the Separation Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at any time upon the mutual written consent of both parties; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) automatically upon (a) the Consultant's failure to timely sign the Separation Agreement and/or any Supplemental Release of Claims attached thereto, (b) the Consultant's timely revocation of the Separation Agreement and/or any Supplemental Release of Claims attached thereto (if a revocation period is provided therein), (c) a Change in Control occurs as defined in the Severance Plan Benefit agreement dated May 31, 2022 (the "Severance Plan") (it being acknowledged and agreed that the Consultant has no further rights or entitlements under or with respect to the Severance Plan); or (d) the death of Consultant or his/her inability to perform the services contemplated under this Consulting Agreement due to disability, with or without reasonable accommodation, as that term is defined under state or federal law. Any expiration or termination of this Consulting Agreement shall be without prejudice to any obligation of either party under this Consulting Agreement or otherwise that has accrued prior to the expiration or termination of the Consulting Agreement.

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Upon expiration or termination of this Consulting Agreement, neither the Consultant nor the Company will have any further obligations under this Consulting Agreement, except that (a) the Consultant will terminate all Services in progress in an orderly manner as soon as practicable and in accordance with a schedule agreed to by the Company, unless the Company specifies in the notice of termination that Services in progress should be completed; (b) the Company will pay the Consultant for any authorized expenses actually incurred; and (c) the Consultant will immediately return to the Company any and all Company Proprietary Information and copies thereof in the Consultant's possession or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Payment During Service Period</u>. The Company agrees to pay or provide Consultant with the consulting fees and/or benefits as set forth in **Exhibit A**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Continued Vesting</u>. During the Services Period and until a Reorganization Event, as defined in the Company's 2020 Stock Incentive Plan, has occurred (i) each restricted stock award previously granted by the Company to the Consultant shall continue to vest and become free from forfeiture in accordance with and subject to applicable award agreements and plan documents, and (ii) each stock option previously granted by the Company to the Consultant shall continue to vest and become exercisable in accordance with and subject to applicable option agreements and plan documents. The Consultant shall have three months from the date of termination of this Consulting Agreement to exercise any stock options that have vested and become exercisable as of such date in accordance with and subject to applicable option agreements and plan documents (provided that no option shall be exercisable later than the end of the original expiration date of such option).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Expenses.</u> The Consultant shall be responsible for all business expenses incurred by the Consultant in connection with, or related to, the performance of the services unless the Consultant receives advance approval from the Company in writing for expenses to be paid by the Company, which approval shall be granted in the Company's sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Benefits</u>. The Consultant shall not be entitled to any benefits, coverages or privileges, including, without limitation, health insurance, social security, unemployment, medical or pension payments, made available to employees of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Cooperation</u>. The Consultant shall use the Consultant's best efforts in the performance of the Consultant's obligations under this Consulting Agreement. The Company shall provide such access to its information and property as may be reasonably required in order to permit the Consultant to perform the Consultant's obligations hereunder. The Consultant shall cooperate with the Company's personnel, shall not interfere with the conduct of the Company's business and shall observe all rules, regulations and security requirements of the Company concerning the safety of persons and property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Change in Control Benefits.</u> Only if (i) a "Change in Control" (as defined in the Severance Plan) occurs during the Services Period and (ii) either (x) the transaction that resulted in such Change in Control commenced before the Extended Separation Date, and Consultant performed services while employed by the Company pursuant to Company request that directly related to such transaction, or (y) the transaction that resulted in such Change in Control commenced after the Extended Separation Date, and Consultant performed services under this Consulting Agreement pursuant to Company request that were directly related to such transaction (in each case as determined by the Company in its good faith discretion), the Company will pay Consultant as follows, subject to Consultant complying with the terms of this Agreement and the Separation Agreement and timely signing and returning the additional release of claims set forth in **Exhibit B** hereto (the "Additional Release"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Severance Pay</u>. The Company will provide Consultant a gross lump sum amount equal to twelve (12) months of Consultant's base salary as in effect on the Extended

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Separation Date (representing the additional base salary severance that Consultant would be eligible to receive under the Severance Plan in the event of certain qualifying terminations on or within 12 months following a Change in Control), payable in a lump sum, less lawful deductions, within thirty (30) days after the date of consummation of the Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Bonus Payment</u>. The Company will pay Consultant a lump sum equal to $437,622.27 (which represents 2x the Consultant's target annual incentive bonus that was in effect for calendar year 2025, less the prorated amount Consultant received under Section 1(b)(iii) of the Separation Agreement), payable in a lump sum, less lawful deductions, within thirty (30) days after the date of consummation of the Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Health Insurance</u>. Provided Consultant timely enrolled in COBRA continuation coverage for Consultant's medical, vision, and/or dental plan(s), and remains on such COBRA continuation coverage as of the date of consummation of the Change in Control, and subject to all of the terms and conditions of such coverage, the Company agrees to subsidize Consultant's monthly COBRA premiums as such premiums become due for an extended period of up to twelve (12) months following the Extended Separation Date to the same extent that the Company paid for such coverage immediately prior to the Extended Separation Date (i.e., the employer portion), including the COBRA administration fee, (representing the additional COBRA premiums that Consultant would be eligible to receive under the Severance Plan in the event of certain qualifying terminations on or within 12 months following a Change in Control) until the earlier of (i) the date the health plan itself terminates, (ii) the date COBRA eligibility ends, or (iii) the date Consultant is eligible for health benefits under another group employer plan, provided that the Company's payment for such coverage shall only apply if and while permitted under applicable tax or other laws as nondiscriminatory. Consultant agrees to immediately notify the Company if Consultant becomes eligible for health benefits under another group employer plan during the period in which the Company is subsidizing Consultant's COBRA premium.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Equity.</u> Any equity grant from the Company held by Consultant as of the date of consummation of the Change in Control (the "Outstanding Equity Grants"), to the extent not yet vested, shall immediately fully (100%) vest (and, in the case of stock options, become exercisable) as of the date of the Company's timely receipt of the fully signed Additional Release. The effect of such vesting, including the time and form of any settlement of the vested Outstanding Equity Grants, will be governed by the Company's incentive equity plan and the individual award agreements governing such Outstanding Equity Grants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Proprietary Information and Inventions.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 *Proprietary Information*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Consultant acknowledges that the Consultant's relationship with the Company is one of high trust and confidence and that in the course of the Consultant's service to the Company, the Consultant will have access to and contact with Proprietary Information. The Consultant will not disclose any Proprietary Information to any person or entity other than employees of the Company or use the same for any purposes (other than in the performance of the services) without written approval by an officer of the

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Company, either during or after the Services Period, unless and until such Proprietary Information has become public knowledge without fault by the Consultant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of this Agreement, Proprietary Information shall mean, by way of illustration and not limitation, all information, whether or not in writing, whether or not patentable and whether or not copyrightable, of a private, secret or confidential nature, owned, possessed or used by the Company, concerning the Company's business, business relationships or financial affairs, including, without limitation, any Invention, formula, vendor information, customer information, apparatus, equipment, trade secret, process, research, report, technical or research data, clinical data, know-how, computer program, software, software documentation, hardware design, technology, product, processes, methods, techniques, formulas, compounds, projects, developments, marketing or business plan, forecast, unpublished financial statement, budget, license, price, cost, customer, supplier or personnel information or employee list that is communicated to, learned of, developed or otherwise acquired by the Consultant in the course of the Consultant's service as a consultant to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Consultant agrees that the Consultant's obligation not to disclose or to use information and materials of the types set forth in paragraphs (b) and (c) above, and Consultant's obligation to return materials and tangible property set forth in paragraph (c) above extends to such types of information, materials and tangible property of customers of the Company or suppliers to the Company or other third parties who may have disclosed or entrusted the same to the Company or to the Consultant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Consultant acknowledges that the Company from time to time may have agreements with other persons or with the United States Government, or agencies thereof, that impose obligations or restrictions on the Company regarding inventions made during the course of work under such agreements or regarding the confidential nature of such work. The Consultant agrees to be bound by all such obligations and restrictions that are known to the Consultant and to take all action necessary to discharge the obligations of the Company under such agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Consultant's obligations under this Section 9.1 shall not apply to any information that (i) is or becomes known to the general public under circumstances involving no breach by the Consultant or others of the terms of this Section 9.1, (ii) is generally disclosed to third parties by the Company without restriction on such third parties, or (iii) is approved for release by written authorization of an officer of the Company. Further, nothing herein prohibits the Consultant from communicating with government agencies about possible violations of federal, state, or local laws or otherwise providing information to government agencies or participating in government agency investigations or proceedings. In addition, notwithstanding the Consultant's confidentiality and nondisclosure obligations, the Consultant is hereby advised as follows pursuant to the Defend Trade Secrets Act: "An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely

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for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual (A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 *Inventions*.

