Document:

EX-10.9

 Exhibit 10.9 

Longboard Pharmaceuticals, Inc. 

October 27, 2020 
 Kevin Lind 

via email 
 Re:    Offer of Employment

 Dear Kevin: 
 Longboard
Pharmaceuticals, Inc. (the “Company”) is pleased to confirm the terms of your at-will employment in the position of President and Chief Executive Officer (“CEO”) on the terms
and conditions set forth in this letter agreement (the “Agreement”). 
 1.    Employment by
the Company. Your employment with the Company shall commence on October 27, 2020 (the “Start Date”). This is an exempt position, and during your employment with the Company, you will devote your best efforts and
substantially all of your business time and attention to the business of the Company, except for approved vacation periods and reasonable periods of illness or other incapacities permitted by the Company’s general employment policies. You shall
perform such duties as are required by the Company’s Board of Directors (“Board”), to whom you will report. Your primary work location shall be the Company’s office located in San Diego, California. The Company reserves
the right to reasonably require you to perform your duties at places other than your primary office location from time to time, and to require reasonable business travel. The Company may modify your job title and duties as it deems necessary and
appropriate in light of the Company’s needs and interests from time to time. 
 2.    Compensation. 

2.1    Base Salary. For services to be rendered hereunder, you shall receive a base salary at the rate of
$440,000 per year (the “Base Salary”), subject to standard payroll deductions and withholdings and payable in accordance with the Company’s regular payroll schedule. 

2.2    Annual Bonus. You will be eligible for an annual discretionary bonus with a target amount of
$180,000, prorated for the number of days employed in a calendar year (the “Annual Bonus”). Whether you receive an Annual Bonus for any given year, and the amount of any such Annual Bonus, will be determined by the
Board (and/or its Compensation Committee) in its discretion based upon the achievement of corporate and/or individual objectives and milestones that are determined in the sole discretion of the Board (and/or its Compensation Committee). You must
continue to be employed through the date the Annual Bonus is paid in order to earn such bonus. The Annual Bonus, if earned, shall be paid to you in a lump sum no later than March 15th of the
calendar year that follows the performance year, subject to applicable payroll deductions and withholdings. 

2.3    Equity. Subject to the approval of the Board, the Company will grant you a restricted stock award
representing 252,500 shares of the Company’s Common Stock (the “Initial Grant”), pursuant to the Company’s 2020 Equity Incentive Plan (as may be amended from time to time, the “Plan”), and an option to
purchase 252,500 shares of Common Stock, with an exercise price equal to the fair market value on the date of grant as determined by the Board, after it has obtained a 409A 

 
valuation (the “Additional Grant”). The shares subject to the Initial Grant will vest over two years, subject to your Continuous Service to the Company (as defined in the Plan),
as follows: 50% of the shares shall be fully vested on the first-year anniversary of the date of the grant, and the remaining shares shall vest in twelve (12) equal monthly increments thereafter. The shares subject to the Additional Grant will
vest over four years, subject to your Continuous Service to the Company, as follows: 100% of the shares shall vest in twenty four (24) equal monthly increments beginning on the second-year anniversary of the date of grant. The Initial Grant and
Additional Grant shall be governed in all respects by the terms of the Plan, the related governing documents, and applicable equity award agreements between you and the Company. 

3.    Reasonable Business Expenses. You will be eligible for reimbursement of all reasonable, necessary and
documented out-of-pocket business, entertainment, and travel expenses incurred by you in connection with the performance of your duties hereunder in accordance with the
Company’s expense reimbursement policies and procedures. 
 4.    Company Policies; Standard Company
Benefits. The employment relationship between the parties shall be governed by the general employment policies and practices of the Company, except that when the terms of this Agreement differ from or are in conflict with the Company’s
general employment policies or practices, this Agreement shall control. You shall be entitled to participate in all employee benefit programs for which you are eligible under the terms and conditions of the benefit plans that may be in effect from
time to time and provided by the Company to its employees. The Company reserves the right to cancel or change the benefit plans or programs it offers to its employees at any time. 

5.    At-Will Employment. Your employment relationship is at-will. Either you or the Company may terminate the employment relationship at any time, with or without cause or advance notice. Upon termination of your employment for any reason, you shall resign from all
positions and terminate any relationships as an employee, advisor, officer or director with the Company and any of its affiliates, each effective on the date of termination.  

6.    Outside Activities During Employment. Except with the prior written consent of the Board, you will not
during the term of your employment with the Company undertake or engage in any other employment, occupation or business enterprise, other than ones in which you are a passive investor. You may engage in civic and not-for-profit activities so long as such activities do not materially interfere with the performance of your duties hereunder. You agree not to acquire, assume or participate in, directly or indirectly, any
position, investment or interest known to be adverse or antagonistic to the Company, its business or prospects, financial or otherwise. 

7.    Termination; Severance. 

7.1    Term and Termination. The term of this Agreement (the “Term”) shall be the period
commencing on the Start Date and ending on the date that this Agreement is terminated by either party pursuant to the provisions of this Agreement. You are employed at-will, meaning that, subject to the terms
and conditions set forth herein, either the Company or you may terminate your employment at any time, with or without Cause. 

7.2    Compensation upon Termination. Upon the termination of your employment for any reason, the Company
shall pay you all of your accrued and unpaid wages earned through your last day of employment (the “Separation Date”). 

  
 2. 

 7.3    Involuntary Termination Unrelated to a Change in
Control. If you are subject to an Involuntary Termination (that does not occur within the Change in Control Period (as defined below)), and provided that you remain in compliance with the terms of this Agreement (including the conditions
described in Section 7.6 below), the Company shall provide you with the following benefits (the “Severance Benefits”): 

(a)    Cash Severance. The Company shall pay you, as severance, the equivalent of nine (9) months (the
“Severance Period”) of your Base Salary in effect as of the Separation Date, subject to standard payroll deductions and withholdings (the “Severance”). The Severance will be paid as a continuation on the
Company’s regular payroll, beginning no later than the first regularly-scheduled payroll date following the sixtieth (60th) day after your Separation from Service, provided the Separation
Agreement (as discussed in Section 7.6) has become effective. 
 (b)    Payment of Continued Group Health
Plan Benefits. If you are eligible for and timely elect continued group health plan coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 or any state law of similar effect (“COBRA”) following your
Involuntary Termination, the Company will pay your COBRA group health insurance premiums for you and your eligible dependents directly to the insurer until the earliest of (A) the end of the period immediately following your Involuntary
Termination that is equal to the Severance Period (the “COBRA Payment Period”), (B) the expiration of your eligibility for continuation coverage under COBRA, or (C) the date when you become eligible for substantially
equivalent health insurance coverage in connection with new employment or self-employment. For purposes of this Section, references to COBRA premiums shall not include any amounts payable by you under a Section 125 health care
reimbursement plan under the Code. Notwithstanding the foregoing, if at any time the Company determines, in its sole discretion, that it cannot pay the COBRA premiums without potentially incurring financial costs or penalties under applicable
law (including, without limitation, Section 2716 of the Public Health Service Act), then regardless of whether you elect continued health coverage under COBRA, and in lieu of providing the COBRA premiums, the Company will instead pay you on the
last day of each remaining month of the COBRA Payment Period, a fully taxable cash payment equal to the COBRA premiums for that month, subject to applicable tax withholdings (such amount, the “Special Severance Payment”), which
payments shall continue until the earlier of expiration of the COBRA Payment Period or the date when you become eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment. On the first
payroll date following the effectiveness of the Separation Agreement, the Company will make the first payment to the insurer under this clause (and, in the case of the Special Severance Payment, such payment will be to you, in a lump sum) equal to
the aggregate amount of payments that the Company would have paid through such date had such payments instead commenced on the Separation Date, with the balance of the payments paid thereafter on the schedule described above. If you become
eligible for coverage under another employer’s group health plan, you must immediately notify the Company of such event, and all payments and obligations under this subsection shall cease. 

(c)    Accelerated Vesting. The vesting and exercisability of all outstanding options, restricted stock unit
awards, and other equity awards covering the Company’s common stock that are held by you as of immediately prior to the Involuntary Termination, to the extent such equity awards would otherwise have vested solely conditioned on your continued
services with the Company, shall accelerate vesting in accordance with their applicable vesting schedules as if you had completed an additional number of months of service with the Company equal to the Severance Period as of the Separation Date. For
the avoidance of doubt, equity awards which vest wholly or partially subject to the attainment of performance goals are not eligible to accelerate vesting pursuant to this subsection. 

  
 3. 

 7.4    Involuntary Termination in Connection with a Change in
Control. If you are subject to an Involuntary Termination during the Change in Control Period, and provided that you remain in compliance with the terms of this Agreement (including the conditions described in Section 7.6 below), the
Company shall provide you with the Severance Benefits in Section 7.3(a) and 7.3(b), and the vesting and exercisability of all outstanding time-based stock options and other time-based equity awards covering the Company’s common stock and
restricted stock units that are held by you as of immediately prior to the Separation Date shall accelerate vesting in full effective as of the later of the Separation Date or the effective date of the Change in Control (the “CIC
Acceleration Benefit”). For the avoidance of doubt, the CIC Acceleration Benefit is conditioned upon the actual consummation of a Change in Control. 

7.5    Termination for Cause; Resignation Without Good Reason; Death or Disability. If you resign without
Good Reason, or the Company terminates your employment for Cause, upon dissolution or cessation of the Company, or upon your death or disability, then (a) you will no longer vest in any equity awards, (b) all payments of compensation by
the Company to you hereunder will terminate immediately (except as to amounts already earned), and (c) you will not be entitled to any Severance Benefits or CIC Acceleration Benefit. 

7.6    Conditions to Receipt of Severance Benefits. The receipt of the Severance Benefits and CIC
Acceleration Benefit will be subject to you signing and not revoking a separation agreement and general release of claims in a form reasonably satisfactory to the Company (the “Separation Agreement”) by no later than the sixtieth
(60th) day after the Separation Date (“Release Deadline”). No Severance Benefits or CIC Acceleration Benefit will be paid or provided until the Separation Agreement becomes effective. You shall also resign from all positions and
terminate any relationships as an employee, advisor, officer or director with the Company and any of its affiliates, each effective on the Separation Date. 

8.    Definitions. 

8.1    Cause. For purposes of this Agreement, “Cause” for termination means:
(a) conviction of, or plea of guilty or nolo contendere to, a felony or any crime involving fraud, dishonesty or moral turpitude; (b) participation in any fraud against the Company; (c) persistent unsatisfactory performance of job
duties; (d) material and intentional damage to any property of the Company; (e) willful misconduct, or any violation of Company policy that causes material harm to the Company; (f) breach of this Agreement, the Confidentiality
Agreement (as defined below), or any other written agreement with the Company; or (g) conduct by you which in the good faith and reasonable determination of the Board demonstrates gross unfitness to serve. For a termination of employment to be
for Cause, you must (a) receive a written notice from the Board which indicates in reasonable detail the facts and circumstances claimed to provide a basis for the termination of your employment for Cause; and (b) be provided with an
opportunity to cure or resolve, no later than 30 days following the receipt of such notice, the behavior in question (if deemed curable by the Board in its sole discretion). 

8.2    Change in Control. For purposes of this Agreement, a “Change in Control” shall have
the meaning as set forth in the Plan. 
 8.3    Change in Control Period. For purposes of this Agreement,
the “Change in Control Period” means the period commencing three (3) months prior to a Change in Control and ending fourteen (14) months following a Change in Control. 

  
 4. 

 8.4    Code. For purposes of this Agreement,
“Code” means the U.S. Internal Revenue Code of 1986 (as it has been and may be amended from time to time) and any regulations and guidance that has been promulgated or may be promulgated from time to time thereunder and any state
law of similar effect. 
 8.5    Good Reason. For purposes of this Agreement, you shall have “Good
Reason” for resignation from employment with the Company if any of the following actions are taken by the Company without your prior written consent: (a) a material reduction in your Base Salary, which the parties agree is a reduction
of at least 10% of your Base Salary (unless pursuant to a salary reduction program applicable generally to the Company’s similarly situated employees); (b) a material reduction in your duties (including responsibilities and/or authorities); or
(c) relocation of your principal place of employment to a place that increases your one-way commute by more than fifty (50) miles as compared to your then-current principal place of employment
immediately prior to such relocation. In order to resign for Good Reason, you must provide written notice to the Company’s Board within 30 days after the first occurrence of the event giving rise to Good Reason setting forth the basis for your
resignation, allow the Company at least 30 days from receipt of such written notice to cure such event, and if such event is not reasonably cured within such period, you must resign from all positions you then hold with the Company not later than 90
days after the expiration of the cure period. 
 8.6    Involuntary Termination. For purposes of this
Agreement, “Involuntary Termination” means a termination of your employment with the Company pursuant to either (i) a termination initiated by the Company without Cause, or (ii) your resignation for Good Reason, and
provided in either case such termination constitutes a Separation from Service. An Involuntary Termination does not include any other termination of your employment, including a termination due to your death or disability. 

8.7    Separation from Service. For purposes of this Agreement, “Separation from Service”
means a “separation from service”, as defined under Treasury Regulation Section 1.409A-1(h). 

9.    Proprietary Information Obligations. As a condition of employment, you shall execute and abide by the
Company’s standard form of Proprietary Information and Inventions Agreement (the “Confidentiality Agreement”), attached as Exhibit A. In your work for the Company, you will be expected not to use or disclose any
confidential information, including trade secrets, of any former employer or other person to whom you have an obligation of confidentiality. Rather, you will be expected to use only that information which is generally known and used by persons with
training and experience comparable to your own, which is common knowledge in the industry or otherwise legally in the public domain, or which is otherwise provided or developed by the Company. You agree that you will not bring onto Company premises
any unpublished documents or property belonging to any former employer or other person to whom you have an obligation of confidentiality. You hereby represent that you have disclosed to the Company any contract you have signed that may restrict your
activities on behalf of the Company. 
 10.    Section 409A. It is intended that all of the severance
benefits and other payments payable under this Agreement satisfy, to the greatest extent possible, the exemptions from the application of Code Section 409A provided under Treasury Regulations Sections 1.409A 1(b)(4), 1.409A 1(b)(5) and 1.409A
1(b)(9), and this Agreement will be construed to the greatest extent possible as consistent with those provisions, and to the extent not so exempt, this Agreement (and any definitions hereunder) will be construed in a manner that complies with
Section 409A. For all purposes of Code Section 409A (including, without limitation, for purposes of Treasury Regulations Sections 1.409A 2(b)(2)(i) and (iii)), 

  
 5. 

 
your right to receive any installment payments under this Agreement (whether severance payments, reimbursements or otherwise) shall be treated as a right to receive a series of separate payments
and, accordingly, each installment payment hereunder shall at all times be considered a separate and distinct payment. Notwithstanding any provision to the contrary in this Agreement, if you are deemed by the Company at the time of your Separation
from Service to be a “specified employee” for purposes of Code Section 409A(a)(2)(B)(i), and if any of the payments upon Separation from Service set forth herein and/or under any other agreement with the Company are deemed to be
“deferred compensation,” then to the extent delayed commencement of any portion of such payments is required in order to avoid a prohibited distribution under Code Section 409A(a)(2)(B)(i) and the related adverse taxation under
Section 409A, such payments shall not be provided to you prior to the earliest of (i) the first date following expiration of the six-month period following the date of your Separation from Service
with the Company, (ii) the date of your death or (iii) such earlier date as permitted under Section 409A without the imposition of adverse taxation. Upon the first business day following the expiration of such applicable Code
Section 409A(a)(2)(B)(i) period, all payments deferred pursuant to this Paragraph shall be paid in a lump sum to you, and any remaining payments due shall be paid as otherwise provided herein or in the applicable agreement. No interest shall be
due on any amounts so deferred. If the severance benefits are not covered by one or more exemptions from the application of Section 409A and the Release Deadline occurs in the calendar year following the calendar year of your Separation from
Service, the Separation Agreement will not be deemed effective any earlier than the Release Deadline for purposes of determining the timing of provision of any severance benefits. 

