Document:

EX-10.20

 Exhibit 10.20 

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

between 
 THE REGENTS OF THE
UNIVERSITY OF CALIFORNIA 
 and 

ERASCA, INC 
 for 

Novel Covalent Inhibitors of GTP and GDP-bound RAS 

UC Case No. SF2017-096 

 TABLE OF CONTENTS 
  

							
	Article No.	 	Title	  	Page	 
	 BACKGROUND
	  	 	1	 
	 1.
	 	DEFINITIONS	  	 	3	 
	 2.
	 	GRANT	  	 	5	 
	 3.
	 	SUBLICENSES	  	 	7	 
	 4.
	 	PAYMENT TERMS	  	 	9	 
	 5.
	 	LICENSE ISSUE FEE	  	 	10	 
	 6.
	 	LICENSE MAINTENANCE FEE	  	 	10	 
	 7.
	 	PAYMENTS ON SUBLICENSES	  	 	11	 
	 8.
	 	EARNED ROYALTIES AND MINIMUM ANNUAL ROYALTIES	  	 	12	 
	 9.
	 	MILESTONE PAYMENTS	  	 	12	 
	 10.
	 	INDEXED MILESTONE	  	 	13	 
	 11.
	 	PARTICIPATION RIGHTS	  	 	16	 
	 12.
	 	DUE DILIGENCE	  	 	17	 
	 13.
	 	PROGRESS AND ROYALTY REPORTS	  	 	19	 
	 14.
	 	BOOKS AND RECORDS	  	 	20	 
	 15.
	 	LIFE OF THE AGREEMENT	  	 	20	 
	 16.
	 	TERMINATION	  	 	22	 
	 17.
	 	USE OF NAMES AND TRADEMARKS	  	 	23	 
	 18.
	 	LIMITED WARRANTY	  	 	23	 
	 19.
	 	LIMITATION OF LIABILITY	  	 	24	 
	 20.
	 	PATENT PROSECUTION AND MAINTENANCE	  	 	25	 
	 21.
	 	PATENT MARKING	  	 	27	 
	 22.
	 	PATENT INFRINGEMENT	  	 	27	 
	 23.
	 	INDEMNIFICATION	  	 	30	 
	 24.
	 	NOTICES	  	 	33	 
	 25.
	 	ASSIGNABILITY	  	 	35	 
	 26.
	 	FORCE MAJEURE	  	 	35	 
	 27.
	 	GOVERNING LAWS; VENUE	  	 	35	 
	 28.
	 	GOVERNMENT APPROVAL OR REGISTRATION	  	 	36	 
	 29.
	 	COMPLIANCE WITH LAWS	  	 	36	 
	 30.
	 	CONFIDENTIALITY	  	 	37	 
	 31.
	 	MISCELLANEOUS	  	 	39	 
	 APPENDIX A: CONSENT TO SUBSTITUTION OF PARTY
	  	 	42	 

 EXCLUSIVE LICENSE AGREEMENT 

for 
 Novel Covalent
Inhibitors of GTP and GDP-bound RAS 
 This exclusive license agreement (“Agreement”)
is made effective this 21st day of December, 2018 (“Effective Date”), by and between The Regents of the University of California, a California public corporation, having its statewide administrative offices at 1111 Franklin Street, 12th Floor, Oakland, California 94607-5200 (“The Regents”) and acting through its Office of Technology Management, University of California San Francisco (“UCSF”), 600 16th Street, Suite S-272, San Francisco, CA 94143 and Erasca, Inc., a Delaware corporation, having a principal place of business at 10835 Road to the Cure, Suite
140, San Diego, CA 92121 (“Licensee”). 
 BACKGROUND 

A. Certain inventions, generally characterized as “Novel Covalent Inhibitors of GTP and GDP-bound
RAS” (as disclosed in UC Case No. SF2017-096) (collectively the “Invention”), made in the course of research at UCSF by Drs. Daniel Gentile, Steven Moss, and Kevan Shokat, who is a member of the
UCSF faculty and an employee of the Howard Hughes Medical Institute (“HHMI”), (collectively, the “Inventors”) and are claimed in Patent Rights as defined below. 

