Document:

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                                                                    EXHIBIT 10.2

                                 HYBRIDON, INC.

                          REGISTRATION RIGHTS AGREEMENT

                           dated as of August 27, 2004

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                                 HYBRIDON, INC.

                          REGISTRATION RIGHTS AGREEMENT

       This Registration Rights Agreement (this "Agreement") is entered into as
of August 27, 2004 by and among Hybridon, Inc., a Delaware corporation (the
"Company"), the persons and entities listed on the Schedule of Purchasers
attached hereto as Exhibit A (the "Purchasers") and the entities listed on the
Schedule of Agents attached hereto as Exhibit B (the "Agents"). The Purchasers
and the Agents shall become parties to this Agreement by the execution and
delivery of counterpart signature pages hereto in a form reasonably satisfactory
to the Company.

       WHEREAS, the Company is conducting an offering of Units (the "Unit
Offering"), with each Unit consisting of 100 shares of the Company's common
stock, $.001 par value per share ("Common Stock"), and warrants to purchase 20
shares of Common Stock (the "Purchaser Warrants"), as described in the
Confidential Private Placement Memorandum dated August 25, 2004;

       WHEREAS, in connection with the Unit Offering, the Company has engaged
the Agents and has agreed to issue to the Agents warrants to purchase Common
Stock (the "Agent Warrants"); and

       WHEREAS, to induce the Purchasers to purchase Units in the Unit Offering
and the Agents to assist the Company in the Unit Offering, the Company has
agreed to provide certain registration rights under the Securities Act (as
defined below) and applicable state securities laws;

       NOW, THEREFORE, in consideration of the promises and the mutual covenants
contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Company and each of the
Purchasers and the Agents hereby agree as follows:

       1.     Certain Definitions. As used in this Agreement, the following
terms shall have the following meanings:

              (a)    "Business Day" means any day other than Saturday, Sunday or
any other day on which commercial banks in The City of New York or in Boston,
Massachusetts are required by law to remain closed.

              (b)    "Commission" means the Securities and Exchange Commission,
or any other federal agency at the time administering the Securities Act.

              (c)    "Exchange Act" means the Securities Exchange Act of 1934,
as amended, or any successor federal statute, and the rules and regulations of
the Commission issued under such Act, as they each may, from time to time, be in
effect.

              (d)    "Indemnified Party" means a party entitled to
indemnification pursuant to Section 7.

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              (e)    "Indemnifying Party" means a party obligated to provide
indemnification pursuant to Section 7.

              (f)    "Person" means an individual, a limited liability company,
a partnership, a joint venture, a corporation, a trust, an unincorporated
organization or association and governmental or any department or agency
thereof.

              (g)    "Registrable Securities" means (i) the shares of Common
Stock issued as part of the Units issued pursuant to the Unit Offering, (ii) the
shares of Common Stock issued or issuable upon exercise of the Purchaser
Warrants and the Agent Warrants and (iii) any other shares of Common Stock
issued in respect of such shares (as a result of a stock split, stock dividend,
reclassification, recapitalization or other similar transaction affecting the
Common Stock); provided, however, that shares of Common Stock that are
Registrable Securities shall cease to be Registrable Securities upon the
earliest of (A) the date that such shares are eligible to be sold under Rule 144
of the Securities Act, without restriction by the volume limitations of Rule
144(e) of the Securities Act, (B) the date that such shares are sold (I)
pursuant to a registration statement, (II) to or through a broker, dealer or
underwriter in a public securities transaction and/or (III) in a transaction
exempt from the registration and prospectus delivery requirements of the
Securities Act such that all transfer restrictions and restrictive legends with
respect thereto, if any, are removed upon the consummation of such sale, or (C)
any sale or transfer to any Person which by virtue of Section 9 of this
Agreement is not entitled to the rights provided by this Agreement. Wherever
reference is made in this Agreement to a request or consent of holders of a
certain percentage of Registrable Securities, the determination of such
percentage shall include shares of Common Stock issuable upon exercise of the
Purchaser Warrants and the Agent Warrants even if such exercise has not been
effected.

              (h)    "Registration Statement" means a registration statement of
the Company filed under the Securities Act and covering the Registrable
Securities.

              (i)    "Rightsholders" means the Purchasers, the Agents and any
persons or entities to whom the rights granted under this Agreement are
transferred by any Purchaser, Agent or his or its successors or assigns pursuant
to Section 9 of this Agreement.

              (j)    "Securities Act" means the Securities Act of 1933, as
amended, or any successor federal statute, and the rules and regulations of the
Commission issued under such Act, as they each may, from time to time, be in
effect.

       2.     Registration

              (a)    The Company shall use its best efforts to prepare and file
with the Commission a Registration Statement covering the resale of all of the
Registrable Securities and such other shares of Common Stock as the Company may
be required to include pursuant to registration rights agreements with other
Persons within 60 days of the date hereof. The Company shall use its best
efforts to have the Registration Statement declared effective by the Commission
within 90 days after the date the Registration Statement is filed or as soon as
possible thereafter.

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              (b)    The Company shall use its best efforts to cause the
Registration Statement to remain effective until the date on which the
Rightsholders do not hold any Registrable Securities.

       3.     Registration Procedures.

              (a)    In connection with the effectiveness of the Registration
Statement, the Company shall furnish to each Rightsholder such reasonable
numbers of copies of the prospectus and such documents incident thereto,
including any amendment of or supplement to the prospectus, as a Rightsholder
from time to time may reasonably request in order to facilitate the disposition
of such Rightsholder's Registrable Securities under the Registration Statement
in conformity with the requirements of the Securities Act.

              (b)    The Company shall use its best efforts to register or
qualify the Registrable Securities covered by the Registration Statement under
the securities laws of such states of the United States as the Rightsholders may
reasonably request; provided, however, that the Company shall not be required in
connection with this paragraph (b) to qualify as a foreign corporation or
execute a general consent to service of process in any jurisdiction.

