Document:

EX-10.11

 Exhibit 10.11 

Certain identified information has been excluded from the exhibit because it is both (i) not material and (ii) would likely cause
competitive harm to the Company, if publicly disclosed. Double asterisks denote omissions. 
 LICENSE AGREEMENT 

By and Between 
 DYNE
THERAPEUTICS INC. 
 and 

THE UNIVERSITY OF MONS 
  

 LICENSE AGREEMENT 

This agreement (this “Agreement”), dated the 27 day of April, 2020 (the “Effective Date”), is by and between Dyne
Therapeutics Inc., a Delaware corporation with a place of business at 830 Winter Street, Waltham, MA 02451, USA (“Dyne”), and The University of Mons, a university with a place of business at Place du Parc 20, 7000 Mons, Belgium
(“UMONS”). 
 INTRODUCTION 

1. UMONS owns the Licensed Patent Rights and the Licensed Know-How (each as defined below). 

2. Dyne is in the business of developing pharmaceutical products for treatment of serious muscle diseases. 

3. Pursuant to an Exclusive Option Agreement between the Parties dated February 22, 2019, UMONS granted to Dyne an exclusive option to
negotiate a worldwide license to the Licensed Patent Rights. 
 4. Dyne desires to obtain and UMONS desires to grant to Dyne certain rights
and licenses under the Licensed Patent Rights and Licensed Know-How to Develop and Commercialize Licensed Products (as defined below). 

NOW, THEREFORE, Dyne and UMONS agree as follows: 

Article I 

Definitions 
 When
used in this Agreement, each of the following terms shall have the meanings set forth in this Article I: 
 Section 1.1
“Affiliate”. Affiliate means, with respect to a Party, any Person that controls, is controlled by, or is under common control with such Party. For purposes of this Section 1.1, “control” shall refer to (a) in the
case of a Person that is a corporate entity, direct or indirect ownership of fifty percent (50%) or more of the stock or shares having the right to vote for the election of directors of such Person and (b) in the case of a Person that is not a
corporate entity, the possession, directly or indirectly, of the power to direct, or cause the direction of, the management or policies of such Person, whether through the ownership of voting securities, by contract or otherwise. 

Section 1.2 “Bankruptcy Code” means 11 U.S.C. §§ 101-1330, as amended.

 Section 1.3 “Calendar Quarter” means the respective periods of three (3) consecutive calendar months ending on
March 31, June 30, September 30 and December 31. 

  
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 Section 1.4 “Commercialization” or “Commercialize”.
Commercialization or Commercialize means any activities directed to marketing, promoting, distributing, importing or selling a product, including manufacturing activities relating to the foregoing. 

Section 1.5 “Commercially Reasonable Efforts”. Commercially Reasonable Efforts means the efforts and resources normally
used by a Party to Develop, and Commercialize a compound or product owned by it or to which it has rights, which is of similar market potential and at a similar stage in its development or product life, taking into account issues of safety, and
efficacy, product profile, difficulty in developing the compound or product, the competitiveness of the marketplace, the proprietary position of the compound or product, the regulatory structure involved, the anticipated profitability of the
applicable product, and other relevant factors affecting the cost, risk and timing of Development and Commercialization of the applicable compound or product. 

Section 1.6 “Competitive Product”. Competitive Product means any pharmaceutical product that is a substitute for or
otherwise competitive with any Licensed Product or potential Licensed Product, regardless of the stage of Development or Commercialization of such Licensed Product or potential Licensed Product. 

Section 1.7 “Confidential Information”. Confidential Information means: 

(a) non-public information disclosed by Dyne to UMONS in reports submitted by Dyne to UMONS pursuant to
Section 2.1 and Section 4.6(a) and through audits conducted by UMONS pursuant to Section 4.6(b); 
 (b) non-public information disclosed by UMONS to Dyne relating to patent application prosecution files for the Licensed Patent Rights; and 

(c) any information exchanged by the Parties which, if in writing, is marked as confidential or which, if not in writing, is otherwise
characterized as confidential at the time of disclosure. 
 Section 1.8 “Cover”,
“Covering” or “Covered”. Cover, Covering or Covered means, with respect to a product, that, but for a license granted to a Party under a Valid Claim, the Development or
Commercialization of such product would infringe such Valid Claim. 
 Section 1.9 “Development” or
“Develop”. Development or Develop means research, discovery and nonclinical and clinical drug development activities, including without limitation test method development and stability testing, toxicology, formulation,
quality assurance/quality control development, statistical analysis, clinical studies, regulatory affairs, product approval and registration and manufacturing activities relating to the foregoing. 

Section 1.10 “Field”. Field means the treatment, prevention and palliation of human disease, including without
limitation facioscapulohumeral muscular dystrophy (“FSHD”). 

  
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 Section 1.11 “Know-How”. Know-How means any tangible or intangible information, expertise, inventions, know-how, data and materials, whether patentable or not, including (a) ideas, discoveries,
and trade secrets, (b) pharmaceutical, chemical and biological materials, compounds, products, cell lines and compositions, (c) tests, assays, techniques, methods, procedures, formulas, formulations and processes, (d) technical,
medical, clinical, toxicological, and other data and other information relating to any of the foregoing, including preclinical and clinical data, (e) devices and (f) drawings, plans, designs, diagrams, sketches, specifications and other
documents containing or relating to such expertise, information, inventions, know-how, data or materials. 

Section 1.12 “Licensed Know-How”. Licensed
Know-How means, subject to Section 3.2 below, all Know-How that, prior to the Effective Date of this Agreement, arose from or was learned in connection with
activities of the UMONS Molecular and Metabolic Biochemistry laboratory, in each case that relates to the inventions claimed or disclosed in the Licensed Patent Rights and that is necessary and/or useful for the Development or Commercialization of
Licensed Products. Without prejudice to third-party rights acquired “bona fide”, the parties agree that the rules applying to Know-How’s improvements will be further discussed. 

Section 1.13 “Licensed Patent Rights”. Licensed Patent Rights means (a) the Patent Rights set forth on Exhibit
A, (b) counterparts of the Patent Rights set forth on Exhibit A in any country of the world and (c) all Patent Rights claiming priority from or otherwise based on the Patent Rights described in the foregoing clauses (a) and
(b) in any country of the world. 
 Section 1.14 “Licensed Product”. Licensed Product means a product the Development
or Commercialization of which at any time during the term of this Agreement is or was Covered by a Valid Claim or patent application within the Licensed Patent Rights. 

Section 1.15 “Net Sales”. Net Sales means, with respect to a Licensed Product, the gross amounts invoiced by Dyne and
its Affiliates and sublicensees in respect of sales of such Licensed Product to unrelated Third Parties, in each case less the following deductions: 

(a) Normal and customary trade, quantity and cash discounts, chargebacks and allowances; 

(b) Credits, refunds and allowances, including for rejections or returns of any Licensed Product, including recalls, or for retroactive price
reductions and billing errors; 
 (c) Rebates, reserves, reimbursements, fees, and other bona fide inventory management and other services
fees and similar payments, including rebates and reserves based on durability, safety, efficacy or bona fide price reductions, paid to (i) wholesalers, pharmacies and other retailers, buying groups (including group purchasing organizations),
health care insurance carriers, pharmacy benefit management companies, health maintenance organizations, governmental authorities, or other health care organizations, including any fees levied by any government authority as a result of healthcare
reform policies; or (ii) patients and other Third Parties arising in connection with any program that provides low income, uninsured, or other patients the opportunity to obtain discounted Licensed Products, in each case of (i) or (ii)
above, to the extent based on the sale or dispensing of the Licensed Product; 
 (d) Discounts mandated by, or granted to meet the
requirements of, applicable laws, including required chargebacks and retroactive price reductions; 

  
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 (e) Postage, freight, insurance and other transportation charges incurred in the shipping
of Licensed Products; 
 (f) Invoiced amounts written off as uncollectible; provided that, any such written off amounts that
are subsequently collected shall be reincluded in Net Sales in the Calendar Quarter in which they are collected; 
 (g) Import, export,
sales, use, turnover, excise or value added tax, customs duty or any other separately invoiced tax imposed on the production, sale, delivery or use of the Licensed Product, other than any net income tax; 

(h) Annual fees due under Section 9008 of the United States Patient Protection and Affordable Care Act of 2010 (Pub. L. No. 111-48) allocable to sales of such Licensed Product; 
 (i) Gross amounts invoiced for sales for
clinical trial purposes or compassionate or similar use; and 
 (j) Any similar deduction not itemized above but applied across Dyne’s
or its applicable Affiliate’s or sublicensee’s products consistent with applicable law or generally accepted accounting principles. 
 Such
amounts shall be determined from the books and records of Dyne and its Affiliates and sublicensees, maintained in accordance with generally accepted accounting principles, consistently applied. 

In the event the Licensed Product is sold as part of a Combination Product (as defined below), the Net Sales from the Combination Product, for the purposes of
determining royalty payments, shall be determined by multiplying the Net Sales (as determined above) of the Combination Product, during the applicable royalty reporting period, by the fraction, A/A+B, where A is the average sale price of the
Licensed Product when sold separately in finished form and B is the average sale price of the other active ingredient(s) included in the Combination Product when sold separately in finished form, in each case during the applicable royalty reporting
period or, if sales of both the Licensed Product and the other active ingredient(s) did not occur in such period, then in the most recent royalty reporting period in which sales of both occurred. In the event that such average sale price cannot be
determined for both the Licensed Product and all other active ingredient(s) included in such Combination Product, Net Sales for the purposes of determining royalty payments shall be calculated by multiplying the Net Sales of the Combination Product
by the fraction of C/C+D where C is the fair market value of the Licensed Product and D is the fair market value of all other active ingredient(s) included in the Combination Product. In such event, Dyne shall in good faith make a determination of
the respective fair market values of the Licensed Product and all other active ingredient(s) included in the Combination Product, and shall notify UMONS of such determination and provide UMONS with data to support such determination. UMONS shall
have the right to review such determination of fair market values and, if UMONS disagrees with such determination, to notify Dyne of such disagreement within [**] after Dyne notifies UMONS of such determination. If UMONS notifies Dyne that UMONS

  
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disagrees with such determination within such [**] period and if thereafter the Parties are unable to agree in good faith as to such respective fair market values, then such matter shall be
resolved as provided in Article IX. If UMONS does not notify Dyne that UMONS disagrees with such determination within such [**] period, such determination shall be conclusive and binding on the Parties. 

As used above, the term “Combination Product” means any pharmaceutical product that includes both (x) a Licensed Product and (y) active
ingredient(s) other than the oligonucleotide payload specifically claimed in the Licensed Patent Rights. 
 Section 1.16
“Party”. Party means Dyne or UMONS; “Parties” means Dyne and UMONS. 
 Section 1.17 “Patent
Rights”. Patent Rights means all patent applications in any of the countries or territories of the world, all patents that issue from such applications, including utility patents, utility models, design patents and certificates of
invention, and all provisionals, divisionals, continuations, continuations-in-part, reissues, reexaminations, renewals, extensions (including any supplementary
protection certificates and patent term extensions), additions and substitute applications with respect to any such patent applications and patents. 

Section 1.18 “Person”. Person means any natural person or any corporation, company, partnership, joint venture, firm or
other entity, including without limitation a Party. 
 Section 1.19 “Phase I Clinical Study”. Phase I
Clinical Study means a clinical study of a Licensed Product in human volunteers or patients with the endpoint of determining initial tolerance, toxicity, safety and/or pharmacokinetic information. 

Section 1.20 “Regulatory Approval”. Regulatory Approval means the approvals (including any applicable governmental price
and reimbursement approvals), licenses, registrations or authorizations of Regulatory Authorities necessary for the Commercialization of a product in a country or territory. 

Section 1.21 “Regulatory Authority”. Regulatory Authority means a federal, national, multinational, state, provincial or
local regulatory agency, department, bureau or other governmental entity with authority over the testing, manufacture, use, storage, import, promotion, marketing or sale of a product in a country. 

Section 1.22 “Royalty Term”. Royalty Term means, with respect to each Licensed Product in each country, on a Licensed Product-by-Licensed Product and country-by-country basis, the period of time during which the
manufacture, use, offer for sale, sale or importation of such Licensed Product in such country is Covered by a Valid Claim of the Licensed Patent Rights. 

  
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 Section 1.23 “Sublicense Income”. Sublicense Income means all amounts
received by Dyne and/or its Affiliates from Third Parties in consideration for the sublicensing to such Third Parties of rights under the Licensed Patent Rights or Licensed Know-How, including all license fees
and milestone payments, but excluding: 
 (a) royalties and profit-sharing amounts based on net product sales; 

(b) amounts received by Dyne and/or its Affiliates for bona fide research, development and commercialization activities undertaken by
Dyne and/or its Affiliates pursuant to the applicable sublicense agreement or any related collaboration or research agreement; and 
 (c) the
portion of amounts received by Dyne and/or its Affiliates as the purchase price for Dyne’s and/or its Affiliates’ debt or equity securities that does not exceed the fair market value of such securities. 

Section 1.24 “Third Party”. Third Party means any person or entity other than a Party or any of its Affiliates. 

Section 1.25 “Valid Claim”. Valid Claim means a claim of any issued, unexpired patent, which shall not have been donated
to the public, disclaimed, or held invalid or unenforceable by a court of competent jurisdiction in an unappealed or unappealable decision. 

Section 1.26 Additional Definitions. Each of the following definitions is set forth in the section of this Agreement indicated
below: 
  

			
	 Definitions
	  	 Section

	Agreement	  	Preamble
	Breaching Party	  	Section 8.3
	Combination Product	  	Section 1.15
	Competitive Infringement	  	Section 5.2(a)
	Dyne	  	Preamble
	Dyne In-License	  	Section 4.3(c)
	Effective Date	  	Preamble
	FSHD	  	Section 1.10
	Indemnified Party	  	Section 10.1(c)
	Indemnifying Party	  	Section 10.1(c)
	Invalidity Claim	  	Section 5.4
	Severed Clause	  	Section 10.12
	UMONS	  	Preamble

 Article II 

Reports and Diligence 

Section 2.1 Development Reports. Within [**] after December 31 of each calendar year ending prior to the commercial launch of
the first Licensed Product by Dyne, a Dyne Affiliate or a Dyne sublicensee, Dyne shall provide to UMONS a written report (a) summarizing the activities undertaken by Dyne, its Affiliates and sublicensees during the immediately preceding
calendar year in connection with the Development of Licensed Products, and (b) describing the activities planned to be undertaken by Dyne, its Affiliates and sublicensees during the then current calendar year. 

  
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 Section 2.2 Commercialization Reports. After the commercial launch of the first
Licensed Product by Dyne, a Dyne Affiliate or a Dyne sublicensee, Dyne shall provide to UMONS the reports set forth in Section 4.6(a). 

Section 2.3 Commercially Reasonable Efforts. Dyne shall use Commercially Reasonable Efforts to Develop at least one Licensed
Product and, to the extent Regulatory Approval is obtained for a Licensed Product in such jurisdictions, to Commercialize at least one Licensed Product in (a) the United States and (b) the United Kingdom or at least one member country of
the European Union. 
 Article III 

Grant of License 

Section 3.1 License Grant. Subject to the terms and conditions of this Agreement, UMONS hereby grants to Dyne an exclusive (even
as to UMONS), worldwide right and license under the Licensed Patent Rights, and a non-exclusive, worldwide right and license under the Licensed Know-How, each with the
right to grant sublicenses through multiple tiers, to Develop and Commercialize Licensed Products; provided however, that Dyne shall not grant a sublicense to a Third Party under the Licensed Know-How
without granting a sublicense to such Third Party under the Licensed Patent Rights. 
 Section 3.2 Future Know-How. In the event that UMONS licenses or otherwise acquires Know-How from a Third Party after the Effective Date that relates to the inventions claimed or disclosed
in the Licensed Patent Rights and that a Party believes would be necessary and/or useful for the Development or Commercialization of Licensed Products, the Parties shall discuss whether to include such
Know-How in the Licensed Know-How at such time. 
 Article
IV 
 Financial Provisions 

Section 4.1 License Payment. Within [**] after the Effective Date, and no later than [**], Dyne shall make a license payment to
UMONS of fifty thousand euros net (€50,000), after exclusion and deduction of any transfer fees. 
 Section 4.2 Milestone
Payments. 
 (a) Dyne shall pay to UMONS the milestone payments listed below within [**] after the first achievement of the
corresponding milestone event. 
  