B. The development of the Invention was sponsored in part by the National Institutes of Health (grant R01 CA190408) and the National Science
Foundation (grant number 2015204830) and, as a consequence, this license is subject to overriding obligations to the United States Federal Government under 35 U.S.C. §§ 200-212 and applicable
regulations including a non-exclusive, non-transferable, irrevocable, paid-up license to practice or have practiced the Invention
for or on behalf of the United States Government throughout the world. 

  
 Page 1 of 44 

 C. HHMI assigned all of its rights in the Invention to The Regents under the terms of the
inter-institutional agreement with HHMI having UC Control No. 2014-18-0117 (“HHMI Inter-Institutional Agreement”), and accordingly, The Regents has the
authority to license the entire interest in the Invention and any patent rights claiming the Invention. Under the terms of the HHMI Inter-institutional Agreement, HHMI has retained a nonexclusive, fully
paid-up, irrevocable worldwide license to exercise any intellectual property rights with respect to such Invention for research purposes, with the right to sublicense to
non-profit and governmental entities (“HHMI Research Use License”). This license is expressly subject to the HHMI Research Use License. 

D. The Licensee and The Regents have executed a Letter of Intent (UC Control
No. 2018-30-0383) with an effective date of May 7, 2018 and a Confidential Disclosure Agreement (UC Control No. 2018-20-0246) with an effective date of February 6, 2018. 
 E. The scope of such
rights granted by The Regents is intended to extend to the scope of the patents and patent applications in Patent Rights, but only to the extent that The Regents has proprietary rights in and to the Valid Claims of such Patent Rights. 

F. Both parties recognize and agree that Earned Royalties are due under this Agreement with respect to products, services and methods and that
such royalties will be paid with respect to both pending patent applications and issued patents, in accordance with the terms and conditions set forth herein. 

G. The Licensee is a “small business firm” as defined in 15 U.S.C. §632. 

  
 Page 2 of 44 

 The parties agree as follows: 

1. DEFINITIONS 
 As used in
this Agreement, the following terms, whether used in the singular or plural, shall have the following meanings: 
  

	1.1	 “Affiliate” of the Licensee means any entity which, directly or indirectly, Controls the
Licensee, is Controlled by the Licensee or is under common Control with the Licensee. “Control” means (i) having the actual, present capacity to elect a majority of the directors of such affiliate; (ii) having the power to direct
at least fifty percent (50%) of the voting rights entitled to elect directors; or (iii) in any country where the local law will not permit foreign equity participation of a majority, ownership or control, directly or indirectly, of the maximum
percentage of such outstanding stock or voting rights permitted by local law. 

  

	1.2	 “Field of Use” means the prevention, treatment and amelioration of human cancers and other
diseases and conditions.  

  

	1.3	 “Licensed Method” means any process, art or method the use or practice of which, but for the
license granted in this Agreement, would infringe, or contribute to, or induce the infringement of, any Patent Rights in any country were they issued at the time of the infringing activity in that country. 

 

	1.4	 “Licensed Product(s)” means any product, including, without limitation, a product for use or
used in practicing a Licensed Method and any product made by practicing a Licensed Method, the manufacture, use, Sale, offer for Sale or import of which, but for the license granted in this Agreement, would infringe, or contribute to, or induce the
infringement of, any Patent Rights in any country were they issued at the time of the infringing activity in that country. 

  

	1.5	 “Net Sale” means the total amount invoiced (including fair market value of any non-cash consideration) by Licensee or by any Affiliate or Sublicensee on account of Sales of Licensed Product, after deduction of all the following in accordance with U.S. Generally Accepted Accounting Principles
(“U.S. GAAP”) to the extent applicable to such Sales: 

  
 Page 3 of 44 

	 	1.5.1	 trade, quantity and cash discounts or rebates, actually allowed or taken; 

 

	 	1.5.2	 allowances or credits given for rejection or for return of previously sold Licensed Product or outdated
Licensed Product; 

  

	 	1.5.3	 any tax or other governmental charge (including without limitation custom surcharges) borne by and not
reimbursed to the Licensee other than income tax levied on the Sale, transportation or delivery of Licensed Product, and 

  

	 	1.5.4	 any charges for packing, handling, freight, insurance, transportation and duty charges borne by the seller.

