Document:

EX-10.18

 Exhibit 10.18 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD
BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
  
  

LICENCE AGREEMENT 
  

 
 Between 

LIFEARC 
 and 

ERASCA, INC. 
  

 TABLE OF CONTENTS 

 

							
	 1.
	 	Definitions and Interpretation	  	 	1	 
			
	 2.
	 	Grant of Rights	  	 	7	 
			
	 3.
	 	Know-how and other Confidential Information	  	 	10	 
			
	 4.
	 	Payments	  	 	11	 
			
	 5.
	 	Commercialisation	  	 	15	 
			
	 7.
	 	Compliance with Laws	  	 	17	 
			
	 8.
	 	Intellectual Property	  	 	17	 
			
	 9.
	 	Warranties and Liability	  	 	19	 
			
	 10.
	 	Duration and Termination	  	 	22	 
			
	 11.
	 	General	  	 	25	 
		
	 Schedule 1 Licensed Technology
	  	 	29	 
		
	 Schedule 2 Appointment of Expert
	  	 	30	 
		
	 Schedule 3 Development Plan
	  	 	31	 
		
	 Schedule 4 Royalty Statement
	  	 	32	 

  

 THIS AGREEMENT is made by and 

BETWEEN: 
  

	(1)	 LifeArc , a company registered in England (company Number 2698321) and limited by guarantee (registered
charity number 1015243), whose registered office is at 7th Floor, Lynton Housed, 7-12 Tavistock Square, London WC1H 9LT (“LifeArc”); and

  

	(2)	 Erasca Inc., a company registered in the State of Delaware, U.S.A., whose office is at 10835 Road to the
Cure Suite 140, San Diego, CA 92121 USA (“Licensee”). 

 WHEREAS: 

 

	(A)	 Lifearc has developed a research programme related to ULK1/2 inhibitors. 

 

	(B)	 The Licensee wishes to take a licence to the intellectual property arising from such programme for the
development and commercialisation of Licensed Products in the Field and in the Territory, and LifeArc has agreed to grant the Licensee such licence, all in accordance with the provisions of this Agreement. 

NOW IT IS AGREED as follows: 
  

	1.	 DEFINITIONS AND INTERPRETATION 

Definitions 
  

	1.1	 In this Agreement: 

“Affiliate” in relation to a Party, means any entity or person that Controls, is Controlled by, or is under common
Control with that Party. 
 “Claims” means all demands, claims and liability (whether criminal or civil, in contract,
tort or otherwise) for losses, damages, costs and expenses of any nature whatsoever and all costs and expenses (including legal costs) incurred in connection therewith. 

“Combination Products” means any Licensed Products incorporated in or bundled with any other product. 

“Commencement Date” means the date of last signature below. 

“Confidential Information” means: 
  

	 	(a)	 the existence and subject matter and terms of this Agreement (which shall be the Confidential Information of
both Parties); 

  

	 	(b)	 the ULK Inhibitor IP; 

 

	 	(c)	 LifeArc Testing Results; 

 

	 	(d)	 any and all information that is maintained by the Disclosing Party as a trade secret as defined under the
Uniform Trade Secrets Act; 

  

	 	(e)	 any and all information that would be regarded as confidential by a reasonable business person or information
which is identified as being confidential or otherwise designated to show expressly that it is imparted in confidence including information relating to: 

  

	 	(i)	 the business, affairs, customers, clients, suppliers, or plans, intentions, or market opportunities of the
Disclosing Party; 

  
 1 

	 	(ii)	 the operations, specifications, research, inventions, processes, initiatives, product information, know-how, designs, trade secrets or software of the Disclosing Party, 

 in each case
which is disclosed orally, visually (for example, in electronic form) or in writing by or on behalf of one Party to the other Party, and shall include any information, analyses, compilations, studies, minutes of meetings, or other documents or
physical materials prepared by or on behalf of the Receiving Party which include or otherwise derive from information received from the Disclosing Party. 

“Control” means: 
  

	 	(a)	 holding the right by contract to require that the person under Control conducts its affairs in accordance with
the wishes of the person who holds that right; or 

  

	 	(b)	 in relation to a body corporate, the direct or indirect beneficial ownership of more than 50% (fifty percent)
(or outside of a Party’s home territory, such lesser percentage as is the maximum permitted level of foreign investment) of the issued shares or securities of the other entity or the legal power to direct or cause the direction of the general
management of the other entity in question, or its holding company or parent undertaking; or 

  

	 	(c)	 in relation to a partnership, the right to a share of more than half the assets, or of more than half the
income, of the partnership. 

 “Development” means the Initial Testing and any and all research, pre-clinical development and clinical development activities carried out by or on behalf of the Licensee, its Affiliates or its Sub-licensees that relate to the use of and/or
the development of the Licensed IP, including but not limited to lead optimization, toxicology, pharmacology and other preclinical activities, test method development, stability testing, manufacturing process development, formulation development,
delivery system development, quality assurance and quality control development and clinical trials. When used as a verb Develop means to engage in Development. 

“Development Results” means all Materials and Know-how generated, or otherwise
collected or collated, arising, identified or first reduced to practice, by or on behalf of the Licensee in the course of the Development and any Intellectual Property Rights arising from the foregoing. 

“Diligent Efforts” means exerting such efforts and employing such resources as would normally be exerted or employed by
a reasonable similarly situated third party company of a similar size for a product of similar market potential at a similar stage of its product life, when utilizing sound and reasonable scientific, medical and business practice and judgment in
order to develop the product in a timely manner and maximize the economic return to the Parties from its commercialisation and taking into account, inter alia, the competitiveness of the marketplace, the proprietary position of the product,
the regulatory structure involved, the profitability of the product and other relevant factors. For clarity, when taking into account any such relevant factors, such as competitiveness of the marketplace or profitability of the product, Licensee
shall not take into account any other of Licensee’s products or programs that might be competitive with a Licensed Product. 

“Disclosing Party” has the meaning given in clause 3.3. 

“Documented Deductions” means: 

  
 2 

	 	(a)	 normal trade discounts actually granted and any credits actually given for rejected, defective, recalls or
returned Licensed Products; 

  

	 	(b)	 price reductions or rebates, retroactive or otherwise, imposed by, negotiated with or otherwise paid to
governmental authorities or other payees; 

  

	 	(c)	 costs of packaging, insurance, carriage and freight, provided in each case that the amounts are separately
charged to the purchaser on the relevant invoice; 

  

	 	(d)	 value added tax or other sales tax; 

 

	 	(e)	 import duties or similar applicable government levies charged to the purchaser on the relevant invoice;

  

	 	(f)	 the portion of administrative fees paid during the relevant time period to group purchasing organizations,
pharmaceutical benefit managers or Medicare Prescription Drug Plans relating to the Licensed Product; 

  

	 	(g)	 any invoiced amounts from a prior period which are not collected and are written off by Licensee, its
Affiliates or its Sublicensees, including bad debts; 

  

	 	(h)	 that portion of the annual fee on prescription drug manufacturers imposed by the Patient Protection and
Affordable Care Act, Pub. L. No. 111-148 (as amended) and reasonably allocable to sales of the Licensed Products; and 

 

	 	(i)	 any other similar and customary deductions that are consistent with GAAP, but which may not be duplicative of
the deductions specified in (a) – (h) above, 

 provided that such deductions do not exceed reasonable and customary
amounts in the markets in which such sales occurred. 
 “Field” means all fields of use, including any diagnostic,
preventative or therapeutic use. 
 “First Commercial Sale” means the first sale of a Licensed Product within the Territory
following the receipt by the Licensee, its Affiliates or Sub-licensees of a market authorisation or other approvals necessary to import, distribute, market, promote and sell a Licensed Products in a particular
country. 
 “First Phase 1 Initiation” means the first dosing of the second patient in a Phase 1 Clinical Trial for a
Licensed Product. 
 “First Phase 2/3 Initiation” means the first dosing of the second patient in a Phase 2/3 Clinical Trial
for a Licensed Product. 
 “Indemnitees has the meaning given in clause 9.7. 

“IND” means an Investigational New Drug filed with FDA in the United States or a corresponding application filed with a
regulatory agency in a country other than the United States with respect to the development of the Licensed IP and/or Development Results. 

“Indication” means a specific disease, disorder or condition which is recognized by the applicable regulatory authority in a
given country or jurisdiction as a disease, disorder or condition. For the avoidance of doubt, all variants of a single disease, disorder or condition (whether classified by severity or otherwise) will be treated as the same Indication, except that
different types of cancer, as defined by site or cancer cell origin by the applicable regulatory authority, will be treated as different Indications, to the extent that they are recognized as such by applicable regulatory authorities. 

 

  
 3 

 “Initial Testing” has the meaning set out in clause 2.8. 

“Initial Testing Period” means a period of three (3) months beginning on the Commencement Date. 

“Intellectual Property Rights” means Patent Rights, trade-marks, copyright, database rights, rights in designs, and all or any
other intellectual property rights whether or not registered or capable of registration anywhere in the world (including the right to apply for and applications for the foregoing). 

“Know-how” means unpatented technical and other information which is not in the public
domain regardless of how such information is collected or recorded, including inventions, discoveries, data, designs, formulae, chemical structures, antibody sequences, methods, algorithms, models, research plans, procedures, results of
experimentation and testing (including results of research or development), processes (including manufacturing processes, specifications and techniques), analytical and quality data, data analyses and reports (and for this purpose, the fact that an
item is known to the public shall not be taken to exclude the possibility that a compilation including the item, and/or a development relating to the item, is (and remains) not known to the public). 

“Licensed IP” means the LifeArc Testing Results and the ULK Inhibitor IP. 

“Licensed IP Publication Date” means the date of the first publication of a Patent application in any jurisdiction. 

“Licensed Products” means any and all products that (a) are within (or are manufactured or developed using a
process described in) a Valid Claim of the Patents and/or (b) incorporate, or their development or manufacture makes use of, any of the (A) Development Results that are generated prior to the later of (i) date of the filing of the
first IND application or (ii) the Licensed IP Publication Date; and/or (B) ULK Inhibitor IP and/or the LifeArc Testing Results 

“LifeArc Scientist” means a scientist from LifeArc’s Centre for Therapeutics Discovery with suitable knowledge of the
Licensed IP. 
 “LifeArc Testing” has the meaning set out in clause 2.6. 

“LifeArc Testing Results” means all Materials and Know-how generated, or otherwise
collected or collated, arising, identified or first reduced to practice by LifeArc, in the course of the LifeArc Testing and any Intellectual Property Rights arising from the foregoing. 

“Materials” means organic or inorganic elements or compounds; nucleotide or nucleotide sequences (including DNA and RNA
sequences); genes, vectors or constructs (including plasmids, phages or viruses); host organisms (including bacteria, fungi, algae, protozoa and hybridomas); eukaryotic or prokaryotic cell lines or expression systems or any development strains or
products of cell lines or expression systems; proteins (including peptides or amino acid sequences, enzymes, antibodies or proteins conferring targeting properties and fragments of any protein, peptide enzyme or antibody); drugs or pro-drugs; assays or reagents and any other genetic or biologic materials or micro-organisms. 

“Major Market Country” means the U.S., England, Spain, Italy, France, Germany, China and Japan 

  
 4 

 “Net Sales Value” means 

 

	 	(a)	 with respect to Licensed Products (i) the gross invoiced price of Licensed Products sold by or on behalf
of the Licensee or its Affiliates or its Sub-licensees in arm’s length transactions for a cash consideration; and/ or (ii) where the sale is not at arm’s length and/or is for or includes a non-cash consideration (other than Licensed Products used or subject to clause 5.6 disposed of for free or at or below cost of production by the Licensee or its Affiliates or its
Sub-licensees), the relevant open market price for the Licensed Product in the country or territory in which the sale, use or disposal takes place or if the relevant open market price is not ascertainable, a
reasonable price, assessed on an arm’s length basis therefor, in each case of (i) and (ii) after deduction of the Documented Deductions; 

  

	 	(b)	 with respect to Combination Products (i) the gross invoiced price of Combination Products sold by or on
behalf of the Licensee or its Affiliates or its Sub-licensees in arm’s length transactions for a cash consideration; and/ or (ii) where the sale is not at arm’s length and/or is for or includes
a non-cash consideration (other than Combination Products used or subject to clause 5.6, disposed of for free or at or below cost of production by the Licensee or its Affiliates or its Sub-licensees), the relevant open market price for the Combination Products in the country or territory in which the sale, use or disposal takes place or if the relevant open market price is not ascertainable, a
reasonable price, assessed on an arm’s length basis therefor, in each case of (i) and (ii) after deduction of the Documented Deductions multiplied by: 

 

	 	(iii)	 the fraction A/(A+B), where “A” is the Net Sales Value of the Licensed Products if sold separately,
and “B” is the Net Sales Value of the other product, component or ingredient in the Combination Products if sold separately. 

  

	 	(iv)	 the fraction A/C where “A” is the Net Sales Value of the Licensed Products, if sold separately, and
“C” is the Net Sales Value of the Combination Product, if the other product, component or ingredient in the Combination Products is not sold separately, 

 

	 	(v)	 the fraction (C-B)/C where B is the Net Sales Value of the other
product, component or ingredient, if sold separately, and C is the Net Sales Value of the Combination Product if the Licensed Product component of the Combination Product is not sold separately, 

 

	 	(vi)	 the relative weighting of the Licensed Products given in good faith by the Parties as a contribution to the
Combination Product as whole, if neither the Licensed Products nor the other product, component or ingredient in the Combination Products are sold separately; provided that if the Parties are unable to agree upon such relative weighting, the
disagreement shall be referred to an independent expert pursuant to clause 4.4. 

 Sales of Licensed Products and/or
Combination Products between the Licensee and its Affiliates or its Sub-licensees shall not be taken into account for the purposes of calculating “Net Sales Value” unless there is no subsequent sale
to a third party in an arm’s length transaction for a cash consideration. 
 “Parties” means LifeArc and the
Licensee, and “Party” shall mean either of them. 

  
 5 

 “Patent Rights” means patents and patent applications, divisionals,
continuations, continuations in part, extensions, reissues, renewals, re-examinations, additions and any supplementary protection certificates and similar rights. 

“Patents” means any Patent Rights arising from the ULK Inhibitor IP, and/or the LifeArc Testing Results and/or the
Development Results, provided that with respect to the Patent Rights arising from the Development Results, it shall only include those Patent Rights with a priority date that is prior to the later of (i) the date of the filing of the first IND
application, or (ii) Licensed IP Publication Date. 
 “Phase 1 Clinical Trial” means a human clinical trial that is
intended to initially evaluate the safety and/or pharmacological effect of a Licensed Product in subjects or that would otherwise satisfy requirements of 21 C.F.R. 312.21(a), or its foreign equivalent. 

“Phase 2 Clinical Trial” means a human clinical trial in any country that is intended to initially evaluate the effectiveness
of a Licensed Product for a particular indication or indications in patients with the disease or indication under study or would otherwise satisfy requirements of 21 CFR 312.21(b), or its foreign equivalent. 

“Phase 2/3 Clinical Trial” means a human clinical trial in any country that satisfies the requirements for both a Phase II
Clinical Trial and a Phase III Clinical Trial and is designed (a) to ascertain efficacy and safety of a Licensed Product and (b) to be sufficient to support the preparation and submission of an NDA for such Licensed Product to a competent
regulatory authority, regardless of whether such trial is referred to as a phase 2, phase 2b, or phase 3 clinical trial. 
 “Phase 3
Clinical Trial” means a human clinical trial in any country, the results of which could be used to establish safety and efficacy of a Licensed Product as a basis for an NDA or would otherwise satisfy requirements of 21 CFR 312.21(c), or its
foreign equivalent. 
 “Receiving Party” has the meaning given in clause 3.3. 

“Regulatory Exclusivity” means any exclusivity conferred by the applicable governmental regulatory authority, entity or
entities in the relevant country or jurisdiction for a biological or pharmaceutical product in such country or jurisdiction, including, by way of example only, regulatory data protection, market exclusivity, orphan drug exclusivity, and paediatric
exclusivity. 
 “Second Phase 2/3 Initiation” means the first dosing of the second patient in a Phase 2/3 Clinical Trial for
a Licensed Product for an Indication other than that for a First Phase 2/3 Initiation. 

“Sub-licensee” means any third party (other than an Affiliate) to whom the Licensee
grants a sub-licence of its rights under this Agreement in accordance with clause 2.2. 

“Territory means worldwide. 

“Third Phase 2/3 Initiation” means the first dosing of the second patient in a Phase 2/3 Clinical Trial for a Licensed Product
for an Indication other than the Indication for a First Phase 2/3 Initiation or Second Phase 2/3 Initiation. 
 “ULK Inhibitor
IP” means the Materials and Know-how generated by LifeArc through its ULK 1/2 inhibitor programme including but not limited to the compounds, the Materials and
Know-how set out in schedule 1, and any Intellectual Property Rights claiming or covering the foregoing. 

  
 6 

 “University of Glasgow Agreement” means a collaboration agreement entered
into by LifeArc and The University Court of the University of Glasgow with an effective date of 24th October 2019 for a research project entitled “ULK Target Validation for treatment of
CML”. 
 “Valid Claim” means a claim of a patent or patent application that has not been abandoned or
allowed to lapse or expired or been held invalid or unenforceable by a court of competent jurisdiction in a final and non-appealable judgment. 

Interpretation 
  

	1.2	 In this Agreement: 

  

	 	1.2.1	 the headings are used for convenience only and shall not affect its interpretation; 

 

	 	1.2.2	 references to persons shall include incorporated and unincorporated persons; references to the singular include
the plural and vice versa; and references to the masculine include the feminine; 

  

	 	1.2.3	 references to clauses and schedules mean clauses of, and schedules to, this Agreement; 

 

	 	1.2.4	 references in this Agreement to termination shall include termination by expiry; 

 

	 	1.2.5	 where the word “including” is used it shall be understood as meaning “including without
limitation”; 

  

	 	1.2.6	 any reference to any English law term for any action, remedy, method or judicial proceeding, legal document,
legal status, court, official or any legal concept or thing shall in respect of any jurisdiction other than England be deemed to include what most nearly approximates in that jurisdiction to the English law term; 

 

	 	1.2.7	 time shall be of the essence in relation to the performance of the Licensee’s obligations under this
Agreement; 

  

	 	1.2.8	 any reference to days shall be deemed to mean calendar days; and 

 

	 	1.2.9	 subject to clause 5.6, any reference to the sale of a Licensed Product by the Licensee or its Affiliates or Sub-licensees will be taken to include any supply or other disposal of Licensed Products, and the term sold shall be construed accordingly. 

 

	2.	 GRANT OF RIGHTS 

Licences 
  

	2.1	 LifeArc hereby grants to the Licensee and its Affiliates, and the Licensee hereby accepts on its own behalf and
on behalf of its Affiliates, subject to the provisions of this Agreement an exclusive licence under the Licensed IP, with the right to sub-license through multiple tiers, subject to clause 2.2, to develop,
have developed, manufacture, have manufactured, use, sell, offer for sale and import Licensed Products in the Field and in the Territory. 

Sub-Licensing 
  

	2.2	 The Licensee (but not its Affiliates) shall be entitled to grant
sub-licences of its rights under this Agreement to any third party, provided that: 

  

	 	2.2.1	 the Licensee notifies LifeArc promptly of the grant of the sub-licence
and shall enter into a written sub-licence agreement with such third party; 

  
 7 

	 	2.2.2	 such sub-licence agreement shall include obligations on the Sub-licensee which are consistent with the obligations on the Licensee under this Agreement; 

  

	 	2.2.3	 each sub-licence shall terminate automatically upon termination of this
Agreement for any reason (but not expiry of this Agreement under clause 10.1) provided that if the Sub-licensee was not implicated in or at fault in any circumstances which led to the termination of this
Agreement, LifeArc shall enter into a direct licensing arrangement with such Sub-licensee and shall grant the Sub-licensee a licence of the same scope and on the same
terms as the licence granted to the Licensee under this Agreement. 

  

	 	2.2.4	 the Licensee shall provide a copy of each sub-licence agreement and of
any subsequent amendments to it to LifeArc within thirty (30) days following execution; 

  

	 	2.2.5	 the Licensee shall ensure that each Sub-licensee complies
fully with the terms of the relevant sub-licence agreement. The Licensee shall be responsible for any breach of or non-compliance with a
sub-licence agreement by its Sub-licensees as if the breach or non-compliance had been a breach of or non-compliance with this Agreement by the Licensee, and the Licensee shall indemnify each of the Indemnitees against any Claims which are awarded against or suffered by any of the Indemnitees as a result of any such
breach or non-compliance by its Sub-licensees; and 

the Licensee shall not be relieved of any of its obligations under this Agreement by the grant of such a
sub-licence agreement or by the grant of any further sub-licences by its Sub-licensees. The Licensee acknowledges that a material
breach of clauses 2.2.1 or 2.2.2 shall be considered a material breach for the purpose of clause 10.2.1. 
 Reservation of Rights

  

	2.3	 Subject to clause 2.4, LifeArc reserves the non-exclusive, irrevocable,
worldwide, royalty-free right to use the Licensed IP in the Field for LifeArc’s own non-commercial, non-clinical academic research and the LifeArc Testing together
with the right to grant sub-licences to its academic collaborators under appropriate agreements. The Licensee acknowledges that LifeArc prior to entering into this Agreement has granted non-commercial research rights to academic collaborators under material transfer agreements. LifeArc shall promptly provide to Licensee, where it is allowed to do so, a list of all such agreements related to the
Licensed IP executed prior to the Commencement Date, and LifeArc shall promptly notify Licensee if it enters into any such agreements (or other such appropriate agreements with its academic collaborators) after the Commencement Date and shall
provide Licensee a copy of such agreement. 

