Document:

EX-10.15

 Exhibit 10.15 

CERTAIN IDENTIFIED INFORMATION HAS BEEN OMITTED FROM THIS DOCUMENT BECAUSE IT IS NOT MATERIAL AND (I) WOULD BE COMPETITIVELY HARMFUL TO THE REGISTRANT IF
PUBLICLY DISCLOSED OR (II) IS INFORMATION THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL. SUCH INFORMATION HAS BEEN MARKED WITH “[***]” TO INDICATE WHERE OMISSIONS HAVE BEEN MADE. 

AMENDED AND RESTATED LICENSE AGREEMENT 

dated February 9th, 2016 

between 
 RECURSION
PHARMACEUTICALS, LLC 
 and 

UNIVERSITY OF UTAH RESEARCH FOUNDATION 

 Revised February 25, 2011 

Exclusive License Agreement 

 Confidential 

TABLE OF CONTENTS 
  

					
	 ARTICLE 1. DEFINITIONS
	  	 	1	 
		
	 ARTICLE 2. LICENSE GRANT
	  	 	4	 
		
	 ARTICLE 3. TERM OF AGREEMENT
	  	 	6	 
		
	 ARTICLE 4. FEES
	  	 	6	 
		
	 ARTICLE 5. COMMERCIAL DILIGENCE
	  	 	6	 
		
	 ARTICLE 6. TRANSACTION PEE
	  	 	6	 
		
	 ARTICLE 7. CONFIDENTIALITY
	  	 	7	 
		
	 ARTICLE 8. QUARTERLY & ANNUAL REPORTS
	  	 	8	 
		
	 ARTICLE 9. PAYMENTS, RECORDS and AUDITS
	  	 	8	 
		
	 ARTICLE 10.‘TECHNOLOGY RIGHTS PROSECUTION AND MAIN PENANCE
	  	 	8	 
		
	 ARTICLE 11. MARKING
	  	 	10	 
		
	 ARTICT.F 12. CERTAIN REMEDIES OF LICENSOR
	  	 	10	 
		
	 ARTICLE 13. SURRENDER OF CERTAIN RIGHTS BY LICENSEE
	  	 	11	 
		
	 ARTICLE 14. DISPOSITION OF LICENSED PRODUCTS AND LICENSED PRODUCT DATA
	  	 	11	 
		
	 ARTICLE 15. OBLIGATIONS AND WARRANTIES OF LICENSOR
	  	 	12	 
		
	 ARTICLE 16. INFRINGEMENT
	  	 	13	 
		
	 ARTICLE 17. INSURANCE
	  	 	14	 
		
	 ARTICT F 18. WAIVER
	  	 	15	 
		
	 ARTICLE 19. ASSIGNABILITY
	  	 	15	 
		
	 ARTICLE 20. INDEMNIFICATION
	  	 	15	 
		
	 ARTICLE 21. NOTICES
	  	 	16	 
		
	 ARTICLE 22. REGULATORY COMPLIANCE
	  	 	17	 
		
	 ARTICLE 23. GOVERNING LAW
	  	 	17	 
		
	 ARTICLE 24. RELATIONSHIP OF PARTIES
	  	 	18	 
		
	 ARTICLE 25. USE OF NAMES
	  	 	18	 
		
	 ARTICLE 26. ARMS LENGTH TRANSACTION
	  	 	18	 
		
	 ARTICLE 27. CERTAIN ADDITIONAL COVENANTS OF LICENSOR
	  	 	18	 
		
	 ARTICLE 28. DISPUTE RESOLUTION
	  	 	19	 
		
	 ARTICLE 29. GENERAL PROVISIONS
	  	 	20	 
		
	 EXHIBIT “A”
	  	 	24	 
		
	 EXHIBIT “B”
	  	 	27	 

 Amended and Restated License Agreement 

THIS AMENDED AND RESTATED LICENSE AGREEMENT (“Agreement”) is entered into this 9th day of February, 2016 (“Restatement
Date”) by and between the UNIVERSITY OF UTAH RESEARCH FOUNDATION, a Utah non-profit corporation, having its principal place of business at 615 Arapeen Drive, Suite 310, Salt Lake City, UT 84108,
hereinafter referred to as “Licensor,” and Recursion Pharmaceuticals, LLC, a Delaware limited liability company, having its principal place of business at 383 Colorow Dr., Salt Lake City, UT 84108, hereinafter referred to as
“Licensee.” Licensor and Licensee may be referred to herein solely as a “party” or jointly as the “parties” as the case may be. 

WITNESSETH 

WHEREAS, certain inventions and discoveries, generally characterized as “Tempol for CCM” and assigned University of Utah
identification number U-5637, as “A treatment to limit permeability in Cerebral Cavernous Malformation Lesions” and assigned University of Utah identification number
U-5690, and as “Compounds for the treatment of CCM” and assigned Utah identification number U-5804, hereinafter collectively referred to as the
“Invention”, have been made in the course of research at the University of Utah and are Covered By the Technology Rights (as defined below); and 

WHEREAS, Licensee and Licensor entered into a Know-How License Agreement dated June 17, 2014 (the
“Original Agreement”) covering know-how rights to the Know-How in the Invention, together with rights to know-how in
disclosures known as University of Utah identification numbers U-5637, U-5690, and U-5804, pursuant to which Licensor granted a
license to all of such know-how intellectual property rights in exchange for Licensee’s issuance to Licensor of the Initial Shares (as defined below); and 

WHEREAS, in connection with this Agreement, Licensee and Licensor have entered into the Patent Assignment Agreement dated February 9th, 2016
and attached hereto in Appendix 1, pursuant to which Licensee assigns to Licensor the Patent Rights referred to on Exhibit “A” in exchange for Licensor’s agreement to license all of such Patent Rights and the Know-How rights to the items referred to in the immediately preceding paragraph(s), upon the terms and conditions hereinafter set forth in this Agreement; and 

WHEREAS, Licensee wishes to obtain from Licensor a license under the Technology Rights for the commercial development, production,
manufacture, use, and sale, of Licensed Products and/or Licensed Services, and Licensor is willing to grant such a license upon the terms and conditions hereinafter set forth in this Agreement; and 

WHEREAS, Licensor and Licensee desire now to amend and restate the Original Agreement to expand Licensee’s rights as licensee of the
Technology Rights, amending, restating, and replacing the Original Agreement with this Agreement such that the terms of this Agreement will be deemed to apply from and after the Restatement Date. 

NOW THEREFORE, for and in consideration of the covenants, conditions and undertakings hereinafter set forth, the parties hereby amend and
restated the Original Agreement to state in its entirety as follows: 
 ARTICLE 1. DEFINITIONS 

 

	1.1	 “Affiliate” means any person or Entity that controls, is controlled by, or is under common
control with Licensee, directly or indirectly. For purposes of this definition, “control” and its various forms means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of
such person or Entity, whether through ownership of voting securities, 

  
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by contract or otherwise. Without limiting the generality of the foregoing, the Licensee will be deemed to control another Entity if the Licensee owns or directly or indirectly controls at least
50% of the voting stock or other securities of the Entity. 

  

	1.2	 “Commercially Diligent Efforts” means, with respect to a Licensed Product and/or Licensed
Service, the diligent exercise, dedication and expenditure of efforts, money, personnel, and resources as reasonably needed to develop, manufacture, market and sell the Licensed Product and/or Licensed Service, which shall be consistent with those
utilized by companies of similar size and type developing products and services of a similar kind and market potential to the Licensed Product and/or Licensed Service. 

 

	1.3	 “Confidential Information” means any information disclosed by one party to the other party
which is identified as confidential at the time of disclosure, including information consisting of data; research results; technology; software; materials; patents; copyrighted works; know-how; trade secrets;
business or product plans; marketing, sales or other financial information; periodic reports; progress reports and commercialization plans or other information which, under the circumstances, should be reasonably known to be confidential.
Confidential Information shall not include information: (i) to the extent such information must be disclosed pursuant to any applicable “freedom of information,” “sunshine,” or similar law, rule or regulation
including, without limitation, the Utah Governmental Records Access and Management Act (“GRAMA”), Section 63G-2-101 et seq., Utah Code Ann. (1953), as
amended; (ii) that at the time of disclosure is available to the public, or after disclosure becomes a part of the public domain by publication or otherwise, through no fault of the recipient; (iii) that the recipient already properly
possessed prior to receipt from the disclosing party; (iv) that the recipient has received without obligation of confidentiality or limitation on use from a third party who had the lawful right to disclose such information; or (v) that was
independently developed by or for the recipient by any person or persons who had no knowledge or benefit of the disclosing party’s Confidential Information. Information disclosed under this Agreement shall not be deemed within the foregoing
exceptions merely because such information is embraced by more general information in the public domain or in the possession of the receiving party. In addition, any combination of features shall not be deemed to be within the foregoing exceptions
merely because individual features are in the public domain or in the receiving party’s possession, but only if the combination itself and its principle of operation are in the public domain or such party’s possession. For clarity, all the
plans, reports and records made available by Licensee to Licensor under Article 8 and Article 9, and all Licensed Product Data, including the summary provided to Licensor under Section 14.2 shall be deemed Licensee’s Confidential
Information, regardless of whether they are marked as such. 

  

	1.4	 Reserved 

  

	1.5	 Reserved 

  

	1.6	 “Covered By” means, where applicable to Patent Rights, a claim or claims directed to any
subject matter disclosed within any pending or issued patent included in the Patent Rights claiming all, a portion, or a component or step of any product, apparatus, kit or component part thereof, or any method, procedure, or process. Where
applicable to Technology Rights (other than Patent Rights), “Covered By” shall mean a use, reproduction, preparation of derivative work, distribution, public performance, public display, or other practice, as applicable, that would
constitute, but for a license granted by Licensee, a misappropriation, violation, and/or infringement of such Technology Rights. 

  

	1.7	 Reserved 

  

	1.8	 “Effective Date of the Original Agreement” means June 17, 2014. 

  
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	1.9	 “Entity” means a corporation, an association, a joint venture, a partnership, a trust, a
business, an institution, an individual, a government or political subdivision thereof, including an agency, or any other organization that can exercise independent legal standing. 

 

	1.10	 Reserved 

  

	1.11	 “Field of Use” means all uses and applications. 

 

	1.12	 Reserved 

  

	1.13	 “Know-How” means any Licensor non-public proprietary data, information, documentation, translations, text, designs, procedures, processes, technical improvements, trade secrets, copies, and other materialized forms of any tangibles within the
foregoing, that existed as of the Effective Date of the Original Agreement, and that is, as of the Effective Date of the Original Agreement or at any time during the term of this Agreement, disclosed to and controlled by the Technology and Venture
Commercialization office at the University of Utah under U-5637, U-5690 and U-5804 and which is not Covered By the Patent Rights.

  

	1.14	 “Licensed Product” means any product, apparatus, kit or component part thereof, or any other
subject matter, the manufacture, design, creation, use, importation, distribution, or sale of which is Covered By or otherwise uses the Technology Rights. 

  

	1.15	 “Licensed Service” means any service, method, procedure, process or other subject matter, the
practice, manufacture, use, provision, distribution, use, sale, and as applicable the reproduction, preparation of derivatives, and public performance or public display of which is Covered By or otherwise uses the Technology Rights.

  

	1.16	 “Licensed Product Data” means data, including clinical data, owned or controlled by Licensee
relating to a given Licensed Product or Licensed Service and which is generated after the Restatement Date. 

  

	1.15	 “Patent Rights” means and includes all of the following Licensor intellectual property:
(a) the United States patents and/or patent applications listed in Exhibit A; (b) any United State patent application filed by or on behalf of Licensor claiming any invention claimed or disclosed in its entirety in, and at least one common
inventor with any application described in clause (a); (c) United States patents issued from the applications identified in clauses (a) or (b) and from divisionals and continuations (other than continuations-in-part) of these applications and any reissues of such United States patents; (d) claims of
continuation-in-part applications and patents directed to subject matter expressly described (excluding subject matter claimed by way of inherency) in the patent(s)
and/or patent application(s) listed in clauses (a), (b) and (c); (e) all foreign counterparts of (a), (b), (c) or (d); and (f) any registrations, renewals, reissues, reexaminations or extensions of any kind with respect to any of such patents
or patent applications described in clauses (a), (b), (c), (d) or (e). 

  

	1.16	 “Sublicensee” means any party other than an Affiliate which enters into an agreement or
arrangement with Licensee or receives a license grant from Licensee under the Technology Rights, to manufacture, have manufactured, offer for sale, sell, lease, use, practice, import, distribute a Licensed Product or Licensed Service, subject to the
then-current applicable article, item, service, technology, and technical data-specific requirements of the U.S. export laws and regulations. For the avoidance of doubt, a third party who is granted only the right to develop, manufacture, distribute
or promote any Licensed Product or Licensed Service on Licensee’s behalf (such as a contract research organization, contract manufacturer, distributor, wholesaler and the like) or who is granted an

  
 3 

	 	
implied license as part of a sale of the Licensed Product or Licensed Product to use and resell such Licensed Product will not be considered a Sublicensee. 

 

	1.17	 “Technology Right(s)” means Licensor’s intellectual property rights in the Patent Rights
and Know-How licensed to Licensee hereunder. 

  

	1.18	 “Territory” means the entire world. 

 

	1.19	 Reserved 

  

	1.20	 Reserved 

  

	1.21	 Reserved 

ARTICLE 2. LICENSE GRANT 
  

	2.1	 License Grant  

Subject to the terms and conditions set forth herein, Licensor hereby grants to Licensee a
non-royalty-bearing, exclusive license to make, have made, use, offer to sell, sell, import, and distribute any Licensed Product and/or any Licensed Service in the Field of Use under Licensor’s Patent
Rights throughout the Territory. Licensor hereby grants to Licensee a non-royalty-bearing, non-exclusive, perpetual license to make, have made, use, sell, or practice,
any Licensed Product and/or any Licensed Service in the Field of Use under Licensor’s Know-How throughout the Territory. These grants are subject to Licensee’s compliance with all material
obligations hereunder, and further subject to rights retained by Licensor and the University of Utah to: 
 i. publish the scientific
findings from research conducted in whole or in part at the University related to the Technology Rights; 
 ii. manufacture, have
manufactured, use or practice the Technology Rights for its own non-commercial research and educational purposes; manufacture, use, and provide Licensed Products and Licensed Services to other academic and
nonprofit research institutions for their own non-commercial research and educational purposes; and 

iii. allow other academic and nonprofit research institutions to use the Technology Rights for
non-commercial educational and research purposes. 
  

	2.2	 Reserved 

  

	2.3	 Reserved 

  

	2.4	 No Implied License. Licensee shall obtain no implied license rights to the Technology Rights or any
other rights owned or controlled by Licensor. Any and all rights not expressly granted to Licensee herein shall be retained by Licensor. 

  

	2.5	 Affiliates 

Licensee may extend the license granted herein to any Affiliate if the Affiliate consents in writing to be bound by this Agreement to the same
extent as Licensee. 

  
 4 

	2.6	 Sublicensing 

Licensor hereby grants to Licensee the right to grant and authorize sublicenses to one or more Sublicensees, subject to the following: 

 

	 	i.	 Any sublicense agreement granting a third party rights to the Technology Rights shall: 

(a) Be no more burdensome upon, or less favorable to, Licensor (nor purport to grant to any sublicensee broader rights in Licensor’s
Technology Rights than granted by this Agreement) in all material respects; 
 (b) Contain an acknowledgement by the Sublicensee of
Licensor’s disclaimer of warranty and the limitation on Licensor’s liability substantially similar to those provided in Sections 15.2 (No Representations or Warranties) and 15.3 (Disclaimer of Specific Warranties); 

(c) Require the Sublicensee to indemnify Licensor with respect to such Sublicensee’s exercise of its rights under the Technology Rights
in a manner substantially similar to the manner in which Licensee has agreed to indemnify Licensor under Article 20 (Indemnification); 

(d) Impose on the Sublicensee obligations substantially similar to those imposed upon Licensee under Article 7 (Confidentiality), Article 8
(Quarterly & Annual Reports), Article 11 (Marking), Article 14.1 (Disposition of Licensed Products), Article 17 (Insurance), Article 21 (Notices), Article 22 (Regulatory Compliance), Article 23 (Governing Law) and Article 25 (Use of Names)
hereof; 
 (e) Expressly prohibit the Sublicensee from granting further sublicenses in Licensor’s Technology Rights without providing
written notice to Licensor (which may be provided by way of Licensee) and an opportunity to object solely on the basis of non-compliance with the foregoing subsections (a)-(e). Any such further sublicense not
objected to by Licensor within [***] of its notice thereof shall be deemed accepted by Licensor. 
 If any sublicense agreement granting any
rights to the Technology Rights does not comport with the above requirements, that agreement shall be invalid and unenforceable. 
 Licensee
shall within [***] of: (a) execution, provide Licensor with a copy of each sublicense granted by Licensee hereunder, and any amendments thereto or terminations thereof, (with those terms not reasonably necessary to determine compliance with
this Agreement redacted); and (b) receipt, summarize and deliver copies of all major reports due to Licensee from Sublicensee(s) to the extent required for the compliance with Licensee’s reporting obligations under this Agreement. 