(a) The Consultant will make full and prompt disclosure to the Company of all inventions, creations, improvements, enhancements, designs, innovations, discoveries, processes, methods, techniques, developments, software, computer programs, and works of authorship, whether or not patentable and whether or not copyrightable, that are created, made, conceived or reduced to practice by the Consultant or under the Consultant's direction or jointly with others during the Services Period, whether or not during normal working hours or on the premises of the Company (all of which are collectively referred to in this Agreement as "Inventions"). The Consultant agrees to assign and does hereby assign to the Company (or any person or entity designated by the Company) all of the Consultant's right, title and interest in and to all Inventions and all related patents, patent applications, copyrights created in the work(s) of authorship, trademarks, trade names, and other industrial and intellectual property rights and applications therefor in the United States and elsewhere. However, the previous sentence shall not apply to Inventions that do not relate to the present or planned business or research and development of the Company and that are made and conceived by the Consultant not during the course of Consultant's performance of services for the Company, not on the Company's premises and not using the Company's tools, devices, equipment or Proprietary Information. The Consultant understands that, to the extent this Agreement shall be construed in accordance with the laws of any state that precludes a requirement that an individual assign certain classes of inventions, this Section 9.2(a) shall be interpreted not to apply to any invention that a court rules and/or the Company agrees falls within such classes. The Consultant further acknowledges that each original work of authorship that is made by the Consultant (solely or jointly with others) within the scope of the Agreement and which is protectable by copyright is a "work made for hire," as that term is defined in the United States Copyright Act. The Consultant hereby waives all claims to moral rights in any Inventions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Consultant agrees that if, in the course of performing the services, the Consultant incorporates into any Invention developed under this Agreement any preexisting invention, improvement, development, concept, discovery or other proprietary information owned by the Consultant or in which the Consultant has an interest ("Prior Inventions"), (i) the Consultant will inform the Company, in writing before incorporating such Prior Inventions into any Invention, and (ii) the Company is hereby granted a nonexclusive, royalty-free, perpetual, irrevocable, transferable worldwide license with the right to grant and authorize sublicenses, to make, have made, modify, use, import, offer for sale, sell, reproduce, distribute, modify, adapt, prepare derivative works of, display, perform, and otherwise exploit such Prior Inventions, without restriction, including, without limitation, as part of or in connection with such Invention, and to practice any method related thereto. The Consultant will not incorporate any invention, improvement, development, concept, discovery or other proprietary information owned by any third party into any Invention without the Company's prior written permission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Consultant agrees to cooperate fully with the Company, both during and after the Services Period, with respect to the procurement, maintenance, and enforcement of copyrights, patents and other

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intellectual property rights (both in the United States and foreign countries) relating to Inventions. The Consultant shall sign all papers, including, without limitation, copyright applications, patent applications, declarations, oaths, formal assignments, assignments of priority rights, and powers of attorney, which the Company may deem necessary or desirable in order to protect its rights and interests in any Invention. The Consultant further agrees that if the Company is unable, after reasonable effort, to secure the signature of the Consultant on any such papers, any executive officer of the Company shall be entitled to execute any such papers as the agent and the attorney-in-fact of the Consultant, and the Consultant hereby irrevocably designates and appoints each executive officer of the Company as the Consultant's agent and attorney-in-fact to execute any such papers on the Consultant's behalf, and to take any and all actions as the Company may deem necessary or desirable in order to protect its rights and interests in any Invention, under the conditions described in this sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Consultant shall maintain adequate and current written records (in the form of notes, sketches, drawings and as may be specified by the Company) to document the conception and/or first actual reduction to practice of any Invention. Such written records shall be available to and remain the sole property of the Company at all times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u>Non-Exclusivity</u>. The Company retains the right to contract with other companies and/or individuals for consulting services without restriction. The Consultant retains the right to contract with and consult for other companies and/or individuals without restriction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.<u>Other Agreements; Warranty</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 The Consultant hereby represents that, except as the Consultant has disclosed in writing to the Company, the Consultant is not bound by the terms of any agreement with any third party to refrain from using or disclosing any trade secret or confidential or proprietary information in the course of Consultant's consultancy with the Company, to refrain from competing, directly or indirectly, with the business of such third party or to refrain from soliciting employees, customers or suppliers of such third party. The Consultant further represents that the Consultant's performance of all the terms of this Consulting Agreement and the performance of the services as a consultant of the Company do not and will not breach any agreement with any third party to which the Consultant is a party (including, without limitation, any nondisclosure or noncompetition agreement), and that the Consultant will not disclose to the Company or induce the Company to use any confidential or proprietary information or material belonging to any current or previous employer or others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 The Consultant hereby represents, warrants and covenants that the Consultant has the skills and experience necessary to perform the services, that the Consultant will perform said services in a professional, competent and timely manner, that the Consultant has the power to enter into this Consulting Agreement and that the Consultant's performance hereunder will not infringe upon or violate the rights of any third party or violate any federal, state or municipal laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<u>Independent Contractor Status</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 The Consultant shall perform all services under this Consulting Agreement as an "independent contractor" and not as an employee or agent of the Company. The Consultant is not authorized to assume or create any obligation or responsibility, express or implied, on behalf of, or in the name of, the Company or to bind the Company in any manner.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 The Consultant shall have the right to control and determine the time, place, methods, manner and means of performing the services. In performing the services, the amount of time devoted by the Consultant on any given day will be entirely within the Consultant's control, and the Company will rely on the Consultant to put in the amount of time necessary to fulfill the requirements of this Agreement. The Consultant will provide all equipment and supplies required to perform the services. The Consultant is not required to attend regular meetings at the Company. However, upon reasonable notice, the Consultant shall meet with representatives of the Company at a location to be designated by the parties to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 In the performance of the services, the Consultant has the authority to control and direct the performance of the details of the services, the Company being interested only in the results obtained. However, the services contemplated by the Consulting Agreement must meet the Company's standards and approval and shall be subject to the Company's general right of inspection and supervision to secure their satisfactory completion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 The Consultant shall not use the Company's trade names, trademarks, service names or service marks without the prior approval of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 The Consultant shall be solely responsible for all state and federal income taxes, unemployment insurance and social security taxes in connection with this Consulting Agreement and for maintaining adequate workers' compensation insurance coverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 Notwithstanding the Consultant's independent contractor status, the Company shall indemnify and hold Consultant harmless from claims, if any, by third parties arising out of any work performed on behalf of the Company by Consultant in accordance with this Consulting Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.<u>Remedies</u>.

The Consultant acknowledges that any breach of the provisions of Sections 9 or 10 of this Consulting Agreement shall result in serious and irreparable injury to the Company for which the Company cannot be adequately compensated by monetary damages alone. The Consultant agrees, therefore, that, in addition to any other remedy the Company may have, the Company shall be entitled to enforce the specific performance of this Consulting Agreement by the Consultant and to seek both temporary and permanent injunctive relief (to the extent permitted by law) without the necessity of proving actual damages or posting a bond.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.<u>Notices</u>.

All notices required or permitted under this Consulting Agreement shall be in writing and shall be deemed effective upon personal delivery or upon deposit in the United States Post Office, by registered or certified mail, postage prepaid, addressed to the other party at the address shown above, or at such other address or addresses as either party shall designate to the other in accordance with this Section 14.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.<u>Entire Agreement</u>.

