Document:

EX-4.3

 Exhibit 4.3 

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR
THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN SECTIONS 5.3 AND 5.4 BELOW, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND
SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION. 
 AMENDED AND RESTATED
WARRANT TO PURCHASE STOCK 
 Company: ALX Oncology Holdings Inc., a Delaware corporation 

Number of Shares: 
 Type/Series of Stock: Series B
Preferred Stock, $0.001 par value per share 
 Warrant Price: 

Issue Date: 
 Expiration Date: See also
Section 5.1(b). 
  

	Credit Facility:	 This Amended and Restated Warrant to Purchase Stock (as amended and in effect from time to time, this
“Warrant”) is issued in connection with that certain Joinder and First Amendment, of even date herewith, to that certain Loan and Security Agreement dated December 20, 2019, among Silicon Valley Bank
(“Bank”), WestRiver Innovation Lending Fund VIII, L.P. (“WRG”), Alexo Therapeutics International, Sirpant Therapeutics and the Company (collectively, and as may be further amended and/or modified and
in effect from time to time, the “Loan Agreement”). 

 THIS WARRANT CERTIFIES THAT, for good and
valuable consideration,                  (together with any successor or permitted assignee or transferee of this Warrant or of any shares issued upon exercise hereof,
“Holder”) is entitled to purchase up to the above-stated number of fully paid and non-assessable shares (the “Shares”) of the above-stated Type/Series of Stock
(the “Class”) of the above-named company (the “Company”), at the above-stated Warrant Price, all as set forth above and as adjusted pursuant to Section 2 of this Warrant, subject to the provisions
and upon the terms and conditions set forth in this Warrant. 
 A.    Recitals; Termination of Prior Warrant.

 (1)    Reference is made to (i) that certain Warrant Instrument, dated December 20, 2019, executed by ALX
Oncology Limited, an Ireland registered company (the “Original Issuer”), in favor of each of Bank and WRG (as amended, the “Warrant Instrument”), and (ii) that certain Certificate issued by the
Original Issuer to                  pursuant to the Warrant Instrument dated December 20, 2019 evidencing the right to subscribe for and purchase up to Series B
Preferred Shares of the Original Issuer (the “Certificate” and, together with the Warrant Instrument, the “Original Warrant”). 

 (2)    This Warrant is issued in exchange for and replacement of, and
amends and restates in its entirety, the Original Warrant to the full extent of                     ’s right and interest therein and thereto.
Effective upon execution and delivery of this Warrant by the parties hereto, the Original Warrant and                     ’s entire right and
interest therein and thereto shall automatically terminate and be of no further force or effect. 
 SECTION 1. EXERCISE. 

1.1    Method of Exercise. Holder may exercise this Warrant in whole or in part at any time and from time to time
prior to the expiration or earlier termination hereof by delivering to the Company the original of this Warrant together with a duly executed Notice of Exercise in substantially the form attached hereto as Appendix 1 and, unless Holder is
exercising this Warrant pursuant to a cashless exercise set forth in Section 1.2, a check, wire transfer of same-day funds (to an account designated by the Company), or other form of payment acceptable to
the Company for the aggregate Warrant Price for the Shares being purchased. Notwithstanding any contrary provision herein, if this Warrant was originally executed and/or delivered electronically, in no event shall Holder be required to surrender or
deliver an ink-signed paper copy of this Warrant in connection with its exercise hereof or of any rights hereunder, be required for any exercise of a Holder’s rights hereunder, nor shall Holder be
required to surrender or deliver a paper or other physical copy of this Warrant in connection with any exercise hereof. 

1.2    Cashless Exercise. On any exercise of this Warrant, in lieu of payment of the aggregate Warrant Price in the
manner as specified in Section 1.1 above, but otherwise in accordance with the requirements of Section 1.1, Holder may elect to receive Shares equal to the value of this Warrant, or portion hereof as to which this Warrant is being
exercised. Thereupon, the Company shall issue to the Holder such number of fully paid and non-assessable Shares as are computed using the following formula: 

 

			
	X =	  	Y(A-B)/A

 where: 
  

			
	X =	  	the number of Shares to be issued to the Holder;
		
	Y =	  	the number of Shares with respect to which this Warrant is being exercised (inclusive of the Shares surrendered to the Company in payment of the aggregate Warrant Price);
		
	A =	  	the fair market value (as determined pursuant to Section 1.3 below) of one Share; and
		
	B =	  	the Warrant Price.

 1.3    Fair Market Value. If the Company’s common stock is then traded
or quoted on a nationally recognized securities exchange, inter-dealer quotation system or over-the-counter 

  
 2 

 
market (a “Trading Market”) and the Class is common stock, the fair market value of a Share shall be the closing price or last sale price of a share of common stock
reported for the Business Day immediately before the date on which Holder delivers this Warrant together with its Notice of Exercise to the Company. If the Company’s common stock is then traded in a Trading Market and the Class is a series
of the Company’s convertible preferred stock, the fair market value of a Share shall be the closing price or last sale price of a share of the Company’s common stock reported for the Business Day immediately before the date on which Holder
delivers this Warrant together with its Notice of Exercise to the Company multiplied by the number of shares of the Company’s common stock into which a Share is then convertible. If the Company’s common stock is not traded in a Trading
Market, the Board of Directors of the Company shall determine the fair market value of a Share in its reasonable good faith judgment. 

1.4    Delivery of Certificate and New Warrant. Within a reasonable time after Holder exercises this Warrant in the
manner set forth in Section 1.1 or 1.2 above, the Company shall deliver to Holder a certificate (or, in the case of uncertificated securities, provide notice of book entry) representing the Shares issued to Holder upon such exercise and, if
this Warrant has not been fully exercised and has not expired, a new warrant of like tenor representing the Shares not so acquired (or surrendered in payment of the aggregate Warrant Price). 

1.5    Replacement of Warrant. 

(a)    Paper Original Warrant. To the extent that the original of this Warrant is a paper original, on 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, on delivery of an indemnity agreement reasonably satisfactory in form, substance and amount
to the Company or, in the case of mutilation, on surrender of this Warrant to the Company for cancellation, the Company shall, within a reasonable time, execute and deliver to Holder, in lieu of this Warrant, a new warrant of like tenor and amount.

 (b)    Electronic Original Warrant. To the extent that the original of this Warrant is an electronic
original, if at any time this Warrant is rejected by any person (including, but not limited to, paying or escrow agents) or any such person fails to comply with the terms of this Warrant based on this Warrant being presented to such person as an
electronic record or a printout hereof, or any signature hereto being in electronic form, the Company shall, promptly upon Holder’s request and without indemnity, execute and deliver to Holder, in lieu of electronic original versions of this
Warrant, a new warrant of like tenor and amount in paper form with original ink signatures. 
 1.6    Treatment of
Warrant Upon Acquisition of Company. 
 (a)    Acquisition. For the purpose of this Warrant,
“Acquisition” means any transaction or series of related transactions involving: (i) the sale, lease, exclusive license, or other disposition of all or substantially all of the assets of the Company; (ii) any merger
or consolidation of the Company into or with another person or entity (other than a merger or consolidation effected exclusively to change the Company’s domicile), or any other corporate reorganization, in which the stockholders of the Company
in their capacity as such immediately prior to such merger, consolidation or reorganization, own less than a majority of the Company’s (or the surviving or successor entity’s) 

  
 3 

 
outstanding voting power immediately after such merger, consolidation or reorganization (or, if such Company stockholders beneficially own a majority of the outstanding voting power of the
surviving or successor entity as of immediately after such merger, consolidation or reorganization, such surviving or successor entity is not the Company); or (iii) any sale or other transfer by the stockholders of the Company of shares
representing at least a majority of the Company’s then-total outstanding combined voting power. 

(b)    Treatment of Warrant at Acquisition. In the event of an Acquisition in which the consideration to be
received by the Company’s stockholders consists solely of cash, solely of Marketable Securities or a combination of cash and Marketable Securities (a “Cash/Public Acquisition”), and the fair market value of one Share as
determined in accordance with Section 1.3 above would be greater than the Warrant Price in effect on such date immediately prior to such Cash/Public Acquisition, and Holder has not exercised this Warrant pursuant to Section 1.1 above as to
all Shares, then this Warrant shall automatically be deemed to be Cashless Exercised pursuant to Section 1.2 above as to all Shares effective immediately prior to and contingent upon the consummation of a Cash/Public Acquisition. In connection
with such Cashless Exercise, Holder shall be deemed to have restated each of the representations and warranties in Section 4 of the Warrant as of the date thereof and the Company shall promptly notify the Holder of the number of Shares (or such
other securities) issued upon exercise. In the event of a Cash/Public Acquisition where the fair market value of one Share as determined in accordance with Section 1.3 above would be less than the Warrant Price in effect immediately prior to
such Cash/Public Acquisition, then this Warrant will expire immediately prior to the consummation of such Cash/Public Acquisition. 

(c)    Upon the closing of any Acquisition other than a Cash/Public Acquisition, the acquiring, surviving or successor
entity shall assume the obligations of this Warrant, and this Warrant shall thereafter be exercisable for the same securities and/or other property as would have been paid for the Shares issuable upon exercise of the unexercised portion of this
Warrant as if such Shares were outstanding on and as of the closing of such Acquisition, subject to further adjustment from time to time in accordance with the provisions of this Warrant. 

(d)    As used in this Warrant, “Marketable Securities” means securities meeting all of the
following requirements: (i) the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and is then
current in its filing of all required reports and other information under the Act and the Exchange Act; (ii) the class and series of shares or other security of the issuer that would be received by Holder in connection with the Acquisition were
Holder to exercise this Warrant on or prior to the closing thereof is then traded in a Trading Market, and (iii) following the closing of such Acquisition, Holder would not be restricted from publicly
re-selling all of the issuer’s shares and/or other securities that would be received by Holder in such Acquisition were Holder to exercise this Warrant in full on or prior to the closing of such
Acquisition, except to the extent that any such restriction (x) arises solely under federal or state securities laws, rules or regulations, and (y) does not extend beyond six (6) months from the closing of such Acquisition. 

  
 4 

 SECTION 2. ADJUSTMENTS TO THE SHARES AND WARRANT PRICE. 

2.1    Stock Dividends, Splits, Etc. If the Company declares or pays a dividend or distribution on the outstanding
shares of the Class payable in common stock or other securities or property (other than cash), then upon exercise of this Warrant, for each Share acquired, Holder shall receive, without additional cost to Holder, the total number and kind of
securities and property which Holder would have received had Holder owned the Shares of record as of the date the dividend or distribution occurred. If the Company subdivides the outstanding shares of the Class by reclassification or otherwise
into a greater number of shares, the number of Shares purchasable hereunder shall be proportionately increased and the Warrant Price shall be proportionately decreased. If the outstanding shares of the Class are combined or consolidated, by
reclassification or otherwise, into a lesser number of shares, the Warrant Price shall be proportionately increased and the number of Shares shall be proportionately decreased. 

2.2    Reclassification, Exchange, Combinations or Substitution. Upon any event whereby all of the outstanding
shares of the Class are reclassified, exchanged, combined, substituted, or replaced for, into, with or by Company securities of a different class and/or series, then from and after the consummation of such event, this Warrant will be
exercisable for the number, class and series of Company securities that Holder would have received had the Shares been outstanding on and as of the consummation of such event, and subject to further adjustment thereafter from time to time in
accordance with the provisions of this Warrant. The provisions of this Section 2.2 shall similarly apply to successive reclassifications, exchanges, combinations, substitutions, replacements or other similar events. 

2.3    Conversion of Preferred Stock. If the Class is a class and series of the Company’s convertible
preferred stock, in the event that all outstanding shares of the Class are converted, automatically or by action of the holders thereof, into common stock pursuant to the provisions of the Company’s Certificate of Incorporation as amended
and in effect from time to time (the “COI”), including, without limitation, in connection with the Company’s initial, underwritten public offering and sale of its common stock pursuant to an effective registration
statement under the Act (the “IPO”), then from and after the date on which all outstanding shares of the Class have been so converted, this Warrant shall be exercisable for such number of shares of common stock into
which the Shares would have been converted had the Shares been outstanding on the date of such conversion, and the Warrant Price shall equal the Warrant Price in effect as of immediately prior to such conversion divided by the number of shares of
common stock into which one Share would have been converted, all subject to further adjustment thereafter from time to time in accordance with the provisions of this Warrant. 

2.4    Adjustments for Diluting Issuances. Without duplication of any adjustment otherwise provided for in this
Section 2, the number of shares of common stock issuable upon conversion of the Shares shall be subject to anti-dilution adjustment from time to time in the manner set forth in the COI as if the Shares were issued and outstanding on and as of
the date of any such required adjustment. 
 2.5    No Fractional Share. No fractional Share shall be issuable
upon exercise of this Warrant and the number of Shares to be issued shall be rounded down to the nearest whole Share. If 

  
 5 

 
a fractional Share interest arises upon any exercise of the Warrant, the Company shall eliminate such fractional Share interest by paying Holder in cash the amount computed by multiplying the
fractional interest by (i) the fair market value (as determined in accordance with Section 1.3 above) of a full Share, less (ii) the then-effective Warrant Price. 