  

	2.4	 Subject to clause 2.6 LifeArc will commit for a period of five (5) years from the Commencement Date not to
seek to develop or undertake any ULK1/2 therapeutic development programs either in-house or via third parties. 

  

	2.5	 Except for the licences expressly granted by this clause 2, LifeArc grants no rights to the Licensee to or
under any intellectual property or know-how other than the Licensed IP 

Testing 
  

	2.6	 LifeArc will carry out the following testing at its own expense: 

 

	 	(a)	 [***]; 

  

	 	(b)	 [***]; 

  
 8 

	 	(c)	 [***]; 

  

	 	(d)	 [***]; 

(“LifeArc Testing”). 
  

	2.7	 LifeArc will promptly provide the Licensee with a copy of the LifeArc Testing Results. 

 

	2.8	 The Licensee will carry out the following testing at its own expense: 

 

	 	(a)	 [***]; 

  

	 	(b)	 [***]; 

  

	 	(c)	 [***]; 

  

	 	(d)	 [***]; 

  

	 	(e)	 [***]; 

  

	 	(f)	 [***]; 

  

	 	(g)	 [***]; 

  

	 	(h)	 [***]; 

(“Initial Testing”). 
  

	2.9	 The Licensee will promptly provide LifeArc with a copy of the Development Results relating to the Initial
Testing. 

 Affiliates 
  

	2.10	 The Licensee shall: 

  

	 	2.10.1	 ensure that its Affiliates comply fully with the terms of this Agreement; 

 

	 	2.10.2	 be responsible for any breach of or non-compliance with this Agreement
by its Affiliates as if the breach or non-compliance had been a breach of or non-compliance with this Agreement by the Licensee; 

 

	 	2.10.3	 indemnify each of the Indemnitees against any Claims which are awarded against or suffered by any of the
Indemnitees as a result of any breach of or non-compliance with this Agreement by its Affiliates; and 

  

	 	2.10.4	 ensure that if any Affiliate ceases to be an Affiliate as a result of a change of Control or otherwise, that
former Affiliate immediately upon such cessation: 

  

	 	(a)	 shall cease to have a license under the Licensed IP for developing, manufacturing, having manufactured, using,
selling, offering for sale, importing and/ or having sold Licensed Products; 

  

	 	(b)	 returns to the Licensee or destroys any documents or other materials in the former Affiliate’s possession
or under its control and that contain LifeArc’s Confidential Information or any confidential information of the Licensee relating to the Licensed IP and/or Licensed Products; 

 

	 	(c)	 delivers to the Licensee a copy of all technical and clinical data relating to Licensed Products generated by
the former Affiliate; 

  
 9 

	 	(d)	 discloses to the Licensee full details of all and any Development Results generated by the former Affiliate;
and 

  

	 	(e)	 to the extent possible, takes all action necessary to have any product licences, marketing authorisations,
pricing and/ or reimbursement approvals (and any applications for any of the foregoing) which relate to Licensed Products transferred into the name of the Licensee. 

 

	3.	 PROVISION OF IP AND CONFIDENTIAL INFORMATION 

Provision of ULK Inhibitor IP 
  

	3.1	 Within thirty (30) days following the Commencement Date LifeArc shall deliver to the Licensee (a) the
ULK Inhibitor IP, (b) the chemical structure of all the compounds listed on schedule 1 and (c) reasonable quantities of LifeArc selected ULK1/2 inhibitors in its possession first shown to be of a suitable quality. 

 

	3.2	 LifeArc shall instruct and cause the LifeArc Scientist to answer all reasonable queries received from the
Licensee regarding the Licensed IP for a period of eighteen (18) months from the Commencement Date, provided that: 

  

	 	3.2.1	 the LifeArc Scientist is not required to undertake any further experimental work as part of consulting support
and/or 

  

	 	3.2.2	 in the event the LifeArc Scientist is required to attend the Licensee’s premises, the Licensee shall
reimburse LifeArc promptly on demand for all travel (at business class rates), accommodation and subsistence costs incurred in so doing. 

LifeArc shall answer any queries received from the Licensee regarding the Licensed IP after the expiry of the eighteen (18) months period
indicated above at its sole discretion. 
 Confidentiality Obligations 

 

	3.3	 Each Party (“Receiving Party”) undertakes: 

 

	 	3.3.1	 to maintain as secret and confidential all Confidential Information obtained from the other Party
(“Disclosing Party”) in the course of or in anticipation of this Agreement and to respect the Disclosing Party’s rights therein; 

  

	 	3.3.2	 to use such Confidential Information only for the purposes of or as permitted by this Agreement;

  

	 	3.3.3	 to disclose such Confidential Information only to those of its employees, actual or prospective contractors,
Affiliates, and actual or prospective Sub-licensees (if any) to whom, and to the extent that, such disclosure is reasonably necessary for the purposes of this Agreement, and ensure that each such employee,
contractor, Affiliate and Sub-licensee to whom Confidential Information is disclosed is made fully aware of the confidential nature thereof and has agreed in writing to comply at all times with the
restrictions placed on the Receiving Party under this clause 3.3, provided however that the Licensee shall have the right to disclose Confidential Information received from LifeArc to potential or actual customers of Licensed Products to the extent
reasonably necessary to promote the sale or use of Licensed Products and provided that such customer has agreed to confidentiality provisions at least as restrictive as those set forth herein; and 

  
 10 

	3.4	 Notwithstanding anything to the contrary in this clause 3 the Licensee may also disclose the Confidential
Information to its actual or prospective investors, collaborators or acquirers under confidentiality. 

 Exceptions
to Obligations 
  

	3.5	 The provisions of clause 3.3 shall not apply to Confidential Information which the Receiving Party can
demonstrate by reasonable written evidence: 

  

	 	3.5.1	 was, prior to its receipt by the Receiving Party from the Disclosing Party, in the possession of the Receiving
Party and at its free disposal; or 

  

	 	3.5.2	 is subsequently disclosed to the Receiving Party by a third party without any obligations of confidence; or

  

	 	3.5.3	 is or becomes generally available to the public through no act or default of the Receiving Party or its agents,
employees, Affiliates or Sub-licensees; 

  

	 	3.5.4	 is independently developed by the Receiving Party without the use of such Confidential Information;

  

	 	3.5.5	 the Receiving Party is required to disclose to patent offices in furtherance of the Licensed IP; or

  

	 	3.5.6	 the Receiving Party is required to disclose by or to the courts of any competent jurisdiction, or to any
government, regulatory agency or financial authority, provided that the Receiving Party shall: 

  

	 	(a)	 inform the Disclosing Party as soon as is reasonably practicable; and 

 

	 	(b)	 at the Disclosing Party’s request and cost seek to persuade the court, government, agency or authority to
have the information treated in a confidential manner, where this is possible under the court, government, agency or authority’s procedures. 

Non-use of Names 

 

	3.6	 Each Party agrees not to use or refer to this Agreement in any public announcement or promotional activity, or
use the names or marks of the other Party, other than as expressly permitted under the terms of this Agreement without the prior written consent of the other Party. 

 

	4.	 PAYMENTS 

Initial Payments 
  

	4.1	 Within fifteen (15) days of the completion of the Initial Testing Period the Licensee shall notify LifeArc
whether it wishes to continue with this Agreement or terminate it pursuant to clause 10.4. Should the Licensee wish to continue with this Agreement the Licensee shall, following receipt of an appropriate invoice from LifeArc, pay to LifeArc a non-refundable, non-deductible licence fee of seventy-five thousand US dollars ($75,000). In the event the Licensee does not notify of its intention within forty-five
(45) days of the completion of the Initial Testing Period, LifeArc may terminate this Agreement with immediate effect. 

  
 11 

 Development Milestone Payments 

 

	4.2	 Within thirty (30) days following achievement of each of the following development milestone events for a
Licensed Product by the Licensee or any of its Affiliates or Sub-Licensees in any country or territory, the Licensee shall notify LifeArc in writing that the relevant milestone event has been achieved and pay
to LifeArc the amount(s) set out next to such milestone event in the table below. For clarity, each of the following milestone payments are due one-time only: 

 

			
		
	Milestone Event	  	Amount to be paid
		
	[***]	  	$[***]
		
	[***]	  	$[***]
		
	[***]	  	$[***]
		
	[***]	  	$[***]
		
	First Calendar Year Annual Worldwide Sales of all Licensed Products greater than $[***]	  	$[***]
		
	First Calendar Year Annual Worldwide Sales of all Licensed Products greater than $[***]	  	$[***]
		
	First Calendar Year Annual Worldwide Sales of all Licensed Products greater than $[***]	  	$[***]
		
	First Calendar Year Annual Worldwide Sales of all Licensed Products greater than $ $ [***]	  	$[***]

 If, for any reason, any of the milestones set out above (other than the [***] or [***] which will only be
achieved by actual achievement) are achieved without all or any of the preceding milestones having been achieved by the Licensee or its Affiliates or Sub-licensees, then upon achievement of the relevant
milestone, the milestone payments for the preceding milestones which have not been achieved shall also be due and payable. By way of example only, if the second milestone is achieved without the Licensee or its Affiliates or Sub-licensees having achieved the first milestone, then upon achievement of the second milestone, the payment for the first milestone which has not been achieved shall also be due and payable. 

Royalties on Net Sales 
  

	4.3	 The Licensee shall pay to LifeArc on a Licensed-Product by Licensed-Product basis and country-by-country basis for the applicable term specified in Section 10.1: 

  
 12 

	 	4.3.1	 a royalty of [***] percent ([***] %) of the Net Sales Value of all Licensed Products sold or disposed by or on
behalf of the Licensee or its Affiliates or its Sub-licensees. 

  

	 	4.3.2	 a royalty of [***] percent [***] (%) of the Net Sales Value of all Combination Products sold or disposed by or
on behalf of the Licensee or its Affiliates or its Sub-licensees. 

Valuation of Non-Monetary Consideration; Referral to Expert 

 

	4.4	 If at any time a dispute arises or the Parties are unable to reach agreement in relation to (a) the open
market value of any non-cash consideration received by the Licensee for a Licensed Product or (b) the reasonable value for a Licensed Product when incorporated within a Combination Product; or
(c) quantity of products disposed for free or at or below cost of production; and the Parties are not able to resolve such dispute within thirty (30) days following the dispute first arising, such disagreement shall be referred to an
independent expert who shall be appointed and act in accordance with the provisions of schedule 2 and whose decision shall be final and binding on the Parties. 

Payment Frequency 
  

	4.5	 Royalties due under this Agreement shall be paid within sixty (60) days following the end of each calendar
quarter ending on 31 March, 30 June, 30 September and 31 December in each year, in respect of sales of Licensed Products made generated during such quarter and within sixty (60) days following the termination of this Agreement.

 Payment terms 
  

	4.6	 All sums due under this Agreement: 

 

	 	4.6.1	 shall be paid in US Dollars in cash by transferring an amount in aggregate to the following account number:
[***]. 

  

	 	4.6.2	 will be made without any set-off, deduction or withholding except as
may be required by law. If the Licensee is required by law to make any deduction or to withhold any part of any amount due to LifeArc under this Agreement, the Licensee will give to LifeArc proper evidence of the amount deducted or withheld and
payment of that amount to the relevant taxation authority, and will do all reasonable things in its power to enable or assist LifeArc to claim exemption from or, if that is not possible, to obtain a credit for the amount deducted or withheld under
any applicable double taxation or similar agreement from time to time in force; and 

 shall be made by the due date,
failing which LifeArc may charge interest on any outstanding amount on a daily basis until such payment is made at a rate equivalent to [***] % above the Bank of England base lending rate then in force in London. 

Royalty Statements and invoices 
  

	4.7	 The Licensee shall send to LifeArc a statement setting out for the relevant calendar quarter the detail
included at schedule 4. Upon receipt of such statement LifeArc shall invoice the Licensee for the royalty due referencing the PO number on the invoice and sending the invoice to accounting@erasca.com for payment. 

  
 13 

 Records 

 

	4.8	 The Licensee shall for a period of three (3) years after the date of applicable sale of Licensed Product
keep at its normal place of business detailed and up to date records and accounts showing the quantity, description and invoiced price or non-cash consideration for all Licensed Products sold by it or its
Affiliates or its Sub-licensees or on its or its Affiliates’ or its Sub-licensees’ behalf, broken down in each case on a country by country basis, and being
sufficient to ascertain the payments due to LifeArc under this Agreement. 

  

	4.9	 The Licensee shall make such records and accounts available that have not previously been audited under this
clause 4.9, on reasonable notice and not more than once in any calendar year, for inspection during the Licensee’s normal business hours by an independent accountant nominated by LifeArc and reasonably acceptable to Licensee for the purpose of
verifying the accuracy of any statement or report given by the Licensee to LifeArc under clause 4.7. The Licensee shall co-operate reasonably with any such accountant, and shall promptly provide all
information and assistance reasonably requested by such accountant. The accountant shall be required to keep confidential all information learnt during any such inspection, and to disclose to LifeArc only such details as may be necessary to report
on the accuracy of the Licensee’s statement or report. LifeArc shall be responsible for the accountant’s charges unless the accountant certifies that there is an inaccuracy of more than [***] % ([***] percent) in any royalty statement, in
which case the Licensee shall pay his charges in respect of that inspection. The Licensee shall ensure that LifeArc has the same rights as those set out in this clause 4.9 in respect of the Licensee’s Affiliates and Sub-licensees. 

  

	4.10	 The Licensee shall co-operate with LifeArc in good faith to resolve any
discrepancies identified during any such inspection and shall pay any shortfall in the amounts paid to LifeArc under this Agreement, together with interest on late payment as specified in clause 4.6.4, within thirty (30) days following receipt
of a copy of the independent accountant’s report. 

 Royalties to Third Parties 

 

	4.11	 If, during the term of this Agreement, the Licensee needs to obtain a third party license (“Third Party
Licence”) in order to avoid infringing such third party’s patent(s) as a direct result of the use of the Licensed IP and/or the Development Results in the course of manufacture or sale of Licensed Products and provided that the
Licensee has consulted with LifeArc, and has taken into account any representations made to it by LifeArc, in relation to the necessity of obtaining such Third Party Licence, the royalties payable under this Agreement shall be reduced by [***]
percent ([***]%) of the amount of royalties paid by the Licensee under the Third Party Licence. Notwithstanding the foregoing, the amount of royalty payable by the Licensee to LifeArc in any quarterly period in respect of each country and territory
within the Territory shall not be reduced by more than [***]percent ([***]%) of the amount which would have otherwise been payable in the absence of this clause. The reduction referred to in this clause shall only be made where the infringement of
the third party patent arises directly from the manufacture, use, sale, offer for sale or importation of a Licensed Product in accordance with the provisions of this Agreement, and not from the use of generally applicable intellectual property
rights (e.g. general manufacturing or research tools) that are not specific to the Licensed Product and that the Licensee chooses to use in the manufacture of its products generally. The Licensee shall use its commercially reasonable endeavours. The
Licensee shall use its Diligent Efforts to avoid having to pay royalties, and to minimise the amount of any such royalties which it agrees to pay, to any third party. 

  
 14 

	5.	 COMMERCIALISATION 

General Diligence 
  

	5.1	 The Licensee shall use Diligent Efforts to develop and commercialise Licensed Products throughout the Territory
(including obtaining all and any regulatory approvals which may be required to market and sell the Licensed Products) and to maximise sales for the benefit of both Parties. 

Specific Milestones 
  

	5.2	 In addition to the Licensee’s obligations under clause 5.1, the Licensee shall use Diligent Efforts to
achieve the following development milestone events by the following dates: 

  

			
	Milestone Event	  	Date by which event must be achieved
		
	[***]	  	[***]
		
	[***]	  	[***]
		
	[***]	  	[***]
		
	[***]	  	[***]
		
	[***]	  	[***]

 Development Plan 
  

	5.3	 The Licensee’s initial plan for developing Licensed Products is set out in schedule 3 (the
“Development Plan”). The Licensee shall provide to LifeArc by January 31st of each year until First Commercial Sale a written update to the Development Plan that shall:

  

	 	5.3.1	 report on all activities conducted under this Agreement by the Licensee and its Affiliates and Sub-licensees since the Commencement Date or the date of the previous update (as appropriate); 

  

	 	5.3.2	 set out the milestone events achieved since the Commencement Date or the date of the previous update (as
appropriate) and the Licensee’s best estimate of the dates for achieving any future milestone events; and 

  

	 	5.3.3	 set out the current and projected activities being taken or planned to be taken by the Licensee and its
Affiliates and Sub-licensees to bring Licensed Products to market. 

LifeArc’s receipt or approval of any update to the Development Plan shall not be taken to waive or qualify the Licensee’s obligations
under clause 5.1. 
 Reporting of First Commercial Sale 

 

	5.4	 The Licensee will include in each quarterly royalty report notice of the First Commercial Sale of each Licensed
Product in each country within the Territory. 

  
 15 

 Quality 

 

	5.5	 The Licensee shall ensure that all of the Licensed Products marketed by it and its Affiliates and Sub-licensees are of satisfactory quality and comply with all applicable laws and regulations in each part of the Territory. 

Disposals of Licensed Products for Free 
  

	5.6	 Notwithstanding the terms of clause 5.1, the Licensee shall be entitled to supply a reasonable number of
Licensed Products to third parties free or at or below cost of production: 

  

	 	5.6.1	 for use in clinical trials; 

 

	 	5.6.2	 for use in an early access scheme, patient access scheme or market access scheme approved by regulatory
authorities in the relevant territories; 

  

	 	5.6.3	 as promotional items for the purpose of establishing a market for the Licensed Products in the relevant
country or territory; and/or 

  

	 	5.6.4	 for evaluation and testing purposes, 

provided that in the case of sub-clause 5.6.3, the quantity of Licensed Products supplied free or at or
below cost of production in each country or territory is not excessive and is in line with normal industry practice in such country or territory. Any Licensed Products disposed of to third parties free or at or below cost of production in accordance
with this clause 5.6 shall not be taken into account for the purposes of calculating Net Sales Value; provided that if the Parties are unable to agree upon what constitutes an excessive supply of Licensed Products, the disagreement shall be referred
to an independent expert pursuant to clause 4.4. 
  

	6.	 REFERRAL TO EXPERT 

Referral to Expert 
  

	6.1	 If LifeArc considers at any time during the period of this Agreement that the Licensee has without legitimate
reason failed to comply with its obligations under clause 5.1, LifeArc shall be entitled to refer to an independent expert(s) the following questions: 

  

	 	6.1.1	 whether the Licensee has complied with its obligations under clause 5.1; and if not 

 

	 	6.1.2	 what specific action the Licensee should have taken (“Specific Action”) in order to have so complied.

 The independent expert(s) shall be appointed in accordance with the provisions of schedule 2 and his decision shall be
final and binding on the Parties. 
 Consequences of Expert’s Decision 

 

	6.2	 If the expert(s) determines that the Licensee has failed to comply with its obligations under clause 5.1, and
if the Licensee fails to take the Specific Action within six (6) months of the expert giving his decision in accordance with schedule 2, LifeArc shall be entitled, by giving, at any time within three (3) months after the end of that six
(6) month period, not less than three (3) months’ notice, to terminate this Agreement. 

  
 16 

	7.	 COMPLIANCE WITH LAWS 

General Compliance with Laws 
  

	7.1	 The Licensee will at all times (and will ensure its Affiliates and
Sub-licensees) comply with all legislation, rules, regulations and statutory requirements applying to and obtain any consents necessary for its use of the Licensed IP, the Development, manufacture, and sale of
Licensed Products in any country or territory. 

 Bribery Act 

 

	7.2	 The Licensee shall (and shall procure that any persons associated with it engaged in the performance of this
Agreement including its Affiliates and Sub-licensees shall): 

  

	 	7.2.1	 at all times comply with all applicable laws, statutes, regulations and codes relating to anti-bribery and
corruption including the UK Bribery Act 2010; 

  

	 	7.2.2	 have and maintain adequate policies and procedures to ensure compliance with such requirements (which it shall
enforce where appropriate); and 

  

	 	7.2.3	 immediately notify LifeArc of any demand for any undue financial or other advantage of any kind received by it
in connection with this Agreement. 

 For the purpose of this clause 7.2, the meaning of adequate procedures and whether a
person is associated with another person shall be determined in accordance with the Bribery Act 2010 (and any guidance issued under section 9 of that Act). Breach of this clause 7.2 shall be deemed a material breach of this Agreement entitling
LifeArc to terminate under clause 10.2.1. 
 Modern Slavery Act 

 

	7.3	 The Licensee shall (and shall procure that any persons associated with it engaged in the performance of this
Agreement including its Affiliates and Sub-licensees shall) comply with all applicable laws and codes of practice relating to anti-slavery including the Modern Slavery Act 2015. Such compliance shall include
ensuring that all reasonable steps are taken to ensure that all parties associated with the Development, manufacture and commercialisation of the Licensed Products comply with all applicable laws and codes of practice relating to anti-slavery
including the Modern Slavery Act 2015. 

 Export Control Regulations 

 

	7.4	 The Licensee shall ensure that, in using the Licensed IP and in selling Licensed Products and providing, it and
its Affiliates, employees, sub-contractors and Sub-licensees shall comply fully with any United Nations trade sanctions or UK legislation or regulation, from time to
time in force, which impose arms embargoes or control the export of goods, technology or software, including weapons of mass destruction and arms, military, paramilitary and security equipment and dual-use
items (items designed for civil use but which can be used for military purposes) and certain drugs and chemicals. 

