Document:

Exhibit
10.6

 

AGREEMENT
AND PLAN OF MERGER

 

This
Agreement and Plan of Merger (this “Agreement”) is made and entered into as of March 11, 2015 by and
among Mariel Therapeutics, Inc., a Delaware corporation (the “Buyer”), Ember Acquisition Corp., a Delaware
corporation and a wholly-owned subsidiary of the Buyer (“Merger Sub”), and Ember Therapeutics, Inc., a
Delaware corporation (the “Company”).

 

RECITALS

 

WHEREAS,
the respective Boards of Directors of the Buyer, Merger Sub and the Company have each determined that it is advisable and in the
best interests of the Buyer, Merger Sub and the Company, respectively, and their respective stockholders that the Company be acquired
by the Buyer; and

 

WHEREAS,
the acquisition of the Company shall be effected through a merger of Merger Sub with and into the Company, with the Company surviving
the merger as a wholly owned subsidiary of the Buyer.

 

NOW,
THEREFORE, in consideration of the premises, and the mutual representations, warranties, covenants and agreements contained herein,
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each of the Parties,
and intending to be legally bound, the Parties hereby agree as follows:

 

ARTICLE
I 

THE
MERGER

1.1           
The Merger. Upon the terms and subject to the conditions set forth in this Agreement, Merger Sub shall merge with and into
the Company at the Effective Time. From and after the Effective Time, the separate corporate existence of Merger Sub shall cease
and the Company shall continue as the Surviving Corporation. The Merger shall have the effects set forth in Section 259 of the
Delaware General Corporation Law (the “DGCL”).

 

1.2            The
Closing. The Closing of the transactions contemplated hereby (the “Closing”) shall take place as soon
as practicable on the day on which the satisfaction or waiver of each of the conditions set forth in Article V hereof
occurs (other than those conditions that are by their terms to be satisfied at the Closing, but subject to the satisfaction
or waiver of such conditions), or at such other time as the Parties hereto agree (the “Closing Date”). The
Closing shall take place by remote exchange of documents and signatures, commencing at 10:00 a.m. local time on the Closing
Date.

 

1.3           
Actions at the Closing. At the Closing, the Buyer shall cause the Certificate of Merger to be filed with the Secretary
of State of the State of Delaware.

 

1.4           
Additional Actions. The Surviving Corporation may, at any time after the Effective Time, take any action, including executing
and delivering any document, in the name

    	 	1	 

    	 	 	 

    

 

and
on behalf of either the Company or Merger Sub, in order to consummate the transactions contemplated by this Agreement.

 

1.5           
Conversion of Company Shares; Conversion of Merger Sub Shares.  At the Effective Time, by virtue of the Merger and without
any action on the part of any Party or the holder of any Company Share:

 

(a)               
all shares of Company Series A Preferred Stock issued and outstanding immediately prior to the Effective Time shall, in the aggregate,
be converted into the right to receive (i) the Promissory Note (subject to Section 1.6(c) below) and (ii) any Contingent Consideration
that becomes payable in accordance with this Agreement;

 

(b)              
each share of Company Common Stock issued and outstanding immediately prior to the Effective Time (other than any Dissenting Shares)
shall be cancelled and retired without payment of any consideration therefor; and

 

(c)               
each share of common stock, $0.001 par value per share, of Merger Sub issued and outstanding immediately prior to the Effective
Time shall be converted into and thereafter evidence one share of common stock, $0.001 par value per share, of the Surviving Corporation.

 

		1.6	Dissenting
                                         Shares.

 

(a)               
Dissenting Shares shall not be converted into or represent the right to receive the amounts payable, if any, in respect of
such Company Shares pursuant to Section 1.5 unless the holder holding such Dissenting Shares shall have forfeited his,
her or its right to appraisal under Section 262 of the DGCL or properly withdrawn his, her or its demand for appraisal. If
such holder has so forfeited or withdrawn his, her or its right to appraisal of Dissenting Shares, then, (i) as of the
occurrence of such event, such holder’s Dissenting Shares shall cease to be Dissenting Shares and shall be converted
into and represent the right to receive the amounts payable, if any, in respect of such Company Shares pursuant to Section
1.5, and (ii) promptly following the occurrence of such event, the Buyer or the Surviving Corporation shall deliver to
such holder a payment representing the amount, if any, that such holder is entitled to receive pursuant to Section
1.5.

 

(b)              
The Company shall give the Buyer (i) prompt notice of any written demands for appraisal of any Company Shares, withdrawals of
such demands, and any other instruments that relate to such demands received by the Company and (ii) the opportunity to direct
all negotiations and proceedings with respect to demands for appraisal under Section 262 of the DGCL. The Company shall not, except
with the prior written consent of the Buyer, make voluntarily any payment with respect to any demands for appraisal of Company
Shares or offer to settle or settle any such demands.

 

(c)               
From and after the Closing, the Buyer shall have the right to deduct from the Promissory Note, on a dollar-for-dollar basis, the
amount of any out-of-pocket damages, costs, liabilities, losses or expenses suffered by the Buyer or the Surviving Corporation
as a

    	 	2	 

    	 	 	 

    

 

result
of or arising from any Dissenting Shares, provided that no such deduction shall be made for any such damages costs, liabilities,
losses or expenses to the extent resulting from or arising out of any failure on the part of the Surviving Corporation to comply
with Section 262 of the DGCL. The remedy set forth in this Section 1.6(c) shall be the sole and exclusive remedy of the
Buyer, the Surviving Corporation and/or any of their respective affiliates with respect to Dissenting Shares or any appraisal
claims in connection with the transactions contemplated by this Agreement.

 

		1.7	Certificate
                                         of Incorporation and By-laws; Directors and Officers.

 

(a)               
The Certificate of Incorporation of the Surviving Corporation immediately following the Effective Time shall be amended and restated
to read in its entirety in the form attached as Exhibit A.

 

(b)              
The by-laws of the Surviving Corporation immediately following the Effective Time shall be the same as the by-laws of Merger Sub
immediately prior to the Effective Time, except that the name of the corporation set forth therein shall be changed to the name
of the Company.

 

(c)               
The directors of Merger Sub immediately prior to the Effective Time shall be the initial directors of the Surviving Corporation,
and the officers of Merger Sub immediately prior to the Effective Time shall be the initial officers of the Surviving Corporation,
each to hold office in accordance with the Certificate of Incorporation and by-laws of the Surviving Corporation.

 

1.8           
No Further Rights. From and after the Effective Time, no Company Shares shall be deemed to be outstanding, and holders
of certificates formerly representing Company Shares shall cease to have any rights with respect thereto, except as provided herein
or by Law.

 

1.9           
Closing of Transfer Books. At the Effective Time, the stock transfer books of the Company shall be closed and no transfer
of Company Shares shall thereafter be made. If, after the Effective Time, certificates formerly representing Company Shares are
presented to the Buyer or the Surviving Corporation, they shall be cancelled and exchanged for the applicable amounts payable,
if any, in respect of such Company Shares pursuant to Section 1.5.

 

		1.10	Contingent
                                         Consideration; Reservation of Public Company Common Stock.

 

(a)               
The Buyer shall pay to the Series A Stockholder, pursuant to this Section 1.10, the following payments (together, the “Contingent
Consideration”):

 

(i)                
An amount in cash equal to $4,000,000 (the “Market Cap Payment Amount”), payable within five business
days after the last trading day of any period of 30 consecutive calendar days while the Public Company Common Stock is listed
for trading on a securities exchange over which 30 consecutive calendar day period the Average Closing Market Capitalization equals
or exceeds $300,000,000 (the “Market Cap Milestone”), provided that the Buyer may (at its option) satisfy
such payment obligation by issuing or causing to be issued to

    	 	3	 

    	 	 	 

    

 

the
Series A Stockholder, within such five business day period, a number of shares of Public Company Common Stock equal to the Market
Cap Payment Amount, divided by the Per Share Value as of the trading day immediately preceding the date of issuance. As
used in this Agreement, (A) “Closing Market Capitalization” shall mean, for any trading day, an amount equal
to the Per Share Value for such trading day, multiplied by the number of shares of Public Company Common Stock issued and
outstanding as of such date, (C) “Average Market Capitalization” shall mean, for any period, the sum of the
Closing Market Capitalization for each trading day during such period, divided by the number of trading days during such
period, (D) “Per Share Value” shall mean, for any trading day, the closing price per share of the Public Company
Common Stock on such trading day, as quoted on the securities exchange on which the Public Company Common Stock is then listed
for trading, and (E) “Public Company Common Stock” shall mean any capital stock of the Buyer, the Surviving
Corporation or any successor, assign or acquiror of either of them that is listed for trading on any securities exchange.