              (c)    If the Company has delivered preliminary or final
prospectuses to the Rightsholders and if after having done so the Company
determines that the prospectus and/or the Registration Statement needs to be
amended or supplemented to comply with the requirements of the Securities Act,
the Company shall promptly notify the Rightsholders and, if requested by the
Company, the Rightsholders shall immediately cease making offers or sales of
shares under the Registration Statement and shall return all prospectuses to the
Company. The Company shall as promptly as reasonably practicable prepare and
file with the Commission any required amendment or supplement and following such
filing, and, if applicable, the effectiveness of such filing, shall provide the
Rightsholders with revised or supplemented prospectuses. Following receipt of
the revised or supplemented prospectuses, the Rightsholders shall be free to
resume making offers and sales under the Registration Statement.

              (d)    The Company shall use its best efforts to cause all such
Registrable Securities registered pursuant to this Agreement to be listed on
each securities exchange on which similar securities issued by the Company are
then listed.

       4.     Limitations on Registration Rights.

              (a)    The Company may, by written notice to the Rightsholders,
(i) delay the filing of, or effectiveness of, the Registration Statement or (ii)
suspend the Registration Statement after effectiveness and require that the
Rightsholders immediately cease sales of shares pursuant to the Registration
Statement, in the event that the Company is engaged in any activity or
transaction or preparations or negotiations for any activity or transaction that
the Company desires to keep confidential for business reasons, if the Company
determines in good faith that the public disclosure requirements imposed on the
Company under the Securities Act in connection with the Registration Statement
would require disclosure of such activity, transaction, preparations or
negotiations.

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              (b)    If the Company requires the Rightsholders to cease sales of
shares pursuant to paragraph (a) above, the Company shall, as promptly as
practicable following the termination of the circumstance which entitled the
Company to do so, take such actions as may be necessary to reinstate the
effectiveness of the Registration Statement and/or give written notice to all
Rightsholders authorizing them to resume sales pursuant to the Registration
Statement. If as a result thereof the prospectus included in the Registration
Statement has been amended to comply with the requirements of the Securities
Act, the Company shall enclose such revised prospectus with the notice to
Rightsholders given pursuant to this paragraph (b), and the Rightsholders shall
make no offers or sales of shares pursuant to the Registration Statement other
than by means of such revised prospectus.

              (c)    Notwithstanding the foregoing, the Company may not (i)
delay the filing of, or the effectiveness of, the Registration Statement or (ii)
suspend the Registration Statement, pursuant to paragraph (a) above on more than
two occasions during any 12-month period or for more than 60 days per such
occasion.

       5.     Obligations of the Rightsholders.

              (a)    The Company shall not be required to include any
Registrable Securities in the Registration Statement unless such Rightsholder
shall have furnished to the Company such information regarding itself, the
Registrable Securities held by it and the intended method of disposition of the
Registrable Securities held by it as shall be reasonably required by the Company
to effect the effectiveness of the Registration Statement and unless such
Rightsholder shall have executed such documents in connection with the
Registration Statement as the Company may reasonably request. Each Rightsholder
shall promptly notify the Company of any material change with respect to such
information previously provided to the Company by such Rightsholder, including
without limitation notice of the sale by the Rightsholder of any Registrable
Securities.

              (b)    Each Rightsholder agrees to cooperate with the Company as
reasonably requested by the Company in connection with the preparation and
filing of the Registration Statement hereunder.

       6.     Expenses of Registration. The Company shall pay the expenses
incurred by it in complying with its obligations under this Agreement, including
all registration and filing fees, exchange listing fees, fees and expenses of
counsel for the Company, and fees and expenses of accountants for the Company,
but excluding (a) any brokerage fees, selling commissions or underwriting
discounts incurred by the Rightsholders in connection with sales under the
Registration Statement and (b) the fees and expenses of any counsel retained by
Rightsholders.

       7.     Indemnification and Contribution.

              (a)    In the event of any registration of any of the Registrable
Securities under the Securities Act pursuant to this Agreement, the Company will
indemnify and hold harmless each Rightsholder, each of its officers, directors
and partners, and each underwriter of such Registrable Securities, if any, and
each other person, if any, who controls such Rightsholder or underwriter within
the meaning of the Securities Act or the Exchange Act against any and all

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losses, claims, damages or liabilities, joint or several, to which such
Rightsholder, underwriter or controlling person may become subject under the
Securities Act, the Exchange Act, state securities or Blue Sky laws or
otherwise, insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon (i) any untrue statement or
alleged untrue statement of any material fact contained in the Registration
Statement, any preliminary prospectus or final prospectus contained in the
Registration Statement, or any amendment or supplement to such Registration
Statement or (ii) the omission or alleged omission to state a material fact
required to be stated therein or necessary to make the statements therein not
misleading; and the Company will reimburse such Rightsholder, underwriter and
each such controlling person for any legal or any other expenses reasonably
incurred by such Rightsholder, underwriter or controlling person in connection
with investigating or defending any such loss, claim, damage, liability or
action; provided, however, that the Company will not be liable in any such case
to the extent that any such loss, claim, damage, liability or action arises out
of or is based upon any untrue statement or omission made in such Registration
Statement, preliminary prospectus or final prospectus, or any such amendment or
supplement, in reliance upon and in conformity with information furnished to the
Company by or on behalf of such Rightsholder, underwriter or controlling person
and stated to be specifically for use in connection with the Registration
Statement; and provided further that the foregoing indemnity agreement is
subject to the condition that, insofar as it relates to any untrue statement,
alleged untrue statement, omission or alleged omission made in any Registration
Statement, prospectus or amendment or supplement that was eliminated, remedied
or cured by the Company, such indemnity agreement shall not inure to the benefit
of any Rightsholder from whom the Person asserting any loss, claim, damage or
liability purchased the Registerable Securities if a copy of the Registration
Statement, prospectus, amendment or supplement was provided by the Company to
the Rightsholder but was not given or sent to such Person by the Rightsholder
prior to written confirmation of such sale.