 

	11.	 Section 280G. 

If any payment or benefit you will or may receive from the Company or otherwise (a “280G Payment”) would (i) constitute a
“parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then any such 280G
Payment pursuant to this Agreement or otherwise (a “Payment”) shall be equal to the Reduced Amount. The “Reduced Amount” shall be either (x) the largest portion of the Payment that would result in no portion of
the Payment (after reduction) being subject to the Excise Tax or (y) the largest portion, up to and including the total, of the Payment, whichever amount (i.e., the amount determined by clause (x) or by clause (y)), after taking into
account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in your receipt, on an after-tax basis, of the
greater economic benefit notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a reduction in a Payment is required pursuant to the preceding sentence and the Reduced Amount is determined pursuant to clause
(x) of the preceding sentence, the reduction shall occur in the manner (the “Reduction Method”) that results in the greatest economic benefit for you. If more than one method of reduction will result in the same economic
benefit, the items so reduced will be reduced pro rata (the “Pro Rata Reduction Method”). 
 Notwithstanding the foregoing,
if the Reduction Method or the Pro Rata Reduction Method would result in any portion of the Payment being subject to taxes pursuant to Section 409A that would not otherwise be subject to taxes pursuant to Section 409A, then the Reduction
Method and/or the Pro Rata Reduction Method, as the case may be, shall be modified so as to avoid the imposition of taxes pursuant to Section 409A as follows: (A) as a first priority, the modification shall preserve to the greatest extent
possible, the greatest economic benefit for you as determined on an after-tax basis; (B) as a second priority, Payments that are contingent on future events (e.g., being terminated without Cause), shall
be reduced (or eliminated) before Payments that are not contingent on future events; and (C) as a third priority, Payments that are “deferred compensation” within the meaning of Section 409A shall be reduced (or eliminated)
before Payments that are not deferred compensation within the meaning of Section 409A. 

  
 6. 

 Unless you and the Company agree on an alternative accounting firm, the accounting firm
engaged by the Company for general tax compliance purposes as of the day prior to the effective date of the Change in Control transaction triggering the Payment shall perform the foregoing calculations. If the accounting firm so engaged by the
Company is serving as accountant or auditor for the individual, entity or group effecting the Change in Control transaction, the Company shall appoint a nationally recognized accounting firm to make the determinations required hereunder. The Company
shall bear all expenses with respect to the determinations by such accounting firm required to be made hereunder. The Company shall use commercially reasonable efforts to cause the accounting firm engaged to make the determinations hereunder to
provide its calculations, together with detailed supporting documentation, to you and the Company within fifteen (15) calendar days after the date on which your right to a 280G Payment becomes reasonably likely to occur (if requested at that
time by you or the Company) or such other reasonable time as requested by you or the Company. 
 If you receive a Payment for which the
Reduced Amount was determined pursuant to clause (x) of the first paragraph of this Section and the Internal Revenue Service determines thereafter that some portion of the Payment is subject to the Excise Tax, you shall promptly return to the
Company a sufficient amount of the Payment (after reduction pursuant to clause (x) of the first paragraph of this Section so that no portion of the remaining Payment is subject to the Excise Tax). For the avoidance of doubt, if the Reduced
Amount was determined pursuant to clause (y) in the first paragraph of this Section, you shall have no obligation to return any portion of the Payment pursuant to the preceding sentence. 

 

	12.	 Arbitration of All Disputes. 

12.1    Agreement to Arbitrate. To ensure the timely and economical resolution of disputes that may arise between
you and the Company, both you and the Company mutually agree that pursuant to the Federal Arbitration Act, 9 U.S.C. §1-16, and to the fullest extent permitted by applicable law, you and the Company will
submit solely to final, binding and confidential arbitration any and all disputes, claims, or causes of action arising from or relating to: (i) the negotiation, execution, interpretation, performance, breach or enforcement of this Agreement; or
(ii) your employment with the Company (including but not limited to all statutory claims); or (iii) the termination of your employment with the Company (including but not limited to all statutory claims). BY AGREEING TO THIS ARBITRATION
PROCEDURE, BOTH YOU AND THE COMPANY WAIVE THE RIGHT TO RESOLVE ANY SUCH DISPUTES THROUGH A TRIAL BY JURY OR JUDGE OR THROUGH AN ADMINISTRATIVE PROCEEDING.

12.2    Arbitrator Authority. The arbitrator shall have the sole and exclusive authority to determine
whether a dispute, claim or cause of action is subject to arbitration under this Section and to determine any procedural questions which grow out of such disputes, claims or causes of action and bear on their final disposition. 

12.3    Individual Capacity Only. All claims, disputes, or causes of action under this Section, whether by
you or the Company, must be brought solely in an individual capacity, and shall not be brought as a plaintiff (or claimant) or class member in any purported class or representative proceeding, nor joined or consolidated with the claims of any other
person or entity. The arbitrator may not consolidate the claims of more than one person or entity, and may not preside over any form of representative or class proceeding. To the extent that the preceding sentences in this Section are
found to violate applicable law or are otherwise found unenforceable, any claim(s) alleged or brought on behalf of a class shall proceed in a court of law rather than by arbitration. 

  
 7. 

 12.4    Arbitration Process. Any arbitration proceeding
under this Section shall be presided over by a single arbitrator and conducted by Judicial Arbitration and Mediation Services, Inc. (“JAMS”) in San Diego, California, or as otherwise agreed to by you and the Company, under the then
applicable JAMS rules for the resolution of employment disputes (available upon request and also currently available at http://www.jamsadr.com/rules-employment-arbitration/). You and the Company both have the right to be represented
by legal counsel at any arbitration proceeding, at each party’s own expense. The arbitrator shall: (i) have the authority to compel adequate discovery for the resolution of the dispute; (ii) issue a written
arbitration decision, to include the arbitrator’s essential findings and conclusions and a statement of the award; and (iii) be authorized to award any or all remedies that you or the Company would be entitled to seek in a court of
law. The Company shall pay all JAMS arbitration fees in excess of the amount of court fees that would be required of you if the dispute were decided in a court of law.

12.5    Excluded Claims. This Section shall not apply to any action or claim that cannot be subject to
mandatory arbitration as a matter of law, including, without limitation, claims brought pursuant to the California Private Attorneys General Act of 2004, as amended, the California Fair Employment and Housing Act, as amended, and the California
Labor Code, as amended, to the extent such claims are not permitted by applicable law to be submitted to mandatory arbitration and such applicable law is not preempted by the Federal Arbitration Act or otherwise invalid (collectively, the
“Excluded Claims”). In the event you intend to bring multiple claims, including one of the Excluded Claims listed above, the Excluded Claims may be filed with a court, while any other claims will remain subject to mandatory
arbitration. 
 12.6    Injunctive Relief and Final Orders. Nothing in this Section is intended to prevent
either you or the Company from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration. Any final award in any arbitration proceeding hereunder may be entered as a judgment in the federal and
state courts of any competent jurisdiction and enforced accordingly. 
 13.    General Provisions. This
Agreement, together with the Confidentiality Agreement, constitutes the entire agreement between you and the Company with regard to this subject matter and is the complete, final, and exclusive embodiment of the parties’ agreement with regard
to this subject matter. This Agreement is entered into without reliance on any promise or representation, written or oral, other than those expressly contained herein, and it supersedes any other such promises, warranties or representations.
Modifications or amendments to this Agreement, other than those changes expressly reserved to the Company’s discretion in this letter, must be made in a written agreement signed by you and the Company’s Board. Whenever possible, each
provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule
in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction to the extent possible in keeping
with the intent of the parties. Any waiver of any breach of any provisions of this Agreement must be in writing to be effective, and it shall not thereby be deemed to have waived any preceding or succeeding breach of the same or any other provision
of this Agreement. This Agreement is intended to bind and inure to the benefit of and be enforceable by you and the Company, and their respective successors, assigns, heirs, executors and administrators. The Company may freely assign this

  
 8. 

 
Agreement, without your prior written consent. You may not assign any of your duties hereunder and you may not assign any of your rights hereunder without the written consent of the Company. This
Agreement shall become effective as of the Start Date and shall terminate upon your termination of employment with the Company. The obligations as forth under Sections 7, 8, 9, 10, 11, 12, and 13 will survive the termination of this Agreement. All
questions concerning the construction, validity and interpretation of this Agreement will be governed by the laws of the State of California. 

If you have any questions about this Agreement, please do not hesitate to call me. 

Best regards, 
  

	
	LONGBOARD PHARMACEUTICALS, INC.
	
	 /s/ Laurie Stelzer

	Laurie Stelzer
	Director
	
	Accepted and agreed:
	
	 /s/ Kevin Lind

	Kevin Lind
	
	Date: October 27, 2020

  
 9. 

 Exhibit A 

EMPLOYEE PROPRIETARY INFORMATION AND INVENTIONS
AGREEMENT 

  
 10.EX-10.11

 Exhibit 10.11 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD
BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
 LICENSE AGREEMENT 

THIS LICENSE AGREEMENT (the “Agreement”) is entered
into as of October 27, 2020 (the “Effective Date”), by and between LONGBOARD PHARMACEUTICALS, INC., a Delaware corporation (“Licensee”), and
ARENA PHARMACEUTICALS INC., a Delaware corporation (“Licensor”). 

RECITALS 

WHEREAS, Licensor has rights to certain Licensed Products (defined below) currently being developed for
neurological indications in humans; 
 WHEREAS, Licensee is a new company established to engage in the research,
development and commercialization of pharmaceutical products for certain neurological indications in humans; and 

WHEREAS, Licensee desires to obtain from Licensor, and Licensor desires to grant to Licensee, an exclusive worldwide
license under the applicable Licensed Technology (defined below) to further develop and commercialize Licensed Products in the applicable Field (defined below), subject to the terms and conditions of this Agreement. 

NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants herein contained, and
for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Licensee and Licensor hereby agree as follows: 
  

	1.	 DEFINITIONS 

1.1    “2A Compound” shall mean any of the compounds designated on Exhibit
1.1, and any salt, solvate, hydrate, intermediate, pro-drug or metabolite thereof. 

1.2    “2A Field” shall mean all therapeutic, prophylactic, and diagnostic uses for any CNS
Indication. 
 1.3    “2A Know-How” shall mean all
Information that is specific to any 2A Compound (including data from preclinical studies of 2A Product), which Information is Controlled by Licensor or any of its Current Affiliates as of the Effective Date or during the Term and is necessary or
reasonably useful to develop, have developed, make, have made, use, sell, have sold, offer for sale and import any 2A Compound or 2A Product in the 2A Field. 

1.4    “2A License” shall mean the license granted by Licensor to Licensee pursuant to
Section 2.1(d). 
 1.5    “2A Patents” shall mean all Patents
Controlled by Licensor or any of its Current Affiliates as of the Effective Date or during the Term, including Licensor’s rights in any Joint Patents, that claim the composition of matter of any 2A Compound (or 2A Product) or its manufacture or
use in the 2A Field. 2A Patents existing as of the Effective Date are set forth in Exhibit 1.5. 

  
 1 

 1.6    “2A Product” shall mean any
pharmaceutical product, in any dosage strength or formulation, containing a 2A Compound as an active pharmaceutical ingredient. 

1.7    “2A Technology” shall mean the 2A Know-How and 2A
Patents. 
 1.8    “AAA” shall have the meaning provided in Section 11.2(a). 

1.9    “Affiliate” shall mean any company or entity controlled by, controlling, or under common
control with a Party or another entity. For the purpose of this definition only, an entity shall be deemed to “control” another entity, if it owns directly or indirectly, more than 50% of the outstanding voting securities,
capital stock, or other comparable equity or ownership interest of such entity, or exercises equivalent influence over such entity. For purposes of this Agreement, Licensee shall not be considered an Affiliate of Licensor, and Licensor and its
Affiliates shall not be considered Affiliates of Licensee. 
 1.10    “Aggregate Annual Net
Sales” of a Licensed Product shall mean aggregate Net Sales of such Licensed Product by Licensee and its Affiliates and Sublicensees in the Territory in a calendar year. 

1.11    “AN143 Compound” shall mean the compound designated on Exhibit 1.11,
and any salt, solvate, hydrate, intermediate, pro-drug or metabolite thereof. 

1.12    “AN143 Field” shall mean all therapeutic, prophylactic, and diagnostic uses for any CNS
Indication. 
 1.13    “AN143 Know-How” shall mean all
Information that is specific to any AN143 Compound (including data from preclinical studies of AN143 Product), which Information is Controlled by Licensor or any of its Current Affiliates as of the Effective Date or during the Term and is necessary
or reasonably useful to develop, have developed, make, have made, use, sell, have sold, offer for sale and import any AN143 Compound or AN143 Product in the AN143 Field. 

1.14    “AN143 License” shall mean the license granted by Licensor to Licensee
pursuant to Section 2.1(a). 
 1.15    “AN143 Patents” shall mean all
Patents Controlled by Licensor or any of its Current Affiliates as of the Effective Date or during the Term, including Licensor’s rights in any Joint Patents, to the extent of claims solely directed to the composition of matter of any AN143
Compound (or AN143 Product) or its manufacture or use in the AN143 Field. For clarity, to the extent that any Patent Controlled by Licensor or any of its Affiliates as of the Effective Date or during the Term includes claims directed to an AN143
Compound (or AN143 Product) and one or more compounds or products other than an AN143 Compound (or AN143 Product), only the claims solely directed to an AN143 Compound (or AN143 Product) or its manufacture or use in the AN143 Field shall be included
as an AN143 Patent, and any claims directed to both an AN143 Compound (or AN143 Product) and one or more other compounds or products other than an AN143 Compound (or AN143 Product) shall not be an AN143 Patent. AN143 Patents existing as of the
Effective Date are set forth in Exhibit 1.15. 

  
 2. 

 1.16    “AN143 Product” shall mean any
pharmaceutical product, in any dosage strength or formulation, containing an AN143 Compound as an active pharmaceutical ingredient. 

1.17    “AN143 Technology” shall mean the AN143 Know-How
and AN143 Patents. 
 1.18    “AN352 Compound” shall mean the compound designated
on Exhibit 1.18, and any salt, solvate, hydrate, intermediate, pro-drug or metabolite thereof, and any other compounds identified in the composition of matter claims in
Licensor’s PCT application directed to the compound designated on Exhibit 1.18. 

1.19    “AN352 Field” shall mean all therapeutic, prophylactic, and diagnostic uses in humans.

 1.20    “AN352 Know-How” shall mean all Information
that is specific to any AN352 Compound (including data from preclinical studies of AN352 Product), which Information is Controlled by Licensor or any of its Current Affiliates as of the Effective Date or during the Term and is necessary or
reasonably useful to develop, have developed, make, have made, use, sell, have sold, offer for sale and import any AN352 Compound or AN352 Product in the AN352 Field. 

1.21    “AN352 License” shall mean the license granted by Licensor to Licensee pursuant to
Section 2.1(b). 
 1.22    “AN352 Patents” shall mean all Patents
Controlled by Licensor or any of its Current Affiliates as of the Effective Date or during the Term, including Licensor’s rights in any Joint Patents, that claim the composition of matter of any AN352 Compound (or AN352 Product) or its
manufacture or use in the AN352 Field. AN352 Patents existing as of the Effective Date are set forth in Exhibit 1.22. 