 

(ii)              
An amount in cash equal to $2,000,000 (the “Development Payment Amount”), payable within five business days
after the first to occur of (A) a Buyer Change of Control or (B) Buyer’s entry into a license or commencement of a phase
2 clinical trial, in either case related to a product candidate with an indication related to metabolic disease (such milestone,
together with the Market Cap Milestone, the “Milestones”). For purposes of  this Agreement, “Buyer
Change of Control” shall mean (1) the sale, transfer or other disposition, in a single transaction or a series of related
transactions, of all or any material part of the business, operations or assets of the Buyer, including the sale of all or substantially
all of the business, operations or assets of the Surviving Corporation, (2) the dissolution, liquidation or winding up of the
Buyer or all or substantially all of the business, operations or operating assets of the Buyer, (3) the acquisition by any Person
or group of Persons, other than the Buyer or a wholly owned subsidiary of the Buyer, of beneficial ownership of 50% or more of
the voting securities of the Buyer or the Surviving Corporation (unless such acquisition results from the sale of newly issued
securities of the Company in connection with bona fide financing transactions), or (4) the consolidation or merger of the Buyer
or the Surviving Corporation with or into any other Person (other than a merger with or into a wholly owned subsidiary of the
Buyer or the merger of the Surviving Corporation into the Buyer).

 

(b)              
From and after the Closing and until the payment of the maximum Contingent Consideration payable hereunder, the Buyer shall (i)
use Reasonable Best Efforts to achieve each Milestone and shall deliver a written notice to the Series A Stockholder (to the address
set forth in the Written Consent) promptly (and in any event within two business days) after the achievement of either Milestone
and (ii) give the Series A Stockholder an annual certification, signed by an executive officer of the Buyer, that certifies as
to the Buyer’s progress towards achieving the Milestones.

 

(c)               
Any Contingent Consideration not paid when due hereunder shall bear interest from the due date until the date of payment thereof
at a rate of 8% per annum, compounded monthly, provided that interest shall not accrue at a rate that exceeds the maximum
rate permitted by applicable Law. The Series A Stockholder shall be entitled to reimbursement from the Buyer of all reasonable
and documented costs and out-of-pocket expenses incurred by

    	 	4	 

    	 	 	 

    

 

or
on behalf of the Series A Stockholder in collecting any Contingent Consideration that is not paid when due (together with interest
thereon in accordance with the preceding sentence).

 

(d)              
No Contingent Consideration paid or payable hereunder shall be subject to any right of set off (except as set forth in the following
sentence), clawback, recoupment or similar right on the part of the Buyer. From and after the Closing, the Buyer shall have the
right to deduct from any Contingent Consideration that otherwise becomes payable hereunder (by a reduction in the Market Cap Payment
Amount and/or the Development Payment Amount, as applicable) the amount of any out-of-pocket damages suffered by the Buyer or
the Surviving Corporation as a result of any breach of any representation or warranty of the Company set forth in Article II (as
determined by a final, non-appealable decision of a court of competent jurisdiction issued prior to the earlier of (i) the payment
of such Contingent Consideration by the Buyer hereunder or (ii) the third anniversary of the Closing Date), solely to the extent
that (x) the amount of all such damages from all such breaches exceeds $250,000 and (y) the Buyer or an affiliate thereof has
not otherwise been compensated for such damages by a reduction in the Contingent Consideration pursuant to this sentence or otherwise.
From and after the Closing, other than with respect to Dissenting Shares, the remedy set forth in the foregoing sentence shall
be the sole and exclusive remedy of the Buyer, the Surviving Corporation and/or any of their respective affiliates with respect
to this Agreement or any of the transactions contemplated hereby.

 

(e)               
From and after the Closing until the Buyer’s obligations with respect to  the Contingent Consideration and the Promissory
Note are satisfied and discharged in full in accordance with the terms hereof and thereof, the Buyer shall ensure that at all
times all shares of Public Company Common Stock issuable pursuant hereto or thereto have been reserved for issuance and that all
shares of Public Company Common Stock issued pursuant hereto or thereto, when issued and delivered in accordance with terms hereof
or thereof, will be duly authorized, validly issued, fully paid and nonassessable.

 

(f)               
If (i) the Buyer shall consolidate with or merge into any other Person and shall not be the continuing or surviving corporation
or entity of such consolidation or merger, (ii) the Buyer shall transfer all or any material portion of its properties or assets
(including all or substantially all of the stock or assets of the Surviving Corporation) or (iii) any Person or group of Persons
shall acquire beneficial ownership of all or any material portion of the voting securities of the Buyer, then, and in each such
case, the Buyer shall cause such successor, assign or acquiror to assume all of the obligations of the Buyer set forth in this
Section 1.10.

 

(g)              
Upon the request of the Series A Stockholder, the Buyer shall register (at the Buyer’s expense) on the registration statement
filed in connection with the Initial Public Offering (as defined in the Promissory Note) the sale by the Series A Stockholder
of any and all Public Company Shares (as defined in the Promissory Note) issued to the Series A Stockholder pursuant thereto.
Upon the request of the Series A Stockholder, the Buyer shall register (at the Buyer’s expense) on any registration statement
filed by the Company on SEC Form S-1 or Form S-3 (or any successor or comparable form) after the Initial Public Offering the sale
by the Series A Stockholder of any and all such Public Company Shares and any and all shares of Public

    	 	5	 

    	 	 	 

    

 

Company
Common Stock issued pursuant to this Agreement.  The Buyer shall notify the Series A Stockholder in writing at least 30 days prior
to the filing of any registration statement described in the foregoing two sentences. Notwithstanding the foregoing, the Buyer
shall not be required to include any of the Series A Stockholder’s Public Company Common Stock in any underwritten offering
unless the Series A Stockholder accepts the terms of the underwriting as agreed upon between the Buyer and its underwriters, and
then only in such quantity as the underwriters in their reasonable discretion determine will not jeopardize the success of the
offering. If the total number of securities, including the Series A Stockholder’s Public Company Common Stock, exceeds the
number of securities to be sold that the underwriters in their reasonable discretion determine is compatible with the success
of the offering, then the Buyer shall be required to include in the offering only that number of such securities, including the
Series A Stockholder’s Public Company Common Stock, which the underwriters and the Buyer in their reasonable discretion
determine will not jeopardize the success of the offering provided that all other stockholders’ shares are similarly cut
back on a pro rata basis.

 

1.11       
Stock Options. Each option to purchase shares of Company Common Stock that is outstanding (whether such option is vested
or unvested, but not to the extent it has theretofore been exercised) immediately prior to the Effective Time shall, at the Effective
Time, be cancelled and extinguished without payment of any consideration in respect thereof.

 

ARTICLE
II

 

REPRESENTATIONS
AND WARRANTIES OF THE COMPANY

 

The
Company represents and warrants to the Buyer that the following representations and warranties are true and correct, except as
set forth in the Company Disclosure Schedule. The Company Disclosure Schedule will be arranged in paragraphs corresponding to
the numbered  and lettered paragraphs contained in this Article II, and the disclosure in any such numbered and lettered
section of the Company Disclosure Schedule shall qualify only the corresponding section or subsection in this Article II (except
to the extent disclosure in any numbered and lettered section of the Company Disclosure Schedule is specifically cross-referenced
in another numbered and lettered section of the Company Disclosure Schedule).

 

2.1           
Organization, Qualification and Corporate Power. The Company is a corporation duly organized, validly existing and in good
standing under the Laws of the State of Delaware. The Company is duly qualified to conduct business and is in good standing under
the Laws of each jurisdiction listed in Section 2.1 of the Company Disclosure Schedule, which jurisdictions constitute
the only jurisdictions in which the nature of the Company’s businesses or the ownership or leasing of its properties requires
such qualification. The Company has all requisite corporate power and authority to carry on the businesses in which it is engaged
and to own and use the properties owned and used by it. The Company has furnished to the Buyer complete and accurate copies of
the Certificate of Incorporation and the Company’s by-laws, as amended or restated. The Company is not in default under
or in violation of any provision of the Certificate of Incorporation or its by-laws.

    	 	6	 

    	 	 	 

    

 

		2.2	Capitalization.

 

(a)               
The authorized capital stock of the Company consists of 50,000,000 shares of Company Common Stock and 34,190,608 shares of Company
Preferred Stock, of which all such shares are designated as Company Series A Preferred Stock. There are outstanding 6,733,500
shares of Company Common Stock and 27,590,608 shares of Company Series A Preferred Stock. Each class of the Company’s capital
stock is entitled to the rights and privileges set forth in the Certificate of Incorporation.