					
	 Milestone Event
	  	Milestone Payment (€)	 
	 [**]
	  	 	[	**] 
	 [**]
	  	 	[	**] 
	 [**]
	  	 	[	**] 

  
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 (b) The milestone payments payable pursuant to Section 4.2(a) shall be reduced by [**]
percent ([**]%) for the second and subsequent achievement of the applicable milestone event; provided that, (i) no such milestone event may become subject to milestone payments under Section 4.2(a) and this Section 4.2(b) in aggregate
more than [**] times for any single indication, (ii) the milestone event set forth in Section 4.2(a) may not become payable more than once for any given Licensed Product, (iii) if a milestone event is achieved for a back-up Licensed Product, the corresponding milestone payment shall not become payable unless and until the lead Licensed Product has [**] and thereafter Dyne or its applicable Affiliate or sublicensee continues to
develop such back-up Licensed Product, and (iv) if Development of a lead Licensed Product is discontinued before such lead Licensed Product [**], then a back-up
Licensed Product for the same indication as the discontinued lead Licensed Product shall become eligible to earn the remaining milestone payments that were not already paid for the lead Licensed Product but shall not be eligible to earn milestone
payments that were already paid for the lead Licensed Product. 
 Section 4.3 Royalties. 

(a) Royalties on Net Sales of Licensed Products. Subject to Section 4.3(b), Section 4.3(c) and Section 8.5, Dyne shall
pay a royalty to UMONS of [**] percent ([**]%) of Net Sales of each Licensed Product by Dyne and its Affiliates and sublicensees made during the applicable Royalty Term, on a Licensed
Product-by-Licensed Product and country-by-country basis. 

(b) Royalties Payable Only Once. The obligation to pay royalties is imposed only once with respect to Net Sales of the same unit of a
Licensed Product. 
 (c) Royalty Adjustment. If Dyne or its applicable Affiliate or sublicensee determines that it is
necessary or desirable to obtain license(s) under Third Party Know-How or Patent Rights for the Development or Commercialization of a Licensed Product (a “Dyne
In-License”), then the royalties otherwise payable by Dyne to UMONS under Section 4.3(a) with respect to Net Sales of such Licensed Product by Dyne, its Affiliates and sublicensees for a
Calendar Quarter shall be reduced by the amount of license fees, milestone payments and royalties actually paid by Dyne to the applicable Third Party licensor(s) pursuant to such Dyne In-License(s) with
respect to such Licensed Product during such Calendar Quarter, provided that in no event shall such reduction in royalties owed over any calendar year exceed [**] percent ([**]%) of annual Net Sales and provided further that, if Dyne is prevented
from fully deducting any such amount in a given calendar year due to such [**] percent ([**]%) limitation, Dyne shall be entitled to carry forward the amount that was not deducted for crediting against royalties under Section 4.3(a) payable in
subsequent calendar years. 
 Section 4.4 Sublicense Income. Dyne shall pay to UMONS a percentage of Sublicense Income of
(a) if the Sublicense Income is received before the first patient is dosed with a Licensed Product in a Phase I Clinical Study, [**] percent ([**]%) of such Sublicense Income or (b) if the Sublicense Income is received after the first
patient is dosed with a Licensed Product in a Phase I Clinical Study, [**] percent ([**]%) of such Sublicense Income. 

  
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 Section 4.5 Duration of Payments. The amounts payable under Section 4.3 and
Section 4.4 shall be paid on a Licensed Product-by-Licensed Product and
country-by-country basis until the expiration of the Royalty Term applicable to each Licensed Product in each country. 

Section 4.6 Reports and Accounting. 

(a) Reports; Payments. Dyne shall deliver to UMONS, within [**] after December 31 of each calendar year, reasonably detailed
written accountings of Net Sales and Sublicense Income of the Licensed Product that are subject to payment obligations to UMONS for such calendar year. Such annual reports shall indicate (i) gross sales, Net Sales, gross payments by
sublicensees and Sublicense Income on a Licensed Product-by-Licensed Product and
country-by-country basis, and (ii) the calculation of payment amounts owed to UMONS from such gross sales, Net Sales, gross payments and Sublicense Income. When
Dyne delivers such accounting to UMONS, Dyne shall also deliver all amounts due under Section 4.3 and Section 4.4 to UMONS for the calendar year. 

(b) Audits by UMONS. Dyne shall keep, and shall require its Affiliates to keep, records of the latest [**] relating to gross
sales, Net Sales, gross amounts received from sublicensees and Sublicense Income and all information relevant under Section 4.3, Section 4.4, Section 4.7 and Section 4.8. For the sole purpose of verifying amounts payable to
UMONS, UMONS shall have the right no more than [**], at UMONS’s expense, to review, together with UMONS’s accountants, such records in the location(s) where such records are maintained by Dyne and its Affiliates upon reasonable notice and
during regular business hours. Results of such review shall be made available to Dyne. If the review reflects an underpayment to UMONS, such underpayment shall be promptly remitted to UMONS, together with interest calculated in the manner provided
in Section 4.8. If the underpayment is equal to or greater than [**] percent ([**]%) of the amount that was otherwise due, UMONS shall be entitled to have Dyne pay all of the costs of such review and such review shall not count as one of the
reviews UMONS is entitled to conduct hereunder. If the review reflects an overpayment to UMONS, such overpayment shall, at Dyne’s election, be offset by Dyne against its future payment obligations to UMONS or promptly remitted by UMONS to Dyne.

 Section 4.7 Currency and Method of Payments. All payments under this Agreement shall be made in euros by transfer to such
bank account as UMONS may designate from time to time. Any royalties or portions of Sublicense Income due hereunder with respect to amounts in currencies other than euros shall be payable in their euro equivalents, calculated using the average
applicable interbank transfer rate determined by reference to the currency trading rates published by The Wall Street Journal (Eastern U.S. edition) over all business days of the calendar year to which the report under Section 4.6(a)
relates. 
 Section 4.8 Late Payments. Dyne shall pay interest to UMONS on the aggregate amount of any payment that is not paid
on or before the date such payment is due under this Agreement at a rate per annum equal to the prime rate of interest of Citibank, NA as announced on the date such payment is due plus [**] percent ([**]%), for the period during which such payment
remains overdue. 

  
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 Section 4.9 Blocked Payments. In the event that, by reason of applicable laws or
regulations in any country, it becomes impossible or illegal for Dyne or its Affiliates or sublicensees to transfer, or have transferred on its behalf, royalties or other payments to UMONS, such royalties or other payments shall be deposited in
local currency in the relevant country to the credit of UMONS in a recognized banking institution designated by UMONS or, if none is designated by UMONS within a period of [**], in a recognized banking institution selected by Dyne or its Affiliates.

 Section 4.10 Taxes and Withholding. All payments due under this Agreement will be made without any deduction or withholding
for or on account of any tax unless such deduction or withholding is required by applicable law. If Dyne is so required to deduct or withhold, Dyne will (a) promptly notify UMONS of such requirement, (b) pay to the relevant authorities the
amount required to be deducted or withheld, and (c) promptly forward to UMONS an official receipt or other documentation, to the extent available, evidencing such payment to such authorities. 

Article V 

Intellectual Property Protection and Related Matters 

Section 5.1 Prosecution and Maintenance of Licensed Patent Rights. 

(a) Right to Prosecute and Maintain. Dyne shall have the first right and option to file, prosecute and to maintain any patents included
in the Licensed Patent Rights in the name of UMONS. If Dyne exercises the option to file and prosecute any such patent applications or maintain any such patents, it shall do so with a patent attorney selected by Dyne and reasonably acceptable to
UMONS, and shall provide UMONS with copies of any filings and correspondence with applicable patent offices with respect to such activities. If Dyne declines the option to file and prosecute any such patent applications or maintain any such patents,
it shall give UMONS reasonable notice to this effect, at least [**] before the applicable due date to permit UMONS to undertake such filing, prosecution and/or maintenance without a loss of rights, and thereafter UMONS may, upon written notice to
Dyne, file and prosecute such patent applications and maintain such patents at UMONS’ cost and expense. 
 (b) Costs and
Expenses. Dyne shall bear in full the costs and expenses incurred by Dyne in preparing, filing, prosecuting and maintaining Licensed Patent Rights. 

(c) Cooperation. Each Party agrees to cooperate with the other with respect to the filing, prosecution and maintenance of patents and
patent applications pursuant to this Section 5.1, including without limitation: 
 (i) the execution of all such documents and
instruments and the performance of such acts as may be reasonably necessary in order to permit the other Party to file, prosecute or maintain patents and patent applications as provided for in Section 5.1(a); 

(ii) making its employees, agents and consultants reasonably available to the other Party (or to the other Party’s authorized attorneys,
agents or representatives), to the extent reasonably necessary to enable the prosecuting Party to file, prosecute or maintain patents and patent applications as provided for in Section 5.1(a); and 

  
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 (iii) to provide the other Party with copies of all material correspondence with the United
States Patent and Trademark Office or its foreign counterparts pertaining to the filing, prosecution or maintenance of patents and patent applications as provided for in Section 5.1(a). 

Section 5.2 Third Party Infringement. 

(a) Notifications of Competitive Infringement. Each Party agrees to notify the other Party when it becomes aware of the reasonable
probability of infringement of the Licensed Patent Rights arising from or relating to the making, using, offering for sale, sale or importation of any Competitive Product (“Competitive Infringement”). 

(b) Infringement Action. Within [**] of becoming aware of Competitive Infringement, Dyne shall decide whether to institute an
infringement suit or take other appropriate action that it believes is reasonably required to protect the Licensed Patent Rights from such Competitive Infringement. If Dyne fails to institute such suit or take such action within such [**] period,
then UMONS shall have the right to institute such suit or take other appropriate action in the name of either or both Parties. 
 (c)
Costs. Each Party shall assume and pay all of its own out-of-pocket costs incurred in connection with any litigation or proceedings described in this
Section 5.2, including without limitation the fees and expenses of such Party’s counsel. 
 (d) Recoveries. Any recovery
obtained by any Party as a result of any proceeding described in this Section 5.2 or from any counterclaim or similar claim asserted in a proceeding described in Section 5.3, by settlement or otherwise, shall be applied in the following
order of priority: 
 (i) first, to reimburse each Party for all litigation costs in connection with such proceeding paid by that Party and
not otherwise recovered (on a pro rata basis based on each Party’s respective litigation costs, to the extent the recovery was less than all such litigation costs, provided that the non-controlling
Party’s costs shall only be reimbursed to the extent the non-controlling Party’s assistance is requested by the controlling Party or the non-controlling Party
is involuntarily joined in such action); and 
 (ii) second, (A) if Dyne is the Party instituting such proceeding, the remainder of the
recovery shall be retained by Dyne and deemed to be Net Sales for purposes of calculating royalties owed by Dyne to UMONS pursuant to Section 4.3 or (B) if UMONS is the Party instituting such proceeding, the remainder of the recovery shall
be paid [**] percent ([**]%) to UMONS and [**] percent ([**]%) to Dyne. 
 (e) Cooperation; Settlements. In the event that either Dyne
or UMONS takes action pursuant to subsection (b) above, the other Party shall cooperate with the Party so acting to the extent reasonably possible, including joining the suit if necessary or desirable in order to enable the other Party to bring
or maintain such action or to prove damages. 

  
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 Section 5.3 Claimed Infringement. In the event that a Party becomes aware
of any claim by a Third Party that the Development or Commercialization of a Licensed Product infringes Patent Rights of any Third Party, such Party shall promptly notify the other Party. 

Section 5.4 Patent Invalidity Claim. If a Third Party at any time asserts a claim that any Licensed Patent Right is invalid or
otherwise unenforceable (an “Invalidity Claim”), whether as a defense in an infringement action brought by Dyne or UMONS pursuant to Section 5.2 or in an action brought against Dyne or UMONS referred to in Section 5.3, the
Parties shall cooperate with each other in preparing and formulating a response to such Invalidity Claim. Neither Party shall settle or compromise any Invalidity Claim without the consent of the other Party, which consent shall not be unreasonably
withheld. 
 Section 5.5 Patent Marking. Dyne agrees to comply with applicable patent marking statutes in each country in which
Licensed Products are sold by Dyne and/or its Affiliates. 
 Article VI 

Confidentiality 

Section 6.1 Confidential Information. All Confidential Information disclosed by a Party to the other Party during the term of this
Agreement shall not be used by the receiving Party except in connection with the activities contemplated by this Agreement, shall be maintained in confidence by the receiving Party (except to the extent reasonably necessary for Regulatory Approval
of Licensed Products, for the filing, prosecution and maintenance of Patent Rights or to Develop and Commercialize Licensed Products in accordance with this Agreement), and shall not otherwise be disclosed by the receiving Party to any other person,
firm, or agency, governmental or private (except consultants, advisors and Affiliates in accordance with Section 6.2), without the prior written consent of the disclosing Party, except to the extent that the Confidential Information: 

(a) was known or used by the receiving Party prior to its date of disclosure to the receiving Party; or 

(b) either before or after the date of the disclosure to the receiving Party is lawfully disclosed to the receiving Party by sources other than
the disclosing Party rightfully in possession of the Confidential Information; or 
 (c) either before or after the date of the disclosure to
the receiving Party becomes published or generally known to the public through no fault or omission on the part of the receiving Party; or 

(d) is independently developed by or for the receiving Party without reference to or reliance upon the Confidential Information; or 

(e) is required to be disclosed by the receiving Party to comply with applicable laws or regulations, to defend or prosecute litigation or to
comply with legal process, provided that the receiving Party provides prior written notice of such disclosure to the disclosing Party and only discloses Confidential Information of the other Party to the extent necessary for such legal
compliance or litigation purpose. 

  
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 Section 6.2 Employee, Consultant and Advisor Obligations. Dyne and UMONS each
agrees that it and its Affiliates shall provide Confidential Information received from the other Party only to the receiving Party’s respective employees, consultants and advisors, and to the employees, consultants and advisors of the receiving
Party’s Affiliates, who have a need to know such Confidential Information to assist the receiving Party in fulfilling its obligations under this Agreement; provided that Dyne and UMONS shall each remain responsible for any failure by its
and its Affiliates’ respective employees, consultants and advisors to treat such Confidential Information as required under Section 6.1. 

Section 6.3 Use of Name. Dyne may issue a press release announcing the execution of this Agreement after providing UMONS a
reasonable opportunity to review and comment. In addition to uses of the Parties’ names in such press release, the Parties grant each other the right to use their names and logos only in activity reports, including in the case of UMONS the
reports required by UMONS’s donors, or as otherwise required by law or regulation to be publicly disclosed, including pursuant to disclosure obligations under securities laws or regulations or the rules or regulations of any securities exchange
or market on which the applicable Party’s securities are listed. Any additional uses of the Parties’ names and logos with respect to the execution or existence of this Agreement shall be agreed upon by the Parties in advance of such
announcement, including but not limited to scientific presentations. 
 Section 6.4 Term. All obligations of confidentiality
imposed under this Article VI shall expire [**] following termination or expiration of this Agreement. 
 Article VII 

Representations and Warranties 

Section 7.1 Representations of Authority. Dyne and UMONS each represents and warrants to the other that as of the Effective Date
it has full right, power and authority to enter into this Agreement and to perform its respective obligations under this Agreement. 

Section 7.2 Consents. Dyne and UMONS each represents and warrants that as of the Effective Date all necessary consents, approvals
and authorizations of all government authorities and other persons required to be obtained by such Party in connection with execution, delivery and performance of this Agreement have been obtained. 

Section 7.3 No Conflict. Dyne and UMONS each represents and warrants that, as of the Effective Date, the execution and delivery of
this Agreement and the performance of such Party’s obligations hereunder (a) do not conflict with or violate any requirement of applicable laws or regulations and (b) do not conflict with, violate or breach or constitute a default of,
or require any consent under, any contractual obligations of such Party, except such consents as have been obtained as of the Effective Date. 

Section 7.4 Employee, Consultant and Advisor Obligations. Dyne and UMONS each represents and warrants that, as of the Effective
Date, each of its and its Affiliates’ employees, consultants and advisors has executed an agreement or has an existing obligation under law obligating such employee, consultant or advisor to maintain the confidentiality of Confidential
Information to the extent required under Article VI. 