2.6    Notice/Certificate as to Adjustments. Upon each adjustment of the Warrant Price, Class and/or number of
Shares, the Company, at the Company’s expense, shall notify Holder in writing within a reasonable time setting forth the adjustments to the Warrant Price, Class and/or number of Shares and facts upon which such adjustment is based. The
Company shall, upon written request from Holder, furnish Holder with a certificate of its Chief Financial Officer, including computations of such adjustment and the Warrant Price, Class and number of Shares in effect upon the date of such
adjustment. 
 2.7    Pay to Play Adjustments. Notwithstanding the definition of Class herein, if Pay to
Play Provisions are at any time during the term of this Warrant applied to the outstanding shares of the Class, then from and after such application, “Class” shall mean that class and series of the Company’s securities that a holder
of outstanding shares of the Class as of immediately prior to such application would have received or retained had such holder participated in the manner necessary to receive or retain the class and series of the Company’s securities
having the relative rights, powers, privileges and preferences more favorable to the holder. As used herein, “Pay to Play Provisions” means provisions set forth in the COI or elsewhere that require holders of the outstanding
shares of the Class to participate in a subsequent round of equity financing of the Company or lose all or a portion of the benefit of anti-dilution protection or any other right, power, privilege or preference applicable to such shares or have
such shares automatically convert to common stock or another class or series of Company capital stock. 
 SECTION 3. REPRESENTATIONS AND
COVENANTS OF THE COMPANY. 
 3.1    Representations and Warranties. The Company represents and warrants to,
and agrees with, the Holder as follows: 
 (a)    [Reserved] 

(b)    All Shares which may be issued upon the exercise of this Warrant, and all securities, if any, issuable upon
conversion of the Shares, shall, upon issuance, be duly authorized, validly issued, fully paid and non-assessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein
or under applicable federal and state securities laws. The Company covenants that it shall at all times cause to be reserved and kept available out of its authorized and unissued capital stock such number of shares of the Class, common stock and
other securities as will be sufficient to permit the exercise in full of this Warrant and the conversion of the Shares into common stock or such other securities. 

(c)    The Company’s capitalization table attached hereto as Schedule 1 is true and complete, in all material
respects, as of the Issue Date. 
 3.2    Notice of Certain Events. If the Company proposes at any time to: 

  
 6 

 (a)    declare any dividend or distribution upon the outstanding shares
of the Class or common stock, whether in cash, property, stock, or other securities and whether or not a regular cash dividend; 

(b)    offer for subscription or sale pro rata to all holders of the outstanding shares of the Class any additional
shares of any class or series of the Company’s stock (other than pursuant to contractual pre-emptive or first refusal rights); 

(c)    effect any reclassification, exchange, combination, substitution, reorganization or recapitalization of the
outstanding shares of the Class; 
 (d)    effect an Acquisition or to liquidate, dissolve or wind up; or 

(e)    effect an IPO; 

then, in connection with each such event, the Company shall give Holder: 

(1)     in the case of the matters referred to in (a) and (b) above, at least seven (7) Business
Days prior written notice of the earlier to occur of the effective date thereof or the date on which a record will be taken for such dividend, distribution, or subscription rights (and specifying the date on which the holders of outstanding shares
of the Class will be entitled thereto) or for determining rights to vote, if any; 
 (2)     in the
case of the matters referred to in (c) and (d) above at least seven (7) Business Days prior written notice of the date when the same will take place (and specifying the date on which the holders of outstanding shares of the Class will
be entitled to exchange their shares for the securities or other property deliverable upon the occurrence of such event and such reasonable information as Holder may reasonably require regarding the treatment of this Warrant in connection with such
event giving rise to the notice); and 
 (3)     with respect to the IPO, at least seven
(7) Business Days prior written notice of the date on which the Company proposes to publicly file its registration statement in connection therewith. 

The Company will also provide information requested by Holder from time to time, within a reasonable time following each such request, that is reasonably
necessary to enable Holder to comply with Holder’s accounting or reporting requirements. Prior to the IPO, such information may include, but shall not be limited to, the Company’s then-current summary capitalization table, the price per
share for which the Company most recently prior thereto sold or issued shares of its convertible preferred stock to investors for cash in a bona fide equity financing of the Company, and the most recently received valuation of the Company’s
common stock conducted for purposes of the Company’s compliance with Section 409A of the Internal Revenue Code of 1986, as amended (or the corresponding section of any successor statute) and approved by the Company’s Board of
Directors. Holder agrees to treat and hold all information provided by the Company pursuant to this Warrant in confidence in accordance with the provisions of Section 12.9 of the Loan Agreement (regardless of whether the Loan Agreement shall
then be in effect). 

  
 7 

 SECTION 4. REPRESENTATIONS AND COVENANTS OF THE HOLDER. 

The Holder represents and warrants to, and agrees with, the Company as follows: 

4.1    Purchase for Own Account. This Warrant and the securities to be acquired upon exercise of this Warrant by
Holder are being acquired for investment for Holder’s account, not as a nominee or agent, and not with a view to the public resale or distribution within the meaning of the Act. Holder also represents that it has not been formed for the
specific purpose of acquiring this Warrant or the Shares. 
 4.2    Disclosure of Information. Holder is aware of
the Company’s business affairs and financial condition and has received or has had full access to all the information it considers necessary or appropriate to make an informed investment decision with respect to the acquisition of this Warrant
and its underlying securities. Holder further has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and to obtain additional
information (to the extent the Company possessed such information or could acquire it without unreasonable effort or expense) necessary to verify any information furnished to Holder or to which Holder has access. 

4.3    Investment Experience. Holder understands that the purchase of this Warrant and its underlying securities
involves substantial risk. Holder has experience as an investor in securities of companies in the development stage and acknowledges that Holder can bear the economic risk of such Holder’s investment in this Warrant and its underlying
securities and has such knowledge and experience in financial or business matters that Holder is capable of evaluating the merits and risks of its investment in this Warrant and its underlying securities and/or has a preexisting personal or business
relationship with the Company and certain of its officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business acumen and financial circumstances of such persons. 

4.4    Accredited Investor Status. Holder is an “accredited investor” within the meaning of Regulation D
promulgated under the Act. 
 4.5    The Act. Holder understands that this Warrant and the Shares issuable upon
exercise hereof have not been registered under the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of the Holder’s investment intent as expressed herein. Holder
understands that this Warrant and the Shares issued upon any exercise hereof must be held indefinitely unless subsequently registered under the Act and qualified under applicable state securities laws, or unless exemption from such registration and
qualification are otherwise available. Holder is aware of the provisions of Rule 144 promulgated under the Act. 

4.6    Market Stand-off Agreement. The Holder agrees that the Shares shall
be subject to the Market Standoff provisions in Section 2.11 of the Company’s Investors’ Rights Agreement, as amended and in effect from time to time. 

4.7    No Stockholder Rights. Without limiting any provision of this Warrant, Holder agrees that as a Holder of
this Warrant it will not have any rights (including, but not limited to, voting 

  
 8 

 
rights) as a stockholder of the Company with respect to the Shares issuable hereunder (or the securities issuable on conversion of such Shares, if any) unless and until the exercise of this
Warrant and then only with respect to the Shares issued on such exercise (or the securities issued on conversion of such Shares, if any). 

SECTION 5. MISCELLANEOUS. 

5.1    Term; Automatic Cashless Exercise Upon Expiration. 

(a)    Term. Subject to the provisions of Section 1.6 above, this Warrant is exercisable in whole or in part
at any time and from time to time on or before 6:00 PM, Pacific time, on the Expiration Date and shall be void thereafter. 

(b)    Automatic Cashless Exercise upon Expiration. In the event that, upon the Expiration Date, the fair market
value of one Share (or other security issuable upon the exercise hereof) as determined in accordance with Section 1.3 above is greater than the Warrant Price in effect on such date, then this Warrant shall automatically be deemed on and as of
such date to be exercised pursuant to Section 1.2 above as to all Shares (or such other securities) for which it shall not previously have been exercised, and the Company shall, within a reasonable time following Holder’s written request
therefor, deliver a certificate (or evidence of book entry) representing the Shares (or such other securities) issued upon such exercise to Holder. 

5.2    Legends. Each certificate evidencing Shares (and each certificate evidencing securities issued upon
conversion of any Shares, if any) shall be imprinted with a legend in substantially the following form: 
 THE SHARES EVIDENCED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN THAT CERTAIN AMENDED AND RESTATED WARRANT TO PURCHASE STOCK ISSUED
BY THE ISSUER TO                      DATED MAY 21, 2020, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED
UNDER SAID ACT AND LAWS OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION. 

5.3    Compliance with Securities Laws on Transfer. This Warrant and the Shares issued upon exercise of this
Warrant (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part except in compliance with applicable federal and state securities laws by the transferor and
the transferee (including, without limitation, the delivery of investment representation letters and legal opinions reasonably satisfactory to the Company, as reasonably requested by the Company). The Company shall not require Holder to provide an
opinion of counsel if the transfer is to an affiliate of Holder, provided that such affiliate is an “accredited investor” as defined in Regulation D promulgated under the Act. Additionally, the Company shall also not require an opinion of
counsel if there is no material question as to the availability of Rule 144 promulgated under the Act. 

  
 9 

 5.4    Transfer Procedure. Subject to the provisions of
Section 5.3 and upon providing the Company with written notice, Holder may transfer all or part of this Warrant or the Shares issued upon exercise of this Warrant (or the securities issued upon conversion of the Shares, if any) to any
transferee, provided, however, in connection with any such transfer, Holder will give the Company notice of the portion of the Warrant and/or Shares (and/or securities issued upon conversion of the Shares, if any) being transferred with the name,
address and taxpayer identification number of the transferee and Holder will surrender this Warrant to the Company for reissuance to the transferee(s) (and Holder if applicable); and provided further, that any transferee shall make substantially the
representations and warranties set forth in Section 4 above and shall agree in writing with the Company to be bound by all of the terms and conditions of this Warrant. Notwithstanding any contrary provision herein, at all times prior to the
IPO, Holder may not, without the Company’s prior written consent, transfer this Warrant or any portion hereof, or any Shares issued upon any exercise hereof, or any shares or other securities issued upon any conversion of any Shares issued upon
any exercise hereof, to any person or entity who directly competes with the Company, except in connection with an Acquisition of the Company by such a direct competitor. 

5.5    Notices. All notices and other communications hereunder from the Company to the Holder, or vice versa, shall
be deemed delivered and effective (i) when given personally, (ii) on the third (3rd) Business Day after being mailed by first-class registered or certified mail, postage prepaid,
(iii) upon actual receipt if given by facsimile or electronic mail and such receipt is confirmed in writing by the recipient, or (iv) on the first Business Day following delivery to a reliable overnight courier service, courier fee
prepaid, in any case at such address as may have been furnished to the Company or Holder, as the case may be, in writing by the Company or such Holder from time to time in accordance with the provisions of this Section 5.5. All notices to
Holder shall be addressed as follows until the Company receives notice of a change of address in connection with a transfer or otherwise: 
  

					
		  	  
	  	
		  	  
	  	
		  	  
	  	

 Notice to the Company shall be addressed as follows until Holder receives notice of a change in address: 

ALX Oncology Holdings Inc. 

Attn: Chief Financial Officer 

866 Malcolm Road, Suite 100 

Burlingame, CA 94010 
 With a
copy (which shall not constitute notice) to: 
 Wilson Sonsini Goodrich & Rosati, P.C. 

Attn: Kenneth A. Clark, Esq. 

650 Page Mill Road 
 Palo Alto,
CA 94304 

  
 10 

 5.6    Waiver. This Warrant and any term hereof may be changed,
waived, discharged or terminated (either generally or in a particular instance and either retroactively or prospectively) only by an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination
is sought. 
 5.7    Attorneys’ Fees. In the event of any dispute between the parties concerning the terms
and provisions of this Warrant, the party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys’ fees. 

5.8    Counterparts; Electronic Signatures; Status as Certificated Security. This Warrant may be executed by one or
more of the parties hereto in any number of separate counterparts, all of which together shall constitute one and the same instrument. The Company, Holder and any other party hereto may execute this Warrant by electronic means and each party hereto
recognizes and accepts the use of electronic signatures, including any Electronic Signature as defined in the Electronic Transactions Law (2003 Revision) of the Cayman Islands (the “Cayman Islands Electronic Signature Law”),
and the keeping of records in electronic form, including any Electronic Record, as defined in Cayman Islands Electronic Signature Law, by any other party hereto in connection with the execution and storage hereof. To the extent that this Warrant or
any agreement subject to the terms hereof or any amendment hereto is executed, recorded or delivered electronically, it shall be binding to the same extent as though it had been executed on paper with an original ink signature, as provided under
applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Cayman Islands Electronic Signature Law; provided that sections 8 and 19(3) of the Cayman Islands Electronic Signature Law
shall not apply to this Warrant or the execution or delivery hereof. The fact that this Warrant is executed, signed, stored or delivered electronically shall not prevent the transfer by any Holder of this Warrant pursuant to Section 5.4 or the
enforcement of the terms hereof. To the extent that the original of this Warrant is an electronic original, this Warrant, and any copies hereof, shall NOT be deemed to be a “certificated security” within the meaning of section 8102(a)(4)
of the California Commercial Code. Physical possession of the original of this Warrant or any paper copy thereof shall confer no special status to the bearer thereof. 

5.9    Headings. The headings in this Warrant are for purposes of reference only and shall not limit or otherwise
affect the meaning of any provision of this Warrant. 
 5.10    Business Days. “Business
Day” is any day that is not a Saturday, Sunday or a day on which                      is closed. 

SECTION 6. GOVERNING LAW, VENUE, JURY TRIAL WAIVER, 

AND JUDICIAL REFERENCE. 

6.1    Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of
California, without giving effect to its principles regarding conflicts of law. 