              (b)    Each Rightsholder, severally and not jointly, will
indemnify and hold harmless the Company, each of its directors and officers and
each underwriter (if any) and each person, if any, who controls the Company or
any such underwriter within the meaning of the Securities Act or the Exchange
Act, against any losses, claims, damages or liabilities, joint or several, to
which the Company, such directors and officers, underwriter or controlling
person may become subject under the Securities Act, Exchange Act, state
securities or Blue Sky laws or otherwise, insofar as such losses, claims,
damages or liabilities (or actions in respect thereof) arise out of or are based
upon (i) any untrue statement or alleged untrue statement of a material fact
contained in the Registration Statement, any preliminary prospectus or final
prospectus contained in the Registration Statement, or any amendment or
supplement to the Registration Statement, or (ii) any omission or alleged
omission to state a material fact required to be stated therein or necessary to
make the statements therein not misleading, if and to the extent (and only to
the extent) that the statement or omission was made in reliance upon and in
conformity with written information relating to such Rightsholder furnished to
the Company by such Rightsholder and stated to be specifically for use in
connection with such Registration Statement, prospectus, amendment or
supplement; provided, however, that the obligations of a Rightsholder hereunder
shall be limited to an amount equal to the net proceeds to such Rightsholder of
Registrable Securities sold in connection with such registration.

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              (c)    Each Indemnified Party shall give notice to the
Indemnifying Party promptly after such Indemnified Party has actual knowledge of
any claim as to which indemnity may be sought, and shall permit the Indemnifying
Party to assume the defense of any such claim or any litigation resulting
therefrom; provided, that counsel for the Indemnifying Party, who shall conduct
the defense of such claim or litigation, shall be approved by the Indemnified
Party (whose approval shall not be unreasonably withheld, conditioned or
delayed); and, provided, further, that the failure of any Indemnified Party to
give notice as provided herein shall not relieve the Indemnifying Party of its
obligations under this Section 7 except to the extent that the Indemnifying
Party is adversely affected by such failure. The Indemnified Party may
participate in such defense at such party's expense; provided, however, that the
Indemnifying Party shall pay such expense if the Indemnified Party reasonably
concludes based upon written advice of its counsel that representation of such
Indemnified Party by the counsel retained by the Indemnifying Party would be
inappropriate due to actual or potential differing interests between the
Indemnified Party and any other party represented by such counsel in such
proceeding; provided further that in no event shall the Indemnifying Party be
required to pay the expenses of more than one law firm per jurisdiction as
counsel for the Indemnified Party. The Indemnifying Party also shall be
responsible for the expenses of such defense if the Indemnifying Party does not
elect to assume such defense. No Indemnifying Party, in the defense of any such
claim or litigation shall, except with the consent of each Indemnified Party,
consent to entry of any judgment or enter into any settlement which does not
include as an unconditional term thereof the giving by the claimant or plaintiff
to such Indemnified Party of a release from all liability in respect of such
claim or litigation, and no Indemnified Party shall consent to entry of any
judgment or settle such claim or litigation without the prior written consent of
the Indemnifying Party, which consent shall not be unreasonably withheld,
conditioned or delayed.

              (d)    In order to provide for just and equitable contribution in
circumstances in which the indemnification provided for in this Section 7 is due
in accordance with its terms but for any reason is held to be unavailable to an
Indemnified Party in respect to any losses, claims, damages and liabilities
referred to herein, then the Indemnifying Party shall, in lieu of indemnifying
such Indemnified Party, contribute to the amount paid or payable by such
Indemnified Party as a result of such losses, claims, damages or liabilities to
which such party may be subject in such proportion as is appropriate to reflect
the relative fault of the Company on the one hand and the Rightsholders on the
other in connection with the statements or omissions which resulted in such
losses, claims, damages or liabilities, as well as any other relevant equitable
considerations. The relative fault of the Company and the Rightsholders shall be
determined by reference to, among other things, whether the untrue or alleged
untrue statement of material fact related to information supplied by the Company
or the Rightsholders and the parties' relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission.
The Company and the Rightsholders agree that it would not be just and equitable
if contribution pursuant to this Section 7(d) were determined by pro rata
allocation or by any other method of allocation which does not take account of
the equitable considerations referred to above. Notwithstanding the provisions
of this Section 7(d), (i) in no case shall any one Rightsholder be liable or
responsible for any amount in excess of the gross proceeds received by such
Rightsholder from the offering of Registrable Securities and (ii) the Company
shall be liable and responsible for any amount in excess of such proceeds;
provided, however, that no person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any person who was not guilty of such

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fraudulent misrepresentation. Any party entitled to contribution will, promptly
after receipt of notice of commencement of any action, suit or proceeding
against such party in respect of which a claim for contribution may be made
against another party or parties under this Section 7(d), notify such party or
parties from whom contribution may be sought, but the omission so to notify such
party or parties from whom contribution may be sought shall not relieve such
party from any other obligation it or they may have thereunder or otherwise
under this Section 7(d) except to the extent that the party or parties from whom
contribution may be sought are adversely affected. No party shall be liable for
contribution with respect to any action, suit, proceeding or claim settled
without its prior written consent, which consent shall not be unreasonably
withheld, conditioned or delayed.

       8.     Reporting. With a view to making available to the Rightsholders
the benefits of Rule 144 promulgated under the Securities Act or any other
similar rule or regulation of the Commission that may at any time permit the
Rightsholders to sell securities of the Company to the public without
registration ("Rule 144"), for so long as Rightsholders continue to own
Registrable Securities, the Company shall use its reasonable efforts to:

              (a)    make and keep public information available, as those terms
are understood and defined in Rule 144, and file with the Commission in a timely
manner all reports and other documents required of the Company under the
Securities Act and the Exchange Act; and

              (b)    furnish to each Rightsholder, for so long as such
Rightsholder owns Registrable Securities, promptly upon request, (i) a written
statement by the Company, if true, that it has complied with the applicable
reporting requirements of Rule 144, the Securities Act and the Exchange Act,
(ii) a copy of the most recent annual or quarterly report of the Company and
(iii) such other information as may be reasonably requested to permit the
Rightsholders to sell such securities pursuant to Rule 144 without registration.

       9.     Assignment of Registration Rights. The rights under this Agreement
shall not be assigned by any Rightsholder except in connection with the transfer
of Registrable Securities by such Rightsholder to an affiliate of such
Rightsholder, provided that (i) the Rightsholder agrees in writing with the
transferee or assignee to assign such rights, and a copy of such agreement is
furnished to the Company; (ii) the Company is furnished with written notice of
(a) the name and address of such transferee or assignee, and (b) the securities
with respect to which such rights are being transferred or assigned; (iii) at or
before the time the Company receives the written notice contemplated by clause
(ii) of this sentence, the transferee or assignee agrees in writing with the
Company to be bound by all of the obligations of an Rightsholder under this
Agreement; and (iv) such transfer shall have been conducted in accordance with
all applicable federal and state securities laws.