 

(b)              
Section 2.2(b) of the Company Disclosure Schedule sets forth a complete and accurate list of the holders of capital stock
of the Company, showing the number of shares of capital stock, and the class or series of such shares, held by each stockholder.
All of the issued and outstanding shares of capital stock of the Company have been duly authorized and validly issued and are
fully paid and nonassessable and are free of any liens or encumbrances other than any liens or encumbrances created by or imposed
upon the holders thereof and other than restrictions on transfer under applicable securities Laws. All of the issued and outstanding
shares of capital stock of the Company have been offered, issued and sold by the Company in compliance in all material respects
with all applicable federal and state securities Laws.

 

(c)               
Except as set forth in Section 2.2(c) of the Company Disclosure Schedule, no subscription, warrant, option, convertible
security or other right (contingent or otherwise) to purchase or acquire any shares of capital stock of the Company is or has
been authorized or outstanding. The Company has no obligation (contingent or otherwise) to issue any subscription, warrant, option,
convertible security or other such right, or to issue or distribute to holders of any shares of its capital stock any evidences
of indebtedness or assets of the Company. The Company has no obligation (contingent or otherwise) to purchase, redeem or otherwise
acquire any shares of its capital stock or any interest therein or to pay any dividend or to make any other distribution in respect
thereof. There are no outstanding or authorized stock appreciation, phantom stock or similar rights with respect to the Company.
The Company has delivered to Buyer true and complete copies of each form of agreement or plan evidencing each subscription, warrant,
option, convertible security or other right to purchase or acquire shares of capital stock of the Company.

 

(d)              
The Company does not directly or indirectly own any equity or similar interest in, or any interest convertible or
exchangeable or exercisable for, any equity or similar ownership interest in, any corporation, partnership, joint venture or
other business association or entity.

 

2.3           
Authorization of Transaction. The Company has all requisite corporate power and authority to execute and deliver this Agreement
and to perform its obligations hereunder. The execution and delivery by the Company of this Agreement and, subject to obtaining
the Written Consent, the consummation by the Company of the transactions contemplated hereby have each been duly and validly authorized
by all necessary corporate action on the part of the Company. Without limiting the generality of the foregoing, the Board of Directors
of the Company, by the unanimous vote of all directors (i) determined that the Merger is advisable, fair

    	 	7	 

    	 	 	 

    

 

and
in the best interests of the Company and its stockholders, (ii) adopted this Agreement in accordance with the provisions of the
DGCL, and (iii) directed that this Agreement and the Merger be submitted to the stockholders of the Company for their adoption
and approval and resolved to recommend that the stockholders of the Company vote in favor of the adoption of this Agreement and
the approval of the Merger. This Agreement has been duly and validly executed and delivered by the Company and constitutes a valid
and binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium and similar Laws of general applicability relating to or affecting creditors’
rights and to general equity principles.

 

2.4           
Noncontravention. Subject to the filing of the Certificate of Merger as required by the DGCL and the execution and delivery
of the Written Consent as contemplated by Section 5.1(a), none of the execution and delivery by the Company of this Agreement,
the performance by the Company of any of its obligations hereunder or the consummation by the Company of the transactions contemplated
hereby, does or will (a) conflict with or violate any provision of the Certificate of Incorporation or the by-laws of the Company,
(b) require on the part of the Company any notice to or filing with, or any permit, authorization, consent or approval of, any
Governmental Entity, (c) conflict with, result in a breach of, constitute (with or without due notice or lapse of time or both)
a default under, result in the acceleration of obligations or loss of any right or benefit under, create in any party the right
to terminate, modify or cancel, or require any notice, consent or waiver under, any contract or instrument to which the Company
is a party or by which the Company is bound or to which any of their respective assets is subject, (d) result in the imposition
of any lien upon any assets of the Company or (e) violate any Law applicable to the Company or any of its properties or assets.

 

2.5           
Subsidiaries. The Company does not have, nor has it had, any subsidiaries. The Company does not control, nor has it controlled,
directly or indirectly, nor does the Company have, nor has it had, any direct or indirect equity participation or similar interest,
in any Person.

 

2.6           
Financial Statements. The Company has provided to the Buyer the following financial statements of the Company: an unaudited
balance sheet of the Company as at December 31, 2014 and the related statement of income for the twelve (12) month period then
ended (the “Company Financial Statements”). The Company Financial Statements fairly present in all material
respects the financial position of the Company as of the dates thereof and the results of its operations for the periods indicated.

 

2.7           
Undisclosed Liabilities. To the knowledge of the Company, the Company has no material liabilities, except for (a) liabilities
shown on the most recent balance sheet included in the Company Financial Statements, (b) liabilities which have arisen since the
date of such balance sheet in the ordinary course of business and (c) liabilities under contracts listed in the Company Disclosure
Schedule.

 

2.8           
Taxes. The Company has (i) duly and timely filed (or there have been filed on its behalf) with the appropriate Governmental
Entity all U.S. federal and all other material tax returns required to be filed by it, taking into account any extensions of time
within which to file

    	 	8	 

    	 	 	 

    

 

such
tax returns, and all such tax returns were true, correct and complete in all material respects when filed, and (ii) duly and timely
paid in full (or there has been duly and timely paid in full on their behalf), or made adequate provision for, all material amounts
of taxes required to be paid by it, whether or not shown (or required to be shown) on any tax return. True and materially complete
copies of all U.S. federal income tax returns that have been filed with the IRS by the Company with respect to the taxable years
ending on or after December 31, 2012 have been provided or made available to representatives of Buyer.

 

2.9           
Assets. The Company does not own or lease any material tangible assets or any real property.

 

2.10       
Contracts. Section 2.10 of the Company Disclosure Schedule lists all agreements under which the Company has any
material obligations.

 

2.11       
Intellectual Property. Section 2.11 of the Company Disclosure Schedule lists all patents, patent applications and
registered trademarks owned by the Company. The Company has paid all invoices for licensed Intellectual Property received by the
Company five business days or more prior to the Closing Date.

 

2.12       
Compliance With Laws. The Company has conducted its business in compliance in all material respects with all applicable
Laws.

 

2.13       
Litigation. There is no Legal Proceeding pending or, to the knowledge of the Company, threatened against the Company. There
are no material judgments, orders or decrees outstanding against the Company.

 

2.14       
No Employees. Except as set forth in Section 2.14 of the Company Disclosure Schedule, the Company has no
employees, officers or independent contractors and is not subject to any current employment or severance arrangements.

 

2.15       
Brokers. No agent, broker, investment banker, financial advisor or other Person is or shall be entitled, as a result of
any action, agreement or commitment of the Company, to any broker’s, finder’s, financial advisor’s or other
similar fee or commission in connection with any of the transactions contemplated by this Agreement.

 

2.16       
No Other Representations or Warranties. Notwithstanding anything contained in this Agreement to the contrary, the Company
acknowledges and agrees that neither the Buyer nor Merger Sub, nor any stockholder of Buyer, is making any representations or
warranties whatsoever, express or implied, in connection with the transactions contemplated by this Agreement beyond those expressly
given by the Buyer and Merger Sub in Article III (as qualified and limited by the Buyer Disclosure Schedule).

    	 	9	 

    	 	 	 

    

ARTICLE
III

 

REPRESENTATIONS
AND WARRANTIES OF THE BUYER AND MERGER SUB

 

The
Buyer and Merger Sub represent and warrant to the Company that the following representations and warranties are true and correct,
except as set forth in the Buyer Disclosure Schedule. The Buyer Disclosure Schedule will be arranged in paragraphs corresponding
to the numbered and lettered paragraphs contained in this Article III, and the disclosure in any such numbered and lettered
section of the Buyer Disclosure Schedule shall qualify only the corresponding section or subsection in this Article III (and
any other section or subsection of this Article III to the extent it is reasonably apparent that such disclosure is relevant
to such other section or subsection).

 

3.1           
Organization, Qualification and Corporate Power. Each of the Buyer and Merger Sub is a corporation duly organized, validly
existing and in good standing under the Laws of the State of Delaware. Each of the Buyer and Merger Sub is duly qualified to conduct
business and is in good standing under the Laws of each jurisdiction listed in Section 3.1 of the Buyer Disclosure Schedule,
which jurisdictions constitute the only jurisdictions in which the nature of the Buyer’s and Merger Sub’s businesses
or the ownership or leasing of their respective properties requires such qualification. Each of the Buyer and Merger Sub has all
requisite corporate power and authority to carry on the businesses in which it is engaged and to own and use the properties owned
and used by it. The Buyer has furnished to the Company complete and accurate copies of the certificate of incorporation and the
by-laws of the Buyer and Merger Sub, as amended or restated. Neither the Buyer nor Merger Sub is in default under or in violation
of any provision of its certificate of incorporation or by-laws.