This Consulting Agreement, the Separation Agreement and the Nondisclosure Agreement (as defined in the Separation Agreement) constitute the entire agreement between the parties and supersedes all prior agreements and understandings, whether written or oral, relating to the subject matter of this Agreement. Notwithstanding the foregoing, if there is a conflict between the Consultant's obligations set

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forth in Sections 9 or 10 herein and the Consultant's obligations under the Separation Agreement or Non-Disclosure Agreement, such conflict will be resolved in the manner most protective of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.<u>Amendment</u>.

This Agreement may be amended or modified only by a written instrument executed by both the Company and the Consultant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.<u>Non-Assignability of Contract</u>.

This Consulting Agreement is personal to the Consultant and the Consultant shall not have the right to assign any of Consultant's rights or delegate any of Consultant's duties without the express written consent of the Company. Any non-consented-to assignment or delegation, whether express or implied or by operation of law, shall be void and shall constitute a breach and a default by the Consultant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.<u>Governing Law</u>.

This Consulting Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts without giving effect to any choice or conflict of law provision or rule that would cause the application of laws of any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.<u>Successors and Assigns</u>.

This Agreement shall be binding upon, and inure to the benefit of, both parties and their respective successors and assigns, including any corporation with which, or into which, the Company may be merged or which may succeed to its assets or business, provided, however, that the obligations of the Consultant are personal and shall not be assigned by Consultant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.<u>Survival</u>.

Sections 5 through 22 shall survive the expiration or termination of this Consulting Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.<u>Interpretation</u>.

If any restriction set forth in Sections 9 or 10 is found by any court of competent jurisdiction to be unenforceable because it extends for too long a period of time or over too great a range of activities or in too broad a geographic area, it shall be interpreted to extend only over the maximum period of time, range of activities or geographic area as to which it may be enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.<u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1No delay or omission by the Company in exercising any right under this Consulting Agreement shall operate as a waiver of that or any other right. A waiver or consent given by the Company on any one occasion shall be effective only in that instance and shall not be construed as a bar or waiver of any right on any other occasion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2The captions of the sections of this Consulting Agreement are for convenience of reference only and in no way define, limit or affect the scope or substance of any section of this Consulting 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;22.3In the event that any provision of this Consulting Agreement shall be invalid, illegal or otherwise unenforceable, the validity, legality and enforceability of the remaining provisions shall in no way be affected or impaired thereby.

[Remainder of Page Intentionally Left Blank]

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**IN WITNESS WHEREOF, the parties hereto have executed this Consulting Agreement as of the date and year written above.** 

**GENERATION BIO CO.**

**By: _/s/ Jasmin Tower_____________**

**Name: Jasmin Tower**

**Title: Chief HR Officer**

**By:_/s/ Geoff McDonough___________**

**Name: Geoff McDonough**

**Title: Consultant**

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## Exhibit 10.8

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| | |
|:---|:---|
| ![Graphic](gbio-20250930xex10d8001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Exhibit 10.8**<br>Cambridge, MA 02142<br>**generationbio.com**<br>|

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August 26, 2025

Yalonda Howze

Dear Yalonda,

In recognition of our appreciation of your contributions to Generation Bio Co. (the "Company") and to reward your continuing commitment, the Company is hereby offering you eligibility for a retention bonus equal to 100% of your base salary for each month of employment following August 15, 2025 until March 31, 2026 plus your prorated bonus for 2026 assuming 100% achievement of your target level (the "Retention Bonus"), consistent with the terms of this letter. To illustrate, for a base salary of $100,000 in 2025 and $120,000 in 2026 and a 40% target bonus level, you would be entitled to: (i) $8,333.33 per month for 4.5 months representing the portion of the Retention Bonus earned in 2025; plus (ii) $10,000 per month for 3 months representing the portion of the Retention Bonus earned in 2026; plus (iii) $12,000 representing your prorated bonus amount for 2026.

In particular, the Retention Bonus is conditioned upon you remaining actively employed with the Company on a full-time basis through March 31, 2026 (the "Retention Date") and satisfactorily performing your job duties and complying with Company rules, policies and directives through that date. Receipt of the Retention Bonus is also conditioned up you signing and not revoking after the Retention Date a general release of claims in a form prepared by and acceptable to the Company. The Retention Bonus is subject to any applicable withholding taxes and will be payable no later than 60 days after the Retention Date.

Notwithstanding your eligibility for a Retention Bonus as provided for in this letter, both you and the Company agree that your employment with the Company is and remains "at will", completely voluntary in nature, and not for a specific duration or term. If your employment ends involuntarily due to cause or voluntarily prior to the Retention Date, you will no longer be eligible for the Retention Bonus. If, however, your employment is involuntarily terminated by the Company without cause prior to the Retention Date, you will remain eligible for the Retention Bonus, which will be payable in that event no later than 60 days after your termination from employment, subject to you signing and not revoking a separation agreement and general release of claims in a form prepared by and acceptable to the Company. For purposes of this letter, "cause" shall be determined by using the definition contained in the Offer Letter dated March 17, 2023.

This letter sets forth the full understanding and agreement of the parties with respect to its subject matter and supersedes all prior representations, understandings or agreements relating to the Retention Bonus. For the avoidance of doubt, nothing herein affects any rights you may have to severance benefits, if any, at the conclusion of your employment. The terms of this letter, which will be governed by Massachusetts law, may only be modified in a subsequent written document signed by an authorized representative of the Company.

If you are in agreement with the terms of this letter, please sign below and return no later August 31, 2025. If you do not return a signed copy of this letter by that date, you will not be eligible for the Retention Bonus.

Thank you again for your continued contributions.

Sincerely,

/s/ Jasmin Tower

Jasmin Tower

Chief Human Resources Officer

AGREED TO:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/Yalonda Howze</u> <u> </u> <u>8/26/2025</u> <br>Yalonda Howze Date

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## Exhibit 10.09

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| | |
|:---|:---|
|  | **Exhibit 10.9** |
| ![Graphic](gbio-20250930xex10d09001.jpg) |  |

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*By Electronic Mail*

October 22, 2025

Yalonda Howze

Dear Yalonda:

We would like to express our appreciation and commendation for all the passion and commitment you have been exhibiting in your existing role. In recognition of your contribution and leadership, it is my pleasure to inform you that, effective November 1, 2025, you will be promoted to Interim CEO & President.

In connection with your promotion, we are also pleased to inform you that your base salary will be increased to $23,958.34 on a semimonthly basis ($575,000 on an annualized basis) payable under our standard payroll schedule and subject to applicable deductions and withholdings.

Your target bonus percentage is also being increased. Your new target bonus, effective November 1, 2025, will be 50% of your new annual salary (which will be prorated for the current year annual incentive bonus plan).

As detailed in your original offer letter, the actual bonus percentage distributed in any year will be determined at the sole discretion of the Board of Directors of Generation Bio. The Board's determination will consider several factors including but not limited to the performance of the company.

In connection with your expanded role, we further extend severance benefits that may apply in the event of an involuntary termination of your employment with the Company other than for cause. The accompanying Severance Plan Benefit Agreement describes this program.

On behalf of Generation Bio, the management team, your colleagues and me, thank you for your contributions and we all look forward to continuing to grow Generation Bio together.

---

| |
|:---|
| Very truly yours, |
| Generation Bio |
| */s/ Jasmin Tower* |
| Name: Jasmin Tower |
| Title: Chief Human Resources Officer |
| I have read and accepted this promotion, |
| <u>/s/ Yalonda Howze</u> |
| Name: Yalonda Howze |
| Dated: 10/22/2025 |

---

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<u>Severance Plan Benefit</u> 

Dear Yalonda:

Generation Bio (the "Company") is pleased to set forth the severance benefits that you may be eligible to receive upon certain terminations of your employment with the Company (or its successor) under this letter agreement ("Agreement"). All other terms and conditions of your employment as set forth in your offer letter from the Company dated as of March 17, 2023 (the "Offer Letter") and otherwise, remain the same, including your at-will employment status, which means that either you or the Company may terminate your employment at any time, for any reason by providing written notification to the other party. In addition, your confidentiality and other obligations under the Company's Invention, Non-Disclosure, and Non-Solicitation Agreement (the "Non-Disclosure Agreement") remain in full force and effect. Capitalized terms are defined in Section 4, unless otherwise noted. This agreement replaces and supersedes all prior severance plan agreements between you and the Company.