  
 11 

 6.2    Jurisdiction and Venue. The Company and Holder each submit
to the exclusive jurisdiction of the State and Federal courts in Santa Clara County, California; provided, however, that nothing in this Warrant shall be deemed to operate to preclude Holder from bringing suit or taking other legal action in any
other jurisdiction to enforce a judgment or other court order in favor of Holder. The Company expressly submits and consents in advance to such jurisdiction in any action or suit commenced in any such court, and the Company hereby waives any
objection that it may have based upon lack of personal jurisdiction, improper venue, or forum non conveniens and hereby consents to the granting of such legal or equitable relief as is deemed appropriate by such court. The Company hereby waives
personal service of the summons, complaints, and other process issued in such action or suit and agrees that service of such summons, complaints, and other process may be made in accordance with Section 7.5 of this Warrant. 

6.3    Jury Trial Waiver. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE COMPANY AND HOLDER EACH WAIVE
THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS WARRANT, THE LOAN AGREEMENT OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL
INDUCEMENT FOR THE PARTIES’ AGREEMENT TO THIS WARRANT. EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL. 

6.4    Judicial Reference. WITHOUT INTENDING IN ANY WAY TO LIMIT THE PARTIES’ AGREEMENT TO WAIVE
THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY, if the waiver of the right to a trial by jury in Section 6.3 above is not enforceable, the parties agree that any and all disputes or controversies of any nature between them arising at any time
shall be decided by a reference to a private judge, mutually selected by the parties (or, if they cannot agree, by the Presiding Judge of the Santa Clara County, California Superior Court) appointed in accordance with California Code of Civil
Procedure Section 638 (or pursuant to comparable provisions of federal law if the dispute falls within the exclusive jurisdiction of the federal courts), sitting without a jury, in Santa Clara County, California; and the parties hereby submit
to the jurisdiction of such court. The reference proceedings shall be conducted pursuant to and in accordance with the provisions of California Code of Civil Procedure §§ 638 through 645.1, inclusive. The private judge shall have the
power, among others, to grant provisional relief, including without limitation, entering temporary restraining orders, issuing preliminary and permanent injunctions and appointing receivers. All such proceedings shall be closed to the public and
confidential and all records relating thereto shall be permanently sealed. If during the course of any dispute, a party desires to seek provisional relief, but a judge has not been appointed at that point pursuant to the judicial reference
procedures, then such party may apply to the Santa Clara County, California Superior Court for such relief. The proceeding before the private judge shall be conducted in the same manner as it would be before a court under the rules of evidence
applicable to judicial proceedings. The parties shall be entitled to discovery which shall be conducted in the same manner as it would be before a court under the rules of discovery applicable to judicial proceedings. The private judge shall oversee
discovery and may enforce all discovery rules and orders applicable to judicial proceedings in the same manner as a trial court judge. The parties agree that the selected or appointed private judge shall have the power to decide all issues in the
action or proceeding, whether of fact or of law, and shall report a statement of decision thereon pursuant to California Code of Civil Procedure § 644(a). Nothing in this Section 6.4 shall limit the

  
 12 

 
right of any party at any time to exercise self-help remedies or obtain provisional remedies. The private judge shall also determine all issues relating to the applicability, interpretation, and
enforceability of this Section 6.4. 
 6.5    Survival. This Section 6 shall survive the termination of
this Warrant. 
 [Remainder of page left blank intentionally] 

[Signature page follows] 

  
 13 

 IN WITNESS WHEREOF, the parties have caused this Amended and Restated Warrant to Purchase
Stock to be executed as a Deed by their duly authorized representatives effective as of the Issue Date written above. 
  

							
	 “COMPANY”
  

ALX ONCOLOGY HOLDINGS INC.
	    		    	 “ORIGINAL ISSUER”
 (solely with
respect to Paragraph A above)

	By:	 	  
	    		    	SIGNED AND DELIVERED for an on behalf of and as the deed of ALX ONCOLOGY LIMITED by its lawfully appointed attorney
	Name:	 	  
	    		    	                                     
                in the presence of:
		 	 (Print)
	    		    	
	Title:	 		    		    	
		 		    		    	  

		 		    		    	(Signature)
				
		 		    		    	  

		 		    		    	(Signature of Witness)
				
		 		    		    	  

		 		    		    	(Name of Witness)
				
		 		    		    	  

		 		    		    	(Address of Witness)
				
		 		    		    	  

		 		    		    	(Occupation of Witness)
	“HOLDER”	    		    	
				
	By:	 	  
	    		    	
				
	Name:	 	  
	    		    	
		 	 (Print)
	    		    	
	Title:	 		    		    	

  
 14 

 Exhibit 4.3 

APPENDIX 1 
 NOTICE OF EXERCISE

 1.    The undersigned Holder hereby exercises its right to purchase
                 shares of the Common/Series                  Preferred [circle one]
Stock of                          (the “Company”) in accordance with the attached Warrant To Purchase
Stock, and tenders payment of the aggregate Warrant Price for such shares as follows: 
  

					
	[	  	]	  	         check in the amount of
$             payable to order of the Company enclosed herewith

			
	[	  	]	  	         Wire transfer of immediately available funds to
the Company’s account

			
	[	  	]	  	        Cashless Exercise pursuant to Section 1.2 of the Warrant
			
	[	  	]	  	        Other
[Describe]                                       
                                         
                                         
                             

 2.    Please issue a certificate or certificates representing the Shares in the name
specified below: 
  

					
		  	  
	  	
		  	Holder’s Name	  	
		  	  
	  	
		  	  
	  	
		  	(Address)	  	

 3.    By its execution below and for the benefit of the Company, Holder hereby restates
each of the representations and warranties in Section 4 of the Warrant to Purchase Stock as of the date hereof. 
  

			
	HOLDER:	 	
	  

			
	By:	 	  

 
			
	Name:	 	  

 
			
	Title:	 	  

 
			
	(Date):	 	  

 SCHEDULE 1 

Company Capitalization Table 

[OMITTED]EX-10.12

 Exhibit 10.12 

SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE REDACTED MATERIAL HAS
BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH THREE ASTERISKS [***]. 

EXCLUSIVE (EQUITY) AGREEMENT 

This Exclusive (Equity) Agreement (“Agreement”) between THE BOARD OF TRUSTEES OF THE LELAND STANFORD JUNIOR UNIVERSITY
(“Stanford”), an institution of higher education having powers under the laws of the State of California, and Alexo Therapeutics International, (“Alexo”), a Cayman Islands exempted company is effective on the 24th day of March,
2015 (“Effective Date”). 
  

	1.	 BACKGROUND 

Stanford has an assignment of an invention that are [***] useful in treating diseases such as cancer. It is entitled ***] was invented in the
laboratory of Drs. Chris Garcia and Irving Weissman, and is described in [***]. The invention was made in the course of research supported by the Howard Hughes Medical Institute (“HHMI”), the National Institutes of Health (NIH), and Ludwig
Center at Stanford. HHMI has assigned its rights in such invention to Stanford and Stanford has the authority to license the entire interest in the invention subject to the reservation of rights to HHMI specified in this Agreement. In addition,
Stanford is nonexclusively licensing a number of inventions in order to provide freedom to operate should claims be issued to such applications that would be necessary to practice the Licensed Patents. These include [***] Stanford wants to have the
inventions perfected and marketed as soon as possible so that resulting products may be available for public use and benefit. 
  

	2.	 DEFINITIONS 

  

	 	2.1	 “Exclusive” means that, subject to Articles 3 and 5, Stanford will not grant further licenses under
the Licensed Patents in the Licensed Field of Use in the Licensed Territory. 

  

	 	2.2	 “FDA” means the United States Food and Drug Administration, or any successor thereto.

  

	 	2.3	 “FD&C Act” means the United States Federal Food, Drug and Cosmetic Act of 1938 and applicable
regulations promulgated thereunder, as amended from time to time. 

  

	 	2.4	 “First Commercial Sale” of Licensed Product(s) means any transfer for value in an arms-length
transaction to an independent third party distributor, agent or end user in a country after obtaining all approvals or authorizations from applicable regulatory authorities required for the manufacture, importation, marketing, promotion, pricing,
reimbursement and sale of the Licensed Product(s) in such country. 

  

	***	 Certain information in this agreement has been omitted and filed separately with the Securities and Exchange
Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

  
 Page 1 

	 	2.5	 “Fully Diluted Basis” means the total number of shares of Alexo’s issued and outstanding common
stock, assuming: 

 (A) the conversion of all issued and outstanding securities convertible into common stock; 

  the exercise of all issued and outstanding warrants or options, regardless of whether then exercisable; and 

(B) the issuance, grant, and exercise of all securities reserved for issuance pursuant to any Alexo stock or stock option plan then in effect.

  

	 	2.6	 “Human Efficacy
Proof-of-Concept Clinical Trial” means a Phase I Expansion Clinical Trial or Phase II Clinical Trial designed to test some measure of efficacy of the drug in
question. 

  

	 	2.7	 “HHMI Indemnitees” means HHMI and its trustees, officers, employees, and agents.

  

	 	2.8	 “IND” means an investigational new drug application, as defined in the FD&C Act, or any
equivalent document filed with the FDA and necessary for beginning clinical trials of any product in humans or any application or other documentation filed with any Regulatory Authority of a country other than the United States prior to beginning
clinical trials of any product in humans in that country. 

  

	 	2.9	 “Licensed Field of Use” means: 

(1) A SIRPα Component for use (a) [***] or (b) [***]. 

(2) The Licensed Field of Use specifically excludes [***]. 

(3) The SIRPα Component [***]. 

(4) The SIRPα Component [***]. 

(5) Any [***] containing SIRPα or any [***]. 

(6) For avoidance of doubt, the grant of a license to use a SIRPα Component [***] does not explicitly or implicitly grant Alexo a license
to [***]. 
 [***] means [***]. 

“SIRPα Component” means [***]. 
  

	 	2.10	 “Licensed Patents” means Stanford’s U.S. Patent Application, Serial Number [***], and any
patents issued in respect of such applications; (ii) any continuation, division or continuation-in-part (to the extent such
continuation-in-part relates to the Licensed Field of Use) of the patents and patent applications described in clause (i), (iii) any reissue, reexamination or extension
of the patents and patent applications described in clauses (i) or (ii); and (iv) any foreign patent application or Letters Patent or supplementary protection certificates or the equivalent thereof in respect of the patents and patent
applications described in clauses (i)-(iii). 

  

	***	 Certain information in this agreement has been omitted and filed separately with the Securities and Exchange
Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

  
 Page 2 

	 	2.11	 “Licensed Product” means [***] products: 

the making, using, importing or selling of which, absent the license granted under this Agreement, would infringe a Valid Claim in the Licensed
Patents or Nonexclusive Licensed Patents. 
  

	 	2.12	 “Licensed Territory” means worldwide. 

 

	 	2.13	 “Net Sales” means the aggregate amounts invoiced for sales or transfers for value of Licensed
Products by Alexo, its affiliates or any of its sublicensees to an independent third party distributor, agent or end user (other than sales of Licensed Products at cost by Alexo, its affiliates or sublicensees to a third party for use in a clinical
study prior to regulatory approval of such Licensed Product) less deductions selected as appropriate from: (i) customary discounts in the trade for quantity purchased, prompt payment or wholesalers and distributors; (ii) credits or
refunds separately and actually credited or paid to customers for defective, spoiled, damaged, outdated or returned Licensed Products that do not exceed the original invoice amount; (iii) discounts mandated by, or granted to meet the
requirements of, applicable state, provincial or federal law, paid or credited to a wholesaler, purchaser, third party or other contractee including required chargebacks and retroactive price reductions; (iv) rebates actually paid or credited
to any governmental agency (or branch thereof) or to any third party payor, administrator or contractee; (v) sales, excise or use taxes paid, absorbed or allowed excluding net income tax, imposed upon the sale of the Licensed Product; and
(vi) prepaid outbound transportation expenses and transportation insurance premiums that are separately billed to the customer or prepaid. 

In the event the Licensed Product is sold [***], or [***], the Net Sales [***], shall be determined by [***]. 

Net Sales shall not include [***]. 

Net Sales shall not include [***]. 
  

	 	2.14	 “Nonexclusive Licensed Patents” means Stanford’s U.S. Patent Application Serial Nos. [***]; (2)
any continuation, division or continuation-in-part (to the extent such
continuation-in-part relates to the Licensed Products and the Licensed Field of Use) of such patent application; (3) any reissue, reexamination or extension of such
patent application; or 

 (4) any foreign patent application or Letters Patent or supplementary protection certificates or
the equivalent thereof in respect of such patent application, that would be infringed by the practice of the Licensed Patents to make, have made, use, import and sell Licensed Products for use in the Licensed Field of Use. 

 

	 	2.15	 “Nonroyalty Sublicensing Consideration” means any consideration received by Alexo from a sublicensee
hereunder but excluding any consideration for: 

 [***]. 

  

	***	 Certain information in this agreement has been omitted and filed separately with the Securities and Exchange
Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

  
 Page 3 

	 	2.16	 “Patent Matters” means preparing, filing, and prosecuting broad and extensive patent claims
(including any interference or reexamination actions) for Stanford’s benefit in the Licensed Territory and for maintaining all Licensed Patents. 

  

	 	2.17	 “Phase I Clinical Trial” means for the purpose of obtaining regulatory approval a study in humans the
purpose of which is preliminary determination of safety of a Licensed Product in healthy individuals or patients that would satisfy the requirements of 21 C.F.R. 312.21(a). 