 

		3.2	Capitalization.

 

(a)               
The authorized capital stock of the Buyer consists of 20,000,000 shares of common stock, par value $0.0001 per share, of which
2,000,000 shares are issued and outstanding, and 5,000,000 shares of preferred stock, par value $0.0001 per share, of which zero
shares are issued and outstanding. Each class of the Buyer’s capital stock is entitled to the rights and privileges set
forth in the certificate of incorporation of the Buyer.

 

(b)              
Section 3.2(b) of the Buyer Disclosure Schedule sets forth a complete and accurate list of the holders of capital stock
of the Buyer, showing the number of shares of capital stock, and the class or series of such shares, held by each stockholder.
All of the issued and outstanding shares of capital stock of the Buyer have been duly authorized and validly issued and are fully
paid and nonassessable. All of the issued and outstanding shares of capital stock of the Buyer have been offered, issued and sold
by the Buyer in compliance in all material respects with all applicable federal and state securities Laws.

 

(c)               
Except as set forth in Section 3.2(c) of the Buyer Disclosure Schedule, no subscription, warrant, option, convertible security
or other right (contingent or otherwise) to

    	 	10	 

    	 	 	 

    

 

purchase
or acquire any shares of capital stock of the Buyer is or has been authorized or outstanding. The Buyer has no obligation (contingent
or otherwise) to issue any subscription, warrant, option, convertible security or other such right, or to issue or distribute
to holders of any shares of its capital stock any evidences of indebtedness or assets of the Buyer. The Buyer has no obligation
(contingent or otherwise) to purchase, redeem or otherwise acquire any shares of its capital stock or any interest therein or
to pay any dividend or to make any other distribution in respect thereof. There are no outstanding or authorized stock appreciation,
phantom stock or similar rights with respect to the Buyer.

 

3.3           
Authorization of Transaction. Each of the Buyer and Merger Sub has all requisite corporate power and authority to execute
and deliver this Agreement and to perform its obligations hereunder. The execution and delivery by the Buyer and Merger Sub of
this Agreement and the consummation by the Buyer and Merger Sub of the transactions  contemplated hereby have been duly and validly
authorized by all necessary corporate action on the part of the Buyer and Merger Sub, respectively. This Agreement has been duly
and validly executed and delivered by the Buyer and Merger Sub and constitutes a valid and binding obligation of the Buyer and
Merger Sub, enforceable against them in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization,
moratorium and similar Laws of general applicability relating to or affecting creditors’ rights and to general equity principles.

 

3.4           
Noncontravention. Subject to the filing of the Certificate of Merger as required  by the DGCL, neither the execution and
delivery by the Buyer or Merger Sub of this Agreement, nor the consummation by the Buyer or Merger Sub of the transactions contemplated
hereby, does or will (a) conflict with or violate any provision of the certificate of incorporation or by-laws of the Buyer or
Merger Sub, (b) require on the part of the Buyer or Merger Sub any filing with, or permit, authorization, consent or approval
of, any Governmental Entity, (c) conflict with, result in a breach of, constitute (with or without due notice or lapse of time
or both) a default under, result in the acceleration of obligations under, create in any party any right to terminate, modify
or cancel, or require any notice, consent or waiver under, any contract or instrument to which the Buyer or Merger Sub is a party
or by which either is bound or to which any of their assets are subject, (d) result in the imposition of any lien upon any assets
of Buyer or Merger Sub or (e) violate any Law applicable to the Buyer or Merger Sub or any of their properties or assets. No consent,
approval, order or authorization of, or registration, declaration or filing with, any court, administrative agency or commission
or Governmental Entity or any other Person is required by or with respect to the Buyer and Merger Sub in connection with the execution
and delivery of this Agreement or the consummation of the transactions contemplated hereby, except for the filing of the Certificate
of Merger.

 

3.5           
Access. Buyer and its representatives have been given full access to the assets, books, records, contracts and employees
of the Company, and have been given the opportunity to meet with representatives of the Company for the purpose of investigating
and obtaining information regarding the Company’s business, operations and legal affairs.

 

		3.6	Operations
                                         of Merger Sub. Merger Sub was formed solely for the purpose of

    	 	11	 

    	 	 	 

    

 

engaging
in the transactions contemplated by this Agreement, has engaged in no other business activities, has never had any assets, and
has conducted its operations only as contemplated by this Agreement. Buyer owns all of the issued and outstanding capital stock
of Merger Sub.

 

3.7           
Compliance With Laws. Each of the Buyer and Merger Sub has conducted its business in compliance with all applicable Laws.

 

3.8           
Litigation. There is no private or governmental action, suit, proceeding, claim, arbitration or investigation pending before
any Governmental Entity, or, to the knowledge of the Company, threatened against the Company or any of its properties or any of
its officers or directors (in their capacities as such). There is no judgment, decree or order against the Company, or, to the
knowledge of the Company, any of its respective directors or officers (in their capacities as such), that could prevent, enjoin,
or materially alter or delay any of the transactions contemplated by this Agreement.

 

3.9           
Brokers. No agent, broker, investment banker, financial advisor or other Person is or shall be entitled, as a result of
any action, agreement or commitment of the Buyer or Merger Sub, to any broker’s, finder’s, financial advisor’s
or other similar fee or commission in connection with any of the transactions contemplated by this Agreement.

 

3.10       
Solvency. Immediately after giving effect to the transactions contemplated by this Agreement, the Buyer and the Surviving
Corporation shall be able to pay their respective debts as they become due and shall own property having a fair saleable value
greater than the amounts required to pay their respective debts (including a reasonable estimate of the amount of all contingent
liabilities). Immediately after giving effect to the transactions contemplated by this Agreement, the Buyer and the Surviving
Corporation shall have adequate capital to carry on their respective businesses. No transfer of property is being made and no
obligation is being incurred in connection with the transactions contemplated by this Agreement with the intent to hinder, delay
or defraud either present or future creditors of the Buyer or the Surviving Corporation.

 

3.11        No
Other Representations or Warranties; Condition of the Business. Notwithstanding anything contained in this Agreement to
the contrary, each of the Buyer and Merger Sub acknowledges and agrees that neither the Company nor any Company
Stockholder is making any representations or warranties whatsoever, express or implied, in connection with the transactions
contemplated by this Agreement beyond those expressly given by the Company in Article II (as qualified and limited by the
Company Disclosure Schedule) and those given by the Series A Stockholder in the Written Consent. Each of the Buyer and Merger
Sub acknowledges and agrees that neither the Company, nor any Company Stockholder or any other Person has made or shall be
deemed to have made, nor has the Buyer or Merger Sub relied on, any representation, warranty, covenant or agreement, express
or implied, with respect to the Company, its business, or the transactions contemplated hereby, or the completeness or
accuracy of any information made available to the Buyer or Merger Sub, other than those representations, warranties,
covenants and agreements explicitly set forth in this Agreement. The Buyer and Merger Sub acknowledge that the Buyer takes
the Company and its assets “as is” and “where is” (subject only to the benefit of the representations
and warranties set forth in this Agreement).

    	 	12	 

    	 	 	 

    

 

ARTICLE
IV 

COVENANTS

4.1           
Closing Efforts. Each of the Parties shall use its Reasonable Best Efforts to take all actions and to do all things necessary,
proper or advisable to consummate the transactions contemplated by this Agreement, including using its Reasonable Best Efforts
to ensure that the conditions to the obligations of the other Parties to consummate the Merger are satisfied.

 

		4.2	Stockholder
                                         Approval.

 

(a)               
The Company shall use Reasonable Best Efforts to deliver to the Buyer the Written Consent as expeditiously as possible after the
execution of this Agreement and prior to the Closing.

 

(b)              
As expeditiously as possible following the Closing, the Buyer shall cause the Surviving Corporation to deliver to each Company
Stockholder an information statement, which shall contain: (i) a summary of the Merger and this Agreement, (ii) a statement that
appraisal rights are available for the Company Shares pursuant to Section 262 of the DGCL and a copy thereof, and (iii) a notice
describing, in accordance with Section 228(e) of the DGCL, the matters approved by the Written Consent.

