Document:

EX-4.2

 Exhibit 4.2 

LYRA THERAPEUTICS, INC. 

Schedule of Holders of Warrants to Purchase Common Stock 
  

									
	 Holder
	  	Warrant
No.	 	  	Number of
Shares	 
	 Venrock Healthcare Capital Partners EG, L.P.
	  	 	PFCS-1	 	  	 	1,956,500	 
	 Venrock Healthcare Capital Partners III, L.P.
	  	 	PFCS-2	 	  	 	1,739,000	 
	 VHCP Co-Investment Holdings III, LLC
	  	 	PFCS-3	 	  	 	174,000	 
	 Venrock Healthcare Capital Partners II, L.P.
	  	 	PFCS-4	 	  	 	804,500	 
	 VHCP Co-Investment Holdings II, LLC
	  	 	PFCS-5	 	  	 	326,000	 

 THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUED UPON ITS 

EXERCISE ARE SUBJECT TO THE RESTRICTIONS ON 

            TRANSFER SET FORTH IN SECTION 5 OF THIS
WARRANT                 
  

			
	 Warrant No. PFCS-[•]
	  	Number of Shares: [•]
		  	(subject to adjustment)
	 Date of Issuance: April 12, 2022
	  	
		
	 Original Issue Date (as defined in subsection 2(a)): April 12, 2022
	  	

 Lyra Therapeutics, Inc. 

Common Stock Purchase Warrant 

(Void after 5:00 p.m. (New York City time) on April 12, 2027) 

Lyra Therapeutics, Inc., a Delaware corporation (the “Company”), for value received, hereby certifies that [•], or its
registered assigns (the “Registered Holder”), is entitled, subject to the terms and conditions set forth below, to purchase from the Company, at any time or from time to time on or after the date of issuance and on or before 5:00
p.m. (New York City time) on April 12, 2027, shares of Common Stock, $0.001 par value per share, of the Company (“Common Stock”), at a purchase price of $0.001 per share. The shares purchasable upon exercise of this Warrant,
and the purchase price per share, each as adjusted from time to time pursuant to the provisions of this Warrant, are hereinafter referred to as the “Warrant Shares” and the “Purchase Price,” respectively. This
Warrant is one of the Common Stock Purchase Warrants (the “Warrants”) issued pursuant to that certain Securities Purchase Agreement, dated as of April 7, 2022, by and among the Company and each of the investors party thereto
(the “Purchase Agreement”). Capitalized terms used herein have the respective meanings ascribed thereto in the Purchase Agreement unless otherwise defined herein. 

1. Exercise. 
 (a)
Exercise for Cash. Subject to the limitations set forth in Section 1(e), the Registered Holder may elect to exercise this Warrant, in whole or in part and at any time or from time to time, by surrendering this Warrant, with the purchase
form appended hereto as Exhibit I duly executed by or on behalf of the Registered Holder, at the principal office of the Company, or at such other office or agency as the Company may designate, accompanied by payment in
full, in lawful money of the United States, of the Purchase Price payable in respect of the number of Warrant Shares purchased upon such exercise. 

(b) Cashless Exercise. Subject to the limitations set forth in Section 1(e), the Registered Holder may also elect to exercise this
Warrant, in whole or in part, on a cashless basis, by surrendering this Warrant, with the purchase form appended hereto as Exhibit I duly executed by or on behalf of the Registered Holder, at the principal office of the Company, or at such
other office or agency as the Company may designate, by canceling a portion of this Warrant in payment of the Purchase Price payable in respect of the number of Warrant Shares purchased upon such 

 
exercise. In the event of an exercise pursuant to this subsection 1(b), the number of Warrant Shares issued to the Registered Holder shall be determined according to the following formula: 

 

	
	[(A-B)*(X)]
	(A)

  

					
		 	 Where:
	  	
			
		 	 A =
	  	the VWAP on the Trading Day immediately preceding the date of such election;
			
		 	 B =
	  	the Purchase Price then in effect; and
			
		 	 X =
	  	the number of Warrant Shares for which this Warrant is being exercised (which shall include both the number of Warrant Shares issued to the Registered Holder and the number of Warrant Shares subject to the portion of the Warrant
being cancelled in payment of the Purchase Price).

 The “VWAP” means, for any date, the price determined by the first of the following clauses that applies:
(i) if the Common Stock is then listed on The Nasdaq Global Select Market, The Nasdaq Global Market, The Nasdaq Capital Market or the New York Stock Exchange (such market, the “Trading Market”), the daily volume-weighted
average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market as reported by Bloomberg Financial L.P. (based on a “Trading Day” from 9:30 a.m. Eastern Time to 4:02 p.m. Eastern Time); (ii) the
volume-weighted average price of the Common Stock for such date (or the nearest preceding date) on the OTC Bulletin Board; (iii) if the Common Stock is not then listed on a Trading Market or quoted on the OTC Bulletin Board and if prices for
the Common Stock are then reported in the “Pink Sheets” published by the Pink Sheets, LLC (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so
reported; or (iv) in all other cases, the fair market value of a share of Common Stock as determined by a good faith determination of the Company’s Board of Directors. 

(c) Exercise Date. Each exercise of this Warrant shall be deemed to have been effected immediately prior to the close of business on
the day on which this Warrant shall have been surrendered to the Company as provided in subsection 1(a) or 1(b) above (the “Exercise Date”). At such time, the person or persons in whose name or names any certificates for Warrant
Shares shall be issuable upon such exercise as provided in subsection 1(d) below shall be deemed to have become the holder or holders of record of the Warrant Shares represented by such certificates. 

(d) Issuance Upon Exercise. As soon as practicable after the exercise of this Warrant in whole or in part, and in any event within 5
days thereafter, the Company, at its expense, will cause to be issued in the name of, and delivered to, the Registered Holder, or as the Registered Holder (upon payment by the Registered Holder of any applicable transfer taxes) may direct: 

(i) a certificate or certificates for the number of full Warrant Shares to which the Registered Holder shall be entitled upon such exercise
transmitted by the transfer agent of the Company to the Registered Holder in electronic book entry form to the account of such Registered Holder or, upon request of the Registered Holder, by physical delivery to the address specified by the
Registered Holder, plus, in lieu of any fractional share to which the Registered Holder would otherwise be entitled, cash in an amount determined pursuant to Section 3 hereof; and 

  
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 (ii) in case such exercise is in part only, a new warrant or warrants (dated the date
hereof) of like tenor, calling in the aggregate on the face or faces thereof for the number of Warrant Shares equal (without giving effect to any adjustment therein) to the number of such shares called for on the face of this Warrant minus the
number of Warrant Shares for which this Warrant was so exercised (which, in the case of an exercise pursuant to subsection 1(b), shall include both the number of Warrant Shares issued to the Registered Holder pursuant to such partial exercise and
the number of Warrant Shares subject to the portion of the Warrant being cancelled in payment of the Purchase Price). 
 (e) Limitations
on Exercise. Subject to the last sentence of this Section 1(e), the Company shall not effect the exercise of this Warrant, and the Registered Holder shall not have the right to exercise this Warrant, to the extent that after giving effect
to such exercise, such Registered Holder (together with such Registered Holder’s Affiliates and any other Persons acting as a group together) would beneficially own in excess of 9.999% (the “Maximum Percentage”) of the shares
of Common Stock outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially owned by such Person and its Affiliates shall include the number of
shares of Common Stock issuable upon exercise of this Warrant with respect to which the determination of such sentence is being made, but shall exclude shares of Common Stock which would be issuable upon (i) exercise of the remaining,
unexercised portion of this Warrant beneficially owned by such Person and its Affiliates and (ii) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned by such Person and its
Affiliates (including, without limitation, any convertible notes or convertible preferred stock or warrants) subject to a limitation on conversion or exercise analogous to the limitation contained herein. For purposes of this Warrant, in determining
the number of outstanding shares of Common Stock, the Registered Holder may rely on the number of outstanding shares of Common Stock as reflected in (x) the Company’s most recent Form 10-K, Proxy
Statement, Form 10-Q, Current Report on Form 8-K or other public filing with the Securities and Exchange Commission, as the case may be, (y) a more recent public
announcement by the Company or (z) any other notice by the Company or the Company’s transfer agent setting forth the number of shares of Common Stock outstanding. For any reason at any time, upon the written or oral request of the
Registered Holder, where such request indicates that it is being made pursuant to this Warrant, the Company shall within one (1) Trading Day confirm orally and in writing to the Registered Holder the number of shares of Common Stock then
outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including the Warrants, by the Registered Holder and its Affiliates since
the date as of which such number of outstanding shares of Common Stock was reported. Upon delivery of a written notice to the Company, the Registered Holder may from time to time increase or decrease the Maximum Percentage to any other percentage as
specified in such notice; provided that in no event shall such Maximum Percentage be increased to more than 19.99%; provided, further, that (i) any such increase in the Maximum Percentage will not be effective until the sixty-first (61st) day
after such notice is delivered to the Company and (ii) any such increase or decrease will apply only to the 

  
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Registered Holder and not to any other holder of Warrants. For purposes of clarity, the shares of Common Stock issuable pursuant to the terms of this Warrant in excess of the Maximum Percentage
shall not be deemed to be beneficially owned by the Registered Holder for any purpose including for purposes of Section 13(d) or Rule 16a-1(a)(1) of the 1934 Act. No prior inability to exercise this
Warrant pursuant to this paragraph shall have any effect on the applicability of the provisions of this paragraph with respect to any subsequent determination of exercisability. The provisions of this paragraph shall be construed and implemented in
a manner otherwise than in strict conformity with the terms of this Section 1(e) to the extent necessary to correct this paragraph or any portion of this paragraph which may be defective or inconsistent with the intended beneficial ownership
limitation contained in this Section 1(e) or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations set forth in this Section 1(e) shall not apply to exercises of this Warrant that
occur prior to and expressly in connection with the Company’s consummation of a Fundamental Transaction. Unless earlier exercised, this Warrant shall automatically be deemed exercised in accordance with the provisions of Section 1(b)
hereof immediately prior to the consummation of a Fundamental Transaction. “Fundamental Transaction” means that (A) the Company shall, directly or indirectly, in one or more related transactions, (i) consolidate or merge
with or into (whether or not the Company is the surviving corporation) another Person, or (ii) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets of the Company to another Person, or
(iii) allow another Person to make a purchase, tender or exchange offer that is accepted by the holders of more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the Person or Persons making or
party to, or associated or affiliated with the Persons making or party to, such purchase, tender or exchange offer), or (iv) execute a stock purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person whereby such other Person acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock
held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock purchase agreement or other business combination) or (B) any “person” or “group”
(as these terms are used for purposes of Sections 13(d) and 14(d) of the 1934 Act) is or shall become the “beneficial owner” (as defined in Rule 13d-3 under the 1934 Act),
directly or indirectly, of more than 50% of the aggregate ordinary voting power represented by issued and outstanding Common Stock. 
 2.
Adjustments. 
 (a) Adjustment for Stock Splits and Combinations. If the Company shall at any time or from time to time after
the date on which this Warrant was first issued (or, if this Warrant was issued upon partial exercise of, or in replacement of, another warrant of like tenor, then the date on which such original warrant was first issued) (either such date being
referred to as the “Original Issue Date”) effect a subdivision of the outstanding Common Stock, the Purchase Price then in effect immediately before that subdivision shall be proportionately decreased. If the Company shall at any
time or from time to time after the Original Issue Date combine the outstanding shares of Common Stock, the Purchase Price then in effect immediately before the combination shall be proportionately increased. Any adjustment under this paragraph
shall become effective at the close of business on the date the subdivision or combination becomes effective. 

  
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 (b) Adjustment for Certain Dividends and Distributions. In the event the Company at
any time, or from time to time after the Original Issue Date shall make or issue, or fix a record date for the determination of holders of Common Stock entitled to receive, a dividend or other distribution payable in additional shares of Common
Stock, then and in each such event the Purchase Price then in effect immediately before such event shall be decreased as of the time of such issuance or, in the event such a record date shall have been fixed, as of the close of business on such
record date, by multiplying the Purchase Price then in effect immediately before such event by a fraction: 
 (1) the numerator of which
shall be the total number of shares of Common Stock issued and outstanding immediately prior to the time of such issuance or the close of business on such record date, and 

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

provided, however, that if such record date shall have been fixed and such dividend is not fully paid or if such distribution is not fully made
on the date fixed therefor, the Purchase Price shall be recomputed accordingly as of the close of business on such record date and thereafter the Purchase Price shall be adjusted pursuant to this paragraph as of the time of actual payment of such
dividends or distributions. 
 (c) Adjustment in Number of Warrant Shares. When any adjustment is required to be made in the Purchase
Price pursuant to subsections 2(a) or 2(b), the number of Warrant Shares purchasable upon the exercise of this Warrant shall be changed to the number determined by dividing (i) an amount equal to the number of shares issuable upon the
exercise of this Warrant immediately prior to such adjustment, multiplied by the Purchase Price in effect immediately prior to such adjustment, by (ii) the Purchase Price in effect immediately after such adjustment. 

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

  
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 (e) Adjustment for Reorganization. If there shall occur any reorganization,
recapitalization, reclassification, consolidation or merger involving the Company in which the Common Stock is converted into or exchanged for securities, cash or other property (other than a transaction covered by subsections 2(a), 2(b) or
2(d)) (collectively, a “Reorganization”), then, following such Reorganization, the Registered Holder shall receive upon exercise hereof the kind and amount of securities, cash or other property which the Registered Holder would have
been entitled to receive pursuant to such Reorganization if such exercise had taken place immediately prior to such Reorganization. In any such case, appropriate adjustment (as determined in good faith by the Board) shall be made in the application
of the provisions set forth herein with respect to the rights and interests thereafter of the Registered Holder, to the end that the provisions set forth in this Section 2 (including provisions with respect to changes in and other adjustments
of the Purchase Price) shall thereafter be applicable, as nearly as reasonably may be, in relation to any securities, cash or other property thereafter deliverable upon the exercise of this Warrant. 

(f) Certificate as to Adjustments. Upon the occurrence of each adjustment or readjustment of the Purchase Price pursuant to this
Section 2, the Company at its expense shall, as promptly as reasonably practicable but in any event not later than 10 days thereafter, compute such adjustment or readjustment in accordance with the terms hereof and furnish to the Registered
Holder a certificate setting forth such adjustment or readjustment (including the kind and amount of securities, cash or other property for which this Warrant shall be exercisable and the Purchase Price). The Company shall, as promptly as reasonably
practicable after the written request at any time of the Registered Holder (but in any event not later than 10 days thereafter), furnish or cause to be furnished to the Registered Holder a certificate setting forth (i) the Purchase Price then
in effect and (ii) the number of shares of Common Stock and the amount, if any, of other securities, cash or property which then would be received upon the exercise of this Warrant.

(g) All calculations under this Section 2 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. 

3. Fractional Shares. The Company shall not be required upon the exercise of this Warrant to issue any fractional shares, but shall pay
the value thereof to the Registered Holder in cash on the basis of the VWAP used in connection with the calculation set forth in subsection 1(b) above upon the applicable exercise. 

4. Investment Representations. The initial Registered Holder represents and warrants to the Company as follows: 

(a) Investment. The Registered Holder is acquiring the Warrant, and (if and when the Registered Holder exercises this Warrant) the
Registered Holder will acquire the Warrant Shares, for the Registered Holder’s own account for investment and not with a view to, or for sale in connection with, any distribution thereof, nor with any present intention of distributing or
selling the same; and the Registered Holder has no present or contemplated agreement, undertaking, arrangement, obligation, indebtedness or commitment providing for the disposition thereof. 

(b) Accredited Investor. The Registered Holder is an “accredited investor” as defined in Rule 501(a) under the 1933 Act. 

(c) Experience. The Registered Holder has made such inquiry concerning the Company and its business and personnel the Registered Holder
he has deemed appropriate; and the Registered Holder has sufficient knowledge and experience in finance and business that the Registered Holder is capable of evaluating the risks and merits of the Registered Holder’s investment in the Company.

  
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 5. Transfers, etc. 

(a) This Warrant and the Warrant Shares shall not be sold or transferred unless either (i) they first shall have been registered under
the Act, or (ii) the Company first shall have been furnished with an opinion of legal counsel, reasonably satisfactory to the Company, to the effect that such sale or transfer is exempt from the registration requirements of the Act. 

(b) The Registered Holder acknowledges and agrees that the Warrant Shares shall be subject to the restrictive legend requirements set forth in
the Purchase Agreement. 
 (c) The Company will maintain a register containing the name and address of the Registered Holder of this
Warrant. The Registered Holder may change the Registered Holder’s address as shown on the warrant register by written notice to the Company requesting such change. 