       10.    Amendment of Registration Rights.

              (a)    Any provision of this Agreement may be amended and the
observance of any provision of this Agreement may be waived (either generally or
in a particular instance and either retroactively or prospectively), only with
the written consent of the Company and Rightsholders who then hold at least a
majority of the Registrable Securities. Any amendment or waiver effected in
accordance with this Section 10 shall be binding upon each Rightsholder and

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the Company. No such amendment shall be effective to the extent that it applies
to less than all of the holders of the Registrable Securities. No consideration
shall be offered or paid to any Person to amend or consent to a waiver or
modification of any provision of any of this Agreement unless the same
consideration also is offered to all of the parties to this Agreement.

              (b)    In the event that the Company issues and sells Units as
part of the Unit Offering after the date hereof, the Company shall have the
right to amend this Agreement without the consent of the Rightsholders to
include the purchasers of such Units in this Agreement as Purchasers and
Rightsholders and any placement agent or selected dealer that receives warrants
in connection with the sale of such Units as an Agent and Rightsholder and in
connection therewith to modify the Schedule of Purchasers to include such
Purchaser and the Schedule of Agents to include such Agent.

       11.    Miscellaneous.

              (a)    A Person is deemed to be a holder of Registrable Securities
whenever such Person owns or is deemed to own of record such Registrable
Securities. If the Company receives conflicting instructions, notices or
elections from two or more Persons with respect to the same Registrable
Securities, the Company shall act upon the basis of instructions, notice or
election received from the record owner of such Registrable Securities.

              (b)    Any notices, consents, waivers or other communications
required or permitted to be given under the terms of this Agreement must be in
writing and will be deemed to have been delivered: (i) upon receipt, when
delivered personally; (ii) upon receipt, when sent by facsimile; or (iii) two
(2) Business Days after deposit with a reputable overnight delivery service, in
each case properly addressed to the party to receive the same. The addresses and
facsimile numbers for such communications shall be:

       If to the Company:

                           Hybridon, Inc.
                           345 Vassar Street
                           Cambridge, MA 02139-4818
                           Telephone:  617-679-5500
                           Facsimile:  617-679-5592
                           Attention:  Chief Financial Officer

       with a copy to:

                           Wilmer Cutler Pickering Hale and Dorr LLP
                           60 State Street
                           Boston, MA 02109
                           Telephone:  617-526-6000
                           Facsimile:  617-526-5000
                           Attention:  David E. Redlick, Esq.

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       If to a Rightsholder, to its address and facsimile number set forth on
       the Schedule of Purchasers or on the Schedule of Agents, as the case may
       be,

       or to such other address and/or facsimile number and/or to the attention
       of such other Person as the recipient party has specified by written
       notice given to each other party five (5) days prior to the effectiveness
       of such change.

       Written confirmation of receipt (A) given by the recipient of such
notice, consent, waiver or other communication, (B) mechanically or
electronically generated by the sender's facsimile machine containing the time,
date, recipient facsimile number and an image of the first page of such
transmission, or (C) provided by a courier or overnight courier service shall be
rebuttable evidence of personal service, receipt by facsimile or receipt from a
reputable overnight delivery service in accordance with clause (i), (ii) or
(iii) above, respectively.

              (c)    Failure of any party to exercise any right or remedy under
this Agreement or otherwise, or delay by a party in exercising such right or
remedy, shall not operate as a waiver thereof.

              (d)    All questions concerning the construction, validity,
enforcement and interpretation of this Agreement shall be governed by the
internal laws of the State of Delaware, without giving effect to any choice of
law or conflict of law provision or rule (whether of the State of Delaware or
any other jurisdictions) that would cause the application of the laws of any
jurisdictions other than the State of Delaware.

              (e)    This Agreement and the documents referenced herein
constitute the entire agreement among the parties hereto with respect to the
subject matter hereof and thereof. There are no restrictions, promises,
warranties or undertakings, other than those set forth or referred to herein and
therein. This Agreement and the documents referenced herein supersede all prior
agreements and understandings among the parties hereto with respect to the
subject matter hereof.

              (f)    Subject to the requirements of Section 9 of this Agreement,
this Agreement shall inure to the benefit of and be binding upon the permitted
successors and assigns of each of the parties hereto.

              (g)    The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.

              (h)    This Agreement may be executed in identical counterparts,
each of which shall be deemed an original but all of which shall constitute one
and the same agreement. This Agreement, once executed by a party, may be
delivered to the other parties hereto by facsimile transmission of a copy of
this Agreement bearing the signature of the party so delivering this Agreement.

              (i)    Each party shall do and perform, or cause to be done and
performed, all such further acts and things, and shall execute and deliver all
such other agreements, certificates, instruments and documents, as the other
party may reasonably request in order to carry out the

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intent and accomplish the purposes of this Agreement and the consummation of the
transactions contemplated hereby.

              (j)    All consents and other determinations required to be made
by the Rightsholders pursuant to this Agreement shall be made, unless otherwise
specified in this Agreement, by Rightsholders holding at least a majority of the
Registrable Securities.

              (k)    The language used in this Agreement will be deemed to be
the language chosen by the parties to express their mutual intent and no rules
of strict construction will be applied against any party.

              (l)    This Agreement is intended for the benefit of the parties
hereto and their respective permitted successors and assigns, and is not for the
benefit of, nor may any provision hereof be enforced by, any other Person.

       IN WITNESS WHEREOF, the parties have caused this Registration Rights
Agreement to be duly executed as of the day and year first above written.

                                           COMPANY:

                                           HYBRIDON, INC.

                                           By: /s/ R. Andersen
                                               ---------------------------------
                                               Name: R.G. Andersen
                                               Title: CFO

                                           PURCHASERS:

                                           Counterpart signature pages attached.

                                           AGENTS:

                                           Counterpart signature pages attached.