1.23    “AN352 Product” shall mean any pharmaceutical product, in any dosage strength or
formulation, containing an AN352 Compound as an active pharmaceutical ingredient. 
 1.24    “AN352
Technology” shall mean the AN352 Know-How and AN352 Patents. 

1.25    “AN659 Compound” shall mean the compound designated on Exhibit 1.25,
and any salt, solvate, hydrate, intermediate, pro-drug or metabolite thereof. 

1.26    “AN659 Field” shall have the meaning set forth in Appendix A. 

1.27    “AN659 Know-How” shall mean all Information that
is specific to any AN659 Compound (including data from preclinical studies of AN659 Product), which Information is Controlled by Licensor or any of its Current Affiliates as of the Effective Date or during the Term and is necessary or reasonably
useful to develop, have developed, make, have made, use, sell, have sold, offer for sale and import any AN659 Compound or AN659 Product in the AN659 Field. 

  
 3. 

 1.28    “AN659 License” shall mean the licenses
granted by Licensor to Licensee pursuant to Section 2.1(c). 
 1.29    “AN659
Patents” shall mean all Patents Controlled by Licensor or any of its Current Affiliates as of the Effective Date or during the Term, including Licensor’s rights in any Joint Patents, that claim the composition of matter
of any AN659 Compound (or AN659 Product) or its manufacture or use in the AN659 Field. AN659 Patents existing as of the Effective Date are set forth in Exhibit 1.29. 

1.30    “AN659 Product” shall mean any pharmaceutical product, in any dosage strength or
formulation, containing an AN659 Compound as an active pharmaceutical ingredient. 
 1.31    “AN659
Technology” shall mean the AN659 Know-How and AN659 Patents. 

1.32    “Applicable Laws” shall mean the applicable provisions of any and all national,
supranational, regional, state and local laws, treaties, statutes, rules, regulations, administrative codes, guidance, ordinances, judgments, decrees, directives, injunctions, orders, permits (including Regulatory Approvals) of or from any court,
arbitrator, Regulatory Authority or governmental agency or authority having jurisdiction over or related to the subject item or subject person, including the FCPA, Export Control Laws and other comparable laws. 

1.33    “Bankruptcy Laws” shall have the meaning provided in Section 9.5. 

1.34    “Beacon Agreement” shall have the meaning provided in Section 3.8. 

1.35    “Business Day” shall mean any day that is not a Saturday, a Sunday or other day on which
banks are required or authorized by law to close in the State of California, U.S. 
 1.36    “Change in
Control” shall have the meaning provided in Section 3.9. 
 1.37    “CNS
Indication” shall have the meaning set forth in Appendix A.  

1.38    “Combination Product” shall mean any Licensed Product that contains or comprises both
(a) a Licensed Compound, and (b) at least one other active ingredient(s), whether packaged together or in a single finished dosage form. 

1.39    “Commercially Reasonable Efforts” shall mean, with respect to a Party’s obligation
under this Agreement to conduct a particular activity, that level of efforts and resources required to carry out such obligation consistent with the diligence efforts a company engaged in research and development in the pharmaceutical or
biotechnology industry of comparable size and having adequate resources to fund anticipated research and development activities devotes to a compound or product at a similar stage of development or commercialization, taking into account measures of
patent coverage, relative safety and efficacy, product profile, the competitiveness of the marketplace, the proprietary position of such compound or product, the regulatory structure involved, the market potential of such compound or product,
industrial standards in manufacturing and supplying pharmaceutical products and its components, and other relevant factors, including comparative technical, legal, scientific or medical factors. Commercially Reasonable Efforts requires that a Party,
at a minimum, (a) [***], (b) [***], and (c) [***], in each case, [***], and [***] and then [***]. 

  
 4. 

 1.40    “Confidential Information”
shall mean all Information or other proprietary scientific, marketing, financial or commercial information or data, which is generated by or on behalf of a Party or its Affiliates and which one Party or any of its Affiliates has furnished or made
available to the other Party or its Affiliates, whether in oral, written or electronic form. 

1.41    “Control” (including any variations such as “Controlled” and
“Controlling”) shall mean, with respect to any Information, Patents or other intellectual property rights, possession by a Party or Third Party of the right, power and authority (whether by ownership, license or otherwise, other
than by virtue of any rights granted under this Agreement) to grant access to, to grant use of, or to grant a license or a sublicense to such Information, Patents or intellectual property rights without violating the terms of any agreement or other
arrangement with any Third Party. 
 1.42    “Current Affiliates” shall mean any Affiliate of
Licensor that exists as of the Effective Date, other than Licensee. 
 1.43    “Development
Plan” shall have the meaning provided in Section 3.1(b). 
 1.44    “Effective
Date” shall have the meaning provided in the introductory paragraph of this Agreement. 

1.45    “Elected Patents” shall have the meaning provided in Section 8.2(a)(ii). 

1.46    “Executive Officers” shall mean a senior executive officer (or his or her delegate) of
Licensor and the Chief Executive Officer of Licensee. 
 1.47    “Export Control Laws” shall
mean all applicable U.S. laws and regulations relating to (a) sanctions and embargoes imposed by the Office of Foreign Assets Control of the U.S. Department of Treasury or (b) the export or re-export
of commodities, technologies, or services, including the Export Administration Act of 1979, 24 U.S.C. §§ 2401-2420, the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701-1706, the Trading with the Enemy Act, 50
U.S.C. §§ 1 et. seq., the Arms Export Control Act, 22 U.S.C. §§ 2778 and 2779, and the International Boycott Provisions of Section 999 of the U.S. Internal Revenue Code of 1986 (as amended). 

1.48    “FCPA” shall mean the U.S. Foreign Corrupt Practices Act (15 U.S.C. Section 78dd-1, et. seq.) as amended. 
 1.49    “Field”
shall mean the AN143 Field, AN352 Field, AN659 Field or 2A Field, as applicable for each of the AN143 Products, AN352 Products, AN659 Products and 2A Products, respectively. 

1.50    “First Commercial Sale” shall mean, with respect to any Licensed Product, the first sale
by Licensee or its Affiliate or Sublicensee for end use or consumption of such Licensed Product in a country in the Territory after the governing Regulatory Authority of such country has granted Regulatory Approval of such Licensed Product. 

  
 5. 

 1.51    “IND” shall mean an investigational new
drug application, clinical study application, clinical trial exemption, or similar application or submission for approval to conduct human clinical investigations filed with or submitted to a Regulatory Authority in conformance with the requirements
of such Regulatory Authority. 
 1.52    “Indemnitee” shall have the meaning
provided in Section 10.3. 
 1.53    “Indemnitor” shall have the meaning provided in
Section 10.3. 
 1.54    “Information” shall mean all tangible and intangible techniques,
technology, practices, trade secrets, inventions (whether patentable or not), processes, designs, formulas, ideas, programs, software models, algorithms, developments, experimental works, protocols, methods, knowledge,
know-how, skill, experience, test data and results (including pharmacological, toxicological and non-clinical and clinical data and results), compilations of data, other
works of analytical and quality control data, results and descriptions 
 1.55    “Invention”
shall mean any discovery or invention, whether or not patentable, relating to any Licensed Compound or any Licensed Product or its manufacture or use made in the course of any development, manufacturing, regulatory or commercialization activities
contemplated by this Agreement. 
 1.56    “Joint Discovery Committee” shall have the meaning
provided in Section 3.8. 
 1.57    “Joint Patent” shall have the meaning provided in
Section 8.1. 
 1.58    “License” shall mean the AN143 License, AN352 License, AN659
License or 2A License, as applicable. 
 1.59    “Licensed Compounds” shall mean the AN143
Compounds, AN352 Compounds, AN659 Compounds or 2A Compounds, as applicable. 
 1.60    “Licensed Know-How” shall mean the AN143 Know-How, AN352 Know-How, AN659 Know-How or 2A Know-How, as applicable. 
 1.61    “Licensed Patents” shall
mean the AN143 Patents, AN352 Patents, AN659 Patents or 2A Patents, as applicable. 
 1.62    “Licensed
Product Family” shall mean each of AN143 Products as a group, AN352 Products as a group, AN659 Products as a group, or 2A Products as a group. 

1.63    “Licensed Products” shall mean the AN143 Products, AN352 Products, AN659 Products or 2A
Products, as applicable. 
 1.64    “Licensed Technology” shall mean the AN143 Technology, AN352
Technology, AN659 Technology or 2A Technology, as applicable. 

  
 6. 

 1.65    “Licensee
Know-How” shall mean all Information with respect to any Licensed Compound or Licensed Product, which Information is Controlled by Licensee or any of its Affiliates during the Term, including all
Information relating to any Licensed Compound or Licensed Product developed or generated in the course of any development, manufacturing, regulatory or commercialization activities by or on behalf of Licensee or any of its Affiliates contemplated by
this Agreement. 
 1.66    “Licensee Patents” shall mean all Patents Controlled by Licensee or
any of its Affiliates during the Term, which Patents claim the composition of matter, manufacture or use of any Licensed Compound (or Licensed Product), including all Patents that claim any Invention relating to any Licensed Product or its
manufacture or use made, either solely or jointly with others, by one or more employees or agents of Licensee, its Affiliates or other persons acting under its authority; provided that Licensee Patents exclude any Joint Patents and any Patents
within the New Compound IP.  
 1.67    “Licensee Technology” shall mean the Licensee Know-How and Licensee Patents. 
 1.68    “Licensor Product”
shall have the meaning set forth in Appendix A. 
 1.69    “MAA” shall mean an
application for the authorization for marketing of a Licensed Product, including all amendments and supplements thereto, filed with any Regulatory Authority to gain approval to market a Licensed Product in a given country or group of countries. 

1.70    “Net Sales” shall mean the gross amounts invoiced for sales or other
dispositions of Licensed Products by or on behalf of Licensee or any of its Affiliates or Sublicensees (each, a “Selling Party”) to Third Parties (other than Sublicensees), less deductions actually
incurred, allowed, paid, accrued or otherwise specifically allocated to Licensed Products by the Selling Party in accordance with U.S. generally accepted accounting principles or international financial reporting standards, in either case,
consistently applied throughout the organization of the applicable Selling Party for: 
 (a)    [***]; 

(b)    [***]; 

(c)    [***]; 

(d)    [***]; and 

(e)    [***]. 

Sales of Licensed Products by a Selling Party to another Selling Party for resale by such entity to a Third Party (other than a Selling Party)
shall not be deemed a sale for purposes of this definition of “Net Sales,” provided that the subsequent resale is included in the computation of Net Sales. Further, transfers or dispositions of Licensed Products as free promotional samples
in commercially reasonable amounts, consistent with prevailing industry standards, and Licensed Products used in development or regulatory activities, compassionate use, indigent programs, investigator-initiated trials or on a named patient basis
shall be disregarded in determining Net Sales. 

  
 7. 

 In the event that a Licensed Product is sold in the form of a Combination Product, Net Sales
of the Combination Product shall be determined by [***]. 
 1.71    “New Compound IP” shall mean
all Inventions relating to any Licensed Compound or its manufacture or use, including new uses or formulations of such Licensed Compound, made, either solely by or jointly with Licensee or with others, by one or more employees or agents of Licensee,
its Affiliates or other persons acting under its authority, and all intellectual property rights therein, including any Patents claiming any such Inventions. 

1.72    “Party” shall mean Licensee or Licensor individually, and “Parties” shall
mean Licensee and Licensor collectively. 
 1.73    “Patents” shall mean patents and patent
applications, including provisional applications, continuations, continuations-in-part, continued prosecution applications, divisions, substitutions, reissues,
additions, renewals, reexaminations, extensions, term restorations, confirmations, registrations, revalidations, revisions, priority rights, requests for continued examination and supplementary protection certificates granted in relation thereto, as
well as utility models, innovation patents, petty patents, patents of addition, inventor’s certificates, and equivalents in any country or jurisdiction. 

1.74    “Regulatory Approval” shall mean any and all approvals, licenses, permits,
registrations or authorizations of or from any Regulatory Authority that are necessary to market and sell a pharmaceutical product in any country or other jurisdiction. 

1.75    “Regulatory Authority” shall mean any country, federal, supranational, state or local
regulatory agency, department, bureau or other governmental or regulatory authority having the administrative authority to regulate the development or marketing of pharmaceutical products in any country or other jurisdiction. 

1.76    “ROFN Compound” shall have the meaning provided in Section 3.8. 

1.77    “ROFN Field” shall have the meaning provided in Section 3.8. 

1.78    “Royalty Term” shall have the meaning provided in Section 4.2. 

1.79    “SEC” shall have the meaning provided in Section 6.4. 

1.80    “Securities Act” means the Securities Act of 1933, as amended. 

1.81    “Sublicensee” shall mean any Third Party to whom Licensee has directly or indirectly
granted a sublicense under all or any portion of the License. 
 1.82    “Term” shall have the
meaning provided in Section 9.1. 
 1.83    “Terminated Products” shall have
the meaning provided in Section 9.3(b). 

  
 8. 

 1.84    “Territory” shall mean all countries in
the world. 
 1.85    “Third Party” shall mean any entity other than Licensee and its Affiliates
and Licensor and its Affiliates. 
 1.86    “U.S.” shall mean the United States of America and
its territories and possessions. 
 1.87    “Valid Claim” shall mean a
claim contained in (a) an issued and unexpired Patent, which claim has not been found to be unpatentable, invalid, revocable or unenforceable by a decision of a court or other authority of competent jurisdiction in the subject country, which
decision is unappealable or unappealed within the time allowed for appeal, and has not been admitted to be invalid or unenforceable through abandonment, reissue, disclaimer or otherwise, or (b) a Patent application that has not been
irretrievably cancelled, withdrawn, abandoned or rejected. A Patent application pending for more than [***] years (including the pendency of any priority Patent applications) shall not be considered to have any Valid Claim for purposes of this
Agreement unless and until a Patent with respect to such application issues with such claim. 
  

	2.	 LICENSE 

2.1    License Grant. 

(a)    AN143. Subject to the terms and conditions of this Agreement, Licensor hereby grants to Licensee an
exclusive (even as to Licensor), royalty-bearing license, with the right to sublicense through multiple tiers as provided in Section 2.2, under the AN143 Technology solely to develop, make, have made, use, sell, offer for sale and import AN143
Products in the AN143 Field in the Territory during the Term. Further, Licensor grants to Licensee, with the right to convey to Sublicensees as provided in Section 2.2, a covenant not to sue under any Patents or Information (to the extent such
Information was disclosed by Licensor to Licensee) owned by Licensor or its Current Affiliates (other than the AN143 Technology, which is licensed under the AN143 License) that would be infringed in the case of Patents or misappropriated in the case
of Information, by the development, manufacture, use, sale, offer for sale or import of any AN143 Product in the AN143 Field in the Territory, solely to the extent necessary for Licensee and its Affiliates and Sublicensees to develop, make, have
made, use, sell, offer for sale and import any AN143 Product in the AN143 Field in the Territory. 