 

	 	2.18	 “Phase I Expansion Clinical Trial” means a study in humans the purpose of which is further
determination of safety and preliminary determination of signs of efficacy of a Licensed Product in patients of defined disease parameters after the initial completion of a Phase 1 dose escalation study. 

 

	 	2.19	 “Phase II Clinical Trial” means for the purpose of obtaining regulatory approval a study in humans of
the safety, dose range and efficacy of a Licensed Product that is prospectively designed to generate sufficient data to commence a Phase III Clinical Trial that would satisfy the requirements of 21 C.F.R. 312.21(b). 

 

	 	2.20	 “Phase III Clinical Trial” means a controlled study in humans of the efficacy and safety of a
Licensed Product that is prospectively designed to demonstrate statistically whether such Licensed Product is effective and safe for use in a particular indication in a manner sufficient to obtain regulatory approval to market such Licensed Product
that would satisfy the requirements of 21 C.F.R. 312.21(c). 

  

	 	2.21	 “Regulatory Authority” means any national, supra-national, regional, state or local regulatory
agency, department, bureau, commission, council or other governmental entity in the Territory, including, without limitation, the FDA. 

  

	 	2.22	 “Stanford Indemnitees” means Stanford and Stanford Hospitals and Clinics, and their respective
trustees, officers, employees, students, agents, faculty, representatives, and volunteers. 

  

	 	2.23	 “Sublicense(s)” means any agreement between Alexo and a third party that contains a grant to
Stanford’s Licensed Patents regardless of the name given to the agreement by the parties; however, an agreement to make, have made, use or sell Licensed Products on behalf of Alexo is not considered a Sublicense. 

 

	 	2.24	 “Valid Claim” means (1) an unexpired claim of an issued patent which has not been found to be un-patentable, invalid or unenforceable by a court or other authority in the subject country, from which decision no appeal is taken or can be taken; or (2) a claim of a pending application, which application
claims a first priority no more than [***] years prior to the date upon which pendency is determined. For purposes of clarification, if a claim in an application has been pending for more than [***] years from its priority date, and a patent
subsequently issues containing such claim, then upon issuance of the patent, the claim shall thereafter be considered a Valid Claim. 

  

	***	 Certain information in this agreement has been omitted and filed separately with the Securities and Exchange
Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

  
 Page 4 

	 	2.25	 Other Defined Terms. The following terms shall have the meanings set forth in the section appearing opposite
such term 

  

					
		  	“Agreement”	  	Recitals
			
		  	“Alexo”	  	Recitals
			
		  	“Claims”	  	Section 10.1
			
		  	“Effective Date”	  	Recitals
			
		  	“First Round”	  	Section 7.3
			
		  	“HHMI”	  	Section 1
			
		  	“HHMI License”	  	Section 3.3
			
		  	“Losses”	  	Section 10.1
			
		  	“Major Market Countries”	  	Section 7.8
			
		  	“Parent”	  	Section 7.2
			
		  	“Stanford”	  	Recitals
			
		  	“Successful Completion”	  	Appendix A.

  

	3.	 GRANT 

  

	 	3.1	 Grant. Subject to the terms and conditions of this Agreement, Stanford grants Alexo (i) a
exclusive, royalty-bearing, license under the Licensed Patents, including the right to make, have made, use, import, offer to sell and sell Licensed Products in the Licensed Territory in the Licensed Field of Use; and (ii) a non-exclusive, royalty-bearing license under the Nonexclusive Licensed Patents, including the right to make, have made, use, import, offer to sell and sell Licensed Products in the Licensed Territory in the Licensed
Field of Use. 

  

	 	3.2	 Term. The license granted under Section 3.1 shall take effect as of the Effective date and will
remain in effect on a Licensed Product-by-Licensed Product and country-by-country basis
until the later of (i) the expiration or revocation or complete rejection of the last to expire or to be revoked or to be completely rejected of any Licensed Patents or Nonexclusive Licensed Patents covering such Licensed Product in the country
in which the Licensed Product is manufactured or sold, or (ii) if no Licensed Patents or Nonexclusive Licensed Patents exists in the relevant country covering the manufacture, use or sale of the relevant Licensed Product, until 10 years from
the First Commercial Sale of such Licensed Product in such country. Thereafter, the licenses shall be fully paid-up and royalty-free. 

  

	***	 Certain information in this agreement has been omitted and filed separately with the Securities and Exchange
Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

  
 Page 5 

	 	3.3	 Retained Rights. (A) Stanford retains the right, on behalf of itself and all other non- profit research institutions, to practice the Licensed Patents and the Nonexclusive Licensed Patents for any non-profit purpose, including sponsored research and
collaborations. Alexo agrees that, notwithstanding any other provision of this Agreement, it has no right to enforce the Licensed Patents and Nonexclusive Licensed Patents against any such institution. Stanford and any such other institution have
the right to publish any information included in the Nonexclusive Licensed Patents or a Licensed Patent. 

 (B) Alexo
acknowledges that it has been informed that the [***] Patents were developed, at least in part, by employees of HHMI and that HHMI has a paid-up, non-exclusive,
irrevocable license to use the Licensed Patents or Nonexclusive Licensed Patents for HHMI’s research purposes, but with no right to assign or sublicense (the “HHMI License”). This Agreement is explicitly made subject to the HHMI
License. 
  

	 	3.4	 Other Rights. 

I) Stanford’s Office of Technology Licensing, to the best of its knowledge as of the Effective Date, is not aware of any other
patent applications controlled by Stanford and filed as of the Effective Date or any invention disclosure documents submitted to Stanford’s Office of Technology Licensing on or before the Effective Date that are believed to be infringed by the
practice of the Licensed Patents to make, have made, use, import and sell Licensed Products for use in the Licensed Field of Use. 

II) Stanford does not: 

(A) grant to Alexo any other licenses, implied or otherwise, to any patents or other rights of Stanford other than those rights granted under
Licensed Patents and Nonexclusive Licensed Patents, regardless of whether the patents or other rights are dominant or subordinate to any Licensed Patents, or are required to exploit any Licensed Patents; 

(B) commit to Alexo to bring suit against third parties for infringement, except as described in Article 14; and 

(C) agree to furnish to Alexo any technology or technological information or to provide Alexo with any assistance. 

 

	4.	 SUBLICENSING 

  

	 	4.1	 Permitted Sublicensing. Alexo may grant Sublicenses in the Licensed Field of Use only and only if Alexo
is developing or selling Licensed Products. Sublicenses with any exclusivity must include diligence requirements commensurate with the diligence requirements of Appendix A. Stanford agrees that Alexo may apportion without discrimination between
Alexo patents and the Licensed Patents and Nonexclusive Licensed Patents a commercially reasonable percentage of sublicensing payments made to Stanford pursuant to Section 4.6, provided however that Alexo provides Stanford with the proposed
apportionment and justification prior Alexo’s payment pursuant to Section 8.1. Stanford and Alexo agree to meet to discuss such proposed apportionment if in Stanford’s opinion the apportionment does not reasonably reflect the value of
the Licensed Patents. 

  

	***	 Certain information in this agreement has been omitted and filed separately with the Securities and Exchange
Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

  
 Page 6 

	 	4.2	 Required Sublicensing. If Alexo is not developing or commercializing Licensed Product with respect to an
indication or a geography for which there is a company willing to be a sublicensee, Alexo will, at Stanford’s request, negotiate in good faith a Sublicense with any such sublicensee for such indication or geography. Stanford would like
licensees to address unmet needs, such as those of neglected patient populations or geographic areas, giving particular attention to improved therapeutics, diagnostics and agricultural technologies for the developing world. As an alternative to
negotiating a Sublicense to a third party, Alexo (or one of its Affiliates or sublicensees) may submit to Stanford, within [***] after such third party’s request for a sublicense, a plan for prompt and diligent development of a Licensed Product
for the applicable indication or market. If Stanford approves this plan, such approval not to be unreasonably withheld, no third-party sublicense shall be required pursuant to this Section 4.2. 

 

	 	4.3	 Sublicense Requirements. Any Sublicense: 

 

	 	(A)	 is subject to this Agreement; 

 

	 	(B)	 will reflect that any sublicensee will not further sublicense; 

 

	 	(C)	 will prohibit sublicensee from paying royalties to an escrow or other similar account; 

 

	 	(D)	 will expressly include the provisions of Articles 8, 9, 10, 13, and Section 19.6 for the benefit of
Stanford and/or HHMI, as applicable; and 

  

	 	(E)	 will include the provisions of Section 4.4 and require the transfer of all the sublicensee’s
obligations to Alexo, including the payment of royalties specified in the Sublicense, to Stanford or its designee, if this Agreement is terminated. If the sublicensee is a spin-out from Alexo, Alexo must
guarantee the sublicensee’s performance with respect to the payment of Stanford’s share of Sublicense royalties. 

  

	 	4.4	 Litigation by Sublicensee. Any Sublicense must include the following clauses: 

 

	 	(A)	 In the event sublicensee brings an action seeking to invalidate any Licensed Patent: 

 

	 	(1)	 sublicensee will [***] during the pendency of such action. Moreover, should the outcome of such action
determine that any claim of a patent challenged by the sublicensee is both valid and infringed by a Licensed Product, sublicensee will [***]; 

  

	 	(2)	 sublicensee will [***] during the period challenge; 

 

	 	(3)	 any dispute regarding the validity of any Licensed Patent shall be [***], and the parties agree [***]; and

  

	 	(4)	 sublicensee shall [***]. 

  

	***	 Certain information in this agreement has been omitted and filed separately with the Securities and Exchange
Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

  
 Page 7 

	 	(B)	 Sublicensee will provide written notice to Stanford at least [***] prior to bringing an action seeking to
invalidate a Licensed Patent. Sublicensee will include with such written notice [***]. 

  

	 	4.5	 Copy of Sublicenses and Sublicensee Royalty Reports. Alexo will submit to Stanford a copy of each
Sublicense, any subsequent amendments and all copies of sublicensees’ royalty reports. Beginning with the first Sublicense, the Chief Financial Officer or equivalent will certify annually regarding the name and number of sublicensees.

  

	 	4.6	 Sharing of Sublicensing Income. Alexo will pay to Stanford a portion of all Nonroyalty Sublicensing
Consideration for the Sublicense of Licensed Patents, as provided below: 

  

	 	(A)	 The percentage payable to Stanford shall be (i) [***]% if the Sublicense is signed [***]; (ii) [***]% if the
Sublicense is signed [***]; and (iii) [***]% if the Sublicense is signed [***]. 

  

	 	4.7	 Royalty-Free Sublicenses. Subject to Section 7.10(c) (concerning instances where Alexo may as part
of an infringement or potential infringement dispute in which it believes it may be subject to infringement proceedings elect to as part of the resolution of such matter to enter into a royalty-free cross-licensing arrangement with a third party)
and Section 14.7(C), if Alexo pays all royalties due Stanford from a sublicensee’s Net Sales, Alexo may grant that sublicensee a royalty-free or non-cash: 

 

	 	(A)	 Sublicense or 

  

	 	(B)	 cross-license. 

  

	5.	 GOVERNMENT RIGHTS 

This Agreement is subject to Title 35 Sections 200-204 of the United States Code. Among other things,
these provisions provide the United States Government with nonexclusive rights in the Licensed Patent. They also impose the obligation that Licensed Product sold or produced in the United States be “manufactured substantially in the United
States.” Alexo will ensure all obligations of these provisions are met. 
  

	6.	 DILIGENCE 

  

	 	6.1	 Milestones. Alexo will use commercially reasonable efforts to develop, commercialize, market and sell
Licensed Products, in a manner consistent with the efforts normally used by similarly situated biotechnology companies with respect to a product to which such companies hold similar rights which is of similar market potential at a similar stage in
the development or life of such product, taking into account issues of safety, efficacy, product profile, the competitiveness of the marketplace, the proprietary position of the product, the regulatory structure involved, profitability of the
product and other relevant commercial factors. Stanford shall have the right to terminate the License Agreement if Alexo shall fail to apply such “commercially reasonable efforts” to develop, commercialize, market and sell Licensed
Products. A determination of Alexo’s satisfaction of its diligence obligations shall be made with reference to the milestones set forth in Appendix A. 

  

	***	 Certain information in this agreement has been omitted and filed separately with the Securities and Exchange
Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

  
 Page 8 

	 	6.2	 Progress Report. By [***] of each year, Alexo will submit a written annual report to Stanford covering
the preceding calendar year. The report will include information sufficient to enable Stanford to satisfy reporting requirements of the U.S. Government and for Stanford to ascertain progress by Alexo toward meeting this Agreement’s diligence
requirements. Each report will describe, where relevant: Alexo’s progress toward commercialization of Licensed Product, including work completed, key scientific discoveries, summary of work-in-progress, current schedule of anticipated events or milestones, market plans for introduction of Licensed Product, and significant corporate transactions involving Licensed Product. Alexo will
specifically describe how each Licensed Product is related to each Licensed Patent. 

  

	 	6.3	 Clinical Trial Notice. Alexo will notify Stanford prior to commencing any clinical trials at Stanford.

  

	7.	 ROYALTIES 

  

	 	7.1	 Issue Royalty. Alexo will pay to Stanford a non-creditable,
nonrefundable license issue royalty of [***] within [***] days of the Effective Date. 