 

	 	iv.	 If this Agreement is terminated for any reason, any sublicense granted hereunder shall remain in effect
provided that upon request by Licensor, each Sublicensee promptly agrees in writing to be bound by the applicable terms of this Agreement, as such terms apply to the Sublicensee (in which event the Sublicensee will be deemed a direct licensee of
Licensor). Any sublicense granted pursuant to this Article 2 shall expressly include the foregoing contingency. 

  
 5 

	 	v.	 Licensee shall be responsible to Licensor for the performance of its Sublicensees under each sublicense
agreement granting any rights to any Technology Rights. 

 ARTICLE 3. TERM OF AGREEMENT 

This Agreement shall be in full force and effect from and after the Restatement Date and shall expire on a country-by-country basis upon the expiration of the last-to-expire patent within the Patent Rights in the applicable country,
unless otherwise terminated by operation of law or by acts of the parties pursuant to the terms of this Agreement (the “Term”). Upon expiration of the Term, the License shall automatically convert into, and Licensee shall retain thereafter
a non-royalty bearing, perpetual, irrevocable, non-exclusive license to make, have made, use, sell, or practice, any Licensed Product and/or any Licensed Service in the
Field of Use under Licensor’s Know-How throughout the Territory. 
 ARTICLE 4. FEES

  

	4.1	 Reserved 

  

	4.2	 Reserved 

  

	4.3	 Reserved 

  

	4.4	 Reserved 

  

	4.5	 Reserved 

ARTICLE 5. COMMERCIAL DILIGENCE 
  

	5.1	 Commercial Diligence 

After the Restatement Date Licensee shall use Commercially Diligent Efforts to develop, manufacture, sell, and/or distribute one or more
Licensed Product(s) and/or Licensed Service(s) in order to make them readily available to the general public as soon as possible on commercially reasonable terms. Thereafter, Licensee shall continue using Commercially Diligent Efforts to
commercialize such Licensed Product(s) and/or Licensed Service(s) throughout the remaining Term of this Agreement (“Actively Commercializing”). 

ARTICLE 6. EQUITY OWNERSHIP 
  

	6.1	 Equity 

In partial consideration of the rights granted to Licensee by Licensor in this Agreement, Licensee has issued to Licensor [***] fully
authorized, and fully paid, non-assessable units of its common limited liability company member interests (“Common Units”) (the “Initial Shares”), receipt of which Initial Shares by
Licenser is hereby acknowledged by Licensor. Such Initial Shares have been issued in the name of Licensor. Licensee hereby represents that the Initial Shares represented [***] of the aggregate of all of Licensee’s common equity outstanding on
June 17, 2014, the date of issuance thereof, calculated on a fully diluted basis. At all times thereafter, the Initial Shares and Licensee will be free of any claim or obligation to issue additional equity to Licensor. Exhibit B contains a true
and correct capitalization table of Licensee as certified by an officer of Licensee as of the Effective Date of the Original Agreement. 

  
 6 

	6.2	 Definition 

The term “fully diluted basis” will mean that the total number of issued and outstanding shares of Licensee’s equity securities
as calculated to include conversion of all issued and outstanding securities then convertible into Licensee’s Common Units, or other equity securities, as applicable, and the exercise of all then outstanding options and warrants to purchase
Licensee’s Common Units, or other equity securities, as applicable, whether or not then exercisable, but excluding securities not issued but issuable to, or reserved for issuance to, officers, directors, managers, employees or consultants of
Licensee pursuant to any employee or consultant equity offering, or compensation or incentive plan adopted or approved by Licensee’s board of managers within [***], the date of issuance of the Initial Shares to Licensor. 

ARTICLE 7. CONFIDENTIALITY 
  

	7.1	 Reasonable Precautions; Prohibition Against Disclosure. 

Licensee and Licensor acknowledge that either party may provide certain Confidential Information to the other with regard to the Invention or
otherwise. The recipient of Confidential Information shall take all reasonable precautions to protect all such information. Such precautions shall involve at least the same degree of care and precaution that the recipient customarily uses to protect
its own confidential information of similar nature or importance, but in no circumstance with less than reasonable care. The party receiving Confidential Information of the disclosing party shall not disclose such information to third parties
without the prior written consent of the disclosing party. 
  

	7.2	 Disclosure Required by Law and Other Permitted Disclosure. 

Notwithstanding the foregoing, disclosure by a recipient party of the other party’s Confidential Information shall not be precluded if
such disclosure is: (a) in response to a valid order of a court or to another governmental body of the United States or any political subdivision thereof; provided, however, that in either case, the party required to make such disclosure shall
(i) have made reasonable effort to give prompt notice to the disclosing party to permit it to seek a protective order or grant of confidentiality, (ii) cooperate with the disclosing party’s efforts to seek confidential or protective
treatment of such information, as reasonably requested by the disclosing party, and (iii) minimize the extent of any such disclosure; (b) under appropriate confidentiality provisions substantially equivalent to those in this Agreement, in
connection with the performance of its obligations or exercise of rights under this Agreement; (c) to the extent such disclosure is reasonably necessary in the prosecution or maintenance of patents (including applications therefor) in
accordance with this Agreement, prosecuting or defending litigation, filing for, obtaining and maintaining regulatory approvals; or (d) in communication with existing and potential investors, partners, acquirers, Sublicensees, consultants,
advisors (including financial advisors, lawyers and accountants) and others on a need to know basis, in each case under appropriate confidentiality provisions substantially equivalent to those of this Agreement. 

  
 7 

 ARTICLE 8. QUARTERLY & ANNUAL REPORTS 

 

	8.1	 Reserved 

  

	8.2	 Progress Report and Commercialization Plan 

Commencing on January 1, 2017, and on each January 1 thereafter, Licensee shall submit to Licensor a written report covering
Licensee’s (and each Affiliate’s and Sublicensee’s, as applicable) progress in development and commercialization of all Licensed Products and Licensed Services. 

On or before the [***] following the close of Licensee’s fiscal year, Licensee shall provide Licensor with financial statements certified
by an executive officer of Licensee as fairly presenting, in all materials respects, the financial condition and operating results of Licensee, and prepared in accordance with commercially reasonable accounting practices applied on a consistent
basis throughout the periods indicated for the preceding fiscal year including, at a minimum, a balance sheet, an income statement and statement of cash flows for Licensee and each Sublicensee and Affiliate granted rights hereunder. 

ARTICLE 9. PAYMENTS, RECORDS and AUDITS 
  

	9.1	 Reserved 

  

	9.2	 Reserved 

  

	9.3	 Records 

Licensee shall keep, and cause its Sublicensees and Affiliates to keep, complete, true and accurate records and books. Records and books shall
be kept at Licensee’s principal place of business or the principal place of business of the appropriate division of Licensee to which this Agreement relates. 
  

	9.4	 Audit 

Such books and the supporting data maintained as required by Section 9.3 shall be open to inspection by Licensor or its agents, upon
reasonable prior notice to Licensee, its Affiliates or Sublicensees, as applicable, at all reasonable terms for a term of [***] following the end of the calendar year to which they pertain, for the purpose of verifying Licensee’s compliance
with this Agreement. Such access will be available to Licensor upon not less than [***] written notice to Licensee, its Affiliates or Sublicensees, as applicable, not more than [***] each calendar year of the Term as set forth in Article 3 hereof,
during normal business hours, and [***] for [***] after the expiration or termination of this Agreement. 
 ARTICLE 10. TECHNOLOGY
RIGHTS PROSECUTION AND MAINTENANCE 
  

	10.1	 Future Technology Rights Expenses 

Licensee will timely pay all future expenses incurred during the Term for filing, prosecuting, and maintaining the Patent Rights, and all other
Technology Rights as set forth herein, that are licensed to Licensee hereunder, including without limitation, any taxes, annuities or maintenance fees on such Technology Rights. Licensee agrees to receive such invoices directly from intellectual
property 

  
 8 

 counsel, with Licensor receiving a copy of such invoice. Licensee shall pay such invoices
directly to intellectual property counsel with written confirmation of payment to Licensor. 
 In the event that Licensee fails to timely pay
or reimburse any Technology Rights expenses required under this Agreement within [***] of receipt of notification that such expenses are due, Licensee will be required within the following [***] period to establish with a leading and first class
bank, subject to approval by Licensor, an irrevocable and, if so requested by Licensor, confirmed standby letter of credit (not restricted, unless otherwise jointly agreed upon) in the amount of [***] in favor of Licensor available immediately to
secure the payment of Technology Rights expenses due under this Agreement. Licensor may draw upon such standby letter of credit upon presentation of the letter notifying Licensee of expenses due and payable and a statement from Licensor of
Licensee’s failure to pay. Should Licensee decline or fail to pay the costs and legal fees for the preparation, prosecution and maintenance of any patent or patent application within the Patent Rights under this Agreement, Licensor may at its
discretion, either assume by written notice to Licensee the prosecution and maintenance of the particular patent or patent application at its own costs, provided that such patent or patent application will be excluded from the Patent Rights and
Licensee shall have no further rights to such patent or patent application. Any exclusion pursuant to this Section 10.1 shall not relieve Licensee of any obligation or liability accrued hereunder prior to such exclusion, or rescind or give rise
to any right to rescind any payments made or other consideration given to Licensor hereunder prior to the time such exclusion becomes effective. 
  

	10.2	 Intellectual Property Counsel 

Licensor will work closely with Licensee to develop a suitable strategy for the prosecution and maintenance of all Technology Rights. It is
intended that Licensor will interact directly with the intellectual property counsel selected by Licensee pursuant to Section 10.3 below in all phases of prosecution, including preparation, office action responses, filing strategies for
continuation or divisional applications, and other related activities. Licensee will request that copies of all material documents prepared by the selected intellectual property counsel be provided by intellectual property counsel to Licensor for
review and comment prior to filing, to the extent practicable under the circumstances. All patents and patent applications will be in the name of Licensor, owned by Licensor and included as part of the Technology Rights licensed pursuant to this
Agreement. 
  

	10.3	 Licensee Selection of Intellectual Property Counsel 

As between the parties, Licensee shall have the first right to file, prosecute and maintain patents and patent applications within the
Patent Rights at its own expense. Accordingly, Licensor agrees to allow Licensee to select the intellectual property attorney, subject to Licensor’s consent, in writing, to such selected intellectual property attorney(s), or any subsequent or
new intellectual property attorney(s), which consent shall not be unreasonably withheld. The selected intellectual property attorney(s) will agree to keep Licensor adequately informed and involved as to all material information, material
communications with governmental offices, material issues and decisions, and related matters applicable to prosecuting the applications for the Patent Rights and for maintaining the Patent Rights in good standing. Decisions for prosecuting the
applications will be made so as to obtain as broad a scope of protection as is reasonable and practical under the circumstances. Licensee will ensure that copies of all material documents prepared by the intellectual property attorney(s) selected by
Licensee be provided to Licensor for review and comment prior to filing unless to do so would be unreasonable under the circumstances. Licensee will promptly notify Licensor of its plans to file, revise or drop any application or claim which may
adversely affect the Patent Rights or the rights of Licensor under this Agreement. Without prior written consent of Licensor, Licensee and the selected intellectual property attorney(s) shall not change any inventorship

  
 9 

 
designations and shall not drop or reduce any claim in a pending application which may adversely affect the Patent Right of Licensor. 

ARTICLE 11. MARKING 

Licensee shall, and agrees to require its Affiliates and Sublicensees to, comply with any marking requirements of the intellectual property
laws of the applicable countries in the Licensed Territory to the extent any failure to do so would materially and adversely affect the Technology Rights or any Licensed Product or Licensed Services, or either party’s ability to avail itself of
all potential remedies for any infringement of the Technology Rights, and particularly agrees to permanently and legibly mark all Licensed Products and/or Licensed Services made, used, reproduced, or sold under the terms of this Agreement, or their
respective containers, in accordance with the applicable provisions set forth in the patent-marking and notice provisions under Title 35, United States Code. Any sublicense agreement granting a third party rights to the Patent Rights shall impose on
the Sublicensee obligations substantially similar to those imposed in this paragraph. 
 ARTICLE 12. REMEDIES OF LICENSOR 

 

	12.1	 For Cause 

If Licensee should: (i) fail to deliver to Licensor any statement or report required hereunder when due; (ii) reserved; (iii) violate
or fail to perform any material covenant, condition, or undertaking of this Agreement to be performed by it hereunder; (iv) cease, for a period in excess of [***], active Commercially Diligent Efforts to develop or commercialize a Licensed
Product or Licensed Service, or Actively Commercializing a Licensed Product or Licensed Service; (v) file a bankruptcy action (including any petition in bankruptcy or insolvency or for the appointment of a receiver), or have a bankruptcy action
against it, that is not dismissed or otherwise resolved in Licensee’s favor within [***] after Licensee’s receipt of notice of such action; (vi) enter into an assignment of substantially all of its assets for the benefit of its
creditors; or (vii) enter into a composition with creditors, or have a receiver appointed for it; then Licensor may give written notice of such default to Licensee. If Licensee should fail to cure such default within [***] of such notice;
provided that if Licensee disputes the existence of such default in good faith by providing written notice to Licensor during such [***] period, Licensor shall not have the right to terminate this Agreement unless and until it has been determined in
accordance with dispute resolution mechanism in Article 28 of this Agreement that such default actually occurred and Licensee fails to cure such default within [***] after any such determination, the rights, privileges, and any license granted
hereunder shall automatically terminate. 
  

	12.2	 Cessation of Business 

If Licensee shall cease, for a period of [***], to carry on its business with respect to the rights granted in this Agreement, this Agreement
shall terminate upon [***] written notice by Licensor. 
  

	12.3	 Reserved 

  

	12.4	 Survival of Terms 

No termination of this Agreement by Licensor shall relieve Licensee of its obligation to pay any monetary obligation due or owing at the time
of such termination and shall not impair any accrued right of Licensor. Articles 1 (Definitions), 6 (Equity Ownership), 7 (Confidentiality), 9 (Payments, Records and Audits), 11 (Marking), 14 (Disposition of Licensed Products and Licensed Product

  
 10 

 
Data), 15 (Obligations and Warranties of Licensor), 17 (Insurance), 18 (Waiver), 20 (Indemnification), 21 (Notices), 23 (Governing Law), 25 (Use of Names), 27 (Dispute Resolution), 29 (General
Provisions), and Sections 2.6(iv) (Sublicensing), 12.4 (Survival of Terms), and 13.2 (Continuing Obligations) hereof shall survive the expiration or earlier termination of this Agreement. 

ARTICLE 13. SURRENDER OF CERTAIN RIGHTS BY LICENSEE 
  

	13.1	 Written Notice 

Licensee may terminate this Agreement, in whole or as to any specified patent, as applicable, at any time and from time to time without cause,
by giving written notice thereof to Licensor. Such termination shall be effective [***] after such notice and all Licensee’s rights associated therewith shall cease as of that date. 