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                                    Exhibit A
                                    ---------

                             Schedule of Purchasers

Name and Address                                         Registrable Securities
----------------                                         ----------------------

<PAGE>

                                    Exhibit B
                                    ---------

                               Schedule of Agents

Name and Address                                         Registrable Securities
----------------                                         ----------------------<PAGE>
                                                                    Exhibit 10.3

                                 FORM OF WARRANT

            THIS WARRANT AND THE WARRANT SHARES SHALL NOT BE SOLD OR
          TRANSFERRED EXCEPT (A) IN ACCORDANCE WITH THE PROVISIONS OF
         REGULATION S UNDER THE SECURITIES ACT OF 1933, (B) PURSUANT TO
       REGISTRATION UNDER THE SECURITIES ACT OF 1933 OR (C) PURSUANT TO AN
         AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
          OF 1933. HEDGING TRANSACTIONS INVOLVING THIS WARRANT AND THE
         WARRANT SHARES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH
                          THE SECURITIES ACT OF 1933.

           THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUED UPON ITS
                   EXERCISE ARE SUBJECT TO THE RESTRICTIONS ON
                 TRANSFER SET FORTH IN SECTION 5 OF THIS WARRANT

--------------------------------------------------------------------------------

Warrant No. ____                                      Number of Shares: ________
                                                         (subject to adjustment)
Date of Issuance: August 27, 2004

                                 HYBRIDON, INC.

                          Common Stock Purchase Warrant

                          (Void after August 27, 2009)

         Hybridon, Inc., a Delaware corporation (the "Company"), for value
received, hereby certifies that ___________________, or his or its registered
assigns (the "Registered Holder"), is entitled, subject to the terms and
conditions set forth below, to purchase from the Company, at any time, or from
time to time, on or after August 27, 2004 and on or before 5:00 p.m. (Boston
time) on August 27, 2009, ________ shares of Common Stock, $0.001 par value per
share, of the Company ("Common Stock"), at a purchase price of $0.67 per share.
The shares purchasable upon exercise of this Warrant, and the purchase price per
share, each as adjusted from time to time pursuant to the provisions of this
Warrant, are hereinafter referred to as the "Warrant Shares" and the "Purchase
Price," respectively.

         1.       Exercise.

                  (a)      Exercise Process. The Registered Holder may, at its
option, elect to exercise this Warrant, in whole or in part and at any time, or
from time to time, by surrendering this Warrant, with the purchase form appended
hereto as Exhibit I duly executed by or on behalf of the Registered Holder, at
the principal office of the Company, or at such other office or agency as the
Company may designate, accompanied by payment in full, in lawful money of the
United States, of the Purchase Price payable in respect of the number of Warrant
Shares purchased upon such exercise.

                  (b)      Exercise Date. Each exercise of this Warrant shall be
deemed to have been effected immediately prior to the close of business on the
day on which this Warrant shall have been surrendered to the Company as provided
in subsection 1(a) above (the "Exercise

<PAGE>

Date"). At such time, the person or persons in whose name or names any
certificates for Warrant Shares shall be issuable upon such exercise as provided
in subsection 1(c) below shall be deemed to have become the holder or holders of
record of the Warrant Shares represented by such certificates.

                  (c)      ISSUANCE OF COMMON STOCK CERTIFICATES. As soon as
practicable after the exercise of this Warrant in whole or in part, and in any
event within 10 days thereafter, the Company, at its expense, will cause to be
issued in the name of, and delivered to, the Registered Holder, or as the
Registered Holder (upon payment by the Registered Holder of any applicable
transfer or withholding taxes) may direct:

                           (i)      a certificate or certificates for the number
of full Warrant Shares to which the Registered Holder shall be entitled upon
such exercise plus, in lieu of any fractional share to which the Registered
Holder would otherwise be entitled, cash in an amount determined pursuant to
Section 3 hereof; and

                           (ii)     in case such exercise is in part only, a new
warrant or warrants (dated the date hereof) of like tenor, calling in the
aggregate on the face or faces thereof for the number of Warrant Shares equal
(without giving effect to any adjustment therein) to the number of such shares
called for on the face of this Warrant minus the number of Warrant Shares for
which this Warrant was so exercised.

                  (d)      EXERCISE BY NON-U.S. PERSON. It shall be a condition
to the exercise of this Warrant by a Registered Holder that is not a U.S. Person
(as defined under the Securities Act of 1933, as amended (the "Securities Act"))
that such Registered Holder certify in writing to the Company that it is not a
U.S. Person and that this Warrant is not being exercised on behalf of a U.S.
Person.

         2.       Adjustments.

                  (a)      ADJUSTMENT FOR STOCK SPLITS AND COMBINATIONS. If the
Company shall at any time, or from time to time after the date on which this
Warrant was first issued (or, if this Warrant was issued upon partial exercise
of, or in replacement of, another warrant of like tenor, then the date on which
such original warrant was first issued) (either such date being referred to as
the "Original Issue Date") effect a subdivision of the outstanding Common Stock,
the Purchase Price then in effect immediately before that subdivision shall be
proportionately decreased. If the Company shall at any time, or from time to
time, after the Original Issue Date combine the outstanding shares of Common
Stock, the Purchase Price then in effect immediately before the combination
shall be proportionately increased. Any adjustment under this paragraph shall
become effective at the close of business on the date the subdivision or
combination becomes effective.

                  (b)      ADJUSTMENT FOR CERTAIN DIVIDENDS AND DISTRIBUTIONS.
In the event the Company at any time, or from time to time after the Original
Issue Date shall make or issue, or fix a record date for the determination of
holders of Common Stock entitled to receive, a dividend or other distribution
payable in additional shares of Common Stock, then and in each such event the
Purchase Price then in effect immediately before such event shall be decreased
as

                                      -2-
<PAGE>

of the time of such issuance or, in the event such a record date shall have
been fixed, as of the close of business on such record date, by multiplying the
Purchase Price then in effect by a fraction:

                           (i)      the numerator of which shall be the total
number of shares of Common Stock issued and outstanding immediately prior to the
time of such issuance or the close of business on such record date, and

                           (ii)     the denominator of which shall be the total
number of shares of Common Stock issued and outstanding immediately prior to the
time of such issuance or the close of business on such record date plus the
number of shares of Common Stock issuable in payment of such dividend or
distribution;

provided, however, that if such record date shall have been fixed and such
dividend is not fully paid or if such distribution is not fully made on the date
fixed therefor, the Purchase Price shall be recomputed accordingly as of the
close of business on such record date and thereafter the Purchase Price shall be
adjusted pursuant to this paragraph as of the time of actual payment of such
dividends or distributions.