(b)    AN352. Subject to the terms and conditions of this Agreement, Licensor hereby grants to Licensee an
exclusive (even as to Licensor), royalty-bearing license, with the right to sublicense through multiple tiers as provided in Section 2.2, under the AN352 Technology solely to develop, make, have made, use, sell, offer for sale and import AN352
Products in the AN352 Field in the Territory during the Term. Further, Licensor grants to Licensee, with the right to convey to Sublicensees as provided in Section 2.2, a covenant not to sue under any Patents or Information (to the extent such
Information was disclosed by Licensor to Licensee) owned by Licensor or its Current Affiliates (other than the AN352 Technology, which is licensed under the AN352 License) that would be infringed in the case of Patents or misappropriated in the case
of Information, by the development, manufacture, use, sale, offer for sale or import of any AN352 Product in the AN352 Field in the Territory, solely to the extent necessary for Licensee and its Affiliates and Sublicensees to develop, make, have
made, use, sell, offer for sale and import any AN352 Product in the AN352 Field in the Territory. 

  
 9. 

 (c)    AN659. Subject to the terms and conditions of this
Agreement, Licensor hereby grants to Licensee an exclusive (even as to Licensor), royalty-bearing license, with the right to sublicense through multiple tiers as provided in Section 2.2, under the AN659 Technology solely to develop, make, have
made, use, sell, offer for sale and import AN659 Products in the AN659 Field in the Territory during the Term. Further, Licensor grants to Licensee, with the right to convey to Sublicensees as provided in Section 2.2, a covenant not to sue
under any Patents or Information (to the extent such Information was disclosed by Licensor to Licensee) owned by Licensor or its Current Affiliates (other than the AN659 Technology, which is licensed under the AN659 License) that would be infringed
in the case of Patents or misappropriated in the case of Information, by the development, manufacture, use, sale, offer for sale or import of any AN659 Product in the AN659 Field in the Territory, solely to the extent necessary for Licensee and its
Affiliates and Sublicensees to develop, make, have made, use, sell, offer for sale and import any AN659 Product in the AN659 Field in the Territory. 

(d)    2A. Subject to the terms and conditions of this Agreement, Licensor hereby grants to Licensee an
exclusive (even as to Licensor), royalty-bearing license, with the right to sublicense through multiple tiers as provided in Section 2.2, under the 2A Technology solely to develop, make, have made, use, sell, offer for sale and import 2A
Products in the 2A Field in the Territory during the Term. Further, Licensor grants to Licensee, with the right to convey to Sublicensees as provided in Section 2.2, a covenant not to sue under any Patents or Information (to the extent such
Information was disclosed by Licensor to Licensee) owned by Licensor or its Current Affiliates (other than the 2A Technology, which is licensed under the 2A License) that would be infringed in the case of Patents or misappropriated in the case of
Information, by the development, manufacture, use, sale, offer for sale or import of any 2A Product in the 2A Field in the Territory, solely to the extent necessary for Licensee and its Affiliates and Sublicensees to develop, make, have made, use,
sell, offer for sale and import any 2A Product in the 2A Field in the Territory. 
 (e)    Notwithstanding
anything to the contrary in this Section 2, Licensor shall retain the exclusive right (even as to Licensee) under the Licensed Technology to develop, make, have made and use any and all intermediates,
pro-drugs and metabolites within any Licensed Compound for the development, manufacture, use, sale, offer for sale or import of any Licensor Product. 

2.2    Sublicense and Subcontract Rights. 

(a)    Right to Sublicense. Subject to the terms and conditions of this Agreement, Licensee shall have the
right to grant sublicenses under the License and to convey rights under the covenants not to sue granted in Section 2.1 to an Affiliate of Licensee or a Third Party, subject to, if such grant or conveyance is within [***] [(***)] months of the
Effective Date, prior written consent of Licensor, which shall not be unreasonably withheld. 

  
 10. 

 (b)    Right to Subcontract. Subject to the terms and
conditions of this Agreement, Licensee shall have the right to subcontract its activities with respect to any Licensed Product to its Affiliates, contractors and any other Third Party. 

(c)    Sublicense and Subcontract Terms. Any sublicense and subcontract granted by Licensee under this
Agreement shall be (i) in writing and (ii) subject and subordinate to, and consistent with, the terms and conditions of this Agreement. Licensee shall provide Licensor with a copy of any sublicense agreement entered into with a
Sublicensee, and any amendment thereto, within [***] days of its execution (provided that Licensee may redact any confidential information contained therein that is not necessary to ascertain compliance with this Agreement). Licensee shall be
responsible for the compliance of its Affiliates, Sublicensees and subcontractors with the relevant obligations under this Agreement and shall, at its own cost, enforce compliance by its Affiliates, Sublicensees and subcontractors with the terms of
the sublicense agreement. 
 2.3    Negative Covenants. 

(a)    Each Party hereby covenants that it will not, and will not permit its Affiliate, Sublicensee or other Third
Party to, directly or indirectly use or practice (a) the AN143 Technology outside the AN143 License, (b) the AN352 Technology outside the AN352 License, (c) the AN659 Technology outside the AN659 License or (d) the 2A Technology
outside the 2A License. Licensee further covenants that it will not, and will not permit its Affiliate, Sublicensee or other Third Party to, directly or indirectly use or practice the AN352 Technology in weight loss, weight management, or obesity,
but only so long as Licensee is an Affiliate of Licensor. 
 (b)    Licensee grants to Licensor, with the right
to convey to licensees or sublicensees of rights to any Licensor Product, a covenant not to sue under the Licensee Technology that would be infringed in the case of Patents or misappropriated in the case of Information, by the development,
manufacture or use of any intermediate, pro-drug or metabolite within any Licensed Compound, solely to the extent necessary for Licensor and its Affiliates and licensees to develop, make, have made and use any
intermediate, pro-drug or metabolite within any Licensed Compound for the development, manufacture, use, sale, offer for sale or import of any Licensor Product. 

2.4    No Implied Licenses. No right or license under any Patents or Information of either Party is granted
or shall be granted by implication. All such rights or licenses are or shall be granted only as expressly provided in the terms of this Agreement. 

2.5    Licensed Know-How. 

(a)    Data Access. Throughout the Term, Licensor shall make available to Licensee at Licensee’s expense
all information that describes or contains Licensed Know-How that may from time to time come into Licensor’s possession as necessary for Licensee to practice the License. 

(b)    Access to Personnel. Upon Licensee’s request and prior written consent, Licensor shall provide
Licensee reasonable access to Licensor employees and consultants familiar with the Licensed Compounds and Licensed Know-How, as reasonably necessary to provide such information as necessary for Licensee to
practice its License. 

  
 11. 

	3.	 DEVELOPMENT, REGULATORY AND COMMERCIALIZATION
MATTERS 

 3.1    Development. 

(a)    Conduct of Development Activities. Licensee (itself and through its Affiliates and Sublicensees, as
applicable) shall be solely responsible, at its own expense, for all development activities with Licensed Products in the applicable Field in the Territory. 

(b)    Development Plan. Licensee shall prepare a written development plan, summarizing the development
activities with the Licensed Products in the applicable Field to be conducted by Licensee (itself and through its Affiliates and Sublicensees, as applicable), and the timeline regarding such activities (as may be amended, the
“Development Plan”). An initial Development Plan is attached to this Agreement as Appendix B. Licensee shall review from time to time and, as appropriate, prepare an update to the
then-current Development Plan that reflects any material changes with respect to development of Licensed Products and send such updated Development Plan to Licensor for review. Licensee shall give good faith consideration to any written comments
provided by Licensor with respect to any updated Development Plan but shall retain sole control over decisions with regard to the Development Plan and any changes thereto. Licensee or its Affiliates or Sublicensees, as applicable, shall conduct
development of Licensed Compounds and Licensed Products in accordance with the then-current Development Plan. 

(c)     Data Sharing. If any data or information relating to any intermediate, pro-drug or metabolite within any Licensed Compound is generated in the course of development activities with any of the Licensed Products, Licensee shall promptly share such data or information with Licensor and
Licensor and its Affiliates, licensees and sublicensees shall have the right to use and disclose such data or information as reasonably necessary to comply with their obligations with respect to the preparation, filing, obtaining and maintenance of
Regulatory Approvals for any Licensor Products. 
 3.2    Regulatory. Licensee (itself and through its
Affiliates and Sublicensees, as applicable) shall be solely responsible, at its own expense, for all regulatory activities with respect to Licensed Products in the applicable Field in the Territory, including formulating regulatory strategy and
preparing, filing, obtaining and maintaining Regulatory Approvals for Licensed Products in the applicable Field in the Territory, shall be the holder of all Regulatory Approvals for Licensed Products in the applicable Field in the Territory, and
shall have responsibility for interactions with Regulatory Authorities with respect to Licensed Products in the applicable Field in the Territory. Licensee shall keep Licensor regularly and fully informed of the preparation and Regulatory Authority
review and approval of submissions and communications with Regulatory Authorities with respect to Licensed Products in the applicable Field in the Territory. Licensor shall have the right to comment on all major regulatory filings and documents
(including INDs, Drug Approval Applications, material labeling supplements, Regulatory Authority meeting requests, and core data sheets) with respect to Licensed Products in the applicable Field in the Territory to the extent such regulatory filings
and documents contain information or data regarding Licensor’s compounds other than the Licensed Compounds, in advance of submission by Licensee, 

  
 12. 

 
and Licensee shall consider in good faith any such comments of Licensor. In addition, Licensee shall promptly provide Licensor with copies of all material documents, information and
correspondence received by Licensee (or its Affiliate or Sublicensee) from a Regulatory Authority and upon reasonable request, with copies of any other documents, reports and communications from or to any Regulatory Authority relating to Licensed
Compounds, Licensed Products or activities under this Agreement. 
 3.3    Manufacture and Supply.
Licensee (itself and through its Affiliates and Sublicensees, as applicable) shall be solely responsible, at its cost and expense, for the manufacture and supply of Licensed Compound or Licensed Product for commercial use in the Territory. 

3.4    Commercialization. Licensee (itself and through its Affiliates and Sublicensees, as
applicable) shall be solely responsible, at its own expense, for marketing, selling, offer for sale, distributing, promoting and otherwise commercializing Licensed Products in the applicable Field in the Territory, in accordance with the terms and
conditions of this Agreement. 
 3.5    Compliance with Applicable Laws. Licensee shall conduct, and shall
cause its Affiliates and Sublicensees to conduct, all development, regulatory, manufacturing and commercialization activities with respect to Licensed Compounds and Licensed Products in the applicable Field in the Territory in compliance with all
Applicable Laws, including good scientific and clinical practices under the Applicable Laws of the country in which such activities are conducted. 

3.6    Diligence. Licensee (itself and through its Affiliates and Sublicensees, as applicable) shall use
Commercially Reasonable Efforts to develop and conduct regulatory activities with respect to an AN143 Product, an AN659 Product and an 2A Product in the applicable Field in the Territory, seek Regulatory Approval of each such Licensed Product in the
U.S. and the European Union and, following receipt of Regulatory Approval for any such Licensed Product in the applicable Field in any country or other regulatory jurisdiction, to promote, market, sell and distribute, and to meet market demand for,
such Licensed Product in the applicable Field in such country or other jurisdiction in the Territory. 

3.7    Disclosures by Licensee. Until receipt by Licensee or its Affiliate or Sublicensee of Regulatory
Approval in any country or other regulatory jurisdiction in the Territory, Licensee shall keep Licensor appropriately informed about Licensee’s and its Affiliates’ and Sublicensees’ development, clinical trial progress and
commercialization efforts with respect to Licensed Products in the applicable Field in such country or regulatory jurisdiction in the Territory. Without limiting the generality of the foregoing, Licensee shall provide Licensor with prompt written
notice of the following: 
 (a)    plans, and any material changes in such plans, for and filing of an IND for
any Licensed Product in the applicable Field in the Territory; 
 (b)    plans, and any material changes in such
plans, for and initiation of any clinical trial of any Licensed Product in the applicable Field in the Territory; 

(c)    plans, and any material changes in such plans, for and termination of development of any Licensed Product in
the applicable Field in the Territory; 

  
 13. 

 (d)    plans, and any material changes in such plans, for and
filing of any MAA for any Licensed Product in the applicable Field in the Territory; 
 (e)    receipt of
approval of any MAA for any Licensed Product in the applicable Field in the Territory; 
 (f)     any information
concerning a serious adverse event or other observations that may reasonably lead to a clinical hold or suspension of a clinical trial for any Licensed Product; 

(g)    imposition of a clinical hold, suspension of a clinical trial or receipt of notice of any regulatory or
quality violation from a Regulatory Authority with respect to any Licensed Product in the applicable Field in the Territory; and 

(h)    any other significant development or commercialization plans, activities or results with respect to Licensed
Products in the applicable Field in the Territory. 
 As long as Licensor has a representative on Licensee’s Board of Directors, any
reporting or disclosure requirements under this Section 3.7(a)-(e) or (h), or Section 3.2 may be satisfied by reporting or disclosing the required information to Licensee’s Board of Directors during a time when such representative is
present, so long as such information is also provided in a [***] report.     
 Licensee shall provide Licensor with
[***] written reports summarizing in reasonable detail Licensee’s and its Affiliates’ and Sublicensees’ development and commercialization efforts with respect to Licensed Products in the applicable Field during the applicable [***]
period (including a description of (i) the development and commercialization efforts it has performed, or caused to be performed, since the preceding report (including any filings, submissions, communications or meetings with any Regulatory
Authorities), (ii) its development and commercialization activities in process, and (iii) the future activities it expects to initiate during the then-current calendar year (including any filings, submissions, communications or meetings with
any Regulatory Authorities), including with respect to clauses (ii) and (iii), (x) the estimated timeline for the completion of such activities and (y) whether it plans to subcontract any such activities). 

3.8    Right of First Negotiation. The Parties acknowledge that the License and Collaboration Agreement by
and between Beacon Discovery, Inc. and the Licensor dated January 1, 2020 (the “Beacon Agreement”) will remain with Licensor; provided that, for the avoidance of doubt, Licensor shall have no
obligation to maintain the Beacon Agreement in effect. The Parties shall establish a joint committee (“Joint Discovery Committee”) composed of [***] [(***)] representatives of each Party and meet as reasonably
agreed by the Parties. The Joint Discovery Committee shall review select compounds that arise under the Beacon Agreement and are identified by Licensor as having potential utility for a CNS Indication, and decide whether to designate such compound
for investigation by the Licensee (each such designated compound, an “ROFN Compound”). Licensor hereby grants to Licensee the exclusive first right to negotiate in good faith with Licensor for a
license to any ROFN Compound. If, after the Effective Date, Licensee wishes to exclusively license rights to such ROFN Compounds in the ROFN Field (as defined below), Licensee shall provide written notice to Licensor identifying the ROFN

  
 14. 

 
Compound that Licensee wishes to license, and Licensor and Licensee agree to negotiate such license in good faith for [***] [(***)] days from the designation . The “ROFN
Field” shall mean all therapeutic, prophylactic, and diagnostic uses for any CNS Indication. 

3.9    Licensor Change in Control. Upon a Change in Control, (a) the obligations of Licensee under
Section 3.1(b), the third and fourth sentence of Section 3.2 and Section 3.6 shall terminate, (b) Licensee may satisfy all disclosure and notification requirements of Licensee under Section 3.7 through the [***] written
reports provided for therein (except with respect to Section 3.7(g), which shall continue to require prompt written notice), and (c) Licensor’s right to consent to sublicenses as set forth in Section 2.2(a) shall terminate.
“Change in Control” means any of the following transactions consummated by Licensor: (a) a sale or other disposition of all or substantially all of the assets of Licensor to a Third Party;
(b) any consolidation, merger or reorganization of Licensor in which the holders of the voting securities of Licensor outstanding immediately prior to consummation of such consolidation, merger or reorganization cease to own, directly or
indirectly, at least fifty percent (50%) of the combined voting power of the surviving entity (or, if the surviving entity is a wholly owned subsidiary, its parent) immediately after consummation such consolidation, merger or reorganization; or
(c) any transaction or series of related transactions in which a Third Party or group of Third Parties acting in concert acquires more than fifty percent (50%) of the voting securities of Licensor; provided that a Change in Control will not
include (i) any transaction effected exclusively to change the domicile of Licensor, or (ii) any transaction or series of transactions principally for bona fide equity financing purposes in which cash is received by Licensor or any
successor, or indebtedness of Licensor is cancelled or converted, or a combination thereof. 
  