 If Licensee or its Affiliates or Sublicensee makes any sales to any third party in a transaction in a given country that
is not an arms’ length transaction, unless a cash discount within the meaning of this Paragraph 1.6 applies, the Net Sales used to determine the royalties payable to The Regents shall be computed on the basis of the established average price
charged to unrelated third parties in such country. 
  

	1.6	 “Patent Rights” means the Valid Claims of, to the extent assigned to or otherwise obtained by
The Regents, the following United States patents and patent applications: 

  

									
	UC Case Number	  	Application Number	  	Application Filing Date	  	Publication Number	  	Title
	[***]	  	[***]	  	[***]	  	[***]	  	[***]
	[***]	  	[***]	  	[***]	  	[***]	  	[***]

 Patent Rights shall further include the Valid Claims of, to the extent assigned to or otherwise obtained by The
Regents, the corresponding foreign patents and patent applications which are directed to subject matter specifically disclosed in the United States patents and/or patent applications listed herein; any reissues, reexaminations extensions,
substitutions, continuations, and divisions of the United States patents and/or patent applications listed herein; continuation-in-part applications or patents (but only
those Valid Claims in the continuation-in-part applications and patents that are entirely supported in the specification and entitled to the priority date of the United
States patents and patent applications listed herein). 

  
 Page 4 of 44 

	1.7	 “Profit Sharing Income” means [***]. 

 

	1.8	 “Sale” means the act of selling, leasing or otherwise transferring, providing, or furnishing
for use for any consideration. 

  

	1.9	 “Sublicensee” means any person or entity (including any Affiliate) to which any of the license
rights granted to the Licensee hereunder are granted a sublicense or an option to a sublicense. 

  

	1.10	 “Sublicensing Revenues” means [***].  

 

	1.11	 “Valid Claim” means a claim of a patent or patent application in any country that (i) has
not expired; (ii) has not been disclaimed; (iii) has not been cancelled or superseded, or if cancelled or superseded, has been reinstated; and (iv) has not been revoked, held invalid, or otherwise declared unenforceable or not
allowable by a tribunal or patent authority of competent jurisdiction over such claim in such country from which no further appeal has or may be taken. 

2. GRANT 
  

	2.1	 Subject to the limitations and other terms and conditions set forth in this Agreement including the license
granted to the United States Government and those reserved by The Regents and HHMI set forth in the Background and in Paragraphs 2.2.1 (obligations to the United States Government) and 2.4 (Government Requirements), The Regents grants
to the Licensee an exclusive, royalty-bearing, worldwide license under its rights in and to Patent Rights to make, use, Sell, offer for Sale and import Licensed Products and to practice Licensed Methods, in the United States and in other countries
where The Regents may lawfully grant such licenses, only in the Field of Use. 

  
 Page 5 of 44 

	2.2	 The license granted in Paragraph 2.1 is subject to the following: 

 

	 	2.2.1	 The obligations to the United States Government under 35 U.S.C. §§
200-212 and all applicable governmental implementing regulations, as amended from time to time, including the obligation to report on the utilization of the Invention as set forth in 37 CFR. § 401.14(h),
and all applicable provisions of any license to the United States Government executed by The Regents; and 

  

	 	2.2.2	 the HHMI Research Use License; and 

 

	 	2.2.3	 HHMI’s statement of policy on research tools. [Note: HHMI’s policy can be found at https://www.hhmi.org/sites/default/files/About/Policies/sc610-licensing-by-host-institutions-to-companies.pdf;
 and 

  

	 	2.2.4	 the National Institutes of Health “Principles and Guidelines for Recipients of NIH Research Grants and
Contracts on Obtaining and Disseminating Biomedical Research Resources,” 64 F.R. 72090 (Dec. 23, 1999), as amended from time to time. 

  

	2.3	 Reservation of Rights. The Regents and joint owners reserve and retain the right (and the rights granted
to the Licensee in this Agreement shall be limited accordingly) to make, use and practice the Invention and any technology relating to any of the foregoing and to make and use any products and to practice any process that is the subject of the
Patent Rights (and to grant any of the foregoing rights to other educational and non-profit institutions) for educational and research purposes, including without limitation, any sponsored research performed
for or on behalf of commercial entities and including publication and other communication of any research results. 