 

	13.2	 Continuing Obligations 

Any termination pursuant to Article 12 or Section 13.1 hereof shall not relieve Licensee of any obligation or liability accrued hereunder
prior to such termination, or rescind or give rise to any right to rescind any payments made or other consideration given to Licensor hereunder prior to the time such termination becomes effective. Such termination shall not affect in any manner any
rights of Licensor arising under this Agreement prior to the date of such termination. 
 ARTICLE 14. DISPOSITION OF LICENSED PRODUCTS
AND 
 LICENSED PRODUCT DATA 
  

	14.1	 Licensed Product on Hand 

Upon expiration or termination of this Agreement by either party, in whole or as to any specified patent, Licensee shall provide Licensor with
a written inventory of all Licensed Products under the control of Licensee that are in process of manufacture, in use, in stock, or as applicable being publicly performed or displayed. Licensee may dispose of any such Licensed Products within the
[***] period following such expiration or termination, provided, however, that Licensee shall render reports to Licensor thereon in the manner specified herein. 
  

	14.2	 Licensed Product Data 

A summary of all Licensed Product Data must be provided to Licensor within [***] following termination of this Agreement pursuant to
Section 12.2. All Licensed Product Data (including the summary provided by Licensee hereunder) shall remain the Confidential Information of Licensee, subject to the protections of Article 7. Following any such termination, Licensee shall,
subject to any rights any Affiliates, Sublicensees or other third parties may have with respect to any of the foregoing that survive such termination, grant to Licensor a right for Licensor to provide such summary to all Licensed Product Data to
potential licensees of Licensor (under conditions of confidentiality consistent with Article 7), solely for use in Licensor’s efforts to license the Technology Rights to such potential licensees of Licensor for the Licensed Technology Rights;
Licensor shall not be entitled to license, grant, or transfer to any third party any rights in any Licensed Product Data. In the event Licensor agrees in writing to material economic terms with a third party concerning the grant of a license to such
third party under the Technology Rights formerly licensed to Licensee hereunder, and Licensor desires to make Licensed Product Data available to the potential Licensee, Licensor shall provide written notice thereof to Licensee, and Licensee shall
enter into good faith negotiations with such third party for a period of [***] following Licensee’s receipt of such notice from Licensor concerning the granting of rights to, or transfer of title in, the Licensed Product

  
 11 

 
Data to such third party on commercially reasonable terms, subject to any rights that any Affiliates, Sublicensees or other third parties may have with respect to any of the foregoing that
survive the termination of this Agreement; provided, however, if Licensee (having complied with the obligations of such Section) and such third party do not enter into a definitive agreement with thereto within such [***], Licensee shall have no
further obligation under this Section. 
 ARTICLE 15. OBLIGATIONS AND WARRANTIES OF LICENSOR 

 

	15.1	 Authority 

Licensor warrants that it has the lawful right to grant the license set forth in this Agreement. 

 

	15.2	 No Representations or Warranties  

EXCEPT AS EXPRESSLY PROVIDED IN SECTION 15.1, THE PARTIES ACKNOWLEDGE AND AGREE THAT LICENSOR HAS MADE NO REPRESENTATIONS OR WARRANTIES,
EXPRESS OR IMPLIED, REGARDING THE TECHNOLOGY RIGHTS OR THE LICENSES GRANTED HEREUNDER INCLUDING BUT NOT LIMITED TO, WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREEMENT, TO THE
EXTENT PERMITTED BY APPLICABLE LAW, LICENSOR ADDITIONALLY DISCLAIMS ALL OBLIGATIONS AND LIABILITIES ON THE PART OF LICENSOR, INVENTORS, AND AUTHORS FOR DAMAGES, INCLUDING BUT NOT LIMITED TO DIRECT, INDIRECT, SPECIAL AND CONSEQUENTIAL DAMAGES,
ATTORNEYS’ AND EXPERTS’ FEES, AND COURT COSTS (EVEN IF LICENSOR HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, FEES OR COSTS), ARISING OUT OF OR IN CONNECTION WITH LICENSEE’S OR ITS AFFILIATES’ OR SUBLICENSEES’
MANUFACTURE, USE, SALE, DISTRIBUTION, REPRODUCTION, PREPARATION OF DERIVATIVES OF, PUBLIC DISPLAY, PUBLIC PERFORMANCE, OR OTHER PRACTICE OF THE PRODUCTS AND SERVICES LICENSED UNDER THIS AGREEMENT. LICENSEE, ITS AFFILIATES AND SUBLICENSEES ASSUME ALL
RESPONSIBILITY AND LIABILITY FOR LOSS OR DAMAGE CAUSED BY A PRODUCT AND OR SERVICE MANUFACTURED, USED, SOLD, DISTRIBUTED, REPRODUCED, PUBLICLY DISPLAYED, PUBLICLY PERFORMED, OR OTHERWISE PRACTICED BY LICENSEE, ITS SUBLICENSEES AND AFFILIATES WHICH
INCORPORATES A LICENSED PRODUCT OR LICENSED SERVICE AS DEFINED IN THIS AGREEMENT. 
  

	15.3	 Disclaimer of Specific Warranties  

Without limiting the generality of the foregoing, nothing in this Agreement shall be construed as: 

 

	 	i.	 a warranty or representation by Licensor as to the validity or scope of any Technology Rights.

  

	 	ii.	 a warranty or representation by Licensor that anything made, used, sold, distributed, or as applicable publicly
performed, publicly displayed, derived from, or otherwise disposed of pursuant to any license granted under this Agreement is or will be free from infringement of intellectual property rights of third parties. 

  
 12 

	 	iii.	 an obligation by Licensor to bring or prosecute actions or suits against third parties for infringement,
misappropriation, or other similar causes of action related to the Technology Rights, except as expressly provided in Article 16 hereof. 

  

	 	iv.	 conferring by implication, estoppel or otherwise any license or rights under any intellectual property of
Licensor other than Technology Rights. 

  

	 	v.	 conferring by implication, estoppel or otherwise any ownership interest or right in or to any intellectual
property of Licensor. 

  

	15.4	 Limitation of Liability 

Notwithstanding any provision in this Agreement to the contrary, Licensor’s aggregate liability under this Agreement shall not exceed
[***]. Notwithstanding any provision in this Agreement to the contrary, except as it relates to any indemnification obligation of Licensee or its Affiliate or Sublicensee, NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY FOR ANY SPECIAL,
CONSEQUENTIAL, EXEMPLARY, INCIDENTAL, STATUTORY OR PUNITIVE DAMAGES (INCLUDING LOST OR ANTICIPATED REVENUES OR PROFITS RELATING TO THE SAME), ARISING FROM ANY CLAIM RELATING TO THIS AGREEMENT, OR THE SUBJECT MATTER HEREOF, WHETHER SUCH CLAIM IS
BASED ON CONTRACT, TORT (INCLUDING NEGLIGENCE) OR OTHERWISE, EVEN IF ADVISED OF THE POSSIBILITY OR LIKELIHOOD OF SAME. 
 ARTICLE 16.
INFRINGEMENT 
  

	16.1	 Claims of Infringement Against Licensee. Its Affiliates or Sublicensees 

If any third party claims infringement or misappropriation against Licensee, any Affiliate or Sublicensee as a result of such party’s use
of the Technology Rights, then Licensee shall promptly notify Licensor thereof in writing, setting forth the facts of such claim in reasonable detail. As between the parties to this Agreement, Licensee shall have the first and primary right and
responsibility at its own expense to defend and control the defense of any such claim against Licensee, an Affiliate or Sublicensee, by counsel of its own choosing. Licensee shall be free to enter into a settlement, consent judgment, or other
voluntary disposition of any such claim, provided that any settlement, consent judgment or other voluntary disposition of any such claim which (i) materially limits the scope, validity, or enforceability of any portion of the Technology Rights
or (ii) admits fault or wrongdoing on the part of Licensor must be approved by Licensor, in its sole discretion. Licensee’s request for such approval shall include complete copies of final settlement documents, a detailed summary of such
settlement, and any other information material to such settlement. Licensor shall provide Licensee notice of its approval or denial within [***] of any request for such approval by Licensee, provided that (i) in the event Licensor wishes to
deny such approval, such notice shall include a written description of Licensor’s reasonable objections to the proposed settlement, consent judgment or other voluntary disposition and (ii) Licensor shall be deemed to have approved of such
proposed settlement, consent judgment or other voluntary disposition in the event it fails to provide such notice within such [***] period in accordance herewith. Subject to the policies of the University of Utah, to the extent applicable to
Licensor, Licensor agrees to cooperate with Licensee in any reasonable manner deemed by Licensee to be necessary in defending any such action. Licensee shall promptly reimburse Licensor for any reasonable, documented out of pocket expenses incurred
in providing such assistance. 

  
 13 

	16.2	 Infringement of Technology Rights by Third Parties  

i. Notice. If either party discovers the infringement by a third party of any of Licensor’s Technology Rights licensed under
this Agreement, that party shall give written notice of such claim to the other party. Licensor shall then use reasonable efforts to terminate such infringement. In the event Licensor fails to abate the infringing activity within [***]after such
written notice, as between the parties, Licensee shall have the first right, at its sole option, to bring legal action against the third party infringer. In the event Licensee elects not to bring suit for patent infringement against a commercially
significant infringement, Licensor may bring suit for infringement or misappropriation, as applicable. The Litigating Party (as defined below) shall be free to enter into a settlement, consent judgment, or other voluntary disposition of any such
claim, provided that any settlement, consent judgment or other voluntary disposition of any such claim which (a) materially limits the scope, validity, or enforceability of any portion of the Technology Rights or (b) admits fault or
wrongdoing on the part of the other Party (the “Non-Litigating Party”) must be approved by the Non-Litigating Party, in its sole discretion. The Litigating
Party’s request for such approval shall include complete copies of final settlement documents, a detailed summary of such settlement, and any other information material to such settlement. The
Non-Litigating Party shall provide the Litigating Party notice of its approval or denial within [***] of any request for such approval by Litigating Party, provided that (a) in the event the Non-Litigating Party wishes to deny such approval, such notice shall include a written description of its reasonable objections to the proposed settlement, consent judgment or other voluntary disposition and
(b) the Non-Litigating Party shall be deemed to have approved of such proposed settlement, consent judgment or other voluntary disposition in the event it fails to provide such notice within such [***]
period in accordance herewith. Subject to the policies of the University of Utah, to the extent applicable to Licensor, Licensor agrees to cooperate with Licensee in any reasonable manner deemed by Licensee to be necessary in connection with any
such action. 
 ii. Expenses. Any such legal action shall be at the expense of the party by whom suit is filed, hereinafter
referred to as the “Litigating Party”. Any damages or costs recovered by the Litigating Party in connection with a legal action filed by it hereunder, and provided that the Litigating Party is reimbursed for its costs and expenses
reasonably incurred in the lawsuit, and after any payments due to Licensor under Article 4 are paid, shall be equally divided between Licensee and Licensor. 

iii. Mutual Cooperation. Licensee and Licensor shall reasonably cooperate with each other in litigation proceedings instituted
hereunder (including without limitation, by joining as a nominal party plaintiff and executing such documents as the Litigating Party may reasonably request), provided that such cooperation shall be at the expense of the Litigating Party, and such
litigation shall be controlled by the Litigating Party. 
 ARTICLE 17. INSURANCE 

 

	17.1	 Insurance Requirements 

Beginning at the time any Licensed Product and/or Licensed Service is being distributed or sold (including for the purpose of obtaining any
required regulatory approvals) by Licensee, Affiliate, or a Sublicensee, Licensee will, at its sole cost and expense, procure and maintain commercial general liability insurance issued by an insurance carrier with an A.M. Best rating of
“A” or better in amounts not less than [***] per incident and [***] annual aggregate. Licensee will use reasonable 

  
 14 

 
efforts to have Licensor, the University of Utah, and their respective officers, employees and agents, named as additional insureds. All rights of subrogation will be waived against Licensor and
its insurers. Such commercial general liability insurance will provide: (i) product liability coverage; (ii) broad form contractual liability coverage for Licensee’s indemnification under this Agreement; and (iii) coverage for
litigation costs. The specified minimum insurance amounts will not constitute a limitation on Licensee’s obligation to indemnify Licensor, the University of Utah, and their respective officers, employees and agents, under this Agreement. 

17.2 Evidence of Insurance and Notice of Changes 

Licensee will provide Licensor with written evidence of such insurance upon request by Licensor. Licensee will provide Licensor with written
notice of at least [***] prior to the cancellation, non-renewal, or material change in such insurance. 
  

	17.3	 Continuing Insurance Obligations 

Licensee will maintain such commercial general liability insurance beyond the expiration or termination of this Agreement during (i) the
period that any Licensed Product(s) and/or Licensed Service(s) developed pursuant to this Agreement is being commercially used, distributed, reproduced, manufactured, sold, publicly performed, or publicly displayed by Licensee, any Affiliate, or any
Sublicensee or agent of Licensee, and (ii) for [***] after such period. 
 ARTICLE 18. WAIVER 

No waiver by either party hereto of any breach or default of any of the covenants or agreements herein set forth shall be deemed a waiver as
to any subsequent and/or similar breach or default. 
 ARTICLE 19. ASSIGNABILITY 

This Agreement is not assignable or otherwise transferable (including by operation of law, or asset purchase) by either party without the
prior written consent of the other party; provided, however, that Licensee (without any requirement to obtain consent of Licensor) may (subject only to compliance with the following sentence) assign this Agreement (whether by assignment, merger,
consolidation, or other transfer or by operation of law, to any wholly-owned subsidiary, or any person or entity that acquires (by any means) all or substantially all of the assets of Licensee to which this Agreement relates. As a condition to, or
concurrently with, Licensee’s assignment or other transfer of this Agreement in accordance with this Section, Licensee shall: (i) at all times prior to and at the time of such assignment have fully observed and complied with all rights of
Licensor as a member in Licensee under applicable law; and (ii) give written notice to Licensor identifying the transferee, with contact information for such transferee’s chief executive officer. Licensee may by written agreement with such
transferee condition such assignment or other transfer on such transferee assuming in writing all of Licensee’s obligations under this Agreement, upon delivery of which Licensee shall be deemed released from all obligations under this
Agreement. Neither any (A) merger of Licensee with any other entity or entities, or (B) transfer or issuance of member interests in Licensee shall be deemed to be an assignment of this Agreement or any of Licensee’s rights in this
Agreement. 
 ARTICLE 20. INDEMNIFICATION 

LICENSEE SHALL INDEMNIFY, HOLD HARMLESS AND DEFEND LICENSOR, THE UNIVERSITY OF UTAH, AND THEIR RESPECTIVE OFFICERS, DIRECTORS, TRUSTEES,
EMPLOYEES AND AGENTS (COLLECTIVELY, “INDEMNIFEES”) AGAINST ANY AND 

  
 15 

 
ALL THIRD PARTY CLAIMS, SUITS, LOSSES, DAMAGES, COSTS, LIABILITIES, FEES AND EXPENSES (INCLUDING REASONABLE FEES OF ATTORNEYS) (COLLECTIVELY, “CLAIMS”) BASED ON, RESULTING FROM OR
ARISING OUT OF: (I) THE EXERCISE OF ANY LICENSE GRANTED UNDER THIS AGREEMENT, WHETHER BY LICENSEE, ANY AFFILIATE OR ANY SUBLICENSEE; OR (II) ANY ACT, ERROR, OR OMISSION OF LICENSEE, ANY AFFILIATE, OR SUBLICENSEE, OR ANY OF THE OFFICERS,
DIRECTORS, EMPLOYEES OR AGENTS OF THE FOREGOING, INCLUDING WITHOUT LIMITATION ANY BREACH OF THIS AGREEMENT, ANY CLAIM OF NEGLIGENT ACTS OR OMISSIONS OR MISCONDUCT, AND ANY PRODUCT LIABILITY CLAIM, ANY ASSERTED OR ESTABLISHED VIOLATION OF APPLICABLE
LAW, REGULATION, RULE OR ORDER, AND ANY CLAIM OF INFRINGEMENT OF A THIRD PARTY’S INTELLECTUAL PROPERTY RIGHTS; EXCEPT TO THE EXTENT SUCH CLAIMS RESULT SOLELY FROM GROSSLY NEGLIGENT ACTS OR OMISSIONS, OR WILLFUL MISCONDUCT OF AN INDEMNI
11E; PROVIDED HOWEVER, THAT ANY INDEMNI              LEE SEEKING INDEMNIFICATION HEREUNDER SHALL PROVIDE LICENSEE WITH: (I) PROMPT WRI1TEN NOTICE OF THE CLAIM FOR WHICH IT WISHES TO
SEEK INDEMNIFICATION; (II) SOLE CONTROL AND AUTHORITY TO SE      ITLE AND/OR DEFEND ANY SUCH CLAIM TO THE EXTENT ALLOWABLE UNDER THE LAWS OF THE STA 11, OF UTAH UNLESS, AND TO THE EXTENT, THE
SE             ITLEMENT INCLUDES THE ADMISSION OF FAULT OR WRONGDOING ON THE PART OF LICENSOR OR ITS AFFILIATES, IN WHICH EVENT SUCH SE      FILEMENT SHALL BE SUBJECT TO
LICENSOR’S PRIOR Vail:1EN CONSENT, WHICH CONSENT WILL NOT BE UNREASONABLY WITHHELD; AND (III) PROPER AND FULL INFORMATION AND ASSISTANCE TO SETTLE AND/OR DEFEND ANY SUCH CLAIM. LICENSEE SHALL GIVE LICENSOR TIMELY NOTICE OF ANY CLAIM OR
SUIT INSTITUTED OF WHICH LICENSEE HAS KNOWLEDGE THAT IN ANY WAY, DIRECTLY OR INDIRECTLY, AFFECTS OR MIGHT AFFECT LICENSOR, AND LICENSOR SHALL HAVE THE RIGHT AT ITS OWN EXPENSE TO PARTICIPATE IN THE DEFENSE OF THE SAME. NOTWITHSTANDING THE FOREGOING,
LICENSEE SHALL HAVE NO OBLIGATIONS FOR ANY CLAIM IF THE INDEMNIIEE SEEKING INDEMNIFICATION MAKES ANY ADMISSION, SE1TLEMENT OR OTHER COMMUNICATION REGARDING SUCH CLAIM WITHOUT THE PRIOR WRI
             1 I EN CONSENT OF LICENSEE, WHICH CONSENT SHALL NOT BE UNREASONABLY WITHHELD. 