  

	8.	 INTELLECTUAL PROPERTY 

Obtain and Maintain Patent Rights 
  

	8.1	 The Licensee shall be responsible for the drafting, filing, prosecution and maintenance of the Patents at its
cost and expense. The Licensee shall provide LifeArc with all copies of patent applications filed for the protection of ULK Inhibitor IP, and/or LifeArc Testing Results and/or 

  
 17 

	 	
Development Results and copies of all granted Patents. LifeArc shall, on Licensee’s request, cooperate and provide necessary documents and information to assist Licensee in the drafting,
filing, prosecution and maintenance of the Patents. If the Parties mutually agree, the Licensed IP Patent Rights (as defined in Section 8.5 below) may be assigned solely to Licensee or jointly with Licensee and LifeArc. 

 

	8.2	 Inventorship of any invention claimed by the Patents will be determined in accordance with applicable patent
law on a country by country basis. Ownership of the Patents will follow inventorship as determined under U.S. patent law. Each Party shall ensure that its employees are obligated to assign to such Party all inventions and associated patents rights
generated by such employees in the course of their employment. 

  

	8.3	 Each Party will, on the other Party’s request, do all such things and sign all such documents as may be
required to vest the right, title and interest in and to the Patents in accordance with clause 8.2. 

  

	8.4	 The Licensee shall: 

  

	 	8.4.1	 within thirty (30) days after filing an application for the Patents inform LifeArc in writing and provide
a copy of such Patent application for LifeArc’s records. 

  

	 	8.4.2	 by January 31st of each year during the term of the
Agreement provide to LifeArc a report on the status of the Patents, including ongoing prosecution and maintenance. 

  

	8.5	 If at any time, the Licensee elects to abandon any application or not maintain any patent contained in the
Patent Rights arising from the Licensed IP (“Licensed IP Patent Rights”) in a Major Market Country, the Licensee shall notify LifeArc of such election in writing (such notice to be given no less than sixty (60) days prior to
such Licensed IP Patent Rights lapsing). LifeArc shall have thirty (30) days to inform the Licensee that it wishes to (a) take over prosecution of such Licensed IP Patent Rights filed in LifeArc’s name, and/or (b) receive
assignment of the Licensed IP Patent Rights filed in the Licensee’s name only or in both Parties’ names (if applicable). In the event LifeArc wishes to: 

 

	 	8.5.1	 take over prosecution of such Licensed IP Patent Rights filed in LifeArc’s name, the Licensee shall
promptly transfer such Licensed IP Patent Rights and thereafter Licensee shall have no further rights or obligation to prosecute or maintain such Licensed IP Patent Rights and the rights granted to the Licensee under this Agreement under such
Licensed IP Patent Rights shall cease. 

  

	 	8.5.2	 have rights in the Licensed IP Patent Rights filed in Licensee’s name only or in both Parties names
assigned to it to hold in its sole name, the Licensee shall make such assignment in consideration for one pound sterling (£1). 

  

	8.6	 If at any time, the Licensee elects to abandon any application or not maintain any patent contained in the
Patent Rights arising from the Development Results in a Major Market Country, the Licensee shall notify LifeArc of such election in writing (such notice to be given no less than sixty (60) days prior to such Patent Rights lapsing). LifeArc
shall have an option to negotiate to take assignment of such applications or patents (“Assignment Option”). The Assignment Option is exercisable within thirty (30) days from the date of notification from the Licensee (the
“Assignment Option Period”). Upon LifeArc exercising the Option the Parties will promptly negotiate in good faith for a period of three (3) months (the “Assignment Negotiation Period”) the terms of an
assignment agreement and devise a strategy for the payment of patent costs during 

  
 18 

	 	
the negotiation period. For the avoidance of doubt the financial terms of such assignment agreement will be on a revenue sharing basis and will not include any upfront or milestone payments. In
the event that (a) LifeArc notifies the Licensee in writing that it does not wish to exercise the Assignment Option; (b) LifeArc has not exercised the Assignment Option by the end of the Assignment Option Period or (c) the Parties
fail to agree on the terms of the assignment agreement within the Assignment Negotiation Period the Licensee shall have no further obligation to LifeArc with respect to such Patent Rights. 

Infringement of Patent Rights 
  

	8.7	 Each Party shall inform the other Party promptly if it becomes aware of any infringement or potential
infringement of any Patents. 

  

	8.8	 The Licensee shall have the right but not the obligation to take action against any third party alleged to be
infringing the Patents and to defend such Patents against challenges to validity or ownership at its expense. 

  

	8.9	 LifeArc shall, if reasonably requested by the Licensee, agree to cooperate with the Licensee in taking any
action pursuant to 8.8, including without limitation joining any suit for standing purposes, provided that the Licensee shall reimburse LifeArc for any reasonable expenses incurred by LifeArc in relation to such cooperation. 

 

	8.10	 The Licensee shall pay to LifeArc royalties, in accordance with clause 4, on any damages received from such
action as if the amount of such damages after deduction of both Parties’ reasonable expenses in relation to the action were Net Sales Value. 

9. WARRANTIES AND LIABILITY 

Warranties by LifeArc 
  

	9.1	 LifeArc warrants and undertakes to the Licensee as follows: 

 

	 	9.1.1	 it has the full power and authority to grant the licences contained in this Agreement; 

 

	 	9.1.2	 except for the Licensed IP that is jointly owned with the University of Glasgow and subject to the University
of Glasgow Agreement, it owns the Licensed IP and has not granted any rights to a third party that are inconsistent with the rights granted to Licensee hereunder. Prior to the Effective Date, LifeArc has provided to Licensee a true and correct copy
of the University of Glasgow Agreement and during the term of this Agreement LifeArc shall not (i) amend or modify the University of Glasgow Agreement, whether directly or indirectly, which would restrict or narrow the scope of Licensee’s
rights hereunder or (ii) terminate the University of Glasgow Agreement; in each case without the prior express written consent of Licensee; 

  

	 	9.1.3	 so far as it is aware (having made no enquiry of any third parties or conducted any freedom to operate
searches), the use and exploitation of the Licensed IP will not infringe the intellectual property rights of any third party; and 

  

	 	9.1.4	 it has not done, and shall not do nor agree to do during the continuation of this Agreement, any of the
following things if to do so would be inconsistent with the exercise by the Licensee of the rights granted to it under this Agreement, namely: 

  

	 	(a)	 grant or agree to grant any rights in the Licensed IP in the Field in the Territory (other than in accordance
with clause 2.3); or 

  
 19 

	 	(b)	 assign, mortgage, charge or otherwise transfer any of the Licensed IP in the Field in the Territory or any of
its rights or obligations under this Agreement. 

 Warranties by the Licensee 

 

	9.2	 The Licensee warrants and undertakes to LifeArc that: 

 

	 	9.2.1	 it has the right to enter into this Agreement; 

 

	 	9.2.2	 is duly organised and existing under the laws of Delaware and has all necessary authority, power and capacity
to perform its obligations under this Agreement. 

 Acknowledgements 

 

	9.3	 The Licensee acknowledges that: 

 

	 	9.3.1	 the Licensed IP is at an early stage of development. Accordingly, specific results cannot be guaranteed and any
results, materials, information or other items (together “Delivered Items”) provided under this Agreement are provided “as is” and without any express or implied warranties, representations or undertakings. As examples, but
without limiting the foregoing, LifeArc does not give any warranty that Delivered Items are of merchantable or satisfactory quality, are fit for any particular purpose, comply with any sample or description, or are viable, uncontaminated, safe or non-toxic. 

  

	 	9.3.2	 LifeArc has not performed any searches or investigations into the existence of any third party rights that may
affect any of the Licensed IP. 

 No Other Warranties 

 

	9.4	 Each of the Parties acknowledges that, in entering into this Agreement, it does not do so in reliance on any
representation, warranty or other provision except as expressly provided in this Agreement, and any conditions, warranties or other terms implied by statute or common law are excluded from this Agreement to the fullest extent permitted by law.

  

	9.5	 Without limiting the scope of clause 9.4, LifeArc does not make any representation nor give any warranty or
undertaking: 

  

	 	9.5.1	 as to the efficacy or usefulness of the Licensed IP; or 

 

	 	9.5.2	 that the use of any of the Licensed IP, the manufacture, sale, offer for sale, import or use of the Licensed
Products, or the exercise of any of the rights granted under this Agreement will not infringe any intellectual property or other rights of any other person; or 

 

	 	9.5.3	 that the Licenced IP or any other information communicated by LifeArc to the Licensee under or in connection
with this Agreement will produce Licensed Products of satisfactory quality or fit for the purpose for which the Licensee intended or that any product will not have any defect, latent or otherwise, and whether or not discoverable by inspection; or

  

	 	9.5.4	 as imposing any obligation on LifeArc to bring or prosecute actions or proceedings against third parties for
infringement or to defend any action or proceedings for revocation of any patents related to Licensed IP and/or the Development Results; or 

  

	 	9.5.5	 as imposing any liability on LifeArc in the event that any third party supplies Licensed Products to customers
located in the Territory; or 

  
 20 

	 	9.5.6	 that there will be no similar or competitive products manufactured, used, sold or supplied by any third party
in the Territory. 

 Responsibility for Development of Licensed Products 

 

	9.6	 The Licensee shall be exclusively responsible for its and its Affiliates’ and Sub-licensees’ use of the Licensed IP, the Development and manufacture of Licensed Products and for incorporating any modifications or developments thereto that may be necessary or desirable, for all Licensed
Products sold or supplied, notwithstanding any consultancy services or other contributions that LifeArc may provide in connection with such activities. 

Indemnity 
  

	9.7	 The Licensee shall indemnify LifeArc, and its officers, directors, employees and representatives (together, the
“Indemnitees”) against all third party Claims that may be asserted against or suffered by any of the Indemnitees and which relate to: 

  

	 	9.7.1	 the use by the Licensee or any of its Affiliates or Sub-licensees of
any of the Licensed IP or Development Results; or 

  

	 	9.7.2	 the Development, manufacture, use, marketing or sale of, or any other dealing in, any of the Licensed Products,
by or on behalf of the Licensee or any of its Affiliates or Sub-licensees, or subsequently by any customer or any other person, including claims based on product liability laws. 

The indemnity given by the Licensee to each Indemnitee under this clause will not apply to any Claim to the extent that it is attributable to
the negligence or wilful misconduct of that Indemnitee. 
 Limitations of Liability 

 

	9.8	 To the extent that any Indemnitee has any liability in contract, tort, or otherwise under or in connection with
this Agreement, including any liability for breach of warranty, their liability shall be limited in accordance with the following provisions of this clause 9. 

 

	9.9	 The aggregate liability of the Indemnitees shall be limited to the total of [***] US dollars ($[***]).

  

	9.10	 LifeArc shall provide prompt written notice to the Licensee of the initiation of any action or proceeding that
may reasonably lead to a claim for indemnification. Upon such notice and subject to confirming that the indemnity will apply, the Licensee shall have the right to assume the defence and settlement of such action or proceeding, provided that it shall
not settle any action or proceeding without the Indemnitee’s written consent. The Indemnitee shall co-operate with the Licensee in the defence of such claim. 

 

	9.11	 Subject to clause 9.12, neither Party shall be liable to the other Party for any indirect, consequential or
special damages or losses, or any loss of profits, loss of revenue (other than revenue due under this Agreement or any other agreement entered into between the Parties) which arises directly or indirectly from that Party’s breach or non-performance of this Agreement, or negligence in the performance of this Agreement or from any liability arising in any other way out of the subject matter of this Agreement even if the Party bringing the claim
has advised the other Party of the possibility of those losses arising, or if such losses were within the contemplation of the Parties. 

  

	9.12	 Nothing in this Agreement limits or excludes either Party’s liability for: 

 

	 	9.12.1	 death or personal injury; or 

  
 21 

	 	9.12.2	 fraud or for any other type of liability that, by law, cannot be limited or excluded. 

Insurance 
  

	9.13	 Commencing with the first Phase 1 Clinical Trial, the Licensee shall take out with a reputable insurance
company and maintain at all times during the term of this Agreement and for a further two (2) years after the end of the term of this Agreement, product liability and general liability insurance including against all loss of and damage to
property (whether real, personal or intellectual) and injury to persons including death arising out of or in connection with this Agreement and the Licensee’s and its Affiliates’ and
Sub-licensees’ use of the Licensed IP and the Development Results and use, sale of or any other dealing in any of the Licensed Products. Such insurances may be limited in respect of one claim and in
aggregate at all time provided that such limit must be at least five million U.S. dollars ($5,000,000). 

  

	9.14	 The Licensee will produce to LifeArc at all times upon demand proof that the insurance cover required pursuant
to clause 9.13 is in force and evidence that all premiums have been paid up to date. 

  

	10.	 DURATION AND TERMINATION 

Commencement and Termination by Expiry 
  

	10.1	 This Agreement, and the licences granted hereunder, shall come into effect on the Commencement Date and, unless
terminated earlier in accordance with this clause 10 or clause 11.2, the licences granted hereunder shall continue in force on a Licensed Product-by-Licensed Product
basis and country by country basis until the later of: 

  

	 	10.1.1	 the date on which all the Patents that claim the applicable Licensed Product have been abandoned or allowed to
lapse or expired or been rejected or revoked without a right of further appeal in the relevant country or territory; and 

  

	 	10.1.2	 the date of expiry of Regulatory Exclusivity for the applicable Licensed Product in the relevant country or
territory; and, 

  

	 	10.1.3	 the tenth (10th) anniversary of the First Commercial Sale of the applicable Licensed Product in the relevant
country; 

 upon which the licences granted hereunder for such Licensed Product in such country or territory shall continue
as provided for in Section 10.6. 
 This Agreement shall terminate when all of the above periods have terminated in all countries and
territories within the Territory. 
 Early Termination 

 

	10.2	 Each Party may terminate this Agreement forthwith by giving written notice to the other Party (“Other
Party”) if: 

  

	 	10.2.1	 the Other Party commits a material breach of any of its obligations under this Agreement (which shall include
any non-payment of sums due under this Agreement) and, in the case of a breach capable of remedy, the breach is not remedied within sixty (60) days of the Other Party receiving notice specifying the
breach and requiring its remedy, or where the breach relates to non-payment of a sum due under this Agreement, the sum is not paid in full within fourteen (14) days following the Other Party receiving
notice specifying the non-payment and requiring payment in full; or 

  
 22 

	 	10.2.2	 the Other Party passes a resolution for its winding-up, or if a court
of competent jurisdiction makes an order for the other Party’s winding-up or dissolution, or makes an administration order in relation to the other Party, or if a receiver is appointed over, or an
encumbrancer takes possession of or sells an asset of, the other Party, or the other Party makes an arrangement or composition with its creditors generally, or makes an application to a court of competent jurisdiction for protection from its
creditors generally, or any event occurs, or proceeding is taken, with respect to the other Party in any jurisdiction to which it is subject that has an effect equivalent or similar to any of the foregoing events. 

 

	10.3	 LifeArc may terminate this Agreement by giving written notice to the Licensee, such termination to take effect
forthwith or as otherwise stated in the notice: 

  

	 	10.3.1	 in accordance with the provisions of clause 4.1 or clause 6.2; or 

 

	 	10.3.2	 the Licensee is in persistent breach of this Agreement and where the Parties have failed to agree a mechanism
to remedy the persistent nature of such breaches within a reasonable period following LifeArc notifying the Licensee of the persistent breach and requesting that the Licensee enters into discussions with LifeArc as to mechanisms for remedying the
persistent breaches or if the Parties have agreed a mechanism to remedy the persistent breach but that mechanism if not fully complied with by the Licensee; 

  

	 	10.3.3	 if the Licensee fails to produce to LifeArc at all times upon demand proof of the insurance cover required
pursuant to clause 9.13 

  

	10.4	 The Licensee may terminate this Agreement for any reason by giving to LifeArc not less than thirty
(30) days’ notice of termination at any time in writing. 

  

	10.5	 A Party’s right of termination under this Agreement, and the exercise of any such right, shall be without
prejudice to any other right or remedy (including any right to claim damages) that such Party may have in the event of a breach of contract or other default by the other Party. 

Consequences of Termination 
  

	10.6	 Upon expiry of the term of this Agreement in accordance with clause 10.1, and subject to all royalties and any
other sums due to LifeArc under this Agreement having been duly paid, the Licensee shall have a fully paid up licence to the Licensed IP of the same scope as set forth in clause 2.1 without any further obligation to pay any further sums to LifeArc
under clause 4. 

  

	10.7	 Upon termination of this Agreement for any reason other than as set forth in clause 10.1:

  

	 	10.7.1	 the Licensee and its Affiliates and Sub-licensees shall be entitled to
sell, use or otherwise dispose of (subject to payment of royalties under clause 4) any unsold or unused stocks of the Licensed Products for a period of six (6) months following the date of termination; 

 

	 	10.7.2	 subject to clause 10.7.1 above, any licence that has not become fully
paid-up in accordance with clause 10.6 shall terminate and the Licensee and its Affiliates (and subject to clause 2.2.3, its Sub-licensees) shall no longer be licensed
to use or otherwise exploit the Licensed IP; 

  
 23 

	 	10.7.3	 subject to clause 2.2.3, all sub-licences of the Licensed IP granted by
the Licensee pursuant to this Agreement will automatically terminate; 

  

	 	10.7.4	 each Party shall upon the written request of the other Party, return or destroy any documents or other
materials that are in its or its Affiliates possession or under its or their control and that contain the other Party’s Confidential Information; provided, however, that the receiving Party may retain in confidence (a) one archival copy of
the Confidential Information in its legal files solely to permit the receiving Party to determine compliance with its obligations hereunder and (b) any portion of the Confidential Information provided by the disclosing Party which such
receiving Party is required by applicable law to retain. 

  

	10.8	 Upon termination of this Agreement for any reason other than as set forth in clause 10.1 or for termination by
the Licensee under clause 10.2.1: 

  

	 	10.8.1	 LifeArc shall have an option to negotiate a an exclusive, worldwide licence, with the rights to grant sub-licences, to use and commercialise any Patents, technical and clinical data, and any Development Results relating, and any product names and trademarks which have been applied, to Licensed Products which are
owned or controlled by the Licensee or its Affiliates or Sub-licensees (“Optioned IP”) for the purpose of developing, manufacturing and commercialising Licensed Products on terms to be
negotiated between the parties acting reasonably (“Option”); for the avoidance of doubt the financial terms of the foregoing licence will be on a revenue sharing basis and will not include any upfront or milestone payments. The
Option is exercisable at any time up to one (1) month from the date of termination of this Agreement (“Option Period”). Upon LifeArc exercising the Option the parties will negotiate in good faith the terms of the licence for a
period of three (3) months or a mutually agreed upon time (“Negotiation Period”). In the event that a) LifeArc notifies the Licensee in writing that it does not wish to exercise the Option; b) LifeArc has not exercised the
Option by the end of the Option Period or c) the Parties fail to agree a licence within the Negotiation Period the Licensee shall be free to exploit the Optioned IP as it sees fit. 

 

	 	10.8.2	 The Licensee shall, provided the Parties have entered into a licence agreement pursuant to clause 10.8,
promptly on LifeArc’s request: 

  

	 	(i)	 deliver to LifeArc a copy of all technical and clinical data relating to Licensed Products generated by it or
its Affiliates and/or Sub-licensees; and 

  

	 	(ii)	 disclose to LifeArc full details of all and any Development Results, modifications, adaptations and new uses of
the Licensed IP generated by it or its Affiliates and Sub-licensees; and 

  

	 	(iii)	 to the extent possible, take all action necessary to have any clinical trial authorisations, product licences,
marketing authorisations, pricing and/ or reimbursement approvals (and any applications for any of the foregoing) which relate to Licensed Products transferred into the name of LifeArc or its nominee. 

  
 24 

	 	10.8.3	 In consideration for one pound sterling (£1) the Licensee shall assign all its rights in the
Licensed IP Patent Rights filed in Licensee’s name only or in both Parties to LifeArc (if applicable). 

  

	10.9	 Upon termination of this Agreement for any reason the provisions the provisions of clauses 1, 2.2.5, 2.8, 3.3,
3.4, 3.5, 4 (in respect of amounts paid and payable to LifeArc in respect of the period up to and including the date of termination), 7, 9, 10.6 to 10.9 (inclusive), and 11 shall remain in force. 

 

	11.	 GENERAL 

Force Majeure 
  

	11.1	 Any delays in or failure of performance by either Party under this Agreement will not be considered a breach of
this Agreement if and to the extent that such delay or failure is caused by occurrences beyond the reasonable control of that Party and could not have been avoided or mitigated by contingency planning including acts of God; acts, regulations and
laws of any government; strikes or other concerted acts of workers; fire; floods; explosions; riots; wars; rebellion; and sabotage; and any time for performance hereunder will be extended by the actual time of delay caused by any such occurrence.

 Amendment 
  

	11.2	 This Agreement may only be amended in writing signed by duly authorised representatives of LifeArc and the
Licensee. 

 Assignment 
  

	11.3	 Neither Party shall assign, mortgage, charge or otherwise transfer or deal with any rights or obligations under
this Agreement, nor any of the Licensed IP or rights under the Licensed IP, without the prior written consent of the other Party; provided, however, that 

  

	 	11.3.1	 Licensee may, without such consent, assign this Agreement and its rights hereunder in connection with the
transfer or sale of all or substantially all of its business or assets related to this Agreement, or in the event of its merger, consolidation, change in control or other similar transaction (“Assets Transfer”);

  

	 	11.3.2	 in the event the Licensee is required to assign its obligations hereunder to a third party in connection with
an Asset Transfer Licensee shall notify LifeArc after entering into the applicable agreement with the third party and Licensee, LifeArc and the third party shall execute the novation agreement attached hereto as schedule 5. 