**Accrued Obligations**

If your employment terminates for any reason, including for Cause or as a result of Involuntary Termination, the Company will pay you the Accrued Obligations earned through your last day of employment (the "Separation Date") on or before the time required by law or applicable policy, except to the extent any such payments would accelerate compensation in a manner inconsistent with compliance with Section 409A of the Internal Revenue Code of 1986, as amended (the "Code").

**1. Severance Plan Benefit**

If you are subject to an Involuntary Termination, in addition to the Accrued Obligations, you will be eligible to receive severance benefits as described under Sections 2(A) or (B) below, as applicable ("Severance Benefits"), provided you have: (i) returned all Company property in your possession on or prior to the Separation Date, (ii) resigned as a member of the Board of Directors of the Company (the "Board") or of any subsidiary of the Company, to the extent you are then a director of the Company or of any such subsidiary, and (iii) entered into a separation agreement that has become enforceable and irrevocable and includes a general release of all claims you may have against the Company or persons affiliated with the Company (the "Separation Agreement"). Notwithstanding the foregoing, except as set forth in Section 2(B)(iv), no term of this Agreement or the Separation Agreement shall impact or affect in any way your rights with respect to, and the Separation Agreement shall not include a waiver or release of any claims related to: (x) your status as a stockholder or equity holder of the Company or any rights you have under the terms of any equity award agreement between you and the Company, including any claims with respect to any options or other equity awards owned or held by you at the time your employment is terminated, or (y) any rights to indemnification from the Company, pursuant to any applicable governing documents of the Company or any applicable written agreement between you and the Company, rights under ERISA or rights which, as a matter of law, cannot be waived. The Separation Agreement, in a form to be provided to you by the Company, must be executed and become enforceable and irrevocable within 52 days following the Separation Date, or such shorter period of time prescribed by the Company (the date by which the Separation Agreement must become enforceable and irrevocable, the "Prescribed Deadline"). If the Separation Agreement is not executed or is executed but has not become enforceable and irrevocable by the Prescribed Deadline, you shall be entitled to the Accrued Obligations only and not to any Severance Benefits. Any Severance Benefits shall be paid, or begin to be paid, in the first regular payroll beginning after the Separation Agreement becomes

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enforceable and irrevocable, provided that if the foregoing 52-day period begins in the year in which your Separation Date occurs and ends in the following year, the Company will not make any payments before the first payroll date falling after the later of (A) January 1 of the year following the year in which your Separation Date occurs and (B) the date on which Separation Agreement becomes enforceable and irrevocable (the date the Severance Benefits are paid or commence pursuant to this sentence, the "Payment Date"). The first payroll shall include, however, all amounts that would otherwise have been paid to you between the Separation Date and your receipt of the first payment.

&nbsp;&nbsp;&nbsp;&nbsp;A.Involuntary Termination Prior to or More than 12 months Following a Change in Control

In the event of your Involuntary Termination prior to or more than 12 months following a Change in Control, you are eligible to receive the following Severance Benefits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Salary.</u> The Company shall pay you a lump sum amount on the Payment Date equal to twelve (12) months of your base salary as in effect on the Separation Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Bonus Payment.</u> The Company may pay you an amount determined by reference to your target annual incentive bonus for the year in which the Separation Date occurs, based on Company and individual performance for such year, as determined by the Board in its sole discretion, and pro-rated based on the number of days you were employed by the Company in such year, which payment (if any) will be paid to you in a single lump sum amount on the later of (1) the Payment Date or (2) the date on which bonuses are paid to other executives of the Company but no later than two and one-half (2.5) months following the end of the year in which the Separation Date occurs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>Health Insurance.</u> If you are participating in the Company's group health plan immediately prior to the Separation Date and you are eligible for and timely elect COBRA health and dental continuation, then the Company will continue to pay the share of the premium the Company would have paid to provide health and dental coverage to you and your eligible dependents if you had remained employed by the Company for a period ending on the earlier of the date that is twelve (12) months following the Separation Date or the date COBRA eligibility ends, as such premiums become due, provided that the Company's payment for COBRA coverage shall only apply if and while permitted under applicable tax or other laws as nondiscriminatory.

&nbsp;&nbsp;&nbsp;&nbsp;B.Involuntary Termination <u>On or Within 12 Months Following</u> a Change in Control

In the event of your Involuntary Termination on or within 12 months following a Change in Control (including the one-year anniversary thereof), you are eligible to receive the following Severance Benefits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Salary.</u> The Company shall pay you a lump sum amount on the Payment Date equal to eighteen (18) months of your base salary as in effect on the Separation Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Bonus Payment.</u> The Company shall pay you a lump sum amount on the Payment Date equal to 1.5 times your target annual incentive bonus for the year in which your Separation Date occurs;

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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;iii. <u>Health Insurance.</u> If you are participating in the Company's group health plan immediately prior to the Separation Date and you are eligible for and timely elect COBRA health and dental continuation, then the Company will continue to pay the share of the premium the Company would have paid to provide health and dental coverage to you and your eligible dependents if you had remained employed by the Company for a period ending on the earlier of the date that is eighteen (18) months following the Separation Date or the date COBRA eligibility ends, as such premiums become due, provided that the Company's payment for COBRA coverage shall only apply if and while permitted under applicable tax or other laws as nondiscriminatory; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. <u>Equity.</u> One hundred percent (100%) of the unvested portion of any then-outstanding Equity Grant shall vest and become fully exercisable or non-forfeitable as of the Separation Date, provided however, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. no such acceleration shall be effective until the Separation Agreement has become enforceable and irrevocable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. if the Separation Agreement does not become enforceable and irrevocable, the portions of the Equity Grants that would have vested as a result of this provision shall not vest and shall be treated in accordance with the terms and conditions of the applicable award agreement.

**2. Taxes**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Withholding.

All forms of compensation referred to in this letter are subject to reduction to reflect applicable withholding and payroll taxes and other deductions required by law. You hereby acknowledge that the Company does not have a duty to design its compensation policies in a manner that minimizes your tax liabilities and that you will not make any claim against the Company or the Board related to tax liabilities arising from your compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Payments Subject to Section 409A.

Notwithstanding anything to the contrary in this Agreement, no severance payments that may be due under this Agreement may begin prior to the date of your Separation (determined as set forth below) which may occur on or after the termination of your employment. The following rules shall apply with respect to distribution of the severance payments, if any, to be provided to you under this Agreement, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. It is intended that each installment of the severance payments provided under this Agreement shall be treated as a separate "payment" for purposes of Section 409A of the Code ("Section 409A"). Neither the Company nor you shall have the right to accelerate or defer the delivery of any such payments except to the extent specifically permitted or required by Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. If, as of the date of your Separation from the Company, you are not a "specified employee" (within the meaning of Section 409A), then each installment of the severance payments shall be made on the dates and terms set forth 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;iii. If, as of the date of your Separation from the Company, you are a "specified employee" (within the meaning of Section 409A), then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each installment of the severance payments due under this Agreement that, in accordance with the dates and terms set forth herein, will in all circumstances, regardless of when your Separation occurs, be paid within the short-term deferral period (as defined under Section 409A) shall be treated as a short-term deferral within the meaning of Treasury Regulation Section 1.409A-1(b)(4) to the maximum extent permissible under Section 409A and shall be paid on the dates and terms set forth this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Each installment of the severance payments due under this Agreement that is not described in this Section 3(B)(iii)(1) and that would, absent this subsection, be paid within the six-month period following your Separation from the Company shall not be paid until the date that is six months and one day after such Separation (or, if earlier, as soon as practicable following your death), with any such installments that are required to be delayed being accumulated during the six-month period and paid in a lump sum on the date that is six months and one day following your Separation and any subsequent installments, if any, being paid in accordance with the dates and terms set forth herein; provided, however, that the preceding provisions of this sentence shall not apply to any installment of payments if and to the maximum extent that that such installment is deemed to be paid under a separation pay plan that does not provide for a deferral of compensation by reason of the application of Treasury Regulation 1.409A-1(b)(9)(iii) (relating to separation pay upon an involuntary separation from service). Any installments that qualify for the exception under Treasury Regulation Section 1.409A-1(b)(9)(iii) must be paid no later than the last day of your second taxable year following the taxable year in which the Separation occurs.