(d) Subject to the provisions of Section 5 hereof, this Warrant and all rights hereunder are transferable, in whole or in part, upon
surrender of this Warrant with a properly executed assignment (in the form of Exhibit II hereto) at the principal office of the Company (or, if another office or agency has been designated by the Company for such purpose,
then at such other office or agency). 
 6. Notices of Record Date, etc. In the event: 

(a) the Company shall take a record of the holders of its Common Stock (or other stock or securities at the time deliverable upon the exercise
of this Warrant) for the purpose of entitling or enabling them to receive any dividend or other distribution, or to receive any right to subscribe for or purchase any shares of stock of any class or any other securities, or to receive any other
right; or 
 (b) of any capital reorganization of the Company, any reclassification of the Common Stock of the Company, any consolidation or
merger of the Company with or into another corporation (other than a consolidation or merger in which the Company is the surviving entity and its Common Stock is not converted into or exchanged for any other securities or property), or any transfer
of all or substantially all of the assets of the Company; or 
 (c) of the voluntary or involuntary dissolution, liquidation or winding-up of the Company, 
 then, and in each such case, the Company will send or cause to be sent to the Registered
Holder a notice specifying, as the case may be, (i) the record date for such dividend, distribution or right, and the amount and character of such dividend, distribution or right, or (ii) the effective date on which such reorganization,
reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up is to take place, and the time, if any is to be fixed, as of which the holders of record of Common Stock (or such other
stock or securities at the time deliverable upon the exercise of this Warrant) shall be entitled to exchange their shares of Common Stock (or such other stock or securities) for securities or other property deliverable upon such reorganization,
reclassification, consolidation, merger, transfer, dissolution, liquidation or winding-up. Such notice shall be sent at least 3 days prior to the record date or effective date for the event specified in such
notice, and the Registered Holder shall keep any such notice confidential. 

  
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 7. Reservation of Stock. The Company will at all times reserve and keep available,
solely for issuance and delivery upon the exercise of this Warrant, such number of Warrant Shares and other securities, cash and/or property, as from time to time shall be issuable upon the exercise of this Warrant. Such reservation shall comply
without regard to the provisions of Section 1(e). 
 8. Exchange or Replacement of Warrants. 

(a) Upon the surrender by the Registered Holder, properly endorsed, to the Company at the principal office of the Company, the Company will,
subject to the provisions of Section 5 hereof, issue and deliver to or upon the order of the Registered Holder, at the Company’s expense, a new Warrant or Warrants of like tenor, in the name of the Registered Holder or as the Registered
Holder (upon payment by the Registered Holder of any applicable transfer taxes) may direct, calling in the aggregate on the face or faces thereof for the number of shares of Common Stock (or other securities, cash and/or property) then issuable upon
exercise of this Warrant. 
 (b) Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or
mutilation of this Warrant and (in the case of loss, theft or destruction) upon delivery of an indemnity agreement (with surety if reasonably required) in an amount reasonably satisfactory to the Company, or (in the case of mutilation) upon
surrender and cancellation of this Warrant, the Company will issue, in lieu thereof, a new Warrant of like tenor. 
 9. Notices. All
notices and other communications from the Company to the Registered Holder in connection herewith shall be mailed by certified or registered mail, postage prepaid, or sent via a reputable nationwide overnight courier service guaranteeing next
business day delivery, or sent by electronic mail, to the address or electronic mail address last furnished to the Company in writing by the Registered Holder. All notices and other communications from the Registered Holder to the Company in
connection herewith shall be mailed by certified or registered mail, postage prepaid, or sent via a reputable nationwide overnight courier service guaranteeing next business day delivery, to the Company at its principal office set forth below: 

Lyra Therapeutics, Inc. 
 480
Arsenal Way 
 Watertown, MA 02472 

Attention: Chief Executive Officer 

E-mail: mpalasis@lyratx.com 

With a copy (which will not constitute notice) to: 

Latham & Watkins LLP 

200 Clarendon Street 
 Boston,
MA 02116 
 Facsimile: (617) 948-6001 

Attention: Wesley C. Holmes 
 E-mail: wesley.holmes@lw.com 

  
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 If the Company should at any time change the location of its principal office to a place
other than as set forth above, it shall give prompt written notice to the Registered Holder and thereafter all references in this Warrant to the location of its principal office at the particular time shall be as so specified in such notice. All
such notices and communications shall be deemed delivered (i) two business days after being sent by certified or registered mail, return receipt requested, postage prepaid, (ii) one business day after being sent via a reputable nationwide
overnight courier service guaranteeing next business day delivery, or (iii) when sent, if sent by electronic mail during normal business hours of the recipient, and if not sent during normal business hours, then on the first business day
following such transmission. 
 10. No Rights as Stockholder. Until the exercise of this Warrant, the Registered Holder shall not
have or exercise any rights by virtue hereof as a stockholder of the Company. Notwithstanding the foregoing, in the event (i) the Company effects a split of the Common Stock by means of a stock dividend and the Purchase Price of and the number
of Warrant Shares are adjusted as of the date of the distribution of the dividend (rather than as of the record date for such dividend), and (ii) the Registered Holder exercises this Warrant between the record date and the distribution date for
such stock dividend, the Registered Holder shall be entitled to receive, on the distribution date, the stock dividend with respect to the shares of Common Stock acquired upon such exercise, notwithstanding the fact that such shares were not
outstanding as of the close of business on the record date for such stock dividend. 
 11. Amendment or Waiver. Any term of this
Warrant may be amended or waived only by an instrument in writing signed by the party against which enforcement of the change or waiver is sought. No waivers of any term, condition or provision of this Warrant, in any one or more instances, shall be
deemed to be, or construed as, a further or continuing waiver of any such term, condition or provision. 
 12. Section Headings. The
section headings in this Warrant are for the convenience of the parties and in no way alter, modify, amend, limit or restrict the contractual obligations of the parties. 

13. Governing Law. This Warrant shall be governed by, and construed in accordance with, the internal laws of the State of New York
without regard to the choice of law principles thereof that would result in the application of the laws of any other jurisdiction. 
 14.
Facsimile Signatures. This Warrant may be executed by facsimile signature. 
 [remainder of page intentionally left blank] 

  
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 EXECUTED as of the Date of Issuance indicated above. 

 

			
	LYRA THERAPEUTICS, INC.
		
	By:	 	 
	Name:	 	Maria Palasis, Ph.D.
	Title:	 	Chief Executive Officer

  
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 EXHIBIT I 

PURCHASE FORM 
  

			
	To:_________________	  	Dated:____________

 The undersigned, pursuant to the provisions set forth in the attached Warrant (No. ___), hereby elects to
purchase (check applicable box): 
 ☐ ____ shares of the Common Stock of Lyra Therapeutics, Inc. covered by such Warrant; or
 
 ☐ the maximum number of shares of Common Stock covered by such Warrant pursuant to the cashless exercise procedure set forth in
subsection 1(b). 
 The undersigned herewith makes payment of the full purchase price for such shares at the price per share provided
for in such Warrant. Such payment takes the form of (check applicable box or boxes): 
  

	 	☐	 $______ in lawful money of the United States; and/or 

 

	 	☐	 the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in
subsection 1(b), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 1(b). 

 

			
	Signature:	 	  

		
	Address:	 	  

		
		 	  

  
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 EXHIBIT II 

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

					
	Name of Assignee	  	 Address and
 Electronic Mail
Address
	  	No. of Shares

  

					
	Dated:_____________________	 		 	Signature:___________________________________________
			
	Signature Guaranteed:	 		 	
			
	By: _______________________	 		 	

  
 - 12 -EX-10.1

 Exhibit 10.1 

SECURITIES PURCHASE AGREEMENT 

This SECURITIES PURCHASE AGREEMENT (this “Agreement”) is made and entered into as of April 7, 2022 by and among Lyra
Therapeutics, Inc., a Delaware corporation (the “Company”), the Share Investors identified on Exhibit A attached hereto (each a “Share Investor” and collectively the “Share Investors”) and
the Warrant Investors identified on Exhibit B attached hereto (each a “Warrant Investor” and collectively the “Warrant Investors”, and together with the Share Investors, each an “Investor”
and collectively the “Investors”). 
 RECITALS 

A. The Company and each Investor is executing and delivering this Agreement in reliance upon the exemption from securities registration
afforded by Section 4(a)(2) of the Securities Act of 1933, as amended (the “1933 Act”), and/or Rule 506 of Regulation D (“Regulation D”) as promulgated by the United States Securities and Exchange Commission
(the “SEC”) under the 1933 Act; 
 B. The Share Investors wish to purchase from the Company, and the Company wishes to sell
and issue to the Share Investors, upon the terms and subject to the conditions stated in this Agreement, shares (the “Shares”) of the Company’s Common Stock, par value $0.001 per share (the “Common Stock”);

 C. The Warrant Investors wish to purchase from the Company, and the Company wishes to sell and issue to the Warrant Investors, upon the
terms and subject to the conditions stated in this Agreement, pre-funded warrants to purchase Common Stock in the form attached hereto as Exhibit C (the “Warrants” and, together with
the Shares, the “Securities”); and 
 D. Contemporaneously with the sale of the Securities, (A) the parties hereto
(other than North Bridge (as defined below) and Perceptive (as defined below)) will execute and deliver a Registration Rights Agreement, in the form attached hereto as Exhibit D (the “Registration Rights
Agreement”), pursuant to which the Company will agree to provide certain registration rights in respect of the Shares and the Warrant Shares (as defined below) to be acquired by such parties pursuant hereto (the “RRA Covered
Shares”) under the 1933 Act, and the rules and regulations promulgated thereunder, and applicable state securities laws, and (B) the Company, North Bridge and Perceptive shall enter into (i) that certain Ninth Amended and Restated
Investor Rights Agreement, dated as of the date hereof (as the same may be further amended and/or restated from time to time, the “Investor Rights Agreement”), pursuant to which, among other things, the Shares to be acquired by each of
North Bridge and Perceptive pursuant hereto (the “IRA Covered Shares”) shall be deemed to be “Registrable Shares” under the Investor Rights Agreement and (ii) a registration rights waiver (the “Investor Rights
Agreement Waiver”), pursuant to which each of North Bridge and Perceptive shall waive certain registration rights under the Investor Rights Agreement relating to any registration statement filed by the Company pursuant to the Registration
Rights Agreement covering the RRA Covered Shares. 

 In consideration of the mutual promises made herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Definitions.
For the purposes of this Agreement, the following terms shall have the meanings set forth below: 
 “Affiliate” means, with
respect to any Person, any other Person which directly or indirectly through one or more intermediaries Controls, is controlled by, or is under common Control with, such Person. 

“Business Day” means a day, other than a Saturday or Sunday, on which banks in New York City are open for the general
transaction of business. 
 “Closing” has the meaning set forth in Section 3.1. 

“Closing Date” has the meaning set forth in Section 3.1. 

“Company’s Knowledge” means the actual knowledge of any executive officer (as defined in Rule 405 under the 1933 Act) of
the Company after due inquiry of all employees in the direct reporting line of such officer. 
 “Company Covered Person”
means, with respect to the Company as an “issuer” for purposes of Rule 506 promulgated under the Securities Act, any Person listed in the first paragraph of Rule 506(d)(1). 

“Control” (including the terms “controlling”, “controlled by” or “under common control with”)
means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 

“EDGAR System” has the meaning set forth in Section 4.6. 

“Environmental Laws” has the meaning set forth in Section 4.16. 

“FCPA” means the Foreign Corrupt Practices Act of 1977, as amended. 

“FDA” has the meaning set forth in Section 4.28. 

“GAAP” has the meaning set forth in Section 4.18. 

“Intellectual Property” means all patents, patent applications, registered and unregistered trademarks, trademark
applications, registered and unregistered service marks, service mark applications, trade names, copyrights, trade secrets, licenses, domain names, information and proprietary rights and processes, and all other intellectual property rights in any
jurisdiction. 
 “Investor Questionnaire” has the meaning set forth in Section 3.1. 

“Investor Rights Agreement” means that certain Eighth Amended and Restated Investor Rights Agreement, dated as of
January 10, 2020, by and among the Company and the investors party thereto, as amended by that certain Amendment No. 1 to Eighth Amended and Restated Investor Rights Agreement, dated as of December 5, 2020 (as amended, and as further
amended and/or restated from time to time). 

  
 2 

 “Material Adverse Effect” means a circumstance that could reasonably be
expected to be, individually or in the aggregate, a material adverse effect on (i) the assets, liabilities, results of operations, condition (financial or otherwise), earnings, business, prospects or properties of the Company and its Subsidiary
taken as a whole, (ii) the legality or enforceability of any of the Transaction Documents or (iii) the ability of the Company to perform its obligations under the Transaction Documents; provided, however, that in no event
shall any of the following occurring after the date hereof, alone or in combination, be deemed to constitute, or be taken into account in determining whether a Material Adverse Effect has occurred: (1) any adverse effect resulting directly or
indirectly from general business or economic conditions, except to the extent such general business or economic conditions have a materially disproportionate effect on the Company as compared to companies in the Company’s industry, (2) any
change in the Company’s stock price or trading volume, or (3) any effect caused by the announcement or pendency of the transactions contemplated by the Transaction Documents, or the identity of any Investor or any of its Affiliates as the
purchaser in connection with the transactions contemplated by this Agreement or the Registration Rights Agreement. 
 “Material
Contract” means any contract, instrument or other agreement to which the Company is a party or by which it is bound which is material to the business of the Company and has been or was required to have been filed as an exhibit to the SEC
Filings pursuant to Item 601(b)(10) of Regulation S-K. 
 “Nasdaq” means The Nasdaq
Global Market. 
 “North Bridge” means, collectively, North Bridge Venture Partners
V-A, L.P., North Bridge Venture Partners V-B, L.P. and North Bridge Venture Partners IV, L.P. 

“Perceptive” means, collectively, Perceptive Life Sciences Master Fund, Ltd. and Perceptive LS (A), LLC. 

“Person” means an individual, corporation, partnership, limited liability company, trust, business trust, association, joint
stock company, joint venture, sole proprietorship, unincorporated organization, governmental authority or any other form of entity not specifically listed herein. 

“Placement Agent” means MTS Securities, LLC. 

“Press Release” has the meaning set forth in Section 9.7. 

“Registration Rights Agreement” has the meaning set forth in the Recitals. 

“Required Investors” means the holders of a majority of the RRA Covered Shares and IRA Covered Shares, voting together as a
single class, for so long as such shares remain “Registrable Securities” under the Registration Rights Agreement or “Registrable Shares” under the Investor Rights Agreement, respectively. 

“SEC Filings” has the meaning set forth in Section 4. 

  
 3 

 “Securities” has the meaning set forth in the recitals. 

“Selling Stockholder Questionnaire” has the meaning set forth in Section 3.1. 

“Share Subscription Amount” means, as to a Share Investor, the aggregate amount to be paid for the Shares purchased hereunder
as specified opposite such Investor’s name on Exhibit A attached hereto, under the column entitled “Aggregate Purchase Price of Shares,” in U.S. Dollars and in immediately available funds. 

“Shares” has the meaning set forth in the Recitals. 

“Short Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the 1934 Act (but shall not be
deemed to include the location and/or reservation of borrowable shares of Common Stock). 
 “Subsidiaries” has the meaning
set forth in Section 4.1. 
 “Trading Day” means a day on which Nasdaq is open for trading. 

“Transaction Documents” means this Agreement and the Registration Rights Agreement. 

“Transfer Agent” has the meaning set forth in Section 7.5. 

“Warrant Subscription Amount” means, as to an Investor, the aggregate amount to be paid for the Warrants purchased hereunder
as specified opposite such Investor’s name on Exhibit B attached hereto, under the column entitled “Aggregate Purchase Price of Warrants,” in U.S. Dollars and in immediately available funds. 

“Warrants” has the meaning set forth in the recitals. 

“Warrant Shares” means shares of Common Stock issuable upon exercise of the Warrants. 

“1933 Act” has the meaning set forth in the Recitals. 

“1934 Act” means the Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations
promulgated thereunder. 
 2. Purchase and Sale of the Securities. On the Closing Date, upon the terms and subject to the conditions
set forth herein, (i) the Company will issue and sell to the Share Investors, and the Share Investors will purchase, severally and not jointly, the number of shares of Common Stock set forth opposite the name of such Investor under the heading
“Number of Shares to be Purchased” on Exhibit A attached hereto (the “Schedule of Share Investors”) in exchange for consideration equal to $4.22 per Share and (ii) the Company will issue and sell to the Warrant
Investors, and the Warrant Investors will purchase, severally and not jointly, Warrants to purchase such number of shares of Common Stock as set forth opposite the name of such Warrant Investor under the heading “Number of Shares Underlying
Warrants to be Purchased” on Exhibit B attached hereto (the “Schedule of Warrant Investors”), each with an exercise price of $0.001 per Warrant Share, for consideration equating to $4.219 per Warrant to purchase one
Warrant Share. 

  
 4 

 3. Closing. 

3.1. Upon the satisfaction or waiver of the conditions set forth in Section 6, the closing of the purchase and
sale of the Securities pursuant to this Agreement (the “Closing”) shall be held no later than 10:00 AM (Eastern Time) on April 12, 2022 at the offices of Latham & Watkins LLP, 200 Clarendon Street, Boston,
Massachusetts 02116, or on such other date and place as may be agreed to by the Company and the Investors (the “Closing Date”). At or prior to the Closing, each Investor shall execute any related agreements or other documents
required to be executed hereunder, dated on or before the Closing Date, including but not limited to the Investor Questionnaire and (solely for the holders of RRA Covered Shares) the Selling Stockholder Notice and Questionnaire, in the forms
attached hereto as Appendix I and Appendix II (the “Investor Questionnaire” and the “Selling Stockholder Questionnaire,” respectively) (or similar forms reasonably satisfactory to the Company and
sufficient in substance for the Company to obtain the information necessary to effect the transactions contemplated by the Transaction Documents). 