  
 -13- 

 Section 7.5 Intellectual Property. UMONS represents and warrants to Dyne, as of
the Effective Date, that (a) UMONS owns the entire right, title and interest in and to the Licensed Patent Rights and Licensed Know-How, (b) UMONS has the right to grant to Dyne the rights and
licenses under the Licensed Patent Rights and Licensed Know-How granted in this Agreement, (c) none of the Licensed Patent Rights was fraudulently procured from the relevant governmental patent granting
authority, (d) UMONS’s acquisition of the Licensed Know-How does not constitute a misappropriation of any intellectual property rights of any Third Party, (e) to UMONS’ knowledge, there is
no claim or demand of any Person pertaining to, or any proceeding which is pending or threatened, that asserts the invalidity, misuse or unenforceability of the Licensed Patent Rights or challenges UMONS’s ownership of the Licensed Patent
Rights or Licensed Know-How or makes any adverse claim with respect thereto, and there is no basis for any such claim, demand or proceeding and (f) to the knowledge of UMONS, the Licensed Patent Rights
are not being infringed by any Third Party. 
 Section 7.6 No Warranties. EXCEPT AS OTHERWISE EXPRESSLY SET FORTH HEREIN, THE
PARTIES MAKE NO REPRESENTATIONS AND EXTEND NO WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED. 
 Article VIII 

Term and Termination 

Section 8.1 Term. This Agreement shall become effective as of the Effective Date, may be terminated as set forth in this Article
VIII, and otherwise remains in effect until the expiration of the last-to-expire Royalty Term set forth in Article IV. 

Section 8.2 Termination For Convenience. Dyne may terminate this Agreement at any time and for any reason by
providing sixty (60) days’ written notice to UMONS, with the main reasons of the contract’s termination. 
 Section 8.3
Termination For Material Breach. Upon any material breach of this Agreement by either Party (in such capacity, the “Breaching Party”), the other Party may terminate this Agreement by providing [**] written notice to
the Breaching Party, specifying the material breach. The termination shall become effective at the end of the [**] period unless the Breaching Party cures such breach during such [**] period. 

Section 8.4 Survival. Upon expiration or termination of this Agreement for any reason, nothing in this Agreement shall be
construed to release either Party from any obligations that matured prior to the effective date of expiration or termination; and the following provisions shall expressly survive any such expiration or termination: Section 5.2,
Section 5.3, Section 5.5, Article VI, Article VIII, Article IX and Article X. In addition, any sublicense granted by Dyne to a Third Party under the license granted by UMONS to Dyne in Section 3.1 shall survive expiration or
termination of this Agreement for any reason; provided that such termination is not the result of a breach of such sublicense by the Third Party, the Third Party continues to comply in all material respects with the terms and conditions of
such sublicense and Dyne continues to pay UMONS all payments due to UMONS under this Agreement in respect of such sublicense. 

  
 -14- 

 Section 8.5 Effect of Expiration. On a Licensed
Product-by-Licensed Product and country-by-country basis, upon expiration of all of the
obligations to pay royalties set forth in Article IV with respect to such Licensed Product in such country, the licenses granted to Dyne under Section 3.1 shall become fully paid-up, non-royalty bearing, and perpetual and shall survive any subsequent termination of this Agreement. 

Article IX 
 Dispute
Resolution 
 Section 9.1 In the case of a dispute, the Parties should first try to obtain an amicable solution. Should an
amicable solution not be possible, the following alternative dispute resolution will be applied. 
 Section 9.2 Alternative Dispute
Resolution. Any dispute arising out of or relating to this Agreement shall be resolved through binding arbitration as follows: 
 (a) A
Party may submit such dispute to arbitration by notifying the other Party, in writing, of such dispute. Within [**] after receipt of such notice, the Parties shall designate in writing a single arbitrator to resolve the dispute; provided, however,
that if the Parties cannot agree on an arbitrator within such [**] period, the arbitrator shall be selected by the London Court of International Arbitration. The arbitrator shall be a lawyer with biotechnology and/or pharmaceutical industry legal
experience, and shall not be an Affiliate, employee, consultant, officer, director or stockholder of any Party. 
 (b) Within [**] after the
designation of the arbitrator, the arbitrator and the Parties shall meet, at which time the Parties shall be required to set forth in writing all disputed issues and a proposed ruling on the merits of each such issue. 

(c) The arbitrator shall set a date for a hearing, which shall be no later than [**] after the submission of written proposals pursuant to
Section 9.2(b), to discuss each of the issues identified by the Parties. The Parties shall have the right to be represented by counsel. Except as provided herein, the arbitration shall be governed by the London Court of International
Arbitration Rules; provided, however, that the Federal Rules of Evidence shall apply with regard to the admissibility of evidence and the arbitration shall be conducted by a single arbitrator. 

(d) The arbitrator shall use his or her best efforts to rule on each disputed issue within [**] after the completion of the hearings described
in Section 9.2(c). The determination of the arbitrator as to the resolution of any dispute shall be binding and conclusive upon all Parties. All rulings of the arbitrator shall be in writing and shall be delivered to the Parties. 

(e) The (i) attorneys’ fees of the Parties in any arbitration, (ii) fees of the arbitrator and (iii) costs and expenses of
the arbitration shall be borne by the Parties as determined by the arbitrator. 

  
 -15- 

 (f) Any arbitration pursuant to this Section 9.2 shall be conducted in London, United
Kingdom. Any arbitration award may be entered in and enforced by any court of competent jurisdiction. 
 Section 9.3 No
Limitation. Nothing in Section 9.2 shall be construed as limiting in any way the right of a Party to seek an injunction or other equitable relief with respect to any actual or threatened breach of this Agreement or to bring an action in aid
of arbitration. Should any Party seek an injunction or other equitable relief, or bring an action in aid of arbitration, then for purposes of determining whether to grant such injunction or other equitable relief, or whether to issue any order in
aid of arbitration, the dispute underlying the request for such injunction or other equitable relief, or action in aid of arbitration, may be heard by the court in which such action or proceeding is brought. 

Article X 

Miscellaneous Provisions 

Section 10.1 Indemnification. 

(a) Dyne. Dyne agrees to defend UMONS, its Affiliates and their respective directors, officers, employees and agents at Dyne’s cost
and expense, and shall indemnify and hold harmless UMONS and its Affiliates and their respective directors, officers, employees and agents from and against any liabilities, losses, costs, damages, fees or expenses arising out of any third party
claim relating to (i) any breach by Dyne of any of its representations, warranties or obligations pursuant to this Agreement or (ii) personal injury, property damage or other damage resulting from the Development or Commercialization of a
Licensed Product by Dyne or its Affiliates or sublicensees. 
 (b) UMONS. UMONS agrees to defend Dyne, its Affiliates and their
respective directors, officers, employees and agents at UMONS’s cost and expense, and shall indemnify and hold harmless Dyne and its Affiliates and their respective directors, officers, employees and agents from and against any liabilities,
losses, costs, damages, fees or expenses arising out of any third party claim relating to any breach by UMONS of any of its representations, warranties or obligations pursuant to this Agreement. 

(c) Claims for Indemnification. A person entitled to indemnification under this Section 10.1 (an “Indemnified Party”)
shall give prompt written notification to the person from whom indemnification is sought (the “Indemnifying Party”) of the commencement of any action, suit or proceeding relating to a third party claim for which indemnification may be
sought or, if earlier, upon the assertion of any such claim by a third party (it being understood and agreed, however, that the failure by an Indemnified Party to give notice of a third-party claim as provided in this Section 10.1(c) shall not
relieve the Indemnifying Party of its indemnification obligation under this Agreement except and only to the extent that such Indemnifying Party is actually damaged as a result of such failure to give notice). Within [**] after delivery of such
notification, the Indemnifying Party may, upon written notice thereof to the Indemnified Party, assume control of the defense of such action, suit, proceeding or claim with counsel reasonably satisfactory to the Indemnified Party. If the
Indemnifying Party does not assume control of such 

  
 -16- 

 
defense, the Indemnified Party shall control such defense. The Party not controlling such defense may participate therein at its own expense; provided that, if the Indemnifying Party
assumes control of such defense and the Indemnified Party reasonably concludes, based on advice from counsel, that the Indemnifying Party and the Indemnified Party have conflicting interests with respect to such action, suit, proceeding or claim,
the Indemnifying Party shall be responsible for the reasonable fees and expenses of counsel to the Indemnified Party solely in connection therewith; provided, however, that in no event shall the Indemnifying Party be responsible for the fees
and expenses of more than one counsel for all Indemnified Parties. The Party controlling such defense shall keep the other Party advised of the status of such action, suit, proceeding or claim and the defense thereof and shall consider
recommendations made by the other Party with respect thereto. The Indemnified Party shall not agree to any settlement of such action, suit, proceeding or claim without the prior written consent of the Indemnifying Party, which shall not be
unreasonably withheld, delayed or conditioned. The Indemnifying Party shall not agree to any settlement of such action, suit, proceeding or claim or consent to any judgment in respect thereof that does not include a complete and unconditional
release of the Indemnified Party from all liability with respect thereto or that imposes any liability or obligation on the Indemnified Party without the prior written consent of the Indemnified Party. 

Section 10.2 Governing Law. This Agreement shall be construed and the respective rights of the Parties determined (including the
validity and applicability of the arbitration provision set forth in Section 9.2, and the conduct of any arbitration, enforcement of any arbitral award and any other questions of arbitration law or procedure arising thereunder) according to the
substantive laws of the State of New York, USA, notwithstanding the provisions governing conflict of laws under such New York law to the contrary. 

Section 10.3 Assignment. Neither UMONS nor Dyne may assign this Agreement in whole or in part without the consent of the other,
except to an Affiliate or in connection with the sale or transfer of all or substantially all of the business and assets of the assigning Party to which the subject matter of this Agreement pertains. 

Section 10.4 Entire Agreement; Amendments. This Agreement constitutes the entire agreement between the Parties with respect to the
subject matter hereof, and supersedes all previous arrangements with respect to the subject matter hereof, whether written or oral. Any amendment or modification to this Agreement shall be made in writing signed by both Parties. 

Section 10.5 Notices. 
 Notices to
UMONS shall be addressed to: 
 Université de Mons 

9 rue de houdain 
 7000 Mons,
Belgium 
 Attention: [**] 

Email : [**] 

  
 -17- 

 with a copy to: 

Université de Mons 
 9 rue
de houdain 
 7000 Mons, Belgium 

Attention: [**] 
 E-mail: [**] 
 Notices to Dyne shall be addressed to: 

Dyne Therapeutics Inc. 
 830
Winter Street 
 Waltham, MA 02451 

Attention: President 
 Facsimile
No.: [**] 
 with a copy to: 
 Wilmer Cutler
Pickering Hale and Dorr LLP 
 60 State Street 

Boston, MA 02109 
 Attention:
Steven D. Barrett, Esq. 
 Facsimile No.: (617) 526-5000 

E-mail: steven.barrett@wilmerhale.com 

Any Party may change its address by giving notice to the other Party in the manner herein provided. Any notice required or provided for by the terms of this
Agreement shall be in writing and shall be (a) sent by registered or certified mail, return receipt requested, postage prepaid, (b) sent via a reputable overnight or international express courier service, (c) sent by facsimile
transmission, or (d) personally delivered, in each case properly addressed in accordance with the paragraph above. The effective date of notice shall be the actual date of receipt by the Party receiving the same. 

Section 10.6 Force Majeure. No failure or omission by the Parties hereto in the performance of any obligation of this Agreement
shall be deemed a breach of this Agreement or create any liability if the same shall arise from any cause or causes beyond the control of the Parties, including, but not limited to, the following: acts of God; acts or omissions of any government;
any rules, regulations or orders issued by any governmental authority or by any officer, department, agency or instrumentality thereof; fire; storm; flood; earthquake; accident; war; rebellion; insurrection; riot; invasion; epidemic; and pandemic.
The Party claiming force majeure shall notify the other Party with notice of the force majeure event as soon as practicable, but in no event longer than [**] after its occurrence, which notice shall reasonably identify such obligations under this
Agreement and the extent to which performance thereof will be affected. 
 Section 10.7 Public Announcements. Any public
announcements or publicity with respect to the execution of this Agreement shall be agreed upon by the Parties in advance of such announcement. 

Section 10.8 Independent Contractors. It is understood and agreed that the relationship between the Parties hereunder is that of
independent contractors and that nothing in this Agreement shall be construed as authorization for either UMONS or Dyne to act as agent for the other. 

  
 -18- 

 Section 10.9 No Strict Construction. This Agreement has been prepared jointly
and shall not be strictly construed against any Party. 
 Section 10.10 Headings. The captions or headings of the sections or
other subdivisions hereof are inserted only as a matter of convenience or for reference and shall have no effect on the meaning of the provisions hereof. 

Section 10.11 No Implied Waivers; Rights Cumulative. No failure on the part of UMONS or Dyne to exercise, and no delay in
exercising, any right, power, remedy or privilege under this Agreement, or provided by statute or at law or in equity or otherwise, shall impair, prejudice or constitute a waiver of any such right, power, remedy or privilege or be construed as a
waiver of any breach of this Agreement or as an acquiescence therein, nor shall any single or partial exercise of any such right, power, remedy or privilege preclude any other or further exercise thereof or the exercise of any other right, power,
remedy or privilege. 
 Section 10.12 Severability. If, under applicable law or regulation, any provision of this Agreement is
invalid or unenforceable, or otherwise directly or indirectly affects the validity of any other material provision(s) of this Agreement (such invalid or unenforceable provision, a “Severed Clause”), this Agreement shall endure except for
the Severed Clause. The Parties shall consult one another and use reasonable efforts to agree upon a valid and enforceable provision that is a reasonable substitute for the Severed Clause in view of the intent of this Agreement. 

Section 10.13 Execution in Counterparts. This Agreement may be executed in counterparts, each of which counterparts, when so
executed and delivered, shall be deemed to be an original, and all of which counterparts, taken together, shall constitute one and the same instrument. 

Section 10.14 No Third Party Beneficiaries. No person or entity other than UMONS, Dyne and their respective Affiliates and
permitted assignees hereunder shall be deemed an intended beneficiary hereunder or have any right to enforce any obligation of this Agreement. 

Section 10.15 No Consequential Damages. NEITHER PARTY HERETO WILL BE LIABLE FOR INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL,
EXEMPLARY OR PUNITIVE DAMAGES ARISING OUT OF THIS AGREEMENT OR THE EXERCISE OF ITS RIGHTS HEREUNDER, OR FOR LOST PROFITS ARISING FROM OR RELATING TO ANY BREACH OF THIS AGREEMENT, REGARDLESS OF ANY NOTICE OF SUCH DAMAGES. NOTHING IN THIS SECTION
10.15 IS INTENDED TO LIMIT OR RESTRICT THE INDEMNIFICATION RIGHTS OR OBLIGATIONS OF EITHER PARTY WITH RESPECT TO THIRD PARTY CLAIMS. 

  
 -19- 

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

			
	Dyne Therapeutics Inc.
		
	By:	 	 /s/ Joshua T. Brumm

	Title:	 	President & CEO
	
	The University of Mons
		
	By:	 	 /s/ Philippe Dubois

	Title:	 	Rector

  
 -20-EX-10.12

 Exhibit 10.12 

DYNE THERAPEUTICS, INC. 

LOAN AND SECURITY AGREEMENT 

 This LOAN AND SECURITY AGREEMENT (the “Agreement”) is entered into as of February 20, 2020,
by and between PACIFIC WESTERN BANK, a California state chartered bank (“Bank”) and DYNE THERAPEUTICS, INC. (collectively with each of the other Persons, if any, that join as a co-Borrower hereunder
are collectively referred to as the “Borrowers” and individually as a “Borrower”). 
 RECITALS 

Borrower wishes to obtain credit from time to time from Bank, and Bank desires to extend credit to Borrower. This Agreement sets forth the terms on which Bank
will advance credit to Borrower, and Borrower will repay the amounts owing to Bank. 
 AGREEMENT 

The parties agree as follows: 
  

	 	1.	 DEFINITIONS AND CONSTRUCTION. 

1.1 Definitions. As used in this Agreement, all capitalized terms shall have the definitions set forth on Exhibit A. Any term used in
the Code and not defined herein shall have the meaning given to the term in the Code. 
 1.2 Accounting Terms. Any accounting term
not specifically defined on Exhibit A shall be construed in accordance with GAAP and all calculations shall be made in accordance with GAAP (except for non-compliance with FAS 123R in monthly reporting). The
term “financial statements” shall include the accompanying notes and schedules. 
  