The determination of whether and when your Separation from the Company has occurred shall be made in a manner consistent with, and based on the presumptions set forth in, Treasury Regulation Section 1.409A-1(h). Solely for purposes of this Section 3, "Company" shall include all persons with whom the Company would be considered a single employer under Section 414(b) and 414(c) of the Code.

All reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A to the extent that such reimbursements or in-kind benefits are subject to Section 409A, including, where applicable, the requirements that (i) any reimbursement is for expenses incurred during your lifetime (or during a shorter period of time specified in this letter agreement), (ii) the amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year, (iii) the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the year in which the expense is incurred and (iv) the right to reimbursement is not subject to set off or liquidation or exchange for any other benefit.

The Company makes no representation or warranty and shall have no liability to you or to any other person if any of the provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A but that do not satisfy an exemption from, or the conditions of, that section.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Definitions**

The following terms have the meaning set forth below wherever they are used in this letter:

&nbsp;&nbsp;&nbsp;&nbsp;A."Accrued Obligations" means: (i) any earned but unpaid base salary as of the Separation Date, (ii) any vested benefits you may have under any employee benefit plan of the Company as of the Separation Date in accordance with the terms of the applicable benefit plan, (iii) any unpaid expense reimbursements accrued prior to the Separation Date for which you have timely submitted appropriate documentation in accordance with Company policy, and (iv) any unpaid but earned bonus approved by the Board for a fiscal year preceding the year in which your employment is terminated.

&nbsp;&nbsp;&nbsp;&nbsp;B."Cause" means (i) your material breach of the Non-Disclosure Agreement, (ii) your conviction of, or your plea of "guilty" or "no contest" to, a felony under the laws of the United States or any State, (iii) your gross negligence or willful misconduct in the performance of your duties, (iv) your continuing failure to perform assigned duties after receiving written notification of the failure from the Company, or (v) your failure to cooperate in good faith with a governmental or internal investigation of the Company or its directors, officers or employees, if the Company has requested your cooperation; provided, however, that "Cause" shall not be deemed to have occurred pursuant to subsection (iii), (iv), or (v) hereof unless you have first received written notice from the Company specifying in reasonable detail the particulars of such grounds and that the Company intends to terminate your employment hereunder for such grounds, and you have failed to cure such grounds to the Company's satisfaction within a period of thirty (30) days from the date of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;C."Change in Control" means the occurrence of any one or more of the following events, in each case only to the extent that such event also constitutes a "change in ownership" of the Company or a "change in the ownership of a substantial part of the Company's assets" for the purposes of Section 409A: (i) the consummation of a merger or consolidation of the Company with any other entity, other than a merger or consolidation in which voting securities of the Company outstanding immediately prior thereto continue to represent more than fifty percent (50%) percent of the total voting power entitled to vote generally in the election of directors: (A) the surviving or resulting corporation; or (B) if the surviving or resulting corporation is a wholly owned subsidiary of another corporation immediately following such merger or consolidation, the parent corporation of such surviving or resulting corporation immediately after such merger or consolidation; (ii) the acquisition by an individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a "Person") of beneficial ownership of any capital stock of the Company if, after such acquisition, such Person beneficially owns (within the meaning of Rule 13d-3 under the Exchange Act) more than 50% of the total voting power of the then-outstanding securities of the Company entitled to vote generally in the election of directors; provided, however, that for purposes of this subsection (ii), the following acquisitions shall not constitute a Change in Control: (A) any acquisition directly from the Company or (B) any acquisition by any corporation pursuant to a merger or consolidation which falls within the exception provided in subsection (i) above; or (iii) the sale, transfer or exclusive license of all or substantially all of the assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;D."Involuntary Termination" means either (i) your Termination Without Cause, or (ii) your Resignation for Good Reason.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;E."Resignation for Good Reason" means a Separation as a result of your resignation within three (3) months after one of the following conditions has come into existence without your consent: (i) a reduction in your base salary by more than 10% (unless such reduction is part of a broad-based salary reduction program at the Company); (ii) a material diminution of your authority, duties or responsibilities; or (iii) a relocation of your principal workplace by more than forty (40) miles.

A Resignation for Good Reason will not be deemed to have occurred unless you give the Company written notice of the condition within thirty (30) days after the condition comes into existence and the Company fails to remedy the condition within thirty (30) days after receiving your written notice.

&nbsp;&nbsp;&nbsp;&nbsp;F."Separation" means a "separation from service," as defined in the regulations under Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;G."Termination Without Cause" means a Separation as a result of a termination of your employment by the Company without Cause, provided you are willing and able to continue performing services within the meaning of Treasury Regulation 1.409A-1(n)(1).

**4. General Provisions**

&nbsp;&nbsp;&nbsp;&nbsp;A.<u>Severability</u>. If any portion or provision of this Agreement shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement shall remain be valid and enforceable to the fullest extent permitted under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;B.<u>Jurisdiction</u>. You and the Company hereby agree that the state and federal courts in the Commonwealth of Massachusetts shall have the exclusive jurisdiction to consider any matters related to this Agreement, including without limitation any claim of a violation of this Agreement. With respect to any such court action, you submit to the jurisdiction of such courts and you acknowledge that venue in such courts is proper.

&nbsp;&nbsp;&nbsp;&nbsp;C.<u>Governing Law; Interpretation</u>. This Agreement shall be interpreted and enforced under the laws of the Commonwealth of Massachusetts, without regard to conflict of law principles. In the event of any dispute, this Agreement is intended by the parties to be construed as a whole, to be interpreted in accordance with its fair meaning, and not to be construed strictly for or against either you or the Company or the "drafter" of all or any portion of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;D.<u>Entire Agreement</u>. This Agreement shall be effective as of the date first set forth above. This Agreement constitutes the entire agreement between you and the Company with respect to the subject matter herein. This Agreement supersedes any previous agreements or understandings between you and the Company with respect to the subject matter herein, including, for the avoidance of doubt, any related provisions of the Offer Letter and Promotion Letter, except for the <u>Non-Disclosure Agreement</u> and, except as set forth in Section 2(B)(iv), the <u>Equity Grants</u>, which remain in full force and effect.

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If you have any questions regarding the benefits set forth in this Agreement, please do not hesitate to contact Jasmin Tower, Chief Human Resources Officer. Please sign below and return to People & Culture on or before November 1, 2025.

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| Generation Bio Co. | Generation Bio Co. |
| By: | */s/ Jasmin Tower* |
| Name: Jasmin Tower | Name: Jasmin Tower |
| Title: Chief Human Resources Officer | Title: Chief Human Resources Officer |
| I accept the terms set forth in this Agreement. | I accept the terms set forth in this Agreement. |
| <u>/s/ Yalonda Howze</u> | <u>/s/ Yalonda Howze</u> |
| Name: Yalonda Howze | Name: Yalonda Howze |
| Dated: 10/22/2025 | Dated: 10/22/2025 |

---

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## Exhibit 10.10

Cambridge, MA 02142

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**generationbio.com**

![Graphic](gbio-20250930xex10d10002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;**Exhibit 10.10**

October 22, 2025

Yalonda Howze

**Re:** **Separation Agreement**

Dear Yalonda:

This letter confirms the terms of your separation from employment at Generation Bio Co. (the "<u>Company</u>"). If you timely sign and return this letter agreement, your employment with the Company terminates on March 31, 2026 (the "<u>Extended Separation Date</u>"). Please read this letter agreement (the "<u>Agreement</u>"), which includes a general release, carefully. If you are willing to agree to its terms, please sign in the space provided below and return it to me by November 1, 2025. This Agreement will become effective after you timely sign it (the "<u>Effective Date</u>").