3.2. On the Closing Date, (i) each Share Investor shall deliver or cause to be delivered to the Company the Share Subscription Amount and
(ii) each Warrant Investor shall deliver or cause to be delivered to the Company the Warrant Subscription Amount, in each case, via wire transfer of immediately available funds pursuant to the wire instructions delivered to such Investor by the
Company reasonably in advance of the Closing Date. 
 3.3. At or before the Closing, the Company shall deliver or cause to be delivered to
each Investor: 
 (a) if such Investor is a Share Investor, a number of Shares, registered in the name of the Investor (or its nominee in
accordance with its delivery instructions), in the amount set forth opposite the name of such Investor under the heading “Number of Shares to be Purchased” in the Schedule of Share Investors, with such Shares to be issued in book entry
form or, upon request of an Investor, certificated form; 
 (b) if such Investor is a Warrant Investor, a Warrant, registered in the name of
the Investor, to purchase a number of Warrant Shares in the amount set forth opposite the name of such Investor under the heading “Number of Shares Underlying Warrants to be Purchased” in the Schedule of Warrant Investors, with such
Warrants to be issued in definitive form; 
 (c) a legal opinion of Latham & Watkins LLP, in a form reasonably acceptable to the
Investors, dated as of the Closing Date, executed by such counsel and delivered to the Investors; 
 (d) for each Investor purchasing RRA
Covered Shares hereunder, the Registration Rights Agreement, in the form of Exhibit D, executed by a duly authorized officer of the Company; and 

(e) for each Investor purchasing IRA Covered Shares hereunder, the Investor Rights Agreement and the Investor Rights Agreement Waiver, in each
case, executed by a duly authorized officer of the Company. 

  
 5 

 4. Representations and Warranties of the Company. The Company hereby represents and
warrants to the Investors that, except as otherwise described in the Company’s filings pursuant to the 1934 Act (collectively, the “SEC Filings”), which qualify these representations and warranties in their entirety, as of the
date hereof: 
 4.1. Organization, Good Standing and Qualification. The Company is an entity duly incorporated, validly existing and
in good standing under the laws of the State of Delaware, with the requisite corporate power and authority to own or lease and use its properties and assets, to execute and deliver the Transaction Documents, to carry out the provisions of the
Transaction Documents, to issue and sell the Securities and to carry on its business as presently conducted as described in the SEC Filings. Each of the Company’s subsidiaries required to be disclosed pursuant to Item 601(b)(21) of
Regulation S-K in an exhibit to its Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2021 (each, a “Subsidiary”) is an
entity duly incorporated or otherwise organized, validly existing and in good standing (to the extent such concept exists in the relevant jurisdiction) under the laws of the jurisdiction of its incorporation or organization, as applicable, and has
all requisite power and authority to carry on its business to own and use its properties. Neither the Company nor its Subsidiary is in violation or default in any material respect of any of the provisions of its respective articles of association,
charter, certificate of incorporation, bylaws, limited partnership agreement or other organizational or constitutive documents. Each of the Company and its Subsidiary is duly qualified to do business as a foreign entity and is in good standing (to
the extent such concept exists in the relevant jurisdiction) in each jurisdiction in which the conduct of its business or its ownership or leasing of property makes such qualification necessary, except to the extent any failure to so qualify has not
had and would not have a Material Adverse Effect. 
 4.2. Authorization. The Company has the requisite corporate power and authority
and has taken all requisite corporate action necessary for, and no further action on the part of the Company, its officers, directors and stockholders is necessary for, (i) the authorization, execution and delivery of the Transaction Documents,
(ii) the authorization of the performance of all obligations of the Company hereunder or thereunder, and (iii) the authorization, issuance and delivery of the Shares, the Warrants and the Warrant Shares. Each of the Transaction Documents
has been duly authorized, executed and delivered by the Company and, assuming due authorization, execution and delivery by the Investors, constitutes a valid and binding obligation of the Company enforceable in accordance with its terms, except
(a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general application affecting enforcement of creditors’ rights, (b) general principles of equity that restrict the availability of
equitable remedies and (c) to the extent that the enforceability of indemnification provisions may be limited by applicable laws. 

4.3. Capitalization. As of December 31, 2021, the capitalization of the Company was in all material respects as set forth in the
Company’s Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2021. Since December 31, 2021, the Company has not issued any capital stock, other than pursuant to the
exercise of warrants outstanding as of such date or the exercise of employee stock options or settlement of restricted stock units under the Company’s equity incentive plans. All of the issued and outstanding shares of the Company’s
capital stock have been duly authorized and validly issued and are fully paid, nonassessable and none of such shares were issued in violation of any pre-emptive rights and such shares were issued

  
 6 

 
in compliance with applicable state and federal securities law and any rights of third parties. No Person is entitled to pre-emptive or similar statutory
or contractual rights with respect to the issuance by the Company of any securities of the Company, including without limitation, the Shares. There are no outstanding warrants, options, convertible securities or other rights, agreements or
arrangements of any character under which the Company is or may be obligated to issue any equity securities of any kind, except as contemplated by this Agreement. Except for the Registration Rights Agreement and the Investor Rights Agreement, there
are no voting agreements, buy-sell agreements, option or right of first purchase agreements or other agreements of any kind among the Company and any of the security holders of the Company relating to the
securities of the Company held by them. Except as provided in the Registration Rights Agreement or the Investor Rights Agreement, no Person has the right to require the Company to register any securities of the Company under the 1933 Act, whether on
a demand basis or in connection with the registration of securities of the Company for its own account or for the account of any other Person. Other than the anti-dilutive option required to be granted to Harlan Waksal, M.D. pursuant to that certain
Employment Agreement, dated as of February 16, 2022, by and between the Company and Dr. Waksal (as described in the Company’s Current Report on Form 8-K filed with the SEC on February 18,
2022), neither issuance and sale of the Securities hereunder nor the issuance of the Warrant Shares upon exercise of the Warrants will obligate the Company to issue shares of Common Stock or other securities to any other Person (other than the
Investors) or will result in the adjustment of the exercise, conversion, exchange or reset price of any outstanding security. The Company does not have outstanding stockholder purchase rights or “poison pill” or any similar arrangement in
effect giving any Person the right to purchase any equity interest in the Company upon the occurrence of certain events. 
 4.4. Valid
Issuance. The Shares have been duly and validly authorized and, when issued and paid for pursuant to this Agreement, will be validly issued, fully paid and nonassessable, and shall be free and clear of all encumbrances and restrictions (other
than those created by the Investors), except for restrictions on transfer set forth in the Transaction Documents or imposed by applicable securities laws. The Warrants have been duly and validly authorized and, when issued and paid for pursuant to
this Agreement, will be validly issued. The Warrant Shares have been duly and validly authorized and reserved for issuance and, upon exercise of the Warrants in accordance with their terms, including the payment of any exercise price therefor, will
be validly issued, fully paid and nonassessable and will be free and clear of all encumbrances and restrictions (other than those created by the Investors), except for restrictions on transfer set forth in the Transaction Documents or imposed by
applicable securities laws. 
 4.5. Consents. The execution, delivery and performance by the Company of the Transaction Documents and
the offer, issuance and sale of the Securities require no consent of, action by or in respect of, or filing with, any Person, governmental body, agency, or official other than filings that have been made pursuant to applicable state securities laws
and the rules and regulations of Nasdaq and post-sale filings pursuant to applicable state and federal securities laws, which the Company undertakes to file within the applicable time periods, and other than the registration statement required to be
filed by the Registration Rights Agreement. The Company has taken all action necessary to exempt (i) the issuance and sale of the Shares and (ii) the other transactions contemplated by the Transaction Documents from the provisions of any
stockholder rights plan or other “poison pill” arrangement, any anti-takeover, business combination or control share law or statute binding on the Company or to which the Company or any of its assets and

  
 7 

 
properties is subject that is or could reasonably be expected to become applicable to the Investors as a result of the transactions contemplated hereby, including without limitation, the issuance
of the Shares and the ownership, disposition or voting of the Shares by the Investors or the exercise of any right granted to the Investors pursuant to this Agreement or the other Transaction Documents. 

4.6. Delivery of SEC Filings. True and complete copies of the SEC Filings have been made available by the Company to the Investors
through the Electronic Data Gathering, Analysis, and Retrieval system (the “EDGAR System”) (other than any information for which the Company has received confidential treatment from the SEC). 

4.7. No Material Adverse Change. Since December 31, 2021, except as specifically set forth in a subsequent SEC Filing, there has
not been: 
 (i) any change in the assets, liabilities, financial condition or operating results of the Company from that reflected in the
financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, except for changes in the ordinary course of business which have not had and would not
have a Material Adverse Effect; 
 (ii) any declaration or payment by the Company of any dividend, or any authorization or payment by the
Company of any distribution, on any of the capital stock of the Company, or any redemption or repurchase by the Company of any securities of the Company; 

(iii) any material damage, destruction or loss, whether or not covered by insurance, to any assets or properties of the Company; 

(iv) any waiver, not in the ordinary course of business, by the Company of a material right or of a material debt owed to it; 

(v) any satisfaction or discharge of a material lien, claim or encumbrance or payment of any obligation by the Company, except in the
ordinary course of business; 
 (vi) any change or amendment to the Company’s Certificate of Incorporation or Bylaws, or termination
of or material amendment to any contract of the Company that the Company is or was required to file with the SEC pursuant to Item 601(b)(10) of Regulation S-K; 

(vii) any material labor difficulties or, to the Company’s Knowledge, labor union organizing activities with respect to employees of the
Company; 
 (viii) any material transaction entered into by the Company other than in the ordinary course of business; 

(ix) the loss of the services of any executive officer (as defined in Rule 405 under the 1933 Act) of the Company; or 

  
 8 

 (x) any other event or condition that has had or would have a Material Adverse Effect. 

4.8. SEC Filings. The Company has filed all reports, schedules, forms, statements and other documents required to be filed by the
Company under 1933 Act and the 1934 Act, including pursuant to Section 13(a) or 15(d) thereof, for the one year preceding the date hereof. At the time of filing thereof, such SEC Filings complied as to form in all material
respects with the requirements of the 1933 Act or 1934 Act, as applicable, and, as of their respective dates, did not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in
order to make the statements made therein, in the light of the circumstances under which they were made, not misleading. 
 4.9. No
Conflict, Breach, Violation or Default. The execution, delivery and performance of the Transaction Documents by the Company and the issuance and sale of the Securities in accordance with the provisions thereof and the issuance of the Warrant
Shares upon exercise of the Warrants will not (i) conflict with or result in a breach or violation of (a) any of the terms and provisions of, or constitute a default under, the Company’s Certificate of Incorporation or Bylaws, both as
in effect on the date hereof (true and complete copies of which have been made available to the Investors through the EDGAR System), or (b) any applicable statute, rule, regulation or order of any governmental agency or body or any court,
domestic or foreign, having jurisdiction over the Company or its Subsidiary, or any of their assets or properties, or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default)
under, result in the creation of any lien, encumbrance or other adverse claim upon any of the properties or assets of the Company or its Subsidiary or give to others any rights of termination, amendment, acceleration or cancellation (with or without
notice, lapse of time or both) of, any Material Contract except, in the case of clauses (i)(b) and (ii) only, for such conflicts, breaches, violations and defaults as have not and would not have a Material Adverse Effect. This
Section 4.9 does not relate to matters with respect to tax status, which are the subject of Section 4.11, intellectual property, which are the subject of Section 4.15, and
environmental laws, which are the subject of Section 4.16. 
 4.10. Compliance. The Company is not
(i) in default under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Company under), nor has the Company received notice of a claim that it is
in default under or that it is in violation of, any Material Contract (whether or not such default or violation has been waived), (ii) in violation of any judgment, decree or order of any court, arbitrator or governmental body or (iii) in
violation of any statute, rule, ordinance or regulation of any governmental authority, including without limitation all foreign, federal, state and local laws relating to taxes, environmental protection, occupational health and safety, product
quality and safety and employment and labor matters, except in each case as would not have or result in a Material Adverse Effect. 
 4.11.
Tax Matters. The Company and its Subsidiary have timely filed all tax returns required to have been filed by the Company or its Subsidiary with all appropriate governmental agencies and have paid all taxes shown thereon or otherwise owed by
them (whether or not shown on any tax returns). The Company and its Subsidiary have collected or withheld all material taxes required to be collected or withheld by applicable laws from employee, shareholders

  
 9 

 
or other third parties and have timely paid and have timely paid over such withheld amount to the appropriate government agency. The Company has made adequate charges, accruals and reserves in
the applicable financial statements referred to in Section 4.18 below in respect of all federal, state and local and non-United States income and franchise taxes for all periods as to
which the tax liability of the Company or its Subsidiary has not been finally determined, except to the extent of any inadequacy that would not result in a Material Adverse Effect. There are no material tax liens on any assets or property of the
Company or its Subsidiary, and there are no material tax claims pending or, to the Company’s Knowledge, threatened against the Company or its Subsidiary or any of their respective material assets or property. 

4.12. Title to Properties. The Company and its Subsidiary have good and marketable title to all real properties and all other tangible
properties and assets owned by them, in each case free from liens, encumbrances and defects, except such as would not have a Material Adverse Effect; and the Company and its Subsidiary hold any leased real or personal property under valid,
subsisting and enforceable leases with which the Company are in compliance and with no exceptions, except such as would not have a Material Adverse Effect. 

4.13. Certificates, Authorities and Permits. The Company and its Subsidiary possess adequate certificates, authorities or permits
issued by appropriate governmental agencies or bodies necessary to conduct the business now operated by them, except where failure to so possess would not result in a Material Adverse Effect. Neither the Company nor its Subsidiary has received any
notice of proceedings relating to the revocation or modification of any such certificate, authority or permit that, if determined adversely to the Company or its Subsidiary, would have a Material Adverse Effect. 

4.14. Labor Matters. 

(a) Neither the Company nor its Subsidiary is party to or bound by any collective bargaining agreement or other contract with any labor union
or other labor organization, and no employees of the Company or its Subsidiary are represented by any labor union or other labor organization with respect to their employment. 

(b) There are, and for the past three (3) years there have been, no actual or, to the Company’s Knowledge, threatened union
organizing activities, unfair labor practice charges, material labor grievances, material labor arbitrations, strikes, lockouts, work stoppages, slowdowns, picketing, hand billing or other material labor disputes against or affecting the Company or
its Subsidiary. 
 (c) The Company and its Subsidiary are, and for the last three (3) years have been, in compliance in all material
respects with all applicable laws respecting labor, employment and employment practices. 
 (d) The Company and its Subsidiary have
promptly, thoroughly and impartially investigated all sexual harassment, or other discrimination, retaliation or policy violation allegations of which any of them is aware. With respect to each such allegation with potential merit, the Company or
its Subsidiary has taken prompt corrective action that is reasonably calculated to prevent further improper action. 

  
 10 

 4.15. Intellectual Property. The Company and its Subsidiary own, possess, license or
have other rights to use the Intellectual Property necessary or material for use in connection with its businesses as currently conducted or currently proposed to be conducted, in each case, as described in the SEC Filings (collectively, the
“Intellectual Property Rights”). There is no pending or, to the Company’s Knowledge, threatened action, suit, proceeding or claim by any Person that the Company’s business or the business of its Subsidiary as now conducted
infringes or otherwise violates any patent, trademark, copyright, trade secret or other proprietary rights of another or that challenges the validity or scope of any of the Intellectual Property Rights, including interferences, oppositions,
reexaminations or government proceedings. To the Company’s Knowledge, there is no material infringement by another Person of any of the Intellectual Property Rights. The Company and its Subsidiary have taken reasonable security measures to
protect the secrecy, confidentiality and value of all of its Intellectual Property Rights. Each employee and consultant that has developed, conceived or reduced to practice any material Intellectual Property Rights has assigned to the Company or one
of its Subsidiaries all such Intellectual Property Rights. All licenses or other material agreements under which the Company is granted rights to Intellectual Property are in full force and effect and, to the Company’s Knowledge, there is no
material default by any other party thereto. The Company has no reason to believe that the licensors under such licenses and other agreements do not have and did not have all requisite power and authority to grant the rights to the Intellectual
Property purported to be granted thereby. None of the Intellectual Property Rights have not been adjudged by a court of competent jurisdiction invalid or unenforceable, in whole or in part. There are no liens, security interests or other
encumbrances on the Intellectual Property Rights. To the Company’s Knowledge, each founder and key employee of the Company and each Company employee involved with the development of Intellectual Property Rights has entered into an invention
assignment agreement with the Company. The consummation of the transactions contemplated hereby and by the other Transaction Documents will not result in the alteration, loss, impairment of or restriction on the Company’s or its
Subsidiary’s ownership or right to use any Intellectual Property that is material to the conduct of the Company’s business as currently conducted or currently proposed to be conducted. 

4.16. Environmental Matters. Except as would not have a Material Adverse Effect, neither the Company nor its Subsidiary is in violation
of any statute, rule, regulation, decision or order of any governmental agency or body or any court, domestic or foreign, relating to the use, disposal or release of hazardous or toxic substances or relating to the protection or restoration of the
environment or human exposure to hazardous or toxic substances (collectively, “Environmental Laws”), has released any hazardous substances regulated by Environmental Law on to any real property that it owns or operates, or has
received any written notice or claim it is liable for any off-site disposal or contamination pursuant to any Environmental Laws; and to the Company’s Knowledge, there is no pending or threatened
investigation that would reasonably be expected to lead to such a claim. 
 4.17. Legal Proceedings. There are no legal, governmental
or regulatory investigations, actions, suits, charges, claims, complaints, audits, inquiries or proceedings pending or, to the Company’s Knowledge, threatened to which the Company or its Subsidiary is or may reasonably be expected to become a
party or to which any property of the Company is or may reasonably be expected to become the subject that, individually or in the aggregate, if determined adversely to the Company or its Subsidiary, would have a Material Adverse Effect. The SEC has
not issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company or its Subsidiary under the 1933 Act or the 1934 Act. 