	 	2.	 LOAN AND TERMS OF PAYMENT. 

2.1 Credit Extensions. 

(a) Promise to Pay. Borrower promises to pay to Bank, in lawful money of the United States of America, the aggregate unpaid principal
amount of all Credit Extensions made by Bank to Borrower, together with interest on the unpaid principal amount of such Credit Extensions at rates in accordance with the terms hereof. 

(b) Term Loan. 
 (i)
Subject to and upon the terms and conditions of this Agreement, Bank agrees to make one (1) term loan to Borrower in an aggregate principal amount of Ten Million Dollars ($10,000,000) (the “Term Loan”). The proceeds of the Term
Loan shall be used for general working capital purposes. 
 (ii) Interest shall accrue from the date of the Term Loan at the rate
specified in Section 2.2(a), and shall be payable monthly beginning on the first day of the month next following the Term Loan, and continuing on the same day of each month thereafter. If the Amortization Date is the first anniversary of the
Closing Date, then Borrower will repay the outstanding principal balance of the Term Loan as of the Amortization Date in thirty six (36) equal 

  
 - 1 - 

 
monthly installments of principal plus accrued interest. If the Amortization Date has been extended to August 20, 2021, then Borrower will repay the outstanding principal balance of the Term
Loan as of the Amortization Date in thirty (30) equal monthly payments of principal plus accrued interest. In both cases, payments shall be due on the first day of each month. On the Maturity Date all amounts due in connection with the Term
Loan and any other amounts due under this Agreement shall be immediately due and payable. Term Loan, once repaid, may not be reborrowed. Borrower may prepay the Term Loan at any time without penalty or premium. 

(iii) When Borrower desires to obtain a Term Loan, Borrower shall notify Bank (which notice shall be irrevocable) by email to be
received no later than 3:30 p.m. Eastern time on the day on which the Term Loan is to be made. Such notice shall be given by a Loan Advance/Paydown Request Form in substantially the form of Exhibit C. The notice shall be signed by an Authorized
Officer. Bank shall be entitled to rely on any notice given by a person whom Bank reasonably believes to be an Authorized Officer, and Borrower shall indemnify and hold Bank harmless for any damages, loss, costs and expenses suffered by Bank as a
result of such reliance, except for losses caused by Bank’s gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and non-appealable order. 

(c) Usage of Credit Card Services Under the Credit Card Line. 

(i) Usage Period. Subject to and upon the terms and conditions of this Agreement, at any time through the Maturity Date, Borrower may
use the Credit Card Services (as defined below) in amounts and upon terms as provided in Section 2.1(c)(ii) below. 
 (ii) Credit
Card Services. Subject to and upon the terms and conditions of this Agreement, Borrower may request corporate credit cards and standard e-commerce merchant account services from Bank (collectively, the
“Credit Card Services”). The aggregate limit of the corporate credit cards and merchant credit card processing reserves shall not exceed the Credit Card Line. The terms and conditions (including repayment and fees) of such Credit Card
Services shall be subject to the terms and conditions of Bank’s standard forms of application and agreement for the Credit Card Services, which Borrower hereby agrees to execute. 

(iii) Collateralization of Obligations Extending Beyond Maturity. If Borrower has not cash secured its obligations with respect to any
Credit Card Services by the Maturity Date, then, effective as of such date, the balance in any deposit accounts held by Bank and the certificates of deposit or time deposit accounts issued by Bank in Borrower’s name (and any interest paid
thereon or proceeds thereof, including any amounts payable upon the maturity or liquidation of such certificates or accounts), shall automatically secure such obligations to the extent of the then continuing or outstanding Credit Card Services.
Borrower authorizes Bank to hold such balances in pledge and to decline to honor any drafts thereon or any requests by Borrower or any other Person to pay or otherwise transfer any part of such balances for so long as the applicable Credit Card
Services are outstanding or continue. 

  
 - 2 - 

 2.2 Interest Rates, Payments, and Calculations. 

(a) Interest Rates. 

(i) Term Loan. Except as set forth in Section 2.2(b), the Term Loan shall bear interest, on the outstanding daily balance
thereof, at a floating annual rate equal to the greater of: (A) 0.25% above the Prime Rate then in effect; or (B) 5.00%. 
 (b) Late
Fee; Default Rate. If any payment is not made within 15 days after the date such payment is due, Borrower shall pay Bank a late fee equal to the lesser of (i) 5% of the amount of such unpaid amount or (ii) the maximum amount permitted to be
charged under applicable law. After the occurrence and during the continuance of an Event of Default, all Obligations shall bear interest, upon notice of such increase given by Bank, at a rate equal to five (5) percentage points above the
interest rate applicable immediately prior to the occurrence of the Event of Default (such rate, the “Default Rate”); provided, that, from and after the occurrence of any Event of Default described in Section 8.5, such increase shall
be automatic and without the requirement of any notice from Bank. In all such events, and notwithstanding the date on which application of the Default Rate is communicated to Borrower, the Default Rate may be accrued (at the election of Bank) from
the initial date of any Event of Default until all existing Events of Default are waived in writing in accordance with the terms of this Agreement. 

(c) Payments. Borrower authorizes Bank to, at its option, charge such interest, all Bank Expenses, all Periodic Payments, and any
other amounts due and owing in accordance with the terms of this Agreement against any of Borrower’s deposit accounts, in which case those amounts shall thereafter accrue interest at the rate then applicable hereunder. Any interest not paid
when due shall be compounded by becoming a part of the Obligations, and such interest shall thereafter accrue interest at the rate then applicable hereunder. 

(d) Computation. In the event the Prime Rate is changed from time to time hereafter, the applicable rate of interest hereunder shall
be increased or decreased, effective as of the day the Prime Rate is changed, by an amount equal to such change in the Prime Rate. All interest chargeable under the Loan Documents shall be computed on the basis of a 360 day year for the actual
number of days elapsed. 
 2.3 Crediting Payments. Prior to the occurrence of an Event of Default, Bank shall credit a wire transfer
of funds, check or other item of payment to such deposit account or Obligation as Borrower specifies. After the occurrence and during the continuance of an Event of Default, Bank shall have the right, in its sole discretion, to immediately apply any
wire transfer of funds, check, or other item of payment Bank may receive to conditionally reduce Obligations, but such applications of funds shall not be considered a payment on account unless such payment is of immediately available federal funds
or unless and until such check or other item of payment is honored when presented for payment. Notwithstanding anything to the contrary contained herein, any wire transfer or payment received by Bank after 3:30 p.m. Eastern time shall be deemed to
have been received by Bank as of the opening of business on the immediately following Business Day. Whenever any payment to Bank under the Loan Documents would otherwise be due (except by reason of acceleration) on a date that is not a Business Day,
such payment shall instead be due on the next Business Day, and additional fees or interest, as the case may be, shall accrue and be payable for the period of such extension. 

  
 - 3 - 

 2.4 Fees. Borrower shall pay to Bank the following: 

(a) Facility Fee. Waived; 

(b) Bank Expenses. On the Closing Date, all Bank Expenses incurred through the Closing Date, and, after the Closing Date, all Bank
Expenses, as and when they become due. 
 (c) Success Fee. Upon a Success Fee Event, Borrower shall pay to Bank a fee of $450,000.00
(the “Success Fee”). This Section 2.4(c) shall survive any termination of this Agreement until the tenth (10th) anniversary of the Closing Date. If this Agreement is terminated prior to payment of the Success Fee, Borrower shall, give
Bank written notice of the first Success Fee Event to occur thereafter, and pay the Success Fee upon the closing of such Success Fee Event. 

2.5 Term. This Agreement shall become effective on the Closing Date and, subject to Section 12.7, shall continue in full force and
effect until Payment in Full. Notwithstanding the foregoing, Bank shall have the right to terminate its obligation to make Credit Extensions under this Agreement immediately and without notice upon the occurrence and during the continuance of an
Event of Default. 
  

	 	3.	 CONDITIONS OF LOANS. 

3.1 Conditions Precedent to Closing. The agreement of Bank to enter into this Agreement on the Closing Date is subject to the condition
precedent that Bank shall have received, in form and substance satisfactory to Bank, each of the following items and completed each of the following requirements: 

(a) this Agreement; 

(b) an officer’s certificate of Borrower with respect to incumbency and resolutions authorizing the execution and delivery of
this Agreement; 
 (c) a financing statement (Form UCC-1); 

(d) current SOS Reports indicating that except for Permitted Liens, 

there are no other security interests or Liens of record in the Collateral; 

(e) current financial statements, including Borrower-prepared statements for Borrower’s most recently ended fiscal year and
Borrower-prepared consolidated and consolidating balance sheets and income statements for each of the preceding 12 months; and such other updated financial information as Bank may reasonably request; 

(f) current Compliance Certificate in accordance with Section 6.2; 

(g) Borrower Information Certificate; 

(h) Borrower shall have opened and funded not less than $50,000 in deposit accounts held with Bank; 

  
 - 4 - 

 (i) a Loan Advance/Paydown Request Form, delivered in the form and manner required
by Section 2.1(b)(iii) of this Agreement, requesting that Bank make the Term Loan on or about the Closing Date; and 
 (j) such
other documents or certificates, and completion of such other matters, as Bank may reasonably request. 
 3.2 Conditions Precedent to all
Credit Extensions. The obligation of Bank to make each Credit Extension, including the initial Credit Extension, is contingent upon the Borrower’s compliance with Section 3.1 above, and is further subject to the following conditions:

 (a) timely receipt by Bank of the Loan Advance/Paydown Request Form as provided in Section 2.1; 

(b) in Bank’s sole discretion, there has not been a Material Adverse Effect; and 

(c) the representations and warranties contained in Section 5 shall be true and correct in all material respects on and as of the
date of such Loan Advance/Paydown Request Form and on the effective date of each Credit Extension as though made at and as of each such date, and no Event of Default shall have occurred and be continuing, or would exist after giving effect to such
Credit Extension (provided, however, that those representations and warranties expressly referring to another date shall be true and correct in all material respects as of such date, and provided further that any representation or warranty that
contains a materiality qualification therein shall be true and correct in all respects). The making of each Credit Extension shall be deemed to be a representation and warranty by Borrower on the date of such Credit Extension as to the accuracy of
the facts referred to in this Section 3.2. 
 3.3 Post-Closing Covenant. Within 30 days from the Closing Date (or such longer
period as Bank may permit in its sole discretion), Borrower shall provide in form and substance satisfactory to Bank, insurance certificates required by Section 6.5 hereof, together with appropriate evidence showing loss payable and additional
insured clauses or endorsements in favor of Bank. 
  

	 	4.	 CREATION OF SECURITY INTEREST. 

4.1 Grant of Security Interest. Borrower grants and pledges to Bank a continuing security interest in the Collateral to secure prompt
repayment of any and all Obligations and to secure prompt performance by Borrower of each of its covenants and duties under the Loan Documents. Except for Permitted Liens or as disclosed in the Schedule, such security interest constitutes a valid,
first priority security interest in the presently existing Collateral, and will constitute a valid, first priority security interest in later-acquired Collateral. Notwithstanding any termination of this Agreement or of any filings undertaken related
to Bank’s rights under the Code, Bank’s Lien on the Collateral shall remain in effect until such Lien is released pursuant to the term hereof or Payment in Full. 

4.2 Perfection of Security Interest. Borrower authorizes Bank to file at any time financing statements, continuation statements, and
amendments thereto that (i) either 

  
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specifically describe the Collateral or describe the Collateral as all assets of Borrower of the kind pledged hereunder, and (ii) contain any other information required by the Code for the
sufficiency of filing office acceptance of any financing statement, continuation statement, or amendment, including whether Borrower is an organization, the type of organization and any organizational identification number issued to Borrower, if
applicable. Borrower shall have possession of the Collateral, except where expressly otherwise provided in this Agreement or where Bank chooses to perfect its security interest by possession in addition to the filing of a financing statement. Where
Collateral is in possession of a third party bailee, Borrower shall take such steps as Bank reasonably requests for Bank to (i) subject to Section 7.10 below, obtain an acknowledgment, in form and substance reasonably satisfactory to Bank,
of the bailee that the bailee holds such Collateral for the benefit of Bank, and (ii) obtain “control” of any Collateral consisting of investment property with a book value in excess of $250,000, deposit accounts (other than Permitted
Outside Accounts), letter-of-credit rights or electronic chattel paper with a book value in excess of $250,000 (as such items and the term “control” are
defined in Revised Article 9 of the Code) by causing the securities intermediary or depositary institution or issuing bank to execute a control agreement in form and substance satisfactory to Bank. Borrower will not create any chattel paper with a
book value in excess of $250,000 without placing a legend on the chattel paper acceptable to Bank indicating that Bank has a security interest in the chattel paper. Borrower from time to time may deposit with Bank specific cash collateral to secure
specific Obligations; Borrower authorizes Bank to hold such specific balances in pledge and to decline to honor any drafts thereon or any request by Borrower or any other Person to pay or otherwise transfer any part of such balances until Payment in
Full. Borrower shall take such other actions as Bank requests to perfect its security interests granted under this Agreement. 
  

	 	5.	 REPRESENTATIONS AND WARRANTIES. 

Borrower represents and warrants as follows: 

5.1 Due Organization and Qualification. Borrower and each Subsidiary is duly existing under the laws of the state in which it is
organized and qualified and licensed to do business in any state in which the conduct of its business or its ownership of property requires that it be so qualified, except where the failure to do so would not reasonably be expected to cause a
Material Adverse Effect. 
 5.2 Due Authorization; No Conflict. The execution, delivery, and performance of the Loan Documents are
within Borrower’s powers, have been duly authorized, and are not in conflict with nor constitute a breach of any provision contained in Borrower’s Certificate of Incorporation or Bylaws, nor will they constitute an event of default under
any material agreement by which Borrower is bound. Borrower is not in default under any agreement by which it is bound, except to the extent such default would not reasonably be expected to cause a Material Adverse Effect. 

5.3 Collateral. Borrower has rights in or the power to transfer the Collateral, and its title to the Collateral is free and clear of
Liens, adverse claims, and restrictions on transfer or pledge except for Permitted Liens. Except as set forth in the Schedule, all Collateral is located solely in the United States. All Inventory is in all material respects of good and merchantable
quality, free from all material defects, except for Inventory for which adequate reserves have been made. Except as set forth in the Schedule, none of the Borrower’s Cash is maintained or invested with a Person other than Bank or Bank’s
affiliates as of the Closing Date. 

  
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 5.4 Intellectual Property. Borrower is the sole owner of the intellectual property
created or purchased by Borrower, except for in-licenses not prohibited by this Agreement and licenses granted by Borrower in the ordinary course of business (collectively, “Permitted Licenses”). To
the best of Borrower’s knowledge, the intellectual property created or purchased by Borrower constitutes all intellectual property necessary for the conduct of Borrower’s business as now conducted and as presently proposed to be conducted.
To the best of Borrower’s knowledge, each of the copyrights, trademarks and patents created or purchased by Borrower is valid and enforceable, and no part of the intellectual property created or purchased by Borrower has been judged invalid or
unenforceable, in whole or in part, and no claim has been made to Borrower that any part of the intellectual property created or purchased by Borrower violates the rights of any third party except to the extent such claim would not reasonably be
expected to cause a Material Adverse Effect. 
 5.5 Name; Location of Chief Executive Office. Except as disclosed in the Schedule,
Borrower has not done business in the last five years under any name other than that specified on the signature page hereof, and its exact legal name is as set forth in the first paragraph of this Agreement. The chief executive office of Borrower is
located at the address indicated in Section 10 hereof. 
 5.6 Litigation. Except as set forth in the Schedule, there are no
actions or proceedings pending by or against Borrower or any Subsidiary before any court or administrative agency in which a likely adverse decision would reasonably be expected to have a Material Adverse Effect. 