ARTICLE 21. NOTICES 
 Any
payment, notice or other communication required or permitted to be given to either party hereto shall be in writing and shall be deemed to have been properly given and effective: (i) on the date of delivery if delivered in person during
recipient’s normal business hours; or (ii) on the date of attempted delivery if delivered by courier, express mail service or first-class mail, registered or certified. Such notice shall be sent or delivered to the respective addresses
given below, or to such other address as either party shall designate by written notice given to the other party as follows: 
 In the case
of Licensee: 
 Recursion Pharmaceuticals, LLC 

[***] 
 Attn: CEO 

In the case of Licensor: 

  
 16 

 UNIVERSITY OF UTAH RESEARCH FOUNDATION 

Technology Commercialization Office 

[***] 
 Salt Lake City, UT 84108

 With a copy to: 
 OFFICE OF
GENERAL COUNSEL 
 University of Utah 

[***] 
 Salt Lake City, Utah 84112

 ARTICLE 22. REGULATORY COMPLIANCE 
  

	22.1	 Registration 

When required by local/national law, Licensee shall register this Agreement, pay all costs and legal fees connected therewith, and otherwise
ensure that the local/national laws affecting this Agreement are fully satisfied. 
  

	22.2	 Export Controls 

Licensee shall comply with all applicable U.S. laws dealing with the export and/or management of technology or information. Licensee
understands that the Arms Export Control Act (AECA), including its implementing International Traffic In Arms Regulations (ITAR,) and the Export Administration Act (EAA), including its Export Administration Regulations (EAR), are some (but not all)
of the laws and regulations that comprise the U.S. export laws and regulations. Licensee further understands that the U.S. export laws and regulations include (but are not limited to): (i) ITAR and EAR product/service/data-specific requirements;
(ii) ITAR and EAR ultimate destination-specific requirements; (iii) ITAR and EAR end user-specific requirements; (iv) ITAR and EAR end use-specific requirements; (v) Foreign Corrupt
Practices Act; and (vi) anti-boycott laws and regulations. Licensee will comply with all then-current applicable export laws and regulations of the U.S. Government (and other applicable U.S. laws and regulations) pertaining to the Licensed
Product(s) and/or Licensed Service(s) (including any associated products, items, articles, computer software, media, services, technical data, and other information). Licensee certifies that it will not, directly or indirectly, export (including any
deemed export), nor re-export (including any deemed reexport) the Licensed Product(s) and/or Licensed Service(s) (including any associated products, items, articles, computer software, media, services,
technical data, and other information) in violation of U.S. export laws and regulations or other applicable U.S. laws and regulations. Licensee will include an appropriate provision in its agreements with its authorized Sublicensees to assure that
these parties comply with all then-current applicable U.S. export laws and regulations and other applicable U.S. laws and regulations. 

ARTICLE 23. GOVERNING LAW 

This Agreement shall be interpreted and construed in accordance with the laws of the State of Utah, without application of any principles of
choice of laws, and the courts within Salt Lake County in the State of Utah shall have exclusive jurisdiction and venue for all disputes arising out of this Agreement. 

  
 17 

 ARTICLE 24. RELATIONSHIP OF PARTIES 

In assuming and performing the respective obligations under this Agreement, Licensee and Licensor are each acting as independent parties and
neither shall be considered or represent itself as a joint venture, partner, franchisee, agent or employee of the other. 
 ARTICLE 25.
USE OF NAMES 
  

	25.1	 By Licensee 

Licensee may use the name “The University of Utah Research Foundation” in factually based materials related to the Licensed Products
and/or Licensed Service(s) and the business of Licensee; provided, however, that Licensee may not use the name of Licensor, the University of Utah, and their respective officers, employees and agents, in connection with any name, brand or trademark
related to Licensed Products or Licensed Services. For example, Licensee may include a statement in promotional materials that refers to the fact that a product or service is based on technology developed at The University of Utah; Licensee may not
include the name of the University of Utah, University of Utah Research Foundation, or like designation in a product or service name. Without the prior written consent of the Licensor or University of Utah, as applicable, neither Licensee nor any
Affiliate or Sublicensee will use any trademark, trade name, logo, service mark or other mark of the Licensor or University of Utah or any affiliate of the Licensor or University of Utah. 

 

	25.2	 By Licensor 

Licensor may use Licensee’s name, but only in connection with Licensor’s publicity related to Licensor’s intellectual property
and commercialization achievements. 
 ARTICLE 26. ARMS LENGTH TRANSACTION 

The parties acknowledge and agree that this Agreement has been negotiated at arm’s length between the parties, and each party and its
counsel have participated fully in the review and revision of this Agreement At Licensee’s request, the Agreement has been integrated to include Technology Rights including one or more patents or patent applications and, as set forth herein if
applicable, copyrights and/or trademarks; however, all terms relative to the individual parties have been independently negotiated. No rights or obligations with respect to the Patent Rights are dependent upon acceptance by Licensee of terms
relative to other of the Patent Rights, or of terms relative to unpatented products or services, including trademarks and/or copyrights, as applicable. Any rule of construction to the effect that ambiguities are to be resolved against the drafting
party shall not apply in interpreting this Agreement. The language in this Agreement shall be interpreted as to its fair meaning and not strictly for or against any party. 

ARTICLE 27. CERTAIN ADDITIONAL COVENANTS OF LICENSOR 

In consideration of Licensee’s assignment of the Patent Rights to Licensor as provided in Appendix 1, Licensor: 

(a) hereby grants Licensee the exclusive, irrevocable, assignable option to purchase all of the Patent Rights for the price of [***] payable at
the closing referred to in the next sentence. Such option may be exercised by Licensee at any time after [***] by written notice to Licensor by delivery of a purchase agreement in customary commercially reasonably form signed by Licensee providing
for closing within [***] after 

  
 18 

 
Licensee’s execution and delivery thereof and Licensor’s execution and delivery of an assignment of the Patent Rights in recordable form without representation or warranty of any kind
except that Licensor then has exclusive ownership of the Patent Rights, Licensor then has the power and authority to sell the Patent Rights and that the officer of Licensor executing such purchase agreement and assignment has the legal power and
authorization to execute and deliver them; and 
 (b) hereby grants Licensee the right to compel Licensor to sell the Patent Rights, on terms
and conditions acceptable to both Licensor and such buyer, in any transaction in which: (i) the buyer is a bona fide independent party unaffiliated with Licensee; (ii) the buyer agrees in writing to pay a stated purchase price in cash
greater than [***]; (iii) in such transaction Licensee or an Affiliate of Licensee are to receive a specified share [***] of the Licensor’s net proceeds of the price paid to Licensor by the buyer; and (iv) the minimum compensation to
Licensor will be no less than specified in Section 27(a). 
 ARTICLE 28. DISPUTE RESOLUTION 

 

	28.1	 Discussion. Except as otherwise provided in this Agreement, prior to either party initiating any
arbitration under Section 28.2 concerning any dispute arising out of or relating to this Agreement, the relationships created by it, the transactions occurring under it (other than actions for injunctive relief), or the making, interpretation,
construction, performance or breach hereof, the parties shall attempt in good faith to resolve such disputes promptly by negotiation as follows: a party may provide written notice that a dispute exists (a “Notice of Dispute”) to the other
party, which Notice of Dispute shall make specific reference to the resolution requirements set forth in this Article 28 and shall include a brief statement of such party’s position. Within [***] of the delivery of the Notice of Dispute, [***]
at a mutually acceptable time and place meet to discuss and attempt to resolve such dispute. Within [***] of the meeting between [***], if the dispute has not been resolved by negotiation, [***] will meet to discuss and attempt to resolve such
dispute. 

  

	28.2	 Arbitration. The parties agree that if such a dispute has not been resolved by negotiation within [***]
of the delivery of a Notice of Dispute, or if the parties to such dispute have failed to meet within [***]of the Notice of Dispute, then such dispute shall be finally settled by binding arbitration in [***] under the then-current rules of the
Judicial Arbitration and Mediation Services (JAMS) by one (1) arbitrator appointed in accordance with such rules. The arbitrator may grant injunctive or other relief in such dispute or controversy. The decision of the arbitrator shall be final,
conclusive and binding on the parties to the arbitration. Judgment may be entered on the arbitrator’s decision in any court of competent jurisdiction. The parties agree that, any provision of applicable law notwithstanding, they will not
request and the arbitrator shall have no authority to award, punitive or exemplary damages against either party. The costs of the arbitration, including administrative and arbitrator’s fees, [***]. Each party shall bear the cost of its own
attorneys’ fees and expert witness fees. Nothing in this Section 28(b) shall preclude either party from seeking interim or provisional relief in the form of a temporary restraining order, preliminary injunction, or other interim relief
concerning a dispute prior to or during an arbitration pursuant to this Section 28(b) necessary to protect the interests of such party. 

  
 19 

 ARTICLE 29. GENERAL PROVISIONS 

 

	29.1	 Headings 

The headings of the several sections are inserted for convenience of reference only and are not intended to be a part of or to affect the
meaning or interpretation of this Agreement. 
  

	29.2	 Binding Effect 

This Agreement shall not be binding upon the parties until it has been signed below by or on behalf of each party. 

 

	29.3	 Amendment; Modification 

No amendment or modification of this Agreement shall be valid or binding upon the parties unless made in writing and signed by both parties
hereto. 
  

	29.4	 Entire Agreement 

This Agreement includes and incorporates all Exhibits referenced herein, unless such Exhibit specifically excludes incorporation. This
Agreement, including all incorporated Exhibits, embodies the entire understanding of the parties and supersedes all previous communications, representations or understandings, either oral or written, between the parties relating to the subject
matter thereof, including but not limited to the Original Agreement. 
  

	29.5	 Severability 

The covenants, obligations and provisions of this Agreement are severable, and in the event that any covenant, obligation or provision of this
Agreement shall be determined to be invalid or unenforceable under any controlling body of the law, such invalidity or unenforceability shall not in any way affect the validity or enforceability of the remaining covenants, obligations, or provisions
hereof. 
  

	29.6	 Counterparts 

This Agreement may be signed in counterparts, each of which when taken together shall constitute one fully executed document. Each individual
executing this Agreement on behalf of a legal Entity does hereby represent and warrant to each other person so signing that he or she has been duly authorized to execute this Agreement on behalf of such Entity. 

 

	29.7	 Attorney Fees 

In the event of any litigation, arbitration, judicial reference or other legal proceeding involving the parties to this Agreement to enforce
any provision of this Agreement, to enforce any remedy available upon default under this Agreement, or seeking a declaration of the rights of either party under this Agreement, the prevailing party shall be entitled to recover from the other such
attorneys’ fees and costs as may be reasonably incurred, including the costs of reasonable investigation, preparation and professional or expert consultation incurred by reason of such litigation, arbitration, judicial reference, or other legal
proceeding. 

  
 20 

 29.8 Confidential Terms 

Except as required by law, neither party may disclose the financial terms of this Agreement without the prior written consent of the other
party; provided that Licensee may disclose the terms of this Agreement (i) to its existing and potential investors, partners, acquirers, Sublicensees, consultants, advisors (including financial advisors, lawyers and accountants) and others on a
need to know basis, in each case under appropriate confidentiality provisions substantially equivalent to those of this Agreement, or (ii) to comply with applicable laws or regulations, including securities laws or rules of any recognized stock
exchange. 
 IN WITNESS WHEREOF, Licensor and Licensee have executed this Agreement by their respective officers hereunto duly authorized,
on the day and year hereinafter written. 
  

							
	“Licensee”	 	“Licensor”
				
	By	 	/s/ Christopher C. Gibson	 	By:	 	/s/ Thomas N. Parls
				
	Name	 	Christopher C. Gibson	 	Name:	 	Thomas N. Parks
				
	Title	 	Chief Executive Officer	 	Title:	 	President
				
	Date	 	February 9, 2016	 	Date:	 	February 29, 2016
				
		 	  
	 		 	  

  
 21 

 APPENDIX “1” 

ASSIGNMENT AGREEMENT 
 ASSIGNMENT

 WHEREAS, Christopher C. Gibson and Dean Y. Li, (each hereinafter “INVENTOR”), has made inventions described in United States
Provisional Patent Application No. 62/014,540 filed on June 19, 2014 and entitled METHODS OF TREATING AND PREVENTING VASCULAR INSTABILITY DISEASES; United States Patent Application No. 14/728,800 filed on June 2, 2015 and
entitled METHODS OF TREATING AND PREVENTING VASCULAR INSTABILITY DISEASES; and/or in International Patent Application No. PCT/US15/36062 filed on June 16, 2015 and entitled METHODS OF TREATING AND PREVENTING VASCULAR INSTABILITY DISEASES; and

 WHEREAS, each INVENTOR believes himself to be an original inventor or an original joint inventor of said inventions disclosed and/or
claimed in the foregoing patent applications; 
 WHEREAS, each INVENTOR was obligated to assign said inventions to the University of Utah, a
Utah corporation, having a place of business at [***], Salt Lake City, Utah 84122 (“UNIVERSITY”) pursuant to University of Utah Policy; 

WHEREAS, the UNIVERSITY had agreed that its rights to said inventions were transferred to Recursion Pharmaceuticals, LLC, a Delaware limited
liability company, having its principal pace of business at [***]., Salt Lake City, UT 84108 (“RECURSION”) pursuant to a Recursion Know-How License dated June 17th, 2014; 

WHEREAS, RECURSION and the University of Utah Research Foundation, a Utah non-profit corporation,
having its principal place of business at [***], Salt Lake City, UT 84108 (“ASSIGNEE”) concurrent with this ASSIGNMENT are entering into an Amended and Restated License Agreement; and 

WHEREAS, ASSIGNEE desires to acquire the entire interest in said patent applications: 

NOW, THEREFORE, for good and valuable consideration, the receipt of which is hereby acknowledged, RECURSION, hereby assigns and transfers to
ASSIGNEE the full and exclusive right, title, and interest in and to said inventions, said patent applications, and any and all patent rights and letters patent for said inventions in the United States of America and elsewhere throughout the world,
including provisional rights, foreign patent priority rights, right to claim priority to said patent applications in any international patent application, and the right to apply for patents in RECURSION’ s name or in the name of ASSIGNEE and
further including all divisions and continuations of said applications and of any foreign patent applications, and all reissues and extensions of patent rights and letters patent for said inventions, all to be held and enjoyed by ASSIGNEE for its
own use and benefit, and by its successors and assigns for their own use and benefit, for the full duration of the terms for which patent rights and letters patent may be granted in this or any foreign country; 

ADDITIONALLY, to any extent that each INVENTOR had retained any rights in said inventions and said patent applications, for good and valuable
consideration, the receipt of which is hereby acknowledged, each INVENTOR, hereby assigns and transfers to UNIVERSITY and UNIVERSITY hereby assigns and transfers to ASSIGNEE the full and exclusive right, title, and interest in and to said
inventions, said patent applications, and any and all patent rights and letters patent for said inventions in the United States of America and elsewhere throughout the world, including provisional rights, foreign patent priority rights, right to
claim priority to said patent applications in any international patent application, and the right to apply for patents in INVENTOR’ s name or in the name of ASSIGNEE and further including all divisions and continuations of said applications and
of any foreign patent applications, and all reissues and extensions of patent rights and letters patent for said inventions, all to be 

  
 22 

 
held and enjoyed by ASSIGNEE for its own use and benefit, and by its successors and assigns for their own use and benefit, for the full duration of the terms for which patent rights and letters
patent may be granted in this or any foreign country; and 
 LIKEWISE, to any extent that the UNIVERSITY had retained any rights in said
inventions and said patent applications, for good and valuable consideration, the receipt of which is hereby acknowledged, the UNIVERSITY hereby assigns and transfers to ASSIGNEE the full and exclusive right, title, and interest in and to said
inventions, said patent applications, and any and all patent rights and letters patent for said inventions in the United States of America and elsewhere throughout the world, including provisional rights, foreign patent priority rights, right to
claim priority to said patent applications in any international patent application, and the right to apply for patents in UNIVERSITY’ s name or in the name of ASSIGNEE and further including all divisions and continuations of said applications
and of any foreign patent applications, and all reissues and extensions of patent rights and letters patent for said inventions, all to be held and enjoyed by ASSIGNEE for its own use and benefit, and by its successors and assigns for their own use
and benefit, for the full duration of the terms for which patent rights and letters patent may be granted in this or any foreign country. 