In the interest of clarity, the following terms and conditions apply in connection with the end of your employment and regardless of whether you enter into the Agreement:

● The Company will pay your salary through the Extended Separation Date, provided you remain actively employed through that date. Your final paycheck will be deposited directly into your designated bank account on or before the last date of employment.

● If you are enrolled in group health insurance through the Company, you will be able to continue group healthcare insurance coverage under the law known as "COBRA" subject to eligibility requirements, and to the extent available. Any COBRA continuation will be at your own cost, except as provided below if this Agreement becomes effective.

● Your eligibility to participate in any other employee benefit plans and programs of the Company will cease on your last date of employment in accordance with applicable benefit plan or program terms and practices.

● The Company will reimburse you for any outstanding, reasonable business expenses you have incurred on the Company's behalf through your last day of employment, after the Company's timely receipt of appropriate documentation and subject to the Company's business expense reimbursement policy.

● Because your employment is terminating without cause, as that term is defined in Section 7(d) of the Invention, Non-Disclosure, Non-Competition and Non-Solicitation Agreement (" <u>Covenants Agreement</u> ") you signed when you joined the Company, the

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post-employment non-compete restrictions in Section 7 of the Covenants Agreement will not be enforced. The balance of your obligations set forth in the Covenants Agreement will continue through the remainder of your employment as well as after your last day of employment consistent with the terms of that agreement and with applicable law. A copy of the Covenants Agreement is attached as **Exhibit A**. Please be advised nothing in the Covenants Agreement prevents you from disclosing information as permitted by law, including engaging in concerted activity protected under the Section 7 of the National Labor Relations Act, which includes, but is not limited to, discussing terms and conditions of employment with coworkers, former coworkers, and third parties; filing unfair labor practice charges or assisting other employees in filing such charges with the National Labor Relations Board (the "<u>Board</u>"); and assisting in the Board's investigative process ("<u>Section 7 Activity</u>") or disclosing or discussing any sexual assault or sexual harassment dispute arising after the date of this Agreement ("<u>Other Protected Activity</u>").

● You will cease vesting in all of your Company stock options (the " <u>Options</u> ") and restricted stock units, if applicable, as of the Separation Date, or the Extended Separation Date, if you timely sign and return the Agreement, and you may exercise any vested portion of your Options (the " <u>Vested Options</u> ") in accordance with the time limits and subject to the terms of the applicable stock option agreements and Company equity plan (the " <u>Equity Documents</u> "). Any unvested portion of your Options or restricted stock units, if applicable, will terminate on the last day of employment.

● You will be required to return all Company property in your possession to the Company including, without limitation, Company-owned laptop, at the end of your employment. If necessary, the Company will send you a prepaid shipping label to facilitate your return of Company property.

● You may apply for unemployment compensation benefits under applicable state law. Information on how to apply for unemployment benefits is included with this Agreement. Decisions regarding eligibility for and amounts of unemployment benefits are made by the applicable state unemployment agency, not by the Company. Nothing in this Agreement shall affect the Company's obligation to respond truthfully to requests for information related to unemployment compensation eligibility.

In addition to the above-described terms, you will be eligible to receive the Severance Benefits described in <u>Section 1</u>, below, provided you enter into, do not revoke, and comply with this Agreement.

The remainder of this letter proposes the Agreement between you and the Company. If you timely sign and return this Agreement, you and the Company agree as follows:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Severance Conditions and Benefits** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Severance Conditions</u>. You must satisfy the following conditions ("<u>Severance Conditions</u>") in order to qualify for the Severance Benefits described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. You sign and return this Agreement to Shawna-Gay White on or before November 6, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. You comply with the terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. You remain employed with the Company through the Extended Separation Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Except as to Section 1(b)(i), you sign and return the Supplemental Release of Claims (attached as **Exhibit B)** no sooner than the day after the Extended Separation Date and no later than five (5) days after the Extended Separation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Severance Benefits</u>. If you satisfy the Severance Conditions, then in exchange for your agreement to the general release and waiver of claims and your other promises herein, the Company agrees to provide the following benefits (the "<u>Severance Benefits</u>"). For the avoidance of doubt, you will not be entitled to any Severance Benefits set forth below if (i) you voluntarily leave employment with the Company before the Extended Separation Date without written approval from the Company to depart early, (ii) the Company terminates your employment before the Extended Separation Date based on a good faith determination by the Company that you (a) have failed to satisfactorily perform your job duties or (b) otherwise materially failed to comply with Company rules, policies and directives, or (c) you have breached the terms of this Agreement. Specifically, the Severance Benefits are as follows:

&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) <u>Extended Separation Date</u>. You will continue to receive your regular pay and benefits for work performed through your Extended Separation Date. You agree to make best efforts to perform assigned job duties and assist with transitional matters, and further agree to comply with Company rules, policies and directives through the Extended Separation 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;(ii) <u>Severance Pay</u>.

The Company will provide you with severance pay in an amount equivalent to 12 months of your current salary, less lawful deductions, in the total gross amount of $592,250.00, to be paid at the time set forth in Section 2.A.i. of the Severance Plan Benefit Agreement dated March 17, 2023 (the "Severance Plan"), as a lump sum in lieu of the payment schedule set forth in the Severance Plan. Notwithstanding the foregoing, if a Change in Control occurs on or before the Extended Separation Date, the Company will instead pay you severance pay in an amount

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equivalent to 18 months of your current salary, less lawful deductions in the total gross amount of $888,375.00, to be paid at the time set forth in Section 2.B.i. of the Severance Plan, as a lump sum in lieu of the payment schedule set forth in the Severance 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;(iii) <u>Payment in lieu of Bonus</u>.

The Company will pay you the gross amount of $253,613.39 less lawful deductions, representing a prorated bonus for 2025. This amount will be paid at the time and in the form set forth in Section 2.A.ii. of the Severance Plan. Notwithstanding the foregoing, if a Change in Control occurs on or before the Extended Separation Date, the Company will pay the bonus amount as set forth in Paragraph 2.B.ii. of your Severance Plan, or a prorated bonus for 2025, whichever is greater, to be paid at the time and in the form set forth in Section 2.B.ii. of the Severance 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;(iv) <u>COBRA Premiums.</u> 

Provided you timely enroll in COBRA continuation coverage for your medical, vision, and/or dental plan(s), and subject to all of the terms and conditions of such coverage, the Company agrees to subsidize your monthly COBRA premium as such premiums become due for a period of up to 12 months following the Extended Separation Date to the same extent that the Company paid for such coverage immediately prior to the Extended Separation Date (i.e., the employer portion), including the COBRA administration fee, until the earlier of (i) the date the health plan itself terminates, (ii) the date COBRA eligibility ends, or (iii) the date you are eligible for health benefits under another group employer plan, provided that the Company's payment for such coverage shall only apply if and while permitted under applicable tax or other laws as nondiscriminatory. You agree to immediately notify the Company if you become eligible for health benefits under another group employer plan during the period in which the Company is subsidizing your COBRA premium. Notwithstanding the foregoing, if a Change in Control (as defined in the Severance Plan) occurs on or before the Extended Separation Date and you are still employed with the Company at the time of the Change in Control, the Company will instead subsidize your monthly COBRA premium as such premiums become due for a period of up to 18 months following the Extended Separation Date, subject to the same conditions described above. In addition, if you are unable to continue COBRA coverage during the period in which the Company would otherwise be subsidizing COBRA because the health plan terminates, the Company will pay you a lump sum amount equal to the remaining amount if would have contributed towards your COBRA premium had the health plan continued, less lawful deductions.

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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;(v) <u>Equity</u>. If a Change in Control, as defined in the Severance Plan, occurs on or prior to your Extended Separation Date, one hundred percent (100%) of the unvested portion of any then-outstanding equity grant from the Company to you (the "<u>Equity Grants</u>"), shall vest and become fully exercisable as of the date of the Company's timely receipt of the fully signed Exhibit B and the expiration of the revocation period contained therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Outplacement Assistance.</u> The Company will also provide a $500 stipend payable in lump sum, less lawful deductions, on the second scheduled pay date after the Company's timely receipt of the fully signed Exhibit B, and the expiration of the revocation period contained therein,<u> </u>to assist with the cost of any outplacement services you may choose to use.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) <u>Continued Employee Assistance Program ("EAP") Support</u>. The Company is offering continued access to the EAP program for you and your household members for the same number of months as the severance pay offered above, or the date the EAP program is ended by the Company, whichever occurs first.