  
 11 

 4.18. Financial Statements. The financial statements included in each SEC Filing
comply in all material respects with applicable accounting requirements and the rules and regulations of the SEC with respect thereto as in effect at the time of filing (or to the extent corrected by a subsequent restatement) and present fairly, in
all material respects, the financial position of the Company as of the dates shown and its results of operations and cash flows for the periods shown, subject in the case of unaudited financial statements to normal, immaterial year-end audit adjustments, and such financial statements have been prepared in conformity with United States generally accepted accounting principles applied on a consistent basis during the periods involved
(“GAAP”) (except as may be disclosed therein or in the notes thereto, and except that the unaudited financial statements may not contain all footnotes required by GAAP, and, in the case of quarterly financial statements, as
permitted by Form 10-Q under the 1934 Act). Except as set forth in the financial statements of the Company included in the SEC Filings filed prior to the date hereof, the Company has not incurred any
liabilities, contingent or otherwise, except those incurred in the ordinary course of business, consistent (as to amount and nature) with past practices since the date of such financial statements, none of which, individually or in the aggregate,
have had or would have a Material Adverse Effect. 
 4.19. Compliance with Nasdaq Continued Listing Requirements. The Company is in
compliance with applicable Nasdaq continued listing requirements. There are no proceedings pending or, to the Company’s Knowledge, threatened against the Company relating to the continued listing of the Common Stock on Nasdaq and the Company
has not received any notice of, nor to the Company’s Knowledge is there any reasonable basis for, the delisting of the Common Stock from Nasdaq. 

4.20. Brokers and Finders. Other than the Placement Agent, no Person will have, as a result of the transactions contemplated by the
Transaction Documents, any valid right, interest or claim against or upon the Company or, to the Company’s Knowledge, an Investor for any commission, fee or other compensation pursuant to any agreement, arrangement or understanding entered into
by or on behalf of the Company. 
 4.21. No Directed Selling Efforts or General Solicitation. Neither the Company nor its Subsidiary
nor any Person acting on its behalf has conducted any general solicitation or general advertising (as those terms are used in Regulation D) in connection with the offer or sale of any of the Securities. 

4.22. No Integrated Offering. Neither the Company nor its Subsidiary nor any Person acting on its behalf has, directly or indirectly,
made any offers or sales of any Company security or solicited any offers to buy any Company security, under circumstances that would adversely affect reliance by the Company on Section 4(a)(2) for the exemption from registration for the
transactions contemplated hereby or would require registration of the Securities under the 1933 Act. 
 4.23. Private Placement. The
offer and sale of the Securities to the Investors as contemplated hereby is exempt from the registration requirements of the 1933 Act. 

  
 12 

 4.24. Questionable Payments. Neither the Company nor its Subsidiary
nor, to the Company’s Knowledge, any of the current or former directors, officers, employees, agents or other Persons acting on behalf of the Company or its Subsidiary, has on behalf of the Company or its Subsidiary: (a) used any corporate
funds for unlawful contributions, gifts, entertainment or other unlawful expenses relating to political activity; (b) made any direct or indirect unlawful payments to any governmental officials or employees from corporate funds;
(c) established or maintained any unlawful or unrecorded fund of corporate monies or other assets which is in violation of law; (d) made any false or fictitious entries on the books and records of the Company; (e) made any unlawful
rebate, payoff, influence payment, kickback, bribe or other unlawful payment of any nature; or (f) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended. 

4.25. Office of Foreign Assets Control. Neither the Company nor its Subsidiary nor, to the Company’s Knowledge, any of the current
or former directors, officers, employees, agents or other Persons acting on behalf of the Company or its Subsidiary is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department. 

4.26. Transactions with Affiliates. Except as disclosed in the SEC Filings, none of the officers or directors of the Company and, to
the Company’s Knowledge, none of the employees of the Company is presently a party to any transaction with the Company or its Subsidiary (other than as holders of stock options and/or warrants, and for services as employees, officers and
directors), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from, or otherwise requiring payments to or from any officer, director or
such employee or, to the Company’s Knowledge, any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee or partner. 

4.27. Internal Controls. The Company is in compliance in all material respects with the provisions of the Sarbanes-Oxley Act of 2002
currently applicable to the Company. The Company and its Subsidiary maintain a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or
specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability, (iii) access to assets is permitted only in accordance with
management’s general or specific authorization, and (iv) the recorded accountability for assets and liabilities is compared with the existing assets and liabilities at reasonable intervals and appropriate action is taken with respect to
any differences. The Company has established and maintains disclosure controls and procedures (as defined in 1934 Act Rules 13a-15(e) and 15d-15(e)) for the Company and
designed such disclosure controls and procedures to ensure that material information relating to the Company, including its Subsidiary, is made known to the certifying officers by others within those entities, particularly during the period in which
the Company’s most recently filed periodic report under the 1934 Act, as the case may be, is being prepared. The Company has established internal control over financial reporting (as defined in 1934 Act Rules
13a-15(f) and 15d-15(f)) to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with GAAP. The Company’s certifying officers have evaluated the effectiveness of the Company’s disclosure controls and procedures and the Company’s internal 

  
 13 

 
control over financial reporting (collectively, “internal controls”) as of the end of the period covered by the most recently filed periodic report under the 1934 Act (such date, the
“Evaluation Date”). The Company presented in its most recently filed periodic report under the 1934 Act the conclusions of the certifying officers about the effectiveness of such internal controls based on their evaluations as of
the Evaluation Date. Since the Evaluation Date, there have been no significant changes in the Company’s internal controls or, to the Company’s Knowledge, in other factors that could significantly affect the Company’s internal
controls. The Company maintains and will continue to maintain a standard system of accounting established and administered in accordance with GAAP and the applicable requirements of the 1934 Act. 

4.28. Investment Company. The Company is not required to be registered as, and is not an Affiliate of, and immediately following the
Closing will not be required to register as, an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 

4.29. Preclinical Studies and Clinical Trials. The preclinical studies and clinical trials conducted by, on behalf of, or sponsored by
the Company or its Subsidiary that are described in, or the results of which are referred to in, the SEC Filings were and, if still pending, are being, conducted in all material respects in accordance with the protocols submitted to the U.S. Food
and Drug Administration (the “FDA”) or any foreign governmental body exercising comparable authority (together with the FDA, the “Regulatory Authorities”), any conditions of approval and policies imposed by any
institutional review board, ethics review board or committee responsible for the oversight of such preclinical studies and clinical trials, standard medical and scientific research standards and procedures for products or product candidates
comparable to those being developed by the Company and all applicable statutes and all applicable rules and regulations enforced by the FDA or other Regulatory Authorities and applicable Good Clinical Practice and Good Laboratory Practice
requirements; the descriptions of the preclinical studies and clinical trials conducted by or, to the Company’s Knowledge, on behalf of the Company or its Subsidiary, contained in the SEC Filings are accurate and not misleading in all material
respects; the Company has no Knowledge of any other preclinical studies and clinical trials, the results of which are inconsistent with or would call into question the results described in the SEC Filings; and neither the Company nor its Subsidiary
have received any written notices or correspondence from any Regulatory Authorities or any Institutional Review Board requiring or threatening the termination, suspension, material modification or clinical hold of any preclinical studies or clinical
trials conducted by or on behalf of the Company and, to the Company’s Knowledge, there are no reasonable grounds for the same. 
 4.30.
Manipulation of Price. The Company has not, and, to the Company’s Knowledge, no Person acting on its behalf has taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the
price of any security of the Company to facilitate the sale or resale of any of the Securities. 
 4.31. Bad Actor Disqualification.
None of the Company, any predecessor or affiliated issuer of the Company nor, to the Company’s Knowledge, any director or executive officer of the Company or any promoter connected with the Company in any capacity, is subject to any of the
“bad actor” disqualifications within the meaning of Rule 506(d) under the 1933 Act, except for a disqualification event covered by Rule 506(d)(2) or (d)(3). 

  
 14 

 4.32. Shell Company Status. The Company is not, and has never been, an issuer
identified in Rule 144(i)(1). 
 4.33. Disclosure. Except with respect to the material terms and conditions of the transactions
contemplated by the Transaction Documents, the Company confirms that neither it nor any other Person acting on its behalf has provided any of the Investors with any information that it believes constitutes material,
non-public information that will not otherwise be disclosed in the SEC Filings on or prior to the Closing Date. The Company understands and confirms that the Investors will rely on the foregoing representation
in effecting transactions in securities of the Company. 
 4.34. Insurance Coverage. The Company maintains in full force and effect
insurance coverage that is customary for comparably situated companies for the business being conducted and properties owned or leased by the Company, and the Company reasonably believes such insurance coverage to be adequate against all
liabilities, claims and risks against which it is customary for comparably situated companies to insure. 
 4.35. Anti-Bribery and
Anti-Money Laundering Laws. Each of the Company, its Subsidiary and any of their respective officers, directors, supervisors, managers, agents, or employees are and have at all times been in compliance with and its participation in the offering
will not violate: (A) anti-bribery laws, including but not limited to, any applicable law, rule, or regulation of any locality, including but not limited to any law, rule, or regulation promulgated to implement the OECD Convention on Combating
Bribery of Foreign Public Officials in International Business Transactions, signed December 17, 1997, including the U.S. Foreign Corrupt Practices Act of 1977, as amended, the U.K. Bribery Act 2010, or any other law, rule or regulation of
similar purposes and scope or (B) anti-money laundering laws, including, but not limited to, applicable federal, state, international, foreign or other laws, regulations or government guidance regarding anti-money laundering, including, without
limitation, Title 18 US. Code sections 1956 and 1957, the Patriot Act, the Bank Secrecy Act, and international anti-money laundering principles or procedures by an intergovernmental group or organization, such as the Financial Action Task Force on
Money Laundering, of which the United States is a member and with which designation the United States representative to the group or organization continues to concur, all as amended, and any Executive order, directive, or regulation pursuant to the
authority of any of the foregoing, or any orders or licenses issued thereunder. 
 4.36. No Additional Agreements. The Company has no
other agreements or understandings (including, without limitation, side letters) with any Investor to purchase Securities on terms more favorable to such Investor than as set forth herein. 

5. Representations and Warranties of the Investors. Each of the Investors hereby, severally and not jointly, represents and warrants to
the Company that: 
 5.1. Organization and Existence. Such Investor is a validly existing corporation, limited partnership or limited
liability company and has all requisite corporate, partnership or limited liability company power and authority to enter into and consummate the transactions contemplated by the Transaction Documents and to carry out its obligations hereunder and
thereunder, and to invest in the Shares or the Warrants, as applicable, pursuant to this Agreement. 

  
 15 

 5.2. Authorization. The execution, delivery and performance by such Investor of the
Transaction Documents to which such Investor is a party have been duly authorized and each has been duly executed and when delivered will constitute the valid and legally binding obligation of such Investor, enforceable against such Investor in
accordance with their respective terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’
rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable
law. 
 5.3. Purchase Entirely for Own Account. The Shares, the Warrants and/or the Warrant Shares, as applicable, to be received by
such Investor hereunder will be acquired for such Investor’s own account, not as nominee or agent, and not with a view to the resale or distribution of any part thereof in violation of the 1933 Act, and such Investor has no present intention of
selling, granting any participation in, or otherwise distributing the same in violation of the 1933 Act without prejudice, however, to such Investor’s right at all times to sell or otherwise dispose of all or any part of such Shares, Warrants
or Warrant Shares, as applicable, in compliance with applicable federal and state securities laws. Nothing contained herein shall be deemed a representation or warranty by Investor to hold the Shares, the Warrants and/or the Warrant Shares, as
applicable, for any period of time. Such Investor is not a broker-dealer registered with the SEC under the 1934 Act or an entity engaged in a business that would require it to be so registered. 

5.4. Investment Experience. Such Investor acknowledges that it can bear the economic risk and complete loss of its investment in the
Shares, the Warrants and/or the Warrant Shares, as applicable, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment contemplated hereby. 

5.5. Disclosure of Information. Such Investor or its advisor has had an opportunity to receive, review and understand all information
related to the Company requested by it and to ask questions of and receive answers from the Company regarding the Company, its business and the terms and conditions of the offering of the Securities, and has conducted and completed its own
independent due diligence. Such Investor acknowledges receipt of copies of the SEC Filings that are available on the Edgar System. Based on the information such Investor or its advisor has deemed appropriate, and without reliance on the Placement
Agent, it or its advisor has independently made its own analysis and decision to enter into the Transaction Documents. Such Investor or its advisor is relying exclusively on its own sources of information, investment analysis and due diligence
(including professional advice it deems appropriate) with respect to the execution, delivery and performance of the Transaction Documents, the Shares, the Warrants and/or the Warrant Shares, as applicable, and the business, condition (financial and
otherwise), management, operations, properties and prospects of the Company, including but not limited to all business, legal, regulatory, accounting, credit and tax matters. Neither such inquiries nor any other due diligence investigation conducted
by such Investor or its advisor shall modify, limit or otherwise affect such Investor’s right to rely on the Company’s representations and warranties contained in this Agreement. 

  
 16 

 5.6. Restricted Securities. Such Investor understands that the Shares, the Warrants
and/or the Warrant Shares, as applicable, are characterized as “restricted securities” under the U.S. federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that
under such laws and applicable regulations such securities may be resold without registration under the 1933 Act only in certain limited circumstances. 

5.7. Legends. It is understood that, except as provided below, certificates evidencing the Shares, the Warrants and the Warrant Shares
may bear the following or any similar legend: 
 “THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND
EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND, ACCORDINGLY, MAY NOT BE TRANSFERRED UNLESS (I) SUCH SECURITIES HAVE BEEN REGISTERED
FOR SALE PURSUANT TO THE SECURITIES ACT OF 1933, AS AMENDED, (II) SUCH SECURITIES MAY BE SOLD PURSUANT TO RULE 144, OR (III) THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSFER MAY LAWFULLY
BE MADE WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE
SECURITIES.” 
 If required by the authorities of any state in connection with the issuance of sale of the Shares, the Warrants and/or
the Warrant Shares, the legend required by such state authority. 
 5.8. Accredited Investor. At the time such Investor was offered
the Shares or the Warrants, as applicable, it was and, as of the date hereof, such Investor is an “accredited investor” within the meaning of Rule 501 under the 1933 Act and has executed and delivered to the Company its Investor
Questionnaire, which such Investor represents and warrants is true, correct and complete. Such investor is a sophisticated institutional investor with sufficient knowledge, sophistication and experience in business, including transactions involving
private placements in public equity, to properly evaluate the risks and merits of its purchase of the Shares or the Warrants, as applicable. Such Investor has determined based on its own independent review and such professional advice as it deems
appropriate that its purchase of the Shares or the Warrants, as applicable, and participation in the transactions contemplated by the Transaction Documents (i) are fully consistent with its financial needs, objectives and condition, and
(ii) are a fit, proper and suitable investment for such Investor, notwithstanding the substantial risks inherent in investing in or holding the Shares or the Warrants, applicable. 

  
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 5.9. Placement Agent. Such Investor hereby acknowledges and agrees that it has
independently evaluated the merits of its decision to purchase the Shares or the Warrants, as applicable, and that (a) the Placement Agent is acting solely as placement agent in connection with the execution, delivery and performance of the
Transaction Documents and is not acting as an underwriter or in any other capacity and is not and shall not be construed as a fiduciary for such Investor, the Company or any other person or entity in connection with the execution, delivery and
performance of the Transaction Documents, (b) the Placement Agent has not made and will not make any representation or warranty, whether express or implied, of any kind or character nor has the Placement Agent provided any advice or
recommendation in connection with the execution, delivery and performance of the Transaction Documents, (c) the Placement Agent will not have any responsibility with respect to (i) any representations, warranties or agreements made by any
person or entity under or in connection with the execution, delivery and performance of the Transaction Documents, or the execution, legality, validity or enforceability (with respect to any person) thereof, or (ii) the business, affairs,
financial condition, operations, properties or prospects of, or any other matter concerning the Company and (d) Investor hereby waives any claims that it otherwise might assert against the Placement Agent in respect of the transactions
contemplated by the Transaction Documents. 
 5.10. No General Solicitation. Such Investor did not learn of the investment in the
Shares or the Warrants, as applicable, as a result of any general solicitation or general advertising. 
 5.11. Brokers and Finders.
No Person will have, as a result of the transactions contemplated by the Transaction Documents, any valid right, interest or claim against or upon the Company or an Investor for any commission, fee or other compensation pursuant to any agreement,
arrangement or understanding entered into by or on behalf of such Investor. 
 5.12. Short Sales and Confidentiality Prior to the Date
Hereof. Other than consummating the transactions contemplated hereunder, such Investor has not, nor has any Person acting on behalf of or pursuant to any understanding with such Investor, directly or indirectly executed any purchases or sales,
including Short Sales, of the securities of the Company during the period commencing as of the time that such Investor was first contacted by the Company, the Placement Agent or any other Person regarding the transactions contemplated hereby
and ending immediately prior to the date hereof. Notwithstanding the foregoing, in the case of an Investor that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Investor’s assets
and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Investor’s assets, the representation set forth above shall only apply with respect to the portion of
assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement. The Investor, its Affiliates and authorized representatives and advisors who are aware of the transactions
contemplated hereby, maintained the confidentiality of all disclosures made to it in connection with this transaction (including the existence and terms of this transaction). Notwithstanding the foregoing, for avoidance of doubt, nothing contained
herein shall constitute a representation or warranty, or preclude any actions, with respect to the identification of the availability of, or securing of, available shares to borrow in order to effect Short Sales or similar transactions in the
future. 