 

4.3           
Operation of Business. Except as contemplated by this Agreement, during the period from the date of this Agreement to the
earlier of the termination of this Agreement in accordance with its terms or the Effective Time, the Company shall not engage
in any material business activities without the prior written consent of the Buyer (which shall not be unreasonably withheld,
conditioned or delayed). For the avoidance of doubt (but subject to Section 5.2(d)), nothing in this Agreement shall be
deemed to restrict the Company from declaring or paying any dividends or distributions in cash or cash equivalents prior to the
Effective Time.

 

4.4           
Expenses. Each of the Parties shall bear its own costs and expenses (including investment banking, legal and accounting
fees and expenses) incurred in connection with this Agreement and the transactions contemplated hereby.

 

		4.5	Additional
                                         Agreements.

 

(a)               
Access. The Company shall afford Buyer and its accountants, counsel and other representatives reasonable access during
normal business hours during the period prior to the Effective Time to (i) all of the Company’s properties, personnel, books,
contracts, commitments and records and (ii) all other information concerning the business, properties and personnel of the Company
as Buyer may reasonably request.

    	 	13	 

    	 	 	 

    

 

(b)              
Conferences. Subject to compliance with applicable Law, from the date hereof until the Effective Time, each of Buyer and
the Company shall confer on a regular basis at mutually agreeable times with one or more representatives of the other party to
report operational matters of materiality and the general status of ongoing operations.

 

(c)               
Security Deposit. Buyer acknowledges that the Company’s Board of Directors has declared a dividend transferring to
the Series A Stockholder the right to receive any refund of a security deposit paid by the Company pursuant to its existing lease
(the “Deposit Refund”). Buyer shall instruct, or shall cause the Surviving Corporation to instruct,
the Company’s landlord to pay the Deposit Refund directly to the Series A Stockholder and, failing such action on the part
of the landlord, the Buyer shall pay, or shall cause the Surviving Corporation to pay, the Deposit Refund to the Series A Stockholder
as promptly as practicable, and in no event more than five business days, after its receipt thereof.

 

4.6           
Employee Matters. From the Closing through March 15, 2015, the Buyer shall cause the Surviving Corporation to (a) continue
to employ Jasbir Seehra on the same terms and conditions as are in effect on the date hereof and (b) assume or retain and satisfy
the Surviving Corporation’s obligations under COBRA with respect to all former employees of the Company who are receiving
or entitled to receive COBRA coverage as of the Closing, provided that each such former employee shall be charged by the Company
for 100% of the applicable premiums pursuant to COBRA.

 

ARTICLE
V

 

CONDITIONS
TO CONSUMMATION OF THE MERGER

 

5.1           
Conditions to Obligations of Each Party to Effect the Merger. The respective obligations of each Party to consummate the
Merger is subject to the satisfaction at or prior to the Effective Time of the following condition:

 

(a)               
Stockholder Approval. This Agreement shall have been adopted by the requisite vote of the Company’s stockholders
under DGCL and the Company’s Certificate of Incorporation in a written consent in the form attached hereto as Exhibit
B, which shall have been executed and delivered to the Buyer (the “Written Consent”), along with the certificate
or certificates evidencing all outstanding shares of Company Series A Preferred Stock.

 

5.2           
Conditions to Obligations of the Buyer and Merger Sub. The obligation of each of the Buyer and Merger Sub to consummate
the Merger is subject to the satisfaction (or waiver by the Buyer) of the following conditions:

 

(a)               
the representations and warranties of the Company set forth in this Agreement shall be true and correct as of the Closing as though
made as of the Closing (except for any such representation or warranty made as of an earlier date, which shall be true and correct
as of such date);

    	 	14	 

    	 	 	 

    

 

(b)              
the Company shall have performed or complied with in all material respects its agreements and covenants required to be performed
or complied with under this Agreement as of or prior to the Closing;

 

(c)               
no Legal Proceeding shall be pending or threatened in writing wherein an unfavorable judgment, order, decree, stipulation or
injunction would reasonably be expected to (i) prevent consummation of the transactions contemplated by this Agreement or
(ii) cause the transactions contemplated by this Agreement to be rescinded following consummation, and no such judgment,
order, decree, stipulation or injunction shall be in effect;

 

(d)              
the Company shall have delivered to the Buyer evidence that the Company will have, as of the Effective Time, cash and cash equivalents
(including marketable securities)  of at least $100,000; and

 

(e)               
the Company shall have delivered to Buyer evidence satisfactory to the Buyer that Joslin Diabetes Center (“Joslin”)
acknowledges that the License Agreement, dated as of March 21, 2012, by and between Joslin and the Company remains in full force
and effect.

 

5.3           
Conditions to Obligations of the Company. The obligation of the Company to consummate the Merger is subject to the satisfaction
(or waiver by the Series A Stockholder) of the following conditions:

 

(a)               
the representations and warranties of the Buyer and Merger Sub set forth in this Agreement shall be true and correct as of the
Closing as though made as of the Closing;

 

(b)              
each of the Buyer and Merger Sub shall have performed or complied with in all material respects its agreements and covenants required
to be performed or complied with under this Agreement as of or prior to the Closing;

 

(c)               
no Legal Proceeding shall be pending or threatened in writing wherein an unfavorable judgment, order, decree, stipulation or
injunction would reasonably be expected to (i) prevent consummation of the transactions contemplated by this Agreement or
(ii) cause the transactions contemplated by this Agreement to be rescinded following consummation, and no such judgment,
order, decree, stipulation or injunction shall be in effect; and

 

(d)              
the Buyer shall have delivered to the Series A Stockholder the Promissory Note, duly executed by the Buyer.

 

ARTICLE
VI 

TERMINATION

6.1           
Termination of Agreement. The Parties may terminate this Agreement prior to the Closing, as provided below:

 

(a)               
the Parties may terminate this Agreement by mutual written consent;

    	 	15	 

    	 	 	 

    

 

(b)              
the Buyer may terminate this Agreement by giving written notice to the Company in the event the Company is in breach of any representation,
warranty or covenant contained in this Agreement, and such breach (i) individually or in combination with any other such breach,
would cause the conditions set forth in Section 5.2(a) or Section 5.2(b) not to be satisfied and (ii) is not cured
within ten (10) days following delivery by the Buyer to the Company of written notice of such breach;

 

(c)               
the Company may terminate this Agreement by giving written notice to  the Buyer in the event the Buyer or Merger Sub is in breach
of any representation, warranty or covenant contained in this Agreement, and such breach (i) individually or in combination with
any other such breach, would cause the conditions set forth in Section 5.3(a) or Section 5.3(b)  not to be satisfied
and (ii) is not cured within ten (10) days following delivery by the Company to the Buyer of written notice of such breach;

 

(d)              
the Buyer may terminate this Agreement by giving written notice to the Company if the Closing shall not have occurred on or before
March 15, 2015 by reason of the non-satisfaction of the conditions set forth in Section 5.2(c) or Section 5.2(d) (unless
the non- occurrence of the Closing results primarily from a breach or nonperformance by the Buyer or Merger Sub of any representation,
warranty, covenant or agreement contained in this Agreement); or

 

(e)               
the Company may terminate this Agreement by giving written notice to the Buyer if the Closing shall not have occurred on or before
March 15, 2015 by reason of the non-satisfaction of the condition set forth in Section 5.3(c) (unless the non-occurrence
of the Closing results primarily from a breach by the Company of any representation, warranty, covenant or agreement contained
in this Agreement).

 

6.2           
Effect of Termination. If any Party terminates this Agreement pursuant to Section 6.1, all obligations of
the Parties hereunder shall terminate without any liability of any Party to any other Party, except to the extent that such termination
results from the intentional breach by  a Party of any of its representations, warranties or covenants set forth in this Agreement,
in which event the terminating party will be entitled to exercise any and all remedies available under law or equity in accordance
with this Agreement.

 

6.3           
Extension; Waiver. At any time prior to the Effective Time, the Parties hereto, may, to the extent legally allowed: (a)
extend the time for the performance of any of the obligations or other acts of the other Parties hereto; (b) waive any inaccuracies
in the representations and warranties contained herein or in any document delivered pursuant hereto; and (c) waive compliance
with any of the agreements or conditions contained herein. Any agreement on the part of a Party hereto to any such extension or
waiver shall be valid only if set forth in a written instrument signed on behalf of such Party.

    	 	16	 

    	 	 	 

    

ARTICLE
VII 

DEFINITIONS

For
purposes of this Agreement, each of the following capitalized terms shall have the meaning set forth below.

 

“Agreement”
shall have the meaning set forth in the first paragraph of this Agreement.

 

“Buyer”
shall have the meaning set forth in the first paragraph of this Agreement.

 

“Buyer
Change of Control” shall have the meaning set forth in Section 1.10(a)(ii).