  

	 	7.2	 Equity Interest. As further consideration, Alexo will cause Alexo Therapeutics Limited, a Private Irish
Company Limited by Shares that is the sole shareholder of Alexo (“Parent”), to grant to Stanford [***] Ordinary Shares of stock in Parent. When issued, those shares will represent [***]% of the stock in Parent on a Fully Diluted Basis.
Alexo agrees to provide Stanford with the capitalization table upon which the above calculation is made. All shares issued pursuant to this Section 7.2 and Section 7.3 shall be issued pursuant to a Stock Issuance Agreement between Parent
and the recipient of the shares containing standard representations and warranties and other provisions with respect to the shares and the recipient’s qualifications under applicable securities laws to receive the shares. At that time, such
Stock Issuance Agreement will provide share valuation information as needed in order for Stanford to issue 1099s to the inventors listed below. 

Subject to compliance with applicable securities laws, Alexo will cause Parent to issue [***]% of all shares granted to Stanford pursuant to
Section 7.2 and Section 7.3 directly to and in the name of the inventors listed below allocated as stated below: 
 [***] —
[***]% 
 [***] – [***]% 

[***] – [***]% 
 [***] –
[***]% 
 [***] – [***]% 
  

	 	7.3	 Anti-Dilution Protection. Alexo will cause Parent, to issue Stanford, without further consideration, any
additional shares of stock of the class issued pursuant to Section 7.2 necessary 

  

	***	 Certain information in this agreement has been omitted and filed separately with the Securities and Exchange
Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

  
 Page 9 

	 	
to ensure that the number of shares issued Stanford pursuant to Section 7.2 and this Section 7.3 does not represent less than [***]% of the shares issued and outstanding on a
Fully-Diluted Basis at any time through the completion of issuance of all shares to be issued in connection with the First Round of bona fide equity investment in Parent from a single or group of investors which is both (i) at least $[***] in
size and (ii) involves the sale to outside investors of at least [***]% of the shares outstanding after such round on a Fully-Diluted Basis at a price per share which, when applied to stock actually outstanding immediately after such round,
implies a post-financing equity valuation of Parent of at least $[***]. A “First Round” is a bona fide round of equity, warrant, option or convertible equity investment which includes all the tranches prior to the completion of the
financing. This right will expire upon the issuance of all shares to be issued in connection with such First Round, but will apply to all shares to be issued in or in connection with such First Round. The issuance of equity to Stanford will be
pursuant to a Stock Subscription Agreement and a Stockholders Agreement between Parent and Stanford containing standard representations and warranties and other provisions consistent with the provisions applicable to other holders of Parent’s
Ordinary Shares, including provisions consistent with Sections 7.2, 7.3, 7.4, 7.5, 7.6 and 7.7 of this Agreement. 

  

	 	7.4	 Section 7.4 is set forth in Appendix D of this Agreement. 

 

	 	7.5	 Section 7.5 is set forth in Appendix D of this Agreement. 

 

	 	7.6	 Section 7.6 is set forth in Appendix D of this Agreement. 

 

	 	7.7	 License Maintenance Fee. Alexo will pay Stanford a yearly license maintenance fee within [***] days
after each of the following anniversaries of the Effective Date. Yearly maintenance payments are nonrefundable, but they are creditable each year as described in Section 7.11. The annual fee shall be [***] on the [***] anniversary of the
Effective Date, $[***] on the [***] anniversary of the Effective Date, and [***] on the [***] and each subsequent anniversary of the Effective Date. 

  

	 	7.8	 Milestone Payments. Alexo will pay Stanford the following milestone payments upon the occurrence of each
of the milestone events listed below. Milestones shall be due for the [***] Licensed Products that achieves the particular milestone regardless of the number of Licensed Products that achieve such milestone; such that if either of the [***] Licensed
Products does not achieve any milestone(s), such non-achieved milestones shall be paid on any subsequent Licensed Product that achieves such milestone. On the date any one milestone set forth below is
achieved, all lower numbered unachieved milestones shall be deemed to have been achieved and shall be paid (except to the extent they have been previously paid). In the event that a milestone payment is received by Alexo from a sublicensee for
attaining any of the milestones listed below, Alexo shall pay to Stanford an amount equal to [***]: 

  

					
	 Milestone Event
	  	Payment	 
	 (1)[***]
	  	 	$[***]	 
	 (2)[***]
	  	 	$[***]	 

  

	***	 Certain information in this agreement has been omitted and filed separately with the Securities and Exchange
Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

  
 Page 10 

					
	 (3)[***]
	  	 	$[***]	 
	 (4)[***]
	  	 	$[***]	 
	 (5)[***]
	  	 	$[***]	 
	 (6)[***]
	  	 	$[***]	 
	 Total
	  	 	$[***]	 

 Alexo shall pay milestone payments within [***] days of the applicable milestone event, if achieved by Alexo,
and within the earlier of [***] days of the applicable event or [***] days following the receipt of funds milestones, if a sublicensee achieves the milestone. 
  

	 	7.9	 Earned Royalty. (a) Commencing with [***], Alexo shall pay to Stanford royalties [***] with respect
to Licensed Products covered by Valid Claims of Licensed Patents or Nonexclusive Licensed Patents, equal to (i) [***]% of the portion of aggregate annual Net Sales of such Licensed Product that is [***]; (ii) [***]% of the portion of aggregate
annual Net Sales of such Licensed Product that is [***]; and (iii) [***]% of the portion of aggregate annual Net Sales of such Licensed Product that is [***]. Alexo shall pay Stanford royalties with respect to Net Sales of Licensed Products that are
not covered by Valid Claims of Licensed Patents or Nonexclusive Licensed Patents in the country where the sale is made but are covered by Valid Claims of Licensed Patents or Nonexclusive Licensed Patents in another country at a rate equal to [***]%
of the rates set forth in clauses (a)(i)-(iii). 

 (b) Alexo shall pay royalties with respect to each Licensed Product
[***], or (ii) if [***]. 
 (c) If Alexo, in its reasonable judgment, elects to pay royalties or similar payments to one or more third
parties for patented technology to avoid infringement by a Licensed Product or the manufacture of a Licensed Product of such third party patent(s), Alexo may, beginning from the date of such third party license, deduct [***]% of the amount of
royalties paid to such third party on sales of Licensed Product under such licenses from the amounts payable to Stanford, provided that such deductions reduce by no more than [***]% the royalties otherwise due Stanford with respect to such
Licensed Product. 
 (d) Royalties are payable as long as a Valid Claim for the particular Licensed Product remains in effect. 

 

	 	7.10	 Earned Royalty if Alexo Challenges the Patent. Notwithstanding the above, should Alexo bring an action
seeking to invalidate any Licensed Patent, Alexo will pay royalties to Stanford [***] during the pendency of such action. Moreover, should the outcome of such action determine that any claim of a patent challenged by Alexo is both valid and
infringed by a Licensed Product, Alexo will pay royalties [***]. 

  

	 	7.11	 Creditable Payments. The license maintenance fee for a year may be offset against earned royalty
payments due on Net Sales occurring in that year. 

  

	***	 Certain information in this agreement has been omitted and filed separately with the Securities and Exchange
Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

  
 Page 11 

	 	For	 example: 

  

	 	(A)	 if Alexo pays Stanford a $10 maintenance payment for year Y, and according to Section 7.9 $15 in earned
royalties are due Stanford for Net Sales in year Y, Alexo will only need to pay Stanford an additional $5 for that year’s earned royalties. 

  

	 	(B)	 if Alexo pays Stanford a $10 maintenance payment for year Y, and according to Section 7.9 $3 in earned
royalties are due Stanford for Net Sales in year Y, Alexo will not need to pay Stanford any earned royalty payment for that year. Alexo will not be able to offset the remaining $7 against a future year’s earned royalties. 

 

	 	7.12	 Obligation to Pay Royalties. A royalty is due Stanford under this Agreement for any activity conducted
under the licenses granted. For convenience’s sake, the amount of that royalty is calculated using Net Sales. Nonetheless, if certain Licensed Products are [***], and those Licensed Products are [***], Alexo will pay Stanford an earned royalty
for its exercise of rights based on the Net Sales of those Licensed Products. 

  

	 	7.13	 No Escrow. Alexo shall not pay royalties into any escrow or other similar account.

  

	 	7.14	 Currency. Alexo will calculate the royalty on sales in currencies other than U.S. Dollars using the
appropriate foreign exchange rate for the currency quoted by the Wall Street Journal on the close of business on the last banking day of each calendar quarter. Alexo will make royalty payments to Stanford in U.S. Dollars. 

 

	 	7.15	 Non-U.S. Taxes. Alexo will pay all non-U.S. taxes related to royalty payments. These payments are not deductible from any payments due to Stanford. 

  

	 	7.16	 Interest. Any payments not made when due will bear interest at the lower of (a) the Prime Rate
published in the Wall Street Journal plus [***] basis points or (b) the maximum rate permitted by law. 

  

	8.	 ROYALTY REPORTS, PAYMENTS, AND ACCOUNTING 

 

	 	8.1	 Quarterly Earned Royalty Payment and Report. Beginning with the first sale of a Licensed Product by
Alexo or a sublicensee, Alexo will submit to Stanford a written report (even if there are no sales) and an earned royalty payment within [***] days after the end of each calendar quarter. This report will be in the form of Appendix B and will state
the number, description, and aggregate Net Sales of Licensed Product during the completed calendar quarter. The report will include an overview of the process and documents relied upon to permit Stanford to understand how the earned royalties are
calculated. With each report Alexo will include any earned royalty payment due Stanford for the completed calendar quarter (as calculated under Section 7.9). 

 

	 	8.2	 No Refund. In the event that a validity or non-infringement
challenge of a Licensed Patent brought by Alexo is successful, Alexo will have no right to recoup any royalties paid before or during the period challenge. 

  

	***	 Certain information in this agreement has been omitted and filed separately with the Securities and Exchange
Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

  
 Page 12 

	 	8.3	 Termination Report. Alexo will pay to Stanford all applicable royalties and submit to Stanford a written
report within [***] days after the license terminates. Alexo will continue to submit earned royalty payments and reports to Stanford after the license terminates, until all Licensed Products made or imported under the license have been sold.

  

	 	8.4	 Accounting. Alexo will maintain complete and accurate records showing sufficient information to permit
Stanford to determine the accuracy of royalty payments (including manufacture and sale), sublicensing revenue, and milestone achievement, in respect of a Licensed Product for [***] years from the date of sale of that unit of Licensed Product.
Records shall be kept in accordance with Generally Accepted Accounting Practices or International Financial Reporting Standards, as applicable, and will include general-ledger records showing cash receipts and expenses, and records that include:
production records, customers invoices, and related information in sufficient detail to enable Stanford to determine the royalties and other amounts payable under this Agreement. 

 

	 	8.5	 Audit by Stanford. Alexo will allow an independent, certified public accountant selected by Stanford and
reasonably acceptable to Alexo, which acceptance will not be unreasonably withheld or delayed to audit or inspect those records of Alexo relating to any amounts payable to Stanford under this Agreement for the purpose of verifying the accuracy of
the reports required under Section 8.1. Such inspection will be conducted during Alexo’s normal business hours at such place where such records are customarily kept, no more than [***]. Stanford agrees to hold in confidence all information
concerning royalty payments and reports, and all information learned in the course of any audit or inspection, except to the extent necessary for Stanford to reveal such information in order to enforce its rights under this Agreement or if
disclosure is required by law, regulation or judicial order. Any person or entity conducting such audit or inspection will agree in writing with Alexo to: (a) treat all records reviewed in the course of the audit or inspection as the
confidential information of Alexo; (b) disclose to Stanford only the amount and accuracy of payments reported and actually paid or otherwise payable under this Agreement and the specific details concerning any discrepancies.

  

	 	8.6	 Paying for Audit. Stanford will pay for any audit done under Section 8.5. But if the audit reveals
an underreporting of earned royalties due Stanford of [***]% or more for the period being audited, Alexo will pay the audit costs. 

  

	9.	 EXCLUSIONS AND NEGATION OF WARRANTIES 

 

	 	9.1	 Negation of Warranties. Stanford provides Alexo the rights granted in this Agreement AS IS and WITH ALL
FAULTS. Stanford makes no representations and extends no warranties of any kind, either express or implied. Among other things, Stanford disclaims any express or implied warranty: 

 

	 	(A)	 of merchantability, of fitness for a particular purpose; 

 

	 	(B)	 of non-infringement; or 

 

	 	(C)	 arising out of any course of dealing. 

  

	***	 Certain information in this agreement has been omitted and filed separately with the Securities and Exchange
Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

  
 Page 13 

	 	9.2	 No Representation of Licensed Patent. Alexo also acknowledges that Stanford does not represent or
warrant: 

  

	 	(A)	 the validity or scope of any Licensed Patents or Nonexclusive Licensed Patents; or 

 

	 	(B)	 that the exploitation of Licensed Patents or Nonexclusive Licensed Patents will be successful.

  

	10.	 INDEMNITY 

  

	 	10.1	 Indemnification. (A) Alexo will, and will require sublicensees to, indemnify, hold harmless, and
defend all Stanford Indemnitees against any claims, suits, losses, damages, costs, fees, and expenses of any kind (collectively. “Losses”) incurred by or imposed upon them in connection with any third party claims, suits or actions
resulting from arising out of or related to the exercise of any rights granted Alexo under this Agreement or the breach of this Agreement by Alexo, its sublicensees or affiliates. Alexo’s indemnification under this Section 10.1(A) shall
not apply to Losses that arise as a result of Stanford’s practice of the rights it reserves under Section 3.3. 