  
 23 

 EXHIBIT “A” 

PATENT RIGHTS 
  

									
	U No. 	  	Matter	  	Application No.
Date of Filing 	  	Title	  	Inventor(s)
		  		  	USPTO No. 62/014.540 — filed June 19th, 2014.	  	 Methods of Treating

and Preventing Vascular
	  	 Christopher C. Gibson,
 Dean Y.
Li

		  		  		  	Instability Diseases
		  		  	USPTO No. 14/728,000 — filed June 2.d, 2015	  	 Methods of Treating
 and Preventing
Vascular
	  	 Christopher C. Gibson,
 Dean Y. Li

		  		  		  	Instability Diseases
		  		  	 PCT/US15/36062 —
 Filed June 16,
2015
	  	 Methods of Treating
 and Preventing
Vascular
	  	 Christopher C. Gibson,
 Dean Y. Li

		  		  		  	Instability Diseases

  
 24EX-10.16

 Exhibit 10.16 

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND WOULD LIKELY CAUSE
COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED. OMISSIONS ARE DESIGNATED AS “[***]”. 
 All provisions
are subject to addition, elimination or revision by either Party. All provisions, communications and discussions are tentative until execution of a written agreement by both Parties. 

EXCLUSIVE LICENSE AGREEMENT 

AGT. NO. [***] 

This Exclusive License Agreement (the “Agreement”) is made this 21st day of December, 2018 (the “Effective
Date”) by and between the Ohio State Innovation Foundation, with an address at 1524 North High Street, Columbus, OH 43201 (hereinafter, “OSIF”) and Recursion Pharmaceuticals, Inc., with an address at 41 S. Rio Grande
Street, Salt Lake City, UT 84101 (hereinafter, “Licensee”); collectively, “Parties”, or singly, “Party”. 

WHEREAS, OSIF, the technology transfer function for The Ohio State University (“OSU”), owns, or has the right to
license, or controls the Licensed Subject Matter; 
 WHEREAS, OSIF desires to have the Licensed Subject Matter developed and used for
the benefit of the public; and 
 WHEREAS, Licensee desires to license the Licensed Subject Matter to develop and commercialize
Licensed Products under the terms and conditions of this Agreement. 
 NOW, THEREFORE, in consideration of the mutual
covenants and promises herein contained, the Parties hereby agree as follows: 
  

	1.	 Definitions. 

“Affiliate” means, with respect to a Party, any entity that: (a) directly or indirectly owns or controls; (b) is owned or controlled
by; or (c) is under common ownership or control with such Party, for so long as such ownership or control exists; where “ownership” and 

 
“control” mean: (i) possession, or the right to possession, of at least fifty percent (50%) of the voting stock of the entity; (ii) the power to direct the management and
policies of the entity; (iii) the power to appoint or remove a majority of the board of directors of the entity; or (iv) the right to receive fifty percent (50%) or more of the profits or earnings of the entity. While an entity is an
Affiliate, entitled to the benefits of an Affiliate under this Agreement, for only the period of time the entity qualifies as an Affiliate under this definition, all obligations under this Agreement that accrued to the entity while an Affiliate
shall survive until fulfilled even though the entity no longer qualifies as an Affiliate. 
 “Assigned
Assets” means all of OSIF’s right, title, and interest in and to the following non-patent assets owned by it and relating to the pharmaceutical composition known as AR-42: (i) the IND (as defined below) and all other regulatory permits held by OSIF and relating to AR-42, (ii) any AR-42 drug
substance or drug product, whether clinical or research grade, owned by OSIF, as set forth on Appendix 5, (iii) the agreements set forth in Appendix 5. 

“Clinical Trial” means use of a Licensed Product in humans as part of an investigation or study approved by an IRB in accordance with 21
C.F.R. §312 or equivalent rules or regulations outside of the United States. 
 “Confidential Information” means any information,
whether provided orally, in writing or through tangible materials, that is provided by one Party (“Discloser”) to the other Party (“Recipient”) under this Agreement and designated as confidential or would under the
circumstances of disclosure be reasonably expected to be treated as confidential; unless the information: (a) was already rightfully in possession of Recipient (or when Recipient is OSIF, in its possession or that of OSU) when provided by
Discloser, as shown by competent evidence; (b) is now, or becomes in the future, public knowledge other than through a violation of this Agreement; (c) is independently developed by Recipient without use of or reference to the Confidential
Information of Discloser, as shown by contemporaneously written records; or (d) is lawfully obtained without restriction from a Third Party who did not obtain the information directly or indirectly from Discloser (or when the Discloser is OSIF,
from OSIF or OSU). The Assigned Assets and any reports provided by Licensee to OSIF pursuant to Section 4 hereof shall be considered the Confidential Information of Licensee. 

“Contract Period” means each of the three-month periods ending on June 30, September 30, March 31, or December 31 of each
Contract Year. 
 “Contract Year” means each 12-month period ending on December 31. 

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

 “Field of Use” means all fields. 

“Government” means any agency, department or other unit of the United States of America or the State of Ohio. 

“including” means including, but without limitation. 

“IND” means investigational new drug application no.103279. 

“IRB” means an institutional review board, independent review board or ethics committee. 

“Licensed Know-How” means OSIF’s rights in all unpatented subject matter, know-how, data, results, reports, tangible materials and Confidential Information that are listed in Appendix 1 or otherwise related to or disclosed in the Patent Rights or Assigned Assets. 

“Licensed Product” means any product, the manufacture, use, sale or importation of which would, but for the licenses granted herein, infringe
a Valid Claim within the Patent Rights. 
 “Licensed Subject Matter” means Patent Rights and/or Licensed
Know-How. 
 “Net Sales” means the gross amount of consideration received by Licensee, Affiliates,
and/or Sublicensees for Licensed Products sold, leased, or otherwise transferred, less the amounts for the following items directly attributable to the Licensed Products and borne by Licensee, Affiliates, or Sublicensees as the provider: [***]. Net
Sales on Licensed Products transferred as part of a non-cash exchange shall be calculated at the average amount invoiced to third parties for such Licensed Products in the same country in the applicable
Contract Period. Net Sales shall not include sales or other transfers between or among Licensee or its Affiliates or Sublicensees, provided that if the applicable buying party or transferee further sells such Licensed Product to a Third Party, Net
Sales shall include the amounts received by such selling party for such sale of Licensed Product. 
 If more than one product, component or service are
combined for sale with a Licensed Product at a single offering price (e.g. as a kit including as separate items both a Licensed Product and a device or other freestanding product that is not a Licensed Product, or a Licensed Product combined with
another active pharmaceutical ingredient) (a “Combination Product”), the total gross amount received for purposes of determining Net Sales shall be calculated by [***]. In the event that the Licensed Product or other product,
component or service included in such Combination Product is not sold separately, Net Sales for royalty determinations shall be determined by Licensee in good faith based on the relative value of the Licensed Product, on the one hand, and the other
products, components or services included in such Combination Product, on the other. 

 “Non-Royalty Sublicensing Consideration”
means the gross amount of consideration, excluding royalties or profit shares based on Net Sales, received directly or indirectly by Licensee or its Affiliate(s) from a Sublicensee in consideration of a grant of a sublicense under the Patent Rights
pursuant to a Sublicense Agreement, including any: [***]. Non-Royalty Sublicensing Consideration shall exclude: (1) funding for bona fide costs, including those relating to Licensee’s or such
Sublicensee’s performing the prospective research and development or reimbursement for out-of-pocket costs incurred by Licensee, and (2) consideration for
(i) the issuance of equity securities in Licensee or its Affiliate to the extent the amount paid for such securities does not exceed its fair market value or (ii) a sale of all or substantially all of the business or assets of Licensee or
its Affiliates (whether by merger, sale of stock, sale of assets or otherwise) to which the final agreement relates. To the extent that Non-Royalty Sublicensing Consideration includes payments for both a
sublicense under the Patent Rights as well as other intellectual property, undertakings or subject matter, such Non-Royalty Sublicensing Consideration from such sublicensing arrangement for calculating
payments due to OSIF will be reasonably allocated by Licensee between such Patent Rights, on the one hand, and such other intellectual property, undertakings or subject matter, on the other, based on their relative value. 

“Patent Rights” means OSIF’s rights in all: (a) patents and/or patent applications listed in Appendix 1; (b) patent applications
that claim priority thereto, including all divisionals, continuations and continuations-in-part (but only to the extent of the subject matter that is fully disclosed and
enabled by (a) to satisfy 35 U.S.C. §112); (c) patents issuing on (a) and/or (b); (d) reissues, reexaminations, extensions and supplementary protection certificates referencing any of the foregoing; and (e) any foreign
counterparts of any of the foregoing. 
 “Payment Deadline” means each day that is [***] after the last day of any particular Contract
Period. 
 “Sublicense Agreement” means any agreement or arrangement pursuant to which Licensee directly or indirectly through
intermediaries grants a Third Party a sublicense, or option to obtain a sublicense, to practice the Patent Rights to develop, manufacture, offer for sale, or sell a Licensed Product. For clarity, a Sublicense Agreement shall not include a
distribution agreement pursuant to which a Third Party receives the right to resell Licensed Product that is manufactured by or on behalf of Licensee or its Affiliate. 

“Sublicensee” means any Third Party that is party to a Sublicense Agreement. 

“Termination Effective Date” means November 16, 2017. 

“Territory” means worldwide. 

 “Third Party” means any person or entity other than OSU, OSIF, Licensee or their respective
Affiliates. 
 “Valid Claim” means a claim in an unexpired patent or pending patent application so long as such claim shall not have been
irrevocably abandoned or held invalid in an unappealable decision of a court or other authority of competent jurisdiction in the relevant country; provided, however, that if a claim of a pending patent application has not issued as a claim of an
issued patent within [***] after the earliest filing date from which such claim takes priority, such pending claim shall not be a Valid Claim for purposes of this Agreement, unless and until such pending claim issues as a claim of an issued patent.

  

	2.	 License Grant and Assignment of Assigned Assets. 

 

	 	2.1	 Grant. Subject to the terms and conditions of this Agreement and Licensee’s
compliance therewith, OSIF hereby grants and Licensee accepts a sublicensable (under multiple tiers), non-transferable, except as provided in Section 15: 

 

	 	(a)	 royalty-bearing exclusive license under the Patent Rights to make, have made, use, sell, offer for sale,
import, and otherwise exploit Licensed Product in the Field of Use in the Territory; and 

  

	 	(b)	 fully-paid up, royalty free non-exclusive license under the Licensed Know-How to develop, make, have made, use, sell, offer for sale, import Licensed Products, and otherwise exploit Licensed Know-How, in the Field of Use in the Territory.

 On behalf of itself and OSU, OSIF reserves the right to practice, have practiced and transfer the Licensed Subject
Matter for teaching, education, public service, and non-commercial, non-clinical, clinical research purposes and to publish in connection therewith (subject to
Section 9.6), including to grant rights to, and transfer material embodiments of, the Licensed Subject Matter to OSU, other academic institutions, non-profit research institutions and governmental
entities for these purposes; provided that OSIF shall not practice, have practiced or transfer such reserved rights for any clinical purpose other than completion of the Existing Clinical Trials without Licensee’s prior written consent. The
Parties acknowledge that OSIF may have granted certain rights under the Licensed Subject Matter prior to the Effective Date to certain academic institutions and/or non-profit research institutions for the
purpose of performing the investigator-initiated clinical trials specified in Appendix 7 (“Existing Clinical Trials”). 

Nothing contained in this Agreement or a Party’s performance hereunder shall be construed as conferring, by implication, estoppel or
otherwise, upon Licensee, 

 
Affiliates, Sublicensees, any party in privity therewith or any customer thereof, any right, title or interest under any intellectual or tangible property right at any time, except for those
rights under the Licensed Subject Matter and Assigned Assets expressly granted herein, including the licenses and assignments set forth in Section 2.1 and Section 2.5, respectively. OSIF reserves all rights, titles and interests in and to
its intellectual property not expressly granted herein. 
  

	 	2.2	 Sublicensing. Subject to the terms and conditions of this Agreement and Licensee’s
therewith, Licensee may grant and authorize sublicenses under the Licensed Subject Matter provided: 

  

	 	(a)	 Any Sublicense Agreement: (i) is in writing; (ii) has restrictions consistent with and terms that do
not exceed the scope of rights granted to Licensee hereunder; and (iii) includes a right of termination by Licensee in the event that Sublicensee acts in any manner that would constitute a material breach of this Agreement if such action or
inaction were that of Licensee. 

  

	 	(b)	 Licensee shall deliver to OSIF a copy of each Sublicense Agreement granted and all modifications or
terminations thereof, within [***] following the applicable execution, modification or termination, provided that such copies may be redacted of information not necessary for OSIF to determine compliance hereunder. 

 

	 	(c)	 Notwithstanding any Sublicense Agreement, Licensee shall remain liable to OSIF for all of Licensee’s
duties and obligations contained in this Agreement and Sublicensee’s breach of its Sublicense Agreement to the extent it causes Licensee to breach this Agreement. 

 

	 	(d)	 Licensee shall be and remain responsible for the acts or omissions of its Affiliates pursuant to any such
sublicense. 

  

	 	2.3	 Government Rights. Licensee understands that Licensed Subject Matter may have been conceived or
first actually reduced to practice, or during the Term may be first actually reduced to practice, under a funding agreement with a Government and, if so, that Government has certain rights relative thereto. This Agreement is limited by and made
subject to the Government’s rights under any such agreement and under any applicable Government’s law or regulation, including 35 U.S.C. §200 et seq. (“Bayh-Dole Act”). To the extent that there is a conflict between
any such agreement, such applicable law or regulation and this Agreement, the terms and conditions of such Government agreement, and/or applicable law or regulation, shall prevail. Licensee agrees to comply and permit OSIF to comply with the
Bayh-Dole Act, including to provide the reporting required, and unless waived pursuant to the Bayh-Dole Act to 

	 	
substantially manufacture Licensed Products and products produced through the use of Licensed Products in the United States. 