  
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 5.13. No Government Recommendation or Approval. Such Investor understands that no
United States federal or state agency, or similar agency of any other country, has reviewed, approved, passed upon, or made any recommendation or endorsement of the Company or the purchase of the Securities. 

5.14. No Intent to Effect a Change of Control; Ownership. Such Investor has no present intent to effect a “change of control”
of the Company as such term is understood under the rules promulgated pursuant to Section 13(d) of the 1934 Act and under the rules of Nasdaq. As to each Investor purchasing RRA Covered Shares, except as set forth in its Selling Stockholder
Questionnaire, as of the date hereof, neither such Investor nor any of its Affiliates is the owner of record or the beneficial owner of shares of Common Stock or securities convertible into or exchangeable for Common Stock. 

5.15. No Conflicts. The execution, delivery and performance by such Investor of the Transaction Documents and the consummation by such
Investor of the transactions contemplated hereby and thereby will not (i) result in a violation of the organizational documents of such Investor or (ii) conflict with, or constitute a default (or an event which with notice or lapse of time
or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which such Investor is a party, or (iii) result in a violation of any law,
rule, regulation, order, judgment or decree (including federal and state securities laws) applicable to such Investor, except in the case of clauses (ii) and (iii) above, for such conflicts, defaults, rights or violations which would not,
individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability of such Investor to perform its obligations hereunder. 

5.16. No Rule 506 Disqualifying Activities. If such Investor is a Company Covered Person, such Investor has not taken any of the
actions set forth in, and is not subject to, the disqualification provisions of Rule 506(d)(1) of the 1933 Act. 
 5.17. Residency.
Such Investor is a resident of or an entity organized under the jurisdiction specified below its address on the Schedule of Investors. 
 The Company
acknowledges and agrees that the representations contained in this Section 5 shall not modify, amend or affect such Investor’s right to rely on the Company’s representations and warranties contained in this
Agreement or any representations and warranties contained in any other Transaction Document or any other document or instrument executed and/or delivered in connection with this Agreement or the consummation of the transactions contemplated hereby.

  
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 6. Conditions to Closing; Termination. 

6.1. Conditions to the Investors’ Obligations. The obligation of each Investor to purchase Securities at the Closing is subject to
the fulfillment to such Investor’s satisfaction, on or prior to the Closing Date, of the following conditions, any of which may be waived by such Investor (as to itself only): 

(a) The representations and warranties made by the Company in Section 4 hereof shall be true and correct in all
material respects as of the date hereof and on the Closing Date (other than any representations and warranties that are already qualified by materiality or Material Adverse Effect), except to the extent any such representation or warranty expressly
speaks as of an earlier date, in which case such representation or warranty shall be true and correct as of such earlier date. The Company shall have performed in all material respects all obligations and covenants herein required to be performed by
it on or prior to the Closing Date. 
 (b) The Company shall have obtained any and all consents, permits, approvals, registrations and
waivers necessary for consummation of the purchase and sale of the Securities and the consummation of the other transactions contemplated by the Transaction Documents, including the waiver of any applicable registration rights that could affect the
rights of the Investors under the Registration Rights Agreement, all of which shall be in full force and effect. 
 (c) The Company shall
have executed and delivered the Registration Rights Agreement. 
 (d) Each of the Company, North Bridge and Perceptive shall have executed
the Investor Rights Agreement and the Investor Rights Agreement Waiver. 
 (e) The Company shall have filed with Nasdaq a Listing of
Additional Shares notification form for the listing of the Shares and the Warrant Shares, a copy of which shall have been made available to the Investors upon request, and is not aware of any circumstance that would cause the Shares to be not
approved for listing. 
 (f) No judgment, writ, order, injunction, award or decree of or by any court, or judge, justice or magistrate,
including any bankruptcy court or judge, or any order of or by any governmental authority, shall have been issued, and no action or proceeding shall have been instituted by any governmental authority, enjoining or preventing the consummation of the
transactions contemplated hereby or in the other Transaction Documents. 
 (g) The Investors shall have received a legal opinion of
Latham & Watkins LLP, in a form reasonably acceptable to the Investors, dated as of the Closing Date, executed by such counsel and delivered to the Investors; 

(h) There shall have been no Material Adverse Effect with respect to the Company since the date hereof. 

(i) No stop order or suspension of trading shall have been imposed by Nasdaq, the SEC or any other governmental or regulatory body with
respect to public trading in the Common Stock. 

  
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 6.2. Conditions to Obligations of the Company. The Company’s obligation to sell
and issue Securities at the Closing as to any Investor is subject to the fulfillment to the satisfaction of the Company on or prior to the Closing Date of the following conditions, any of which may be waived by the Company: 

(a) The representations and warranties made by such Investor in Section 5 hereof shall be true and correct in all
material respects when made, and shall be true and correct in all material respects on the Closing Date with the same force and effect as if they had been made on and as of said date. Such Investor shall have performed in all material respects all
obligations and covenants herein required to be performed by it on or prior to the Closing Date. 
 (b) Such Investor shall have executed
and delivered the Registration Rights Agreement (other than North Bridge and Perceptive), an Investor Questionnaire and a Selling Stockholder Questionnaire (other than North Bridge and Perceptive). 

(c) Each of North Bridge and Perceptive shall have executed the Investor Rights Agreement and the Investor Rights Agreement Waiver. 

(d) Such Share Investor shall have paid in full its Shares Subscription Amount to the Company. 

(e) Such Warrant Investor shall have paid in full its Warrant Subscription Amount to the Company. 

6.3. Termination of Obligations to Effect Closing; Effects. 

(a) The obligations of the Company, on the one hand, and the Investors, on the other hand, to effect the Closing shall terminate as follows:

 (i) Upon the mutual written consent of the Company and Investors that agreed to purchase a majority of the Securities to be issued and
sold pursuant to this Agreement (which majority must include Perceptive); 
 (ii) By the Company if any of the conditions set forth in
Section 6.2 shall have become incapable of fulfillment, and shall not have been waived by the Company; or 

(iii) By an Investor (with respect to itself only) if any of the conditions set forth in Section 6.1 shall have
become incapable of fulfillment, and shall not have been waived by the Investor; 
 provided, however, that, except in the case of clause
(i) above, the party seeking to terminate its obligation to effect the Closing shall not then be in breach of any of its representations, warranties, covenants or agreements contained in this Agreement or the other Transaction Documents if such
breach has resulted in the circumstances giving rise to such party’s seeking to terminate its obligation to effect the Closing. 
 (b)
In the event of termination by the Company or any Investor of its obligations to effect the Closing pursuant to this Section 6.3, written notice thereof shall be given to the other Investors by the Company and the other
Investors shall have the right to terminate their obligations to effect the Closing upon written notice to the Company and the other Investors. Nothing in this Section 6.3 shall be deemed to release any party from any
liability for any breach by such party of the terms and provisions of this Agreement or the other Transaction Documents or to impair the right of any party to compel specific performance by any other party of its obligations under this Agreement or
the other Transaction Documents. 

  
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 7. Covenants and Agreements of the Company. 

7.1. Information. From the date hereof until the Closing, the Company will make reasonably available to the Investors’
representatives, consultants and their respective counsels for inspection, such information and documents as the Investor reasonably requests, and will make available at reasonable times and to a reasonable extent officers and employees of the
Company to discuss the business and affairs of the Company; provided, however, that in no event shall the Company be required to disclose material nonpublic information to the Investors, or to advisors to or representatives of the
Investors. 
 7.2. Nasdaq Listing. The Company will use commercially reasonable efforts to continue the listing and trading of its
Common Stock on Nasdaq and, in accordance therewith, will use commercially reasonable efforts to comply in all respects with the Company’s reporting, filing and other obligations under the bylaws or rules of such market or exchange, as
applicable. 
 7.3. Termination of Covenants. The provisions of Sections 7.1 and 7.2 shall terminate
and be of no further force and effect (x) as to any Investor holding RRA Covered Shares, on the date on which the Company’s obligations under the Registration Rights Agreement to register or maintain the effectiveness of any registration
covering the Registrable Securities (as such term is defined in the Registration Rights Agreement) shall terminate and (y) as to any Investor holding IRA Covered Shares, on the date when such IRA Covered Shares no longer constitute
“Registrable Shares” under the Investor Rights Agreement. 
 7.4. Form D. The Company agrees to timely file a Form D with
respect to the Securities as required under Regulation D and to provide a copy thereof, promptly upon request of an Investor. 
 7.5.
Removal of Legends. In connection with any sale, assignment, transfer or other disposition of the Shares or the Warrant Shares, as applicable, by an Investor pursuant to Rule 144, pursuant to any other exemption under the 1933 Act or
pursuant to sale under an effective registration statement such that the purchaser acquires freely tradable shares and upon compliance by the Investor with the requirements of this Section 7.5, if requested by the Investor,
the Company shall cause the transfer agent for the Common Stock (the “Transfer Agent”) to timely remove any restrictive legends related to the book entry account holding such Shares or Warrant Shares, as applicable, and make a new,
unlegended entry for such book entry Shares or Warrant Shares, as applicable, sold or disposed of without restrictive legends within two (2) Trading Days of any such request therefor from the Investor, provided that the Company has
received customary representations and other documentation reasonably acceptable to the Company in connection therewith. Subject to receipt by the Company of customary representations and other documentation reasonably acceptable to the Company in
connection therewith, upon the earlier of such time as the Shares or Warrant Shares, as applicable, (i) have been sold or transferred pursuant to an effective registration statement, (ii) have been sold pursuant to Rule 144, or
(iii) are eligible for resale under Rule 144(b)(1) or any successor provision (without the requirement for the Company to comply with the current public information obligations of Rule 144(c)), the Company shall within two (2) Trading Days
of any request therefor from an Investor accompanied by such customary and reasonably acceptable documentation referred to above (A) deliver to the Transfer Agent irrevocable instructions that 

  
 22 

 
the Transfer Agent shall make a new, unlegended entry for such book entry Shares or Warrant Shares, as applicable, and (B) use reasonably best efforts to cause its counsel to deliver to the
Transfer Agent one or more blanket opinions to the effect that the removal of such legends in such circumstances may be effected under the 1933 Act. From and after the earlier of such dates, upon an Investor’s written request, the Company shall
promptly cause certificates or book entries evidencing the Investor’s Shares or Warrant Shares, as applicable, to be replaced with certificates or book entries, as the case may be, which do not bear such restrictive legends, provided the
provisions of either clauses (i), (ii) or (iii) above, as applicable, are satisfied with respect to such Shares or Warrant Shares, as applicable. The Company shall be responsible for the fees of its Transfer Agent associated with such issuance.

 7.6. Pledge of Securities. The Company acknowledges and agrees that its Shares or Warrant Shares, as applicable, may be pledged by
an Investor in connection with a bona fide margin agreement or other loan or financing arrangement that is secured by the Shares or the Warrant Shares, as applicable. The pledge of Shares or Warrant Shares, as applicable, shall not be deemed to be a
transfer, sale or assignment of the Shares hereunder, and no Investor effecting a pledge of Shares or Warrant Shares, as applicable, shall be required to provide the Company with any notice thereof or otherwise make any delivery to the Company
pursuant to this Agreement or any other Transaction Document; provided that an Investor and its pledgee shall be required to comply with the provisions of the Transaction Documents, including Section 7.5 hereof, in order to
effect a sale, transfer or assignment of Shares or Warrant Shares, as applicable, to such pledgee. 
 7.7. Short Sales and
Confidentiality After the Date Hereof. Each Investor covenants that neither it nor any Affiliates acting on its behalf or pursuant to any understanding with it will execute any Short Sales during the period from the date hereof until the earlier
of such time as (i) after the transactions contemplated by this Agreement are first publicly announced or (ii) this Agreement is terminated in full. Notwithstanding the foregoing, in the case of an Investor that is a multi-managed
investment vehicle whereby separate portfolio managers manage separate portions of such Investor’s assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of
such Investor’s assets, the covenant set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Shares. Each Investor covenants that until such time
as the transactions contemplated by this Agreement are publicly disclosed by the Company, such Investor will maintain the confidentiality of all disclosures made to it in connection with this transaction (including the existence and terms of this
transaction). Each Investor understands and acknowledges that the SEC currently takes the position that coverage of short sales of shares of the Common Stock “against the box” prior to effectiveness of a resale registration statement with
securities included in such registration statement would be a violation of Section 5 of the 1933 Act, as set forth in Item 239.10 of the 1933 Act Rules Compliance and Disclosure Interpretations compiled by the Office of Chief Counsel, Division
of Corporation Finance. 
 7.8. Adjustments in Share Numbers and Prices. In the event of any stock split, subdivision, dividend or
distribution payable in shares of Common Stock (or other securities or rights convertible into, or entitling the holder thereof to receive directly or indirectly shares of Common Stock), combination or other similar recapitalization or event
occurring after the date hereof and prior to the Closing, each reference in any Transaction Document to a number of shares or a price per share shall be deemed to be amended to appropriately account for such event. 

  
 23 

 7.9. Fees. The Company shall be responsible for the payment of any placement
agent’s fees, financial advisory fees, or broker’s commissions (other than for Persons engaged by any Investor) relating to or arising out of the transactions contemplated hereby, including, without limitation, any fees or commissions
payable to the Placement Agent. 
 8. Survival and Indemnification. 

8.1. Survival. The representations, warranties, covenants, and agreements contained in this Agreement shall survive the Closing for a
period of three hundred sixty five (365) days after the date hereof and thereafter shall have no further force and effect; provided that the terms of Section 7.5 shall survive beyond such period until such time as no
Investor holds any Registrable Securities (as defined in the Registration Rights Agreement). 
 8.2. Indemnification by the Company.
The Company agrees to indemnify and hold harmless each of the Investors, the officers, directors, partners, members, managers, trustees, employees and agents and other representatives, successors and assigns of each Investor, each Person who
controls any such Investor (within the meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act) and the officers, directors, partners, members, managers, trustees and employees of each such controlling Person (each, an
“Indemnified Party”), against any losses, claims, damages, liabilities or expenses, joint or several, to which such Indemnified Party may become subject under the 1933 Act, the 1934 Act, or any other federal or state statutory law
or regulation (including in settlement of any litigation, if such settlement is effected with the written consent of the Company, provided that such consent shall not be unreasonably withheld), insofar as such losses, claims, damages, liabilities or
expenses (or actions in respect thereof as contemplated below) arise out of or are based in whole or in part on the inaccuracy in the representations and warranties of the Company contained in this Agreement or the failure of the Company to perform
its obligations hereunder, and will reimburse each Indemnified Party for legal and other expenses reasonably incurred as such expenses are reasonably incurred by such Indemnified Party in connection with investigating, defending, settling,
compromising or paying such loss, claim, damage, liability, expense or action; provided, however, that the Company will not be liable in any such case to the extent that any such loss, claim, damage, liability or expense arises out of
or is based upon (i) the failure of such Indemnified Party (or its related parties) to comply with the covenants and agreements contained herein, or (ii) the inaccuracy of any representations made by such Indemnified Party (or its related
parties) herein. 
 8.3. Indemnification Procedure. Promptly after any Indemnified Party has received notice of any
indemnifiable claim hereunder, or the commencement of any action, suit or proceeding by a third Person, which the Indemnified Party believes in good faith is an indemnifiable claim under this Agreement, the Indemnified Party shall give the Company
written notice of such claim or the commencement of such action, suit or proceeding, but failure to so notify the Company will not relieve the Company from any liability it may have to such Indemnified Party hereunder except to the extent that the
Company is materially prejudiced by such failure. Such notice shall state the nature and the basis of such claim to the extent then known. The Company shall have the right to defend and settle, at its own expense and by its own counsel

  
 24 

 
who shall be reasonably acceptable to the Indemnified Party, any such matter as long as the Company pursues the same diligently and in good faith. If the Company undertakes to defend or settle,
it shall promptly notify the Indemnified Party of its intention to do so, and the Indemnified Party shall cooperate with the Company and its counsel in all commercially reasonable respects in the defense thereof and the settlement thereof. Such
cooperation shall include, but shall not be limited to, furnishing the Company with any books, records and other information reasonably requested by the Company and in the Indemnified Party’s possession or control. Such cooperation of the
Indemnified Party shall be at the cost of the Company. After the Company has notified the Indemnified Party of its intention to undertake to defend or settle any such asserted liability, and for so long as the Company diligently pursues such
defense, the Company shall not be liable for any additional legal expenses incurred by the Indemnified Party in connection with any defense or settlement of such asserted liability; provided, however, that the Indemnified Party shall be entitled
(a) at its expense, to participate in the defense of such asserted liability and the negotiations of the settlement thereof and (b) if (i) the Company has failed to assume the defense or employ counsel reasonably acceptable to the
Indemnified Party or (ii) if the defendants in any such action include both the Indemnified Party and the Company and counsel to the Indemnified Party shall have concluded that there may be reasonable defenses available to the Indemnified Party
that are different from or in addition to those available to the Company or if the interests of the Indemnified Party reasonably may be deemed to conflict with the interests of the Company, then the Indemnified Party shall have the right to select a
separate counsel and to assume such legal defense and otherwise to participate in the defense of such action, with the expenses and fees of such separate counsel and other expenses related to such participation to be reimbursed by the Company as
incurred. Notwithstanding any other provision of this Agreement, the Company shall not settle any indemnified claim without the written consent of the Indemnified Party, unless the settlement thereof imposes no liability or obligation on, and
includes a complete release from liability of, and does not include any admission of wrongdoing or malfeasance by, the Indemnified Party. 