	4.	 PAYMENTS 

4.1    Royalties. Licensee shall pay a [***]% royalty to Licensor on incremental Aggregate Annual Net
Sales of each AN352 Product in each calendar year, and a [***]% royalty to Licensor on incremental Aggregate Annual Net Sales of each Licensed Product other than AN352 Products in each calendar year. 

4.2    Royalty Term. Royalties due under Section 4.1 shall be payable on a Licensed Product-by-Licensed Product and country-by-country basis in the Territory with respect to Net
Sales of a Licensed Product in a country in the Territory during the period of time commencing on the First Commercial Sale of such Licensed Product in such country and ending upon the later of: (a) 10 years from the date of First
Commercial Sale of such Licensed Product in such country; and (b) expiration of the last-to-expire Valid Claim of the Licensed Patents (including any Joint Patents)
covering the manufacture, use or sale of such Licensed Product in such country (the “Royalty Term”). On a Licensed
Product-by-Licensed Product and country-by-country basis in the Territory, upon
expiration of the Royalty Term for a Licensed Product in a country, the License with respect to such Licensed Product in such country, and the covenant not to sue with respect to such Licensed Product in such country, shall become fully-paid,
irrevocable and perpetual and shall survive expiration or termination of this Agreement.  

4.3    Royalty Adjustment. During any part of the Royalty Term for a Licensed Product in which there
is no Valid Claim of the Licensed Patents in the country of sale claiming such Licensed Product or the Licensed Compound contained therein, or the manufacture or use of such 

  
 15. 

 
Licensed Product or Licensed Compound contained therein, in such country the royalty payable with respect to Net Sales of such Licensed Product in such country shall be reduced by [***]%, which
reduction will be calculated by determining the portion of total Net Sales of the relevant Licensed Product in a calendar quarter that is attributable to the country in which such reduction applies, and determining the total royalties for such
Licensed Product without reduction, and then reducing by [***]% the applicable portion (based on Net Sales of such Licensed Product in such country as a percentage of total Net Sales of such Licensed Product) of total royalties attributable to such
Licensed Product in such country.  
 4.4    Third Party Licenses. The Licenses will be subject to
payments due and payable to any Third Party from whom the applicable intellectual property rights have been licensed or acquired by Licensor (“Third Party Owner”) for the practice of any such
License by or on behalf of Licensee or its Affiliates or Sublicensees. Each Party shall promptly notify the other Party if it becomes aware of any intellectual property rights of any Third Party Owner that relate specifically to any Licensed Product
or its manufacture or use. If Licensor comes to Control Patents or other intellectual property rights of any Third Party Owner after the Effective Date that relate specifically to a Licensed Product or its manufacture or use, Licensor shall notify
Licensee in writing of such intellectual property rights, including a description thereof and any payments that Licensor is obligated to pay in connection with the grant, maintenance or exercise of the sublicense of such rights to Licensee. Such
intellectual property rights will be sublicensed to Licensee only if Licensee provides Licensor with written notice in which: (i) Licensee consents to adding such intellectual property rights to the definition of Licensed Technology;
(ii) Licensee agrees to be responsible for all payments that would be owed under such agreement between Licensor and such Third Party Owner (as disclosed to Licensee) due to Licensor’s granting a sublicense to Licensee or Licensee’s
practice of such sublicense; and (iii) Licensee acknowledges in writing that its sublicense is subject to the applicable terms and conditions of such agreement between Licensor and such Third Party Owner. 

 

	5.	 PAYMENT; RECORDS; AUDITS 

5.1    Payment; Reports. Royalties shall be calculated and reported for each calendar quarter. Licensee
shall, within five Business Days after the end of each calendar quarter, provide Licensor a good faith estimate of the royalties due for such calendar quarter. Licensee shall pay Licensor the royalties due within 45 days after the end of such
calendar quarter. Each payment shall be accompanied by a report of Net Sales of each Licensed Product by Licensee and its Affiliates and Sublicensees in sufficient detail to permit confirmation of the accuracy of the payment made, including gross
sales and Net Sales of each Licensed Product on a country-by-country basis, including deductions as applicable to calculate Net Sales the royalty payable, the method
used to calculate the royalties, and the exchange rates used to calculate the royalties. 
 5.2    Exchange
Rate; Manner and Place of Payment. All payments hereunder shall be payable in U.S. dollars. When conversion of payments from any foreign currency is required, such conversion shall be at an exchange rate equal to the weighted average of the
rates of exchange for the currency of the country from which such payments are payable as published by The Wall Street Journal, Western U.S. Edition during the calendar quarter for which a payment is due. All payments owed under this
Agreement shall be made by wire transfer in immediately available funds to a bank and account designated in writing by Licensor, unless otherwise specified in writing by Licensor. 

  
 16. 

 5.3    Income Tax Withholding. Licensor will pay any and
all taxes levied on account of any payments made to it under this Agreement. If any taxes are required by Applicable Laws to be withheld by Licensee from any payment made to Licensor under this Agreement, Licensee will (a) deduct such taxes
from the payment made to Licensor, (b) timely pay the taxes to the proper taxing authority, and (c) send proof of payment to Licensor and certify its receipt by the taxing authority within 30 days following such payment. For purposes
of this Section 5.3, each Party agrees to provide the other with reasonably requested assistance to enable the due deduction by the paying Party and appropriate recovery by the other Party, which assistance includes, but is not limited to,
provision of any tax forms and other information that may be reasonably necessary in order for the paying Party not to withhold tax or to withhold tax at a reduced rate under an applicable bilateral income tax treaty. If Licensor assigns, transfers
or otherwise disposes of some or all of its rights and obligations under this Agreement to any other entity and if, as a result of such action, the withholding taxes required by Applicable Laws with respect to payments under this Agreement is
increased, then any amount payable to Licensor’s assignee or transferee under this Agreement shall be limited to the amount that would have been payable to Licensor had no such assignment, transfer or disposal occurred. If Licensee assigns,
transfers or otherwise disposes of some or all of its rights and obligations under this Agreement to any other entity and if, as a result of such action, the withholding taxes required by Applicable Laws with respect to payments under this Agreement
is increased, then any amount payable by Licensee’s assignee or transferee under this Agreement shall be increased to ensure that Licensor receives the amount that would have been payable to Licensor had no such assignment, transfer or disposal
occurred and it shall be a condition precedent to any such assignment, transfer or disposal that such assignee or transferee shall assume Licensee’s withholding and payment obligations as set forth in this Section 5.3. 

5.4    Records; Audits. Licensee shall keep, and require its Affiliates and Sublicensees to keep, complete,
fair and true books of accounts and records for the purpose of determining the amounts payable to Licensor pursuant to this Agreement. Such books and records shall be kept for at least [***]. Licensor shall have the right to cause an independent,
certified public accountant reasonably acceptable to Licensee to audit such records to confirm Net Sales, royalties and other payments for a period covering not more than the preceding [***]. Such audits may be exercised during normal business hours
upon reasonable prior written notice to Licensee. Prompt adjustments shall be made by the Parties to reflect the results of such audit. Licensor shall bear the full cost of such audit unless such audit discloses an underpayment by Licensee of more
than [***]% of the amount of royalties or other payments due under this Agreement for any applicable [***], in which case, Licensee shall bear the cost of such audit and shall promptly remit to Licensor the amount of any underpayment. Any
overpayment by Licensee revealed by an audit shall be [***] against future payment owed by Licensee to Licensor (and if no further payments are due, shall be refunded by Licensor at the request of Licensee). 

5.5    Late Payments. In the event that any payment due under this Agreement is not made when due, the
payment shall accrue interest from the date due at a rate per annum that is [***] on the last Business Day of the applicable calendar quarter prior to the date on which such payment is due; provided, however, that in no event shall such rate
exceed the maximum legal annual interest rate. The payment of such interest shall not limit Licensor from exercising any other rights it may have as a consequence of the lateness of any payment. 

  
 17. 

	6.	 CONFIDENTIALITY 

6.1    Confidential Information. Except to the extent expressly authorized by this Agreement or otherwise
agreed in writing by the Parties, each Party (in such capacity, the “Receiving Party”) agrees that, during the Term and for [***] years thereafter, it shall keep confidential and shall not publish
or otherwise disclose to any Third Party, and shall not use for any purpose other than as expressly provided for in this Agreement or any other written agreement between the Parties, any Confidential Information furnished or made available to it by
or on behalf of the other Party (in such capacity, the “Disclosing Party”). All New Compound IP shall be Confidential Information of Licensor, and Licensor shall be deemed the Disclosing Party and
Licensee shall be deemed the Receiving Party with respect thereto. The Receiving Party shall use at least the same standard of care as it uses to protect proprietary or confidential information of its own (but in no event less than reasonable care)
to ensure that its, and its Affiliates’, employees, agents, consultants and other representatives do not disclose or make any unauthorized use of the Confidential Information. The Receiving Party shall promptly notify the Disclosing Party upon
discovery of any unauthorized use or disclosure of the Disclosing Party’s Confidential Information. 

6.2    Exceptions. Confidential Information shall not include any information which the Receiving Party can
prove by competent evidence: (a) is now, or hereafter becomes, through no act or failure to act on the part of the Receiving Party, generally known or available; (b) is known by the Receiving Party and/or any of its Affiliates at the time
of receiving such information, as evidenced by its written prior records (provided that this clause (b) shall not apply to Licensee as the Receiving Party with respect to New Compound IP); (c) is hereafter furnished to the Receiving Party
or any of its Affiliates by a Third Party, as a matter of right and without restriction on disclosure; or (d) is independently discovered or developed by the Receiving Party and/or any of its Affiliates, without the use of Confidential
Information of the Disclosing Party, as evidenced by its contemporaneously-maintained written records. 

6.3    Authorized Disclosure. Notwithstanding the provisions of Section 6.1, the Receiving Party may
disclose Confidential Information of the Disclosing Party as expressly permitted by this Agreement, or if and to the extent such disclosure is reasonably necessary in the following instances: 

(a)    filing or prosecuting Patents as permitted by this Agreement; 

(b)    enforcing such Party’s rights under this Agreement; 

(c)    prosecuting or defending litigation as permitted by this Agreement; 

(d)    complying with applicable court orders or governmental regulations, including from Regulatory Authorities;

 (e)    disclosure to Affiliates, actual and potential licensees and Sublicensees, employees, consultants or
agents of the Receiving Party who have a need to know such information 

  
 18. 

 
in order for the Receiving Party to exercise its rights or fulfill its obligations under this Agreement, provided, in each case, that any such Affiliate, actual or potential licensee or
Sublicensee, employee, consultant or agent agrees to be bound by terms of confidentiality and non-use comparable in scope to those set forth in this Article 6; and 

(f)    disclosure to Third Parties in connection with due diligence or similar investigations by such Third
Parties, and disclosure to potential Third Party investors in confidential financing documents, provided, in each case, that any such Third Party agrees to be bound by reasonable obligations of confidentiality and
non-use. 
 Notwithstanding the foregoing, in the event a Party is required to make a disclosure of
the other Party’s Confidential Information pursuant to Section 6.3(c) or Section 6.3(d), it will, except where impracticable, give reasonable advance notice to the other Party of such disclosure and use efforts to secure confidential
treatment of such information at least as diligent as such Party would use to protect its own confidential information, but in no event less than reasonable efforts. In any event, the Parties agree to take all reasonable action to avoid disclosure
of Confidential Information hereunder. 
 6.4    Public Announcements. 

(a)    Press Releases. Except as required by applicable securities laws (including disclosure requirements of
the U.S. Securities and Exchange Commission (“SEC”) or any stock exchange on which securities issued by a Party or its Affiliates are traded), Licensee shall not make any other public announcement
concerning this Agreement or the subject matter hereof without the prior written consent of Licensor, which shall not be unreasonably withheld or delayed; provided that Licensee may make any public statement, or issue press releases, so long as any
such public statement or press release is not inconsistent with prior public disclosures or public statements approved by Licensor pursuant to this Section 6.4 and which do not reveal non-public
information about Licensor. In the event of a required public announcement, to the extent practicable under the circumstances, Licensee making such announcement shall provide Licensor with a copy of the proposed text of such announcement
sufficiently in advance of the scheduled release to afford Licensor a reasonable opportunity to review and comment upon the proposed text. 

(b)    Filing of this Agreement. The Parties shall coordinate in advance with each other in connection with
the filing of this Agreement (including redaction of certain provisions of this Agreement) with the SEC or any stock exchange or governmental agency on which securities issued by a Party or its Affiliate are traded, and each Party will use
reasonable efforts to seek confidential treatment for the terms proposed to be redacted; provided that each Party will ultimately retain control over what information to disclose to the SEC or any stock exchange or other governmental agency, as the
case may be, and provided further that the Parties will use their reasonable efforts to file redacted versions with any governing bodies which are consistent with redacted versions previously filed with any other governing bodies. Other than such
obligation, neither Party (nor its Affiliates) will be obligated to consult with or obtain approval from the other Party with respect to any filings to the SEC or any stock exchange or other governmental agency. 

  
 19. 

 6.5    Publication. During the Term, Licensee will
submit to Licensor copies of each academic, scientific or medical publication or presentation proposed by Licensee that contains or refers to the Licensed Technology or relates to any Licensed Compound or Licensed Product at least 30 days in advance
of submitting such proposed publication or presentation to a publisher or other Third Party. Licensor will notify Licensee in writing within 30 days after receipt of the proposed publication or presentation if Licensor wishes to: (a) remove its
Confidential Information (including with respect to Licensor’s compounds other than the Licensed Compound) from such proposed publication or presentation, in which event Licensee shall redact or otherwise modify the proposed publication or
presentation to remove such Confidential Information of Licensor; or (b) request a reasonable delay in publication or presentation in order to protect patentable information, in which event Licensee shall delay the publication or presentation
for a period of no more than 60 days to enable patent applications to be filed in accordance with this Agreement. For clarity, if Licensor fails to notify Licensee during the 30-day review period as provided
this Section 6.5, Licensee shall be free to proceed with the proposed publication or presentation. With reasonable advance notice, Licensee may request, and Licensor shall reasonably cooperate with, Licensor’s filing of a patent
application mutually acceptable to the Parties to be promptly made related to, and in anticipation of, public disclosure of patentable information that contains or refers to the Licensed Technology or relates to any Licensed Compound or Licensed
Product. 
 6.6    Prior Non-Disclosure Agreement. As of the
Effective Date, the terms of this Article 6 shall supersede any prior non-disclosure, secrecy or confidentiality agreement between the Parties (or their Affiliates) dealing with the subject of this
Agreement. Any information disclosed pursuant to any such prior agreement shall be deemed Confidential Information for purposes of this Agreement. 

6.7    Equitable Relief. Given the nature of the Confidential Information and the competitive damage that
would result to a Party upon unauthorized disclosure, use or transfer of its Confidential Information to any Third Party, the Parties agree that monetary damages would not be a sufficient remedy for any breach of this Article 6. In addition to
all other remedies, a Party shall be entitled to specific performance and injunctive and other equitable relief as a remedy for any breach or threatened breach of this Article 6. 