Waiver 
  

	11.4	 Any waiver given under or in relation to this Agreement shall be in writing and signed by or on behalf of the
relevant Party. No failure or delay on the part of either Party to exercise any right or remedy under this Agreement shall be construed or operate as a waiver thereof, nor shall any single or partial exercise of any right or remedy preclude the
further exercise of such right or remedy. 

 Invalid Clauses 

 

	11.5	 If any provision or part of this Agreement is held to be invalid, amendments to this Agreement may be made by
the addition or deletion of wording as appropriate to remove the invalid part or provision but otherwise retain the provision and the other provisions of this Agreement to the maximum extent permissible under applicable law. 

  
 25 

 No Agency 

 

	11.6	 Neither Party shall act or describe itself as the agent of the other, nor shall it make or represent that it
has authority to make any commitments on the other’s behalf. 

 Addresses for Notices 

 

	11.7	 Any notice to be given under this Agreement shall be in English, in writing and shall be delivered by
international courier to the relevant Party at the address specified in clause 11.8 or such other address as may be provided by the relevant Party to the other Party from time to time for that purpose, or such other address as that Party may from
time to time notify to the other Party in accordance with this clause 11.7. 

  

	11.8	 Notices to LifeArc will be sent for the attention of General Counsel & Company Secretary at Lynton
House, 7-12 Tavistock Square, London WC1H 9LT, UK. 

 Notices to the Licensee will
be sent to for the attention of Erasca Legal Department at 10835 Road to the Cure Suite 140, San Diego, CA 92121 USA with a copy to legal@erasca.com. 
  

	11.9	 Notices sent as above shall be deemed to have been received one (1) working day after the day of posting
in the case of delivery inland by Royal Mail signed for first class mail, or three (3) working days after the date of collection by the international courier. 

Dispute Resolution 
  

	11.10	 If a dispute (a “Dispute”) arises out of or in connection with this Agreement (including in
relation to any non-contractual obligations) each Party may during the term of this Agreement serve a written notice (a “Referral Notice”) on the other Party. 

 

	11.11	 Following service of a Referral Notice in relation to a Dispute, that Dispute will be referred for resolution
to the Chief Executive Officers of the Parties or other senior managers for the time being on behalf of the Chief Executive Officers. Those representatives will meet at the earliest convenient time and in any event within twenty-eight (28) days
of the date of service of the relevant Referral Notice and will attempt to resolve the Dispute. 

  

	11.12	 Subject to clause 11.13, the procedures set out in clauses 11.10 and 11.11 will be followed prior to the
commencement of any proceedings by each party in relation to a Dispute. However, if a Dispute is not resolved within twenty-eight (28) days of the date of service of the relevant Referral Notice each party may commence proceedings in accordance
with clause 11.14. 

  

	11.13	 Nothing in clauses 11.10 and/or 11.11 will prevent or delay either Party from: 

 

	 	11.13.1	 seeking orders for specific performance, interim or final injunctive relief; 

 

	 	11.13.2	 exercising any rights it has to terminate this Agreement; and/or 

 

	 	11.13.3	 commencing any proceedings where this is necessary to avoid any loss of a claim due to the rules on limitation
of actions. 

 Governing Law and Jurisdiction 

 

	11.14	 The validity, construction and performance of this Agreement, and any contractual and non-contractual claims arising hereunder, shall be governed by English law and shall be subject to the exclusive jurisdiction of the English courts to which the Parties hereby submit, except that a Party may seek an
interim injunction (or an equivalent remedy) in any court of competent jurisdiction. 

  
 26 

 Entire Agreement 

 

	11.15	 This Agreement, including its schedules, sets out the entire agreement between the Parties relating to its
subject matter and supersedes all prior oral or written agreements, arrangements or understandings between them relating to such subject matter. Subject to clause 9.12, the Parties acknowledge that they are not relying on any representation,
agreement, term or condition which is not set out in this Agreement. 

 Third Parties 

 

	11.16	 Except for the rights of the Indemnitees as provided in clause 9.7 and the limitations of liability afforded to
the Indemnitees pursuant to clause 9.9, who may in their own right enforce and rely on the provisions of those clauses, this Agreement does not create any right enforceable by any person who is not a party to it (“Third Party”) under the
Contracts (Rights of Third Parties) Act 1999, but this clause does not affect any right or remedy of a Third Party which exists or is available apart from that Act. The Parties may amend, renew, terminate or otherwise vary all or any of the
provisions of this Agreement, including clauses 9.7 and 9.9, without the consent of the Indemnitees. 

  
 27 

 This document has been executed as follows 

 

					
	Executed for and on behalf of LifeArc	  		  	
			
	Signature /s/ Andrew Mercieca	  	Date	  	14/4/2020
			
	Name (Printed) Andrew Mercieca	  	Title	  	CFO
			
	Executed for and on behalf of Erasca Inc.	  		  	
			
	Signature /s/ Jonathan Lim	  	Date	  	April 16, 2020
			
	Name (Printed) Jonathan Lim	  	Title	  	President and CEO

  
 28 

 SCHEDULE 1 

LICENSED TECHNOLOGY 
 [***] 

  
 29 

 SCHEDULE 2 

APPOINTMENT OF EXPERT 
 If either Party
wishes to appoint an independent expert (the “Expert”) to determine any matter pursuant to any clause of this Agreement, the following procedures will apply: 
  

	1.	 The Party wishing to appoint the Expert (“the Appointing Party”) will serve a written notice on the
other Party (“the Responding Party”). The written notice will specify the clause pursuant to which the appointment is to be made and will contain reasonable details of the matter(s) which the Appointing Party wishes to refer to the Expert
for determination. 

  

	2.	 The Parties shall within thirty (30) days following the date of the Appointing Party’s written notice
use all reasonable efforts to agree who is to be appointed as the Expert to determine the relevant matter(s). If the Parties are unable to agree upon the identity of the Expert within that timescale, each Party shall appoint an Expert and the two
Experts shall appoint a third Expert. 

  

	3.	 Each Party will within thirty (30) days following appointment of the Expert(s), prepare and submit to the
Expert(s) and the other Party a detailed written statement setting out its position on the matter(s) in question and including any proposals which it may wish to make for settlement or resolution of the relevant matter. 

 

	4.	 Each Party will have fourteen (14) days following receipt of the other Party’s written statement to
respond in writing thereto. Any such response will be submitted to the other Party and the Expert(s). 

  

	5.	 The Expert(s) will if he/she/they deems appropriate be entitled to seek clarification from the Parties as to
any of the statements or proposals made by either Party in their written statement or responses. Each Party will on request make available all information in its possession and shall give such assistance to the Expert(s) as may be reasonably
necessary to permit the Expert(s) to make his/her/their determination. 

  

	6.	 The Expert(s) will issue his/her/their decision (which must be unanimous) on the matter(s) referred to
him/her/them in writing as soon as reasonably possible, but at latest within three (3) months following the date of his/her/their appointment. The Expert’s decision shall (except in the case of manifest error) be final and binding on the
Parties. 

  

	7.	 The Expert(s) will at all times act as an independent and impartial expert and not as an arbitrator.

  

	8.	 The Expert’s charges will be borne as he/she/they determines in his written decision.

  
 30 

 SCHEDULE 3 

DEVELOPMENT PLAN 
 [***] 

  
 31 

 SCHEDULE 4 

ROYALTY STATEMENT 
 The Royalty Statement
shall include the following information: 
 Licensee: _________________________________________ 

Agreement No/ID: __________________________________ 

Agreement Date: ___________________________________ 

Period Covered From: _____________________                 To:
________________________ 
 Prepared By: _____________________________
                Date: _______________________ 
 Report Type

 If the licence covers several product lines, please prepare an individual report for each line then combine all product lines into a summary
report. For example two products would require two individual reports and a summary. 
 Tick relevant box(s) below to indicate. 

☐ Single Product Report 
 Product/Service
_________________________________ 
 Summary Report 

Individual Product Report (if selling multiple products) 

Product: _____________________________________ Page: ___ of: ___ 
  

													
	 Country
	  	 Unit Sold
	  	 Gross Sales
	  	 Deductions
	  	 Net Sales
	  	 Royalty
Rate %
	  	 Royalty
Due

US Dollars

  
 32 

 SCHEDULE 5 

NOVATION AGREEMENT 
 This Novation
Agreement (“Novation Agreement”) is made by and between 
  

	(1)	 LifeArc, a company registered in England (company Number 2698321) and limited by guarantee (registered
charity number 1015243), whose registered office is at 7th Floor, Lynton Housed, 7-12 Tavistock Square, London WC1H 9LT (“LifeArc”); and 

 

	(2)	 Erasca Inc., a company registered in the State of Delaware, U.S.A., whose office is at 10835 Road to the
Cure Suite 140, San Diego, CA 92121 USA (“Outgoing Party”). 

  

	(3)	 Incoming Party, a company registered in
                                 (company Number
                ), whose registered office is at
                         (“Incoming Party”) 

BACKGROUND 
  

	A.	 LifeArc and Outgoing Party entered into a licence agreement for the development and exploitation of products
arising from ULK inhibitors with an effective date of                          (“Contract”) 

  

	B.	 As part of [give relevant information about the background leading up to the business transfer], we
[transferred OR will transfer] our business to Incoming Party [on [DATE]]. As part of the business transfer, we wish to transfer our rights and obligations under the Contract to Incoming Party on the terms set out below 

OPERATIVE PROVISIONS 
  

	1.	 With effect from the date of last signature (“Effective Date”): 

 

	 	1.1	 The Outgoing Party transfers all its rights, obligations and liabilities under the Contract to Incoming Party;

  

	 	1.2	 Incoming Party will perform the Contract and be bound by its terms in every way as if it were the original
party to it in place of the Outgoing Party; 

  

	 	1.3	 LifeArc will perform the Contract and be bound by its terms in every way as if the Incoming Party were the
original party to it in place of the Outgoing Party. 

  

	2	 In addition, also with effect from the Effective Date: 

 

	 	2.1	 Each of the LifeArc and Outgoing Party releases and discharges the other from all claims and demands under or
in connection with the Contract, whether arising before, on, or after the Effective Date; 

  

	 	2.2	 Each of LifeArc and the Incoming Party will have the right to enforce the Contract and pursue any claims and
demands under it against the other with respect to matters arising before, on or after the Effective Date, as if the Incoming Party were the original party to the Contract instead of the Outgoing Party; 

 

	3	 The Contract will in all other respects continue on its existing terms. 

 

	4	 From the Effective Date, LifeArc will deal solely with the Incoming Party in respect of the Contract; and all:

  
 33 

	 	4.1	 invoices and correspondence relating to the Contract will be sent for the attention of
                                 to
                                ; and 

 

	 	4.2	 notices will be sent for the attention of
                                 to
                                 

 

	5	 This Novation Agreement and any dispute or claim (including
non-contractual disputes or claims) arising out of or in connection with it or its subject matter or formation shall be governed by and construed in accordance with and shall be subject to the exclusive
jurisdiction of the English courts to which the Parties hereby submit, except that a Party may seek an interim injunction (or an equivalent remedy) in any court of competent jurisdiction. 

 

	6	 This Novation Agreement may be executed in any number of counterparts, each of which will constitute an
original, but which will together constitute one agreement. 

 This document has been executed as follows 

 

			
	Executed for and on behalf of LifeArc	  	
		
	Signature                                 	  	Date                                 
		
	Name (Printed)                                 	  	Title                                 
		
	Executed for and on behalf of Erasca Inc.	  	
		
	Signature                                 	  	Date                                 
		
	Name (Printed)                                 	  	Title                                 
		
	Executed for and on behalf of
                                	  	
		
	Signature                                 	  	Date                                 
		
	Name (Printed)                                 	  	Title                                 

  
 34EX-10.19

 Exhibit 10.19 

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD
BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
 CONFIDENTIAL 

EXECUTION VERSION 
 AGREEMENT AND
PLAN OF MERGER 
 This AGREEMENT AND PLAN OF
MERGER (this “Agreement”), dated as of November 23, 2020, is entered into among (i) ERASCA, INC., a Delaware corporation
(“Parent”), (ii) ERASCA – ASN PRODUCT DEVELOPMENT—MERGER SUB I, INC., a Delaware
corporation and direct wholly owned subsidiary of Parent (“Merger Sub I”), (iii) ERASCA – ASN PRODUCT DEVELOPMENT—MERGER
SUB II, INC., a Delaware corporation and direct wholly owned subsidiary of Parent (“Merger Sub II” and together with Merger Sub I, “Merger Subs”), (iv) ASN
PRODUCT DEVELOPMENT, INC., a Delaware corporation (“Company”), and (v) ASANA
BIOSCIENCES, LLC, a Delaware limited liability company and the sole stockholder of the Company (“ABS”). 

RECITALS 

A. The parties intend to effect a reorganization in which, as steps in a single, integrated transaction, (a) the First Merger (as defined
below) will be consummated, and (b) as part of the same overall transaction, the First Step Surviving Corporation (as defined below) will be merged with and into Merger Sub II, the First Step Surviving Corporation will cease to exist, and
Merger Sub II will survive as a direct wholly owned subsidiary of Parent (the “Second Merger” and, collectively with the First Merger, the “Merger”). 

B. The board of directors of the Company (the “Company Board”) has unanimously (a) determined that this Agreement and the
transactions contemplated hereby, including the Merger, are in the best interests of the Company and its stockholder, (b) approved and declared advisable this Agreement and the transactions contemplated hereby, including the Merger, and
(c) resolved to recommend adoption of this Agreement by the stockholder of the Company in accordance with the Delaware General Corporation Law (the “DGCL”). 

C. Concurrently with the execution of this Agreement, the Company shall obtain, in accordance with Section 228 of the DGCL, the written
consent of ABS, as the Company’s sole stockholder, approving this Agreement, the Merger and the transactions contemplated hereby in accordance with Section 251 of the DGCL. 

D. The parties intend that the Merger qualify as a “reorganization” within the meaning of Section 368(a) of the Code, and that
this Agreement be a “plan of reorganization” for purposes of Sections 354 and 361 of the Code and within the meaning of Section 1.368-2(g) of the Treasury Regulations. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I 

Definitions 
 Whenever used
in this Agreement with an initial capital letter, the terms defined in this Article I and elsewhere in this Agreement, whether used in the singular or plural, shall have the meanings specified below. Capitalized terms used, but not defined in
this Article I or elsewhere in this Agreement, whether used in the singular or plural, shall have the meanings ascribed to them in the License Agreement. 

  
 1 

 CONFIDENTIAL 

EXECUTION VERSION 
  

 “ABS” has the meaning set forth in the preamble. 

“ABS Indemnitees” has the meaning set forth in Section 7.03. 

“Action” means any cause of action, demand, order, lawsuit, arbitration, notice of violation, proceeding, litigation,
citation, summons, subpoena or investigation of any nature, civil, criminal, administrative, regulatory or otherwise, whether at law or in equity, of or before any Governmental Authority or before any arbitrator. 

“Affiliate” means, with respect to a Person, any other Person controlling, controlled by or under common control with
such Person, for so long as such control exists. For purposes of this definition only, “control” means (i) direct or indirect ownership of more than fifty percent (50%) of the stock, shares or other equity interests having the right
to vote for the election of directors of such entity or (ii) the possession, directly or indirectly, of the power to direct, or cause the direction of, the management or policies of such entity, whether through the ownership of voting
securities, by contract or otherwise. Notwithstanding the foregoing, with respect to the Company, “Affiliates” will exclude Chirag Patel, Chintu Patel and Gautam Patel (each, a “Majority Investor”) and any other Person
controlled, directly or indirectly, or trust created or controlled, by any Majority Investor or group of Majority Investors, other than ABS. 

“Agreement” has the meaning set forth in the preamble. 

“Ancillary Documents” means the Share Issuance Letter, Certificate of Merger, the Second Certificate of Merger and each of
the other documents or instruments contemplated by this Agreement to be delivered in connection with the Merger. 
 “Applicable
Law” means collectively all laws, regulations, ordinances, decrees, judicial and administrative orders (and any license, franchise, permit or similar right granted under any of the foregoing) and any other requirements of any
applicable Governmental Authority that govern or otherwise apply to a party’s activities in connection with this Agreement. 

“Breakthrough Designation” means the designation of a drug as a breakthrough therapy by the FDA pursuant to
Section 506(a) of the Federal Food Drug and Cosmetic Act (21 U.S.C. §356(a)), as amended by Section 902 of the Food and Drug Administration Safety and Innovation Act and as may be amended further from time to time. 

“Breakthrough Designation Milestone” has the meaning set forth in Section 2.12(a). 

  
 2 

 CONFIDENTIAL 

EXECUTION VERSION 
  

 “Business Day” means a day other than a Saturday, Sunday or any other
day on which banking institutions in New York, New York, U.S.A. are authorized or required by Applicable Laws to remain closed. 

“Certificate” has the meaning set forth in Section 2.09. 

“Certificate of Merger” has the meaning set forth in Section 2.01(a). 

“Closing” has the meaning set forth in Section 2.02. 

“Closing Date” has the meaning set forth in Section 2.02. 

“Clinical Trial” means any human clinical trial of a Licensed Product in the Field. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Company” has the meaning set forth in the preamble. 

“Company Board” has the meaning set forth in the recitals. 

“Company Charter Documents” has the meaning set forth in Section 3.01(b). 

“Company Common Stock” means the common stock, par value $0.01 per share, of the Company. 

“Contracts” means all contracts, leases, deeds, mortgages, licenses, instruments, notes, commitments, undertakings,
indentures, joint ventures and all other legally binding agreements, commitments and arrangements, whether written or oral. 

“Development Milestone Event” has the meaning set forth in Section 2.12(a). 

“Development Milestone Payment” has the meaning set forth in Section 2.12(a). 

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

“Direct Claim” has the meaning set forth in Section 7.05(c). 

“Direct Claim Notice” has the meaning set forth in Section 7.05(c). 

“Disclosure Schedules” means the Disclosure Schedules delivered by ABS and the Company concurrently with the execution
and delivery of this Agreement. 
 “Dispute” has the meaning set forth in Section 8.10(b). 

“Dollars or $” means the lawful currency of the United States. 

“Effective Time” has the meaning set forth in Section 2.04. 

  
 3 

 CONFIDENTIAL 

EXECUTION VERSION 
  

 “EMA” means the European Medicines Agency or any successor entity thereto.

 “Encumbrance” means any charge, claim, community property interest, pledge, condition, equitable interest, lien
(statutory or other), option, security interest, mortgage, easement, encroachment, right of way, right of first refusal, or restriction or other similar encumbrance of any kind, including any restriction on use, voting, transfer, receipt of income
or exercise of any other attribute of ownership. 
 “Executive Officers” has the meaning set forth in
Section 8.10(b). 
 “Excluded Claim” has the meaning set forth in
Section 8.10(d). 
 “FDA” means the United States Food and Drug Administration or any successor
entity thereto. 
 “Field” means all fields of use. 

“FIRPTA Statement” has the meaning set forth in Section 6.07. 

“First Merger” has the meaning set forth in Section 2.01(a). 

“First Merger Constituent Corporations” has the meaning set forth in Section 2.01(a). 

“First Step Surviving Corporation” has the meaning set forth in Section 2.01(b). 

“GAAP” means United States generally accepted accounting principles in effect from time to time. 

“Governmental Authority” means any federal, state, national, provincial or local government, or political subdivision
thereof, or any multinational organization or any authority, agency or commission entitled to exercise any administrative, executive, judicial, legislative, police, regulatory or taxing authority or power, or any court or tribunal (or any
department, bureau or division thereof, or any governmental arbitrator or arbitral body). 
 “Governmental
Order” means any order, compliance order on consent, writ, judgment, injunction, decree, stipulation, determination or award issued by or entered with any Governmental Authority. 

“Indebtedness” means any amount owed, without duplication and with respect to the Company and its subsidiaries, in
respect of (a) indebtedness for borrowed money; (b) obligations for the deferred purchase price of property or services (other than trade payables and other current trade liabilities incurred in the ordinary and usual course of business);
(c) long or short-term obligations evidenced by notes, bonds, debentures or other similar instruments; (d) obligations under any interest rate, currency swap or other hedging agreement or arrangement; (e) capital lease obligations that are
required to be capitalized pursuant to GAAP but excluding any breakage costs, prepayment penalties or fees or other similar amounts payable in connection with any capitalized leases unless such breakage costs, prepayment penalties, fees or other
similar amounts are due and will be paid at the Closing; (f) reimbursement obligations under any letter of credit (to the extent drawn), banker’s acceptance or similar credit transactions; (g) obligations under conditional sale or
other title retention agreement with respect to property acquired; (h) deferred 

  
 4 

 CONFIDENTIAL 

EXECUTION VERSION 
  

 
compensation owed to current or former employees of the Company; (i) guarantees made by the Company or any of its subsidiaries on behalf of any third party in respect of obligations of the
kind referred to in the foregoing clauses (a) through (h); and (j) any unpaid interest, prepayment penalties, premiums, costs and fees that would arise or become due as a result of the prepayment of any of the obligations referred to in
the foregoing clauses (a) through (i). 
 “Indemnified Party” has the meaning set forth in
Section 7.05. 
 “Indemnifying Party” has the meaning set forth in
Section 7.05. 
 “Company’s Knowledge,” “Knowledge of the Company” and
words of similar effect means the actual knowledge of Sandeep Gupta and Paul Carango. 
 “Liabilities” means
liabilities, obligations or commitments of any nature whatsoever, asserted or unasserted, known or unknown, absolute or contingent, accrued or unaccrued, matured or unmatured or otherwise. 

“License Agreement” means that certain Amended and Restated License Agreement between ABS and the Company, dated
November 23, 2020, in the form attached hereto as Exhibit A. 
 “Licensed Compound” has the meaning given
to such term in the License Agreement. 
 “Licensed Patent Right” has the meaning given to such term in the License
Agreement. 
 “Licensed Product” has the meaning given to such term in the License Agreement. 