  
 Page 6 of 44 

	2.4	 Government Requirements. Because the Invention was made under funding provided by the United States
Government, the parties agree to comply with the terms set forth in 35 U.S.C. § 204. The Regents will offer reasonable assistance in obtaining a waiver of these requirements upon Licensee’s request. 

3. SUBLICENSES 
  

	3.1	 Permitted Sublicensing. The Regents also grants to the Licensee the right to sublicense to third parties
(including to Affiliates) through multiple tiers pursuant to Paragraph 3.5, the rights granted to the Licensee hereunder, as long as the Licensee has current exclusive rights thereto under this Agreement. Each Sublicensee must be subject to a
written sublicense agreement. All sublicenses will include all of the rights of, and will require the performance of all the obligations due to, The Regents and HHMI (and, if applicable, the United States Government, HHMI and other sponsors), other
than those rights and obligations specified in Article 5 (License Issue Fee), Article 6 (License Maintenance Fee) and Paragraph 8.2 (Minimum Annual Royalty) and Paragraphs 20.3 and 20.4 (reimbursement of Patent Prosecution Costs). For clarity, each
sublicense agreement shall contain obligations, terms and conditions in favor of HHMI and/or the HHMI Indemnitees, as applicable, owed by the Sublicensee to HHMI and/or the HHMI Indemnitees that are substantially similar to those undertaken by
Licensee in favor of HHMI or the HHMI Indemnitees under this Agreement and intended for their respective protection, including, without limitation, the terms providing for indemnification, insurance and HHMI’s third party beneficiary status.
For the purposes of this Agreement, the operations of all Sublicensees shall be deemed to be the operations of the Licensee, for which the Licensee shall be responsible. 

 

	3.2	 Sublicense Requirements. The Licensee shall provide The Regents with a copy of each sublicense issued
within thirty (30) days of execution of such sublicense or sublicense amendment; collect and guarantee payment of all payments due The Regents from Sublicensees; and summarize and deliver all reports due The Regents from Sublicensees.

  
 Page 7 of 44 

	3.3	 Mandatory Sublicensing. If Licensee is unable or unwilling to serve or develop a potential market or
market territory for which there is a company willing to be a Sublicensee, and if a third party desires to obtain a Sublicense from Licensee to develop and commercialize Licensed Products that are not competitive with Licensed Products in
development or being commercialized by or on behalf of Licensee, its Affiliates or sublicensees, Licensee will, at The Regents’ request, negotiate in good faith a sublicense with any such sublicensee. 

 

	3.4	 License Termination. Upon termination of this Agreement for any reason, all sublicenses shall
automatically terminate, unless The Regents, at its sole discretion, agrees in writing to an assignment to The Regents of any sublicense. In the event of termination of this Agreement and if The Regents accepts assignment of any sublicense, The
Regents will not be bound by any grant of rights broader than or will not be required to perform any obligation other than those rights and obligations contained in this Agreement. The Regents will have the sole right to modify each such assigned
sublicense to include all of the rights of The Regents (and, if applicable, HHMI, the United States Government and other sponsors) that are contained in this Agreement. 

 

	3.5	 Right to Grant Further Sublicenses. Under the terms of each Sublicense, the Sublicensee thereunder shall
have the right to grant further Sublicenses on the terms set out herein but only to the extent that the Sublicensee deems it to be reasonably needed for research, development, seeking of marketing approval or other regulatory approvals for
(including conducting pre-clinical and clinical trials), manufacturing, and/or commercialization of Licensed Products in accordance with this Agreement. If any sublicense granted to a Sublicensee under
this Agreement were to terminate or expire while this Agreement remains in effect, all further Sublicenses originating with that Sublicensee shall automatically be assigned to the Licensee, or terminated, as determined by Licensee.