5.7 No Material Adverse Change in Financial Statements. All consolidated and consolidating financial statements related to Borrower and
any Subsidiary that are delivered by Borrower to Bank fairly present in all material respects Borrower’s consolidated and consolidating financial condition as of the date of such financial statements and Borrower’s consolidated and
consolidating results of operations for the period then ended subject to the absence of footnotes and to normal year-end audit adjustments. There has not been a material adverse change in the consolidated or
in the consolidating financial condition of Borrower since the date of the most recent of such financial statements submitted to Bank. 

5.8 Solvency, Payment of Debts. Borrower is able to pay its debts (including trade debts) as they mature; the fair saleable value of
Borrower’s assets (including goodwill minus disposition costs) exceeds the fair value of its liabilities; and Borrower is not left with unreasonably small capital after the transactions contemplated by this Agreement. 

5.9 Compliance with Laws and Regulations. Borrower and each Subsidiary have met the minimum funding requirements of ERISA with respect
to any employee benefit plans subject to ERISA. No event has occurred resulting from Borrower’s failure to comply with ERISA that is reasonably likely to result in Borrower’s incurring any liability that could have a Material Adverse
Effect. Borrower is not an “investment company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940. Borrower is

  
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not engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying margin stock (within the meaning of Regulations T and
U of the Board of Governors of the Federal Reserve System). Borrower has not violated any statutes, laws, ordinances or rules applicable to it, the violation of which would reasonably be expected to have a Material Adverse Effect. Borrower and each
Subsidiary have filed or caused to be filed all tax returns required to be filed, and have paid, or have made adequate provision for the payment of, all taxes reflected therein except those being contested in good faith with adequate reserves under
GAAP or where the failure to file such returns or pay such taxes would not reasonably be expected to have a Material Adverse Effect. 

5.10 Subsidiaries. Borrower does not own any stock, partnership interest or other equity securities of any Person, except for Permitted
Investments and Subsidiaries that are Loan Parties. 
 5.11 Government Consents. Borrower and each Subsidiary have obtained all
consents, approvals and authorizations of, made all declarations or filings with, and given all notices to, all governmental authorities that are necessary for the continued operation of Borrower’s business as currently conducted, except where
the failure to do so would not reasonably be expected to cause a Material Adverse Effect. 
 5.12 Restrictions on Granting Liens.
Except as disclosed on the Schedule and agreements constituting Excluded Collateral, Permitted Licenses or inbound license agreements to the extent Section 6.7 hereof is complied with, Borrower is not a party to, nor is bound by, any material
license or other material agreement necessary for the conduct of Borrower’s business that prohibits or otherwise restricts Borrower from granting a security interest in Borrower’s interest in such license or agreement, other than this
Agreement or the other Loan Documents. 
 5.13 Full Disclosure. No representation, warranty or other statement made by Borrower in
any certificate or written statement furnished to Bank (other than financial or business projections, forecasts or other information of a forward-looking nature) taken together with all such certificates and written statements furnished to Bank
contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained in such certificates or statements not misleading in light of the circumstances in which they were made at the
time such statement was made or deemed made. The projections, forecasts and other information of a forward-looking nature have been provided by Borrower in good faith and based upon reasonable assumptions, it being understood and agreed by Bank that
such information is not to be viewed as facts and that actual results during the period or periods covered by any such projections and forecasts may differ from the projected or forecasted results. 

 

	 	6.	 AFFIRMATIVE COVENANTS. 

Borrower covenants that, until Payment in Full, Borrower shall do all of the following: 

6.1 Good Standing and Government Compliance. Borrower shall maintain its and each of its Subsidiaries’ corporate existence and
good standing in the respective states of formation, shall maintain qualification and good standing in each other jurisdiction in which the failure to so qualify would reasonably be expected to have a Material Adverse Effect. Borrower

  
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has furnished to Bank on the Schedule attached hereto the organizational identification number issued to Borrower by the authorities of the state in which Borrower is organized. Borrower shall
meet, and shall cause each Subsidiary to meet, the minimum funding requirements of ERISA with respect to any employee benefit plans subject to ERISA. Borrower shall comply, and shall cause each Subsidiary to comply, with all statutes, laws,
ordinances and government rules and regulations to which it is subject to the extent non-compliance therewith would reasonably be expected to have a Material Adverse Effect, and shall maintain, and shall cause
each of its Subsidiaries to maintain, in force all licenses, approvals and agreements, the loss of which or failure to comply with which would reasonably be expected to have a Material Adverse Effect. 

6.2 Financial Statements, Reports, Certificates, Collateral Audits. 

(a) Borrower shall deliver to Bank: (i) as soon as available, but in any event within 30 days after the end of each calendar
month, a company prepared consolidated (and, to the extent available, consolidating) balance sheet, income statement, and statement of cash flows covering Borrower’s operations during such period, in a form reasonably acceptable to Bank and
certified by a Responsible Officer; (ii) as soon as available, but in any event within 180 days after the end of Borrower’s fiscal year, audited consolidated (and, to the extent available, consolidating) financial statements of Borrower
prepared in accordance with GAAP, consistently applied, together with an unqualified (other than going concern qualifications with respect to the Borrower’s Cash balances) opinion on such financial statements from an independent certified
public accounting firm reasonably acceptable to Bank, provided that such annual financial statement is waived for financial year of 2019; (iii) annual budget approved by Borrower’s Board of Directors as soon as available but not later than 45
days after the end of Borrower’s fiscal year; (iv) if applicable, copies of all statements, reports and notices sent or made available generally by Borrower to its security holders or to any holders of Subordinated Debt and all reports on
Forms 10-K and 10-Q filed with the Securities and Exchange Commission; (v) promptly (and in any event on or prior to the next Reporting Date) after receipt of
notice thereof, a report of any legal actions pending or threatened in writing against Borrower or any Subsidiary that could reasonably be expected to result in damages or costs to Borrower or any Subsidiary of $250,000 or more; (vi) promptly
upon receipt, each management letter prepared by Borrower’s independent certified public accounting firm regarding Borrower’s management control systems; (vii) such budgets, sales projections, operating plans, informal clinical
updates on any material developments or other financial information as Bank may reasonably request from time to time; 
 (b) Within
30 days after the last day of each month, Borrower shall deliver to Bank with the monthly financial statements a Compliance Certificate certified as of the last day of the applicable month and signed by a Responsible Officer in substantially the
form of Exhibit D hereto. 
 (c) As soon as possible and in any event within 3 calendar days after becoming aware of the occurrence
or existence of an Event of Default hereunder, a written statement of a Responsible Officer setting forth details of the Event of Default, and the action which Borrower has taken or proposes to take with respect thereto. 

(d) Bank (through any of its officers, employees, or agents) shall have the right, upon reasonable prior notice, from time to time
during Borrower’s usual business hours 

  
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but no more than twice a year (unless an Event of Default has occurred and is continuing), to inspect Borrower’s Books and to make copies thereof and to check, test and inspect the
Collateral at Borrower’s expense in order to verify Borrower’s financial condition or the amount, condition of, or any other matter relating to, the Collateral. 

Borrower may deliver to Bank on an electronic basis any certificates, reports or information required pursuant to this Section 6.2, and
Bank shall be entitled to rely on the information contained in the electronic files, provided that Bank in good faith believes that the files were delivered by a Responsible Officer. Borrower shall include a submission date on any certificates and
reports to be delivered electronically. 
 6.3 Inventory and Equipment; Returns. Borrower shall keep all Inventory held out for sale
and Equipment in good and merchantable condition, free from all material defects except for Inventory and Equipment (i) sold or otherwise disposed of in the ordinary course of business or as otherwise permitted by this Agreement, and
(ii) for which adequate reserves have been made, in all cases in the United States. Returns and allowances, if any, as between Borrower and its account debtors shall be on the same basis and in accordance with the usual customary practices of
Borrower, as they exist on the Closing Date. Borrower shall promptly (and in any event on or prior to the next Reporting Date) notify Bank of all returns and recoveries and of all disputes and claims involving inventory having a book value of more
than $250,000. 
 6.4 Taxes. Borrower shall make, and cause each Subsidiary to make, due and timely payment or deposit of all
material federal, state, and local taxes, assessments, or contributions required of it by law, including, but not limited to, those laws concerning income taxes, F.I.C.A., F.U.T.A. and state disability, and will execute and deliver to Bank, on
demand, proof satisfactory to Bank indicating that Borrower or a Subsidiary has made such payments or deposits and any appropriate certificates attesting to the payment or deposit thereof; provided that Borrower or a Subsidiary need not make any
payment if the amount or validity of such payment is contested in good faith by appropriate proceedings and is reserved against (to the extent required by GAAP) by Borrower or such Subsidiary or where the failure to file such returns or pay such
taxes would not reasonably be expected to have a Material Adverse Effect. 
 6.5 Insurance. Borrower, at its expense, shall
(i) keep the Collateral insured against loss or damage, and (ii) maintain liability and other insurance, in each case as ordinarily insured against by other owners in businesses similar to Borrower’s. All such policies of insurance
shall be in such form, with such companies, and in such amounts as reasonably satisfactory to Bank. All policies of property insurance shall contain a lender’s loss payable endorsement, in a form satisfactory to Bank, showing Bank as
lender’s loss payee. All liability insurance policies shall show, or have endorsements showing, Bank as an additional insured. Any such insurance policies shall, to the extent available from the relevant insurer, specify that the insurer must
give at least 20 days’ notice to Bank before canceling its policy for any reason. Within 30 days of the Closing Date (or such longer period as Bank may permit in its sole discretion), Borrower shall cause to be furnished to Bank a copy of its
policies including any endorsements covering Bank or showing Bank as an additional insured. Upon Bank’s request, Borrower shall deliver to Bank certified copies of the policies of insurance and evidence of all premium payments. Proceeds payable
under any casualty policy will, at Borrower’s option, be payable to Borrower to replace the property subject to the claim, provided that any such replacement property shall be deemed 

  
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Collateral in which Bank has been granted a first priority security interest, provided that if an Event of Default has occurred and is continuing, all proceeds payable under any such policy
shall, at Bank’s option, be payable to Bank to be applied on account of the Obligations. 
 6.6 Primary Depository. Within 30
days after the Closing Date (or such longer period as Bank may permit in its sole discretion), Borrower shall maintain substantially all its depository or operating accounts with Bank. Notwithstanding the above, Borrower may maintain in one or more
accounts outside of Bank (collectively, the “Permitted Outside Accounts”) an aggregate amount not to exceed (i) $250,000 between 31 days to 90 days after the Closing Date, and (ii) $20,000 thereafter. 

6.7 Consent of Inbound Licensors. Prior to Borrower entering into or becoming bound as a licensee under any material inbound license
agreement (other than over- the-counter software that is commercially available to the public), Borrower shall: (i) provide written notice to Bank of the material terms of such license agreement with a
description of its likely impact on Borrower’s business or financial condition; and (ii) in good faith use commercially reasonable efforts to obtain the consent of, or waiver by, any person whose consent or waiver is necessary for
Borrower’s interest in such licenses or contract rights to be deemed Collateral and for Bank to have a security interest in it that might otherwise be restricted by the terms of the applicable license agreement, whether now existing or entered
into in the future, provided, however, that the failure to obtain any such consent or waiver shall not constitute a default under this Agreement. 

6.8 Creation/Acquisition of Subsidiaries. In the event Borrower or any Subsidiary of Borrower creates or acquires any Subsidiary,
Borrower or such Subsidiary shall promptly (and in any event on or prior to the next Reporting Date) notify Bank of such creation or acquisition, and Borrower or such Subsidiary shall take all actions reasonably requested by Bank to achieve any of
the following with respect to such “New Subsidiary” (defined as a Subsidiary formed after the date hereof during the term of this Agreement): (i) to cause such New Subsidiary to become either (A) a
co-borrower hereunder, if such New Subsidiary is organized under the laws of the United States, or (B) a secured guarantor with respect to the Obligations, if such New Subsidiary is not organized under
the laws of the United States; and (ii) to grant and pledge to Bank a perfected security interest in (x) all of the stock, units or other evidence of ownership held by Borrower or its Subsidiaries of any such New Subsidiary organized under
the laws of the United States and (y) all of the stock, units or other evidence of ownership held by Borrower or its Subsidiaries of any such New Subsidiary organized under the laws of a jurisdiction outside of the United States (other than
property that constitutes the capital stock of a controlled foreign corporation (as defined in the IRC), in excess of 65% of the voting power of all classes of capital stock of such controlled foreign corporations entitled to vote, if the grant of a
security interest in such capital stock pursuant to this Agreement would result in material adverse “deemed dividend” tax consequences to Borrower due to the application of IRC §956). 

6.9 Further Assurances. At any time and from time to time Borrower shall execute and deliver such further instruments and take such
further action as may reasonably be requested by Bank to effect the purposes of this Agreement. 

  
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	 	7.	 NEGATIVE COVENANTS. 

Borrower covenants and agrees that, until Payment in Full, Borrower will not do any of the following without Bank’s prior written consent,
which shall not be unreasonably withheld: 
 7.1 Dispositions. Convey, sell, lease, license, transfer, or otherwise dispose of
(collectively, to “Transfer”), or permit any of its Subsidiaries to Transfer, all or any part of its business or property, or move cash balances on deposit with Bank to accounts opened at another financial institution, other than Permitted
Transfers. 
 7.2 Change in Name, Location, Executive Office, or Executive Management; Change in Business; Change in Fiscal Year; Change
in Control. Change its name or the state of Borrower’s formation or relocate its chief executive office without 30 days prior written notification to Bank; replace or suffer the departure of its chief executive officer without delivering
written notification to Bank within 10 days; fail to appoint an interim replacement or fill a vacancy in the position of chief executive officer for more than 30 consecutive days; suffer a change on its board of directors which results in the
failure of at least one representative of either (i) Atlas Venture Fund XI, LP or its Affiliates and (ii) MPM Bioventures 2018, L.P. or its Affiliates to serve as a voting member, in such case without the prior written consent of Bank
which may be withheld in Bank’s good faith business judgment; take action to liquidate, wind up, or otherwise cease to conduct business in the ordinary course (other than in connection with a transaction permitted by Section 7.3); engage
in any business, or permit any of its Subsidiaries to engage in any business, other than or reasonably related or incidental to the businesses currently engaged in by Borrower; change its fiscal year end; convert to another form of incorporated or
unincorporated business or entity; have a Change in Control; Divide. 
 7.3 Mergers or Acquisitions. Merge or consolidate, or permit
any of its Subsidiaries to merge or consolidate, with or into any other business organization (other than mergers or consolidations of a Subsidiary into another Subsidiary or into Borrower), or acquire, or permit any of its Subsidiaries to acquire,
all or substantially all of the capital stock or property of another Person, or a division, line of business, or business unit of another Person, in each case except where (a) each of the following conditions is applicable: (i) the
consideration paid in connection with such transactions (including assumption of liabilities) does not in the aggregate exceed $100,000 during any fiscal year, (ii) no Event of Default has occurred, is continuing or would exist after giving
effect to such transactions, (iii) such transactions do not result in a Change in Control, and (iv) Borrower is the surviving entity in the case of any merger or consolidation of Borrower; or (b) the Obligations are repaid in full and
this Agreement is terminated concurrently with the closing of any merger or consolidation of Borrower in which Borrower is not the surviving entity. Borrower shall not, without Bank’s prior written consent, enter into any binding contractual
arrangement with any investment banker, business broker, or similar Person to attempt to facilitate a merger or acquisition of Borrower or Borrower’s assets (any such agreement, an “Investment Banker Agreement”); unless (i) no
Event of Default exists when such Investment Banker Agreement is entered into by Borrower, and (ii) such Investment Banker Agreement does not give the counterparty the right, in connection with a sale of Borrower’s stock or assets pursuant
to or resulting from an assignment for the benefit of creditors, an asset turnover to Borrower’s creditors (including, without limitation, Bank), foreclosure, bankruptcy or similar liquidation, to claim any fee, payment or damages from any
parties, other than from Borrower or Borrower’s investors. 