 

“Buyer
Disclosure Schedule” shall mean the disclosure schedule provided by the Buyer to the Company on the date hereof.

 

“Certificate
of Incorporation” shall mean the certificate of incorporation of the Company, as amended or restated.

 

“Certificate
of Merger” shall mean the certificate of merger or other appropriate documents prepared and executed in accordance with
Section 251(c) of the DGCL.

 

“Closing”
shall have the meaning set forth in Section 1.2.

 

“Closing
Date” shall have the meaning set forth in Section 1.2.

 

“Closing
Market Capitalization” shall have the meaning set forth in Section 1.10(a)(i).

 

“COBRA”
means the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended.

 

“Company”
shall have the meaning set forth in the first paragraph of this Agreement.

 

“Company
Common Stock” shall mean shares of common stock, $0.001 par value per share, of the Company.

 

“Company
Disclosure Schedule” shall mean the disclosure schedule provided by the Company to the Buyer on the date hereof.

 

“Company
Financial Statements” shall have the meaning set forth in Section 2.6.

 

“Company
Preferred Stock” shall mean shares of preferred stock, $0.001 par value per share, of the Company.

    	 	17	 

    	 	 	 

    

 

“Company
Series A Preferred Stock” shall mean shares of Series A preferred stock, $0.001 par value per share, of the Company.

 

“Company
Shares” shall mean shares of the Company Common Stock and the Company Preferred Stock.

 

“Company
Stockholders” shall mean the holders of record of Company Shares outstanding immediately prior to the Effective Time.

 

“Contingent
Consideration” shall have the meaning set forth in Section 1.10(a).

 

“Deposit
Refund” shall have the meaning set forth in Section 4.5(c).

 

“Development
Payment Amount” shall have the meaning set forth in Section 1.10(a)(ii).

 

“DGCL”
shall have the meaning set forth in Section 1.1.

 

“Dissenting
Shares” shall mean Company Shares held as of the Effective Time by a Company Stockholder who has not voted such Company
Shares in favor of the adoption of this Agreement and with respect to which appraisal shall have been duly demanded and perfected
in accordance with Section 262 of the DGCL and not effectively withdrawn or forfeited prior to the Effective Time.

 

“Effective
Time” shall mean the time at which the Surviving Corporation files the Certificate of Merger with the Secretary of State
of the State of Delaware.

 

“Governmental
Entity” shall mean any court, arbitrational tribunal, administrative agency or commission or other governmental or regulatory
authority or agency.

 

“knowledge,”
in the context of phrases such as “to the knowledge of the Company” or any phrase of similar import, shall be deemed
to refer to the actual knowledge of the directors and officers of the Company as of the date hereof.

 

“Law”
shall mean each applicable law, order, judgment, rule, code, statute, regulation, requirement, variance, decree, writ, injunction,
award, ruling, permit or ordinance of any Governmental Entity, including the common law and any applicable stock exchange rule
or requirement.

 

“Legal
Proceeding” shall mean any action, suit, proceeding, claim, arbitration or investigation before any Governmental Entity
or before any arbitrator.

 

“Market
Cap Milestone” shall have the meaning set forth in Section 1.10(a)(i).

 

“Market
Cap Payment Amount” shall have the meaning set forth in Section 1.10(a)(i).

 

“Merger”
shall mean the merger of Merger Sub with and into the Company in accordance with the terms of this Agreement.

    	 	18	 

    	 	 	 

    

 

“Merger
Sub” shall have the meaning set forth in the first paragraph of this Agreement.

 

“Milestones”
shall have the meaning set forth in Section 1.10(a)(ii).

 

“Parties”
shall mean the Buyer, Merger Sub and the Company.

 

“Per
Share Value” shall have the meaning set forth in Section 1.10(a)(i).

 

“Person”
shall mean a natural person, partnership (general or limited), corporation, limited liability company, business trust, joint stock
company, trust, unincorporated association, joint venture, Governmental Entity or other entity or organization.

 

“Public
Company Common Stock” shall have the meaning set forth in Section 1.10(a)(i).

 

“Promissory
Note” shall mean a convertible promissory note issuable by the Buyer in the form attached hereto as Exhibit C.

 

“Reasonable
Best Efforts” shall mean best efforts, to the extent commercially reasonable.

 

“Series
A Stockholder” shall mean Third Rock Ventures II, L.P., the holder of all issued and outstanding shares of Company Series
A Preferred Stock.

 

“Surviving
Corporation” shall mean the Company, as the surviving corporation in the Merger.

 

“Written
Consent” shall have the meaning set forth in Section 5.1(a).

 

ARTICLE
VIII 

MISCELLANEOUS

8.1            Press
Releases and Announcements. No Party shall issue any press release or public announcement relating to the subject matter
of this Agreement without the prior written approval of the other Parties; provided, however, that any
Party may make any public disclosure it believes in good faith is required by applicable Law (in which case the disclosing
Party shall use Reasonable Best Efforts to advise the other Parties and provide them with a copy of the proposed disclosure
prior to making the disclosure).

 

8.2           
Expiration of Representations and Warranties and Certain Covenants. Subject to the second sentence of Section 1.10(d),
each of the representations and warranties of the Parties set forth in this Agreement shall survive the execution and delivery
of this Agreement until the Closing, at which time they shall expire. Each of the covenants of the Parties set forth in this Agreement
that by their terms are required to be performed at or prior to the Closing shall expire at the Closing. No Party may make a claim
against another Party in respect of any representation, warranty or covenant set forth in this Agreement following the expiration
thereof.

    	 	19	 

    	 	 	 

    

8.3           
Third-Party Beneficiaries. The terms and provisions of this Agreement are intended solely for the benefit of the Buyer,
Merger Sub, the Company, and their respective successors or permitted assigns, and it is not the intention of the parties to confer
third-party beneficiary rights, and this Agreement does not confer any such rights, upon any other Person, except for the Series
A Stockholder, which is an express third-party beneficiary of the obligations of the Parties.

 

8.4           
Entire Agreement. This Agreement (including the Company Disclosure Schedule, the Buyer Disclosure Schedule and the Exhibits
hereto and the documents and instruments referred to herein that are to be delivered at the Closing) constitutes the entire agreement
among the Parties or any of their stockholders and supersedes any prior understandings, agreements or representations by or among
the Parties or any of their stockholders, written or oral, with respect to the subject matter hereof, and the Parties specifically
disclaim reliance on any such prior understandings, agreements or representations to the extent not embodied in this Agreement;
provided that the Mutual Nondisclosure Agreement, dated as of January 8, 2015, between the Buyer and the Company shall
remain in effect until the Effective Time.

 

8.5           
Succession and Assignment. This Agreement shall be binding upon and inure to the benefit of the Parties named herein and
their respective successors and permitted assigns. No Party may assign any of its rights or delegate any of its performance obligations
hereunder without the prior written approval of the other Parties. Any purported assignment of rights or delegation of performance
obligations in violation of this Section 8.5 shall be null and void ab initio.

 

8.6           
Counterparts and Facsimile Signature. This Agreement may be executed in two or more counterparts, each of which shall be
deemed an original but all of which together shall constitute one and the same instrument. This Agreement may be executed by facsimile
signature.

 

8.7           
Headings. The section headings contained in this Agreement are inserted for convenience only and shall not affect in any
way the meaning or interpretation of this Agreement.

 

8.8           
Notices. All notices, requests, demands, claims, and other communications hereunder shall be in writing. Any notice, request,
demand, claim or other communication hereunder shall be deemed duly delivered four business days after it is sent by registered
or certified mail, return receipt requested, postage prepaid, or one business day after it is sent for next business day delivery
via a reputable nationwide overnight courier service, or on the same business day (if sent before 2 p.m. local time in the time
zone of the recipient’s physical address (as specified below) and otherwise on the next business day) if sent by fax with
electronic or telephonic confirmation of receipt, in each case to the intended recipient as set forth below:

 

    	 	20	 

    	 	 	 

    

 

	 	If
    to the Company prior to the Closing:	With
    copies to:
	 		
	 	Ember
                                         Therapeutics, Inc.

        c/o
        Third Rock Ventures II, L.P.

        29
        Newbury Street; 3rd Floor

        Boston,
        MA 02116

        Attn:
        Kevin Starr

        Tel:
        (617) 585-2000

        Fax:
        (617) 859-2891
	Wilmer
                                         Cutler Pickering Hale and Dorr LLP

        60
        State Street

        Boston,
        Massachusetts 02109

        Attn:
        Jason Kropp and Joseph Conahan

        Tel:
        (617) 526-6000

        Fax:
        (617) 526-5000

	 		
	 	If
    to the Buyer or Merger Sub or (after the Closing)	With
    a copy to:
	 	the
    Company:	
	 		
	 	c/o
                                         Mariel Therapeutics, Inc.