 

	7.	 REPRESENTATIONS AND WARRANTIES; LIMITATION
OF LIABILITY 

 7.1    Mutual Representations and
Warranties. Each Party represents and warrants to the other that, as of the Effective Date: 
 (a)    It is
duly organized and validly existing under the laws of its jurisdiction of incorporation or formation, and has full corporate or other power and authority to enter into this Agreement and to carry out the provisions hereof; 

(b)    It is duly authorized to execute and deliver this Agreement and to perform its obligations hereunder, and
the person or persons executing this Agreement on its behalf has been duly authorized to do so by all requisite corporate or partnership action; and 

(c)    This Agreement is legally binding upon it, enforceable in accordance with its terms, and does not conflict
with any agreement, instrument or understanding, oral or written, to which it is a party or by which it may be bound, nor violate any material law or regulation of any court, governmental body or administrative or other agency having jurisdiction
over it. 

  
 20. 

 7.2    Additional Licensor Representations and Warranties.
Licensor represents and warrants to Licensee, as of the Effective Date, as follows: 
 (a)    Licensor
(i) has the right to grant the License and the other rights that it purports to grant in Section 2.1; and (ii) has not granted any right to any Third Party that would conflict with the License or rights granted to Licensee hereunder;

 (b)    There are no agreements in effect as of the Effective Date between Licensor and a Third Party under
which rights with respect to the Licensed Technology has been licensed to Licensor; 
 (c)    To the knowledge of
Licensor, no reexamination, reissue, interference, invalidity, opposition, post-grant, nullity or similar claim or proceeding is pending or threatened with respect to any Licensed Patent; 

(d)    Exhibit 1.15 attached hereto lists all AN143 Patents as of the Effective Date,
Exhibit 1.22 attached hereto lists all AN352 Patents as of the Effective Date, Exhibit 1.29 attached hereto lists all AN659 Patents as of the Effective Date and
Exhibit 1.5 attached hereto lists all 2A Patents as of the Effective Date; 

(e)    Licensor is not a party to any legal action, suit or proceeding relating to the Licensed Technology or any
Licensed Compound or Licensed Product, nor has Licensor received any written communication from any Third Party, including any Regulatory Authority or other government agency, threatening such action, suit or proceeding; and 

(f)    Licensor is not debarred or disqualified under the United States Federal Food, Drug and Cosmetic Act or
comparable Applicable Laws in the Territory, and it has not employed or used the services of any person who is debarred or disqualified in connection with activities relating to any Licensed Compound or Licensed Product. 

7.3    Additional Licensee Representations and Warranties. Licensee represents and warrants to Licensor, as
of the Effective Date, neither Licensee nor any of its Affiliates is debarred or disqualified under the United States Federal Food, Drug and Cosmetic Act or comparable Applicable Laws in the Territory. 

7.4     Licensee Covenants. In addition to any covenants made by Licensee elsewhere in this Agreement,
Licensee hereby covenants to Licensor as follows: 
 (a)    during the Term, Licensee will not grant to any Third
Party any license or other right with respect to any Licensed Compound, Licensed Product or Licensee Technology in derogation of the license and rights granted to Licensor hereunder; 

(b)    Licensee will not knowingly, during the Term, employ or use the services of any person who is debarred or
disqualified in connection with activities relating to any Licensed Compound or Licensed Product; and in the event that Licensee becomes aware of the debarment 

  
 21. 

 
or disqualification or threatened debarment or disqualification of any person providing services to Licensee with respect to any activities relating to any Licensed Compound or Licensed Product,
Licensee will immediately notify Licensor in writing and Licensee will cease employing, contracting with, or retaining any such person to perform any services relating to any Licensed Compound or Licensed Product; 

(c)    Licensee will not, in connection with the performance of its obligations under this Agreement, directly or
indirectly through Third Parties, pay, promise or offer to pay, or authorize the payment of, any money or give any promise or offer to give, or authorize the giving of anything of value to a public official or entity or other person for purpose of
obtaining or retaining business for or with, or directing business to, any person, including Licensee, nor will Licensee directly or indirectly promise, offer or provide any corrupt payment, gratuity, emolument, bribe, kickback, illicit gift or
hospitality or other illegal or unethical benefit to a public official or entity or any other person in connection with the performance of Licensee’s obligations under this Agreement; 

(d)    Licensee and its employees and contractors, in connection with the performance of Licensee’s
obligations under this Agreement, shall not cause Licensor to be in violation of the FCPA, Export Control Laws, or any other Applicable Laws, and shall not engage in activities that are adverse to U.S. national security interests; 

(e)    Licensee has in place an anti-corruption and anti-bribery policy and in connection with the performance of
its obligations under this Agreement, Licensee shall comply and shall cause its and its Affiliates’ employees to comply with Licensee’s policy; and 

(f)    Licensee shall immediately notify Licensor if it has any information or suspicion that there may be a
violation of the FCPA, Export Control Laws, or any other Applicable Laws in connection with the performance of its obligations under this Agreement. 

7.5    Performance by Affiliates, Sublicensees and Subcontractors. The Parties recognize that each Party may
perform some or all of its obligations or exercise some or all of its rights under this Agreement through one or more Affiliates or subcontractors or, in the case of Licensee, Sublicensees; provided, in each case, that (a) none of the
other Party’s rights hereunder are diminished or otherwise adversely affected as a result of such delegation or subcontracting, and (b) each such Affiliate, subcontractor or Sublicensee undertakes in writing obligations of confidentiality
and non-use regarding Confidential Information and ownership of Inventions which are substantially the same as those undertaken by the Parties pursuant to Article 6 and Section 8.1; and provided,
further, that such Party shall at all times be fully responsible for the performance and payment of such Affiliate, subcontractor or Sublicensee. 

7.6    Disclaimer. Except as expressly set forth in this Agreement, THE TECHNOLOGY AND INTELLECTUAL PROPERTY
RIGHTS PROVIDED BY EACH PARTY HEREUNDER AND THE ASSISTANCE TO BE PROVIDED BY ANY OF THE PARTIES TO THE OTHER HEREUNDER ARE PROVIDED “AS IS,” AND EACH PARTY EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED,
INCLUDING THE WARRANTIES OF DESIGN, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OBTAINING SUCCESSFUL RESULTS, NON-INFRINGEMENT OF THE INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES, OR ARISING FROM A
COURSE OF DEALING, USAGE OR TRADE PRACTICES. 

  
 22. 

 7.7    Limitation of Liability. EXCEPT FOR PAYMENTS UNDER
ARTICLE 4, OR LIABILITY FOR BREACH OF ARTICLE 6, NEITHER PARTY SHALL BE ENTITLED TO RECOVER FROM THE OTHER PARTY ANY SPECIAL, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES IN CONNECTION WITH THIS AGREEMENT OR ANY LICENSE GRANTED HEREUNDER;
provided, however, that this Section 7.7 shall not be construed to limit either Party’s indemnification obligations under Article 10. 
  

	8.	 INTELLECTUAL PROPERTY 

8.1    Ownership of Inventions. As between the Parties, Licensor is the owner of all right, title and
interest in and to the Licensed Technology, and Licensee is the owner of all right, title and interest in and to the Licensee Technology. A Party shall have and retain all right, title and interest in any Invention made solely by one or more
employees or agents of such Party and or its Affiliates or other persons acting under its authority; provided that all right, title and interest in and to any New Compound IP shall be solely owned by Licensor (and included in Licensed Technology
subject to the License as applicable), and Licensee hereby assigns to Licensor all right, title and interest in and to the New Compound IP. The Parties shall jointly own rights in any Invention made jointly by one or more employees or agents of each
Party and/or its Affiliates or other persons acting under its authority (“Joint Inventions”) and Patent rights therein (“Joint Patents”), in each case excluding any such
Inventions and Patents in the New Compound IP. Subject to the rights and licenses granted under this Agreement, each Party shall have the right to practice and use, and grant licenses to practice and use, any Joint Inventions and Joint Patents
without the other Party’s consent and has no duty to account to the other Party for such practice, use or license, and each Party hereby waives any right it may have under the laws of any country to require any such consent or accounting. 

8.2    Patent Prosecution and Maintenance. For purposes of this Section 8.2, the terms
“prosecute,” “prosecuting” and “prosecution,” when used in reference to any Patent, shall be deemed to include, without limitation, control of any interferences, reissue proceedings, post-grant proceedings, oppositions
and reexaminations with respect to such Patent, subject to Sections 8.3(d) and 8.4. 
 (a)    Licensed Patents.

 (i)    Licensor shall have the first right, but not the obligation, at Licensee’s expense (including
attorneys’ fees), to control the preparation, filing, prosecution (including any interferences, reissue proceedings, post-grant proceedings, oppositions and reexaminations) and maintenance of the Licensed Patents (excluding its interest in any
Joint Patents but including any Patents within the New Compound IP). Licensee shall compensate such expenses pursuant to a shared service agreement between the Parties. Licensor shall keep Licensee reasonably informed of progress with regard to the
preparation, filing, prosecution and maintenance of Licensed Patents, including the countries in the Territory in which it intends to file, maintain or abandon a given Licensed Patent. Licensor will notify Licensee of all warning letters, conflict
proceedings, interferences, reissue proceedings, post-grant proceedings, 

  
 23. 

 
oppositions and reexaminations or any other material challenge relating to a given Licensed Patent. Licensor will consult with, and consider in good faith, the requests and suggestions of,
Licensee with respect to strategies for filing and prosecuting such Licensed Patents. In the event that Licensor desires to abandon or cease prosecution or maintenance of any Licensed Patent, Licensor shall provide reasonable prior written notice to
Licensee of such intention (which notice shall, in any event, be given no later than 60 days prior to the next deadline for any action that may be taken with respect to such Licensed Patent with the applicable patent office), and upon
Licensee’s written election provided no later than 30 days after such notice from Licensor, Licensor shall continue prosecution and/or maintenance of such Licensed Patent at Licensee’s direction and expense. If Licensee does not
provide such election within 30 days after such notice from Licensor, Licensor may continue prosecution and maintenance of such Licensed Patent or discontinue prosecution and maintenance of such Licensed Patent. 

(ii)    Upon written notice to Licensor, Licensee shall have the right to elect to control the preparation,
filing, prosecution and maintenance of: (i) the AN352 Patents, AN659 Patents, and 2A Patents from and after [***] [(***)] months from the Effective Date, and (ii) the AN143 Patents if (a) Licensor ceases development of its olorinab
compound for a period of [***] [(***)] years, so long as Licensor is not in a partnership or in active partnering discussions with respect to olorinab, or (b) an AN143 Product is granted Regulatory Approval (such elected Patents collectively,
the “Elected Patents”). Upon such election, Licensee shall have the first right, but not the obligation, at Licensee’s expense (including attorneys’ fees), to control the preparation, filing, prosecution (including
any interferences, reissue proceedings, post-grant proceedings, oppositions and reexaminations) and maintenance of the Elected Patents. In the event that Licensee desires to abandon or cease prosecution or maintenance of any Elected Patent, Licensee
shall provide reasonable prior written notice to Licensor of such intention (which notice shall, in any event, be given no later than [***] days prior to the next deadline for any action that may be taken with respect to such Elected Patent
with the applicable patent office), and upon such notice, Licensor shall have the option, but not the obligation, to prepare, file, prosecute and maintain such Elected Patent at its sole cost and expense. In addition to the Elected Patents, the
Parties may mutually agree to transfer control of preparation, filing, prosecution and maintenance of any Licensed Patent from the Licensor to Licensee. 

(b)    Licensee Patents. Licensee shall have the first right, but not the obligation, at its own expense, to
control the preparation, filing, prosecution (including any interferences, reissue proceedings and reexaminations) and maintenance of the Licensee Patents (excluding its interest in any Joint Patents). Licensee shall keep Licensor reasonably
informed of progress with regard to the preparation, filing, prosecution and maintenance of Licensee Patents, including the countries in the Territory in which it intends to file, maintain or abandon a given Licensee Patent. Licensee will notify
Licensor of all warning letters, conflict proceedings, interferences, reissue proceedings, post-grant proceedings, oppositions and reexaminations or any other material challenge relating to a given Licensee Patent. Licensee will consult with, and
consider in good faith, the requests and suggestions of, Licensor with respect to strategies for filing and prosecuting such Licensee Patents. In the event that Licensee desires to abandon or cease prosecution or maintenance of any Licensee Patent,
Licensee shall provide reasonable prior written notice to Licensor of such intention (which notice shall, in any event, be given no later than 60 days prior to the next deadline for any action that may be taken with respect to such Licensee
Patent with the applicable patent office), and upon Licensor’s written election provided no later than 30 days after 

  
 24. 

 
such notice from Licensee, Licensee shall continue prosecution or maintenance of such Licensee Patent at Licensor’s direction and expense. If Licensor does not provide such election within
30 days after such notice from Licensee or fails to pay for prosecution or maintenance of any Licensee Patent with respect to which it has previously made such election, Licensee may, in its sole discretion, continue prosecution and maintenance
of such Licensee Patent or discontinue prosecution and maintenance of such Licensee Patent. 
 (c)    Joint
Patents. The Parties shall discuss a mutually acceptable filing and prosecution strategy for any Joint Patents within 45 days of receiving the invention disclosure for the corresponding Joint Invention, provided that absent such agreement,
Licensor shall control the prosecution and maintenance of any Joint Patents in the same manner as Licensed Patents in accordance with Section 8.2(a). Unless the Parties’ agree in writing on an alternative arrangement, Licensor shall be
responsible for all costs and expenses of filing, prosecution and maintenance of Joint Patents. 

(d)    Cooperation of the Parties. Each Party agrees to cooperate fully in the preparation, filing,
prosecution and maintenance of Licensed Patents, Licensee Patents and Joint Patents under this Section 8.2 and in the obtaining and maintenance of any patent extensions, supplementary protection certificates and the like with respect thereto
respectively at its own costs. Such cooperation includes, but is not limited to: (a) executing all papers and instruments, or requiring its employees or contractors, to execute such papers and instruments, so as to enable the other Party to
apply for and to prosecute patent applications in any country as permitted by this Section 8.2; and (b) promptly informing the other Party of any matters coming to such Party’s attention that may affect the preparation, filing,
prosecution or maintenance of any such patent applications. 
 8.3    Infringement by Third Parties. 

(a)    Notice. In the event that either Licensor or Licensee becomes aware of any infringement or threatened
infringement by a Third Party of any Licensed Patent, Licensee Patent or Joint Patent, it shall notify the other Party in writing to that effect. 

(b)    Licensed Patents and Joint Patents. 

(i)    Licensor shall have the first right, but not the obligation, to bring and control any action or proceeding
with respect to infringement of any Licensed Patent (including any Patents within the New Compound IP) or any Joint Patent at its own expense and by counsel of its own choice. Licensee shall have the right, at its own expense, to be represented in
any such action by counsel of its own choice, and Licensor and its counsel will reasonably cooperate with Licensee and its counsel in strategizing, preparing, and litigating any such action or proceeding. If Licensor fails to bring any such action
or proceeding with respect to infringement of any Licensed Patent or Joint Patent within 90 days following the notice of alleged infringement, Licensee shall have the right to bring and control any such action at its own expense and by counsel
of its own choice, and Licensor shall have the right, at its own expense, to be represented in any such action by counsel of its own choice. At Licensee’s request, Licensor agrees to join any such action brought by Licensee if necessary. The
Parties may mutually agree to transfer control of enforcement of any of the Licensed Patents or Joint Patents from Licensor to Licensee. 

  
 25. 