 

	 	2.4	 Diligent Commercialization. Licensee, by itself or through its Affiliates or Sublicensees,
shall use commercially reasonable efforts to commercialize Licensed Products in the Field of Use within the Territory. Without limiting the foregoing, Licensee shall, at a minimum: (a) use commercially reasonable efforts to maintain a bona
fide, funded, ongoing and active research, development, manufacturing, marketing, or sales program to make, offer for sale and sell Licensed Products so that Licensed Products are commercially available to the public as soon as commercially
practicable; and (b) fulfill the milestone events stated below (the “Diligence Milestones”): 

  

			
	 Diligence Milestone
	    	 Date to be
Completed/Achieved

	Re-qualify existing drug substance and/or drug product within the Assigned Assets or manufacture sufficient GMP material of Licensed Product to initiate a Clinical Trial.	    	Within [***] of the Effective Date
	Initiate or reinitiate a Clinical Trial. Such trial shall be deemed to have been initiated or reinitiated, as applicable, when such Licensed Product is first administered to any patient enrolled in such clinical trial	    	Within [***] of the Effective Date
	Initiate a subsequent Clinical Trial. Such trial shall be deemed to have been initiated when such Licensed Product is first administered to any patient enrolled in such clinical trial.	    	Within [***] of the completion of the Clinical Trial in the previous Diligence Milestone

 Licensee will have the right to extend the dates set forth above by making a payment of [***] per [***]
extension. Licensee will have the right to make up to [***] such extensions. In the event of any such extension, any later occurring diligence milestones dates will be similarly extended without any payment by Licensee. 

Without limiting the foregoing, if any of the obligations under this Section 2.4 are not fulfilled, OSIF may treat such failure as a
breach in accordance with Section 8.3(b). 

 Licensee shall provide written notification of the completion of each Diligence Milestone to
OSIF within thirty (30) days of completion. 
  

	 	2.5	 Assignment of Assigned Assets. OSIF hereby transfers and assigns to Licensee all of its
right, title, and interest in and to, and all of OSIF’s burdens, obligations and liabilities arising after the Effective Date in connection with, the Assigned Assets; provided that, any burdens, obligations or liabilities associated with the
Assigned Assets that arose prior to, or result from facts or circumstances existing prior to, the Effective Date (including the Existing Clinical Trials) shall be and remain, as between the Parties, the responsibility of OSIF (“Retained
Liabilities”). OSIF further agrees that it will execute all such other letters, documents, or instruments to memorialize the transfers and assignments herein, including but not limited to those letters, documents, or instruments to be
furnished to the FDA in order to effect the transfer of the IND in accordance with the terms of this Agreement, as Licensee shall reasonably request and at Licensee’s expense. Licensee hereby accepts the assignment and assumes and agrees to
observe and perform all of the duties, obligations, terms, provisions and covenants, and to pay and discharge all of the liabilities of OSIF to be observed, performed, paid or discharged from and after the Effective Date, in connection with the
Assigned Assets, other than the Retained Liabilities. OSIF shall defend and indemnify Licensee, its Affiliates and Sublicensees from and against any and all Retained Liabilities incurred by Licensee, its Affiliates or Sublicensees. OSIF shall
promptly (but in any event upon Licensee’s request) transfer to Licensee copies of all data, reports and know-how within the Licensed Know-How and Assigned Assets,
to the extent OSIF has actual possession of or access to such Licensed Know-How and Assigned Assets. 

  

	3.	 Compensation. 

 

	 	3.1	 Initial Fee. In consideration for the rights, licenses and assignments granted to Licensee
herein, Licensee shall pay to OSIF a non-refundable, up-front Initial Fee in the amount of two million dollars ($2,000,000) (“Initial Fee”) within [***]
of the Effective Date. The Initial Fee shall not be credited against any other amounts due under this Agreement. 

  

	 	3.2	 Royalties. By each Payment Deadline, Licensee shall pay OSIF non-refundable and non-creditable running royalties as follows: 

[***] 
 (collectively the
“Royalties”). For clarity, Net Sales of Licensed Product up to [***] during each Contract Year will bear royalties at the [***] rate and any incremental Net Sales of Licensed Product during such Contract Year exceeding [***] will
bear royalties at the [***] rate. 

 
Royalties will be payable, on a Licensed Product-by-Licensed Product and country-by-country basis, on Net Sales of Licensed Products until the last to expire Valid Claim within the Patent Rights covering the sale of such Licensed Product in the Field of Use in the country of sale.

 In the event it becomes necessary for Licensee or its Affiliate or Sublicensee, in the reasonable opinion of its counsel, to obtain a
license from a Third Party in order to make, have made, develop, import, use, sell, offer for sale, have sold or otherwise exploit any Licensed Product to avoid infringing an intellectual property right of a Third Party in that country, Licensee or
its Affiliate or Sublicensee may offset the running royalties payable to OSIF on a Licensed Product-by-Licensed Product and country-by-country basis by up to [***] of the royalties paid to such Third Party for such license in any Contract Period. 

Notwithstanding the foregoing, however, in no event, including the sale of a Combination Product, shall the Royalties payable by Licensee to
OSIF be lower than [***] of Net Sales of a Licensed Product. 
  

	 	3.3	 Reserved. 

 

	 	3.4	 Milestone Fees. Licensee shall pay OSIF the following one-time milestone payments within (60) days of the first achievement of each corresponding Milestone with respect to a Licensed Product by Licensee, its Affiliate or Sublicensee, according to the following
(collectively the “Milestone Fees”): 

  

			
	 Milestone
	  	Milestone Payment
Amount (USD)
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]

  

	 	3.5	 Sublicense Fees. For clarity, Net Sales by Sublicensees shall be subject to royalties
payable to OSIF as provided in Section 3.2. Within [***] of receiving any Non-Royalty Sublicensing Consideration, Licensee shall pay to OSIF an amount equal to the percentage of such Non-Royalty Sublicensing Consideration as follows, based on when the sublicense is granted to such Sublicensee (collectively the “Sublicensee Fees”); provided that any Milestone Fees paid or payable
by Licensee shall be creditable against the Sublicensee Fees: 

  

			
	 If such Sublicense is granted:
	  	% Non-Royalty Sublicensing
Consideration
	 [***]
	  	[***]
	 [***]
	  	[***]

	4.	 Reports and Plans. Utilizing the report forms in Appendices 2 and 3, incorporated
herein by reference, Licensee shall provide to the attention of OSIF’s payment and reporting contact stated in Appendix 4: (a) an annual written summary progress report by [***] of each Contract Year; (b) a payment and royalty report each
Contract Period by the applicable Payment Deadline. If no payments are due in any Contract Period, then Licensee shall submit the report so stating. The obligations in this Section 4 are in addition to and not in lieu of the other reporting
obligations in this Agreement. 

  

	5.	 Payment, Records, and Audits. 

 

	 	5.1	 Payments. All amounts referred to in this Agreement are expressed in U.S. dollars without
deductions for taxes, assessments, fees, or charges of any kind. All payments to OSIF shall be made in U.S. dollars by check or wire transfer (Licensee to pay all wire or other transfer fees) payable to Ohio State Innovation Foundation as stated in
Appendix 4. Except to the extent required by law, Licensee may not make any tax withholdings from payments to OSIF. 

  

	 	5.2	 Sales Outside the U.S. If any currency conversion shall be required in connection with the
calculation of payments hereunder, such conversion shall be made using the rate used by Licensee for its financial reporting purposes in accordance with U.S. Generally Accepted Accounting Principles (or foreign equivalent). 

 

	 	5.3	 Late Payments. Amounts that are not paid when due shall accrue a late charge from the due
date until payment is received by OSIF, at a rate equal to 0.5% per month (or the maximum allowed by law, if less). Acceptance of late payments does not negate or waive any other right or remedy to which OSIF may be entitled. 

 

	 	5.4	 Records. For a period of [***] after the Contract Period to which the records pertain,
Licensee agrees that it, Affiliates and Sublicensees shall keep complete and accurate records pertaining to any consideration owed pursuant to this Agreement, including Net Sales, Royalty payment calculations, Milestone Fees, and Non-Royalty Sublicensing Consideration, in sufficient detail to enable payments to be determined and audited. 

  

	 	5.5	 Auditing. OSIF or its representatives, shall be permitted, at OSIF’s expense, to
periodically examine and/or audit the records required by Section 5.4 (“Examination”) during regular business hours, at Licensee’s and/or its Sublicensee’s place of business, on at least [***] advance notice, to
verify any payment or report made pursuant to this Agreement. For each Sublicensee, Licensee shall obtain similar Examination rights for itself. If Licensee conducts 

	 	
an Examination of Sublicensee’s records, Licensee shall furnish to OSIF a copy of the findings from such Examination. No more than one Examination of Licensee shall be conducted under this
Section 5.5 in any Contract Year. If any amounts due OSIF have been underpaid as of the date of the Examination, then Licensee shall immediately pay OSIF the amount of such underpayment plus accrued interest due in accordance with
Section 5.3. If the amount of underpayment is equal to or greater than [***] of the total amount due for the records so examined, Licensee shall also reimburse OSIF the costs of such Examination and any collection actions taken. Such
Examinations may, at OSIF’s sole discretion, consist of a self-audit conducted by Licensee at OSIF’s expense and certified in writing by an authorized officer of Licensee. All information examined pursuant to this Section 5.5
shall be the Confidential Information of Licensee. 

  

	6.	 Intellectual Property Management. 

 

	 	6.1	 Reserved. 

  

	 	6.2	 Ongoing Patent Expenses. Licensee shall reimburse OSIF for all costs and expenses that it
incurs in the prosecution and maintenance of the Patent Rights on or after the Effective Date within [***] after Licensee’s receipt of each invoice. Notwithstanding the foregoing, OSIF may require Licensee to
pre-pay such costs and expenses predicted for certain Patent Rights upon not less than thirty (30) days’ prior written request, in the event of extraordinary expenses to be incurred, including for
nationalization of the Patent Rights. Any such predicted amounts that are in excess of OSIF’s actual costs in prosecuting and maintaining the Patent Rights will be promptly refunded to Licensee or credited against future prosecution and
maintenance cost with respect to the Patent Rights, at Licensee’s direction. Without limitation, failure to strictly comply with Sections 6.1 or 6.2 shall be considered a payment default under Section 8.3(a). 

 

	 	6.3	 Responsibility & Coordination. OSIF shall control the
preparation, prosecution, defense and maintenance of the Patent Rights using counsel of its choosing. So long as Licensee is not in default of Section 6.2, OSIF shall instruct such patent counsel to provide copies of all material documents it
receives from or submits to (at least [***] prior to submission) patent offices regarding the Patent Rights in the Field of Use and Territory and OSIF shall reasonably consider Licensee’s comments when timely provided. OSIF shall pay under
large entity designation unless the Licensee and each of its Sublicensees are entitled to claim small entity designation with the USPTO and Licensee has provided OSIF written notice thereof. Licensee shall promptly notify OSIF upon loss of
entitlement to small entity designation and, without limitation, pay all costs and expenses associated therewith. 

	 	6.4	 Foreign Filings. In addition to the U.S., the Patent Rights shall, subject to applicable
bar dates and Licensee’s compliance with Section 6.2, be pursued in such foreign countries as Licensee so designates in writing to OSIF in sufficient time to reasonably enable the preparation of such additional filings (in no event less
than [***] prior to any deadline), and in those foreign countries in which OSIF has filed applications prior to the Effective Date. 

  

	 	6.5	 Withdrawal from Paying Patent Costs. If at any time Licensee wishes to cease paying for
any costs for a particular Patent Right, including for patent prosecution, in a particular jurisdiction, Licensee must give OSIF at least [***] prior written notice and Licensee shall continue to be obligated under Section 6.2 for costs and
expenses incurred during said notice period. Thereafter, said patent application or patent in such jurisdiction shall no longer be included in the Licensed Subject Matter and Licensee shall have no further rights thereto. 

 

	 	6.6	 Challenge. In the event Licensee, its Affiliate and/or any Sublicensee intends to challenge the
validity or enforceability of any of the Patent Rights, whether through a declaratory judgment action, opposition, post-grant proceeding or otherwise, then Licensee shall: (a) use reasonable efforts to give OSIF [***] days prior written notice;
(b) continue to make all payments due hereunder directly to OSIF; and (c) have no right to pay into escrow or other account any amounts due OSIF hereunder; provided that, OSIF’s sole remedy for Licensee’s breach of
Section 6.6(a) shall be termination in accordance with Section 8.3(c), if such challenge is made. For purposes of clarity, no payment made to OSIF pursuant to this Section 6.6 is refundable or may be offset, including any amounts paid
under this Agreement prior to or during the period of the challenge, even if the challenge is successful or it is otherwise determined that the Patent Rights are invalid or unenforceable. 

 

	7.	 Infringement and Litigation. 

 

	 	7.1	 Licensee’s Enforcement Rights. If either Party becomes aware of any threatened or
actual infringement of the Patent Rights, then such Party shall notify the other Party thereof and Licensee shall have the first right, in its discretion, to abate the infringement in the Field of Use and in the Territory, within a period of [***]
from its receipt of notice of such infringement, provided OSIF is kept fully informed and given the opportunity to advise and comment thereon. Licensee shall take into account all comments offered from or on behalf of OSIF. Licensee shall be
responsible for payment of all costs and expenses associated with such abatement, including those costs and expenses incurred by OSIF in providing cooperation or joining an enforcement action as a party as provided in Section 7.3.
Notwithstanding Section 3.5, amounts received, including for lost profits, in excess of Licensee’s costs and third-party expenses in enforcing the Patent Rights and amounts actually reimbursed by

	 	
Licensee to OSIF under this Section 7.1, shall be shared with OSIF by Licensee within [***] of receipt at a payment rate of: [***]. 

 

	 	7.2	 OSIF’s Enforcement Rights. After the [***] period described in Section 7.1, or
earlier if Licensee provides written notice to OSIF that Licensee does not intend to initiate abatement, then OSIF shall have the right, at its sole discretion and expense, to abate the infringement, or potential infringement, provided that
(a) Licensee is kept fully informed and given the opportunity to advise and comment on any such abatement action taken by OSIF and (b) OSIF will not grant a release, settle or otherwise compromise any such abatement action in a manner that
adversely affects Licensee’s interests without Licensee’s prior written consent, which shall not be unreasonably withheld. OSIF shall take into account all comments offered from or on behalf of Licensee. OSIF shall be responsible for
payment of all costs and expenses associated with such abatement action, including those costs and expenses incurred by Licensee in providing cooperation or joining an enforcement action as a party as provided in Section 7.3. Any amounts
received, including for lost profits, in excess of OSIF’s costs and third-party expenses in enforcing the Patent Rights, shall be shared with Licensee by OSIF within [***] of receipt at a payment rate of: [***]. 

 

	 	7.3	 Cooperation between OSIF and Licensee. In any infringement suit or dispute regarding the
Patent Rights, the Parties agree to cooperate fully with each other in a reasonable manner provided costs and expenses are being reimbursed as allocated in this Section 7. If it is necessary to name OSIF as a party in such action, then Licensee
must first provide OSIF with prior written notice of such requirement, and OSIF shall join as a party to such action at Licensee’s expense. Regardless, OSIF shall have the right to be represented by counsel selected by OSIF.

  

	8.	 Term and Termination. 

 

	 	8.1	 Term. Unless earlier terminated as provided herein, the term of this Agreement shall
commence on the Effective Date and continue until the last to expire Valid Claim within the Patent Rights (“Term”). Upon expiration (but not earlier termination) of this Agreement, the licenses granted to Licensee in
Section 2.1 shall become fully paid-up, perpetual, irrevocable and non-exclusive. 

 

	 	8.2	 Termination by Licensee. Licensee, at its option and for any reason, may terminate this
Agreement by providing OSIF written notice, and such termination shall become effective [***] after receipt of such notice by OSIF. 