        302
        West 12th Street

        Suite
        114

        New
        York, New York 10014

        Attn:
        Joe Hernandez

        Tel:
        (646) 612-4000

        Fax:
        N/A
	DLA
                                         Piper LLP

        51
        John F. Kennedy Parkway

        Suite
        120

        Short
        Hills, New Jersey 07078-2704

        Attn:
        Andrew Gilbert

        Tel:
        (973) 520-2553

        Fax:
        (973) 520-2573

Any
Party may give any notice, request, demand, claim or other communication hereunder using any other means (including personal delivery,
expedited courier, messenger service, or ordinary mail), but no such notice, request, demand, claim or other communication that
is given by such other means shall be deemed to have been duly given unless and until it actually is received by the party for
whom it is intended. Any Party may change the address to which notices, requests, demands, claims, and other communications hereunder
are to be delivered by giving the other Parties notice in the manner herein set forth.

 

8.9           
Amendments and Waivers. The Parties may mutually amend any provision of this Agreement at any time prior to the Closing;
provided, however, that no such amendment shall be effective without the prior written consent of the Series A Stockholder.
No amendment of any provision of this Agreement shall be valid unless the same shall be in writing and signed by all of the Parties.
No waiver of any right or remedy hereunder shall be valid unless the same shall be in writing and signed by the Party giving such
waiver. No waiver by any Party with respect to any default, misrepresentation or breach of warranty or covenant hereunder shall
be deemed to extend to any prior or subsequent default, misrepresentation or breach of warranty or covenant hereunder or affect
in any way any rights arising by virtue of any prior or subsequent such occurrence.

 

8.10       
Severability; Invalid Provisions. If any provision of this Agreement is finally judicially determined to be illegal, invalid
or unenforceable under any present or future Law, and if the rights or obligations of any Party under this Agreement will not
be materially and  adversely affected thereby, (a) such provision shall be fully severable, (b) this Agreement shall be construed
and enforced as if such illegal, invalid or unenforceable provision had never  comprised a part hereof, (c) the remaining provisions
of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision
or by its severance herefrom, and (d) in lieu of such illegal, invalid or unenforceable provision, there shall be added automatically
as a part of this Agreement a legal, valid and enforceable provision as similar in terms to such illegal, invalid or unenforceable
provision as may be possible.

    	 	21	 

    	 	 	 

    

 

8.11       
Governing Law. All matters arising out of or relating to this Agreement and the transactions contemplated hereby (including
its interpretation, construction, performance and enforcement) shall be governed by and construed in accordance with the internal
Laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of
Delaware or any other jurisdiction) that would cause the application of Laws of any jurisdictions other than those of the State
of Delaware.

 

8.12       
Submission to Jurisdiction. Each Party (a) submits to the jurisdiction of any state or federal court sitting in the City
of Dover or Wilmington in the State of Delaware in any action or proceeding arising out of or relating to this Agreement (including
any action or proceeding for the enforcement of any arbitral award made in connection with any arbitration of a dispute hereunder),
(b) agrees that all claims in respect of such action or proceeding may be heard and determined in any such court, (c) waives any
claim of inconvenient forum or other challenge to venue in such court, (d) agrees not to bring any action or proceeding arising
out of or relating to this Agreement in any other court. Each Party agrees to accept service of any summons, complaint or other
initial pleading made in the manner provided for the giving of notices in Section 8.8, provided that nothing in
this Section 8.12 shall affect the right of any Party to serve such summons, complaint or other initial pleading in any
other manner permitted by Law.

 

8.13       
WAIVER OF TRIAL BY JURY. TO THE EXTENT PERMITTED BY APPLICABLE LAW, IN ANY ACTION OR PROCEEDING ARISING HEREFROM, THE PARTIES
HERETO CONSENT TO TRIAL WITHOUT A JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY ANY PARTY HERETO OR ITS SUCCESSORS
AGAINST ANY OTHER PARTY HERETO OR ITS SUCCESSORS IN RESPECT OF ANY MATTER ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT,
REGARDLESS OF THE FORM OF ACTION OR PROCEEDING.

 

8.14       
Specific Performance. The Parties hereto agree that irreparable damage would occur to the Buyer in the event that any of
the provisions of this Agreement were not performed in accordance with its specific terms or were otherwise breached. It is agreed
that the Buyer shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically
the terms and provisions hereof in any court of the United States or any state having jurisdiction without the requirement of
posing a bond or other security, this being in addition to any other remedy to which the Buyer is entitled at law or in equity.

 

		8.15	Construction.

 

(a)               
The language used in this Agreement shall be deemed to be the language chosen by the Parties to express their mutual intent, and
no rule of strict construction shall be applied against any Party.

 

(b)              
Any reference to any federal, state, local or foreign statute or Law shall be deemed also to refer to all rules and regulations
promulgated thereunder, unless the context requires otherwise.

    	 	22	 

    	 	 	 

    

(c)               
The Parties hereto agree that this Agreement is the product of negotiation between sophisticated parties and individuals, all
of whom were represented by counsel, and each of whom had an opportunity to participate in and did participate in the drafting
of each provision hereof. Accordingly, ambiguities in this Agreement, if any, shall not be construed strictly or in favor of or
against any Party but rather shall be given a fair and reasonable construction without regard to the rule of contra proferentem.

 

(d)              
Unless the context of this Agreement otherwise requires, (i) words of either gender or the neuter include the other gender and
the neuter, (ii) words using the singular number also include the plural number and words using the plural number also include
the singular number, (iii) the terms “hereof,” “herein,” “hereby” and derivative or similar
words  refer to this entire Agreement as a whole and not to any particular Article, Section or other subdivision, (iv) the terms
“Article” or “Section” or other subdivision refer to the specified Article, Section or other subdivision
of the body of this Agreement, (v) the words “include,” “includes,” “including” and other
similar words shall be deemed to be followed by the phrase “but not limited to,” (vi) when a reference is made in
this Agreement to Exhibits, such reference shall be to an Exhibit to this Agreement unless otherwise indicated, and (vii) all
references to “dollars” or “$” shall mean United States dollars. All accounting terms used herein and
not expressly defined herein shall have the meanings given to them under U.S. generally accepted accounting principles, unless
otherwise expressly stated. When used herein, the terms “Party” or “Parties” refer to the Buyer and Merger
Sub, on the one hand, and the Company, on the other hand, and the terms “third party,” “third-party” or
“third parties” refers to Persons other than the Buyer and Merger Sub, on the one hand, and the Company, on the other
hand.

 

8.16       
Waiver of Conflicts Regarding Representation; Non-Assertion of Attorney-Client Privilege.

 

(a)               
Effective as of the Closing, Buyer hereby waives and agrees not to assert, and Buyer agrees to cause the Surviving Corporation
to waive and not to assert, any conflict of interest arising out of or relating to any representation after the Closing (any “Post-Closing
Representation”) of any stockholder of the Company or any officer, employee or director thereof (any such Person, a
“Designated Person”) in any matter involving this Agreement or any agreement, certificate, instrument or other
document executed or delivered pursuant to this Agreement or any transaction contemplated hereby or thereby (including any litigation,
arbitration, mediation or other proceeding and including any matter regarding the negotiation, execution, performance or enforceability
hereof or thereof) by Wilmer Cutler Pickering Hale and Dorr LLP and any other legal counsel currently representing any Designated
Person in connection with this Agreement or any agreement, certificate, instrument or other document executed or delivered pursuant
to this Agreement or any transaction contemplated hereby or thereby (including the negotiation, execution or performance hereof
or thereof) (the “Current Representation”).

 

(b)              
Effective as of the Closing, Buyer hereby agrees not to control or assert, and Buyer agrees to cause the Surviving Corporation
not to control or assert, any attorney-client privilege, work product protection or other similar privilege or protection applicable
to any

    	 	23	 

    	 	 	 

    

 

communication
between any legal counsel and any Designated Person during the Current Representation in connection with any Post-Closing Representation,
including in connection  with a dispute with the Buyer or the Surviving Corporation, it being the intention of the parties hereto
that, notwithstanding anything to the contrary in this Agreement or Section 259 of the DGCL, all rights of any Person under or
with respect to such attorney-client privilege, work product protection or other similar privilege or protection, including the
right to waive, assert and otherwise control such attorney-client privilege, work product protection or other similar privilege
or protection, shall be (and are hereby) transferred to or retained by (as applicable), and vested solely in, such Designated
Person.