9. Miscellaneous. 
 9.1.
Successors and Assigns. This Agreement may not be assigned by an Investor party hereto without the prior written consent of the Company or by the Company without the prior written consent of all of the Investors, as applicable;
provided, however, that an Investor may assign its rights and delegate its duties hereunder in whole or in part to an Affiliate without the prior written consent of the Company, provided such assignee agrees in writing to be bound by
the provisions hereof that apply to Investors. The provisions of this Agreement shall inure to the benefit of and be binding upon the respective permitted successors and assigns of the parties. Without limiting the generality of the foregoing, in
the event that the Company is a party to a merger, consolidation, share exchange or similar business combination transaction in which the Common Stock is converted into the equity securities of another Person, from and after the effective time of
such transaction, such Person shall, by virtue of such transaction, be deemed to have assumed the obligations of the Company hereunder, the term “Company” shall be deemed to refer to such Person and the term “Shares”,
“Warrants” and/or “Warrant Shares” shall be deemed to refer to the securities received by the Investors in exchange therefor in connection with such transaction. Nothing in this Agreement, express or implied, is intended to
confer upon any party other than the parties hereto or their respective permitted successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 

  
 25 

 9.2. Counterparts. This Agreement may be executed in one or more counterparts, each
of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via electronic mail (including pdf or any electronic signature complying with the U.S. ESIGN Act of 2000,
e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

9.3. Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered
in construing or interpreting this Agreement. 
 9.4. Notices. All notices and other communications under this Agreement must be in
writing and are deemed duly delivered when (a) delivered if delivered personally or by nationally recognized overnight courier service (costs prepaid), (b) sent, if sent by electronic mail during normal business hours of the recipient, and if
not sent during normal business hours, then on the first Business Day following such transmission or (c) received or rejected by the addressee, if sent by United States of America certified or registered mail, return receipt requested; in each
case to the following addresses, facsimile numbers or e-mail addresses and marked to the attention of the individual (by name or title) designated below (or to such other address, facsimile number, e-mail address or individual as a party may designate by notice to the other parties): 
 If to the
Company: 
 Lyra Therapeutics, Inc. 

480 Arsenal Way 
 Watertown, MA
02472 
 Attention: Chief Executive Officer 

E-mail: mpalasis@lyratx.com 

With a copy (which will not constitute notice) to: 

Latham & Watkins LLP 

200 Clarendon Street 
 Boston,
MA 02116 
 Facsimile: (617) 948-6001 

Attention: Wesley C. Holmes 
 E-mail: wesley.holmes@lw.com 
 If to the Investors: 

to the addresses set forth on the signature pages hereto. 

9.5. Expenses. Other than as set forth in Section 7.9, the parties hereto shall pay their own costs and
expenses in connection herewith, regardless of whether the transactions contemplated hereby are consummated; it being understood that each of the Company and each Investor has relied on the advice of its own respective counsel. 

  
 26 

 9.6. Amendments and Waivers. Any term of this Agreement may be amended and the
observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and (a) prior to the Closing, Investors that agreed to
purchase a majority of the Securities to be issued and sold pursuant to this Agreement (which majority must include Perceptive) and (b) following the Closing, the Required Investors and, for so long as Perceptive holds at least 50% of the
Shares purchased by it at the Closing, Perceptive. Notwithstanding the foregoing, this Agreement may not be amended and the observance of any term of this Agreement may not be waived with respect to any Investor without the written consent of such
Investor unless such amendment or waiver applies to all Investors in the same fashion. Any amendment or waiver effected in accordance with this paragraph shall be binding upon (i) prior to Closing, each Investor and (ii) following the
Closing, each holder of any Shares, Warrants or Warrant Shares purchased under this Agreement at the time outstanding, and in each case, each future holder of all such Shares, Warrants or Warrant Shares and the Company. For the avoidance of doubt,
any provision herein requiring the calculation of the number of Securities as of any date, or the computation of a percentage of Securities, shall be deemed to refer to the number of Shares and Warrant Shares constituting Securities as of such date,
including Warrant Shares issued or issuable upon exercise of Warrants constituting Securities, without regard to any limitation on the exercise of the Warrants. 

9.7. Publicity. Except as set forth below, no public release or announcement concerning the transactions contemplated hereby shall be
issued by the Company or any of the Investors without the prior written consent of the Company (in the case of a release or announcement by the Investors) or the Required Investors and Perceptive (in the case of a release or announcement by the
Company) (which consents shall not be unreasonably withheld or delayed), except as such release or announcement may be required by law or the applicable rules or regulations of any securities exchange or securities market. Notwithstanding the
foregoing, each Investor may identify the Company and the value of such Investor’s security holdings in the Company in accordance with applicable investment reporting and disclosure regulations or internal policies without prior notice to or
consent from the Company (including, for the avoidance of doubt, filings pursuant to Sections 13 and 16 of the 1934 Act). By 9:00 A.M. (New York City time) on the Trading Day immediately following the date of this Agreement, the Company shall
issue a press release disclosing all material terms of transactions contemplated by this Agreement (the “Press Release”). No later than 5:30 p.m. (New York City time) on the fourth Business Day following the date of this Agreement,
the Company will file a Current Report on Form 8-K (the “8-K”) attaching the press release described in the foregoing sentence as well as copies of the
Transaction Documents. 
 9.8. Third-Party Beneficiaries. Each of the Company and each Investor acknowledges and agrees that the
Placement Agent is a third-party beneficiary of the representations and warranties contained in Sections 4 and 5, respectively. 

9.9. Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof but shall be interpreted as if it were written so as to be enforceable to the maximum extent permitted by
applicable law, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. To the extent permitted by applicable law, the parties hereby waive any provision
of law which renders any provision hereof prohibited or unenforceable in any respect. 

  
 27 

 9.10. Entire Agreement. This Agreement, including the signature pages and Exhibits,
and the other Transaction Documents constitute the entire agreement among the parties hereof with respect to the subject matter hereof and thereof and supersede all prior agreements, understandings and representations, both oral and written, between
the parties with respect to the subject matter hereof and thereof. 
 9.11. Further Assurances. The parties shall execute and deliver
all such further instruments and documents and take all such other actions as may reasonably be required to carry out the transactions contemplated hereby and to evidence the fulfillment of the agreements herein contained. 

9.12. Governing Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement (including all matters concerning the construction,
validity, enforcement and interpretation hereof) shall be governed by, and construed in accordance with, the internal laws of the State of New York without regard to the choice of law principles thereof (other than Sections 5-1401 and 5-1402 of the General Obligations Law). Each of the parties hereto irrevocably submits to the exclusive jurisdiction of the courts of the State of New York located
in New York County and the United States District Court for the Southern District of New York for the purpose of any suit, action, proceeding or judgment relating to or arising out of this Agreement and the transactions contemplated hereby. Service
of process in connection with any such suit, action or proceeding may be served on each party hereto anywhere in the world by the same methods as are specified for the giving of notices under this Agreement. Each of the parties hereto irrevocably
consents to the jurisdiction of any such court in any such suit, action or proceeding and to the laying of venue in such court. Each party hereto irrevocably waives any objection to the laying of venue of any such suit, action or proceeding brought
in such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. To the extent that the Company has or hereafter may acquire any immunity (on the grounds of
sovereignty or otherwise) from the jurisdiction of any court or from any legal process with respect to itself or its property, the Company irrevocably waives, to the fullest extent permitted by law, such immunity in respect of any such suit, action
or proceeding. EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER.  

9.13. Independent Nature of Investors’ Obligations and Rights. The obligations of each Investor under any Transaction Document are
several and not joint with the obligations of any other Investor, and no Investor shall be responsible in any way for the performance of the obligations of any other Investor under any Transaction Document. The decision of each Investor to purchase
Securities pursuant to the Transaction Documents has been made by such Investor independently of any other Investor. Nothing contained herein or in any Transaction Document, and no action taken by any Investor pursuant thereto, shall be deemed to
constitute the Investors as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Investors are in any way acting in concert or as a group with respect to such obligations or

  
 28 

 
the transactions contemplated by the Transaction Documents. Each Investor acknowledges that no other Investor has acted as agent for such Investor in connection with making its investment
hereunder and that no Investor will be acting as agent of such Investor in connection with monitoring its investment in the Securities or enforcing its rights under the Transaction Documents. Each Investor shall be entitled to independently protect
and enforce its rights, including, without limitation, the rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Investor to be joined as an additional party in any proceeding for
such purpose. 
 9.14. Interpretation. Wherever required by the context of this Agreement, the singular shall include the plural and
vice versa, and the masculine gender shall include the feminine and neuter genders and vice versa, and references to any agreement, document or instrument shall be deemed to refer to such agreement, document or instrument as amended, supplemented or
modified from time to time. All article, section, paragraph or clause references not attributed to a particular document shall be references to such parts of this Agreement, and all exhibit, annex, letter and schedule references not attributed to a
particular document shall be references to such exhibits, annexes, letters and schedules to this Agreement. In addition, the word “or” is not exclusive; the words “including,” “includes,” “included” and
“include” are deemed to be followed by the words “without limitation”; and the terms “herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to
any particular section, paragraph or subdivision. 
 [remainder of page intentionally left blank] 

  
 29 

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized
officers to execute this Agreement as of the date first above written. 
  

							
	COMPANY:	 		 	LYRA THERAPEUTICS, INC.
				
		 		 	By:	 	/s/ Maria Palasis
		 		 		 	Name: Maria Palasis, Ph.D.
		 		 		 	Title: Chief Executive Officer

 
	
	INVESTOR:
	
	Entity: Pura Vida Master Fund, Ltd.
	
	Signature: /s/ Efrem Kamen                               
                     
	Name: Efrem Kamen
	Title: Managing Member of Pura Vida Investments, LLC, in its capacity as investment manager to Investor

  

			
	Investor Information	  	
		
	Entity Name:	  	Pura Vida Master Fund, Ltd.
		
	Contact Person:	  	Cara Bradfield – invops@puravidafunds.com
		
	Telephone:	  	646-757-2184
		
	Email:	  	invops@puravidafunds.com;
		  	doris@puravidafunds.com;
		  	Adi@puravidafunds.com
		
	Correspondence Address Only (see registered address below):	  	 c/o Pura Vida Investments, LLC
 512 West 22nd Street, 7th Floor
 New York, NY 10011

USA

		
	Registered Address:	  	c/o Walkers Corporate Limited
		  	190 Elgin Avenue, George Town
		  	Grand Cayman KY1-9008
		  	CAYMAN ISLANDS
		
	Tax ID #:	  	***
		
	Name in which Securities should be issued:	  	Pura Vida Master Fund, Ltd.

 
	
	INVESTOR:
	
	Entity: Highmark Limited, in respect of its Segregated Account Highmark Long/Short Equity 20
	
	Signature: /s/ Efrem Kamen                               
                     
	Name: Efrem Kamen
	Title: Managing Member of Pura Vida Investments, LLC, in its capacity as investment manager to Investor

  

			
	Investor Information	  	
		
	Entity Name:	  	Highmark Limited, in respect of its Segregated Account Highmark Long/Short Equity 20
		
	Contact Person:	  	Cara Bradfield – invops@puravidafunds.com
		
	Telephone:	  	646-757-2184
		
	Email:	  	invops@puravidafunds.com;
		  	doris@puravidafunds.com;
		  	Adi@puravidafunds.com
		
	Correspondence Address Only (see registered address below):	  	 c/o Pura Vida Investments, LLC
 512 West 22nd Street, 7th Floor
 New York, NY 10011

USA

		
	Registered Address:	  	Highmark Limited, Clarendon House
		  	2 Church Street
		  	Hamilton HM 11
		  	BERMUDA
		
	Tax ID #:	  	***
		
	Name in which Securities should be issued:	  	Highmark Limited, in respect of its Segregated Account Highmark Long/Short Equity 20

 
	
	INVESTOR:
	
	Entity: Walleye Opportunities Master Fund Ltd
	
	Signature: /s/ Efrem Kamen                               
                     
	Name: Efrem Kamen
	Title: Managing Member of Pura Vida Investments, LLC, in its capacity as sub-adviser to Investor

  

			
	Investor Information	  	
		
	Entity Name:	  	Walleye Opportunities Master Fund Ltd
		
	Contact Person:	  	Cara Bradfield – invops@puravidafunds.com
		
	Telephone:	  	646-757-2184
		
	Email:	  	invops@puravidafunds.com;
		  	doris@puravidafunds.com;
		  	Adi@puravidafunds.com
		
	Correspondence Address Only (see registered address below):	  	 c/o Pura Vida Investments, LLC
 512 West 22nd Street, 7th Floor
 New York, NY 10011

USA

		
	Registered Address:	  	c/o Walkers Corporate Limited
		  	190 Elgin Avenue, George Town
		  	Grand Cayman KY1-9008
		  	CAYMAN ISLANDS
		
	Tax ID #:	  	***
		
	Name in which Securities should be issued:	  	Walleye Opportunities Master Fund Ltd

 
	
	INVESTOR:
	
	Entity: Sea Hawk Multi-Strategy Master Fund Ltd
	
	Signature: /s/ Efrem Kamen                               
                     
	Name: Efrem Kamen
	Title: Managing Member of Pura Vida Investments, LLC, in its capacity as sub-adviser to Investor

  

			
	Investor Information	  	
		
	Entity Name:	  	Sea Hawk Multi-Strategy Master Fund Ltd
		
	Contact Person:	  	Cara Bradfield – invops@puravidafunds.com
		
	Telephone:	  	646-757-2184
		
	Email:	  	invops@puravidafunds.com;
		  	doris@puravidafunds.com;
		  	Adi@puravidafunds.com
		
	Correspondence Address Only (see registered address below):	  	 c/o Pura Vida Investments, LLC
 512 West 22nd Street, 7th Floor
 New York, NY 10011

USA

		
	Registered Address:	  	c/o Walkers Corporate Limited
		  	190 Elgin Avenue, George Town
		  	Grand Cayman KY1-9008
		  	CAYMAN ISLANDS
		
	Tax ID #:	  	***
		
	Name in which Securities should be issued:	  	Sea Hawk Multi-Strategy Master Fund Ltd

 
	
	INVESTOR:
	
	Entity: Walleye Manager Opportunities LLC
	
	Signature: /s/ Efrem Kamen                               
                     
	Name: Efrem Kamen
	Title: Managing Member of Pura Vida Investments, LLC, in its capacity as sub-adviser to Investor

  

			
	Investor Information	  	
		
	Entity Name:	  	Walleye Manager Opportunities LLC
		
	Contact Person:	  	Cara Bradfield – invops@puravidafunds.com
		
	Telephone:	  	646-757-2184
		
	Email:	  	invops@puravidafunds.com;
		  	doris@puravidafunds.com;
		  	Adi@puravidafunds.com
		
	Correspondence Address Only (see registered address below):	  	 c/o Pura Vida Investments, LLC
 512 West 22nd Street, 7th Floor
 New York, NY 10011

USA

		
	Registered Address:	  	1209 Orange Street
		  	Wilmington, DE 1980
		  	USA
		
	Tax ID #:	  	***
		
	Name in which Securities should be issued:	  	Walleye Manager Opportunities LLC

 
	
	INVESTOR:
	
	Entity: Pura Vida X Fund LP
	
	Signature: /s/ Efrem Kamen                               
                     
	Name: Efrem Kamen
	Title: Managing Member of Pura Vida Investments, LLC, in its capacity as investment manager to Investor

  

			
	Investor Information	  	
		
	Entity Name:	  	Pura Vida X Fund LP
		
	Contact Person:	  	Cara Bradfield – invops@puravidafunds.com
		
	Telephone:	  	646-757-2184
		
	Email:	  	invops@puravidafunds.com;
		  	doris@puravidafunds.com;
		  	Adi@puravidafunds.com
		
	Correspondence Address Only (see registered address below):	  	 c/o Pura Vida Investments, LLC
 512 West 22nd Street, 7th Floor
 New York, NY 10011

USA

		
	Registered Address:	  	251 Little Falls Drive
		  	Wilmington, DE 19808
		  	USA
		
	Tax ID #:	  	***
		
	Name in which Securities should be issued:	  	Pura Vida X Fund LP

 
	
	INVESTOR:
	
	Entity: Lockheed Martin Corporation Master Retirement Trust
	
	Signature: /s/ Efrem Kamen                               
                     
	Name: Efrem Kamen
	Title: Managing Member of Pura Vida Investments, LLC, in its capacity as investment manager to Investor

  

			
	Investor Information	  	
		
	Entity Name:	  	Lockheed Martin Corporation Master Retirement Trust
		
	Contact Person:	  	Cara Bradfield – invops@puravidafunds.com
		
	Telephone:	  	646-757-2184
		
	Email:	  	invops@puravidafunds.com;
		  	doris@puravidafunds.com;
		  	Adi@puravidafunds.com
		
	Correspondence Address Only (see registered address below):	  	 c/o Pura Vida Investments, LLC
 512 West 22nd Street, 7th Floor
 New York, NY 10011

USA

		
	Registered Address:	  	c/o The Northern Trust Company
		  	333 S. Wabash, WB-42, Chicago, IL 60604
		  	USA
		
	Tax ID #:	  	***
		
	Name in which Securities should be issued:	  	Lockheed Martin Corporation Master Retirement Trust

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized
officers to execute this Agreement as of the date first above written. 
 INVESTOR: 

			
		
	By:	 	/s/ Harlan Waksal
		 	Harlan Waksal, M.D.