 (ii)    Notwithstanding Section 8.3(b)(i), if under
Section 8.2(a)(ii) Licensee has taken control of the preparation, filing, prosecution and maintenance of the Elected Patents, Licensee shall have the first right, but not the obligation, to bring and control any action or proceeding with
respect to infringement of any Elected Patent (including Licensed Patents or Patents within the New Compound IP or any Joint Patents that are Elected Patents) at its own expense and by counsel of its own choice. Licensor shall have the right, at its
own expense, to be represented in any such action by counsel of its own choice, and Licensee and its counsel will reasonably cooperate with Licensor and its counsel in strategizing, preparing, and litigating any such action or proceeding. At
Licensee’s request, Licensor agrees to join any such action brought by Licensee if necessary. If Licensee fails to bring any such action or proceeding with respect to infringement of any Elected Patent within [***] days following the
notice of alleged infringement, Licensor shall have the right to bring and control any such action at its own expense and by counsel of its own choice, and Licensee shall have the right, at its own expense, to be represented in any such action by
counsel of its own choice. Further, if under Section 8.2(a)(ii) Licensee has taken control of the preparation, filing, prosecution and maintenance of the Elected Patents, each Party shall reasonably cooperate to avoid making statements or
taking actions in connection with patent prosecution or litigation of any infringement action that would be in derogation of, in the case of Licensee, the Elected Patents, and in the case of Licensor, Patents covering Licensor’s compounds other
than the Licensed Compounds. 
 (c)    Licensee Patents. Licensee shall have the first right, but not the
obligation, to bring and control any action or proceeding with respect to infringement of any Licensee Patent (excluding its interest in any Joint Patents) at its own expense and by counsel of its own choice, and Licensor shall have the right, at
its own expense, to be represented in any such action by counsel of its own choice. If Licensee fails to bring any such action or proceeding with respect to infringement of any Licensee Patent within [***] days following the notice of alleged
infringement, Licensor shall have the right to bring and control any such action at its own expense and by counsel of its own choice, and Licensee shall have the right, at its own expense, to be represented in any such action by counsel of its own
choice. 
 (d)    Cooperation; Award. In the event a Party brings an infringement action in accordance
with this Section 8.3, the other Party shall cooperate fully, including, if required to bring such action, the furnishing of a power of attorney or being named as a party. Neither Party shall enter into any settlement or compromise of any
action under this Section 8.3 which would in any manner alter, diminish, or be in derogation of the other Party’s rights under this Agreement without the prior written consent of such other Party, which shall not be unreasonably withheld.
Except as otherwise agreed by the Parties in connection with a cost-sharing arrangement, any recovery realized by a Party as a result of any action or proceeding pursuant to this Section 8.3, whether by way of settlement or otherwise, shall be
applied first to reimburse the Parties’ documented out-of-pocket legal expenses relating to the action or proceeding, and any remaining amounts shall be retained by
the Party that brought and controlled such action; provided, however, that any recovery realized by Licensee as a result of any action or proceeding brought and controlled by Licensee (after reimbursement of the Parties’ documented out-of-pocket legal expenses relating to the action or proceeding) shall be treated as Net Sales for purposes of Section 4.1. 

  
 26. 

 8.4    Infringement of Third Party Rights. Each Party
shall promptly notify the other in writing of any allegation by a Third Party that the activity of either Party pursuant to this Agreement infringes or may infringe the intellectual property rights of such Third Party. Neither party shall have the
right to settle any patent infringement litigation under this Section 8.4 in a manner that diminishes the rights or interests of the other Party without the written consent of such other Party (which shall not be unreasonably withheld). 

8.5    Marking. To the extent required by Applicable Laws, Licensee shall, and shall cause its Affiliates
and Sublicensees to, mark all Licensed Products sold with the number of each issued Licensed Patent that applies to such Licensed Product. 

8.6    Trademarks and Domain Names. Licensee shall own and be responsible for all trademarks, trade names,
branding, logos or domain names related to Licensed Products or the company name “Longboard” in the applicable Field in the Territory, and will be responsible for selecting, registering, defending, and maintaining the same at
Licensee’s sole cost and expense. Notwithstanding the foregoing, the Parties agree that Licensee shall not own or be responsible for the intent-to-use trademark
applications under serial numbers 90232096, 90232106, and 90279251, and any other intent-to-use applications as the Parties may mutually agree, until Licensor files the
Amendment to Allege Use or the Allegation of Use for such applications. The Parties further agree that upon written request, Licensor shall promptly transfer (i) the trademarks or trademark applications described in, and subject to, the
preceding sentence, and (ii) the domain names including the company name Longboard to Licensee. 
  

	9.	 TERM; TERMINATION 

9.1    Term. The term of this Agreement (the “Term”)
shall commence on the Effective Date, and unless terminated earlier as provided in this Article 9, shall expire upon the expiration of all payment obligations of Licensee hereunder. 

9.2    Termination. 

(a)    Material Breach. A Party shall have the right to terminate this Agreement upon written notice to the
other Party if such other Party is in material breach of this Agreement and has not cured such breach within 60 days (or 30 days with respect to any payment breach) after notice from the terminating Party requesting cure of the breach. Any
such termination shall become effective at the end of such 60-day (or 30-day with respect to any payment breach) period unless the breaching Party has cured such breach
prior to the end of such period or if not curable within such 60-day period, has taken and continues to take good faith steps to commence the cure and has cured such breach within 120 days after notice
from the terminating Party requesting cure of the breach (or such later date as agreed in writing by the Parties). Notwithstanding the foregoing, if Licensee is in material breach of its obligations under Section 3.6 with respect to a Licensed
Product Family, Licensor’s right to terminate this Agreement for such material breach shall be limited to a termination of this Agreement solely with respect to such Licensed Product Family. 

(b)    Patent Challenge. Licensor shall have the right to terminate this Agreement immediately upon written
notice to Licensee if Licensee or any of its Affiliates or 

  
 27. 

 
Sublicensees, directly or indirectly through any Third Party, commences any interference or opposition proceeding with respect to, challenges the validity or enforceability of, or opposes any
extension of, or the grant of a supplementary protection certificate with respect to, any Licensed Patent. 

(c)    Termination by Licensee. Licensee may terminate this Agreement either with respect to a Licensed
Product Family or in its entirety for any reason upon 120 days’ prior written notice to Licensor.  

(d)    Bankruptcy. A Party shall have the right to terminate this Agreement upon written notice to the other
Party upon the bankruptcy, dissolution or winding up of such other Party, or the making or seeking to make or arrange an assignment for the benefit of creditors of such other Party, or the initiation of proceedings in voluntary or involuntary
bankruptcy against such other Party, or the appointment of a receiver or trustee of such other Party’s property that is not discharged within 30 days. 

9.3    Effect of Expiration or Termination. 

(a)    Effect of Expiration. Upon expiration (but not earlier termination) of this Agreement, all rights and
obligations of the Parties under this Agreement shall terminate, except as provided elsewhere in this Section 9.3 or in Section 9.4. 

(b)    Effect of Termination. Upon any termination of this Agreement with respect to a Licensed Product
Family (such Licensed Product Family or, in the case of a termination of the entire Agreement, each Licensed Product Family, a “Terminated Product”), all rights and obligations of the Parties under this
Agreement with respect to the Terminated Product shall terminate, except as provided elsewhere in this Section 9.3 or in Section 9.4; provided that if this Agreement is terminated by Licensor pursuant to Section 9.2, any
sublicense granted to a Sublicensee that is not in breach under the applicable sublicense (and whose actions or omissions did not result in a breach by Licensee giving rise to Licensor’s right of termination) will continue as a direct license
from Licensor so long as the Sublicensee makes all payments to Licensor required under this Agreement. 

(c)    Additional Effects of Termination. Upon any termination of this Agreement with respect to a Licensed
Product Family or in its entirety, except termination of this Agreement by Licensee under Section 9.2(a), the following provisions shall apply: 

(i)    Licensee shall, and it hereby does, effective as of such termination, grant to Licensor an exclusive,
royalty-free, fully-paid, irrevocable, perpetual license, with the right to sublicense through multiple tiers of sublicense, under the Licensee Technology, to research, develop, manufacture, have manufactured, use, market, distribute, import,
export, offer for sale, promote, sell and have sold the Terminated Products and the applicable Licensed Compounds in the applicable Field. 

(ii)    Licensee shall, and it hereby does, effective as of such termination, assign to Licensor all of
Licensee’s right, title and interest in and to any and all Terminated Product-specific trademarks used by Licensee and its Affiliates in the Territory, including all goodwill therein, and Licensee shall promptly take such actions and execute
such instruments, assignments and documents as may be necessary to effect, evidence, register and record such assignment, at [***]’s cost. 

  
 28. 

 (iii)    As promptly as practicable (and in any event within
[***] days) after such termination, Licensee shall: (A) to the extent not previously provided to Licensor, deliver to Licensor true, correct and complete copies of all regulatory filings and registrations (including Regulatory Approvals)
for Terminated Products in the applicable Field in the Territory, and disclose to Licensor all Licensee Know-How (including all preclinical and clinical data) not previously disclosed to Licensor;
(B) transfer or assign, or cause to be transferred or assigned, to Licensor or its designee (or to the extent not so assignable, take all reasonable actions to make available to Licensor or its designee the benefits of) all regulatory filings
and registrations (including Regulatory Approvals) for Terminated Products in the applicable Field in the Territory, whether held in the name of Licensee or its Affiliate; and (C) take such other actions and execute such other instruments,
assignments and documents as may be necessary to effect, evidence, register and record the transfer, assignment or other conveyance of rights under this Section 9.3(c)(iii) to Licensor. 

(iv)    After such termination, at Licensor’s request and expense, Licensee shall assign to Licensor any and
all agreements to which Licensee, or its Affiliate, and a Third Party are parties, and are solely related to the development, commercialization and manufacturing activities conducted in connection with the Terminated Product prior to such
termination, or if such assignment is not permitted under the relevant agreement, (A) grant to Licensor other rights to provide to Licensor the benefit of such non-assignable agreement, at [***]’s
expense, to the extent permitted under the terms of such non-assignable agreement; or (B) to the extent not permitted under the terms of such non-assignable
agreement, the Parties shall discuss in good faith an alternative solution to enable Licensor to receive, at [***]’s expense, the benefit of the terms of such non-assignable agreement. 

(v)    Licensee shall, as directed by Licensor, at [***]’s expense, use good faith efforts to either
wind-down any ongoing development activities of Licensee and its Affiliates and Sublicensees with respect to any Terminated Products in the applicable Field in the Territory in an orderly fashion or promptly transfer such development activities to
Licensor or its designee, in compliance with all Applicable Laws. 
 (d)    Confidential Information. Upon
expiration or termination of this Agreement in its entirety, except to the extent that a Party retains a license from the other Party as provided in this Article 9, each Party shall promptly return to the other Party, or delete or destroy, all
relevant records and materials in such Party’s possession or control containing Confidential Information of the other Party; provided that such Party may keep one copy of such materials for archival purposes subject to continuing
confidentiality obligations under this Agreement. 
 9.4    Accrued Obligations; Survival. Neither
expiration nor any termination of this Agreement shall relieve either Party of any obligation or liability accruing prior to such expiration or termination, nor shall expiration or any termination of this Agreement preclude either Party from
pursuing all rights and remedies it may have under this Agreement, at law or in equity, with respect to breach of this Agreement. In addition, the Parties’ rights and obligations under Section 2.3(b) (Negative Covenants), Section 2.4
(No Implied Licenses); Section 4.2 (Royalty Term) 

  
 29. 

 
(solely with respect to the conversion of the license to a fully-paid, irrevocable and perpetual license); Section 5.2 (Exchange Rate; Manner and Place of Payment) through Section 5.4
(Late Payments) (in each case, solely to the extent of accrued obligations as contemplated under this Section 9.4); Section 6.1 (Confidential Information) through Section 6.4 (Public Announcements); Section 6.6 (Prior Non-Disclosure Agreement); Section 6.7 (Equitable Relief); Section 7.5 (Disclaimer); Section 7.6 (Limitation of Liability), Section 8.1 (Ownership of Inventions); Section 8.2(c) (Joint
Patents); Section 8.2(d) (Cooperation of the Parties); Section 8.3 (Infringement by Third Parties) through Section 8.4 (Infringement of Third Party Rights) (in each case, with respect to proceedings to the extent relating to events
occurring prior to the effective date of termination); Section 8.6 (Trademarks and Domain Names); Section 9.3 (Effects of Expiration or Termination); Section 9.4 (Accrued Obligations; Survival); Section 10.1 (Indemnification of
Licensor) through Section 10.3 (Procedure); Article 1 (Definitions), Article 11 (Dispute Resolution) and Article 12 (Miscellaneous) of this Agreement shall survive expiration or any termination of this Agreement. 

9.5    Rights Upon Bankruptcy. All rights and licenses granted under or pursuant to this Agreement are, and
shall otherwise be deemed to be, for purposes of Section 365(n) of Title 11 of the United States Code and other similar laws in any jurisdiction outside the U.S. (collectively, the “Bankruptcy Laws”), licenses of
rights to be “intellectual property” as defined under the Bankruptcy Laws. If a case is commenced during the Term by or against a Party under the Bankruptcy Laws then, unless and until this Agreement is rejected as provided in such
Bankruptcy Laws, such Party (in any capacity, including debtor-in-possession) and its successors and assigns (including a trustee) shall perform all of the obligations
provided in this Agreement to be performed by such Party. If a case is commenced during the Term by or against a Party under the Bankruptcy Laws, this Agreement is rejected as provided in the Bankruptcy Laws and the other Party elects to retain its
rights hereunder as provided in the Bankruptcy Laws, then the Party subject to such case under the Bankruptcy Laws (in any capacity, including debtor-in-possession) and
its successors and assigns (including a Title 11 trustee), shall provide to the other Party copies of all Information necessary for such other Party to prosecute, maintain and enjoy its rights under the terms of this Agreement promptly upon
such other Party’s written request therefor. All rights, powers and remedies of the non-bankrupt Party as provided herein are in addition to and not in substitution for any and all other rights, powers
and remedies now or hereafter existing at law or in equity (including, without limitation, the Bankruptcy Laws) in the event of the commencement of a case by or against a Party under the Bankruptcy Laws. 

 

	10.	 INDEMNIFICATION 

10.1    Indemnification of Licensor. Licensee shall indemnify and hold harmless each of Licensor and its
Affiliates and their respective directors, officers, employees, consultants, agents and successors and assigns of any of the foregoing (the “Licensor Indemnitees”) from and against any and all
losses, damages, liabilities, expenses and costs, including reasonable legal expense and attorneys’ fees (“Losses”), incurred by any Licensor Indemnitee as a result of any claims, demands,
actions, suits or proceedings brought by a Third Party (“Third Party Claims”) arising directly or indirectly out of: (a) the practice by Licensee or its Affiliates or Sublicensees of the
License; (b) the development, manufacture, use, handling, storage, sale or other disposition of Licensed Compounds and Licensed Products by Licensee or its Affiliates or Sublicensees; (c) the negligence or willful misconduct of any
Licensee Indemnitee; or (d) any breach of any representations, warranties or covenants by Licensee under this Agreement; except, in each case, to the extent such Third Party Claims fall within the scope of the indemnification obligations of
Licensor set forth in Section 10.2. 

  
 30. 

 10.2    Indemnification of Licensee. Licensor shall
indemnify and hold harmless each of Licensee and its Affiliates and their respective directors, officers, employees, consultants, agents and successors and assigns of any of the foregoing (the “Licensee Indemnitees”), from
and against any and all Losses incurred by any Licensee Indemnitee as a result of any Third Party Claims arising directly or indirectly out of: (a) the negligence or willful misconduct of any Licensor Indemnitee; or (b) any breach of any
representations, warranties or covenants by Licensor under this Agreement; except, in each case, to the extent such Third Party Claims fall within the scope of the indemnification obligations of Licensee set forth in Section 10.1. 