  
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 7.4 Indebtedness. Create, incur, assume, guarantee or be or remain liable with
respect to any Indebtedness, or permit any Subsidiary so to do, other than Permitted Indebtedness, or prepay any Indebtedness or take any actions which impose on Borrower an obligation to prepay any Indebtedness, except for (a) Indebtedness to
Bank, (b) the exchange or conversion of Indebtedness into equity securities and the payment of cash in lieu of fractional shares in connection with such exchange or conversion, (c) prepayment of intercompany Permitted Indebtedness,
(d) Indebtedness with an obligation to prepay such Indebtedness only after Payment in Full has occurred, (e) prepayments of Subordinated Debt to the extent permitted by Section 7.9, or (f) prepayments in connection with
refinancings of such Indebtedness, provided that the principal amount is not increased. 
 7.5 Encumbrances. Create, incur, assume or
allow any Lien with respect to its property, or assign or otherwise convey any right to receive income, including the sale of any Accounts, or permit any of its Subsidiaries so to do, except for Permitted Liens, or covenant to any other Person
(other than (i) the licensors of in-licensed property with respect to such property, (ii) in connection with Permitted Liens, or (iii) in connection with Permitted Transfers) that Borrower in
the future will refrain from creating, incurring, assuming or allowing any Lien with respect to any of Borrower’s property. 
 7.6
Distributions. Pay any dividends or make any other distribution or payment on account of or in redemption, retirement or purchase of any capital stock, except that Borrower may (i) repurchase the stock of former employees or directors
pursuant to stock repurchase agreements in an aggregate amount not to exceed $250,000 in any fiscal year, as long as an Event of Default does not exist prior to such repurchase or would not exist after giving effect to such repurchase,
(ii) repurchase the stock of former employees or directors pursuant to stock repurchase agreements by the cancellation of indebtedness owed by such former employees or directors to Borrower regardless of whether an Event of Default exists,
(iii) make dividends or distributions between Loan Parties or from a Subsidiary to a Loan Party, (iv) make dividends payable solely in capital stock, and (v) pay de minimis amounts of cash in lieu of fractional shares upon conversion
of convertible securities or upon any stock split or consolidation. 
 7.7 Investments. Directly or indirectly acquire or own an
Investment in, or make any Investment in or to any Person, or permit any of its Subsidiaries so to do, other than Permitted Investments, or maintain or invest any of its investment property with a book value in excess of $250,000 with a Person other
than Bank or permit any Subsidiary to do so unless such Person has entered into a control agreement with Bank, in form and substance satisfactory to Bank, or suffer or permit any Subsidiary to be a party to, or be bound by, an agreement that
restricts such Subsidiary from paying dividends or otherwise distributing property to Borrower, other than in connection with this Agreement and any Subordinated Debt. 

7.8 Transactions with Affiliates. Directly or indirectly enter into or permit to exist any material transaction with any Affiliate of
Borrower except for (i) transactions that are in the ordinary course of Borrower’s business, upon fair and reasonable terms that are no less favorable to Borrower than would be obtained in an arm’s length transaction with a non- affiliated Person, (ii) the incurrence of Subordinated Debt or the sale of Borrower’s equity securities, in each case in bona fide transactions with Borrower’s existing investors that do not
result in a Change in Control, (iii) transactions among Loan Parties, (iv) indemnification arrangements with employees, officers, directors or consultants entered into in the ordinary course of business, and (v) transactions permitted
by the definition of “Permitted Investments”. 

  
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 7.9 Subordinated Debt. Make any payment in respect of any Subordinated Debt, or
permit any of its Subsidiaries to make any such payment, except in compliance with the terms of such Subordinated Debt, or amend any provision affecting Bank’s rights contained in any documentation relating to the Subordinated Debt without
Bank’s prior written consent. 
 7.10 Inventory and Equipment. (a) Store Inventory or Equipment (other than
(1) inventory in transit, (2) mobile goods and equipment and (3) Research Supplies) of a book value in excess of $250,000 (per location) with a bailee, warehouseman, collocation facility or similar third party unless such third party
has been notified of Bank’s security interest and Bank has received a bailee waiver in favor of Bank, in form and substance satisfactory to Bank, duly executed by Borrower and such third party; or (b) with respect to any leased real
property, store Collateral of a book value in excess of $2,000,000 (per location) at such property unless the landlord has been notified of Bank’s security interest and Bank has received a landlord waiver, in form and substance satisfactory to
Bank, duly executed by Borrower and such landlord. 
 7.11 No Investment Company; Margin Regulation. Become or be controlled by an
“investment company,” within the meaning of the Investment Company Act of 1940, or become principally engaged in, or undertake as one of its important activities, the business of extending credit for the purpose of purchasing or carrying
margin stock, or use the proceeds of any Credit Extension for such purpose. 
  

	 	8.	 EVENTS OF DEFAULT. 

Any one or more of the following events shall constitute an Event of Default by Borrower under this Agreement:     

8.1 Payment Default. If Borrower fails to pay any of the Obligations when 

8.2 Covenant Default. 

(a) If Borrower fails to perform any obligation under Sections 6.2 (financial reporting), 6.4 (taxes), 6.5 (insurance), or 6.6
(primary accounts), or violates any of the covenants contained in Article 7 of this Agreement; or 
 (b) If Borrower fails or
neglects to perform or observe any other material term, provision, condition, covenant contained in this Agreement, in any of the Loan Documents, or in any other present or future agreement between Borrower and Bank and as to any default under such
other term, provision, condition or covenant that can be cured, has failed to cure such default within 10 days after Borrower receives notice thereof or any officer of Borrower becomes aware thereof; provided, however, that if the default cannot by
its nature be cured within the 10 day period or cannot after diligent attempts by Borrower be cured within such 10 day period, and such default is likely to be cured within a reasonable time, then Borrower shall have an additional reasonable period
(which shall not in any case exceed 30 days) to attempt to cure such default, and within such reasonable time period the failure to have cured such default shall not be deemed an Event of Default but no Credit Extensions will be made; 

  
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 8.3 Material Adverse Change. If there occurs any circumstance or any circumstances
which would reasonably be expected to have a Material Adverse Effect; 
 8.4 Attachment. If any material portion of Borrower’s
assets is attached, seized, subjected to a writ or distress warrant, or is levied upon, or comes into the possession of any trustee, receiver or person acting in a similar capacity and such attachment, seizure, writ or distress warrant or levy has
not been removed, discharged or rescinded within 10 days, or if Borrower is enjoined, restrained, or in any way prevented by court order from continuing to conduct all or any material part of its business affairs, or if a judgment or other claim
becomes a lien or encumbrance upon any material portion of Borrower’s assets, or if a notice of lien, levy, or assessment is filed of record with respect to any material portion of Borrower’s assets by the United States Government, or any
department, agency, or instrumentality thereof, or by any state, county, municipal, or governmental agency, and the same is not paid within ten days after Borrower receives notice thereof, provided that none of the foregoing shall constitute an
Event of Default where such action or event is stayed or an adequate bond has been posted pending a good faith contest by Borrower (provided that no Credit Extensions will be made during such cure period); 

8.5 Insolvency. If Borrower becomes insolvent, or if an Insolvency Proceeding is commenced by Borrower, or if an Insolvency Proceeding
is commenced against Borrower and is not dismissed or stayed within 45 days (provided that no Credit Extensions will be made prior to the dismissal of such Insolvency Proceeding); 

8.6 Other Agreements. If (a) there is a default or other failure to perform in any agreement to which Borrower is a party with a
third party or parties (i) resulting in a right by such third party or parties, whether or not exercised, to accelerate the maturity of any Indebtedness in an amount in excess of $250,000, (ii) in connection with any lease of real property
material to the conduct of Borrower’s business, if such default or failure to perform results in the right of another party to terminate such lease, there is a material risk that such termination will occur and such termination will have a
material adverse impact on the Borrower’s business, or (iii) that would reasonably be expected to have a Material Adverse Effect, or (b) any default or event of default (however designated) shall occur with respect to any Subordinated
Debt which is not cured within any applicable cure period; 
 8.7 Judgments. If a final, uninsured judgment or judgments for the
payment of money in an amount, individually or in the aggregate, of at least $250,000 shall be rendered against Borrower and shall remain unsatisfied and unstayed for a period of 10 days (provided that no Credit Extensions will be made prior to the
satisfaction or stay of the judgment); or 
 8.8 Misrepresentations. If any material misrepresentation or material misstatement
exists now or hereafter in any warranty or representation set forth herein or in any certificate delivered to Bank by any Responsible Officer pursuant to this Agreement or to induce Bank to enter into this Agreement or any other Loan Document. 

  
 - 15 - 

	 	9.	 BANK’S RIGHTS AND REMEDIES. 

9.1 Rights and Remedies. Upon the occurrence and during the continuance of an Event of Default, Bank may, at its election, without
notice of its election and without demand, do any one or more of the following, all of which are authorized by Borrower: 
 (a)
Declare all Obligations, whether evidenced by this Agreement, by any of the other Loan Documents, or otherwise, immediately due and payable (provided that upon the occurrence of an Event of Default described in Section 8.5 (insolvency), all
Obligations shall become immediately due and payable without any action by Bank); 
 (b) Cease advancing money or extending credit
to or for the benefit of Borrower under this Agreement or under any other agreement between Borrower and Bank; 
 (c) Settle or
adjust disputes and claims directly with account debtors for amounts, upon terms and in whatever order that Bank reasonably considers advisable; 

(d) Make such payments and do such acts as Bank considers necessary or reasonable to protect its security interest in the Collateral.
Borrower agrees to assemble the Collateral if Bank so requires, and to make the Collateral available to Bank as Bank may designate. Borrower authorizes Bank to enter the premises where the Collateral is located, to take and maintain possession of
the Collateral, or any part of it, and to pay, purchase, contest, or compromise any encumbrance, charge, or lien which in Bank’s determination appears to be prior or superior to its security interest and to pay all expenses incurred in
connection therewith. With respect to any of Borrower’s owned premises, Borrower hereby grants Bank a license to enter into possession of such premises and to occupy the same, without charge, in order to exercise any of Bank’s rights or
remedies provided herein, at law, in equity, or otherwise; 
 (e) place a “hold” on any account maintained with Bank,
decline to honor presentments (including but not limited to checks, wires, and ACH drafts) against any account at Bank, and/or deliver a notice of exclusive control, any entitlement order, or other directions or instructions pursuant to any control
agreement or similar agreements providing control of any Collateral; 
 (f) Set off and apply to the Obligations any and all
(i) balances and deposits of Borrower held by Bank, and (ii) indebtedness at any time owing to or for the credit or the account of Borrower held by Bank; 

(g) Ship, reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell (in the manner provided
for herein) the Collateral. Bank is hereby granted a license or other right, solely pursuant to the provisions of this Section 9.1, to use, without charge, Borrower’s labels, patents, copyrights, rights of use of any name, trade secrets,
trade names, trademarks, service marks, and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale, and selling any Collateral and, in connection with Bank’s
exercise of its rights under this Section 9.1, Borrower’s rights under all licenses and all franchise agreements shall inure to Bank’s benefit; 

(h) Sell the Collateral at either a public or private sale, or both, by way of one or more contracts or transactions, for cash or on
terms, in such manner and at such places (including Borrower’s premises) as Bank determines is commercially reasonable, and apply any 

  
 - 16 - 

 
proceeds to the Obligations in whatever manner or order Bank deems appropriate. Bank may sell the Collateral without giving any warranties as to the Collateral. Bank may specifically disclaim any
warranties of title or the like. This procedure will not be considered adversely to affect the commercial reasonableness of any sale of the Collateral. If Bank sells any of the Collateral upon credit, Borrower will be credited only with payments
actually made by the purchaser, received by Bank, and applied to the indebtedness of the purchaser. If the purchaser fails to pay for the Collateral, Bank may resell the Collateral and Borrower shall be credited with the proceeds of the sale; 

(i) Bank may credit bid and purchase at any public sale; 

(j) Apply for the appointment of a receiver, trustee, liquidator or conservator of the Collateral, without notice and without regard
to the adequacy of the security for the Obligations and without regard to the solvency of Borrower, any guarantor or any other Person liable for any of the Obligations; and 

(k) Any deficiency that exists after disposition of the Collateral as provided above will be paid immediately by Borrower. 

Bank may comply with any applicable state or federal law requirements in connection with a disposition of the Collateral and compliance will not be considered
adversely to affect the commercial reasonableness of any sale of the Collateral. 
 9.2 Power of Attorney. Effective only upon the
occurrence and during the continuance of an Event of Default, Borrower hereby irrevocably appoints Bank (and any of Bank’s designated officers, or employees) as Borrower’s true and lawful attorney to: (a) send requests for
verification of Accounts or notify account debtors of Bank’s security interest in the Accounts; (b) endorse Borrower’s name on any checks or other forms of payment or security that may come into Bank’s possession; (c) sign
Borrower’s name on any invoice or bill of lading relating to any Account, drafts against account debtors, schedules and assignments of Accounts, verifications of Accounts, and notices to account debtors; (d) dispose of any Collateral;
(e) make, settle, and adjust all claims under and decisions with respect to Borrower’s policies of insurance; (f) settle and adjust disputes and claims respecting the accounts directly with account debtors, for amounts and upon terms
which Bank determines to be reasonable; and (g) file, in its sole discretion, one or more financing or continuation statements and amendments thereto, relative to any of the Collateral; provided Bank may exercise such power of attorney to sign
the name of Borrower on any of the documents described in clause (h) above, regardless of whether an Event of Default has occurred. The appointment of Bank as Borrower’s attorney in fact, and each and every one of Bank’s rights and
powers, being coupled with an interest, is irrevocable until Payment in Full. 
 9.3 Accounts Collection. At any time after the
occurrence and during the continuation of an Event of Default, Bank may notify any Person owing funds to Borrower of Bank’s security interest in such funds and verify the amount of such Account. Borrower shall collect all amounts owing to
Borrower for Bank, receive in trust all payments as Bank’s trustee, and immediately deliver such payments to Bank in their original form as received from the account debtor, with proper endorsements for deposit. 

  
 - 17 - 

 9.4 Bank Expenses. If Borrower fails to pay any amounts or furnish any required proof
of payment due to third persons or entities, as required under the terms of this Agreement, then Bank may do any or all of the following after reasonable notice to Borrower: (a) make payment of the same or any part thereof; and/or
(b) obtain and maintain insurance policies of the type discussed in Section 6.5 of this Agreement, and take any action with respect to such policies as Bank deems prudent. Any amounts so paid or deposited by Bank shall constitute Bank
Expenses, shall be immediately due and payable, and shall bear interest at the then applicable rate hereinabove provided, and shall be secured by the Collateral. Any payments made by Bank shall not constitute an agreement by Bank to make similar
payments in the future or a waiver by Bank of any Event of Default under this Agreement. 
 9.5 Bank’s Liability for Collateral.
Bank has no obligation to clean up or otherwise prepare the Collateral for sale. All risk of loss, damage or destruction of the Collateral shall be borne by Borrower. 

9.6 No Obligation to Pursue Others. Bank has no obligation to attempt to satisfy the Obligations by collecting them from any other
person liable for them and Bank may release, modify or waive any collateral provided by any other Person to secure any of the Obligations, all without affecting Bank’s rights against Borrower. Borrower waives any right it may have to require
Bank to pursue any other Person for any of the Obligations. 
 9.7 Remedies Cumulative. Bank’s rights and remedies under this
Agreement, the Loan Documents, and all other agreements shall be cumulative. Bank shall have all other rights and remedies not inconsistent herewith as provided under the Code, by law, or in equity. No exercise by Bank of one right or remedy shall
be deemed an election, and no waiver by Bank of any Event of Default on Borrower’s part shall be deemed a continuing waiver. No delay by Bank shall constitute a waiver, election, or acquiescence by it. No waiver by Bank shall be effective
unless made in a written document signed on behalf of Bank and then shall be effective only in the specific instance and for the specific purpose for which it was given. Borrower expressly agrees that this Section 9.7 may not be waived or
modified by Bank by course of performance, conduct, estoppel or otherwise. 
 9.8 Demand; Protest. Except as otherwise provided in
this Agreement, Borrower waives demand, protest, notice of protest, notice of default or dishonor, notice of payment and nonpayment and any other notices relating to the Obligations. 