“Litigation Conditions” has the meaning set forth in Section 7.05(a). 

“Losses” means losses, damages, liabilities, deficiencies, judgments, interest, awards, penalties, fines, Taxes, claims,
injuries, costs or expenses of whatever kind actually incurred or suffered, including reasonable attorneys’ fees and the cost of enforcing any right to indemnification hereunder and the cost of pursuing any insurance providers;
provided, however, that “Losses” shall not include consequential, indirect, special, punitive and exemplary damages. 

“Majority Investor” has the meaning set forth above under the defined term “Affiliate.” 

“Material Adverse Effect” means any event, occurrence, fact, circumstance, condition or change that has had, or would
reasonably be expected to have, individually or in the aggregate, a material adverse effect on (a) the business, results of operations, condition (financial or otherwise) or assets of the Company and its subsidiaries, taken as a whole,
including the License Agreement, or (b) the ability of the Company to perform its obligations under this Agreement or consummate the transactions contemplated hereby on a timely basis; provided, however, that none of
the following shall be deemed, either alone or in combination, to constitute, and none of the following shall be taken into account in determining whether there has been or will be, a Material Adverse Effect: (i) general economic or political
conditions; (ii) conditions generally affecting the industries in which the Company operates; (iii) any changes in financial or securities markets in general; (iv) acts of war (whether or not declared), armed hostilities or terrorism,
or the escalation or 

  
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worsening thereof; (v) earthquakes, hurricanes, tsunamis, tornadoes, floods, mudslides, wild fires or other natural disasters, weather conditions and other similar events in the United
States or any other country or region in the world; (vi) any changes in Applicable Laws or accounting rules, including GAAP; or (vii) the public announcement, pendency or completion of the transactions contemplated by this Agreement;
provided further, however, that any event, occurrence, fact, circumstance, condition or change referred to in clauses (i) through (vi) immediately above shall be taken into account in determining whether a Material
Adverse Effect has occurred or would reasonably be expected to occur to the extent that such event, occurrence, fact, condition or change has a disproportionate effect on the Company compared to other participants in the industries in which the
Company conducts its businesses. 
 “Merger” has the meaning set forth in the recitals. 

“Merger Consideration” means the (a) Up-Front Cash Consideration,
(b) the Up-Front Parent Shares, and (c) the Development Milestone Payments (including the Milestone Parent Shares). 

“Merger Sub I” has the meaning set forth in the preamble. 

“Merger Sub II” has the meaning set forth in the preamble. 

“Merger Subs” has the meaning set forth in the preamble. 

“MHRA” means the Medicines and Healthcare products Regulatory Agency or any successor entity thereto. 

“Milestone Parent Shares” has the meaning set forth in Section 2.12(b). 

“NMPA” means the National Medical Products Administration of the People’s Republic of China, and local counterparts
thereto, or any successor entity thereto. 
 “Notice of Dispute” has the meaning set forth in
Section 8.10(b). 
 “Parent” has the meaning set forth in the preamble. 

“Parent Indemnitees” has the meaning set forth in Section 7.02. 

“Parent Common Stock” means shares of the Parent’s common stock, par value $0.0001 per share. 

“Parent Preferred Stock” means shares of the Parent’s Series B-2 preferred
stock, par value $0.0001 per share. 
 “Parent Shares” has the meaning set forth in Section 4.07.

 “Person” means an individual, corporation, company, partnership, association, joint-stock company, trust,
unincorporated organization or government or political subdivision thereof. 
 “Phase 2 Study Milestone” has the
meaning set forth in Section 2.12(a). 

  
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 “PMDA” means the Pharmaceuticals and Medical Devices Agency of Japan, or any
successor entity thereto. 
 “Pre-Closing Tax Period” means any taxable period
ending on or before the Closing Date and, with respect to any Straddle Period, the portion of such taxable period ending on and including the Closing Date. 

“Pre-Closing Taxes” means Taxes of the Company for any Pre-Closing Tax Period. 
 “Registrational Trial” means a Clinical Trial that is designed
to obtain sufficient data and results to support the filing of an application for Regulatory Approval (but may not include the data that may be necessary to support the pricing and/or reimbursement approvals). A Registrational Trial includes any
Clinical Trial that satisfies at least one of the following criteria: 
 (a) It would, based on interactions with a
Regulatory Authority or otherwise prior to the initiation of such trial, satisfy the requirements of 21 CFR 312.21(c) or corresponding foreign regulations; 

(b) It is designed in a manner to allow for the addition of patients such that it could satisfy the requirements of 21 CFR
312.21(c) or corresponding foreign regulations; or 
 (c) It is otherwise intended, at the time of initiation to support
(either alone or together with another Clinical Trial that would satisfy the requirements of 21 CFR 312.21(c) or corresponding foreign regulations) an application for Regulatory Approval of a new product (or a new indication or intended use for an
already approved product). 
 “Regulatory Approval” means all approvals from the relevant Regulatory Authority necessary to
initiate marketing and selling a product (including Licensed Product) in any country or jurisdiction. For clarity, Regulatory Approval excludes pricing or reimbursement approval. 

“Representative” means, with respect to any Person, any and all directors, officers, employees, consultants, financial
advisors, counsel, accountants and other agents of such Person. 
 “Regulation D” means Regulation D promulgated under the
Securities Act. 
 “SEC” means the United States Securities and Exchange Commission. 

“Second Certificate of Merger” has the meaning set forth in Section 2.01(c). 

“Second Effective Time” has the meaning set forth in Section 2.04. 

“Second Merger” has the meaning set forth in the recitals. 

“Second Merger Constituent Corporations” has the meaning set forth in Section 2.01(c). 

  
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 “Securities Act” means the Securities Act of 1933, as amended, and the rules
and regulations promulgated thereunder. 
 “Securities Regulators” has the meaning set forth in
Section 5.02(b). 
 “Services Agreement” means the Administrative and Support Services Agreement,
dated as of March 1, 2020, between ASN and the Company. 
 “Share Issuance Letter” means the letter agreement,
dated as of the Closing Date, between ABS and Parent in the form attached hereto as Exhibit C. 
 “Shares” means all
issued and outstanding shares of Company Common Stock. 
 “Stockholder Consent” means written consent of ABS approving this
Agreement, the Ancillary Documents, the Merger and the other transactions contemplated hereby and thereby. 
 “Straddle
Period” has the meaning set forth in Section 6.04. 
 “Successful Proof of Concept”
means, with respect to a Licensed Product, initial evidence of therapeutic activity and safety (safety in patients receiving ASN007 is defined as: <10% ASN007-related SAEs, <20% ASN007-related Grade 3+ AEs, <20% of patients discontinue due
to an ASN007-related AE, and no ASN007-related deaths) in an indication obtained in a Phase 2 Clinical Trial that warrants continued clinical evaluation and development in a Registrational Trial, including an extension or continuation of such Phase
2 Clinical Trial that would serve as the Registrational Trial for such Licensed Product. Without limiting the generality of the foregoing, a Licensed Product will be deemed to warrant continued clinical evaluation development in a Registrational
Trial in an indication upon the earliest of (A) the achievement of the applicable success criteria set forth in Exhibit B, (B) the date on which a final protocol for such Registrational Trial has been signed by a duly authorized
officer of Parent or (C) Parent’s receipt of the FDA’s minutes from an end-of-phase 2 meeting between Parent and the FDA with respect to such Phase 2
Clinical Trial, indicating that the dose and safety and efficacy data from the Phase 2 Clinical Trial are sufficient to proceed to a Registrational Trial of the Licensed Product. 

“Surviving Contract” has the meaning set forth in Section 3.08(b). 

“Surviving Corporation” has the meaning set forth in Section 2.01(d). 

“Tax Claim” has the meaning set forth in Section 6.05. 

“Tax Return” means any return, declaration, report, claim for refund, information return, notice, form or other
documents (including any related or supporting schedules, statements or information) filed or required to be filed, or maintained or required to be maintained, in connection with the determination, assessment or collection of any Tax of any Person
or the administration of any laws, rules, regulations or administrative requirements relating to any Tax. 

  
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 “Taxes” means all taxes, charges, fees, duties, levies or other
assessments, however denominated, imposed by any federal, state, local, or non-U.S. government or any agency or political subdivision of any such government, which taxes shall include, without limitation,
income, gross receipts, sales, use, production, ad valorem, transfer, franchise, registration, branch profits, profits, license, lease, service, service use, withholding, payroll, employment, unemployment, estimated, alternative minimum, add-on minimum, excise, customs, severance, margin, healthcare, escheat or unclaimed property, environmental, stamp, occupation, premium, property (real or personal), real property gains, net worth, intangibles,
social security, pension insurance contributions, disability, windfall profits taxes and other obligations of the same or of a similar nature to any of the foregoing, together with any interest, additions or penalties with respect thereto and any
interest in respect of such additions or penalties, whether disputed or not. 
 “Third Party Claim” has the meaning
set forth in Section 7.05(a). 
 “Up-Front Cash
Consideration” has the meaning set forth in Section 2.08(a)(ii). 
 “Up-Front Parent Shares” has the meaning set forth in Section 2.08(a)(ii). 

ARTICLE II 
 The Merger

 Section 2.01 First Merger and Second Merger. 

(a) Upon the terms and subject to the conditions set forth in this Agreement, and in accordance with the applicable provisions
of the DGCL, Parent, Merger Sub I and the Company (Merger Sub I and the Company sometimes being referred to herein as the “First Merger Constituent Corporations”) shall cause Merger Sub I to be merged with and into the Company effective as
of the Effective Time, with the Company being the surviving corporation (the “First Merger”). The First Merger shall be consummated at the Effective Time in accordance with this Agreement and evidenced by a certificate of merger relating
to the First Merger (the “Certificate of Merger”). 
 (b) Upon consummation of the First Merger, the separate
corporate existence of Merger Sub I shall cease and the Company, as the surviving corporation of the First Merger (hereinafter referred to for the periods at and after the Effective Time as the “First Step Surviving Corporation”), shall
continue its corporate existence under the DGCL as a direct wholly owned subsidiary of Parent. 
 (c) Upon the terms and
subject to the conditions set forth in this Agreement, and in accordance with the applicable provisions of the DGCL, Parent, Merger Sub II and the First Step Surviving Corporation (Merger Sub II and the First Step Surviving Corporation sometimes
being referred to herein as the “Second Merger Constituent Corporations”) shall cause the Second Merger to be consummated. The Second Merger shall be consummated at the Second Effective Time in accordance with this Agreement and evidenced
by a certificate of merger relating to the Second Merger (the “Second Certificate of Merger”). 

  
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 (d) Upon consummation of the Second Merger, the separate corporate existence
of the First Step Surviving Corporation shall cease and Merger Sub II, as the surviving corporation of the Second Merger (hereinafter referred to for the periods at and after the Second Effective Time as the “Surviving Corporation”), shall
continue its corporate existence under the DGCL as a direct wholly owned subsidiary of Parent. 
 Section 2.02
Closing. Subject to the terms and conditions of this Agreement, the closing of the Merger (the “Closing”) shall take place on the date hereof, at the offices of Latham & Watkins LLP, 12670 High
Bluff Drive, San Diego, CA 92130, or at such other time or on such other date or at such other place as Parent and ABS may mutually agree upon in writing (the day on which the Closing takes place being the “Closing Date”). The
Closing shall be effected, to the extent practicable, by conference call, the electronic delivery of certain documents, and the prior physical exchange of certain documents and instruments to be held in escrow by outside counsel to the recipient
party pending authorization to release at the Closing. 
 Section 2.03 Closing Deliverables. 

(a) By ABS and the Company. At or prior to the Closing, ABS and the Company shall deliver to Parent the following: 

(i) the Stockholder Consent, executed by ABS; 

(ii) a certificate of the Secretary of the Company certifying that (A) attached thereto are true and complete copies of all resolutions
adopted by the Company Board authorizing the execution, delivery and performance of this Agreement and the Ancillary Documents and the consummation of the transactions contemplated hereby and thereby, (B) all such resolutions have not been
revoked, rescinded or amended and are in full force and effect as of the date thereof and are all the resolutions adopted in connection with the transactions contemplated hereby and thereby, and (C) the persons who have signed this Agreement,
the Ancillary Documents and the other documents to be delivered hereunder and thereunder at or prior to the Closing have properly done so as duly authorized officers of the Company; 

(iii) a good standing certificate of the Company (or its equivalent) from the secretary of state of Delaware; 

(iv) resignations, in form and substance reasonably acceptable to Parent, of each director and officer of each subsidiary of the Company,
effective as of the Effective Time; 
 (v) written confirmation from ABS that the Services Agreement has been terminated and all amounts
accrued and payable to ABS by the Company under the Services Agreement on or prior to the Closing Date have been satisfied and paid; and 

(vi) the FIRPTA Statement. 

(b) By Parent. At the Closing, Parent shall deliver to the Company (or such other Person as may be specified herein) the
following: 

  
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 (i) payment to ABS by wire transfer of immediately available funds an amount equal to the
aggregate Up-Front Cash Consideration payable pursuant to and in accordance with Section 2.08 in exchange for the Shares; and 

(ii) a certificate of the Secretary of Parent certifying that (A) attached thereto are true and complete copies of all resolutions adopted
by the board of directors of Parent and the Merger Subs authorizing the execution, delivery and performance of this Agreement and the Ancillary Documents and the consummation of the transactions contemplated hereby and thereby, (B) all such
resolutions have not been revoked, rescinded or amended and are in full force and effect as of the date thereof and are all the resolutions adopted in connection with the transactions contemplated hereby and thereby, and (C) the persons who
have signed this Agreement, the Ancillary Documents and the other documents to be delivered hereunder and thereunder at or prior to the Closing have properly done so as duly authorized officers of Parent and the Merger Subs. 

Section 2.04 Effective Time and Second Effective Time. Subject to the provisions of this
Agreement, at the Closing, the Company, Parent and Merger Sub I shall cause the Certificate of Merger to be executed, acknowledged and filed with the Secretary of State of the State of Delaware in accordance with the relevant provisions of the DGCL
and shall make all other filings or recordings required under the DGCL. The First Merger shall become effective at such time as the Certificate of Merger has been duly filed with the Secretary of State of the State of Delaware or at such later date
or time as may be agreed by the Company and Parent in writing and specified in the Certificate of Merger in accordance with the DGCL (the effective time of the First Merger being referred to as the “Effective Time”). Promptly
following the Effective Time, the Company, Parent and Merger Sub II shall cause the Second Certificate of Merger to be executed, acknowledged and filed with the Secretary of State of the State of Delaware in accordance with the relevant provisions
of the DGCL and shall make all other filings or recordings required under the DGCL. The Second Merger shall become effective at such time as the Second Certificate of Merger has been duly filed with the Secretary of State of the State of Delaware or
at such later date or time as may be agreed by the Company and Parent in writing and specified in the Second Certificate of Merger in accordance with the DGCL (the effective time of the Second Merger being referred to as the “Second
Effective Time”). 
 Section 2.05 Effects of the Merger. 

(a) At and after the Effective Time, the effect of the First Merger shall be as provided in this Agreement and the applicable
provisions of the DGCL. Without limiting the generality of the foregoing, and subject thereto, from and after the Effective Time, all property, rights, privileges, immunities, powers, franchises, licenses and authority of the First Merger
Constituent Corporations shall vest in the First Step Surviving Corporation, and all debts, liabilities, obligations, restrictions and duties of each of the First Merger Constituent Corporations shall become the debts, liabilities, obligations,
restrictions and duties of the First Step Surviving Corporation. 
 (b) At and after the Second Effective Time, the effect of
the Second Merger shall be as provided in this Agreement and the applicable provisions of the DGCL. Without limiting the generality of the foregoing, and subject thereto, from and after the Second Effective Time, all property, rights, privileges,
immunities, powers, franchises, licenses and authority of the Second Merger Constituent Corporations shall vest in the Surviving Corporation, and all debts, liabilities, obligations, restrictions and duties of each of the Second Merger Constituent
Corporations shall become the debts, liabilities, obligations, restrictions and duties of the Surviving Corporation. 

  
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 Section 2.06 Certificate of Incorporation;
By-laws. 
 (a) At the Effective Time, (i) the certificate of incorporation
of Merger Sub I as in effect immediately prior to the Effective Time shall be the certificate of incorporation of the First Step Surviving Corporation until thereafter amended in accordance with the terms thereof or as provided by Applicable Law,
and (ii) the by-laws of Merger Sub I as in effect immediately prior to the Effective Time shall be the by-laws of the First Step Surviving Corporation until
thereafter amended in accordance with the terms thereof, the certificate of incorporation of the First Step Surviving Corporation or as provided by Applicable Law; provided, however, in each case, that the name of the corporation set
forth therein shall be changed to the name of the Company. 
 (b) At the Second Effective Time, (i) the certificate of
incorporation of the First Step Surviving Corporation as in effect immediately prior to the Second Effective Time shall be the certificate of incorporation of the Surviving Corporation until thereafter amended in accordance with the terms thereof or
as provided by Applicable Law, and (ii) the by-laws of the First Step Surviving Corporation as in effect immediately prior to the Second Effective Time shall be the
by-laws of the Surviving Corporation until thereafter amended in accordance with the terms thereof, the certificate of incorporation of the Surviving Corporation or as provided by Applicable Law. 

Section 2.07 Directors and Officers. 

(a) The directors and officers of Merger Sub I, in each case, immediately prior to the Effective Time shall, from and after the
Effective Time, be the directors and officers, respectively, of the First Step Surviving Corporation until their successors have been duly elected or appointed and qualified or until their earlier death, resignation or removal in accordance with the
certificate of incorporation and by-laws of the First Step Surviving Corporation. By virtue of the First Merger and without further action, the directors and officers of the Company immediately prior to the
Effective Time shall cease to be directors or officers of the First Step Surviving Corporation as of the Effective Time. 

(b) The directors and officers of the First Step Surviving Corporation, in each case, immediately prior to the Second Effective
Time shall, from and after the Second Effective Time, be the directors and officers, respectively, of the Surviving Corporation until their successors have been duly elected or appointed and qualified or until their earlier death, resignation or
removal in accordance with the certificate of incorporation and by-laws of the Surviving Corporation. By virtue of the Second Merger and without further action, the directors and officers of Merger Sub II
immediately prior to the Second Effective Time shall cease to be directors or officers of the Surviving Corporation as of the Second Effective Time. 

Section 2.08 Up-Front Merger Consideration; Effect of the Merger on Common
Stock. 

  
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 (a) At the Effective Time, as a result of the First Merger and without any
action on the part of Parent, Merger Subs, the Company or any Stockholder: 
 (i) Cancellation of Treasury Stock. Shares that are owned by
the Company (as treasury stock or otherwise) or any of its direct or indirect wholly owned subsidiaries shall automatically be cancelled and retired and shall cease to exist, and no consideration shall be delivered in exchange therefor. 

(ii) Up-Front Merger Consideration and Conversion of Company Common Stock. The Shares issued and
outstanding immediately prior to the Effective Time (other than Shares to be cancelled and retired in accordance with Section 2.08(a)(i)) shall be converted into the right to receive (A) twenty million U.S. dollars (USD $20,000,000)
without interest (the “Up-Front Cash Consideration”), payable at the Closing, (B) four million (4,000,000) shares of Parent Preferred Stock, as adjusted from time to time in the same manner as
Parent Preferred Stock after the date hereof in the event of a reverse or forward split of Parent’s capital stock, recapitalization or other similar adjustment applicable to the capital stock of Parent, to be issued within thirty (30) days
after the Effective Time (the “Up-Front Parent Shares”), (c) any Development Milestone Payments that become payable pursuant to Section 2.12 and (d) any Milestone Parent Shares that become
issuable pursuant to Section 2.12. 
 (iii) Conversion of Merger Sub I Capital Stock. Each share of common stock, par value $0.0001 per
share, of Merger Sub I issued and outstanding immediately prior to the Effective Time shall be converted into and become one newly issued, fully paid and non-assessable share of common stock of the First Step
Surviving Corporation. 
 (b) At the Second Effective Time, as a result of the Second Merger and without any action on the
part of Parent, Merger Sub II or the First Step Surviving Corporation: 
 (i) Cancellation of Treasury Stock. Shares of common stock, par
value $0.0001 per share, of the First Step Surviving Corporation that are owned by the First Step Surviving Corporation (as treasury stock or otherwise) or any of its direct or indirect wholly owned subsidiaries shall automatically be cancelled and
retired and shall cease to exist, and no consideration shall be delivered in exchange therefor. 
 (ii) Conversion of First Step Surviving
Corporation Capital Stock. Each share of common stock, par value $0.0001 per share, of the First Step Surviving Corporation issued and outstanding immediately prior to the Second Effective Time (other than shares of common stock of the First Step
Surviving Corporation to be cancelled and retired in accordance with Section 2.08(b)(i)) shall be converted into the right to receive an equivalent number of shares of common stock, par value $0.0001 per share, of the Surviving Corporation, all
of which shares shall be held by Parent, and which shall constitute the only outstanding shares of common stock, par value $0.0001 per share, of the Surviving Corporation immediately following the Second Effective Time. 

  
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 Section 2.09 Surrender and Payment. At the Effective Time,
all Shares outstanding immediately prior to the Effective Time shall automatically be cancelled and retired and shall cease to exist, and ABS shall cease to have any rights as a stockholder of the Company, and any stock certificate formerly
representing the Shares (a “Certificate”) shall represent only the right to receive the Merger Consideration as provided herein. 