(B) HHMI and its trustees, officers, employees and agents (collectively, “HHMI Indemnitees”), will be indemnified, defended by
counsel acceptable to HHMI, and held harmless by Alexo from and against any claim, expense, damage, deficiency, liability, cost, loss or obligation of any kind or nature (including, without limitation, reasonable attorneys’ fees and other costs
and expenses of defense), (collectively, “Claims”), based upon, arising out of, or otherwise relating to this Agreement or any Sublicense, including without limitation any cause of action relating to product liability. The previous
sentence will not apply to any Claim that is determined with finality by a court of competent jurisdiction to result solely from the gross negligence or willful misconduct of an HHMI employee. 

(C) To receive the benefit of indemnification under Section 10.1(a) or Section 10.1(b), as applicable, Stanford Indemnitees or HHMI
Indemnitees must promptly notify Alexo in writing of any claim or suit brought against Stanford Indemnitees or HHMI Indemnitees in respect of which Stanford Indemnitees or HHMI Indemnitees intend(s) to invoke the provisions of this Article 10. In
the case of any HHMI Indemnitee, such notice shall be given reasonably promptly following actual receipt of written notice thereof by an officer or attorney of HHMI. Notwithstanding the foregoing, the delay or failure of any Stanford Indemnitee or
HHMI Indemnitee to give reasonably prompt notice to Alexo of any such claim or suit shall not affect the rights of such Stanford Indemnitee or HHMI Indemnitee under this Article 10 unless, and then solely to the extent that, such failure actually
and materially prejudices the rights of Alexo. To receive the benefit of indemnification under Section 10.1(a) or Section 10.1(b), as applicable, the Stanford Indemnitees or HI-MI Indemnitees, as
applicable, will provide reasonable cooperation (at Alexo’s expense) in the defense or settlement of such claim or suit; and tender to Alexo (and its insurer) full authority to defend or settle the claim or suit, subject to the limitation set
forth below with respect to settlement by Alexo. Alexo shall keep the Stanford Indemnitees or HHMI Indemnitees, as applicable, informed on a current basis of its defense of any claims or suits under this Article. Alexo will not settle any claim or
suit against Stanford Indemnitees or HHMI Indemnitees without Stanford’s or HHMI’s written consent, as applicable, where (1) such settlement would include any admission of liability or admission of wrong doing on the part of the
indemnified 

  

	***	 Certain information in this agreement has been omitted and filed separately with the Securities and Exchange
Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

  
 Page 14 

 
party, (2) such settlement would impose any restriction on Stanford Indemnitees or HHMI Indemnitees’ conduct of any of its activities, or (3) such settlement would not include an
unconditional release of Stanford Indemnitees or HHMI Indemnitees from all liability for claims that are the subject matter of the settled claim. Alexo has no obligation to indemnify Stanford Indemnitees’ or HHMI Indemnitees’ in connection
with any settlement made without Alexo’s written consent. 
  

	 	10.2	 No Indirect Liability. Stanford is not liable for any special, consequential, lost profit, expectation,
punitive or other indirect damages in connection with any claim arising out of or related to this Agreement, whether grounded in tort (including negligence), strict liability, contract, or otherwise. 

 

	 	10.3	 Workers’ Compensation. Alexo will comply with all statutory workers’ compensation and
employers’ liability requirements for activities performed under this Agreement. 

  

	 	10.4	 Insurance. During the term of this Agreement, Alexo will maintain Comprehensive General Liability
Insurance, including Product Liability Insurance, at all times when any Licensed Product is being clinically tested with human subjects or commercially distributed or sold, with a reputable and financially secure insurance carrier or self-insurance
that is reasonably acceptable to Stanford to cover the activities of Alexo and its sublicensees. The insurance will provide minimum limits of liability of $[***] and will include all Stanford Indemnitees and HHMI Indemnitees as additional insureds.
Insurance must cover claims incurred, discovered, manifested, or made during or after the expiration of this Agreement and must be placed with carriers with ratings of at least A- as rated by A.M. Best. Within
[***] days of the Effective Date of this Agreement, Alexo will furnish a Certificate of Insurance evidencing primary coverage and additional insured requirements. Alexo will provide to Stanford [***] days prior written notice of cancellation or
material change to this insurance coverage. Alexo will advise Stanford in writing that it maintains excess liability coverage (following form) over primary insurance for at least the minimum limits set forth above. All insurance of Alexo will be
primary coverage; insurance of Stanford Indemnitees and HHMI Indemnitees will be excess and noncontributory. 

  

	11.	 EXPORT 

Alexo and its affiliates and sublicensees shall comply with all United States laws and regulations controlling the export of licensed
commodities and technical data. (For the purpose of this paragraph, “licensed commodities” means any article, material or supply but does not include information; and “technical data” means tangible or intangible technical
information that is subject to U.S. export regulations, including blueprints, plans, diagrams, models, formulae, tables, engineering designs and specifications, manuals and instructions.) These laws and regulations may include, but are not limited
to, the Export Administration Regulations (15 CFR 730-774), the International Traffic in Arms Regulations (22 CFR 120-130) and the various economic sanctions regulations
administered by the U.S. Department of the Treasury (31 CFR 500-600). 
 Among other things, these
laws and regulations prohibit or require a license for the export or retransfer of certain commodities and technical data to specified countries, entities and persons. Alexo hereby gives written assurance that it will comply with, and will cause its
affiliates and sublicensees 

  

	***	 Certain information in this agreement has been omitted and filed separately with the Securities and Exchange
Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

  
 Page 15 

 
to comply with all United States export control laws and regulations, that it bears sole responsibility for any violation of such laws and regulations by itself or its affiliates or sublicensees,
and that it will indemnify, defend and hold Stanford and HHMI harmless for the consequences of any such violation. 
  

	12.	 MARKING 

Before any Licensed Patent issues, Alexo will mark Licensed Product with the words “Patent Pending.” Otherwise, Alexo will mark
Licensed Product with the number of any issued Licensed Patent. 
  

	13.	 STANFORD AND HHMI NAMES AND MARKS 

Alexo will not use (i) Stanford’s or HHMI’ s name or other trademarks, (ii) the name or trademarks of any organization
related to Stanford or HHMI, or (iii) the name of any Stanford or HHMI faculty member, employee, student or volunteer without the prior written consent of the party (Stanford or HHMI as the case may be) whose name or trademark is being used.
Permission may be withheld at Stanford’s or HHMI’ s sole discretion. This prohibition includes, but is not limited to, use in press releases, advertising, marketing materials, other promotional materials, presentations, case studies,
reports, websites, application or software interfaces, and other electronic media. 
  

	14.	 PROSECUTION AND PROTECTION OF PATENTS 

 

	 	14.1	 Patent Prosecution. 

Stanford will control, in consultation with Alexo, the preparation and prosecution of all patent applications and the maintenance of all
patents related to Licensed Patents using independent patent counsel mutually acceptable to each of Stanford and Alexo. Patent counsel will directly notify Alexo and provide Alexo copies of any official communications from United States and foreign
patent offices relating to prosecution of the Licensed Patents, as well as copies of relevant communications to the various patent offices so that Alexo may be informed and apprised of the continuing prosecution of Licensed Patents. Alexo will have
reasonable opportunities to participate in key decisions affecting filing, prosecution and maintenance of the Licensed Patents, including, without limitation, opportunity to review and provide comment on amendments and responses in the course of the
prosecution of Licensed Patents. Stanford will consider in good faith Alexo’s reasonable suggestions regarding said prosecution. Stanford will use reasonable efforts to amend any patent application to include claims reasonably requested by
Alexo in order to cover a Licensed Product. Any differences between Alexo and Stanford with respect to preparation, filing, prosecution, issuance and maintenance matters will be discussed and resolved to their mutual satisfaction; provided,
that if any disagreement regards solely the costs associated with a particular proposed action, the requirement that the parties mutually agree upon resolution of the matter shall not apply. No case will be abandoned without giving Alexo at least
[***] days notice and opportunity to pursue the application. Alexo will reimburse Stanford upon receipt of invoice for all documented expenses related to prosecution of the Licensed Patents upon receipt of invoice incurred in connection with the
filing and prosecution of the patent applications and maintenance of the patents. If Alexo is not interested in filing patent applications covering Licensed Patents in a particular jurisdiction and Stanford determines that it wishes to file patent
applications in said jurisdiction, Stanford may do so at its expense and Alexo’s license shall not include rights in such jurisdiction. 

  

	***	 Certain information in this agreement has been omitted and filed separately with the Securities and Exchange
Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

  
 Page 16 

	 	14.2	 Patent Costs. Within [***] days after receiving a statement from Stanford, Alexo will reimburse
Stanford: 

  

	 	(A)	 [***] to offset Licensed Patent’s patenting expenses, including any interference or reexamination matters,
incurred by Stanford before the Effective Date; and 

  

	 	(B)	 for all Licensed Patent’s patenting expenses, including any interference or reexamination matters,
incurred by Stanford after the Effective Date. In all instances, Stanford will pay the fees prescribed for large entities to the United States Patent and Trademark Office. 

 

	 	14.3	 Infringement Procedure. Alexo will promptly notify Stanford if it believes a third party infringes a
Licensed Patents or if a third party files a declaratory judgment action with respect to any Licensed Patents. Alexo shall have the right to institute a suit against or defend any declaratory judgment action initiated by this third party as provided
in Section 14.4 through and including Section 14.8. 

  

	 	14.4	 Stanford Suit. Subject to Section 14.6, Stanford has the first right to institute suit, and may
name Alexo as a party for standing purposes for Licensed Patents and Stanford has the sole right to institute suit as it relates to Nonexclusive Licensed Patents. If Stanford decides to institute suit for Licensed Patents, it will notify Alexo in
writing. If Alexo does not notify Stanford in writing that it desires to jointly prosecute the suit within [***] days after the date of the notice, Alexo will [***]. Stanford will bear the entire cost of the litigation and will [***]. Stanford will
not [***]. Stanford shall impose this obligation on [***]. 

  

	 	14.5	 Joint Suit. If Stanford and Alexo so agree, they may institute suit or defend the declaratory judgment
action jointly. If so, they will: 

  

	 	(A)	 prosecute the suit in both their names; 

 

	 	(B)	 bear the out-of-pocket costs
[***]; 

  

	 	(C)	 share any recovery or settlement [***]; and 

 

	 	(D)	 agree how they will exercise control over the action. 

 

	 	14.6	 Alexo Suit. With respect to patents licensed exclusively to Alexo, Alexo shall have a [***] option to
pursue infringers. If Alexo [***], or if Alexo [***], Stanford may [***]. Alexo will diligently pursue the suit and Alexo will bear the entire cost of the litigation, including expenses and counsel fees incurred by Stanford. Alexo will keep Stanford
reasonably apprised of all developments in the suit, and will seek Stanford’s input and approval on any substantive submissions or positions taken in the litigation regarding the scope, validity and enforceability of the Licensed Patent. Alexo
will not prosecute, settle or otherwise compromise any such suit in a manner that adversely affects Stanford’s interests without Stanford’s prior written consent. Stanford may be named as a party only if: 

 

	 	(A)	 Alexo’s and Stanford’s respective counsel recommend that such action is necessary in their reasonable
opinion to achieve standing; 

  

	***	 Certain information in this agreement has been omitted and filed separately with the Securities and Exchange
Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

  
 Page 17 

	 	(B)	 Stanford is not the first named party in the action; and 

 

	 	(C)	 the pleadings and any public statements about the action state that Alexo is pursuing the action and that Alexo
has the right to join Stanford as a party. 

  

	 	14.7	 Recovery. If Alexo sues under Section 14.6, then any recovery in excess of any unrecovered
litigation costs and fees will be shared with Stanford as follows: 

  

	 	[***]	 

  

	 	14.8	 Abandonment of Suit. If either Stanford or Alexo commences a suit and then wants to abandon the suit, it
will give timely notice to the other party. The other party may continue prosecutions of the suit after Stanford and Alexo agree on the sharing of expenses and any recovery in the suit. 

 

	15.	 TERMINATION 

  

	 	15.1	 Termination by Alexo. Alexo may terminate this Agreement on a Licensed Product-by-Licensed product basis by giving Stanford written notice at least 60 days in advance of the effective date of termination selected by Alexo. 

 

	 	15.2	 Termination by Stanford. 

 

	 	(A)	 Stanford may also terminate this Agreement on a Licensed Product-by-Licensed product basis if Alexo: 

  

	 	(1)	 is delinquent on any report or payment; 

 

	 	(2)	 is not diligently developing and commercializing Licensed Product with respect to a market or indication and a
third party seeks rights with respect to such indication or market and Alexo does not within [***] either (A) [***] or (B) [***]; 

  

	 	(3)	 misses a milestone described in Appendix A; 

 

	 	(4)	 is in breach of any provision of this Agreement; or 

 

	 	(5)	 provides any false report. 

 

	 	(B)	 Termination under this Section 15.2 will take effect 60 days after written notice by Stanford unless Alexo
remedies the problem in that 60-day period. 

  

	***	 Certain information in this agreement has been omitted and filed separately with the Securities and Exchange
Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

  
 Page 18 

	 	15.3	 Surviving Provisions. Surviving any termination or expiration are: 

 

	 	(A)	 Alexo’s obligation to pay royalties accrued or accruable; 

 

	 	(B)	 any claim of Alexo or Stanford, accrued or to accrue, because of any breach or default by the other party; and

  

	 	(C)	 the provisions of Articles 8, 9, 10, and 19.6 and any other provision that by its nature is intended to
survive. 

  

	 	(D)	 Sublicenses granted in accordance with this Agreement shall survive termination, provided the sublicensee
agrees in writing that: [***]. All payments due to Alexo from such sublicensees under the Sublicense will [***], but Alexo shall [***]. 