  

	 	8.3	 Termination by OSIF. OSIF, at its option, may immediately terminate this Agreement, in
whole or in part, upon delivery of written notice to Licensee of OSIF’s decision to terminate, if any of the following occur: 

	 	(a)	 Licensee has failed to make any payment when due under this Agreement, and does not make the required payment
within [***] after delivery of written notice of such failure from OSIF; 

  

	 	(b)	 Licensee is in material breach of any non-payment provision of this
Agreement, and does not cure such breach within [***] after delivery of written notice from OSIF; or 

 (c) To the extent
not prohibited by applicable law, Licensee or its Affiliate or Sublicensee initiates any proceeding or action to challenge the validity, enforceability, ownership or scope of one or more Valid Claims of the Patent Rights, or assist a Third Party in
pursuing such a proceeding or action; provided that such challenge is, in the case of such a challenge brought by Licensee or its Affiliate, directed to subject matter within the scope of the licenses granted to Licensee hereunder or, in the case of
such an action brought by a Sublicensee, is directed to subject matter (and is brought in the territory) within the scope of the sublicense granted to such Sublicensee pursuant to the applicable Sublicense Agreement. Such termination shall be
effective, with respect to the initiating party, after [***] written notice by OSIF to Licensee, unless (i) Licensee, or such Affiliate or Sublicensee (as applicable), within such [***], withdraws from such patent challenge, or (ii) in the
case of a challenge by a Sublicensee, Licensee terminates the Sublicense Agreement with such Sublicensee. Notwithstanding anything herein to the contrary, termination by OSIF under this Section 8.3(c) is not permitted for any counterclaim or
defense made by Licensee, an Affiliate or Sublicensee as a defendant in any patent infringement claim made by or on behalf of OSIF, based on activities that are outside of the scope of the applicable license or sublicense granted hereunder; 

provided, in the event of termination by OSIF under subsections (a) and (b) above, that OSIF may not terminate this Agreement if before
the expiration of the [***], as applicable, Licensee has cured the breach or default and provides OSIF with written evidence of such cure; and further provided that if such breach cannot be cured within such [***] period (as determined in good faith
by Licensee and communicated to OSIF in writing prior to the expiration of such [***] period), so long as Licensee is using good faith efforts to and can demonstrate reasonable steps to cure any default that could not reasonably be cured within the
[***] time period, Licensee shall not be deemed in material breach of this Agreement due to such alleged material breach (and, for clarity, OSIF may not terminate this Agreement due to such alleged material breach) and OSIF agrees to work with
Licensee in good faith to develop a plan to accomplish such cure, which plan shall be submitted in writing to OSIF. 
  

	 	8.4	 Other Conditions of Termination. This Agreement shall terminate: 

	 	(a)	 Upon written notice thereof by OSIF to Licensee, unless prohibited by applicable law, without the necessity of
any additional action being taken by OSIF or Licensee if: (i) Licensee files a bankruptcy action or is finally adjudicated bankrupt or insolvent; (ii) Licensee’s Board of Directors elects to liquidate its assets or dissolve its
business; (iii) Licensee ceases its business operations; (iv) Licensee makes an assignment for the benefit of creditors; or (v) if the business or assets of Licensee are otherwise placed in the hands of a receiver, assignee or
trustee, whether by voluntary act of Licensee or otherwise, and such act is not reversed within [***] of its institution; provided that, in each case (i)-(v), Licensee shall provide notice to OSIF within [***] of the occurrence of any of the events
set forth in subsections (i)-(v) herein; or 

  

	 	(b)	 At any time by mutual written agreement between Licensee and OSIF. 

 

	 	8.5	 Effect of Termination. If this Agreement: 

 

	 	(a)	 Is terminated, then all Sublicense Agreements in compliance with this Agreement where the Sublicensee is in
compliance as of the date of such termination with such Sublicense Agreement shall remain in effect and such Sublicensee shall become a direct licensee of OSIF, except that OSIF shall not be bound by terms or conditions set forth in any Sublicense
Agreement that extend beyond the duties and obligations of OSIF set forth in this Agreement and such Sublicensee’s financial obligation to OSIF shall be equal to the amount that OSIF would otherwise be entitled to receive as a result of such
Sublicensee’s activities if this Agreement had remained in effect; 

  

	 	(b)	 Is terminated, then, except as expressly set forth herein, all rights and obligations under this Agreement
shall terminate, provided that for [***] following the date of such termination, Licensee may sell any remaining inventory of Licensed Products that it holds as of the effective date of such termination, subject to its royalty obligations hereunder;

  

	 	(c)	 Is terminated or expires, then Licensee shall tender payment of all accrued payments due to OSIF as of the
effective date of termination or expiration within [***] of such termination or expiration, including payment of all unreimbursed costs and expenses incurred under Section 6 prior to the effective date of termination or expiration upon receipt
of invoice therefor, and render a final report covering the subject matter described in Section 4; 

  

	 	(d)	 Is terminated or expires, then nothing in this Agreement shall be construed to release either Party from any
right or obligation that matured prior to the effective date of termination or expiration; and 

	 	(e)	 Is terminated or expires, then this Section 8.5 (Effects of Termination) and Sections 1 (Definitions), 2.5
(Assignment of Assigned Assets), 7.1 (Licensee’s Enforcement Rights), 7.3 (Cooperation between OSIF and Licensee), 8.1 (Term), 9 (Confidentiality), 11.2 (OSIF Disclaimers), 12 (Limit of Liability), 13 (Indemnification Obligation), 14 (Insurance
Requirements), 15 (Assignment), 17 (Use of Name), 18 (Notices), and 19 (General Provisions) shall survive any termination or expiration of this Agreement. In addition, the provisions of Sections 3 (Compensation), 4 (Reports and Plans), 5 (Payment,
Records and Audits), 6 (Intellectual Property Management) and 8 (Term and Termination) shall survive with respect to all activities and payment obligations accruing prior to the termination or expiration of this Agreement. 

 

	9.	 Confidentiality. 

 

	 	9.1	 Treatment of Confidential Information. Recipient shall use reasonable care to safeguard the
confidentiality of the Confidential Information of Discloser and shall not provide any such Confidential Information to third parties or use other than as permitted below without Discloser’s prior written consent. 

 

	 	9.2	 Right to Disclose. 

 

	 	(a)	 Licensee consents to OSIF disclosing Confidential Information of Licensee to OSU, and other third parties to
the extent it is reasonably necessary to fulfill its obligations or exercise its rights under this Agreement, on the condition OSIF has confidentiality obligations and non-use restrictions at least as
stringent as those on OSIF hereunder with OSU and/or such third parties. 

  

	 	(b)	 To the extent it is reasonably necessary to fulfill its obligations or exercise its rights under this
Agreement, Licensee may disclose Confidential Information of OSIF on the condition that the party to whom it provides the Confidential Information has agreed to terms and conditions of confidentiality and
non-use at least as stringent as those on Licensee herein. 

  

	 	(c)	 If Recipient is required by law, regulation, or court order to disclose any of the Confidential Information of
Discloser, then it may do so provided it had promptly notified Discloser in advance and had reasonably assisted Discloser, if needed, for Discloser to try to obtain a protective order or other remedy of Discloser’s election and expense. Any
Confidential Information of Discloser so disclosed shall maintain its confidentiality protection for all purposes other than such legally required disclosure. 

 

	 	(d)	 Notwithstanding anything to the contrary, neither Party is obligated to maintain the existence of this
Agreement as Confidential Information. 

	 	9.3	 Press Release. The Parties mutually agree that the press release substantially in the form of the
attached hereto as Appendix 6 with respect to this Agreement does not disclose either party’s Confidential Information. Further, the Parties agree to work in good faith to obtain any requisite approvals of the press release and in no case later
than January 7, 2019.  

  

	 	9.4	 Surviving Obligations. All Confidential Information of the Discloser shall be returned or
destruction certified by Recipient at the end of the Term, at Discloser’s election, provided that Recipient shall be permitted to retain one copy of such Confidential Information in its legal function solely in order to verify its compliance
hereunder and exercise any surviving rights hereunder, and electronic records maintained for archival purposes need not be destroyed. The Parties’ confidentiality and non-use obligations under this
Agreement shall survive the expiration or termination of this Agreement, and shall continue for a period of seven (7) thereafter. 

  

	 	9.5	 Injunctive Relief. In addition to and not in lieu of any other rights or remedies, Discloser may
seek specific performance, injunctive and other equitable relief as a remedy for any breach or threatened breach of this Section 9 without showing actual monetary damages in connection therewith. 

 

	 	9.6	 Publication. To avoid loss of patent rights as a result of premature public disclosure of inventions or
data, OSIF, on behalf of OSU, shall submit to Licensee as promptly as practicable under the circumstances: 

 (i) all
invention disclosure forms received by OSIF from OSU personnel that directly relate to the pharmaceutical composition known as AR-42 (“AR-42”), 

(ii) any publication, presentation or other disclosure of any information directly relating to AR-42
that OSIF, through OSU’s technology transfer office, becomes aware of (“Relevant Publications”), and 
 (iii) advance copy of
any manuscript for the proposed publication or disclosure in (ii) above.
 The Parties acknowledge the mutual goal of avoiding loss of
patent rights and protection of Licensee’s Confidential Information and shall endeavor in good faith to provide Licensee with advance notice of Relevant Publication (including a copy of such Relevant Publication) and delay such Relevant
Publication so that (a) a patent application may be filed on any invention directly relating to AR-42 which is disclosed in such publications, presentation, or other disclosure and/or
(b) Licensee’s Confidential Information may be deleted. To assist in achieving this mutual goal, OSIF shall, promptly after execution of this Agreement, notify OSU personnel of this Agreement who are known to OSIF to be interested in
conducting future or ongoing research relating to AR-42 of the existence of this Agreement and the 

 
Parties’ mutual goal of avoiding loss of patent rights and Licensee’s Confidential Information relating to Licensed Subject Matter. 

 

	10.	 Export Compliance. Without limiting Section 11.3(i), Licensee shall observe
all applicable United States and foreign laws and regulations with respect to the research, development, manufacture, marketing and transfer of Licensed Products and related technical data, including, without limitation, the International Traffic in
Arms Regulations (ITAR) and the Export Administration Regulation and hereby represents and covenants that Licensee: (a) is neither a national of, nor controlled by a national of, any country to which the United States prohibits the export or re-export of goods, services, or technology; (b) is not a person specifically designated as ineligible to export from the United States or deal in U.S. origin goods, services, or technologies; (c) shall
not export or re-export, directly or indirectly, any goods, services, or technology to any country or person (including juridical persons) to which the United States prohibits the export of goods, technology
or services; and (d) in the event that a United States government license or authorization is required for an export or re-export of goods, services, or technology (including technical information
acquired from OSIF under this Agreement and/or any products created by using such technical information or any part thereof), shall obtain any necessary United States government license or other authorization prior to undertaking the export or re-export. Without limitation, Licensee shall include a provision in Sublicense Agreements, substantially similar to this Section 10, requiring that Sublicensees comply with all then-current applicable export
laws and regulations and other applicable laws and regulations. 

  

	11.	 Representations and Disclaimers. 

 

	 	11.1	 OSIF Representations. Except for the rights, if any, of the Government, OSIF represents
and warrants to Licensee that to the knowledge of OSIF: (a) OSIF is the owner or agent of the entire right, title, and interest in and to Patent Rights (other than the right, title and interest of any joint owner); (b) OSIF has the right to
grant the license(s) hereunder; and, (c) OSIF has not knowingly granted and shall not knowingly grant licenses or other rights under the Patent Rights and Assigned Assets that are in conflict with the terms and conditions in this Agreement.
OSIF further represents and warrants to Licensee that, since the Termination Effective Date: (a) OSIF has maintained the IND in compliance with all applicable laws and (b) OSIF has not initiated, conducted or otherwise resumed any clinical
trial activities pursuant to the IND. OSIF further represents and warrants that the INDs are scientifically valid and in compliance with FDA regulations and guidelines. 

 

	 	11.2	 OSIF Disclaimers. EXCEPT AS SPECIFICALLY SET FORTH IN SECTION 11.1, LICENSEE UNDERSTANDS
AND AGREES THAT OSIF MAKES NO 

	 	
OTHER REPRESENTATIONS OR WARRANTIES AND OSIF, ON BEHALF OF ITSELF AND OSU, EXPRESSLY DISCLAIM ALL OTHER REPRESENTATIONS AND WARRANTIES, WHETHER EXPRESS, STATUTORY, IMPLIED OR OTHERWISE, INCLUDING
AS TO THE LICENSED PRODUCTS AND ASSIGNED ASSETS, THE OPERABILITY OR FITNESS FOR ANY USE OR PARTICULAR PURPOSE, MERCHANTABILITY, SAFETY, EFFICACY, APPROVABILITY BY REGULATORY AUTHORITIES, TIME AND COST OF DEVELOPMENT, PATENTABILITY, NONINFRINGEMENT,
BREADTH OF PATENT RIGHTS, WHETHER ANY CLAIM WILL ISSUE OR IS VALID, AND AS TO WHETHER THERE ARE ANY PATENTS NOW HELD, OR WHICH MAY BECOME HELD, BY ANY ENTITY THAT MIGHT BE REQUIRED FOR THE PRACTICE OF LICENSED SUBJECT MATTER AND ASSIGNED ASSETS.

  

	 	11.3	 Licensee Representations, Warranties and Covenants. Licensee represents and warrants that:
(a) Licensee has not been unlawfully induced in any way by OSIF or its representatives to enter into this Agreement and (b) it is a duly organized and validly existing entity in good standing under the laws of its jurisdiction of
organization, and has all necessary corporate or other appropriate power and authority to execute, deliver and perform its obligations hereunder. Licensee shall: (i) comply with all applicable international, national, or local laws and
regulations in its performance under this Agreement, including export control laws; (ii) shall exercise commercially reasonable efforts to pursue the development, manufacture, and sale of Licensed Products throughout the Term; and
(iii) shall continue to maintain throughout the Term and beyond insurance coverage as set forth in Section 14. 

  

	12.	 Limit of Liability. IN NO EVENT SHALL EITHER PARTY OR THEIR RESPECTIVE AFFILIATES,
OR THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, STUDENTS, TRUSTEES, AGENTS OR INDEPENDENT CONTRACTORS IN THEIR CAPACITY FOR SUCH PARTY OR SUCH AFFILIATE, BE LIABLE FOR ANY INDIRECT, SPECIAL, CONSEQUENTIAL, INCIDENTAL, EXEMPLARY, OR PUNITIVE
DAMAGES, INCLUDING DAMAGES FOR LOSS OF PROFITS OR REVENUE ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR LICENSED SUBJECT MATTER, REGARDLESS OF WHETHER ANY SUCH PARTY KNOWS OR SHOULD KNOW OF THE POSSIBILITY OF SUCH DAMAGES, OTHER THAN FOR
LIABILITIES AGAINST SUCH PARTY FOR WHICH IT PROVIDES INDEMNIFICATION IN ACCORDANCE WITH THIS AGREEMENT OR, WITH RESPECT TO LICENSEE, FOR MISUSE, MISAPPROPRIATION OR INFRINGEMENT OF OSIF’S INTELLECTUAL PROPERTY RIGHTS, OR FOR BREACH OF ARTICLE 9
(CONFIDENTIALITY). 

  

	13.	 Indemnification Obligation. Licensee agrees to hold harmless, defend and indemnify OSIF,
OSU, their respective Affiliates, and their respective officers, 

	 	
directors, employees, students, inventors, trustees, agents, and independent contractors (“Indemnified Parties”) from and against any liabilities, damages, causes of action,
suits, judgments, liens, penalties, fines, losses, costs and expenses, including reasonable attorneys’ fees and other expenses of litigation, resulting from claims or demands brought by third parties (collectively
“Liabilities”) against an Indemnified Party on account of any injury or death of persons, damage to property, or any other damage or loss arising out of or in connection with this Agreement, and/or the exercise or practice of the
rights granted hereunder by or under authority of Licensee and/or Sublicensee; provided, however, Licensee shall have no responsibility or obligation under this Section to the extent of Liabilities caused solely by the gross negligence or willful
misconduct by OSIF or breach of this Agreement by OSIF. 