  

			
	Investor Information	  	
		
	Name:	  	Harlan Waksal
		
	Contact Person:	  	
		
	Registered Address:	  	7 North Willow Street, Suite A
		  	Montclair, NJ 07042
		  	Telephone: 917-658-6069
		  	Email: hwaksal@lyratx.com
		
	Notice Particulars:	  	***
		  	Email: hwaksal@lyratx.com
		
	Tax ID # or Social Security #:	  	***
		
	Name in which Securities should be issued:	  	Harlan Waksal

 
	
	INVESTOR:
	
	MLPF&S CUSTODIAN FPO TIM FOSTER IRRA FBO TIM FOSTER
	
	Signature: /s/ Tim Foster                               
                     
	Name: Tim Foster
	Title: Authorized Signatory

  

			
	Investor Information	  	
		
	Entity Name:	  	MLPF&S Custodian FPO
		  	Tim Foster IRRA
		  	FBO Tim Foster
		
	Contact Person:	  	Timothy Foster
		
	Address:	  	***
		
	City:	  	***
		
	State:	  	***
		
	Zip Code:	  	***
		
	Telephone:	  	***
		
	Facsimile:	  	N/A
		
	Email:	  	***
		
	Tax ID # or Social Security #:	  	***
		
	Name in which Securities should be issued:	  	MLPF&S Custodian FPO Tim Foster IRRA FBO Tim Foster

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized
officers to execute this Agreement as of the date first above written. 
  

							
	INVESTOR:	 		 	NORTH BRIDGE VENTURE PARTNERS V-A, L.P.
				
		 		 	By:	 	North Bridge Venture Management V, L.P.
		 		 	Its:	 	General Partner
				
		 		 	By:	 	NBVM GP, LLC
		 		 	Its:	 	General Partner
				
		 		 	By:	 	/s/ Edward T. Anderson
		 		 		 	Name: Edward T. Anderson
		 		 		 	Title: Manager

  

			
	 Investor Information
	  	
		
	Entity Name:	  	 NORTH BRIDGE VENTURE PARTNERS V-A, L.P.

 
 By: North Bridge Venture Management V, L.P.

Its: General Partner
  

By: NBVM GP, LLC
 Its: General Partner

		
	Contact Person:	  	Edward T. Anderson, Manager
		
	Registered Address:	  	 60 William Street, Suite 350
 Wellesley, MA
02481

		
	Notice Particulars:	  	 60 William Street, Suite 350
 Wellesley, MA
02481
 Telephone: 781-290-0004

Email: eta@northbridge.com

		
	Tax ID # or Social Security #:	  	***
		
	Name in which Securities should be issued:	  	NORTH BRIDGE VENTURE PARTNERS V-A, L.P.

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized
officers to execute this Agreement as of the date first above written. 
  

							
	INVESTOR:	 		 	 NORTH BRIDGE VENTURE PARTNERS V-B, L.P.

 
 By: North Bridge Venture Management V,
L.P.
 Its: General Partner
  

By: NBVM GP, LLC

Its: General Partner

				
		 		 	 By:
	 	 /s/ Edward T. Anderson

		 		 		 	 Name: Edward T. Anderson

		 		 		 	 Title: Manager

  

			
	 Investor Information
	  	 
		
	Entity Name:	  	 NORTH BRIDGE VENTURE PARTNERS V-B, L.P.

 
 By: North Bridge Venture Management V, L.P.

Its: General Partner
  

By: NBVM GP, LLC
 Its: General Partner

		
	Contact Person:	  	Edward T. Anderson, Manager
		
	Registered Address:	  	 60 William Street, Suite 350
 Wellesley, MA
02481

		
	Notice Particulars:	  	 60 William Street, Suite 350
 Wellesley, MA
02481
 Telephone: 781-290-0004

Email: eta@northbridge.com

		
	Tax ID # or Social Security #:	  	***
		
	Name in which Securities should be issued:	  	NORTH BRIDGE VENTURE PARTNERS V-B, L.P.

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized
officers to execute this Agreement as of the date first above written. 
  

							
	INVESTOR:	 		 	 NORTH BRIDGE VENTURE PARTNERS VI, L.P.
  

By: North Bridge Venture Management VI, L.P.
 Its: General
Partner
  
 By: NBVM GP, LLC

Its: General Partner

				
		 		 	By:	 	 /s/ Edward T. Anderson

		 		 		 	 Name: Edward T. Anderson

		 		 		 	 Title: Manager

  

			
	 Investor Information
	  	 
		
	Entity Name:	  	 NORTH BRIDGE VENTURE PARTNERS VI, L.P.
  

By: North Bridge Venture Management VI, L.P.
 Its: General
Partner
  
 By: NBVM GP, LLC

Its: General Partner

		
	Contact Person:	  	Edward T. Anderson, Manager
		
	Registered Address:	  	 60 William Street, Suite 350
 Wellesley, MA
02481

		
	Notice Particulars:	  	 60 William Street, Suite 350
 Wellesley, MA
02481
 Telephone: 781-290-0004

Email: eta@northbridge.com

		
	Tax ID # or Social Security #:	  	***
		
	Name in which Securities should be issued:	  	NORTH BRIDGE VENTURE PARTNERS VI, L.P.

	
	INVESTOR:
	
	Entity: Perceptive Life Sciences Master Fund, Ltd.
	
	Signature: /s/ James H. Mannix                              
          
	Name: James H. Mannix
	Title: Chief Operating Officer

  

			
	Investor Information	  	
		
	Entity Name:	  	Perceptive Life Sciences Master Fund, Ltd.
		
	Contact Person:	  	James H. Mannix
		
	Address:	  	51 Astor Place, 10th Floor
		
	City:	  	New York
		
	State:	  	NY
		
	Zip Code:	  	10003
		
	Telephone:	  	646-205-5300
		
	Facsimile:	  	646-205-5301
		
	Email:	  	accounting@perceptivelife.com
		
	Tax ID # or Social Security #:	  	***
		
	Name in which Securities should be issued:	  	Perceptive Life Sciences Master Fund, Ltd.

 
	
	INVESTOR:
	
	[if signatory is an individual]
	
	Signature:                                    
                                 
	Name:                                     
                                      
	
	[if signatory is an entity]
	
	Entity: INVESTOR COMPANY ITF
	            ROSALIND MASTER FUND L.P.
	
	Signature: /s/ Steven Salamon                               
         
	Name: Steven Salamon
	 Title: President, Rosalind Advisors, Inc.

          (adviser to Rosalind Master Fund L.P.)

  

			
	Investor Information	  	
		
	Entity Name:	  	INVESTOR COMPANY ITF ROSALIND MASTER FUND L.P.
		
	Contact Person:	  	Steven Salamon
		
	Address:	  	175 Bloor St East, Suite 1316, North Tower
		
	City:	  	Toronto
		
	State:	  	Ontario
		
	Zip Code:	  	M4W 3R8
		
	Telephone:	  	(416) 791-0300 X3
		
	Facsimile:	  	(416) 850-5166
		
	Email:	  	ops@rosalindcap.com /steven@rosalindcap.com
		
	Tax ID # or Social Security #:	  	***
		
	Name in which Securities should be issued:	  	INVESTOR COMPANY ITF ROSALIND MASTER FUND LP

	
	INVESTOR:
	
	[if signatory is an individual]
	
	Signature:                                    
                                 
	Name:                                     
                                      
	
	[if signatory is an entity]
	
	Entity: CVI Investments, Inc., By: Heights Capital Management, Inc., its authorized agent
	
	Signature: /s/ Martin Kobinger                              
          
	Name: Martin Kobinger
	Title: President

  

			
	Investor Information	  	
		
	Entity Name:	  	CVI Investments, Inc.
		
	Contact Person:	  	Sam Winer
		
	Address:	  	C/O Heights Capital Management, Inc.
		  	101 California Street, Suite 3250
		
	City:	  	San Francisco
		
	State:	  	CA
		
	Zip Code:	  	94111
		
	Telephone:	  	(415) 403-6500
		
	Facsimile:	  	
		
	Email:	  	winer@sig.com
		
	Tax ID # or Social Security #:	  	***
		
	Name in which Securities should be issued:	  	CVI Investments, Inc.

	
	 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized officers to execute this
Agreement as of the date first above written.
  

	 INVESTOR:

 

			
	By:	 	 /s/ Craig A. Wheeler

		 	Craig A. Wheeler

  

			
	Investor Information	  	
		
	Name:	  	Craig A. Wheeler
		
	Contact Person:	  	
		
	Registered Address:	  	***
		
	Notice Particulars:	  	***
		  	Email: cwheeler@headwatersbiotech.com
		
	Tax ID # or Social Security #:	  	***
		
	Name in which Securities should be issued:	  	Craig A. Wheeler

 
	
	INVESTOR:
	
	[if signatory is an individual]
	
	Signature:                                    
                                 
	Name:                                     
                                      
	
	[if signatory is an entity]
	
	Entity: SOLEUS CAPITAL MASTER FUND, L.P.
	By: Soleus Capital, LLC, as general partner
	
	Signature: /s/ Steven Musumeci                              
   
	Name: Steven Musumeci
	Title: Chief Operating Officer

  

			
	Investor Information	  	
		
	Entity Name:	  	SOLEUS CAPITAL MASTER FUND, L.P
		
	Contact Person:	  	Steven Musumeci
		
	Address:	  	104 Field Point Road, 2nd Floor
		
	City:	  	Greenwich
		
	State:	  	CT
		
	Zip Code:	  	06830
		
	Telephone:	  	475-208-3178
		
	Facsimile:	  	475-223-0865
		
	Email:	  	Steven@soleuscapital.com
		
	Tax ID # or Social Security #:	  	***
		
	Name in which Securities should be issued:	  	SOLEUS CAPITAL MASTER FUND, L.P.

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized
officers to execute this Agreement as of the date first above written. 
  

							
	INVESTOR:	 		 	
				
		 		 	By:	 	/s/ Edward T. Anderson
		 		 		 	Edward T. Anderson

  

			
	Investor Information	  	
		
	Name:	  	Edward T. Anderson
		
	Contact Person:	  	
		
	Registered Address:	  	***
		
	Notice Particulars:	  	60 William Str. Suite 350
		  	Wellesley, MA 02481
		
	Tax ID # or Social Security #:	  	***
		
	Name in which Securities should be issued:	  	Edward T. Anderson

 
	
	INVESTOR:
	
	[if signatory is an individual]
	
	Signature:                                    
                                 
	Name:                                     
                                      
	
	[if signatory is an entity]
	
	Entity: Armistice Capital Master Fund Ltd.
	
	Signature: /s/ Steven Boyd
                                        

	Name: Steven Boyd
	Title: CIO of Armistice Capital, LLC, the Investment Manager

  

			
	Investor Information	  	
		
	Entity Name:	  	Armistice Capital Master Fund Ltd.
		
	Contact Person:	  	Scott Miller; Brian Kohn
		
	Address:	  	c/o Armistice Capital, LLC
	 	  	510 Madison Avenue, 7th Floor
		
	City:	  	New York
		
	State:	  	New York
		
	Zip Code:	  	10022
		
	Telephone:	  	(212) 231-4930
		
	Facsimile:	  	
		
	Email:	  	smiller@armisticecapital.com;
	 	  	bkohn@armisticecapital.com
		
	Tax ID # or Social Security #:	  	***
		
	Name in which Securities should be issued:	  	Armistice Capital Master Fund Ltd.

 
			
		 	INVESTOR:
	
	NANTAHALA CAPITAL PARTNERS SI, LP
		
	By:	 	Nantahala Capital Management, LLC
		 	Its Investment Manager
		
	By:	 	 /s/ Wilmot Harkey

		 	Name: Wilmot Harkey
		 	Title: Manager
	
	Legal Entity Name and Address:
	
	 Nantahala Capital Partners SI, LP

130 Main St. 2nd Floor

	New Canaan, CT 06840
	
	Notifications:
	
	Contact: Operations Team
	
	Email (preferred): operations@nantahalapartners.com
	
	Copy to legal address for physical.
	
	Tax ID: ***

 
			
		 	INVESTOR:
	
	NCP RFM LP
		
	By:	 	Nantahala Capital Management, LLC
		 	Its Investment Manager
		
	By:	 	 /s/ Wilmot Harkey

		 	Name: Wilmot Harkey
		 	Title: Manager
	
	Legal Entity Name and Address:
	
	 NCP RFM LP
 130 Main St. 2nd Floor

	New Canaan, CT 06840
	
	Notifications:
	
	Contact: Operations Team
	
	Email (preferred): operations@nantahalapartners.com
	
	Copy to legal address for physical.
	
	Tax ID: ***

 
			
		 	INVESTOR:
	
	NCP CB LP
		
	By:	 	Nantahala Capital Management, LLC
		 	Its Investment Manager
		
	By:	 	 /s/ Wilmot Harkey

		 	Name: Wilmot Harkey
		 	Title: Manager
	
	Legal Entity Name and Address:
	
	NCP CB LP
	130 Main St. 2nd Floor
	New Canaan, CT 06840
	
	Notifications:
	
	Contact: Operations Team
	
	Email (preferred): operations@nantahalapartners.com
	
	Copy to legal address for physical.
	
	Tax ID: ***

 
			
		 	INVESTOR:
	
	 Pinehurst Partners, L.P., solely with respect to the portion of its assets for which
Nantahala Capital Management, LLC acts as its Sub-Advisor

		
	By:	 	Nantahala Capital Management, LLC
		 	Its Sub-Advisor
		
	By:	 	 /s/ Wilmot Harkey

		 	Name: Wilmot Harkey
		 	Title: Manager
	
	Legal Entity Name and Address:
	
	Pinehurst Partners, L.P.
	c/o Corporation Trust Center
	1209 Orange Street
	Wilmington, DE 19801
	
	Notifications:
	
	Contact: Operations Team
	
	Email (preferred): operations@nantahalapartners.com
	
	Notifications:
	
	Contact: Operations Team(s)
	
	 Email (preferred): operations@nantahalapartners.com;

fof-ops@corbincapital.com

	
	 Copy to legal address above, Sub-Advisor
below, and operational address below for physical.

	
	c/o Nantahala Capital Management, LLC
	130 Main St. 2nd Floor
	New Canaan, CT 06840
	
	With a copy to:
	
	 Pinehurst Partners, L.P.
 590
Madison Avenue
 31st Floor

	New York, NY 10022
	
	Tax ID: ***

 
			
		 	INVESTOR:
	
	NANTAHALA CAPITAL PARTNERS LIMITED PARTNERSHIP
		
	By:	 	Nantahala Capital Management, LLC
		 	Its General Partner
		
	By:	 	 /s/ Wilmot Harkey

		 	Name: Wilmot Harkey
		 	Title: Manager
	
	Legal Entity Name and Address:
	
	 Nantahala Capital Partners Limited Partnership

130 Main St. 2nd Floor

	New Canaan, CT 06840
	
	Notifications:
	
	Contact: Operations Team
	
	Email (preferred): operations@nantahalapartners.com
	
	Copy to legal address for physical.
	
	Tax ID: ***

 
			
		 	INVESTOR:
	
	NANTAHALA CAPITAL PARTNERS II LIMITED PARTNERSHIP
		
	By:	 	Nantahala Capital Management, LLC
		 	Its General Partner
		
	By:	 	 /s/ Wilmot Harkey

		 	Name: Wilmot Harkey
		 	Title: Manager
	
	Legal Entity Name and Address:
	
	 Nantahala Capital Partners II Limited Partnership

130 Main St. 2nd Floor

	New Canaan, CT 06840
	
	Notifications:
	
	Contact: Operations Team
	
	Email (preferred): operations@nantahalapartners.com
	
	Copy to legal address for physical.
	
	Tax ID: ***

 
			
		 	INVESTOR:
	
	 Corbin Hedged Equity Fund, L.P., solely with respect to the portion of its assets for
which Nantahala Capital Management, LLC acts as its Sub-Advisor

		
	By:	 	Nantahala Capital Management, LLC
		 	Its Sub-Advisor
		
	By:	 	 /s/ Wilmot Harkey

		 	Name: Wilmot Harkey
		 	Title: Manager
	
	 Legal Entity Name and Address:
  

Corbin Hedged Equity Fund, L.P.
 c/o Corporation Trust Center

1209 Orange Street

	Wilmington, DE 19801
	
	Notifications:
	
	Contact: Operations Team
	
	Email (preferred): operations@nantahalapartners.com
	
	Notifications:
	
	Contact: Operations Team(s)
	
	 Email (preferred): operations@nantahalapartners.com;

fof-ops@corbincapital.com

	
	 Copy to legal address above, Sub-Advisor below,
and operational address below for physical.
  
 c/o Nantahala Capital Management,
LLC
 130 Main St. 2nd Floor

	New Canaan, CT 06840
	
	With a copy to:
	
	 Corbin Hedged Equity Fund, L.P.
 590
Madison Avenue
 31st Floor

	New York, NY 10022
	
	Tax ID: ***

 
			
		 	INVESTOR:
	
	 BLACKWELL PARTNERS LLC - SERIES A, solely with respect to the portion of its assets
for which Nantahala Capital Management, LLC acts as its Investment Manager

		
	By:	 	Nantahala Capital Management, LLC
		 	Its Investment Manager
		
	By:	 	 /s/ Wilmot Harkey

		 	Name: Wilmot Harkey
		 	Title: Manager
	
	Legal Entity Name and Address:
	
	 Blackwell Partners LLC – Series A

280 South Mangum Street, Suite 210

	Durham, NC 27701
	
	Notifications:
	
	Contact: Operations Team; Jannine Lall
	
	 Email (preferred): operations@nantahalapartners.com;

jlall@dumac.duke.edu

	
	 Copy to legal address above and investment manager below for physical.

 
 c/o Nantahala Capital Management, LLC

130 Main St. 2nd Floor

	New Canaan, CT 06840
	
	Tax ID: ***

 
	
	INVESTOR:
	
	[if signatory is an individual]
	
	Signature:                                    
                                 
	Name:                                     
                                      
	
	[if signatory is an entity]
	
	Entity: Samsara BioCapital, L.P.
	