                  (c)      ADJUSTMENT IN NUMBER OF WARRANT SHARES. When any
adjustment is required to be made in the Purchase Price pursuant to subsections
2(a) or 2(b) above, the number of Warrant Shares purchasable upon the exercise
of this Warrant shall be changed to the number determined by dividing (i) an
amount equal to the number of shares issuable upon the exercise of this Warrant
immediately prior to such adjustment, multiplied by the Purchase Price in effect
immediately prior to such adjustment, by (ii) the Purchase Price in effect
immediately after such adjustment.

                  (d)      ADJUSTMENTS FOR OTHER DIVIDENDS AND DISTRIBUTIONS. In
the event the Company at any time, or from time to time after the Original Issue
Date shall make or issue, or fix a record date for the determination of holders
of Common Stock entitled to receive, a dividend or other distribution payable in
securities of the Company (other than shares of Common Stock) or in cash or
other property (other than regular cash dividends paid out of earnings or earned
surplus, determined in accordance with generally accepted accounting
principles), then and in each such event provision shall be made so that the
Registered Holder shall receive upon exercise hereof, in addition to the number
of shares of Common Stock issuable hereunder, the kind and amount of securities
of the Company, cash or other property which the Registered Holder would have
been entitled to receive had this Warrant been exercised on the date of such
event and had the Registered Holder thereafter, during the period from the date
of such event to and including the Exercise Date, retained any such securities
receivable during such period, giving application to all adjustments called for
during such period under this Section 2 with respect to the rights of the
Registered Holder.

                  (e)      ADJUSTMENT FOR REORGANIZATION. If there shall occur
any reorganization, recapitalization, reclassification, consolidation or merger
involving the Company in which the Common Stock is converted into or exchanged
for securities, cash or other property (other than a transaction covered by
subsections 2(a), 2(b) or 2(d)) (collectively, a "Reorganization"), then,
following such Reorganization, the Registered Holder shall receive upon exercise
hereof the kind

                                      -3-
<PAGE>

and amount of securities, cash or other property which the Registered Holder
would have been entitled to receive pursuant to such Reorganization if such
exercise had taken place immediately prior to such Reorganization. In any such
case, appropriate adjustment (as determined in good faith by the Board of
Directors of the Company (the "Board")) shall be made in the application of the
provisions set forth herein with respect to the rights and interests thereafter
of the Registered Holder, to the end that the provisions set forth in this
Section 2 (including provisions with respect to changes in and other adjustments
of the Purchase Price) shall thereafter be applicable, as nearly as reasonably
may be, in relation to any securities, cash or other property thereafter
deliverable upon the exercise of this Warrant.

                  (f)      CERTIFICATE AS TO ADJUSTMENTS. Upon the occurrence of
each adjustment or readjustment of the Purchase Price pursuant to this Section
2, the Company at its expense shall, as promptly as reasonably practicable but
in any event not later than 30 days thereafter, compute such adjustment or
readjustment in accordance with the terms hereof and furnish to the Registered
Holder a certificate setting forth such adjustment or readjustment (including
the kind and amount of securities, cash or other property for which this Warrant
shall be exercisable and the Purchase Price) and showing in detail the facts
upon which such adjustment or readjustment is based. The Company shall, as
promptly as reasonably practicable after the written request at any time of the
Registered Holder (but in any event not later than 30 days thereafter), furnish
or cause to be furnished to the Registered Holder a certificate setting forth
(i) the Purchase Price then in effect and (ii) the number of shares of Common
Stock and the amount, if any, of other securities, cash or property which then
would be received upon the exercise of this Warrant.

         3.       FRACTIONAL SHARES. The Company shall not be required upon the
exercise of this Warrant to issue any fractional shares, but shall pay the value
thereof to the Registered Holder in cash on the basis of the Fair Market Value
per share of Common Stock. The "Fair Market Value" per share of Common Stock
shall be determined as follows:

                  (a)      If the Common Stock is listed on a national
securities exchange, the Nasdaq National Market, the Nasdaq SmallCap Market, the
OTC Bulletin Board or another nationally recognized trading system as of the
Exercise Date, the Fair Market Value per share of Common Stock shall be deemed
to be the average of the high and low reported sale prices per share of Common
Stock thereon for the five consecutive trading day period immediately preceding
the Exercise Date; provided that if the Common Stock is not so listed during
such period, the Fair Market Value per share of Common Stock shall be determined
pursuant to clause 3(b).

                  (b)      If the Common Stock is not listed on a national
securities exchange, the Nasdaq National Market, the Nasdaq SmallCap Market, the
OTC Bulletin Board or another nationally recognized trading system as of the
Exercise Date, the Fair Market Value per share of Common Stock shall be deemed
to be the amount most recently determined by the Board or an authorized
committee of the Board to represent the fair market value per share of the
Common Stock (including without limitation a determination for purposes of
granting Common Stock options or issuing Common Stock under any plan, agreement
or arrangement with employees of the Company).

         4.       Redemption of Warrants.

                                      -4-
<PAGE>

                  (a)      Subject to the terms of this Section 4, the Company
shall have the right to redeem this Warrant for a redemption price (the
"Redemption Price") equal to the result obtained by multiplying (i) $0.01 by
(ii) the number of Warrant Shares that the Registered Holder is entitled to
purchase upon exercise of this Warrant immediately prior to the termination of
this Warrant under Section 4(d) below (such Redemption Price being subject to
adjustment for stock splits, stock dividends, combinations, recapitalizations,
reclassifications, and similar transactions affecting the Common Stock).

                  (b)      The Company shall exercise this redemption right by
providing at least 30 days' prior written notice to the Registered Holder of
such redemption (the "Redemption Notice"). Such Redemption Notice shall be
provided to the Registered Holder in accordance with Section 10 of this Warrant.
The Redemption Notice shall specify the time, manner and place of redemption,
including without limitation the date on which this Warrant shall be redeemed
(the "Redemption Date") and the Redemption Price payable to the Registered
Holder (assuming that this Warrant is not exercised on or prior to the
Redemption Date).