You acknowledge and agree the Severance Benefits are being provided to you in exchange for your release of claims and other promises in this Agreement, and supersede and fully satisfy any entitlements you may have under the Severance Plan. You agree the Severance Benefits do not confer a benefit on anyone other than the parties to this Agreement. You further acknowledge except for the Severance Benefits, and the amounts described on pages 1-2 of this Agreement (which shall be paid to you as set forth above), you are not now and shall not in the future be entitled to any other compensation from the Company including, without limitation, other wages, commissions, bonuses, vacation pay, holiday pay, or any other form of compensation or benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Return of Property** You are required to return all Company property in your possession to the Company including, without limitation, all Company documents and files you created in the course of business, specialized equipment, any other requested information deemed necessary by the Company. Accordingly, by signing below, you acknowledge and agree you will return, or you have returned to the Company on or before your last day of employment all Company property, including, without limitation, all files, reports, documents, or other materials containing or pertaining to Proprietary Information (as defined in the Covenants Agreement) and to your work (and all reproductions thereof). After returning all of the foregoing, you commit to deleting and finally purging any duplicates of files or documents that may contain Company information from any non-Company computer or other device that remains your property after the Extended Separation Date. In the event you discover that you continue to retain any such information or property, you shall return it to the Company immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Confidentiality and Non-Disparagement** You agree not to disclose to anyone, either directly or indirectly, any information whatsoever regarding the financial terms of this Agreement, except your immediate family, attorneys, financial advisors, accountants, and

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tax preparation professionals, provided that they agree to keep such information strictly confidential. This includes, but is not limited to, present or former employees of the Company and other members of the public. You may also disclose this Agreement to a state agency if required as part of an application for unemployment compensation benefits. You agree not to make any statement that is maliciously untrue about the Company, or the Releasees outlined below, including, but not limited to, communications on social media websites such as Facebook, Twitter, LinkedIn, or Glassdoor, on blogs, by text or email, or through other electronic means. This provision does not prohibit you from making truthful statements about the terms or conditions of your employment, or from exercising your rights, if any, under the National Labor Relations Act, government whistleblower programs, or whistleblowing statutes or regulations. You understand and agree that your obligations under this paragraph are material terms of this Agreement, and that the Company shall have the right, in addition to any other damages, to seek and obtain the return of the consideration paid hereunder (without impacting the validity or enforceability of the general release contained herein) in the event you breach any of your obligations under this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Cooperation** Subject to Section 6, after your Extended Separation Date, you agree to cooperate reasonably with the Company (including its outside counsel), including in connection with litigation and Government Agency (as defined below) proceedings about which the Company believes you may have knowledge or information and responding to questions from the Company regarding transitioning your duties (together "Cooperation Services"). The Company will not utilize this section to require you to make yourself available to an extent that would unreasonably interfere with full-time employment responsibilities that you may have. The Company will reimburse you for any reasonable expenses approved in advance that you incur due to your performance of Cooperation Services, after receipt of appropriate documentation consistent with the Company's business expense reimbursement policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Release of Claims** In consideration for, among other terms, the opportunity to receive the Severance Benefits, to which you acknowledge you would otherwise not be entitled, you voluntarily release and forever discharge the Company, its affiliated and related entities, its and their respective predecessors, successors and assigns, its and their respective employee benefit plans and fiduciaries of such plans, and the current and former officers, directors, shareholders, employees, attorneys, accountants and agents of each of the foregoing in their official and personal capacities (collectively referred to as the " <u>Releasees</u> ") generally from all claims, demands, debts, damages and liabilities of every name and nature relating to your hiring by, employment at, and termination from employment at the Company (" <u>Claims</u> ") that, as of the date when you sign this Agreement, you have, ever had, now claim to have or ever claimed to have had against any or all of the Releasees. This release includes all known or unknown Claims, including without limitation, the following:

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● Relating to your employment by the Company and the end of your employment with the Company;

● Title VII of the Civil Rights Act of 1964;

● Sections 1981 through 1988 of Title 42 of the United States Code;

● The Employee Retirement Income Security Act of 1974 ("ERISA");

● The Internal Revenue Code of 1986;

● The Immigration Reform and Control Act;

● The Americans with Disabilities Act of 1990;

● The Worker Adjustment and Retraining Notification Act ("WARN");

● The Fair Credit Reporting Act;

● The Family and Medical Leave Act;

● The Equal Pay Act;

● The Genetic Information Nondiscrimination Act of 2008;

● The Uniformed Services Employment and Reemployment Rights Act of 1994 ("USERRA");

● Families First Coronavirus Response Act;

● The Pregnant Worker's Fairness Act ("PWFA")

● The Massachusetts Law Against Discrimination, G.L. c. 151B, as amended;

● The Massachusetts Equal Rights Act, G.L. c. 93, as amended;

● The Massachusetts Civil Rights Act, G.L. c. 12, as amended;

● The Massachusetts Privacy Statute, G.L. c. 214, § 1B, as amended;

● The Massachusetts Sexual Harassment Statute, G.L. c. 214, § 1C;

● The Massachusetts Wage Payment Statute, G.L. c. 149, §§ 148, 148A, 148B, 149,150, 150A-150C, 151, 152, 152A, et seq.;

● The Massachusetts Wage and Hour laws, G.L. c. 151§1A et seq.;

● The Massachusetts Workers' Compensation Act, G.L. c. 152, § 75B;

● The Massachusetts Small Necessities Act, G.L. c. 149, § 52D;

● The Massachusetts Equal Pay Act, G.L. c. 149, § 105A-C;

● The Massachusetts Equal Rights for the Elderly and Disabled, G.L. c. 93, § 103;

● The Massachusetts AIDS Testing statute, G.L. c. 111, §70F;

● The Massachusetts Consumer Protection Act, G.L. c. 93A;

● Massachusetts Employment Leave for Victims and Family Members of Abuse, G.L. c. 149, §52E, as amended;

● The Massachusetts Earned Sick Time Law, M.G.L. c. 149, § 148C;

● The Massachusetts Paid Family and Medical Leave Act, M.G.L. c.175M et seq

● Massachusetts Parental Leave Act, G.L. c. 149, § 105D;

● Massachusetts Age Discrimination Law, G.L. c. 149 §24 A et seq.;

● any other federal, state or local law, rule, regulation, or ordinance;

● any public policy, contract, tort, or common law; or

● any basis for recovering costs, fees, or other expenses including attorneys' fees incurred in these matters.

**You agree and acknowledge you are waiving and releasing any claims for unpaid wages of any type you may have against the Company under the Massachusetts Payment of Wages Act, M.G.L. c. 149, § 148 et seq.**

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Notwithstanding the foregoing or any other provision of this Agreement, you are not waiving any rights you may have to: (a) your own vested accrued employee benefits under the Company's health, welfare, or retirement benefit plans as of the Extended Separation Date; (b) benefits and/or the right to seek benefits under applicable workers' compensation and/or unemployment compensation statutes; (c) pursue claims which by law cannot be waived by signing this Agreement; (d) enforce this Agreement; and/or (e) challenge the validity of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Other Protected Actions** Nothing in this Agreement, Exhibit B, or any other agreement you may have signed or company policy, prohibits, prevents, or otherwise limits you from (1) reporting possible violations of federal or other law or regulations to any governmental agency, regulatory body, or law enforcement authority (*e.g.*, EEOC, MCAD, NLRB, SEC, DOJ, CFTC, U.S. Congress, or an Inspector General), (2) filing a charge or complaint with any such governmental agency, or (3) participating, testifying, or assisting in any investigation, hearing, or other proceeding brought by, in conjunction with, or otherwise under the authority of any such governmental agency. To the maximum extent permitted by law, you agree that if such an administrative claim is made, you shall not be entitled to recover any individual monetary relief or other individual remedies related to any alleged adverse employment action(s), except nothing in this Agreement prohibits, prevents, or otherwise limits your ability or right to seek or receive any monetary award or bounty from any such governmental agency in connection with protected "whistleblower" activity. You are also not required to notify or obtain permission from the Company when filing a governmental whistleblower charge or complaint or engaging or participating in protected whistleblower activity.