  
 - 18 - 

	 	10.	 NOTICES. 

Unless otherwise provided in this Agreement, all notices or demands by any party relating to this Agreement or any other agreement entered into
in connection herewith shall be in writing and (except for financial statements and other reporting required pursuant to Section 6.2 of this Agreement, which shall be sent as directed in the monthly reporting forms provided by Bank) shall be
personally delivered or sent by a recognized overnight delivery service, certified mail, postage prepaid, return receipt requested, or by electronic mail to Borrower or to Bank, as the case may be, at its addresses set forth below: 

 

			
	If to Borrower:	  	 Dyne Therapeutics, Inc.
 830 Winter Street

Waltham, MA 02451
 Attn: Rick Scalzo

E-Mail: 

		
	with a copy to:	  	 WilmerHale
 60 State Street

Boston, MA 02109 USA
 Attn: Stuart M. Falber

 
 E-Mail:
stuart.falber@wilmerhale.com

		
	If to Bank:	  	 Pacific Western Bank
 406 Blackwell Street,
Suite 240
 Durham, North Carolina 27701
 Attn: Loan Operations
Manager
  
 E-Mail: 

		
	with a copy to:	  	 Pacific Western Bank
 131 Oliver Street, Suite
250
 Boston, MA 02110
  

Attn: 

 The parties hereto may change the address at which they are to receive notices hereunder, by notice in
writing in the foregoing manner given to the other. 
  

	 	11.	 CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER. 

This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of North Carolina, without regard to principles of
conflicts of law. Jurisdiction shall lie in the State of North Carolina. All disputes, controversies, claims, actions and similar proceedings arising with respect to Borrower’s account or any related agreement or transaction shall be brought in
the General Court of Justice of North Carolina sitting in Durham County, North Carolina or the United States District Court for the Middle District of North Carolina, except as provided below with respect to arbitration of such matters. BANK AND
BORROWER EACH ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS A CONSTITUTIONAL ONE, BUT THAT IT MAY BE WAIVED. EACH OF THEM, AFTER CONSULTING OR HAVING HAD THE OPPORTUNITY TO CONSULT, WITH COUNSEL OF THEIR CHOICE, KNOWINGLY, VOLUNTARILY AND
INTENTIONALLY WAIVES ANY RIGHT ANY OF THEM MAY HAVE TO A TRIAL BY JURY IN ANY LITIGATION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY RELATED INSTRUMENT OR LOAN DOCUMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR ANY COURSE
OF CONDUCT, DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN), OR ACTION OF ANY OF THEM. THESE PROVISIONS SHALL NOT BE DEEMED TO HAVE BEEN MODIFIED IN ANY RESPECT OR RELINQUISHED BY BANK OR BORROWER, EXCEPT BY A WRITTEN INSTRUMENT EXECUTED BY EACH OF
THEM. If the jury waiver set 

  
 - 19 - 

 
forth in this Section 11 is not enforceable, then any dispute, controversy, claim, action or similar proceeding arising out of or relating to this Agreement, the Loan Documents or any of the
transactions contemplated therein shall be settled by final and binding arbitration held in Durham County, North Carolina in accordance with the then current Commercial Arbitration Rules of the American Arbitration Association by one arbitrator
appointed in accordance with those rules. The arbitrator shall apply North Carolina law to the resolution of any dispute, without reference to rules of conflicts of law or rules of statutory arbitration. Judgment upon any award resulting from
arbitration may be entered into and enforced by any state or federal court having jurisdiction thereof. Notwithstanding the foregoing, the parties may apply to any court of competent jurisdiction for preliminary or interim equitable relief, or to
compel arbitration in accordance with this Section. The costs and expenses of the arbitration, including without limitation, the arbitrator’s fees and expert witness fees, and reasonable attorneys’ fees, incurred by the parties to the
arbitration may be awarded to the prevailing party, in the discretion of the arbitrator, or may be apportioned between the parties in any manner deemed appropriate by the arbitrator. Unless and until the arbitrator decides that one party is to pay
for all (or a share) of such costs and expenses, both parties shall share equally in the payment of the arbitrator’s fees as and when billed by the arbitrator. 
  

	 	12.	 GENERAL PROVISIONS. 

12.1 Successors and Assigns. This Agreement shall bind and inure to the benefit of the respective successors and permitted assigns of
each of the parties and shall bind all persons who become bound as a debtor to this Agreement; provided, however, that neither this Agreement nor any rights hereunder may be assigned by Borrower without Bank’s prior written consent, which
consent may be granted or withheld in Bank’s sole discretion. Bank shall have the right without the consent of or notice to Borrower to sell, assign, transfer, negotiate, or grant participation in all or any part of, or any interest in,
Bank’s obligations, rights and benefits hereunder; provided that the consent of Borrower shall be required for any such sale, assignment, transfer or participation to a Competitor or a vulture/distressed debt fund unless an Event of Default has
occurred and is continuing. 
 12.2 Indemnification. Borrower shall defend, indemnify and hold harmless Bank and its officers,
directors, employees, affiliates, advisors and agents against: (a) all obligations, demands, claims, and liabilities claimed or asserted by any other party in connection with the transactions contemplated by this Agreement; and (b) all
losses or Bank Expenses in any way suffered, incurred, or paid by Bank, its officers, employees and agents as a result of or in any way arising out of, following, or consequential to transactions between Bank and Borrower whether under this
Agreement, or otherwise (including without limitation reasonable attorneys fees and expenses), except for losses caused by Bank’s gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and non-appealable order. 
 12.3 Time of Essence. Time is of the essence for the performance of all
obligations set forth in this Agreement. 
 12.4 Severability of Provisions. Each provision of this Agreement shall be severable from
every other provision of this Agreement for the purpose of determining the legal enforceability of any specific provision. 

  
 - 20 - 

 12.5 Amendments in Writing, Integration. All amendments to or terminations of this
Agreement or the other Loan Documents must be in writing. All prior agreements, understandings, representations, warranties, and negotiations between the parties hereto with respect to the subject matter of this Agreement and the other Loan
Documents, if any, are merged into this Agreement and the Loan Documents. 
 12.6 Counterparts. This Agreement may be executed in any
number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Agreement. Executed
copies of the signature pages of this Agreement sent by facsimile or transmitted electronically in Portable Document Format (“PDF”), or any similar format, shall be treated as originals, fully binding and with full legal force and effect,
and the parties waive any rights they may have to object to such treatment. 
 12.7 Survival. All covenants, representations and
warranties made in this Agreement shall continue in full force and effect until Payment in Full. The obligations of Borrower to indemnify Bank with respect to the expenses, damages, losses, costs and liabilities described in Section 12.2 shall
survive until all applicable statute of limitations periods with respect to actions that may be brought against Bank have run. 
 12.8
Confidentiality and Publicity. 
 (a) Borrower shall not, and shall not permit any of its Affiliates to: (i) publish or
disclose any materials containing Bank’s name, including in any press release or otherwise in connection with any advertising or marketing, without first obtaining Bank’s prior written consent, or (ii) use Bank’s name (or the
name of any of its Affiliates) in connection with its operations or business. 
 (b) In handling any confidential information, Bank
shall exercise commercially reasonable efforts to maintain in confidence, in accordance with its customary procedures for handling confidential information, all written non-public information furnished to Bank
on a confidential basis, it being understood and agreed that all information furnished to Bank by Borrower shall be deemed to be provided on a confidential basis unless clearly identified as non-confidential
at the time of delivery of such (“Confidential Information”) other than any such Confidential Information that becomes generally available to the public or becomes available to Bank from a source other than Borrower and that is not known
to Bank to be subject to confidentiality obligations; provided, that Bank and its Affiliates shall have the right to disclose Confidential Information to: (i) such Person’s Affiliates; (ii) such Person or such Person’s
Affiliates’ lenders, funding sources, or financing sources; (iii) such Person’s or such Person’s Affiliates’ directors, officers, trustees, partners, members, managers, employees, agents, advisors, representatives,
attorneys, equity owners, professional consultants, portfolio management services and rating agencies; (iv) any permitted successor or assign of Bank; provided, that each such Person receiving confidential information pursuant to the foregoing
clauses (i) through (iv) is subject to similar obligations of confidentiality; (v) any Person to whom Bank offers to sell, assign or transfer any Credit Extension or any part thereof or any interest or participation therein; (vi) any
Person that provides statistical analysis and/or information services to Bank or its Affiliates; and (vii) any Person (A) to the extent required by it by law, (B) as may be required in connection with

  
 - 21 - 

 
the examination, audit, or similar investigation of Bank, (C) in response to any subpoena or other legal process or informal investigative demand, (D) in connection with any litigation,
or (E) in connection with the actual or potential exercise or enforcement of any right or remedy under any Loan Document. The obligations of Bank and its Affiliates under this Section 12.8 shall supersede and replace any other
confidentiality obligations agreed to by Bank or its Affiliates. 

  
 - 22 - 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of date
first above written. 
  

			
	DYNE THERAPEUTICS, INC.
		
	By:	 	 /s/ Joshua Brumm

		
	Name:	 	Joshua Brumm
		
	Title:	 	President, Chief Executive Officer, Treasurer and Secretary
	
	PACIFIC WESTERN BANK
		
	By:	 	 /s/ Scott Hansen

		
	Name:	 	Scott Hansen
		
	Title:	 	Managing Director

 [Signature Page to Loan and Security Agreement – Dyne Therapeutics, Inc.] 

 EXHIBIT A 

DEFINITIONS 
 “Accounts” means
all presently existing and hereafter arising accounts, contract rights, payment intangibles and all other forms of obligations owing to Borrower arising out of the sale or lease of goods (including, without limitation, the licensing of software and
other technology) or the rendering of services by Borrower and any and all credit insurance, guaranties, and other security therefore, as well as all merchandise returned to or reclaimed by Borrower and Borrower’s Books relating to any of the
foregoing. 
 “Affiliate” means, with respect to any Person, any Person that owns or controls directly or indirectly such Person, any Person that
controls or is controlled by or is under common control with such Person, and each of such Person’s senior executive officers, directors, and general partners. 

“Amortization Date” means the first anniversary of the Closing Date, provided that upon Borrower’s delivering evidence reasonably satisfactory
to Bank of meeting the Performance Milestone, the Amortization Date will, at the Borrower’s option, be August 20, 2021. 
 “Authorized
Officer” means someone designated as such in the corporate resolution provided by Borrower to Bank in which this Agreement and the transactions contemplated hereunder are authorized by Borrower’s board of directors. If Borrower provides
subsequent corporate resolutions to Bank after the Closing Date, the individual(s) designated as “Authorized Officer(s)” in the most recently provided resolution shall be the only “Authorized Officers” for purposes of this
Agreement. 
 “Bank Expenses” means all reasonable and documented
out-of-pocket costs or expenses (including reasonable attorneys’ fees and expenses) incurred in connection with the preparation, negotiation, administration, and
enforcement of the Loan Documents; reasonable and documented out-of-pocket Collateral audit fees; and Bank’s reasonable and documented out-of-pocket attorneys’ fees and expenses incurred in amending, enforcing or defending the Loan Documents (including fees and expenses of appeal), incurred before,
during and after an Insolvency Proceeding, whether or not suit is brought. 
 “Borrower’s Books” means all of Borrower’s books and
records including: ledgers; records concerning Borrower’s assets or liabilities, the Collateral, business operations or financial condition; and all computer programs, or tape files, and the equipment, containing such information. 

“Business Day” means any day that is not a Saturday, Sunday, or other day on which banks in the State of North Carolina are authorized or required
to close. 
 “Cash” means unrestricted cash and cash equivalents. 

“Change in Control” shall mean a transaction (other than a bona fide equity financing or series of financings on terms and from investors reasonably
acceptable to Bank) in which any “person” or “group” (within the meaning of Section 13(d) and 14(d)(2) of the Securities Exchange Act of 1934) 

  
 Ex. A-1 

 
who were not stockholders of Borrower immediately prior to such transaction becomes the “beneficial owner” (as defined in Rule 13d-3 under the
Securities Exchange Act of 1934), directly or indirectly, of more than 50% of the outstanding voting securities of the Borrower immediately after giving effect to such transaction. 

“Closing Date” means the date of this Agreement. 

“Code” means the North Carolina Uniform Commercial Code as amended or supplemented from time to time. 

“Collateral” means the property described on Exhibit B attached hereto and all Negotiable Collateral to the extent not described on Exhibit B,
except for the following property (collectively, the “Excluded Collateral”): (i) property that is non-assignable by its terms without the consent of the licensor thereof or another party (but only to
the extent such prohibition on transfer is enforceable under applicable law, including, without limitation, §25-9-406 and §25-9-408 of the Code), (ii) property for which the granting of a security interest therein is contrary to applicable law, provided that upon the cessation of any such restriction or prohibition, such
property shall automatically become part of the Collateral, (iii) property that constitutes the capital stock of a controlled foreign corporation (as defined in the IRC), in excess of 65% of the voting power of all classes of capital stock of
such controlled foreign corporations entitled to vote, if the grant of a security interest in such capital stock pursuant to this Agreement would result in material adverse “deemed dividend” tax consequences to Borrower due to the
application of IRC §956, (iv) property (including any attachments, accessions or replacements) that is subject to a Lien that is permitted pursuant to clause (c) of the definition of Permitted Liens, if the grant of a security interest
with respect to such property pursuant to this Agreement would be prohibited by the agreement creating such Permitted Lien or would otherwise constitute a default thereunder, provided, that such property will be deemed “Collateral”
hereunder upon the termination and release of such Permitted Lien, or (v) any Intellectual Property. 
 “Competitor” means any Person that is
an operating company directly and primarily engaged in substantially similar business operations as the Borrower. 
 “Compliance Certificate”
means a compliance certificate, in substantially the form of Exhibit D attached hereto, executed by a Responsible Officer of the Borrower. 

“Contingent Obligation” means, as applied to any Person, any direct or indirect liability, contingent or otherwise, of that Person with respect to
(i) any indebtedness, lease, dividend, letter of credit or other obligation of another, including, without limitation, any such obligation directly or indirectly guaranteed, endorsed, co-made or
discounted or sold with recourse by that Person, or in respect of which that Person is otherwise directly or indirectly liable; (ii) any obligations with respect to undrawn letters of credit, corporate credit cards or merchant services issued
for the account of that Person; and (iii) all obligations arising under any interest rate, currency or commodity swap agreement, interest rate cap agreement, interest rate collar agreement, or other agreement or arrangement designated to
protect a Person against fluctuation in interest rates, currency exchange rates or commodity prices; provided, however, that the term “Contingent Obligation” shall not include endorsements for collection or deposit in the ordinary course
of business. The amount of any Contingent Obligation shall be deemed to be an amount equal to the 

  
 Ex. A-2 

 
stated or determined amount of the primary obligation in respect of which such Contingent Obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability in
respect thereof as determined by such Person in good faith; provided, however, that such amount shall not in any event exceed the maximum amount of the obligations under the guarantee or other support arrangement. 

“Credit Card Line” means a Credit Extension of up to $250,000, to be used exclusively for the provision of Credit Card Services. 

“Credit Card Services” has the meaning assigned in Section 2.1(c)(ii). 

“Credit Extension” means Term Loan, use of Credit Card Services, or any other extension of credit by Bank to or for the benefit of Borrower
hereunder. 
 “Divide” means, with respect to any Person that is an entity, the dividing of such Person into two or more separate Persons, with
the dividing Person either continuing or terminating its existence as part of such division, including as contemplated under Section 18-217 of the Delaware Limited Liability Company Act for limited
liability companies formed under Delaware law, or any analogous action taken pursuant to any other statute with respect to any corporation, limited liability company, partnership, or other entity. 

“Equipment” means all present and future machinery, equipment, tenant improvements, furniture, fixtures, vehicles, tools, parts and attachments in
which Borrower has any interest. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and the regulations thereunder.

 “Event of Default” has the meaning assigned in Article 8. 

“Excluded Collateral” has the meaning assigned in the definition of “Collateral”. 

“GAAP” means generally accepted accounting principles, consistently applied, as in effect from time to time in the United States. 

“Guarantors” means each Subsidiary of the Borrower that has executed and delivered a guaranty or guaranty supplement pursuant to Section 6.8.

 “Indebtedness” means (a) all indebtedness for borrowed money or the deferred purchase price of property or services, including without
limitation reimbursement and other obligations with respect to surety bonds and letters of credit, (b) all obligations evidenced by notes, bonds, debentures or similar instruments, (c) all capital lease obligations, and (d) all
Contingent Obligations, including but not limited to any sublimit contained herein. 
 “Insolvency Proceeding” means any proceeding commenced by
or against any Person or entity under any provision of the United States Bankruptcy Code, as amended, or under any other bankruptcy or insolvency law, including assignments for the benefit of creditors, formal or informal moratoria, compositions,
extension generally with its creditors, or proceedings seeking reorganization, arrangement, or other relief. 