Section 2.10 Withholding Rights. As of the date hereof, the parties acknowledge and agree that no
withholding of Taxes with respect to any payments made pursuant to this Agreement is required under Applicable Law. In the event that Parent determines that Applicable Laws require such withholding of Taxes, Parent shall immediately notify ABS in
writing of the potential for withholding of Taxes and cooperate with ABS in good faith before undertaking any such withholding of Taxes so as to reduce or eliminate any potential obligation for such withholding of Taxes to the greatest extent
possible, including with respect to obtaining the benefit of any present or future treaty against double taxation or refund or reduction in such Taxes. Without limiting the foregoing, Parent shall make any such required withholding payments in a
timely manner and shall subtract the amount thereof from payments of consideration otherwise payable to ABS pursuant to this Agreement. Parent shall promptly (as available) submit to ABS appropriate proof of payment of the withheld Taxes as well as
the official receipts within a reasonable period of time. Notwithstanding the foregoing, if as a result of Parent assigning this Agreement or changing its domicile, additional Taxes become due that would not have otherwise been due hereunder with
respect to payments of consideration payable to ABS pursuant to this Agreement, Parent shall be responsible for all such additional withholding Taxes and shall pay ABS such amounts as are necessary to ensure that ABS receives the same amount as it
would have received had no such assignment or change in domicile been made. 
 Section 2.11 Lost
Certificates. If any Certificate shall have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the Person claiming such Certificate to be lost, stolen or destroyed and, if required by Parent, the posting by
such Person of a bond, in such reasonable amount as Parent may direct, as indemnity against any claim that may be made against it with respect to such Certificate, Parent shall issue, in exchange for such lost, stolen or destroyed Certificate, the
Merger Consideration to be paid in respect of the Shares formerly represented by such Certificate as contemplated under this Article II. 

Section 2.12 Development Milestone Payments. 

(a) Milestone Triggers and Payments. Within forty-five (45) days after the achievement of each milestone event set
forth in the table below (each, a “Development Milestone Event”), Parent shall make the corresponding milestone payment to ABS (each, a “Development Milestone Payment”). Parent shall provide ABS with notice of the occurrence of
each Development Milestone Event within thirty (30) days of achievement. Each Development Milestone Payment shall be fully-earned and payable once upon the first achievement of the corresponding Development Milestone Event. 

  
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	Milestone Event	  	Milestone Payment	 
	 [***] (“[***] Milestone”)
	  	 	$[***]	 
	 [***] (“[***] Milestone”)
	  	 	$[***]	 
	 [***]
	  	 	$[***]	 
	 [***]
	  	 	$[***]	 
	 [***]
	  	 	$[***]	 
	 [***]
	  	 	$[***]	 
	 Total Development Milestones
	  	 	$[***]	 

 (b) Phase 2 Study Milestone Equity. In addition, upon the achievement of the Phase 2 Study
Milestone, and subject to the terms of the Share Issuance Letter, Parent shall issue to ABS four million six hundred sixty-six thousand six hundred sixty-seven (4,666,667) shares of Parent Common Stock (the
“Milestone Parent Shares”), as adjusted from time to time in the same manner as Parent Common Stock is adjusted after the date hereof in the event of a reverse or forward split of Parent’s capital stock, the issuance of any dividends,
recapitalization or other similar adjustment applicable to all Parent Common Stock as a class. 
 (c) Payment Requirements.
Parent’s obligations to make Development Milestone Payments (and issue the Milestone Parent Shares) under this Section 2.12 shall apply only while the License Agreement is in full force and effect and such obligations shall terminate upon
the termination of the License Agreement. Notwithstanding the foregoing sentence, to the extent that Company or its Affiliate or sublicensee continues to Develop or Commercialize any Licensed Compound or Licensed Product after the effective date of
termination of the License Agreement, this Section 2.12 shall survive such termination; provided, that, if such Licensed Compound (other than a Licensed Compound described in subsection (a) or (b) of Section 1.33 (Licensed Compound)
of the License Agreement) or Licensed Product (other than a Licensed Product containing, incorporating or comprising a Licensed Compound described in subsection (a) or (b) of Section 1.33 (Licensed Compound) of the License Agreement) is
Covered by a Licensed Patent Right (as such term is defined in the License Agreement) that has been invalidated (other than as a result of a Patent Challenge), and is not Covered by any other Licensed Patent Right, then Parent’s payment
obligations pursuant to such Sections shall terminate. “Patent Challenge” means a proceeding filed or initiated by ASN or any of its Affiliates or sublicensees (directly or indirectly (e.g., through a Third Party)) in a court or by
administrative proceeding seeking the invalidity or unenforceability or otherwise challenging or seeking to limit the scope of any Licensed Patent Right. For clarity, and notwithstanding the foregoing, following the

  
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expiration of the License Agreement, if Company or its Affiliate or sublicensee ever achieves the Breakthrough Designation Milestone with a subsequent or future Licensed Product, then Parent
shall pay the corresponding milestone payment for achievement of the Breakthrough Designation Milestone pursuant to this Section 2.12. Any payments or portions thereof due hereunder that are not paid on the date such payments are due under this
Agreement shall bear interest at a rate equal to the lesser of: (i) three (3) percentage points above the prime rate as published by The Wall Street Journal or any successor thereto on the first day of each Calendar Quarter in which such
payments are overdue or (ii) the maximum rate permitted by Applicable Laws; in each case calculated on the number of days such payment is delinquent, compounded monthly. 

(d) Assignment of Rights to Consideration. ABS and any of its direct or indirect members, stockholders, partners, trust
beneficiaries or other equityholders or Affiliates may assign, delegate or otherwise transfer any of its rights to the Up-Front Cash Consideration, Up-Front Parent
Shares, Development Milestone Payments or Milestone Parent Shares (or any other consideration payable pursuant to this Agreement), to any of ABS’ direct or indirect members, stockholders, partners, trust beneficiaries or other equityholders or
Affiliates, and any of their respective direct or indirect members, stockholders, partners, trust beneficiaries or other equityholders or Affiliates or family members or relatives of such Persons. ABS acknowledges and agrees, that: (i) the
Development Milestone Payments are solely represented by this Agreement and are not represented by any certificate, instrument or other delivery, (ii) the Development Milestone Payments are solely a contractual right and are not a security for
purposes of any securities laws, and confer upon ABS only the rights of a general unsecured creditor under Applicable Law, (iii) the Development Milestone Payments do not bear interest (except to the extent paid after the required date pursuant
to Section 2.12(a)), and (iv) the Development Milestone Payments are not redeemable. 
 Section 2.13
Parent Shares; Series B Agreements and Lock-Up Agreement. 
 (a) The Parent
Shares issued pursuant to the terms of this Agreement will be issued in a transaction exempt from registration under the Securities Act by reason of Section 4(a)(2) thereof and/or Regulation D promulgated under the Securities Act and may not be
re-offered or resold other than in conformity with the registration requirements of the Securities Act and such other applicable rules and regulations or pursuant to an exemption therefrom. The Parent Shares
shall be “restricted securities” under the Securities Act and, if certificated, shall bear the following legends (or if held in book entry form, will be noted with a similar restriction): 

  
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EXECUTION VERSION 
  

 “THE SECURITIES REPRESENTED HEREBY HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933. SUCH SHARES MAY NOT BE SOLD, PLEDGED, OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR A VALID EXEMPTION FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SAID ACT.” 

“THE SECURITIES REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE
STOCKHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY.” 
 (b) ABS agrees to become a party to the
Amended and Restated Stockholders Agreement, dated April 15, 2020, by and among Parent and the parties set forth on Schedule A thereto, and the Right of First Refusal and Co-Sale Agreement, dated
April 15, 2020, by and among the Company and the parties set forth on Schedule A and Schedule B thereto, in each case as an “Investor” (as defined therein). 

ARTICLE III 

Representations and Warranties of ABS and the Company 

Except as set forth in the correspondingly numbered Section of the Disclosure Schedules, ABS and the Company represent and warrant to Parent
and Merger Subs that the statements contained in this Article III are true and correct as of the date hereof. 
 Section 3.01
Organization and Qualification. 
 (a) Each of the Company and ABS is a corporation or limited liability company duly
organized, validly existing, and in good standing under the Applicable Laws of the jurisdiction of formation. Each of the Company and ABS has all requisite power and authority to carry on its business as now conducted. The Company is duly qualified
to transact business and is in good standing in each jurisdiction in which the failure to so qualify would have a Material Adverse Effect. 

(b) ABS and the Company have made available to Parent accurate and complete copies of (i) the certificate of
incorporation, by-laws and other organizational documents of the Company (collectively, the “Company Charter Documents”), and (ii) the minutes of the meetings and actions taken by written
consent or otherwise without a meeting of the stockholders of the Company, the Company Board and all committees of the Company Board. Section 3.01(b) of the Disclosure Schedules sets forth each director and each officer of the Company. The
books of account, stock or other equity records, minute books and other records of the Company and its subsidiaries are accurate, up-to-date and complete. 

  
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EXECUTION VERSION 
  

 Section 3.02 Authority. All action on the part of each of
ABS and the Company, their respective officers, directors, security holders, members, managers and stockholders necessary for the authorization, execution and delivery of this Agreement, the performance of all their respective obligations hereunder,
has been taken or will be taken prior to the Closing, and, assuming this Agreement constitutes the legal, valid, and binding obligation of Parent and the Merger Subs, this Agreement constitutes a valid and binding agreement enforceable against ABS
and the Company in accordance with its terms (except as the enforceability thereof may be limited by bankruptcy, insolvency, reorganization, bank moratorium or similar laws affecting creditors’ rights generally and laws restricting the
availability of equitable remedies and may be subject to general principles of equity whether or not such enforceability is considered in a proceeding at law or in equity). The consent of ABS is the only vote or consent of the holders of any class
or series of the Company’s capital stock required to approve and adopt this Agreement and the Ancillary Documents, approve the Merger and consummate the Merger and the other transactions contemplated hereby and thereby. 

Section 3.03 No Conflicts; Consents. The execution, delivery and performance by ABS and the Company of
this Agreement and the Ancillary Documents to which it is a party, and the consummation of the transactions contemplated hereby and thereby, including the Merger, do not and will not: (i) conflict with or result in a breach of any provision of
its organizational documents (including the Company Charter Documents), (b) result in a breach of any agreement to which it is a party; or (c) violate any Applicable Laws. No consent, approval, permit, Governmental Order, declaration or filing
with, or notice to, any Governmental Authority is required by or with respect to ABS or the Company in connection with the execution, delivery and performance of this Agreement and the Ancillary Documents and the consummation of the transactions
contemplated hereby and thereby, except for the filing of the Certificate of Merger and Second Certificate of Merger with the Secretary of State of Delaware. 

Section 3.04 Capitalization of the Company. The authorized capital stock of the Company consists solely of
300,000,000 shares of Company Common Stock, of which there were issued and outstanding as of the close of business on the date of this Agreement 100 shares. All such issued and outstanding Shares are (i) duly authorized, validly issued, fully
paid and non-assessable; (ii) not subject to any preemptive rights created by statute, the Company Charter Documents or any agreement to which the Company or ABS is a party; and (iii) free of any
Encumbrances created by the Company or ABS in respect thereof. ABS is the sole stockholder of the Company and the registered owner of the Shares, and there are no other holders of Company Common Stock other than ABS. There are no outstanding
options, warrants, profits interests, rights (including conversion or preemptive rights) or agreements for the purchase or acquisition from the Company or ABS of any equity interest in the Company. 

Section 3.05 No Subsidiaries. The Company has no subsidiaries and does not own or hold, or has ever
owned or held, any equity interest in any other Person. 
 Section 3.06 No Employees. The Company has no
employees. The Company is not a party to any pension, benefit, retirement, compensation, employment, consulting, profit-sharing, deferred compensation, incentive, bonus, performance award, phantom equity, stock or stock-based, change in control,
retention, severance, vacation, paid time off, welfare, fringe-benefit and other similar agreement, plan, policy, program or arrangement (and any amendments thereto), in each case whether or not reduced to writing. 

  
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EXECUTION VERSION 
  

 Section 3.07 No Undisclosed Liabilities or
Indebtedness. The Company does not have any Liabilities or Indebtedness except (i) as set forth on Section 3.07 of the Disclosure Schedules and (ii) any contractual performance obligations
(other than on account of any breach or default thereunder or any violation of law) under existing executory Contracts of the Company. 

Section 3.08 License Agreement and Surviving Contracts.

(a) A complete and correct copy of the License Agreement (including all modifications and amendments thereto and written
waivers thereunder) is attached hereto as Exhibit A. 
 (b) Section 3.08 of the Disclosure Schedules sets forth a
categorized list as of the date hereof of any other Contracts of the Company that will survive the Closing (“Surviving Contract”). Each Surviving Contract is valid and binding on the Company in accordance with its terms (except as
limited by laws of general application relating to bankruptcy, insolvency and the relief of debtors and as limited by rules of law governing specific performance, injunctive relief or other equitable remedies and by general principles of
equity) and is in full force and effect. None of the Company or, to ABS’s or the Company’s Knowledge, any other party thereto is in breach of or default under (or is alleged to be in breach of or default under) or has provided or received
any written notice of any intention to terminate, any Surviving Contract. Complete and correct copies of each Surviving Contract (including all modifications and amendments thereto and written waivers thereunder) have been made available to Parent.

 Section 3.09 Title to Assets. Except as set forth on Section 3.09 of the
Disclosure Schedules, the Company has good and valid title to all of its personal property and other tangible assets, free and clear of Encumbrances. The Company has no real property assets or leasehold interests. 

Section 3.10 Taxes. 

(a) All income and other material Tax Returns required to be filed by the Company have been timely filed. Such Tax Returns are
true, complete and correct in all material respects. All Taxes due and owing by the Company (whether or not shown on any Tax Return) have been timely paid. The Company has not requested or been granted an extension of the time for filing any Tax
Return that has not yet been filed (other than any automatic extension for which approval of a taxing authority is not required). 

(b) The Company has withheld and paid each Tax required to have been withheld and paid in connection with amounts paid or owing
to any employee, independent contractor, creditor, customer, shareholder or other party, and complied in all material respects with all information reporting and backup withholding provisions of Applicable Law. 

  
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 CONFIDENTIAL 

EXECUTION VERSION 
  

 (c) No written claim has been made by any taxing authority in any
jurisdiction asserting that the Company is or may be subject to Taxes imposed by that jurisdiction but not paid by the Company, including, without limitation, sales and use Taxes required to be collected by the Company and remitted to that
jurisdiction and income Taxes payable to that jurisdiction. 
 (d) No extensions or waivers of the time in which any Tax may
be assessed or collected by any taxing authority have been given or requested with respect to any Taxes of the Company, which are still outstanding. 

(e) The Company is not currently subject to any audits or examinations by taxing authorities. 

(f) No issues relating to material Taxes of the Company were raised by the relevant taxing authority in any completed audit or
examination that would reasonably be expected to result in a material amount of Taxes in a later taxable period. 
 (g) No
deficiency or adjustment in respect of Taxes has been claimed, proposed in writing, asserted or assessed by any taxing authority against the Company. There are no outstanding refund claims with respect to any Tax or Tax Return of the Company. 

(h) The Company is not a party to any Action by any taxing authority. There are no pending or threatened Actions with respect
to the Company by any taxing authority. 
 (i) No power of attorney with respect to any Taxes of the Company has been filed
or executed with any taxing authority. 
 (j) There are no Encumbrances for Taxes (other than for current Taxes not yet due
and payable) upon the assets of the Company. 
 (k) The Company is not a party to, or bound by, any Tax indemnity, Tax
sharing or Tax allocation agreement (other than, in each case, a commercial agreement entered into in the ordinary and usual course of business, the principal purpose of which does not relate to Tax). 

(l) No private letter rulings, technical advice memoranda or similar agreement or rulings have been requested, entered into or
issued by any taxing authority with respect to the Company. 
 (m) The Company is not or has not been a member of an
affiliated, combined, consolidated or unitary Tax group for income Tax purposes (other than a group of which the Company is the common parent). The Company does not have any Liability for Taxes of any other Person under Treasury Regulations Section 1.1502-6 (or any corresponding provision of state, local or non-U.S. Tax Law), as transferee or successor, by Contract or otherwise. 

  
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 CONFIDENTIAL 

EXECUTION VERSION 
  

 (n) The Company will not be required to include any item of income in, or
exclude any deduction from, taxable income for any taxable period (or portion thereof) ending after the Closing Date as a result of any: (i) change in method of accounting or the use of an improper method of accounting for a Pre-Closing Tax Period; (ii) “closing agreement” as described in Section 7121 of the Code (or any corresponding or similar provision of state, local or non-U.S.
income Tax Law) executed on or prior to the Closing Date; (iii) installment sale or open transaction disposition made on or prior to the Closing Date; (v) prepaid or deposit amount received on or prior to the Closing Date; or
(vi) election described in Section 108(i) of the Code (or any corresponding or similar provision of state, local or non-U.S. Tax law) made on or prior to the Closing Date 

(o) The Company (i) has neither agreed nor is required to make any adjustment under Section 481(a) of the Code by
reason of a change in accounting method or otherwise; (ii) has not elected at any time to be treated as an S corporation within the meaning of Sections 1361 or 1362 of the Code; and (iii) has neither made any of the foregoing elections,
nor is required to apply any of the foregoing rules, under any comparable state or local Tax law. 
 (p) The Company has not
been a “distributing corporation” or a “controlled corporation” in connection with a distribution described in Section 355 of the Code. 

(q) The Company is not, and has not been, a party to, or a promoter of, a “reportable transaction” within the meaning
of Section 6707A(c)(1) of the Code and Treasury Regulations Section 1.6011-4(b). 
 (r) The Company is not subject
to Tax in any country other than its country of organization. 
 (s) The Company is not a partner for Tax purposes with
respect to any joint venture, partnership, or other arrangement or Contract which is treated as a partnership for Tax purposes. 

Section 3.11 Investment Representations. 

(a) The Parent Shares to be issued to ABS hereunder will be acquired for investment for ABS’s own account and not with a
view to the public resale or distribution thereof within the meaning of the Securities Act. 
 (b) ABS has received or has
had full access to all the information ABS considers necessary or appropriate to make an informed investment decision with respect to the Parent Shares. 

  
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EXECUTION VERSION 
  

 (c) ABS understands that the receipt of the Parent Shares involves
substantial risk. ABS: (i) has experience as an investor in securities of companies in the development stage and acknowledges that ABS is able to fend for itself, can bear the economic risk of ABS’s investment in the Parent Shares and has
such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of its investment in the Parent Shares and protecting its investment; and/or (ii) has a preexisting business relationship with
Parent and/or certain of its other officers, directors or controlling persons of a nature and duration that enables ABS to be aware of the character, business acumen and financial circumstances of such persons. 

(d) ABS is an accredited investor within the meaning of Regulation D. 

(e) ABS is not a person of the type described in Section 506(d) of Regulation D that would disqualify the Company from
engaging in a transaction pursuant to Section 506 of Regulation D. 
 (f) ABS understands that the Parent Shares are
characterized as “restricted securities” under the Securities Act, in a transaction not involving a public offering and that under the Securities Act and applicable regulations thereunder such securities may be resold without registration
under the Securities Act only in certain limited circumstances. ABS represents that it is familiar with Rule 144 of the SEC and understands the resale limitations imposed thereby and by the Securities Act. ABS understands that Parent is under no
obligation to register any of the securities sold hereunder. 
 Section 3.12 Brokers. No broker,
finder or investment banker is entitled to any brokerage, finder’s or other fee or commission in connection with the transactions contemplated by this Agreement or any Ancillary Document based upon arrangements made by or on behalf of ABS or
the Company. 
 Section 3.13 No Other Representations and Warranties. Except as expressly set forth
in this Agreement, the License Agreement and the Ancillary Documents, neither ABS, the Company nor any of their respective agents, employees or representatives have made, nor are any of them making any representation or warranty, written or oral,
express or implied, in respect of the Company or its businesses. Each of Parent and Merger Subs expressly acknowledges and agrees that none of Parent, Merger Subs or any of their respective agents, employees or representatives is relying on any
other representation or warranty of ABS or the Company or any of their respective agents, employees or representatives, including regarding the accuracy or completeness of any such other representations and warranties, whether express or
implied. 
 ARTICLE IV 

Representations and warranties of parent and merger subs 

Parent and Merger Subs represent and warrant to the Company that the statements contained in this Article IV are true and correct as of
the date hereof. 

  
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EXECUTION VERSION 
  

 Section 4.01 Organization and Authority of Parent and Merger Subs.
Each of Parent and the Merger Subs is a corporation duly organized, validly existing and in good standing under the Applicable Laws of the jurisdiction of its incorporation. Each of Parent and Merger Subs has all requisite power and authority to
carry on its business as now conducted. 
 Section 4.02 Authority. All action on the part of each of Parent
and the Merger Subs, their respective officers, directors, security holders, members, managers and stockholders necessary for the authorization, execution and delivery of this Agreement, the performance of all their respective obligations hereunder,
has been taken or will be taken prior to the Closing, and, assuming this Agreement constitutes the legal, valid, and binding obligation of ABS and the Company, this Agreement constitutes a valid and binding agreement enforceable against Parent and
the Merger Subs in accordance with its terms (except as the enforceability thereof may be limited by bankruptcy, insolvency, reorganization, bank moratorium or similar laws affecting creditors’ rights generally and laws restricting the
availability of equitable remedies and may be subject to general principles of equity whether or not such enforceability is considered in a proceeding at law or in equity). No other corporate proceedings on the part of Parent and Merger Subs are
necessary to authorize the execution, delivery and performance of this Agreement or to consummate the Merger and the other transactions contemplated hereby and thereby. 