Further, notwithstanding your confidentiality and non-disclosure obligations, you are hereby advised as follows pursuant to the Defend Trade Secrets Act: "An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney, and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual (A) files any document containing the trade secret under seal, and (B) does not disclose the trade secret, except pursuant to court order."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Tax Treatment** The Company shall undertake to make deductions, withholdings, and tax reports with respect to all payments and benefits made under this Agreement to the extent it reasonably and in good faith determines it is required to make such deductions, withholdings, and tax reports. Nothing in this Agreement shall be construed to require the Company to make any payments to compensate you for any adverse tax effect associated with any payments or benefits or for any deduction or withholding from any payment or

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benefit. The parties intend that payments under this Agreement will be exempt from or comply with Section 409A of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"). To the extent any provision of this Agreement is ambiguous as to its exemption from or compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder are exempt from or comply with Section 409A of the Code. Each payment pursuant to this Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A 2(b)(2). The Company makes no representation or warranty and shall have no liability to you or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the conditions of, such Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Acknowledgments and Representations** You acknowledge and represent you have not suffered any discrimination or harassment by any of the Releasees on account of race, gender, age, national origin, religion, marital or registered domestic partner status, sexual orientation, disability, genetic information, veteran or military status, medical condition or any other characteristic protected by applicable law. You further acknowledge and represent you have not been denied any leave, benefits, or rights to which you may have been entitled under any federal, state, or local law, and you have not suffered any job-related wrongs or injuries that you have not already reported to the Company. You further acknowledge and represent you have not raised a claim of sexual harassment or abuse with the Company. You further acknowledge and represent you have had the opportunity to provide the Company with written notice of any and all concerns regarding suspected ethical and compliance issues or violations on the part of the Company. You further acknowledge and represent your employment relationship with the Company was at-will and you were not promised, explicitly or implicitly, employment for any specified period of time. You represent and warrant that all of the factual representations made herein, all of which are a material inducement for the Company to enter into this agreement, are true in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Consideration Period** It is the Company's desire and intent to make certain you fully understand the provisions and effects of this Agreement. To that end, the Company hereby advises you in writing to consult with legal counsel for the purpose of reviewing the terms of this Agreement. **You will have until November 6, 2025 to consider and accept the terms of this Agreement before signing it (the " Consideration Period ").** To accept this Agreement, you must return a signed, unmodified original, PDF, or DocuSigned copy of this Agreement, so it is received by Shawna-Gay White by 5:00 PM ET on the last day of the Consideration Period. You and the Company agree any changes to this Agreement, whether material or immaterial, do not restart or otherwise affect the Consideration Period.

By signing this Agreement, you acknowledge and agree: (i) but for providing the waiver and release in <u>Section 5</u>, you would not be receiving the Severance Benefits being provided to you under the terms of this Agreement; (ii) you understand the various claims you are entitled to assert under the laws set forth above; (iii) you have read this Agreement carefully and understand all its provisions; and (iv) the Company has advised you to consult with an attorney before signing this Agreement and to the extent you desired, you availed yourself of this right.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Other Provisions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Termination of Payments</u>. In the event you fail to comply with any of your obligations under this Agreement, in addition to any other legal or equitable remedies it may have for such breach, the Company shall have the right to discontinue providing you with the Severance Benefits. Any such consequences of a breach by you will not affect the release or your continuing obligations under this Agreement or the Covenants Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Absence of Reliance</u>. In signing this Agreement, you are not relying upon any promises or representations made by anyone at or on behalf of the Company, except as set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Jurisdiction</u>. You and the Company hereby agree the state and federal courts in the Commonwealth of Massachusetts shall have the exclusive jurisdiction to consider any matters related to this Agreement, including without limitation any claim of a violation of this Agreement. With respect to any such court action, you submit to the jurisdiction of such courts and you acknowledge venue in such courts is proper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Governing Law; Interpretation</u>. This Agreement shall be interpreted and enforced under the laws of the Commonwealth of Massachusetts, without regard to conflict of law principles. In the event of any dispute, this Agreement is intended by the parties to be construed as a whole, to be interpreted in accordance with its fair meaning, and not to be construed strictly for or against either you or the Company or the "drafter" of all or any portion of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Enforceability</u>. If any portion or provision of this Agreement (including, without limitation, any portion or provision of any section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Waiver; Amendment</u>. No waiver of any provision of this Agreement shall be effective unless made in writing and signed by the waiving party. The failure of a party to require the performance of any term or obligation of this Agreement, or the waiver by a party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach. This Agreement may not be modified or amended except in a writing signed by both you and a duly authorized officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Entire Agreement</u>. This Agreement, together with the Equity Documents, constitutes the entire agreement between you and the Company with respect to the subject matter hereof, and supersedes all prior agreements or understandings, both written and oral, between you and the Company with respect to the subject matter hereof, but does not in any way merge with or

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supersede the surviving provisions of the Covenants Agreement or the Equity Documents, which agreements and obligations shall supplement, and shall not limit or be limited by, this Agreement except as expressly set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be taken to be an original, but all of which together shall constitute one and the same document. Electronic and pdf signatures shall be deemed to have the same legal effect as originals.

Please indicate your agreement to the terms of this Agreement by signing and returning it to me by November 1, 2025 as set forth above.

Very truly yours,

By: _<u>/s/ Jasmin Tower</u>____________________<u>10/22/2025</u>_______________________

Jasmin TowerDate

Chief Human Resources Officer

This is a legal document. Your signature will commit you to its terms. By signing below, you acknowledge the Company has advised you to consult with counsel prior to entering into this Agreement, you have carefully read and fully understand all of the provisions of this Agreement, and you are knowingly and voluntarily entering into this Agreement.

_<u>/s/ Yalonda Howze</u>____________________<u>10/22/2025</u>_______________________

Yalonda HowzeDate

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## Exhibit 31.1

**Exhibit 31.1** 

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER** 

**PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Yalonda Howze, hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Quarterly Report on Form 10-Q of Generation Bio Co.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&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) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 our 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

Date: November 5, 2025

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;/s/ Yalonda Howze<br>|
| Yalonda Howze<br>Interim President and Chief Executive Officer<br>(Principal Executive Officer) |

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## Exhibit 31.2

**Exhibit 31.2** 

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER** 

**PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Kevin Conway, hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Quarterly Report on Form 10-Q of Generation Bio Co.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&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) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 our 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

Date: November 5, 2025

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;/s/ Kevin Conway<br>|
| Kevin Conway<br>Chief Financial Officer<br>(Principal Financial and Accounting Officer) |

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## Exhibit 32.1

**Exhibit 32.1** 

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER** 

**PURSUANT TO 18 U.S.C. SECTION 1350,** 

**AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Yalonda Howze, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge, the Quarterly Report on Form 10-Q of Generation Bio Co. for the quarter ended September 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and the information contained in such Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Generation Bio Co.

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;/s/ Yalonda Howze<br>|
| Yalonda Howze |
| Interim President and Chief Executive Officer |
| (Principal Executive Officer) |
| November 5, 2025 |

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## Exhibit 32.2

**Exhibit 32.2** 

**CERTIFICATION OF CHIEF FINANCIAL OFFICER** 

**PURSUANT TO 18 U.S.C. SECTION 1350,** 

**AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Kevin Conway, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge, the Quarterly Report on Form 10-Q of Generation Bio Co. for the quarter ended September 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and the information contained in such Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of Generation Bio Co.

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;/s/ Kevin Conway<br>|
| Kevin Conway |
| Chief Financial Officer |
| (Principal Financial and Accounting Officer) |
| November 5, 2025 |

---

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