  

	16.	 ASSIGNMENT 

  

	 	16.1	 Permitted Assignment by Alexo. Subject to Section 16.3, Alexo may assign this Agreement as part of
a sale or change of control, regardless of whether such a sale or change of control occurs through an asset sale, stock sale, merger or other combination, or any other transfer of: 

 

	 	(A)	 Alexo’s entire business; or 

 

	 	(B)	 that part of Alexo’s business that exercises all rights granted under this Agreement.

  

	 	(C)	 For the avoidance of doubt, it is understood and agreed that a change of control shall not include (i) the
grant of a sublicense or (ii) any transaction or series of related transactions effected primarily for the purpose of providing financing to Alexo or (iii) any transaction or series of related transactions effected primarily for the
purpose of reincorporating in another jurisdiction. 

  

	 	16.2	 Any Other Assignment by Alexo. Any other attempt to assign this Agreement by Alexo is null and void;
provided that Alexo may assign this Agreement in any transaction or series of related transactions among Alexo and any entity that, directly or indirectly, is controlled by, controls or is under common control with Alexo. For purposes of this
Section 16.2 only, “control” means the direct or indirect ownership of more than fifty percent (50%) of the voting or income interest in the applicable entity (or such lesser maximum percentage permitted in those jurisdictions where
majority ownership by foreign entities is prohibited) or the possession otherwise, directly or indirectly, of the power to direct the management or policies of such entity. 

 

	 	16.3	 Conditions of Assignment. Prior to any assignment, the following conditions must be met:

  

	 	(A)	 Alexo must give Stanford [***] written notice of the assignment, including the new assignee’s contact
information; and 

  

	 	(B)	 the new assignee must agree in writing to Stanford to be bound by this Agreement; and 

 

	 	(C)	 Stanford must have received [***]. 

  

	***	 Certain information in this agreement has been omitted and filed separately with the Securities and Exchange
Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

  
 Page 19 

	 	16.4	 After the Assignment. Upon a permitted assignment of this Agreement pursuant to Article 16.3, Alexo will
be released of liability under this Agreement and the term “Alexo” in this Agreement will mean the assignee. 

  

	 	16.5	 Bankruptcy. In the event of a bankruptcy, assignment is permitted only to a party that can provide
adequate assurance of future performance, including diligent development and sales, of Licensed Product. 

  

	17.	 DISPUTE RESOLUTION 

 

	 	17.1	 Dispute Resolution by Arbitration. Any dispute between the parties regarding [***] will be settled by
arbitration in accordance with the JAMS Arbitration Rules and Procedures. The parties are not obligated to settle any other dispute that may arise under this Agreement by arbitration. Notwithstanding the foregoing, no dispute affecting the rights or
property of HHMI shall be subject to the arbitration provisions set forth in this Article 17. 

  

	 	17.2	 Request for Arbitration. Either party may request such arbitration. Stanford and Alexo will mutually
agree in writing on a third party arbitrator within [***] of the arbitration request. The arbitrator’s decision will be final and nonappealable and may be entered in any court having jurisdiction. 

 

	 	17.3	 Discovery. The parties will be entitled to discovery as if the arbitration were a civil suit in the
California Superior Court. The arbitrator may limit the scope, time, and issues involved in discovery. 

  

	 	17.4	 Place of Arbitration. The arbitration will be held in Stanford, California unless the parties mutually
agree in writing to another place. 

  

	 	17.5	 Patent Validity. Any dispute regarding the validity of any Licensed Patent shall be litigated in the
courts located in Santa Clara County, California, and the parties agree not to challenge personal jurisdiction in that forum. 

  

	18.	 NOTICES 

  

	 	18.1	 Legal Action. Alexo will provide written notice to Stanford at least [***] prior to bringing an action
seeking to invalidate any Licensed Patents or a declaration of non-infringement. Alexo will include with such written notice [***]. 

 

	 	18.2	 All Notices. All notices under this Agreement are deemed fully given when written, addressed, and sent
as follows: 

 All general notices to Alexo are mailed or emailed to: 

Alexo Therapeutics International 
 c/o Alexo Therapeutics, Inc.

 [***] 

  

	***	 Certain information in this agreement has been omitted and filed separately with the Securities and Exchange
Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

  
 Page 20 

 All financial invoices to Alexo (i.e., accounting contact) are
e-mailed to: 
 Alexo Therapeutics International 

c/o Alexo Therapeutics, Inc. 
 [***] 

All progress report invoices to Alexo (i.e., technical contact) are e-mailed to: 

Alexo Therapeutics International 
 c/o Alexo Therapeutics, Inc.

 [***] 
 All general notices to Stanford are e-mailed or mailed to: 
 Office of Technology Licensing 

1705 El Camino Real 
 Palo Alto, CA 94306-1106 

info@otlmail.stanford.edu 
 All payments to Stanford are mailed
to: 
 Stanford University 
 Office of Technology Licensing 

Department #44439 
 P.O. Box 44000 

San Francisco, CA 94144-4439 
 All progress reports to Stanford
are e-mailed or mailed to: 
 Office of Technology Licensing 

3000 El Camino Real 
 Building 5, Suite 300 

Palo Alto, CA 94306-1106 
 info@otImail.stanford.edu 

Either party may change its address with written notice to the other party. 
  

	19.	 MISCELLANEOUS 

 

	 	19.1	 Waiver. No term of this Agreement can be waived except by the written consent of the party waiving
compliance. 

  

	***	 Certain information in this agreement has been omitted and filed separately with the Securities and Exchange
Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

  
 Page 21 

	 	19.2	 Choice of Law. This Agreement and any dispute arising under it is governed by the laws of the State of
California, United States of America, applicable to agreements negotiated, executed, and performed within California. 

  

	 	19.3	 Entire Agreement. The parties have read this Agreement and agree to be bound by its terms, and further
agree that it constitutes the complete and entire agreement of the parties and supersedes all previous communications, oral or written, and all other communications between them relating to the license and to the subject hereof. This Agreement may
not be amended except by writing executed by authorized representatives of both parties. No representations or statements of any kind made by either party, which are not expressly stated herein, will be binding on such party. 

 

	 	19.4	 Exclusive Forum. The state and federal courts having jurisdiction over Stanford, California, United
States of America, provide the exclusive forum for any court action between the parties relating to this Agreement. Alexo submits to the jurisdiction of such courts, and waives any claim that such a court lacks jurisdiction over Alexo or constitutes
an inconvenient or improper forum. 

  

	 	19.5	 Headings. No headings in this Agreement affect its interpretation. 

 

	 	19.6	 HHMI Third Party Beneficiary Status. HHMI is not a party to this Agreement and has no liability to
Alexo, Affiliates, any sublicensee, or user of anything covered in this Agreement, but HHMI is an intended third-party beneficiary of this Agreement and certain of its provisions are for the benefit of HHMI and are enforceable by HHMI in its own
name. 

  

	 	19.7	 Electronic Copy. The parties to this document agree that a copy of the original signature (including an
electronic copy) may be used for any and all purposes for which the original signature may have been used. The parties further waive any right to challenge the admissibility or authenticity of this document in a court of law based solely on the
absence of an original signature. 

  

	***	 Certain information in this agreement has been omitted and filed separately with the Securities and Exchange
Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

  
 Page 22 

 The parties execute this Agreement in duplicate originals by their duly authorized officers or
representatives. 
  

									
		 		 	 THE BOARD OF TRUSTEES OF THE LELAND STANFORD JUNIOR UNIVERSITY

				
		 		 	Signature:	 	/s/ Kirsten Leute
		 		 	Name:	 	Kirsten Leute
		 		 	Title:	 	Acting Director, Office of Technology Licensing
		 		 	Date:	 	March 24, 2015

									
				
		 		 		 	 Alexo Therapeutics International

					
		 		 		 	Signature:	 	/s/ Corey Goodman
		 		 		 	Name:	 	Corey Goodman
		 		 		 	Title:	 	Chair, Board of Directors
		 		 		 	Date:	 	March 24, 2015

  

	***	 Certain information in this agreement has been omitted and filed separately with the Securities and Exchange
Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

  
 Page 23 

 Appendix A - Milestones 

[***] 

  

	***	 Certain information in this agreement has been omitted and filed separately with the Securities and Exchange
Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

  
 Page 24 

 Appendix B — Sample Reporting Form 

Stanford Docket No. S 
 This report is provided pursuant to the
license agreement between Stanford University and 
 (Alexo Name) 

License Agreement Effective Date: 
 Name(s) of Licensed Products
being reported: 
  

			
	 Report Covering Period
	 	 
	 Yearly Maintenance Fee
	 	$
	 Number of Sublicenses Executed
	 	 
	 Gross Revenue

U.S. Gross Revenue

Non-U.S. Gross Revenue
	 	 $

$

	 Net Sales

U.S. Gross Revenue

Non-U.S. Gross Revenue
	 	 $

$

	 Royalty Calculation
	 	 
	 Royalty Subtotal
	 	$
	 Credit
	 	$
	 Royalty Due
	 	$

 Comments: 

  

	***	 Certain information in this agreement has been omitted and filed separately with the Securities and Exchange
Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

  
 Page 25 

 Appendix C — Client and Billing Agreement 

The Board of Trustees of the Leland Stanford Junior University (“STANFORD”); and Alexo Therapeutics International a
Cayman Islands exempted company, with a mailing address at [951 Gateway Blvd, Suite 201, South San Francisco, CA 94080], (“ALEXO”); have agreed to use the law firm of
                             (“FIRM”) to prepare, file and prosecute the pending patent
applications listed in Exhibit A attached hereto and maintain the patents that issue thereon (“Patents”). 
 WHEREAS, FIRM desires to perform the
legal services related to obtaining and maintaining the Patents; and 
 WHEREAS, STANFORD remains the client of the FIRM; and 

WHEREAS, ALEXO is the licensee of STANFORD’s interest in the Patents; 

NOW THEREFORE, in consideration of the premises and the faithful performance of the covenants herein contained, IT IS AGREED: 

 

	1.	 FIRM can interact directly with ALEXO on all patent prosecution matters related to the Patents and will copy
STANFORD on all correspondence. STANFORD will be notified by FIRM prior to any substantive actions and will have final approval on proceeding with such actions. In addition, as prosecution proceeds, FIRM will notify STANFORD if there is any change
in inventorship from the originally filed application. 

  

	2.	 ALEXO is responsible for the payment of all charges and fees by FIRM related to the prosecution and maintenance
of the Patents. FIRM will invoice ALEXO and ALEXO must pay FIRM directly for all charges. If STANFORD requests, STANFORD will be copied on all invoices and payments. FIRM must inform STANFORD within 90 days if the licensee is delinquent on payment.
Otherwise, STANFORD will not be responsible for those expenses. 

  

	3.	 Notices and copies of all correspondence should be sent to the following: 

To ALEXO: 
 Name, Title 

Alexo 
 Address 

To STANFORD: 
 Office of Technology Licensing

 Stanford University 
 3000 El
Camino Real 
 Building 5, Suite 300 

Palo Alto, CA 94306-1106 

  

	***	 Certain information in this agreement has been omitted and filed separately with the Securities and Exchange
Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

  
 Page 26 

 To FIRM: 

Attorney Name 
 Law Firm Address

  

	4.	 The parties to this document agree that a copy of the original signature (including an electronic copy) may be
used for any and all purposes for which the original signature may have been used. The parties further waive any right to challenge the admissibility or authenticity of this document in a court of law based solely on the absence of an original
signature. 

 ACCEPTED AND AGREED TO: 
  

			
	 STANFORD

		
	By:	 	 
	Name:	 	Katharine Ku
	Title:	 	Director
	Date:	 	 

  

			
	 Alexo Therapeutics International

		
	By:	 	 
	Name:	 	
	Title:	 	
	Date:	 	 

  

			
	 Law Firm Name

		
	By:	 	 
	Name:	 	
	Title:	 	
	Date:	 	 

  

  

	***	 Certain information in this agreement has been omitted and filed separately with the Securities and Exchange
Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

  
 Page 27 

 Appendix D — Equity Purchase Rights 

 

	7.4	 [***] Purchase Right. In any private offering of Parent’s equity securities (or securities convertible
into or exercisable for Parent’s equity securities) for cash (or in satisfaction of debt issued for cash) having its final closing held on or after the date of this Agreement, Stanford may purchase for cash up to [***]% of the securities issued
in such offering. This right will expire following the [***] round of bona fide equity investment in Parent from a single investor or group of investors that includes at least one venture capital, professional angel, corporate or other similar
institutional investor (other than Stanford) and that either (i) [***] or (ii) [***]. For the avoidance of doubt, any securities Stanford may acquire or have the right to acquire under Sections 7.2 and 7.3 shall not reduce or increase the number of
securities Stanford may purchase under this Section 7.4. 

  

	7.5	 Future Offerings; Limitation on Right to Purchase. In any private offering of Parent’s equity securities
(or securities convertible into or exercisable for Parent’s equity securities) in exchange for cash (or in satisfaction of debt issued for cash) after the offering described in Section 7.4, Stanford may purchase for cash that number of the
securities issued in such offering as is necessary for Stanford to maintain its pro rata ownership interest in Parent Preferred Shares on a Fully-Diluted Basis. For the avoidance of doubt: (i) any securities Stanford may acquire or have the
right to acquire under Section 7.3 shall not reduce or increase the number of securities Stanford may purchase under this Section 7.5; (ii) if both Section 7.4 and this Section 7.5 apply to an offering, the provision granting
Stanford the superior rights will govern; and (iii) Stanford shall not be obligated to purchase under Section 7.4 or 7.5 any Parent securities it has the right to acquire under Section 7.3. This participation right will expire [***].