10.3    Procedure. A Licensor Indemnitee or Licensee Indemnitee that intends to claim indemnification under
this Article 10 (the “Indemnitee”) shall promptly notify the indemnifying Party (the “Indemnitor”) in writing of any Third Party Claim, in respect of which the Indemnitee intends to claim such
indemnification, and the Indemnitor shall have sole control of the defense and/or settlement thereof. The indemnity arrangement in this Article 10 shall not apply to amounts paid in settlement of any action with respect to a Third Party Claim,
if such settlement is effected without the consent of the Indemnitor, which consent shall not be withheld or delayed unreasonably. The failure to deliver written notice to the Indemnitor within a reasonable time after the commencement of any action
with respect to a Third Party Claim shall only relieve the Indemnitor of its indemnification obligations under this Article 10 if and to the extent the Indemnitor is actually prejudiced thereby. The Indemnitee shall cooperate fully with the
Indemnitor and its legal representatives in the investigation of any action with respect to a Third Party Claim covered by this indemnification. 

10.4    Insurance. Each Party, at its own expense, shall maintain product liability and other appropriate
insurance (or self-insure) in an amount consistent with sound business practice and reasonable in light of its obligations under this Agreement during the Term. Each Party shall provide a certificate of insurance (or evidence of self-insurance)
evidencing such coverage to the other Party upon request. 
  

	11.	 DISPUTE RESOLUTION 

11.1    Disputes. Subject to Section 11.3, upon the written request of either Party to the other Party,
any claim, dispute, or controversy arising out of or relating to this Agreement, including any question regarding its formation, existence, validity, interpretation, performance, breach, termination or enforceability thereof, or any dispute
regarding non-contractual obligations arising out of or relating to it (each, a “Dispute”) will be referred to the Executive Officers (or such Executive
Officer’s designee with decision-making authority) for attempted resolution. In the event such executives are unable to resolve such Dispute within 30 days after the initial written request, then, upon the written demand of either Party,
the Dispute shall be subject to arbitration, as provided in Section 11.2, except as expressly set forth in Section 11.3. 

  
 31. 

 11.2    Arbitration. 

(a)    Claims. Subject to Section 11.3 below, any Dispute that is not resolved under Section 11.1
within 30 days after a Party’s initial written request for resolution, shall be resolved by final and binding arbitration before a panel of three neutral experts with relevant industry experience. The arbitration proceeding shall be
administered by the American Arbitration Association (the “AAA”) in accordance with its then existing arbitration rules or procedures regarding commercial or business disputes, and the panel of arbitrators shall be selected
in accordance with such rules. The arbitration and all associated discovery proceedings and communications shall be conducted in English, and the arbitration shall be held in San Diego, California. Except to the extent necessary to confirm an award
or as may be required by law, neither a Party nor an arbitrator may disclose the existence, content, or results of arbitration without the prior written consent of both Parties. 

(b)    Arbitrators’ Award. The arbitrators shall, within 15 days after the conclusion of the
arbitration hearing, issue a written award and statement of decision describing the essential findings and conclusions on which the award is based, including the calculation of any damages awarded. The decision or award rendered by the arbitrators
shall be final and non-appealable, and judgment may be entered upon it in any court of competent jurisdiction. Either Party may apply for interim injunctive relief with the arbitrators until the arbitration
award is rendered or the controversy is otherwise resolved. The arbitrators shall be authorized to award compensatory damages, but shall not be authorized (i) to award non-economic damages, (ii) to
award punitive damages or any other damages expressly excluded under this Agreement, or (iii) to reform, modify or materially change this Agreement or any other agreements contemplated hereunder; provided, however, that the damage limitations
described in subsections (i) and (ii) of this sentence will not apply if such damages are statutorily imposed. 

(c)    Costs. Each Party shall bear its own attorney’s fees, costs, and disbursements arising out of
the arbitration, and shall pay an equal share of the fees and costs of the arbitrator; provided, however, that the arbitrator shall be authorized to determine whether a Party is the prevailing party, and if so, to award to that prevailing
party reimbursement for any or all of its reasonable attorneys’ fees, costs and disbursements (including, for example, expert witness fees and expenses, photocopy charges, travel expenses, etc.), and/or the fees and costs of the AAA and the
arbitrator. 
 11.3    Court Actions. Nothing contained in this Agreement shall deny either Party the
right to seek, upon good cause, injunctive or other equitable relief from a court of competent jurisdiction in the context of an emergency or prospective irreparable harm, and such an action may be filed and maintained notwithstanding any ongoing
dispute resolution discussions or arbitration proceedings. In addition, either Party may bring an action in any court of competent jurisdiction to resolve disputes pertaining to the validity, construction, scope, enforceability, infringement or
other violations of Patents or other intellectual property rights, and no such claim shall be subject to arbitration pursuant to Section 11.2. 

  
 32. 

	12.	 MISCELLANEOUS 

12.1    Governing Law. This Agreement and any disputes, claims, or actions related thereto shall be governed
by and construed in accordance with the laws of the State of New York, U.S., without regard to the conflicts of law provisions thereof. 

12.2    Entire Agreement; Amendment. This Agreement, including the Exhibits and Appendices hereto, together
with the Development Plan between the Parties, sets forth all of the agreements and understandings between the Parties with respect to the subject matter hereof and thereof, and supersedes and terminates all prior agreements and understandings
between the Parties with respect to the subject matter hereof and thereof. There are no other agreements or understandings with respect to the subject matter hereof, either oral or written, between the Parties. Except as expressly set forth in this
Agreement, no subsequent amendment, modification or addition to this Agreement shall be binding upon the Parties unless reduced to writing and signed by the respective authorized officers of the Parties. 

12.3    Relationship Between the Parties. The Parties’ relationship, as established by this Agreement,
is solely that of independent contractors. This Agreement does not create any partnership, joint venture or similar business relationship between the Parties. Neither Party is a legal representative of the other Party, and neither Party can assume
or create any obligation, representation, warranty or guarantee, express or implied, on behalf of the other Party for any purpose whatsoever. 

12.4    Non-Waiver. The failure of a Party to insist upon strict
performance of any provision of this Agreement or to exercise any right arising out of this Agreement shall neither impair that provision or right nor constitute a waiver of that provision or right, in whole or in part, in that instance or in any
other instance. Any waiver by a Party of a particular provision or right shall be in writing, shall be as to a particular matter and, if applicable, for a particular period of time and shall be signed by such Party. 

12.5    Assignment. Except as expressly provided hereunder, neither this Agreement nor any rights or
obligations hereunder may be assigned or otherwise transferred by either Party without the prior written consent of the other Party (which consent shall not be unreasonably withheld); provided, however, that either Party may assign this
Agreement and its rights and obligations hereunder without the other Party’s consent: 
 (a)    in
connection with the transfer or sale of all or substantially all of the business of such Party to which this Agreement relates to a Third Party, whether by merger, sale of stock, sale of assets or otherwise; provided, however, that
(i) in the event of such a transaction (whether this Agreement is actually assigned or is assumed by the acquiring party by operation of law (e.g., in the context of a reverse triangular merger)), intellectual property rights of the
acquiring party to such transaction (if other than one of the Parties to this Agreement) (A) existing prior to the transaction, or (B) developed after the transaction without use of such Party’s intellectual property, shall not be
included in the technology licensed hereunder or otherwise subject to this Agreement, and (ii) in the event such transfer or sale includes any Patents directed to both an AN143 Compound (or AN143 Product) and one or more other compounds or
products other than an AN143 Compound (or AN143 Product), Licensor shall provide Licensee with a signed writing of the acquiring Party’s consent to be bound by Section 2.1(a) of this Agreement, including the covenant not to sue therein; or

  
 33. 

 (b)    to an Affiliate, provided that the assigning Party shall
remain liable and responsible to the non-assigning Party hereto for the performance and observance of all such duties and obligations by such Affiliate, including, for the avoidance of doubt, the covenants not
to sue granted in Section 2.1. 
 The rights and obligations of the Parties under this Agreement—including, for the avoidance of
doubt, the covenants not to sue granted in Section 2.1—shall be binding upon and inure to the benefit of the successors and permitted assigns of the Parties, and the name of a Party appearing herein will be deemed to include the name of
such Party’s successors and permitted assigns to the extent necessary to carry out the intent of this Section 12.5. Any assignment not in accordance with this Agreement shall be void. 

12.6    No Third Party Beneficiaries. This Agreement is neither expressly nor impliedly made for the benefit
of any party other than those executing it. 
 12.7    Severability. If, for any reason, any part of this
Agreement is adjudicated invalid, unenforceable or illegal by a court of competent jurisdiction, such adjudication shall not affect or impair, in whole or in part, the validity, enforceability or legality of any remaining portions of this Agreement.
All remaining portions shall remain in full force and effect as if the original Agreement had been executed without the invalidated, unenforceable or illegal part. The Parties shall use their commercially reasonable efforts to replace the invalid,
illegal or unenforceable provision(s) with valid, legal and enforceable provision(s) in a way that, to the extent practicable and legally permissible, implements the original intent of the Parties. 

12.8    Notices. Any notice to be given under this Agreement must be in writing and delivered either
in person, by any method of mail (postage prepaid) requiring return receipt, or by overnight courier or electronic mail confirmed thereafter by any of the foregoing, to the Party to be notified at its address(es) given below, or at any address such
Party has previously designated by prior written notice to the other. Notice shall be deemed sufficiently given for all purposes upon the earliest of: (a) the date of actual receipt; (b) if delivered by overnight courier, the three
Business Days after delivery; or (c) if sent by electronic mail, upon electronic confirmation of receipt. 
  

			
	if to Licensor:	  	 Arena Pharmaceuticals Inc.
 6154 Nancy Ridge
Drive
 San Diego, CA 92121
 Attn: General Counsel

Email: [***]

  
 34. 

			
	with a copy to:	  	 Cooley LLP
 4401 Eastgate Mall

San Diego, CA 92121 USA
 Attention: L. Kay Chandler

Email: kchandler@cooley.com

		
	if to Licensee:	  	 Longboard Pharmaceuticals, Inc.
 6154 Nancy
Ridge Drive
 San Diego, CA 92121
 Attn: Chief Executive
Officer
 Email: [***]

		
	with a copy to:	  	 Cooley LLP
 4401 Eastgate Mall

San Diego, CA 92121 USA
 Attention: L. Kay Chandler

Email: kchandler@cooley.com

 12.9    Force Majeure. Each Party shall be excused from
liability for the failure or delay in performance of any obligation under this Agreement (other than the obligation to make payment when due) by reason of any event beyond such Party’s reasonable control including acts of God, fire, flood,
explosion, earthquake, or other natural forces, epidemic, pandemic, war, civil unrest, acts of terrorism, accident, destruction or other casualty, any governmental action in response to any of the foregoing, or any other event similar to those
enumerated above. Such excuse from liability shall be effective only to the extent and duration of the event(s) causing the failure or delay in performance and provided that the Party has not caused such event(s) to occur. Notice of a Party’s
failure or delay in performance due to force majeure must be given to the other Party within [***] days after its occurrence. All delivery dates under this Agreement that have been affected by force majeure shall be tolled for the duration of
such force majeure. In no event shall any Party be required to prevent or settle any labor disturbance or dispute. 

12.10    Interpretation. The headings of clauses contained in this Agreement preceding the text of the
sections, subsections and paragraphs hereof are inserted solely for convenience and ease of reference only and shall not constitute any part of this Agreement, or have any effect on its interpretation or construction. All references in this
Agreement to the singular shall include the plural where applicable. Unless otherwise specified, references in this Agreement to any Article shall include all Sections, subsections and paragraphs in such Article, references to any Section shall
include all subsections and paragraphs in such Section, and references in this Agreement to any subsection shall include all paragraphs in such subsection. The word “including” and similar words means including without limitation. The word
“or” means “and/or” unless the context dictates otherwise because the subject of the conjunction are mutually exclusive. The words “herein,” “hereof” and “hereunder” and other words of similar import
refer to this Agreement as a whole and not to any particular Section or other subdivision. All references to days in this Agreement shall mean calendar days, unless otherwise specified. Ambiguities and uncertainties in this Agreement, if any, shall
not be interpreted against either Party, irrespective of which Party 

  
 35. 

 
may be deemed to have caused the ambiguity or uncertainty to exist. This Agreement has been prepared in the English language and the English language shall control its interpretation. In
addition, all notices required or permitted to be given hereunder, and all written, electronic, oral or other communications between the Parties regarding this Agreement shall be in the English language. 

12.11    Counterparts. This Agreement may be executed in counterparts, including by transmission of
facsimile or PDF copies of signature pages to the Parties or their representative legal counsel, each of which shall be deemed an original document, and all of which, together with this writing, shall be deemed one instrument. 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 

  
 36. 

 IN WITNESS WHEREOF, the Parties hereto
have duly executed this LICENSE AGREEMENT as of the Effective Date. 
  

									
	ARENA PHARMACEUTICALS INC.	 		 	LONGBOARD PHARMACEUTICALS, INC.
					
	By:	 	 /s/ Amit D. Munshi
	 		 	By:	 	 /s/ Kevin Lind

	Name:	 	Amit D. Munshi	 		 	Name:	 	Kevin Lind
	Title:	 	President and Chief Executive Officer	 		 	Title:	 	President and Chief Executive Officer

  
 SIGNATURE
PAGE TO LICENSE AGREEMENT 

 Appendix A 

Certain Definitions 
 “AN659
Field” shall mean all therapeutic, prophylactic, and diagnostic uses in humans for sporadic Alzheimer’s disease, familial Alzheimer’s disease, amyotrophic lateral sclerosis, Parkinson’s disease, [***], [***], [***], [***],
multiple sclerosis, Huntington’s disease, [***], and Dravet syndrome. For clarity, the AN659 Field shall not include any other neurological indications without Licensor’s written consent, which shall not be unreasonably withheld. 

“CNS Indication” shall mean any disease, disorder or condition of the central nervous system in humans, including, without
limitation, (i) [***] (i.e., [***], [***]), [***] (i.e., [***], [***], [***]), [***] (i.e., [***], [***]), [***] (i.e., [***]), and [***], [***], and (ii) [***], [***], [***], sporadic Alzheimer’s disease, familial Alzheimer’s
disease, amyotrophic lateral sclerosis, Parkinson’s disease, [***], [***], [***], [***], multiple sclerosis, Huntington’s disease, [***], Dravet syndrome and [***]. Notwithstanding the foregoing, CNS Indication shall not mean (a) any
indication in which the treatment, prevention or amelioration of pain in any form would be a primary efficacy endpoint in a clinical trial or (b) any gastrointestinal disorder, non-central nervous system
autoimmune disorder or cardiovascular disorder.  
 “Licensor Product” shall mean any
of etrasimod, lorcaserin, nelotanserin, olorinab, or temanogrel, in any dosage strength or formulation. 

 Appendix B 

Development Plan 
 [***]

 Exhibit 1.1 

2A Compound 
 [***]

 Exhibit 1.5 

2A Patents 
 [***]

 Exhibit 1.11 

AN143 Compound 
 [***] 

 Exhibit 1.15 

AN143 Patents 
 [***]

 Exhibit 1.18 

AN352 Compound 
 [***]

 Exhibit 1.22 

AN352 Patents 
 [***]

 Exhibit 1.25 

AN659 Compound 
 [***]

 Exhibit 1.29 

AN659 Patents 
 [***]

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