 

[Remainder
of Page Intentionally Left Blank]

    	 	24	 

    	 	 	 

    

 

 IN
WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.

 

 

	MARIEL
                            THERAPEUTICS, INC.

                             

                             

                            By:
                            /s/ Joseph Hernandez

                            Name:
                            Joseph Hernandez

                            Title:
                            Executive Chairman

	 
	EMBER
        ACQUISITION CORP.

         

         

        By:
        /s/ Joseph Hernandez

        Name:
        Joseph Hernandez

        Title:
        Executive Chairman

        

	 
	EMBER
        THERAPEUTICS, INC.

         

         

        By:
        /s/ Kevin Starr

        Name:
        Kevin Starr

        Title:
        President

 

 

SIGNATURE
PAGE TO AGREEMENT AND PLAN OF MERGER 

 

    	 	25Exhibit
10.7

THIS
NOTE AND ANY SHARES ACQUIRED UPON CONVERSION OF THIS  NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
FILED UNDER SUCH ACT OR PURSUANT TO AN OPINION OF COUNSEL SATISFACTORY TO MARIEL THERAPEUTICS, INC. THAT SUCH REGISTRATION IS
NOT REQUIRED.

 

CONVERTIBLE
PROMISSORY NOTE

 

	$2,000,000	 March 11, 2015

FOR
VALUE RECEIVED, Mariel Therapeutics, Inc., a Delaware corporation (the “Maker”), promises to pay to Third Rock Ventures
II, L.P. or its assigns (the “Holder”) the principal sum of $2,000,000, together with interest on the unpaid principal
balance of this Note from time to time outstanding at the rate of 8% per year until paid in full. Subject to the conversion provisions
set forth herein, all principal and accrued interest shall be due and payable on March 11, 2018 (the “Maturity Date”).
This Note is being issued in connection with that certain Agreement and Plan of Merger by and among the Maker, Ember Acquisition
Corp. and Ember Therapeutics, Inc. of even date herewith (the “Merger Agreement”). Capitalized terms used but not
otherwise defined herein shall have the meanings set forth in the Merger Agreement.

 

Interest
on this Note shall be computed on the basis of a year of 365 days for the actual number of days elapsed. All payments by the Maker
under this Note shall be in immediately available funds.

 

All
of the outstanding principal and interest under this Note (the “Outstanding Amount”) shall automatically become due
and payable immediately following the closing of an initial public offering of capital stock of Maker, the Surviving Corporation
or any parent, subsidiary, successor, assign or acquiror of either of them (the “Initial Public Offering”), provided
that the Holder may elect to convert, effective as of immediately prior to the Initial Public Offering, some or all of the
Outstanding Amount, in lieu of cash payment therefor, into Public Company Shares at a conversion price equal to 80% of the per
share price to the public of the Public Company Shares in the Initial Public Offering, with any resulting fraction of a share
rounded to the nearest whole share (with 0.5 being rounded up). “Public Company Shares” shall mean the same class
or series of shares of the same issuer as the shares of capital stock offered in the Initial Public Offering.

 

In
the event that the Initial Public Offering does not occur prior to the Maturity Date, the Holder shall have the right to convert,
at any time thereafter while this Note remains outstanding, some or all of the Outstanding Amount into shares of common stock
of the Maker at a  conversion price per share equal to 80% of the per share value of Maker’s common stock implied by Maker’s
then most recent round of equity financing, with any resulting fraction of a share being rounded to the nearest whole share (with
0.5 being rounded up).

    	 	1	 

    	 	 	 

    

In
the event of a Buyer Change of Control prior to the Initial Public Offering, the Outstanding Amount shall automatically become
due and payable, provided that Holder shall have the right to convert, effective immediately prior to the closing of the
Buyer Change of Control, some or all of the Outstanding Amount into shares of common stock of the Maker at a conversion price
per share equal to 80% of the value of the per share merger consideration payable to holders of Maker’s common stock pursuant
to such Buyer Change of Control, with any resulting fraction of a share rounded to the nearest whole share (with 0.5 being rounded
up). The Maker shall notify the Holder in writing of the anticipated occurrence and the terms of a Buyer Change of Control at
least 30 days prior to the closing date of the Buyer Change of Control.

 

This
Note shall become immediately due and payable without notice or demand (but subject to the conversion rights set forth herein)
upon the occurrence at any time of any of the following events of default (individually, “an Event of Default” and
collectively, “Events of Default”):

 

		(1)	the
                                         Maker fails to pay any of the principal, interest or any other amounts payable under
                                         this Note within five (5) business days of when such amounts are due and payable;

 

		(2)	the
                                         Maker files any petition or action for relief under any bankruptcy, reorganization, insolvency
                                         or moratorium law or any other law for the relief of, or relating to, debtors, now or
                                         hereafter in effect, or seeks the appointment of a custodian, receiver, trustee (or other
                                         similar official) of the Maker or all or any substantial portion of the Maker’s
                                         assets, or makes any assignment for the benefit of creditors or takes any action in furtherance
                                         of any of the foregoing, or fails to generally pay its debts as they become due; or

 

		(3)	an
                                         involuntary petition is filed, or any proceeding or case is commenced, against the Maker
                                         (unless such proceeding or case is dismissed or discharged within 60 days of the filing
                                         or commencement thereof) under any bankruptcy, reorganization, arrangement, insolvency,
                                         adjustment of debt, liquidation or moratorium statute now or hereafter in effect, or
                                         a custodian, receiver, trustee, assignee for the benefit of creditors (or other similar
                                         official) is applied or appointed for the Maker or to take possession, custody or control
                                         of any property of the Maker, or an order for relief is entered against the Maker in
                                         any of the foregoing.

 

Upon
the occurrence of an Event of Default, the Holder shall have then, or at any time thereafter, all of the rights and remedies afforded
creditors generally by the applicable federal laws or the laws of the State of Delaware.

 

This
Note may not be prepaid, in whole or in part, without the prior written consent of the Holder.

    	 	2	 

    	 	 	 

    

All
payments by the Maker under this Note shall be made without set-off or counterclaim and be free and clear and without any deduction
or withholding for any taxes or fees of any nature whatever, unless the obligation to make such deduction or withholding is imposed
by law.

 

The
Maker agrees to pay all reasonable and documented out-of-pocket expenses, including reasonable attorneys’ fees and disbursements,
incurred by the Holder in enforcing its rights hereunder after an Event of Default.

 

The
Maker agrees to deliver to Holder (i) within 30 days of the date of this Note, unaudited financial statements of Maker in form
and substance reasonably acceptable to Holder, and (ii) within 60 days of the date of this Note, audited financial statements
of Maker for the year ended December 31, 2014.

 

No
delay or omission on the part of the Holder in exercising any right under this Note shall operate as a waiver of such right or
of any other right of the Holder, nor shall any delay, omission or waiver on any one occasion be deemed a bar to or waiver of
the same or any other right on any future occasion.

 

The
terms and provisions of this Note may be modified or amended only by a written instrument duly executed by the Maker and the Holder.

 

All
payments by the Maker under this Note shall be applied first to any fees and expenses due and payable hereunder, then to the accrued
interest due and payable hereunder and the remainder, if any, to the outstanding principal.

 

The
Maker and every endorser or guarantor of this Note, regardless of the time, order or place of signing, hereby waives presentment,
demand, protest and notices of every kind and assents to any permitted extension of the time of payment and to the addition or
release of any other party primarily or secondarily liable hereunder.

 

By
accepting this Note and countersigning below, the Holder represents and warrants to the Maker that such Holder is an “accredited
investor” as defined in Rule 501(a) under the Securities Act of 1933, as amended.

 

Until
the conversion of this Note, the Holder shall not have or exercise any rights by virtue hereof as a stockholder of the Maker.

 

 

[REMAINDER
OF PAGE BLANK; SIGNATURES FOLLOW]

    	 	3	 

    	 	 	 

    

All
rights and obligations hereunder
shall be governed by
the laws
of the
State of Delaware (without giving
effect to principles
of conflicts or choices of law) and this Note is executed as an instrument under
seal.

 

	 	MARIEL THERAPEUTICS, INC.

                            

                            

                           By: /s/ Joseph Hernandez

                           Name: Joseph Hernandez

                           Title: Executive Chairman

	 	 
	THIRD ROCK VENTURES II, L.P.

         

         

        By: Third Rock Ventures GP II, L.P., its general partner

        By: TRV GP II, LLC, its general partner

         

        By: /s/ Kevin Starr

        Name: Kevin Starr

        Title: President
	 

 

    	 	4

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