  

	7.6	 Purchase Terms and Procedures; Financial Information; Notices. 

 

	 	(A)	 In any offering subject to Section 7.4 or 7.5: 

 

	 	(1)	 Parent will give Stanford notice of the terms of the offering, including: (i) the names of the investors,
the allocation of shares among them and the total amounts to be invested by each of them in such offering; (ii) pre- and post-(projected) financing capitalization table; (iii) investor presentation
(if available); (iv) an introduction to the lead investor in such offering for the purpose of discussing the lead investor’s due diligence process; and (v) such other documents and information as Stanford may reasonably request for the
purpose of making an investment decision or verifying the number of shares it is entitled to purchase in such offering; 

  

	 	(2)	 Stanford’s purchase right shall be on the same terms and conditions as the other investors in such
offering and Stanford shall enter into any necessary agreement with Parent and such other investors for the purpose of implementing the provisions of Sections 7.4, 7.5, and 7.6, except that [***]; 

 

	 	(3)	 Stanford may elect to exercise its right of purchase, in whole or in part, by notice given to Parent within 15
Stanford business days (i.e., days other than Saturdays, Sundays, and holidays or other days on which Stanford is officially closed) after receipt of Parent’s notice; and 

  

	***	 Certain information in this agreement has been omitted and filed separately with the Securities and Exchange
Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

  
 Page 28 

	 	(4)	 If Stanford elects not to purchase, or fails to give an election notice within such period, Stanford’s
purchase right will not apply to the offering if (and only if and to the extent) it is consummated within [***] on the same or less favorable (to the investor) terms as stated in Parent’s notice to Stanford. 

 

	 	(B)	 Stanford’s rights under Sections 7.4 and 7.5 will not apply to: (1) Ordinary Shares issued or
issuable as a dividend or other distribution on Preferred Shares; (2) Ordinary Shares issued or issuable by reason of a dividend or other distribution on Ordinary Shares (3) Ordinary Shares issued or issuable upon conversion
of shares of Preferred Shares; (4) Ordinary Shares or options or restricted stock awards or other rights therefore issued or issuable to directors, officers, employees or consultants of Parent in consideration for their service to Parent
pursuant to any written agreement, plan or arrangement (including, without limitation, any stock option plan, stock purchase plan, stock purchase agreement or subscription agreement) approved by the Parent Board of Directors, including a majority of
those Directors designated by holders of Preferred Shares; (5) securities issued to the public in a firm commitment underwritten public offering pursuant to an effective registration statement filed under the Securities Act of 1933, as
amended; (6) securities issued pursuant to the acquisition by the Parent of another corporation or other entity by consolidation, corporate reorganizations, or merger, or purchase of all or substantially all of the assets of such
corporation or other entity as approved by the Parent Board of Directors, including a majority of those Directors designated by the holders of Series A Preferred; (7) securities issued in connection with equipment leasing, real estate,
bank financing or similar transactions approved by the Parent Board of Directors, including a majority of those Directors designated by the holders of the Preferred Shares; and (8) any securities issued or issuable upon conversion,
exercise or exchange of any other securities that are covered by (1)-(7). 

  

	 	(C)	 The rights granted in Sections 7.4 and 7.5 will terminate (in addition to any earlier termination pursuant to
their terms): (i) immediately before the closing of a firm commitment underwritten public offering of Parent’s Ordinary Shares, (ii) upon the conversion of all shares of Preferred Shares into Ordinary Shares, or (iii) upon the closing
of a sale or change of control of the Parent as described in Section 16.1(A), regardless of whether such a sale or change of control occurs through an asset sale, stock sale, merger or other combination; provided that [***], then this
Section 7.7(C)(iii) shall also apply upon the closing of a sale or change of control of Parent as described in Section 16.1(B). 

  

	 	(D)	 Parent shall furnish to Stanford, at the same time it provides such information to holders of the its Preferred
Shares, Parent’s annual financial statements and annual operating plan, including an annual report of the holders of Parent’s capital stock and other securities, and such other information as Stanford may reasonably request from time to
time for the purpose of valuing its interest in Parent. 

  

	 	(E)	 Notwithstanding any notice provision in this Agreement to the contrary, any notice given under this Agreement
that refers or relates to any of Section 7.3 through and including Section 7.6 shall be copied concurrently to pvfnotices@stanford.edu; provided, however, that delivery of the copy will not by itself constitute notice for any purpose under
this Agreement. 

  

	***	 Certain information in this agreement has been omitted and filed separately with the Securities and Exchange
Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

  
 Page 29 

 EXCLUSIVE (EQUITY) AGREEMENT AMENDMENT NO. 1 

THE BOARD OF TRUSTEES OF THE LELAND STANFORD JUNIOR UNIVERSITY (“Stanford”), an institution of higher education having powers under
the laws of the State of California, and Alexo Therapeutics International, (“Alexo”), a Cayman Islands exempted company, entered into the certain Exclusive (Equity) Agreement (“Agreement”) effective on the 24th day of March, 2015
(“Effective Date”). 
 Pursuant to Section 19.3 of the Agreement, Stanford and Alexo wish to enter into this Amendment
No. 1 to the Agreement (“Amendment No. 1”) effective as of April 24, 2015 (the “Amendment Date”). Capitalized terms used in this Amendment No. 1 and not defined herein are used with the meanings ascribed to
them in the Agreement. 
  

	1.	 Licensed Field of Use Definition. Section 2.9(3) of the Agreement is hereby amended to read in full
as follows: 

  

	 	“(3)	 The SIRPa Component [***].” 

 

	2.	 Nonexclusive Licensed Patents Definition. Section 2.14 of the Agreement is hereby amended to read
in full as follows: 

  

	 	“2.14	 “Nonexclusive Licensed Patents” means Stanford’s U.S. Patent Application Serial
Nos. [***]; (2) any continuation, division or continuation-in-part (to the extent such
continuation-in-part relates to the Licensed Products and the Licensed Field of Use) of such patent application; (3) any reissue, reexamination or extension of such
patent application; or (4) any foreign patent application or Letters Patent or supplementary protection certificates or the equivalent thereof in respect of such patent application, that would be infringed by the practice of the Licensed
Patents to make, have made, use, import and sell Licensed Products for use in the Licensed Field of Use.” 

  

	3.	 Scope of Non-exclusive License. Section 3.1 of the
Agreement is hereby amended to read in full as follows: 

  

	 	“3.1	 Grant. Subject to the terms and conditions of this Agreement, Stanford grants Alexo (i) a
exclusive, royalty-bearing, license under the Licensed Patents, including the right to make, have made, use, import, offer to sell and sell Licensed Products in the Licensed Territory in the Licensed Field of Use; and (ii) a non-exclusive, royalty-bearing license under the Nonexclusive Licensed Patents, including the right to make, have made, use, import, offer to sell and sell Licensed Products in the Licensed Territory
in the Licensed Field of Use. 

  

	 	For	 clarification, the non-exclusive license to the U.S. provisional
patent application [***].” 

  

	***	 Certain information in this agreement has been omitted and filed separately with the Securities and Exchange
Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

  
 Page 1 

	4.	 Common Stock Equity Interest. Section 7.2 of the Agreement is hereby amended to read in full as
follows: 

  

	 	“7.2	 Equity Interest. As further consideration, Alexo will cause Alexo Therapeutics Limited, a Private
Irish Company Limited by Shares that is the sole shareholder of Alexo (“Parent’), to grant to Stanford [***] Ordinary Shares of stock in Parent. When issued, those shares will represent [***]% of the stock in Parent on a Fully Diluted
Basis. Alexo agrees to provide Stanford with the capitalization table upon which the above calculation is made. All shares issued pursuant to this Section 7.2 and Section 7.3 shall be issued pursuant to a Stock Issuance Agreement between
Parent and the recipient of the shares containing standard representations and warranties and other provisions with respect to the shares and the recipient’s qualifications under applicable securities laws to receive the shares. At that time,
such Stock Issuance Agreement will provide share valuation information as needed in order for Stanford to issue 1099s to the inventors listed below. 

Subject to compliance with applicable securities laws, Alexo will cause Parent to issue [***]% of all shares granted to Stanford
pursuant to Section 0 and Section 7.3 directly to and in the name of the inventors listed below allocated as stated below: 

[***] – [***]% 

[***] – [***]% 

[***] – [***]% 

[***] – [***]% 

[***] – [***]%.” 
  

	5.	 Patent Prosecution with respect to Split Patent Application. Section 14.1 of the Agreement is
hereby amended to add the following provision to the end of Section 14.1: 

 “Notwithstanding any provision of this Agreement
to the contrary, Stanford covenants and agrees that Stanford will ensure that a SIRPa Component will [***].” 
  

	6.	 Ratification. Except to the extent expressly amended by this Amendment No. 1, all of the terms,
provisions and conditions of the Agreement are hereby ratified and confirmed and shall remain in full force and effect. The term “Agreement”, as used in the Agreement, shall henceforth be deemed to be a reference to the Agreement as
amended by this Amendment No. 1. 

  

	7.	 General. This Amendment No. 1 may be executed in counterparts, each of which will be deemed an
original with all such counterparts together constituting one instrument 

 [Remainder of this page intentionally
left blank — signature page follows] 

  

	***	 Certain information in this agreement has been omitted and filed separately with the Securities and Exchange
Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

  
 Page 2 

 IN WITNESS WHEREOF, the parties execute this Amendment No. 1 in duplicate originals by their duly
authorized officers or representatives. 
  

							
		 		 	 THE BOARD OF TRUSTEES OF THE LELAND

STANFORD JUNIOR UNIVERSITY

				
		 		 	Signature:	 	/s/ Katherine Ku
		 		 	Name:	 	Katharine Ku
		 		 	Title:	 	Executive Director, Office of Technology Licensing
		 		 	Date:	 	April 24, 2015

  

							
		 		 	 Alexo Therapeutics International

				
		 		 	Signature:	 	 /s/ Corey Goodman

		 		 	Name:	 	 Corey Goodman

		 		 	Title:	 	 Chair, Board of Directors

		 		 	Date:	 	April 24, 2015

  

	***	 Certain information in this agreement has been omitted and filed separately with the Securities and Exchange
Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

 EXCLUSIVE (EQUITY) AGREEMENT AMENDMENT NO. 2 

THE BOARD OF TRUSTEES OF THE LELAND STANFORD JUNIOR UNIVERSITY (“Stanford”), an institution of higher education having powers under the laws of the
State of California, and Alexo Therapeutics International, (“Alexo”), a Cayman Islands exempted company, entered into the certain Exclusive (Equity) Agreement effective on the 24th day of March, 2015 (“Effective Date”), as
amended by Exclusive (Equity) Agreement Amendment No. 1 effective as of April 24, 2015, (as amended, the “Agreement”). 
 Pursuant to
Section 19.3 of the Agreement, Stanford and Alexo wish to enter into this Amendment No. 2 to the Agreement (“Amendment No. 2”) effective as of May 15, 2015 (the “Amendment Date”). Capitalized terms used in
this Amendment No. 2 and not defined herein are used with the meanings ascribed to them in the Agreement. 
  

	1.	 Nonexclusive Licensed Patents Definition. Section 2.14 of the Agreement is hereby amended to read
in full as follows: 

  

	 	“2.14	 “Nonexclusive Licensed Patents” means Stanford’s U.S. Patent Application Serial Nos.
[***]; (2) any continuation, division or continuation-in-part (to the extent such
continuation-in-part relates to the Licensed Products and the Licensed Field of Use) of such patent application; (3) any reissue, reexamination or
extension of such patent application; or (4) any foreign patent application or Letters Patent or supplementary protection certificates or the equivalent thereof in respect of such patent application, that would be infringed by the
practice of the Licensed Patents to make, have made, use, import and sell Licensed Products for use in the Licensed Field of Use.” 

  

	2.	 Ratification. Except to the extent expressly amended by this Amendment No. 2, all of the terms,
provisions and conditions of the Agreement are hereby ratified and confirmed and shall remain in full force and effect. The term “Agreement”, as used in the Agreement, shall henceforth be deemed to be a reference to the Agreement as
amended by this Amendment No. 2. 

  

	3.	 General. This Amendment No. 2 may be executed in counterparts, each of which will be deemed an
original with all such counterparts together constituting one instrument 

 [ Remainder of this page intentionally
left blank — signature page follows] 

  

	***	 Certain information in this agreement has been omitted and filed separately with the Securities and Exchange
Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

  
 Page 1 

 IN WITNESS WHEREOF, the parties execute this Amendment No. 2 in duplicate originals by their duly
authorized officers or representatives. 
  

							
		 		 	 THE BOARD OF TRUSTEES OF THE LELAND

STANFORD TUNIOR UNIVERSITY

				
		 		 	Signature:	 	/s/ Katherine Ku
		 		 	Name:	 	Katharine Ku
		 		 	Title:	 	 Director, Office of Technology Licensing

		 		 	Date:	 	 May 15, 2015

  

							
		 		 	 Alexo Therapeutics International

				
		 		 	Signature:	 	 /s/ Corey Goodman

		 		 	Name:	 	 Corey Goodman

		 		 	Title:	 	 Chair, Board of Directors

		 		 	Date:	 	 May 15, 2015

  

	***	 Certain information in this agreement has been omitted and filed separately with the Securities and Exchange
Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

  
 Page 2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00310-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00310-of-00352.parquet"}]]