  
 Ex. A-3 

 “Inventory” means all present and future inventory in which Borrower has any interest. 

“Investment” means any beneficial ownership of (including stock, partnership or limited liability company interest or other securities) any Person,
or any loan, advance or capital contribution to any Person. 
 “IRC” means the Internal Revenue Code of 1986, as amended, and the regulations
thereunder. 
 “Lien” means any mortgage, lien, deed of trust, charge, pledge, security interest or other encumbrance. 

“Loan Documents” means, collectively, this Agreement, any note or notes executed by Borrower, and any other document, instrument or agreement
entered into in connection with this Agreement, all as amended, extended, restated, supplemented or otherwise modified from time to time. 
 “Loan
Parties” means each Borrower and each Guarantor. 
 “Material Adverse Effect” means a material adverse effect on (i) the operations,
business or financial condition of Borrower and its Subsidiaries taken as a whole, (ii) the ability of Borrower to repay the Obligations or otherwise perform its obligations under the Loan Documents, or (iii) Borrower’s interest in,
or the value, perfection or priority of Bank’s security interest in the Collateral. 
 “Maturity Date” means fourth anniversary of the
Closing Date. 
 “Negotiable Collateral” means all of Borrower’s present and future letters of credit of which it is a beneficiary, drafts,
instruments (including promissory notes), securities, documents of title, and chattel paper, and Borrower’s Books relating to any of the foregoing. 

“New Equity” means gross cash proceeds received after the Closing Date from the sale or issuance of Borrower’s Series A-3 equity securities. 
 “Obligations” means all debt, principal, interest, Bank Expenses and other amounts
owed to Bank by Borrower pursuant to this Agreement or any other agreement, whether absolute or contingent, due or to become due, now existing or hereafter arising, including any interest that accrues after the commencement of an Insolvency
Proceeding and including any debt, liability, or obligation owing from Borrower to others that Bank may have obtained by assignment or otherwise. 

“Payment in Full” means all of Bank’s commitments to make Credit Extensions under this Agreement have terminated, and all Obligations have been
paid in full (other than (x) contingent indemnification obligations, (y) contingent Success Fee obligations, and (z) Obligations with respect to Credit Card Services as to which, in each case, cash collateral or other arrangements
satisfactory to the Bank have been made). 
 “Periodic Payments” means all installments or similar recurring payments that Borrower may now or
hereafter become obligated to pay to Bank pursuant to the terms and provisions of any instrument, or agreement now or hereafter in existence between Borrower and Bank. 

  
 Ex. A-4 

 “Permitted Indebtedness” means: 

(a) Indebtedness of Borrower in favor of Bank arising under this Agreement or any other Loan Document; 

(b) Indebtedness existing on the Closing Date and disclosed in the Schedule; 

(c) Indebtedness not to exceed $500,000 in the aggregate at any time secured by a lien described in clause (c) of the defined term “Permitted
Liens,” provided such Indebtedness does not exceed at the time it is incurred the cost of the property (including taxes and fees) financed with such Indebtedness, provided, that notwithstanding anything to the contrary herein and
strictly for the purposes of this clause (c) of the definition of Permitted Indebtedness and for no other purpose, any obligations of a Person that are or would have been treated as operating leases or capital leases for purposes of GAAP prior
to the issuance by the Financial Accounting Standards Board on February 25, 2016 of an Accounting Standards Update (Topic 842) (the “ASU”) shall continue to be accounted for as operating leases or capital leases (whether or not such
operating lease obligations or capital lease obligations, as applicable, were in effect on such date) notwithstanding the fact that such obligations are required in accordance with the ASU (on a prospective or retroactive basis or otherwise) to be
treated as capitalized lease obligations in accordance with GAAP; 
 (d) Subordinated Debt; 

(e) Indebtedness to trade creditors incurred in the ordinary course of business; 

(f) Indebtedness that also constitutes a Permitted Investment; 

(g) Cash deposits or letters of credit in connection with real estate leases in the ordinary course of business; 

(h) other Indebtedness in an amount not to exceed $250,000 at any time outstanding, of which an amount not to exceed $50,000 may be secured by Liens
permitted under clause (o) of the definition of “Permitted Liens”; 
 (i) indebtedness between Loan Parties; 

(j) guarantees of any items of Permitted Indebtedness; 

(k) Indebtedness arising in respect of endorsements of instruments or other payment items for deposit in the ordinary course of business; 

(l) Indebtedness owed to any Person providing property, casualty or liability insurance to either Borrower or any Subsidiary relating to insurance
premium financing arrangements; 
 (m) Indebtedness under or in respect of surety bonds, appeal bonds, performance and return- of-money bonds, workers’ compensation claims, self-insurance obligations or bankers’ acceptances incurred in the ordinary course of business in connection with bids, leases and similar commercial
contracts; 

  
 Ex. A-5 

 (n) Indebtedness representing deferred compensation, severance, pension and health and welfare
retirement benefits or the equivalent thereof to current and former employees of either Borrower or its Subsidiaries incurred in the ordinary course of business or in connection with Permitted Investments; 

(o) Indebtedness in connection with corporate credit cards in an amount not to exceed $500,000; and 

(p) Extensions, refinancings and renewals of any items of Permitted Indebtedness, provided that the principal amount is not increased or the terms
modified to impose more burdensome terms upon Borrower or its Subsidiary, as the case may be. 
 “Permitted Investment” means: 

(a) Investments existing on the Closing Date disclosed in the Schedule; 

(b) (i) Marketable direct obligations issued or unconditionally guaranteed by the United States of America or any agency or any State
thereof maturing within one year from the date of acquisition thereof, (ii) commercial paper maturing no more than one year from the date of creation thereof and currently having rating of at least A-2 or
P-2 from either Standard & Poor’s Corporation or Moody’s Investors Service, (iii) Bank’s certificates of deposit maturing no more than one year from the date of investment therein,
and (iv) Bank’s money market accounts; (v) Investments in regular deposit or checking accounts held with Bank or as otherwise permitted by, and subject to the terms and conditions of, Section 6.6 of this Agreement; and
(vi) Investments consistent with any investment policy adopted by the Borrower’s board of directors; 
 (c) Investments accepted in
connection with Permitted Transfers; 
 (d) (i) Investments of Subsidiaries in or to other Subsidiaries or Borrower,
(ii) Investments by Borrower in Subsidiaries not to exceed $250,000 in the aggregate in any fiscal year, and (iii) Investments of Loan Parties in or to other Loan Parties; 

(e) Investments not to exceed $250,000 outstanding in the aggregate at any time consisting of (i) travel advances and employee relocation loans
and other employee loans and advances in the ordinary course of business, and (ii) loans to employees, officers or directors relating to the purchase of equity securities of Borrower or its Subsidiaries pursuant to employee stock purchase plan
agreements approved by Borrower’s Board of Directors; 
 (f) Investments (including debt obligations) received in connection with the bankruptcy
or reorganization of customers or suppliers and in settlement of delinquent obligations of, and other disputes with, customers or suppliers arising in the ordinary course of Borrower’s business; 

(g) Investments consisting of notes receivable of, or prepaid royalties and other credit extensions, to customers and suppliers who are not Affiliates,
in the ordinary course of business, provided that this subparagraph (g) shall not apply to Investments of Borrower in any Subsidiary; 
 (h)
Joint ventures or strategic alliances in the ordinary course of Borrower’s business consisting of the non-exclusive licensing of technology, the development of technology or the providing of technical
support, provided that any cash Investments by Borrower do not exceed $250,000 in the aggregate in any fiscal year; 

  
 Ex. A-6 

 (i) Investments permitted under Section 7.3; and 

(j) Additional Investments that do not exceed $250,000 in the aggregate in any fiscal year. 

“Permitted Licenses” has the meaning set forth in Section 5.4. 

“Permitted Liens” means the following: 
 (a)
Any Liens existing on the Closing Date and disclosed in the Schedule (excluding Liens to be satisfied with the proceeds of the Credit Extensions) or arising under this Agreement, the other Loan Documents, or any other agreement in favor of Bank;

 (b) Liens for taxes, fees, assessments or other governmental charges or levies, either not delinquent or being contested in good faith by
appropriate proceedings and for which Borrower maintains adequate reserves; 
 (c) Liens not to exceed $500,000 in the aggregate at any time
(i) upon or in any Equipment (other than Equipment financed by a Credit Extension) acquired or held by Borrower or any of its Subsidiaries to secure the purchase price of such Equipment or indebtedness incurred solely for the purpose of
financing the acquisition or lease of such Equipment, (ii) in connection with capital leases, or (iii) existing on such Equipment at the time of its acquisition, in each case provided that the Lien is confined solely to the property so
acquired and improvements thereon, and the proceeds of such Equipment; 
 (d) Liens for taxes, fees, assessments or other governmental charges or
levies, either not delinquent or being contested in good faith by appropriate proceedings; provided, that Borrower maintains adequate reserves therefor in accordance with GAAP; 

(e) Liens securing claims or demands of materialmen, artisans, mechanics, carriers, warehousemen, landlords and other like Persons arising in the
ordinary course of Borrower’s business and imposed without action of such parties; provided, that the payment thereof is not yet required; 
 (f)
the following deposits (including by way of deposits to secure letters of credit issued to secure the same), to the extent made in the ordinary course of business: deposits under worker’s compensation, unemployment insurance, social
security and other similar laws, or to secure the performance of bids, tenders or contracts (other than for the repayment of borrowed money, except in connection with corporate credit cards permitted by clause (o) of the definition of
“Permitted Indebtedness”) or to secure indemnity, performance or other similar bonds for the performance of bids, tenders or contracts (other than for the repayment of borrowed money) or to secure statutory obligations (other than Liens
arising under ERISA or environmental Liens) or surety or appeal bonds, or to secure indemnity, performance or other similar bonds; 
 (g) Liens
incurred in connection with Subordinated Debt; 

  
 Ex. A-7 

 (h) leasehold interests in leases or subleases, licenses or sublicenses granted in the ordinary
course of business and not interfering in any material respect with the business of the licensor; 
 (i) Liens in favor of customs and revenue
authorities arising as a matter of law to secure payment of custom duties that are promptly paid on or before the date they become due or being contested in good faith by appropriate proceedings; provided, that the Borrower maintain adequate
reserves therefor in accordance with GAAP; 
 (j) Liens on insurance proceeds securing the payment of financed insurance premiums that are promptly
paid on or before the date they become due (provided that such Liens extend only to such insurance proceeds and not to any other property or assets); 

(k) statutory, common law and contractual rights of set-off and other similar rights as to deposits of cash and
securities in favor of banks and other depository institutions; 
 (l) Liens on Cash securing obligations permitted under clause (g) of the
definition of Permitted Indebtedness; 
 (m) precautionary filings in connection with operating leases in the Equipment that is the subject of such
leases; provided that such Liens and collateral descriptions in such precautionary filings be limited to such specific operating leases and not all assets or substantially all assets of the Borrower or any Subsidiary; 

(n) Liens consisting of Permitted Licenses; 
 (o)
additional Liens securing obligations not in excess of $50,000 at any time outstanding; provided that such Liens and collateral descriptions in any filings be limited to specific assets and not all assets or substantially all assets of the
Borrower or any Subsidiary; 
 (p) Liens incurred in connection with the extension, renewal or refinancing of the indebtedness secured by Liens of
the type described in clauses (a) through (o) above, provided that any extension, renewal or replacement Lien shall be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness being extended, renewed
or refinanced does not increase; and 
 (q) Liens arising from judgments, decrees or attachments in circumstances not constituting an Event of
Default under Sections 8.4 (attachment) or 8.8 (judgments). 
 “Permitted Outside Accounts” has the meaning assigned in Section 6.6. 

“Permitted Transfer” means the conveyance, sale, lease, transfer or disposition by Borrower or any Subsidiary of: 

(a) Inventory in the ordinary course of business; 

(b) property pursuant to Permitted Licenses; 

  
 Ex. A-8 

 (c) worn-out, surplus or obsolete Equipment not financed with
the proceeds of Credit Extensions; 
 (d) grants of security interests and other Liens that constitute Permitted Liens; 

(e) property in connection with Permitted Investments; 

(f) property from any Subsidiary of Borrower to Borrower or between Loan Parties; 

(g) cash and cash equivalents (i) in connection with transactions in the ordinary course of business and (ii) in connection with transactions
that (A) are approved by Borrower’s board of directors (to the extent Board approval is required by Borrower’s policies or other organizational documents) and (B) not otherwise prohibited hereunder; 

(h) mandated destruction of pre-clinical and clinical trial supplies; and 

(i) other assets of Borrower or its Subsidiaries that do not in the aggregate exceed $250,000 during any fiscal year. 

“Performance Milestone” means Borrower’s achieving at least Seventeen Million Five Hundred Thousand Dollars ($17,500,000) in New Equity. 

“Person” means any individual, sole proprietorship, partnership, limited liability company, joint venture, trust, unincorporated organization,
association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or governmental agency. 
 “Prime
Rate” means the variable rate of interest, per annum, most recently announced by Bank, as its “prime rate,” whether or not such announced rate is the lowest rate available from Bank. 

“Reporting Date” means each date a Compliance Certificate is delivered (or required to be delivered) pursuant to Section 6.2(b). 

“Research Supplies” means active pharmaceutical ingredients, other raw materials, finished product, formulation components and concomitant
medication; in each case, intended for use and used in Borrower’s and its Subsidiaries’ pre-clinical research and research discovery efforts. 

“Responsible Officer” means each of the Chief Executive Officer, the Chief Operating Officer, the Chief Financial Officer, Vice President of Finance
and the Controller of Borrower, as well as any other officer or employee identified as an Authorized Officer in the corporate resolution delivered by Borrower to Bank in connection with this Agreement. 

“Schedule” means the schedule of exceptions attached hereto and approved by Bank, if any. 

“SOS Reports” means the official reports from the Secretaries of State of the state where Borrower’s chief executive office is located, the
state of Borrower’s formation and other applicable federal, state or local government offices identifying all current security interests filed in the Collateral and Liens of record as of the date of such report. 

  
 Ex. A-9 

 “Subordinated Debt” means any debt incurred by Borrower that is subordinated in writing to the
debt owing by Borrower to Bank on terms reasonably acceptable to Bank (and identified as being such by Borrower and Bank). 
 “Subsidiary” means
any corporation, partnership or limited liability company or joint venture in which (i) any general partnership interest or (ii) more than 50% of the stock, limited liability company interest or joint venture of which by the terms thereof
ordinary voting power to elect the Board of Directors, managers or trustees of the entity, at the time as of which any determination is being made, is owned by Borrower, either directly or through an Affiliate. 

“Success Fee Event” means (a) any sale, license, or other disposition of all or substantially all of the assets (including intellectual
property) of Borrower and its Subsidiaries takes as a whole, (b) any reorganization, consolidation, merger or sale of Borrower where the holders of Borrower’s securities before the transaction beneficially own less than 50% of the
outstanding voting securities of the surviving entity after the transaction, (c) any transaction in which any “person” or “group” (within the meaning of Section 13(d) and 14(d)(2) of the Securities Exchange Act of 1934)
who were not stockholders of Borrower immediately prior to such transaction becomes the “beneficial owner” (as defined in Rule 13d-3 under the Securities Exchange Act of 1934), directly or
indirectly, of more than 50% of the outstanding voting securities of the Borrower immediately after giving effect to such transaction or (d) the sale or issuance of Borrower’s (or a parent or subsidiary of Borrower formed for the purpose
of facilitating an initial public offering, an alternative public offering, a reverse merger, or any similar transaction (collectively, the “Related Entities”)) securities in connection with an initial public offering, an alternative
public offering, a reverse merger, or any similar transaction in which Borrower or its Related Entities receives cash proceeds from such sale or issuance and Borrower’s or its Related Entities’ equity securities may thereafter be traded in
a public market. 

  
 Ex. A-10 

 USA PATRIOT ACT 

NOTICE 
 OF 

CUSTOMER IDENTIFICATION 

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT 

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to
obtain, verify, and record information that identifies each person who opens an account. 
 WHAT THIS MEANS FOR YOU: when you open an account, we will ask
your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

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