                  (c)      Notwithstanding the foregoing, the Company may not
redeem this Warrant or provide the Redemption Notice to the Registered Holder
unless the closing sales price of the Common Stock on each day of a 20
consecutive trading day period ending within 30 days prior to the date the
Company provides the Redemption Notice to the Registered Holder is greater than
or equal to $1.34 (subject to adjustment for stock splits, stock dividends,
combinations, recapitalizations, reclassifications, and similar transactions
affecting the Common Stock); provided, however, that the Company may not redeem
this Warrant or provide the Redemption Notice on or before February 27, 2005.

                  (d)      This Warrant shall cease to be exercisable and shall
be terminated and of no further force or effect effective at 5:00 p.m. (Boston
Time) on the Redemption Date. If the Registered Holder does not exercise this
Warrant on or prior to the Redemption Date, the Registered Holder shall
surrender this Warrant to the Company on the Redemption Date for cancellation.
From and after the Redemption Date, the Registered Holder's sole right hereunder
shall be to receive the Redemption Price, without interest, upon presentation
and surrender of this Warrant for cancellation.

         5.       Transfers, etc.

                  (a)      Neither this Warrant nor the Warrant Shares shall be
sold or transferred unless either (i) they first shall have been registered
under the Securities Act, or (ii) the Company first shall have been furnished
with an opinion of legal counsel, reasonably satisfactory to the Company, to the
effect that such sale or transfer is exempt from the registration requirements
of the Securities Act. Notwithstanding the foregoing, no registration or opinion
of counsel shall be required for a transfer made in accordance with Rule 144
under the Securities Act.

                  (b)      Each certificate representing Warrant Shares shall
bear a legend substantially in the following form:

                           "The securities represented by this certificate have
                           not been registered under the Securities Act of 1933,
                           as amended, and may not be offered,

                                      -5-
<PAGE>

                           sold or otherwise transferred, pledged or
                           hypothecated unless and until such securities are
                           registered under such Act or an opinion of counsel
                           satisfactory to the Company is obtained to the effect
                           that such registration is not required."

The foregoing legend shall be removed from the certificates representing any
Warrant Shares, at the request of the holder thereof, at such time as they
become eligible for resale pursuant to Rule 144(k) under the Securities Act.

                  (c)      In the case of a Registered Holder that is a non-U.S.
Person:

                           (i)      THIS WARRANT AND THE WARRANT SHARES HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 AND THIS WARRANT MAY NOT BE
EXERCISED BY OR ON BEHALF OF A U.S. PERSON UNLESS REGISTERED UNDER THE
SECURITIES ACT OF 1933 OR AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE.

                           (ii)     This Warrant and the Warrant Shares shall
not be sold or transferred except (A) in accordance with the provisions of
Regulation S under the Securities Act, (B) pursuant to registration under the
Securities Act or (C) pursuant to an available exemption from registration under
the Securities Act. Hedging transactions involving this Warrant and the Warrant
Shares may not be conducted unless in compliance with the Securities Act.

                           (iii)    Notwithstanding Section 5(b) to the
contrary, each certificate representing Warrant Shares issued to a Registered
Holder that is a non-U.S. Person shall bear a legend substantially in the
following form:

         "These shares have not been registered under the Securities Act of
         1933. They may not be offered or transferred by sale, assignment,
         pledge or otherwise unless (i) a registration statement for the shares
         under the Securities Act of 1933 is in effect or (ii) the corporation
         has received an opinion of counsel, which opinion is satisfactory to
         the corporation, to the effect that such registration is not required
         under the Securities Act of 1933 or (iii) such offer or transfer is
         made in accordance with the provisions of Regulation S under the
         Securities Act of 1933. Hedging transactions involving these shares may
         not be conducted unless in compliance with the Securities Act of 1933."

                  (d)      The Company will maintain a register containing the
name and address of the Registered Holder of this Warrant. The Registered Holder
may change its address as shown on the warrant register by written notice to the
Company requesting such change.

                  (e)      Notwithstanding Section 5(a) above, a Registered
Holder which is an entity may transfer this Warrant, in whole, to a wholly owned
subsidiary of such entity, a Registered Holder which is a partnership may
transfer this Warrant, in whole, to a partner of such partnership or a retired
partner of such partnership or to the estate of any such partner or retired
partner, a Registered Holder which is a limited liability company may transfer
this Warrant, in whole, to a member of such limited liability company or a
retired member or to the

                                      -6-
<PAGE>

estate of any such member or retired member and a Registered Holder who is an
individual may transfer this Warrant, in whole, to such individual's spouse,
children, parents, siblings, grandchildren or any trust established exclusively
for the benefit of one or more of the foregoing individuals, or by will or the
laws of descent and distribution (in each case, a "Permitted Transferee"). This
Warrant and all rights hereunder are transferable to a Permitted Transferee, in
whole, upon surrender of this Warrant with a properly executed assignment (in
the form of Exhibit II hereto) at the principal office of the Company (or, if
another office or agency has been designated by the Company for such purpose,
then at such other office or agency).

         6.       NO IMPAIRMENT. The Company will not, by amendment of its
charter or through any reorganization, transfer of assets, consolidation,
merger, dissolution, issue or sale of securities or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms of this
Warrant, but will at all times in good faith assist in the carrying out of all
such terms and in the taking of all such action as may be necessary or
appropriate in order to protect the rights of the Registered Holder against
impairment.

         7.       Notices of Record Date, etc. In the event:

                  (a)      the Company shall take a record of the holders of its
Common Stock (or other stock or securities at the time deliverable upon the
exercise of this Warrant) for the purpose of entitling or enabling them to
receive any dividend or other distribution, or to receive any right to subscribe
for or purchase any shares of stock of any class or any other securities, or to
receive any other right; or

                  (b)      of any capital reorganization of the Company, any
reclassification of the Common Stock of the Company, any consolidation or merger
of the Company with or into another corporation (other than a consolidation or
merger in which the Company is the surviving entity and its Common Stock is not
converted into or exchanged for any other securities or property), or any
transfer of all or substantially all of the assets of the Company; or

                  (c)      of the voluntary or involuntary dissolution,
liquidation or winding-up of the Company, then, and in each such case, the
Company will send or cause to be sent to the Registered Holder a notice
specifying, as the case may be, (i) the record date for such dividend,
distribution or right, and the amount and character of such dividend,
distribution or right, or (ii) the effective date on which such reorganization,
reclassification, consolidation, merger, transfer, dissolution, liquidation or
winding-up is to take place, and the time, if any is to be fixed, as of which
the holders of record of Common Stock (or such other stock or securities at the
time deliverable upon the exercise of this Warrant) shall be entitled to
exchange their shares of Common Stock (or such other stock or securities) for
securities or other property deliverable upon such reorganization,
reclassification, consolidation, merger, transfer, dissolution, liquidation or
winding-up. Such notice shall be sent at least 10 days prior to the record date
or effective date for the event specified in such notice.