  

	14.	 Insurance Requirements. Prior to any Licensed Product being used in humans,
including for the purpose of obtaining regulatory approval, or offered for sale by Licensee or Sublicensee, and for a period of five (5) years after this Agreement expires or is terminated, Licensee shall, at its sole cost and expense, procure
and maintain commercial general liability insurance in commercially reasonable and appropriate amounts for the Licensed Product to ensure its obligations under this Agreement. Licensee shall use commercially reasonable efforts to have OSIF, OSU and
their respective Affiliates, officers, directors and employees named as additional insureds. Such commercial general liability insurance shall provide, without limitation: (a) product liability coverage; (b) broad form contractual
liability coverage for Licensee’s indemnification under this Agreement; and (c) coverage for abatement and/or litigation costs. Upon request by OSIF, Licensee shall provide OSIF with written evidence of such insurance. Additionally,
Licensee shall provide OSIF with advance written notice of at least sixty (60) days prior to Licensee cancelling, not renewing, or materially changing such insurance. 

 

	15.	 Assignment. This Agreement is not assignable or otherwise transferable, including
by operation of law, merger or other business combination, by Licensee without the prior written consent of OSIF, which consent shall not be unreasonably withheld, provided that Licensee may assign this Agreement without such consent to an Affiliate
or to a successor to all or substantially all of its business or assets to which this Agreement pertains (whether by merger, acquisition, operation of law or otherwise). For any permitted assignment or transfer to be effective, Licensee must be in
good standing under this Agreement and the assignee must assume in writing all of Licensee’s interests, rights, duties, liabilities and obligations under this Agreement and agree to comply with all terms and conditions of this Agreement as if
assignee were an original Party to this Agreement. OSIF shall be notified of such assignment within thirty (30) days of its execution. 

	16.	 Patent Markings. To the extent required by law, Licensee agrees that all Licensed
Products shall be marked as permitted in accordance with each country’s patent marking laws, including Title 35, U.S. Code, in the United States. 

  

	17.	 Use of Name. Except as set forth in Section 9.3 and as otherwise reasonably
necessary to describe the relationship between Licensee and OSIF, neither Party shall use the name, trademarks or other marks of the other Party (or in the case of OSIF, OSU) without the advance written consent of such other Party and, in the case
of OSU, OSU’s Office of Trademarks and Licensing. OSIF and OSU may use Licensee’s name solely for purposes of listing Licensee in annual reports, brochures, website and internal reports without prior consent. 

 

	18.	 Notices. Any notice or other communication of the Parties required or permitted to
be given or made under this Agreement shall be in writing and shall be deemed effective on the date received when sent in a manner that provides confirmation or acknowledgement of delivery and received at the applicable address set forth in Appendix
4, incorporated herein by reference. Notices required under this Agreement may be delivered via E-mail (receipt confirmed). Late payment notices are sufficiently delivered via
E-mail only. 

  

	19.	 General Provisions. 

 

	 	19.1	 Binding Effect. This Agreement is binding upon the Parties hereto, their respective executors,
administrators, heirs, assigns and successors in interest and inures to the benefit of the Parties and their permitted successors and assigns. Conveyances made in contravention with the terms of this Agreement shall be null and void.

  

	 	19.2	 Construction of Agreement. Both Parties agree that any ambiguity in this Agreement shall
not be construed more favorably toward one Party than the other Party, regardless of which Party primarily drafted this Agreement. Headings are for the convenience of the Parties and do not impart independent meaning to this Agreement.

  

	 	19.3	 Counterparts and Signatures. This Agreement may be executed in multiple counterparts, each
of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument. A Party may evidence its execution and delivery of this Agreement by transmission of a signed copy of this Agreement via facsimile or
email. 

  

	 	19.4	 Registration of Licenses. Licensee agrees to register and give required notice concerning this
Agreement, at its expense, in each country where an obligation exists under law to so register or give notice and shall reasonably consider OSIF’s comments regarding redaction. 

	 	19.5	 Governing Law; Jurisdiction. This Agreement shall be construed and enforced in accordance
with laws of the State of Ohio, without regard to choice of law and conflicts of law principles. The Parties agree that any claim or cause of action regarding this Agreement shall be brought in a court of competent jurisdiction in [***].

  

	 	19.6	 Modification. Any modification of this Agreement shall be effective only if it is in
writing and signed by duly authorized representatives of both Parties unless provided under Sections 2.2, 2.3, 6.4 or 6.5. 

  

	 	19.7	 Severability. If any provision hereof is invalid, illegal or unenforceable in any
jurisdiction, the Parties hereto shall negotiate in good faith a valid, legal and enforceable substitute provision that most nearly reflects the original intent of the Parties, and all other provisions hereof shall remain in full force and effect in
such jurisdiction and shall be construed in order to carry out the intentions of the Parties hereto as nearly as may be possible. Such invalidity, illegality or unenforceability shall not affect the validity, legality or enforceability of such other
provisions in any other jurisdiction, so long as the essential essence of this Agreement remains enforceable. 

  

	 	19.8	 Third Party Beneficiaries. Nothing in this Agreement shall be interpreted as placing the
Parties in an employment, partnership, joint venture or agency relationship and neither Party shall have the right or authority to obligate or bind the other Party on its behalf. Nothing in this Agreement, express or implied, is intended to confer
any benefits, rights or remedies on any entity, other than the Parties, OSU, and their permitted successors and assigns. 

  

	 	19.9	 Waiver. Neither Party shall be deemed to have waived any of its rights under this
Agreement unless the waiver is in writing and signed by such Party. No delay or omission of a Party in exercising or enforcing a right or remedy under this Agreement shall operate as a waiver thereof. 

 

	 	19.10	 Entire Agreement. This Agreement constitutes the entire agreement between the Parties
regarding the subject matter hereof, and supersedes all prior written or verbal agreements, representations and understandings relative to such matters. 

IN WITNESS WHEREOF, the Parties hereto have caused their duly authorized representatives to execute this Agreement as of the Effective Date.

									
	Ohio State Innovation Foundation	 		 	Recursion Pharmaceuticals:
					
	BY:	 	 /s/ R. Scott Osborne
	 		 	BY:	 	 /s/ Chris Gibson

	NAME:	 	R. Scott Osborne	 		 	NAME:	 	Chris Gibson
	TITLE:	 	President	 		 	TITLE:	 	Co-Founder & CEO
	DATE:	 	December 22, 2018	 		 	DATE:	 	December 21, 2018

 Appendix 1 

Description of Licensed Subject Matter 

Patent Rights 
  

									
	Country	  	Title	  	Application No.	  	Filing Date	  	Patent No.
	United States	  	Methods and Compositions for Treating Multiple Myeloma	  	15/254,900	  	9/1/2016	  	
	Australia	  	Hdac Inhibitors for Suppressing Cancer-Related Cachexia	  	2014353070	  	11/19/2014	  	
	Canada	  	Hdac Inhibitors for Suppressing Cancer-Related Cachexia	  	2930606	  	11/19/2014	  	
	China	  	Hdac Inhibitors for Suppressing Cancer-Related Cachexia	  	2014800636797	  	11/19/2014	  	
	European Patent Office	  	Hdac Inhibitors for Suppressing Cancer-Related Cachexia	  	14824959.2	  	11/19/2014	  	
	Hong Kong	  	Hdac Inhibitors for Suppressing Cancer-Related Cachexia	  	171034759	  	11/19/2014	  	
	India	  	Hdac Inhibitors for Suppressing Cancer-Related Cachexia	  	201617019838	  	11/19/2014	  	
	Japan	  	Hdac Inhibitors for Suppressing Cancer-Related Cachexia	  	2016530241	  	11/19/2014	  	
	Republic of Korea	  	Hdac Inhibitors for Suppressing Cancer-Related Cachexia	  	1020167016307	  	11/19/2014	  	
	Mexico	  	Hdac Inhibitors for Suppressing Cancer-Related Cachexia	  	MXA2016006058	  	11/19/2014	  	
	Russian Federation	  	Hdac Inhibitors for Suppressing Cancer-Related Cachexia	  	2016118228	  	11/19/2014	  	
	United States	  	Methods for Suppressing Cancer-Related Cachexia	  	14/547,771	  	11/19/2014	  	
	United States	  	Zn2+-chelating motif-tethered short-chain fatty acids as a novel class of histone deacetylase inhibitors	  	10/597,022	  	12/1/2004	  	9,115,090
	United States	  	Zn2+chelating motif-tethered short-chain fatty acids as a novel	  	12/361,626	  	1/29/2009	  	8,318,808

									
		  	class of histone deacetylase inhibitors	  		  		  	
	Australia	  	Zn2+-chelating motif-tethered short-chain fatty acids as a novel class of histone deacetylase inhibitors	  	2004296764	  	12/1/2004	  	2004296764
	Canada	  	Zn2+-chelating motif-tethered short-chain fatty acids as a novel class of histone deacetylase inhibitors	  	2552279	  	12/1/2004	  	2552279
	Switzerland	  	Zn2+-chelating motif-tethered short-chain fatty acids as a novel class of histone deacetylase inhibitors	  	04812666.8	  	12/1/2004	  	1696898
	Denmark	  	Zn2+-chelating motif-tethered short-chain fatty acids as a novel class of histone deacetylase inhibitors	  	04812666.8	  	12/1/2004	  	1696898
	Spain	  	Zn2+-chelating motif-tethered short-chain fatty acids as a novel class of histone deacetylase inhibitors	  	04812666.8	  	12/1/2004	  	1696898
	Finland	  	Zn2+-chelating motif-tethered short-chain fatty acids as a novel class of histone deacetylase inhibitors	  	04812666.8	  	12/1/2004	  	1696898
	Ireland	  	Zn2+-chelating motif-tethered short-chain fatty acids as a novel class of histone deacetylase inhibitors	  	04812666.8	  	12/1/2004	  	1696898
	Luxembourg	  	Zn2+-chelating motif-tethered short-chain fatty acids as a novel class of histone deacetylase inhibitors	  	04812666.8	  	12/1/2004	  	1696898
	Netherlands	  	Zn2+-chelating motif-tethered short-chain fatty acids as a novel class of histone deacetylase inhibitors	  	04812666.8	  	12/1/2004	  	1696898
	Belgium	  	Zn2+-chelating motif-tethered short-chain fatty acids as a novel class of histone deacetylase inhibitors	  	04812666.8	  	12/1/2004	  	1696898
	Germany	  	Zn2+-chelating motif-tethered short-chain fatty acids as a novel	  	04812666.8	  	12/1/2004	  	1696898

									
		  	class of histone deacetylase inhibitors	  		  		  	
	France	  	Zn2+-chelating motif-tethered short-chain fatty acids as a novel class of histone deacetylase inhibitors	  	04812666.8	  	12/1/2004	  	1696898
	United Kingdom	  	Zn2+-chelating motif-tethered short-chain fatty acids as a novel class of histone deacetylase inhibitors	  	04812666.8	  	12/1/2004	  	1696898
	Hungary	  	Zn2+-chelating motif-tethered short-chain fatty acids as a novel class of histone deacetylase inhibitors	  	04812666.8	  	12/1/2004	  	1696898
	Italy	  	Zn2+-chelating motif-tethered short-chain fatty acids as a novel class of histone deacetylase inhibitors	  	04812666.8	  	12/1/2004	  	1696898
	Liechtenstein	  	Zn2+-chelating motif-tethered short-chain fatty acids as a novel class of histone deacetylase inhibitors	  	04812666.8	  	12/1/2004	  	1696898
	Monaco	  	Zn2+-chelating motif-tethered short-chain fatty acids as a novel class of histone deacetylase inhibitors	  	04812666.8	  	12/1/2004	  	1696898
	Japan	  	Zn2+-chelating motif-tethered short-chain fatty acids as a novel class of histone deacetylase inhibitors	  	2006-542704	  	12/1/2004	  	5107579
	Japan	  	Zn2+-chelating motif-tethered short-chain fatty acids as a novel class of histone deacetylase inhibitors	  	2011-144993	  	6/29/2011	  	5702681
	PCT	  	METHODS AND COMPOSITIONS FOR THE TREATMENT OF CANCER CACHEXIA	  	PCT/US2018/050928	  	9/13/2018	  	

 Licensed Know-How 

[***] 

 Appendix 6 

Press Release 
 Recursion
Signs Global Licensing Agreement with the Ohio State Innovation Foundation to Develop REC-2282 to Treat Neurofibromatosis Type 2 

SALT LAKE CITY, December XX, 2018 — Recursion, a clinical-stage biotechnology company combining artificial intelligence (AI), experimental biology and
automation to discover and develop drugs at scale, today announced it has entered into a licensing agreement with the Ohio State Innovation Foundation (OSIF), the technology transfer function of The Ohio State University, gaining rights to OSU-HDAC42, a clinical stage compound that will be developed by Recursion as REC-2282. Recursion plans to develop the compound in neurofibromatosis type 2 (NF2), a devastating
rare tumor syndrome. 
 “We leveraged our unique discovery platform to identify potential therapies for NF2 from among known compounds with the
potential for accelerated development,” said Chris Gibson, Ph.D., co-founder and CEO of Recursion. “We found a strong signal in our data for REC-2282 as a
potential treatment for NF2, and upon further diligence, discovered the drug was already being pursued in the treatment of this disease. The universe of experimental treatments is vast, but the data arbitrage generated empirically on our platform
gave us the confidence to move forward quickly.” 
 Under the terms of this agreement, Recursion obtains exclusive worldwide rights to develop and
commercialize REC-2282. OSIF receives an initial upfront payment and is eligible to receive additional payments if the program achieves predetermined development and regulatory milestones, along with royalties
on sales. Full financial terms have not been disclosed. 
 “Adding REC-2282 to our clinical pipeline and
driving to a rapid determination of its efficacy and safety for NF2 patients marks another important step in Recursion’s growth and more importantly may offer a better treatment option for this terribly underserved patient population,”
said Tim Considine, Senior Vice President, Strategic Development at Recursion. “We are excited to build on existing clinical data to advance this program to human proof of concept in NF2 as rapidly as possible.” 

Earlier this year, Recursion announced that its Investigational New Drug (IND) application for another disease of unmet need, cerebral cavernous malformation
(CCM), was cleared by the Food and Drug Administration (FDA), and that program is currently enrolling subjects in Phase 1. 
 About Neurofibromatosis
Type 2 
 Neurofibromatosis type 2 is a genetic condition most commonly associated with bilateral vestibular schwannomas, also known as acoustic
neuromas. These are benign (noncancerous) tumors that occur on the nerves responsible for balance and hearing in the inner ear. Patients can also have meningiomas, a slow-growing tumor that usually develops on the surface of the brain. Although
these tumors are benign, they can cause loss of hearing and balance problems, and in severe cases can be life-threatening. It is estimated that about one in 40,000 people has NF2. Approximately 50% of people with NF2 do not have a family history of
the condition. Current treatment involves surgical removal of the tumors, which provides temporary relief of symptoms but bears a significant risk of hearing loss and other complications. 

About REC-2282 (OSU-HDAC42) 

 REC-2282 is a pan-histone
deacetylase (HDAC) inhibitor. There are multiple lines of evidence that REC-2282 exhibits both histone-independent and acetylation-independent mechanisms, at both epigenetic and cellular levels. The compound
was previously in clinical development by Arno Therapeutics (as AR-42) for various solid and liquid tumors. Exploratory investigator-initiated studies have been conducted in patients with vestibular
schwannomas and meningiomas. Rights to the compound were returned to OSIF in December 2017. 
 About Recursion 

Recursion is a clinical-stage biotechnology company combining experimental biology and automation with artificial intelligence methods in a massively parallel
system to efficiently discover potential drugs for diverse indications, including genetic disease, inflammation, immunology, and infectious disease. Recursion applies causative perturbations to human cells to generate disease models and associated
microscopic image data. Recursion’s rich, relatable database of more than a petabyte of biological images generated in-house on the company’s robotics platform enables advanced computer vision and
machine learning approaches to reveal drug candidates, mechanisms of action, and potential toxicity, with the eventual goal of decoding biology and advancing new therapeutics to radically improve lives. Recursion is headquartered in Salt Lake City.
Learn more at https://recursionpharma.com/, or connect on Twitter, Facebook, and LinkedIn. 
 Media Contacts: 

Kevin Lynch, Ph.D. 
 Recursion 

press@recursionpharma.com 
 Jessica Yingling, Ph.D. 

Little Dog Communications 
 +1-858-344-8091 
 jessica@litldog.com 

Source: Recursion

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