Section 4.03 No Conflicts; Consents. The execution, delivery and performance by Parent and Merger Subs of this
Agreement and the Ancillary Documents to which it is a party, and the consummation of the transactions contemplated hereby and thereby, including the Merger, do not and will not: (i) conflict with or result in a breach of any provision of its
organizational documents, (b) result in a breach of any agreement to which it is a party; or (c) violate any Applicable Laws. No consent, approval, permit, Governmental Order, declaration or filing with, or notice to, any Governmental
Authority is required by or with respect to Parent or Merger Subs in connection with the execution, delivery and performance of this Agreement and the Ancillary Documents and the consummation of the transactions contemplated hereby and thereby,
except for the filing of the Certificate of Merger and Second Certificate of Merger with the Secretary of State of Delaware.  

Section 4.04 Merger Subs. Merger Subs are direct wholly owned subsidiaries of Parent,
have no material liabilities, and are not engaged in any material business activities other than in connection with the transactions contemplated hereby. 

Section 4.05 Capitalization of Parent. The authorized capital of Parent consists of 147,027,681 shares of Parent
Common Stock, 31,310,431 shares of which are issued and outstanding immediately prior to the Issuance, 38,103,681 shares of Series A Preferred Stock, par value $0.0001 per share, all of which are issued and outstanding, 28,741,400 shares of Series B-1 Preferred Stock, par value $0.0001 per share, 27,481,001 shares of which are issued and outstanding, and 30,777,328 shares of Series B-2 Preferred Stock, par value $0.0001
per share, none of which are issued and outstanding. All of the outstanding shares of Parent’s capital stock have been duly authorized, are fully paid and nonassessable and were issued in compliance with all applicable federal and state
securities laws. Parent holds no capital stock in its treasury.  

  
 23 

 CONFIDENTIAL 

EXECUTION VERSION 
  

 Section 4.06 Parent Shares. The
Up-Front Parent Shares and the Milestone Parent Shares (together the “Parent Shares”), when issued, sold and delivered in accordance with the terms and for the consideration set forth in this
Agreement will be validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer under or referenced in this Agreement, applicable state and federal securities laws and liens or encumbrances
created by or imposed by ABS. Assuming the accuracy of the representations of ABS and the Company in Section 3.11 of this Agreement, the Parent Shares will be issued in compliance with all applicable federal and state
securities laws.  
 Section 4.07 Brokers. No broker, finder or investment banker is entitled to any
brokerage, finder’s or other fee or commission in connection with the transactions contemplated by this Agreement or any Ancillary Document based upon arrangements made by or on behalf of Parent or Merger Subs. 

Section 4.08 Cash Resources. Parent has sufficient cash on hand or other sources of available funds to pay the Up-Front Cash Consideration to ABS at Closing on the terms set forth in this Agreement. 

Section 4.09 No Other Representations and Warranties. Except as expressly set forth in this Agreement and the
Ancillary Documents, neither Parent nor any of its agents, employees or representatives have made, nor are any of them making any representation or warranty, written or oral, express or implied, in respect of Parent or its businesses. ABS expressly
acknowledges and agrees that neither ABS nor any of its agents, employees or representatives is relying on any other representation or warranty of Parent or Merger Subs or any of their respective agents, employees or representatives, including
regarding the accuracy or completeness of any such other representations and warranties, whether express or implied. 
 ARTICLE V 

Covenants 

Section 5.01 Audit Assistance; Access to Information. ABS shall reasonably cooperate with
Parent and Parent’s independent public accountants, in connection with the completion of any audit or review of relevant historical financial statements of the Company, and provide Parent with reasonable access upon reasonable notice during
normal business hours to the personnel, books and records of ABS related to the business of the Company with respect to periods or occurrences prior to or on the Closing Date that Parent reasonably needs to comply with reporting, disclosure, filing
or other requirements to facilitate Parent’s initial public offering or otherwise imposed on Parent by all applicable Governmental Authorities having jurisdiction over Parent in connection with the transactions contemplated by this Agreement,
including, without limitation, any requirement under applicable securities laws to provide audited financial statements of the Company. Notwithstanding the foregoing, ABS may restrict the foregoing access to the extent that such access would
(i) violate Applicable Law, (ii) be in breach of any confidentiality obligation by which ABS or any of its Affiliates is bound as of the date of this Agreement, or (iii) result in a waiver of any legal privilege enjoyed by ABS or its
Affiliates; provided that ABS shall use commercially reasonable efforts to provide such access in a manner that does not violate any such Law or obligation or forfeit such privilege 

  
 24 

 CONFIDENTIAL 

EXECUTION VERSION 
  

 Section 5.02 Publicity. 

(a) Each of ABS and Parent, and each of their respective Affiliates, shall not make any public announcements or communicate
with any news media in respect of this Agreement or the transactions contemplated hereby without the prior written consent of the other of ABS or Parent, and the parties shall cooperate as to the timing and contents of any such announcement;
provided, that this provision shall not preclude public announcements required by Applicable Law (subject to Section 5.02(c)) or as permitted by Section 5.02(b). 

(b) Promptly following the Effective Date, Parent and ABS shall mutually approve coordinated press releases with respect to
this Agreement and Parent and ABS may make subsequent public disclosure of the contents of such press releases following the earlier of (i) the date Parent publicly discloses a Clinical Trial on clinicaltrials.gov and (ii) March 31,
2021. Subject to the foregoing, Parent and ABS agree not to issue any press release or other public statement, whether oral or written, disclosing the terms hereof or any of the activities conducted hereunder without the prior written consent of the
other party, provided, however, that neither Parent nor ABS will be prevented from complying with any duty of disclosure it may have pursuant to Applicable Laws or pursuant to the rules of any recognized stock exchange or quotation
system, subject to that party notifying the other party of such duty and limiting such disclosure as reasonably requested by the other party (and giving the other party sufficient time to review and comment on any proposed disclosure. 

(c) The parties hereby acknowledge and agree that either Parent or ABS may be required by Applicable Laws to submit a copy of
this Agreement to SEC or any national or sub-national securities regulatory body in any jurisdiction (collectively, the “Securities Regulators”). If Parent or ABS is required by Applicable Laws to
submit a description of the terms of this Agreement to or file a copy of this Agreement with any Securities Regulator, such party agrees to consult and coordinate with the other party with respect to such disclosure or the preparation and submission
of a confidential treatment request for this Agreement. Notwithstanding the foregoing, if Parent or ABS is required by Applicable Laws to submit a description of the terms of this Agreement to or file a copy of this Agreement with any Securities
Regulator and such party has (i) promptly notified the other party in writing of such requirement and any respective timing constraints, (ii) provided copies of the proposed disclosure or filing to the other party reasonably in advance of
such filing or other disclosure and (iii) given the other party a reasonable time (not less than five (5) Business Days) under the circumstances to comment upon and request confidential treatment for such disclosure, then such party will
have the right to make such disclosure or filing at the time and in the manner reasonably determined by its counsel to be required by Applicable Laws or the applicable Securities Regulator. If a party seeks to make a disclosure or filing as set
forth in this Section 5.02(c) and the other party provides comments within the respective time periods or constraints specified herein, then the party seeking to make such disclosure or filing will in good faith consider incorporating such
comments. 

  
 25 

 CONFIDENTIAL 

EXECUTION VERSION 
  

 Section 5.03 License Agreement Termination.
ABS’s right to terminate the License Agreement shall terminate (A) if Parent has paid to ABS all of the Merger Consideration (other than the Breakthrough Designation Milestone if the underlying event has not yet occurred), including
the issuance of the Up-Front Parent Shares and the Milestone Parent Shares, or (B) ABS’s equity interest in Parent issued to pursuant to this Agreement is publicly tradable on the Nasdaq Stock Market
or New York Stock Exchange and has a value equal to or greater than [***] U.S. dollars (USD $[***]) as more specifically set forth in Section 13.3(d) of the License Agreement. Notwithstanding
anything to the contrary in this Section 5.03 or Section 13.3(d) of the License Agreement, the limitation on termination described in clause (B) of this Section 5.03 or
Section 13.3(d) of the License Agreement shall not apply during any period in which ABS is contractually obligated to not dispose of its capital stock of Parent pursuant to a lock-up agreement entered
into with the underwriters of a public offering of Parent’s securities. None of the foregoing limitations on ABS’s right to terminate the License Agreement shall limit ABS’s rights to pursue damages or other available remedies for
Company’s breach of the License Agreement, including for a failure of Parent to pay ABS any sums otherwise payable under this Agreement. 

Section 5.04 Further Assurances. At and after the Effective Time, the officers and directors of the Surviving
Corporation shall be authorized to execute and deliver, in the name and behalf of the Company or Merger Subs, any deeds, bills of sale, assignments or assurances and to take and do, in the name and on behalf of the Company or Merger Subs, any other
actions and things to vest, perfect or confirm of record or otherwise in the Surviving Corporation any and all right, title and interest in, to and under any of the rights, properties or assets of the Company acquired or to be acquired by the
Surviving Corporation as a result of, or in connection with, the Merger. 
 ARTICLE VI 

Tax matters 

Section 6.01 Transfer Taxes. All transfer, documentary, sales, use, stamp, registration, value added
and other such Taxes and fees (including any penalties and interest) incurred in connection with this Agreement and the Ancillary Documents (including any real property transfer Tax and any other similar Tax) shall be borne and paid one-half by ABS and one-half by Parent when due. 

Section 6.02 Termination of Existing Tax Sharing Agreements. Any and all existing Tax sharing
agreements (whether written or not) binding upon the Company (other than any commercial agreements entered into in the ordinary and usual course of business, the principal purpose of which does not relate to Tax) shall be terminated as of the
Closing Date. After such date neither the Company nor any of its Representatives shall have any further rights or Liabilities thereunder. 

Section 6.03 Tax Returns. 

(a) The Company shall prepare and timely file, or cause to be prepared and timely filed, all Tax Returns required to be filed
by it that are due on or before the Closing Date (taking into account any extensions), and shall timely pay all Taxes that are due and payable on or before the Closing Date (taking into account any extensions). Any such Tax Return shall be prepared
in a manner consistent with past practice (unless otherwise required by Applicable Law). 

  
 26 

 CONFIDENTIAL 

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 (b) Parent shall prepare and timely file, or cause to be prepared and timely
filed, all Tax Returns required to be filed by the Company after the Closing Date with respect to a Pre-Closing Tax Period and for any Straddle Period. Any such Tax Return shall be prepared in a manner
consistent with past practice (unless otherwise required by Applicable Law). If any such Tax Returns reflect a Tax with respect to a Pre-Closing Tax Period for which ABS may be liable, Parent shall submit a
copy of such Tax Return to ABS a reasonable time prior to filing (which, in the case of any income Tax Return shall be at least thirty-five (35) days prior to filing) for ABS’s review and comment, and Parent shall incorporate any
reasonable comments that ABS submits to Parent no less than five (5) Business Days prior to the due date of such Tax Return. ABS shall pay, or cause to be paid, to Parent all Taxes due with respect to such Tax Returns that are Pre-Closing Taxes at least five (5) days before timely payment of Taxes (including estimated Taxes) is due to the applicable taxing authority. 

(c) Parent shall not, and shall not cause or permit the Company to, (i) make any Tax election that has any retroactive
effect on Taxes in the portion of any Pre-Closing Tax Period ending on or prior to the Closing Date or (ii) amend or cause to be amended any Tax Return of the Company for any Pre-Closing Tax Period, in each case without the prior written consent of ABS (which consent shall not be unreasonably withheld, conditioned or delayed), unless such election or amendment filing would not reasonably
be expected to increase ABS’s liability for Taxes pursuant to this Agreement. 
 Section 6.04 Straddle
Period. In the case of Taxes that are payable with respect to a taxable period that begins on or before and ends after the Closing Date (each such period, a “Straddle Period”), the portion of any such Taxes that are
treated as Pre-Closing Taxes for purposes of this Agreement shall be: 
 (a) in the
case of Taxes (i) based upon, or related to, income, receipts, profits, wages, capital or net worth, (ii) imposed in connection with the sale, transfer or assignment of property, or (iii) required to be withheld, deemed equal to the
amount which would be payable if the taxable year ended at the close of the Closing Date; and 
 (b) in the case of other
Taxes, deemed to be the amount of such Taxes for the entire period multiplied by a fraction the numerator of which is the number of days in the period ending on the Closing Date and the denominator of which is the number of days in the entire
period, except that exemptions, allowances or deductions that are calculated on an annual basis (including depreciation and amortization deductions), other than with respect to property placed in service after Closing, shall be allocated on a per
diem basis. 
 Section 6.05 Contests. Parent agrees to give written notice to ABS of the receipt of
any written notice by the Company, Parent or any of Parent’s Affiliates which involves the assertion of any claim, or the commencement of any Action, relating to Taxes of the Company in respect of which an indemnity may be sought by Parent
pursuant to Section 7.02 (a “Tax Claim”); provided, that failure to comply with this provision shall not affect Parent’s right to indemnification hereunder. Parent shall control the contest or
resolution of any Tax Claim; provided, however, that Parent shall obtain the prior written consent of ABS (which consent shall not be unreasonably withheld or delayed) before entering into any settlement of a claim or ceasing to
defend such claim; and, provided further, that ABS shall be entitled to participate in the defense of such claim and to employ counsel of its choice for such purpose, the fees and expenses of which separate counsel shall be borne
solely by ABS. 

  
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 Section 6.06 Cooperation and Exchange of Information.
ABS, the Company and Parent shall provide each other with such cooperation and information as either of them reasonably may request of the others in filing any Tax Return pursuant to this Article VI or in connection with any audit or
other proceeding in respect of Taxes of the Company. Such cooperation and information shall include providing copies of relevant Tax Returns or portions thereof, together with accompanying schedules, related work papers and documents relating to
rulings or other determinations by taxing authorities. Each of ABS, the Company and Parent shall retain all Tax Returns, schedules and work papers, records and other documents in its possession relating to Tax matters of the Company for any taxable
period beginning before the Closing Date until the expiration of the statute of limitations of the taxable periods to which such Tax Returns and other documents relate, without regard to extensions except to the extent notified by any of the other
parties in writing of such extensions for the respective Tax periods. Prior to transferring, destroying or discarding any Tax Returns, schedules and work papers, records and other documents in its possession relating to Tax matters of the Company
for any taxable period beginning before the Closing Date, ABS, the Company or Parent (as the case may be) shall provide the other parties with reasonable written notice and offer the other parties the opportunity to take custody of such materials.

 Section 6.07 FIRPTA Statement. On the Closing Date, the Company shall deliver to Parent, in form
and substance reasonably acceptable to Parent, (i) a certificate, dated as of the Closing Date, certifying to the effect that no interest in the Company is a U.S. real property interest (such certificate meeting the requirements of Treasury
Regulation Section 1.897-2(h) and 1.1445-2(c)(3)) and (ii) written authorization for Parent to deliver such certificate to the Internal Revenue Service on behalf of the Company upon closing (collectively, the “FIRPTA
Statement”). 
 Section 6.08 Survival. Notwithstanding anything in this Agreement to the
contrary, the provisions of Section 3.10 and this Article VI shall survive for the full period of all applicable statutes of limitations (giving effect to any waiver, mitigation or extension thereof) plus
sixty (60) days. 
 Section 6.09 Tax Consequences. The parties hereto intend that the Merger
qualify as a “reorganization” within the meaning of Section 368(a) of the Code, and that this Agreement be a “plan of reorganization” for purposes of Sections 354 and 361 of the Code and within the meaning of Section 1.368-2(g) of the Treasury Regulations. Each of Parent, the Merger Subs, ABS and the Company shall not take any reporting position inconsistent therewith for income Tax purposes, unless otherwise
required by a “determination” within the meaning of Section 1313(a) of the Code. None of Parent, the Merger Subs, ABS or the Company shall take any action to prevent the Merger from qualifying as a “reorganization” within
the meaning of Section 368(a) of the Code. 
 Section 6.10 Overlap. To the extent that any
obligation or responsibility pursuant to Article VII may overlap with an obligation or responsibility pursuant to this Article VI, the provisions of this Article VI shall govern. 

  
 28 

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 ARTICLE VII 

Indemnification 

Section 7.01 Survival. Subject to the limitations and other provisions of this Agreement, the
representations and warranties contained herein (other than any representations or warranties contained in Section 3.10 which are subject to Article VI) shall survive the Closing and shall remain in full force and effect
until the second (2nd) anniversary of the Closing Date. For the avoidance of doubt, the foregoing shall not apply to the representations and warranties under the License Agreement. All covenants
and agreements of the parties contained herein (other than any covenants or agreements contained in Article VI which are subject to Article VI) shall survive the Closing indefinitely or, if shorter, for the period explicitly specified
therein. Notwithstanding the foregoing, any claims asserted in good faith with reasonable specificity (to the extent known at such time) and in writing by notice from the Indemnified Party to the Indemnifying Party prior to the expiration date of
the applicable survival period shall not thereafter be barred by the expiration of the relevant representation or warranty or survival period and such claims shall survive until finally resolved. 

Section 7.02 Indemnification by ABS. Subject to the other terms and conditions of this
Article VII, ABS shall indemnify and defend each of Parent and its Affiliates (including the Surviving Corporation) and their respective Representatives (collectively, the “Parent Indemnitees”) against, and shall hold each of
them harmless from and against, and shall pay and reimburse each of them for, any and all Losses incurred or sustained by, or imposed upon, the Parent Indemnitees based upon, arising out of, with respect to or by reason of: 

(a) any inaccuracy in or breach of any of the representations or warranties of ABS or the Company contained in this Agreement
or in any certificate delivered pursuant to Section 2.03(a)(ii) and Section 2.03(a)(iii) by or on behalf of ABS or the Company, as of the date such representation or warranty was made or as if such representation or warranty was made on
and as of the Closing Date (except for representations and warranties that expressly relate to a specified date, the inaccuracy in or breach of which will be determined with reference to such specified date); 

(b) any breach or non-fulfillment of any covenant, agreement or obligation to be
performed by ABS or, to the extent attributable to any breach prior to the Closing, the Company pursuant to this Agreement (other than any breach or violation of, or failure to fully perform, any covenant, agreement, undertaking or obligation in
Article VI, it being understood that the sole remedy for any such breach, violation or failure shall be pursuant to Article VI); 

(c) (i) all Pre-Closing Taxes; (ii) all Taxes of any member of an affiliated,
consolidated, combined or unitary group of which the Company (or any predecessor of the Company) is or was a member on or prior to the Closing Date by reason of a liability under Treasury Regulation
Section 1.1502-6 or any comparable provisions of state, local or non-U.S. Tax Law; (iii) any and all Taxes of any person imposed on the Company arising under
the principles of transferee or successor liability or by contract, relating to an event or transaction occurring before the Closing Date; and (iv) Taxes imposed on or payable by third parties with respect to which the Company or any of its
subsidiaries has an obligation to indemnify such third party pursuant to a transaction consummated on or prior to the Closing; or 

  
 29 

 CONFIDENTIAL 

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 (d) any Liabilities or Indebtedness of the Company arising directly from the
Development or manufacture of the Licensed Products by or on behalf of the Company or any of its Affiliates prior to the Closing. 

Section 7.03 Indemnification by Parent. Subject to the other terms and conditions of this Article
VII, Parent shall indemnify and defend each of ABS and its Affiliates and their respective Representatives (collectively, the “ABS Indemnitees”) against, and shall hold each of them harmless from and against, and shall pay and
reimburse each of them for, any and all Losses incurred or sustained by, or imposed upon, the ABS Indemnitees based upon, arising out of, with respect to or by reason of: 

(a) any inaccuracy in or breach of any of the representations or warranties of Parent and Merger Subs contained in this
Agreement or in any certificate delivered pursuant to Section 2.03(b)(ii) and Section 2.03(b)(iii) by or on behalf of Parent or Merger Subs, as of the date such representation or warranty was made or as if such representation or warranty
was made on and as of the Closing Date (except for representations and warranties that expressly relate to a specified date, the inaccuracy in or breach of which will be determined with reference to such specified date); 

(b) any breach or non-fulfillment of any covenant, agreement or obligation to be
performed by Parent or Merger Subs pursuant to this Agreement (other than any breach or violation of, or failure to fully perform, any covenant, agreement, undertaking or obligation in Article VI, it being understood that the sole remedy for any
such breach, violation or failure shall be pursuant to Article VI); or 
 (c) any Liabilities or Indebtedness of the Company
arising from events, occurrences or circumstances after the Closing; except to the extent attributable to any breach of the License Agreement by ABS. 

Section 7.04 Certain Limitations. Notwithstanding anything to the contrary contained herein, (i) the amount of
any Loss subject to recovery under this Article VII shall be calculated net of (A) any amounts recovered by an Indemnified Party with respect to such Loss pursuant to any indemnification by or indemnification agreement with any third party and
(B) any insurance proceeds or other cash receipts actually received as an offset against such Loss and (ii) to the extent required by applicable law, each party shall take commercially reasonable steps to mitigate any of its Losses
indemnifiable pursuant to this Article VII upon becoming aware of any event which would reasonably be expected to, or does, give rise thereto. If the amount to be netted hereunder from any payment required under this Article VII is determined after
payment by the Indemnifying Party of any amount otherwise required to be paid to an Indemnified Party under this Article VII, the Indemnified Party shall repay to the Indemnifying Party, promptly after such determination, any amount that the
Indemnifying Party would not have had to pay pursuant to this Article VII had such determination been made at the time of such payment. A party shall use commercially reasonable efforts to recover under any insurance policies for any Loss.
Notwithstanding anything to the contrary contained herein, in no event shall any party be required to institute an Action against any 

  
 30 

 CONFIDENTIAL 

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insurer or any other Person. Notwithstanding the fact that any Indemnified Party may have the right to assert claims for indemnification under or in respect of more than one provision of this
Agreement in respect of any fact, event, condition or circumstance, no Indemnified Party shall be entitled to recover the amount of any Loss suffered by such Indemnified Party more than once, regardless of whether such Loss may be as a result of a
breach of more than one representation, warranty, obligation or covenant or otherwise. In addition, any liability for indemnification hereunder shall be determined without duplication of recovery by reason of the state of facts giving rise to such
liability, or a breach of more than one representation, warranty, covenant or agreement, as applicable. In no event shall the aggregate amount of Losses that the Parent Indemnitees are entitled to receive under Section 7.02 plus ABS’s
liability in connection with the License Agreement, in the aggregate, exceed the amount of Merger Consideration (with the Up-Front Parent Shares being valued, for purposes of this Section 7.04 and
Section 11.4 of the License Agreement, at $[***] and the Milestone Parent Shares being valued, for purposes of this Section 7.04 and Section 11.4 of the License Agreement, at $[***]) actually paid or issued, as applicable, hereunder.
The Parties acknowledge that such amount (but not such valuation) may increase over time as the Development Milestone Payments are made. 