                  8.       RESERVATION OF STOCK. The Company will at all times
reserve and keep available, solely for issuance and delivery upon the exercise
of this Warrant, such number of Warrant

                                      -7-
<PAGE>

Shares and other securities, cash and/or property, as from time to time shall be
issuable upon the exercise of this Warrant.

         9.       Exchange or Replacement of Warrants.

                  (a)      Upon the surrender by the Registered Holder, properly
endorsed, to the Company at the principal office of the Company, the Company
will, subject to the provisions of Section 5 hereof, issue and deliver to or
upon the order of the Registered Holder, at the Company's expense, a new Warrant
or Warrants of like tenor, in the name of the Registered Holder or as the
Registered Holder (upon payment by the Registered Holder of any applicable
transfer taxes) may direct, calling in the aggregate on the face or faces
thereof for the number of shares of Common Stock (or other securities, cash
and/or property) then issuable upon exercise of this Warrant.

                  (b)      Upon receipt of evidence reasonably satisfactory to
the Company of the loss, theft, destruction or mutilation of this Warrant and
(in the case of loss, theft or destruction) upon delivery of an indemnity
agreement (with surety if reasonably required) in an amount reasonably
satisfactory to the Company, or (in the case of mutilation) upon surrender and
cancellation of this Warrant, the Company will issue, in lieu thereof, a new
Warrant of like tenor.

         10.      NOTICES. All notices and other communications from the Company
to the Registered Holder in connection herewith shall be mailed by certified or
registered mail, postage prepaid, or sent via a reputable overnight courier
service to the address last furnished to the Company in writing by the
Registered Holder. All notices and other communications from the Registered
Holder to the Company in connection herewith shall be mailed by certified or
registered mail, postage prepaid, or sent via a reputable overnight courier
service to the Company at its principal office set forth below. If the Company
should at any time change the location of its principal office to a place other
than as set forth below, it shall give prompt written notice to the Registered
Holder and thereafter all references in this Warrant to the location of its
principal office at the particular time shall be as so specified in such notice.
All such notices and communications shall be deemed delivered (i) two business
days after being sent by certified or registered mail, return receipt requested,
postage prepaid, or (ii) two business days after being sent via a reputable
overnight courier service.

         11.      NO RIGHTS AS STOCKHOLDER. Until the exercise of this Warrant,
the Registered Holder shall not have or exercise any rights by virtue hereof as
a stockholder of the Company. Notwithstanding the foregoing, in the event (i)
the Company effects a split of the Common Stock by means of a stock dividend and
the Purchase Price of and the number of Warrant Shares are adjusted as of the
date of the distribution of the dividend (rather than as of the record date for
such dividend), and (ii) the Registered Holder exercises this Warrant between
the record date and the distribution date for such stock dividend, the
Registered Holder shall be entitled to receive, on the distribution date, the
stock dividend with respect to the shares of Common Stock acquired upon such
exercise, notwithstanding the fact that such shares were not outstanding as of
the close of business on the record date for such stock dividend.

         12.      AMENDMENT OR WAIVER. Any term of this Warrant may be amended
or waived only by an instrument in writing signed by the party against which
enforcement of the change or

                                      -8-
<PAGE>

waiver is sought. No waivers of any term, condition or provision of this
Warrant, in any one or more instances, shall be deemed to be, or construed as, a
further or continuing waiver of any such term, condition or provision.

         13.      SECTION HEADINGS. The section headings in this Warrant are for
the convenience of the parties and in no way alter, modify, amend, limit or
restrict the contractual obligations of the parties.

         14.      GOVERNING LAW. This Warrant will be governed by and construed
in accordance with the internal laws of the State of Delaware (without reference
to the conflicts of law provisions thereof).

         15.      FACSIMILE SIGNATURES. This Warrant may be executed by
facsimile signature.

         16.      ACCEPTANCE BY REGISTERED HOLDER. By acquiring and accepting
this Warrant, the Registered Holder shall be deemed to have agreed and accepted
the terms and conditions of this Warrant.

         EXECUTED as of the Date of Issuance indicated above.

                                       HYBRIDON, INC.

                                       By:__________________________________

                                       Title:_______________________________

                                      -9-
<PAGE>

                                                                       EXHIBIT I

                                  PURCHASE FORM

To: Hybridon, Inc.                                            Dated:____________

         The undersigned, pursuant to the provisions set forth in the attached
Warrant (No. ______), hereby elects to purchase __________ shares of the Common
Stock of Hybridon, Inc. covered by such Warrant.

         The undersigned herewith makes a payment of $___________ representing
the full purchase price for such shares at the price per share provided for in
such Warrant.

                                           Signature: ______________________

                                           Address: ________________________

                                                    ________________________

                                      -10-
<PAGE>

                                                                      EXHIBIT II

                                 ASSIGNMENT FORM

         FOR VALUE RECEIVED, ________________________________________ hereby
sells, assigns and transfers all of the rights of the undersigned under the
attached Warrant (No. ____) with respect to all of the shares of Common Stock of
Hybridon, Inc. covered thereby set forth below, unto:

Name of Assignee                  Address                    No. of Shares
----------------                  -------                    -------------

Dated:_____________________           Signature:________________________________

Signature Guaranteed:

By: _______________________

The signature should be guaranteed by an eligible guarantor institution (banks,
stockbrokers, savings and loan associations and credit unions with membership in
an approved signature guarantee medallion program) pursuant to Rule 17Ad-15
under the Securities Exchange Act of 1934.

                                      -11-

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