	Signature: /s/ Srinivas Akkaraju                              
      
	Name: Srinivas Akkaraju, MD, PhD
	Title: Managing Member

  

			
	Investor Information	  	
		
	Entity Name:	  	Samsara BioCapital, L.P.
		
	Contact Person:	  	Srinivas Akkaraju
		
	Address:	  	628 Middlefield Road
		
	City:	  	Palo Alto
		
	State:	  	California
		
	Zip Code:	  	94301
		
	Telephone:	  	650-285-4270
		
	Facsimile:	  	N/A
		
	Email:	  	srini@samsaracap.com;
		  	Christian@samsaracap.com;
		  	rich@samsaracap.com
		
	Tax ID # or Social Security #:	  	***
		
	Name in which Securities should be issued:	  	Samsara BioCapital, L.P.

 
	
	INVESTOR:
	
	[if signatory is an individual]
	
	Signature:                                    
                                 
	Name:                                     
                                      
	
	[if signatory is an entity]
	
	Entity: Altium Growth Fund, LP
	
	Signature: /s/ Mark Gottlieb                               
         
	Name: Mark Gottlieb
	Title: COO

  

			
	Investor Information	  	
		
	Entity Name:	  	Altium Growth Fund, LP
		
	Contact Person:	  	Mark Gottlieb
		
	Address:	  	152 W 57th St, 20th Floor
		
	City:	  	New York
		
	State:	  	NY
		
	Zip Code:	  	10019
		
	Telephone:	  	212-259-8400
		
	Facsimile:	  	
		
	Email:	  	legal@altiumcap.com
		
	Tax ID # or Social Security #:	  	***
		
	Name in which Securities should be issued:	  	Altium Growth Fund, LP

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized
officers to execute this Agreement as of the date first above written. 
  

			
	INVESTOR:	  	VENROCK HEALTHCARE CAPITAL PARTNERS EG, L.P.
		
		  	By: VHCP Management EG, LLC
		  	Its: General Partner
		
		  	By: /s/ Nimish Shah
		  	      Authorized Signatory

  

			
	Investor Information	  	
		
	Entity Name:	  	VENROCK HEALTHCARE CAPITAL PARTNERS EG, L.P.
		  	By: VHCP Management EG, LLC, its general partner
		
	Contact Person:	  	Nimish Shah
		
	Registered Address:	  	7 Bryant Park, 23rd Floor, New York, NY 10018
		
	Notice Particulars:	  	nshah@venrockcp.com
		
	Tax ID # or Social Security #:	  	***
		
	Name in which Securities should be issued:	  	VENROCK HEALTHCARE CAPITAL PARTNERS EG, L.P.

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized
officers to execute this Agreement as of the date first above written. 
  

			
	INVESTOR:	  	VENROCK HEALTHCARE CAPITAL PARTNERS III, L.P.
		
		  	By: VHCP Management III, LLC
		  	Its: General Partner
		
		  	By: VR Advisor, LLC
		  	Its: Manager
		
		  	By: /s/ Nimish Shah
		  	      Authorized Signatory

  

			
	Investor Information	  	
		
	Entity Name:	  	VENROCK HEALTHCARE CAPITAL PARTNERS III, L.P.
		  	By: VHCP Management III, LLC, its general partner
		  	By: VR Advisor, LLC, its manager
		
	Contact Person:	  	Nimish Shah
		
	Registered Address:	  	7 Bryant Park, 23rd Floor, New York, NY 10018
		
	Notice Particulars:	  	nshah@venrockcp.com
		
	Tax ID # or Social Security #:	  	***
		
	Name in which Securities should be issued:	  	VENROCK HEALTHCARE CAPITAL PARTNERS III, L.P.

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized
officers to execute this Agreement as of the date first above written. 
  

			
	INVESTOR:	  	VHCP CO-INVESTMENT HOLDINGS III, LLC
		
		  	By: VHCP Management III, LLC
		  	Its: Manager
		
		  	By: VR Advisor, LLC
		  	Its: Manager
		
		  	By: /s/ Nimish
Shah                                         
               
		  	      Authorized Signatory

  

			
	Investor Information	  	
		
	Entity Name:	  	VHCP CO-INVESTMENT HOLDINGS III, LLC
		  	By: VHCP Management III, LLC, its general partner
		  	By: VR Advisor, LLC, its manager
		
	Contact Person:	  	Nimish Shah
		
	Registered Address:	  	7 Bryant Park, 23rd Floor, New York, NY 10018
		
	Notice Particulars:	  	nshah@venrockcp.com
		
	Tax ID # or Social Security #:	  	***
		
	Name in which Securities should be issued:	  	VHCP CO-INVESTMENT HOLDINGS III, LLC

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized
officers to execute this Agreement as of the date first above written. 
  

			
	INVESTOR:	  	VENROCK HEALTHCARE CAPITAL PARTNERS II, L.P.
		
		  	By: VHCP Management II, LLC
		  	Its: General Partner
		
		  	By: /s/ Nimish
Shah                                         
               
		  	      Authorized Signatory

  

			
	Investor Information	  	
		
	Entity Name:	  	VENROCK HEALTHCARE CAPITAL PARTNERS II, L.P.
		  	By: VHCP Management II, LLC, its general partner
		
	Contact Person:	  	Nimish Shah
		
	Registered Address:	  	7 Bryant Park, 23rd Floor, New York, NY 10018
		
	Notice Particulars:	  	nshah@venrockcp.com
		
	Tax ID # or Social Security #:	  	***
		
	Name in which Securities should be issued:	  	VENROCK HEALTHCARE CAPITAL PARTNERS II, L.P.

 IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly authorized
officers to execute this Agreement as of the date first above written. 
  

			
	INVESTOR:	  	VHCP CO-INVESTMENT HOLDINGS II, LLC
		
		  	By: VHCP Management II, LLC
		  	Its: Manager
		
		  	By: /s/ Nimish
Shah                                         
                   
		  	      Authorized Signatory

  

			
	Investor Information	  	
		
	Entity Name:	  	VHCP CO-INVESTMENT HOLDINGS II, LLC
		  	By: VHCP Management II, LLC, its manager
		
	Contact Person:	  	Nimish Shah
		
	Registered Address:	  	7 Bryant Park, 23rd Floor, New York, NY 10018
		
	Notice Particulars:	  	nshah@venrockcp.com
		
	Tax ID # or Social Security #:	  	***
		
	Name in which Securities should be issued:	  	VHCP CO-INVESTMENT HOLDINGS II, LLC

 EXHIBIT A 

Schedule of Share Investors 
  

									
	 Share Investor Name and Address
	  	Number of Shares to
be Purchased	 	  	Aggregate
Purchase
Price of Shares	 
	 Pura Vida Master Fund, Ltd.

c/o Walkers Corporate Limited

190 Elgin Avenue

George Town, Grand Cayman KY1-9008

Cayman Islands

Email: invops@puravidafunds.com; doris@puravidafunds.com; adi@puravidafunds.com
	  	 	729,621	 	  	$	3,079,000.62	 
	 Highmark Limited, in respect of its Segregated Account Highmark Long/Short Equity
20
 Clarendon House

2 Church Street

Hamilton HM 11

Bermuda

Email: invops@puravidafunds.com; doris@puravidafunds.com; adi@puravidafunds.com
	  	 	318,483	 	  	$	1,343,998.26	 
	 Walleye Opportunities Master Fund Ltd

c/o Walkers Corporate Limited

190 Elgin Avenue

George Town, Grand Cayman KY1-9008

Cayman Islands

Email: invops@puravidafunds.com; doris@puravidafunds.com; adi@puravidafunds.com
	  	 	63,389	 	  	$	267,501.58	 
	 Sea Hawk Multi-Strategy Master Fund Ltd

c/o Walkers Corporate Limited

190 Elgin Avenue

George Town, Grand Cayman KY1-9008

Cayman Islands

Email: invops@puravidafunds.com; doris@puravidafunds.com; adi@puravidafunds.com
	  	 	31,398	 	  	$	132,499.56	 
	 Walleye Manager Opportunities LLC

1209 Orange Street

Wilmington, DE 19801

USA

Email: invops@puravidafunds.com; doris@puravidafunds.com; adi@puravidafunds.com
	  	 	41,943	 	  	$	176,999.46	 

									
	 Pura Vida X Fund LP

251 Little Falls Drive

Wilmington, DE 19808

USA

Email: invops@puravidafunds.com; doris@puravidafunds.com; adi@puravidafunds.com
	  	 	423,327	 	  	$	1,786,439.94	 
	 Lockheed Martin Corporation Master Retirement Trust

c/o The Northern Trust Company

333 S. Wabash, WB-42

Chicago, IL 60604

USA

Email: invops@puravidafunds.com; doris@puravidafunds.com; adi@puravidafunds.com
	  	 	761,507	 	  	$	3,213,559.54	 
	 Harlan Waksal

7 North Willow Street, Suite A

Montclair, NJ 07042

Email: hwaksal@lyratx.com
	  	 	236,966	 	  	$	999,996.52	 
	 MLPF&S Custodian FPO Tim Foster IRRA FBO Tim Foster

***
	  	 	118,483	 	  	$	499,998.26	 
	 North Bridge Venture Partners V-A, L.P.

60 William Street, Suite 350

Wellesley, MA 02481

Email: eta@northbridge.com
	  	 	1,076,851	 	  	$	4,544,315.44	 
	 North Bridge Venture Partners V-B, L.P.

60 William Street, Suite 350

Wellesley, MA 02481

Email: eta@northbridge.com
	  	 	527,806	 	  	$	2,227,341.32	 
	 North Bridge Venture Partners VI, L.P.

60 William Street, Suite 350

Wellesley, MA 02481

Email: eta@northbridge.com
	  	 	765,010	 	  	$	3,228,342.20	 
	 Perceptive Life Sciences Master Fund, Ltd.

51 Astor Place, 10th Floor

New York, NY 10003

Email: accounting@perceptivelife.com
	  	 	5,924,170	 	  	$	24,999,997.40	 
	 Investor Company ITF Rosalind Master Fund L.P.

175 Bloor St East, Suite 1316, North Tower

Toronto, Ontario M4W 3R8

Email: ops@rosalindcap.com; steven@rosalindcap.com
	  	 	1,184,834	 	  	$	4,999,999.48	 

									
	 CVI Investments, Inc.

c/o Heights Capital Management, Inc.

101 California Street, Suite 3250

San Francisco, CA 94111

Email: winer@sig.com
	  	 	236,966	 	  	$	999,996.52	 
	 Craig A. Wheeler

Email: cwheeler@headwatersbiotech.com
	  	 	118,483	 	  	$	499,998.26	 
	 Soleus Capital Master Fund, L.P.

104 Field Point Road, 2nd Floor

Greenwich, CT 06830

Email: steven@soleuscapital.com 

	  	 	592,417	 	  	$	2,499,999.74	 
	 Edward T. Anderson

Email: eta@northbridge.com
	  	 	118,483	 	  	$	499,998.26	 
	 Armistice Capital Master Fund Ltd.

c/o Armistice Capital, LLC

510 Madison Avenue, 7th Floor

New York, NY 10022

Email: smiller@armisticecapital.com; bkohn@armisticecapital.com
	  	 	355,450	 	  	$	1,499,999.00	 
	 Nantahala Capital Partners SI, LP

130 Main St. 2nd Floor

New Canaan, CT 06840

Email: operations@nantahalapartners.com
	  	 	1,186,041	 	  	$	5,005,093.02	 
	 NCP RFM LP

130 Main St. 2nd Floor

New Canaan, CT 06840

Email: operations@nantahalapartners.com
	  	 	129,108	 	  	$	544,835.76	 
	 NCP CB LP

130 Main St. 2nd Floor

New Canaan, CT 06840

Email: operations@nantahalapartners.com
	  	 	350,558	 	  	$	1,479,354.76	 

									
	 Pinehurst Partners, L.P., solely with respect to the portion of its assets for which Nantahala
Capital Management, LLC acts as its Sub-Advisor
 c/o Corporation Trust
Center
 1209 Orange Street

Wilmington, DE 19801

Email: operations@nantahalapartners.com; fof-ops@corbincapital.com
	  	 	66,464	 	  	$	280,478.08	 
	 Nantahala Capital Partners Limited Partnership

130 Main St. 2nd Floor

New Canaan, CT 06840

Email: operations@nantahalapartners.com
	  	 	116,430	 	  	$	491,334.60	 
	 Nantahala Capital Partners II Limited Partnership

130 Main St. 2nd Floor

New Canaan, CT 06840

Email: operations@nantahalapartners.com
	  	 	165,008	 	  	$	696,333.76	 
	 Corbin Hedged Equity Fund, L.P., solely with respect to the portion of its assets for which
Nantahala Capital Management, LLC acts as its Sub-Advisor
 c/o
Corporation Trust Center
 1209 Orange Street

Wilmington, DE 19801

Email: operations@nantahalapartners.com; fof-ops@corbincapital.com
	  	 	23,231	 	  	$	98,034.82	 
	 Blackwell Partners LLC—Series A, solely with respect to the portion of its assets for which
Nantahala Capital Management, LLC acts as its Investment Manager
 280 South Mangum Street, Suite 210

Durham, NC 27701

Email: operations@nantahalapartners.com; jlall@dumac.duke.edu
	  	 	332,828	 	  	$	1,404,534.16	 
	 Samsara BioCapital, L.P.

628 Middlefield Road

Palo Alto, CA 94301

Email: srini@samsaracap.com;

Christian@samsaracap.com;

rich@samsaracap.com
	  	 	1,777,251	 	  	$	7,499,999.22	 
	 Altium Growth Fund, LP

152 W 57th St,
20th Floor
 New York, NY 10019

Email: legal@altiumcap.com
	  	 	118,483	 	  	$	499,998.26	 
	 Venrock Healthcare Capital Partners EG, L.P.

7 Bryant Park, 23rd Floor

New York, NY 10018

Email: nshah@venrockcp.com
	  	 	361,628	 	  	$	1,526,070.16	 

									
	 Venrock Healthcare Capital Partners III, L.P.

7 Bryant Park, 23rd Floor

New York, NY 10018

Email: nshah@venrockcp.com
	  	 	321,426	 	  	$	1,356,417.72	 
	 VHCP Co-Investment Holdings III, LLC

7 Bryant Park, 23rd Floor

New York, NY 10018

Email: nshah@venrockcp.com
	  	 	32,161	 	  	$	135,719.42	 
	 Venrock Healthcare Capital Partners II, L.P.

7 Bryant Park, 23rd Floor

New York, NY 10018

Email: nshah@venrockcp.com
	  	 	148,699	 	  	$	627,509.78	 
	 VHCP Co-Investment Holdings II, LLC

7 Bryant Park, 23rd Floor

New York, NY 10018

Email: nshah@venrockcp.com
	  	 	60,256	 	  	$	254,280.32	 
		  	  
	  
	 	  	  
	  
	 
	 Totals:
	  	 	18,815,159	 	  	$	79,399,970.98	 
		  	  
	  
	 	  	  
	  
	 

 EXHIBIT B 

Schedule of Warrant Investors 
  

																	
	 Investor Name and Address
	  	Number of
Shares
Underlying
Warrants to be
Purchased	 	  	Aggregate
Purchase
Price of
Warrants	 	  	Aggregate
Exercise
Price of
Warrants	 	  	Aggregate Total
Purchase Price
Plus Exercise
Price of
Warrants	 
	 Venrock Healthcare Capital Partners EG, L.P.

7 Bryant Park, 23rd Floor

New York, NY 10018

Email: nshah@venrockcp.com
	  	 	1,956,500	 	  	$	8,254,473.50	 	  	$	1,956.50	 	  	$	8,256,430.00	 
	 Venrock Healthcare Capital Partners III, L.P.

7 Bryant Park, 23rd Floor

New York, NY 10018

Email: nshah@venrockcp.com
	  	 	1,739,000	 	  	$	7,336,841.00	 	  	$	1,739.00	 	  	$	7,338,580.00	 
	 VHCP Co-Investment Holdings III, LLC

7 Bryant Park, 23rd Floor

New York, NY 10018

Email: nshah@venrockcp.com
	  	 	174,000	 	  	$	734,106.00	 	  	$	174.00	 	  	$	734,280.00	 
	 Venrock Healthcare Capital Partners II, L.P.

7 Bryant Park, 23rd Floor

New York, NY 10018

Email: nshah@venrockcp.com
	  	 	804,500	 	  	$	3,394,185.50	 	  	$	804.50	 	  	$	3,394,990.00	 
	 VHCP Co-Investment Holdings II, LLC

7 Bryant Park, 23rd Floor

New York, NY 10018

Email: nshah@venrockcp.com
	  	 	326,000	 	  	$	1,375,394.00	 	  	$	326.00	 	  	$	1,375,720.00	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Totals:
	  	 	5,000,000	 	  	$	21,095,000.00	 	  	$	5,000.00	 	  	$	21,100,000.00	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

 EXHIBIT C 

Form of Warrant 

 EXHIBIT D 

Form of Registration Rights Agreement 

 APPENDIX I 

Form of Investor Questionnaire 

 APPENDIX II 

Form of Selling Stockholder Questionnaire

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