Section 7.05 Indemnification Procedures. The party making a claim under this Article VII is
referred to as the “Indemnified Party”, and the party against whom such claims are asserted under this Article VII is referred to as the “Indemnifying Party.” 

(a) Third Party Claims. If any Indemnified Party receives notice of the assertion or commencement of any Action made or
brought by any Person who is not a party to this Agreement or an Affiliate of a party to this Agreement or a Representative of the foregoing (a “Third Party Claim”) against such Indemnified Party with respect to which the Indemnifying
Party is obligated to provide indemnification under this Agreement, the Indemnified Party shall give the Indemnifying Party reasonably prompt written notice thereof, but in any event not later than thirty (30) calendar days after receipt of
such notice of such Third Party Claim. The failure to give such prompt written notice shall not, however, relieve the Indemnifying Party of its indemnification obligations, except and only to the extent that the Indemnifying Party forfeits rights or
defenses by reason of such failure. Such notice by the Indemnified Party shall describe the Third Party Claim in reasonable detail, shall include copies of all material written evidence thereof and shall indicate the estimated amount, if reasonably
practicable, of the Loss that has been or may be sustained by the Indemnified Party. The Indemnifying Party shall have the right to participate in, or by giving written notice to the Indemnified Party within thirty (30) calendar days after
receipt of notice of the Third Party Claim, to assume the defense of any Third Party Claim at the Indemnifying Party’s expense and by the Indemnifying Party’s own counsel, and the Indemnified Party shall cooperate in good faith in such
defense; provided, however, that the (i) defense of such Third Party Claim by the Indemnifying Party will not, in the reasonable judgment of the Indemnified Party, have a material adverse effect on the Indemnified Party; (ii) the
Indemnifying Party has sufficient financial resources, in the reasonable judgment of the Indemnified Party, to satisfy the amount of any adverse monetary judgment that is reasonably likely to result; (iii) the Third Party Claim solely seeks
(and continues to seek) monetary damages; (iv) the Third Party Claim does not include criminal charges, and (v) the Indemnifying Party expressly agrees in writing to be fully responsible for all Losses relating to such Third Party Claim,
(the 

  
 31 

 CONFIDENTIAL 

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conditions set forth in clauses (i) through (v) are, collectively, the “Litigation Conditions”). In the event that the Indemnifying Party assumes the defense of any Third Party
Claim, subject to Section 7.05(b), it shall have the right to take such action as it deems necessary to avoid, dispute, defend, appeal or make counterclaims pertaining to any such Third Party Claim in the name and on behalf of the Indemnified
Party. The Indemnified Party shall have the right to participate in the defense of any Third Party Claim with counsel selected by it subject to the Indemnifying Party’s right to control the defense thereof. The fees and disbursements of such
counsel shall be at the expense of the Indemnified Party, provided, that if in the reasonable opinion of counsel to the Indemnified Party, (A) there are legal defenses available to an Indemnified Party that are different from or
additional to those available to the Indemnifying Party; (B) any of the Litigation Conditions ceases to be met; or (C) the Indemnified Party’s counsel advises that there exists a conflict of interest between the Indemnifying Party and
the Indemnified Party that cannot be waived, the Indemnifying Party shall be liable for the reasonable fees and expenses of counsel to the Indemnified Party in each jurisdiction for which the Indemnified Party determines counsel is required. If the
Indemnifying Party elects not to compromise or defend such Third Party Claim, fails to promptly notify the Indemnified Party in writing of its election to defend as provided in this Agreement, or fails to diligently prosecute the defense of such
Third Party Claim, the Indemnified Party may, subject to Section 7.05(b), pay, compromise and/or defend such Third Party Claim and seek indemnification for any and all Losses based upon, arising from or relating to such Third Party Claim. ABS
and Parent shall cooperate with each other in all reasonable respects in connection with the defense of any Third Party Claim, including making available records relating to such Third Party Claim and furnishing, without expense (other than
reimbursement of actual out-of-pocket expenses) to the defending party, management employees of the non-defending party as may be
reasonably necessary for the preparation of the defense of such Third Party Claim. 
 (b) Settlement of Third Party Claims.
Notwithstanding any other provision of this Agreement, the Indemnifying Party shall not enter into settlement of any Third Party Claim without the prior written consent of the Indemnified Party, except as provided in this Section 7.05(b). The
Indemnifying Party, if it has assumed the defense of any Third Party Claim as provided in this Agreement, may not, without the prior written consent of the Indemnified Party, consent to a settlement of, or the entry of any judgment arising from, any
such Third Party Claim that (i) does not include as an unconditional term thereof the giving by the claimant or the plaintiff to the Indemnified Party of a complete release from all liability in respect of such Third Party Claim,
(ii) grants any injunctive or equitable relief or (iii) may reasonably be expected to have an adverse effect on the Indemnified Party. If the Indemnified Party has assumed the defense pursuant to Section 7.05(a), it shall not agree to
any settlement without the written consent of the Indemnifying Party (which consent shall not be unreasonably withheld, conditioned or delayed). 

  
 32 

 CONFIDENTIAL 

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 (c) Direct Claims. Any Action by an Indemnified Party on account of a Loss
which does not result from a Third Party Claim (a “Direct Claim”) shall be asserted by the Indemnified Party giving the Indemnifying Party reasonably prompt written notice thereof (a “Direct Claim Notice”). The failure to give
such prompt written notice shall not, however, relieve the Indemnifying Party of its indemnification obligations, except and only to the extent that the Indemnifying Party forfeits rights or defenses by reason of such failure. The Direct Claim
Notice shall describe the Direct Claim in reasonable detail, shall include copies of all material written evidence thereof and shall indicate the estimated amount, if reasonably practicable, of the Loss that has been or may be sustained by the
Indemnified Party. The Indemnifying Party shall have thirty (30) days after its receipt of such notice to respond in writing to such Direct Claim. The Indemnified Party shall allow the Indemnifying Party and its professional advisors to
investigate the matter or circumstance alleged to give rise to the Direct Claim, and whether and to what extent any amount is payable in respect of the Direct Claim and the Indemnified Party shall assist the Indemnifying Party’s investigation
by giving such information and assistance (including reasonable access to the Company’s premises and personnel and the right to examine and copy any accounts, documents or records) as the Indemnifying Party or any of its professional advisors
may reasonably request. If the Indemnifying Party does not so respond within such thirty (30)-day period, then each claim for indemnification set forth in such Direct Claim Notice shall be deemed to have been
conclusively determined in favor of the Indemnified Party for purposes of this Article VII on the terms set forth in the Direct Claim Notice, in which case the Indemnified Party shall be free to pursue such remedies as may be available to the
Indemnified Party on the terms and subject to the provisions of this Agreement. 
 Section 7.06 Payments.
Once a Loss is agreed to by the Indemnifying Party or finally determined or adjudicated to be payable pursuant to this Article VII, the Indemnifying Party shall satisfy its obligations within fifteen (15) Business Days of such agreement,
final determination or final, non-appealable adjudication by wire transfer of immediately available funds. 

Section 7.07 Tax Treatment of Indemnification Payments. All indemnification payments made under this
Agreement shall be treated by the parties as an adjustment to the Merger Consideration for Tax purposes, unless otherwise required by Applicable Law. 

Section 7.08 Exclusive Remedies. Subject to Section 8.11, the parties
acknowledge and agree that their sole and exclusive remedy with respect to any and all claims (other than claims arising from fraud, criminal activity or willful misconduct on the part of a party hereto in connection with the transactions
contemplated by this Agreement) for any breach of any representation, warranty, covenant, agreement or obligation set forth herein or otherwise relating to the subject matter of this Agreement, shall be pursuant to the indemnification provisions set
forth in Article VI and this Article VII. In furtherance of the foregoing, each party hereby waives, to the fullest extent permitted under Law, any and all rights, claims and causes of action for any breach of any representation,
warranty, covenant, agreement or obligation set forth herein or otherwise relating to the subject matter of this Agreement it may have against the other parties hereto and their Affiliates and each of their respective Representatives arising under
or based upon any Applicable Law, except pursuant to the indemnification provisions set forth in Article VI and this Article VII. Nothing in this Section 7.08 shall limit any Person’s right to seek and
obtain any equitable relief to which any Person shall be entitled or to seek any remedy on account of any party’s fraudulent, criminal or willful misconduct. For the avoidance of doubt, and notwithstanding any provision of this Agreement to the
contrary, nothing herein shall limit the recourse of a party to the License Agreement in accordance with its terms or any remedies available to a party in law or equity related to the License Agreement. 

  
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 Section 7.09 No Subrogation. The Indemnifying Party shall
not be entitled to exercise, and shall not be subrogated to, any rights and remedies (including rights of indemnity, rights of contribution and other rights of recovery) that the Indemnified Party or any of its Affiliates may have against any other
Person with respect to any Losses, circumstances or matters to which such indemnification is directly or indirectly related. 
 ARTICLE
VIII 
 Miscellaneous 

Section 8.01 Expenses. Except as otherwise expressly provided herein, all costs and expenses,
including fees and disbursements of counsel, financial advisors and accountants, incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such costs and expenses, whether or not the
Closing shall have occurred. 
 Section 8.02 Notices. All notices, consents or waivers under
this Agreement shall be in writing and will be deemed to have been duly given when (a) scanned and converted into a portable document format file (i.e., pdf file), and sent as an attachment to an
e-mail message, where, when such message is received, a read receipt e-mail is received by the sender (and such read receipt
e-mail is preserved by the party sending the notice); provided further that a copy is promptly sent by an internationally recognized overnight delivery service (receipt requested)(although the
sending of the e-mail message shall be when the notice is deemed to have been given), or (b) the earlier of when received by the addressee or five (5) days after it was sent, if sent by registered
letter or overnight courier by an internationally recognized overnight delivery service (receipt requested), in each case to the appropriate addresses and e-mail addresses set forth below (or to such other
addresses and e-mail addresses as a party may designate by notice): 
  

			
	If to ABS:	  	Asana BioSciences, LLC
		  	997 Lenox Drive, Suite 220
		  	Princeton Pike Corporate Center
		  	Lawrenceville, NJ 08648
		  	Attention: CEO
		
	With a copy to:	  	Avtar Enterprise, LLC
		  	400 Crossing Boulevard, 7th Floor
		  	Bridgewater, NJ 08807
		  	Attention: Legal Department
		
		  	and:
		
		  	Tarsadia
		  	520 Newport Center Drive, Twenty-First Floor
		  	Newport Beach, CA 92660
		  	Attention: Legal Department

  
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	If to Parent or Merger Subs:	  	Erasca, Inc.
		  	10835 Road to the Cure, Suite 140
		  	San Diego, CA 92121
		  	Attention: Legal Department
		  	Email: legal@erasca.com
		
	With a copy to:	  	Latham & Watkins LLP
		  	12670 High Bluff Drive
		  	San Diego, CA 92130
		  	Attention: Cheston J. Larson, Esq.
		
		  	and:
		
		  	Fenwick & West LLP
		  	555 California Street #12
		  	San Francisco, CA 94104
		  	Attention: Jake Handy, Esq.

 Section 8.03 Interpretation. For purposes of this Agreement,
(a) the words “include,” “includes” and “including” shall be deemed to be followed by the words “without limitation”; (b) the word “or” is not exclusive; and (c) the words
“herein,” “hereof,” “hereby,” “hereto” and “hereunder” refer to this Agreement as a whole. Unless the context otherwise requires, references herein: (x) to Articles, Sections, Disclosure
Schedules, Schedules and Exhibits mean the articles and sections of, and Disclosure Schedules, schedules and exhibits attached to, this Agreement; (y) to an agreement, instrument or other document means such agreement, instrument or other
document as amended, supplemented and modified from time to time to the extent permitted by the provisions thereof and (z) to a statute or other Applicable Law means such statute or other Applicable Law as amended from time to time and includes
any successor legislation thereto and any regulations promulgated thereunder. When reference is made in this Agreement to information that has been “made available” to Parent, that shall consist of only the information that was
(i) contained in the Company’s electronic data room no later than 5:00 p.m., Eastern time, on the Business Day prior to the date of this Agreement or (ii) delivered to the Parent or its counsel. This Agreement shall be construed without
regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted. The Disclosure Schedules, Schedules and Exhibits referred to herein shall be construed with,
and as an integral part of, this Agreement to the same extent as if they were set forth verbatim herein. 

Section 8.04 Headings. The headings in this Agreement are for reference only and shall not affect the
interpretation of this Agreement. 
 Section 8.05 Severability. If any term or provision of this
Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any
other jurisdiction. Upon such determination that any term or other provision is invalid, illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as
closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible. 

  
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 Section 8.06 Entire Agreement. This Agreement, the
License Agreement and the Ancillary Documents constitute the sole and entire agreement of the parties to this Agreement with respect to the subject matter, including that certain Confidentiality Agreement between the Parent and ABS dated
August 14, 2020 (the “Confidentiality Agreement”). All information exchanged between Parent and ABS under the Confidentiality Agreement shall be deemed to have been disclosed under the License Agreement and shall be subject to
the terms of Article 9 thereof, substituting references to Parent for references to Company therein. contained herein and therein, and supersede all prior and contemporaneous understandings and agreements, both written and oral, with respect to such
subject matter. In the event of any inconsistency between the statements in the body of this Agreement and those in the Ancillary Documents, the Exhibits, Schedules and Disclosure Schedules (other than an exception expressly set forth as such in the
Disclosure Schedules), the statements in the body of this Agreement will control. In the event that the terms of this Agreement and the License Agreement conflict, then the terms of this Agreement shall control with respect to matters pertaining to
any payment to be made pursuant to this Agreement, and the License Agreement shall control in all other respects. 

Section 8.07 Successors and Assigns. Except as otherwise permitted by
Section 2.12(d), this Agreement may not be assigned or otherwise transferred by any party without the prior written consent of the other parties. Any purported assignment in violation of the preceding sentence shall be
void; provided however, that (and notwithstanding anything elsewhere in this Agreement to the contrary) each of Parent and ABS may, without the written consent of the any other party to this agreement, assign this Agreement and its rights and
obligations hereunder in whole or in part (a) to an Affiliate or, with respect to Parent, to a Person controlled, directly or indirectly, by any Majority Investor or group of Majority Investors or (b) in connection with the transfer or
sale of all or substantially all of its assets or business related to the subject matter of this Agreement, or in the event of its merger or consolidation or similar transaction. Notwithstanding the foregoing, neither Parent nor ABS may, except as
otherwise permitted by Section 2.12(d), assign this Agreement without obtaining the consent of ABS or Parent, respectively, unless such assignee expressly agrees to be bound by and perform the obligations of Parent or ABS,
as applicable hereunder, and Parent or ABS, as applicable shall remain obligated for performance of such obligations. 

Section 8.08 No Third-party Beneficiaries. Except as provided in Article VII, this Agreement is
for the sole benefit of the parties hereto and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person or entity any legal or equitable right, benefit or remedy
of any nature whatsoever under or by reason of this Agreement. 
 Section 8.09 Amendment and Modification;
Waiver. At any time prior to the Effective Time, this Agreement may only be amended, modified or supplemented by an agreement in writing signed by Parent, Merger Subs, ABS and the Company. Any failure of Parent or Merger Subs, on the one
hand, or ABS and the Company, on the other hand, to comply with any obligation, covenant, agreement or condition herein may be waived by ABS and the Company (with respect to any failure by Parent or Merger Subs) or by Parent or Merger Subs (with
respect to any failure by ABS or the Company), respectively, only by a written instrument signed by the party granting such waiver, but such waiver or failure to insist upon strict compliance with such obligation, covenant, agreement or condition
shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure. After the Effective Time, this Agreement may only be amended, modified or supplemented by an agreement in writing signed by Parent and ABS. 

  
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 Section 8.10 Governing Law; Dispute Resolution. 

(a) This Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware without
giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction). 

(b) If any dispute, claim or controversy of any nature arising out of or relating to this Agreement, including any action or
claim based on equity, tort, contract or statute, or concerning the interpretation, effect, termination, validity, performance or breach of this Agreement (each, a “Dispute”), arises between the parties and the parties cannot resolve such
Dispute through good faith discussions, within thirty (30) days of a written request by either ABS or Parent to the other party (“Notice of Dispute”), either ABS or Parent may refer the Dispute to the Chief Executive Officer of ABS
(or an executive officer of ABS designated by the Chief Executive Officer of ABS who has the power and authority to resolve such matter) and the Chief Executive Officer of Parent (or an executive officer of Parent designated by the Chief Executive
Officer of Parent who has the power and authority to resolve such matter) (collectively, the “Executive Officers”) for resolution. Each of ABS and Parent, within five (5) Business Days after a party has received such written request
from the other party to so refer such Dispute, shall notify the other party in writing of the Executive Officer to whom such dispute is referred. If, after an additional sixty (60) days after the Notice of Dispute, such Executive Officers have
not succeeded in negotiating a resolution of the Dispute, and a party wishes to pursue the matter, then either party may initiate legal proceedings with respect thereto in accordance with this Section 8.10. 

(c) With respect to any Dispute, each of the parties: (i) irrevocably consents to the exclusive jurisdiction and venue in
the Delaware Court of Chancery within the State of Delaware (or, if the Delaware Court of Chancery declines to accept jurisdiction over a particular matter, any court of the United States located in the State of Delaware, or, if any such court of
the United States located in the State of Delaware declines to accept jurisdiction over a particular matter, any state court located in the State of Delaware); (ii) agrees not to commence any legal proceedings relating to or arising out of this
Agreement or the transactions contemplated hereby in any jurisdiction or courts other than as provided in this Section 8.10; (iii) waives its right to a jury trial; (iv) agrees that process shall be served upon such party in the manner set
forth in Section 8.02, and that service in such manner shall constitute valid and sufficient service of process; and (v) waives and covenants not to assert or plead any objection that such party might otherwise have to such jurisdiction,
venue or process, including that any suit or proceeding brought in any such court has been brought in an inconvenient forum. Notwithstanding the foregoing, a party will be entitled to seek enforcement of a judgment entered pursuant to this
Section 8.10 in any court having competent jurisdiction thereof where enforcement is deemed necessary. 

  
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 (d) Notwithstanding the foregoing, any Excluded Claim may be submitted by any
party to any court of competent jurisdiction over such Excluded Claim. As used in this Section 10.10, the term “Excluded Claim” means any dispute, controversy or claim that concerns (i) the validity, enforceability or
infringement of any patent, trademark or copyright, or (ii) any antitrust, anti-monopoly or competition law or regulation, whether or not statutory 

(e) Notwithstanding anything in this Section 8.10 to the contrary, each party shall have the right to apply to any court
of competent jurisdiction for appropriate interim or provisional relief, as necessary to protect the rights or property of such party, for clarity, without the necessity of complying with the provisions of Section 8.10. 

Section 8.11 Specific Performance. The parties agree that irreparable damage would occur if any
provision of this Agreement were not performed in accordance with the terms hereof and that the parties shall be entitled to specific performance of the terms hereof, in addition to any other remedy to which they are entitled at law or in equity
without the necessity of posting any bond or other security. 
 Section 8.12 Counterparts. This
Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall be deemed to be one and the same agreement. A signature page to this Agreement delivered by facsimile, e-mail or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement. 

[Signature Page Follows] 

  
 38 

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

			
	COMPANY:
	
	ASN PRODUCT DEVELOPMENT, INC.
		
	By:	 	 /s/ Sandeep Gupta

	Name: Sandeep Gupta
	Title: President and CEO
		
	ABS:	 	
	
	ASANA BIOSCIENCES, LLC
		
	By:	 	 /s/ Sandeep Gupta

	Name: Sandeep Gupta
	Title: President and CEO

 [Signature Page to Agreement and Plan of Merger] 

 
			
	PARENT:
	
	ERASCA, INC.
		
	By:	 	 /s/ Jonathan E. Lim, MD

	Name: Jonathan E. Lim, MD
	Title: Chief Executive Officer
	
	MERGER SUB I:
	
	ERASCA – ASN PRODUCT DEVELOPMENT—MERGER SUB I, INC.
		
	By:	 	 /s/ Jonathan E. Lim, MD

	Name: Jonathan E. Lim, MD
	Title: Chief Executive Officer
	
	MERGER SUB II:
	
	ERASCA – ASN PRODUCT DEVELOPMENT—MERGER SUB II, INC.
		
	By:	 	 /s/ Jonathan E. Lim, MD

	Name: Jonathan E. Lim, MD
	Title: Chief Executive Officer

 [Signature Page to Agreement and Plan of Merger] 

 EXHIBIT A 

AMENDED AND RESTATED LICENSE AGREEMENT 

[Filed separately] 

 EXHIBIT B 

[***] MILESTONE SUCCESS CRITERIA 

[***] 

 EXHIBIT C 

SHARE ISSUANCE LETTER 
 [***]

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