  
 Page 8 of 44 

 4. PAYMENT TERMS 

 

	4.1	 Payment Obligations. Paragraphs 1.3, 1.4, and 1.6 define Licensed Method, Licensed Product and Patent
Rights, so that Earned Royalties are payable on products and methods covered by both pending patent applications and issued patents. Earned Royalties will accrue in each country for the duration of Patent Rights in that country and will be payable
to The Regents when Licensed Products are invoiced, or if not invoiced, when delivered or otherwise exploited by the Licensee or Sublicensee in a manner constituting a Net Sale as defined in Paragraph 1.5. Sublicense Fees with respect to any
Sublicensing Revenue shall accrue to The Regents within thirty (30) days of the date that such Sublicensing Revenue is due to the Licensee. 

  

	4.2	 Schedule. The Licensee will pay to The Regents all Earned Royalties, Sublicense Fees and other
consideration payable to The Regents quarterly on or before February 28 (for the calendar quarter ending December 31), May 31 (for the calendar quarter ending March 31), August 31 (for the calendar quarter ending June 30) and
November 30 (for the calendar quarter ending September 30) of each calendar year. Each payment will be for Earned Royalties, Sublicense Fees and other consideration which has accrued within the Licensee’s most recently completed calendar
quarter. 

  

	4.3	 Currency. All consideration due The Regents will be payable and will be made in United States dollars by
check payable to “The Regents of the University of California” or by wire transfer to an account designated by The Regents. The Licensee is responsible for all bank or other transfer charges. When Licensed Products are Sold for monies
other than United States dollars, the Earned Royalties and other consideration will first be determined in the foreign currency of the country in which such Licensed Products were Sold and then converted into equivalent United States dollars. The
exchange rate will be the average exchange rate quoted in the Wall Street Journal during the last thirty (30) days of the reporting period. 

  

	4.4	 Taxes. Sublicense Fees and Earned Royalties on Net Sales of Licensed Products and other consideration
accrued in, any country outside the United States may not be reduced by any taxes, fees or other charges imposed by the government of such country, except those taxes, fees and charges allowed under the provisions of Paragraph 1.5 (Net Sales).

  
 Page 9 of 44 

	4.5	 Accrual. In the event that any patent or claim thereof included within the Patent Rights is held invalid
in a final decision by a court of competent jurisdiction and last resort and from which no appeal has or can be taken, then all obligation to pay royalties based on that patent or claim or any claim patentably indistinct therefrom will cease as of
the date of final decision. The Licensee will not, however, be relieved from paying any royalties that accrued before such final decision and the Licensee shall be obligated to pay the full amount of royalties due hereunder to the extent that The
Regents licenses one or more Valid Claims within the Patent Rights to the Licensee with respect to Licensed Products. 

  

	4.6	 Late Payments. In the event that royalties, fees, reimbursements for Patent Prosecution Costs or other
monies owed to The Regents are not received by The Regents when due, the Licensee will pay to The Regents interest at a rate of [***] percent ([***]%) simple interest per annum. Such interest will be calculated from the date payment was due until
actually received by The Regents. Such accrual of interest will be in addition to and not in lieu of, enforcement of any other rights of The Regents due to such late payment. 

5. LICENSE ISSUE FEE 
  

	5.1	 The Licensee will pay to The Regents a license issue fee of [***] within fourteen (14) days of the
Effective Date. This fee is non-refundable, non-cancelable and is not an advance or otherwise creditable against any royalties or other payments required to be paid
under the terms of this Agreement.  

 6. LICENSE MAINTENANCE FEE 

 

	6.1	 The Licensee will also pay to The Regents a license maintenance fee of [***] on the first, second, and third
anniversary date of the Effective Date of this Agreement, [***] on the [***] and [***] anniversary of the Effective Date of this Agreement, and [***] on each anniversary thereafter. The license maintenance fee is not due on any anniversary of the
Effective Date if on that date, the Licensee is Selling or otherwise exploiting Licensed Products and is paying an Earned Royalty to The Regents on the Net Sales of such Licensed Product. The license maintenance fee is
non-refundable and is not an advance or otherwise creditable against any royalties or other payments required to be paid under the terms of this Agreement. 

  
 Page 10 of 44 

 7. PAYMENTS ON SUBLICENSES 

 

	7.1	 The Licensee will pay to The Regents the following percentages of all Sublicensing Revenue received based on
the stage of development of the most advanced Licensed Product included in the applicable sublicense at the time such sublicense is granted (“Sublicensing Fees”) according to the following scale: 

 

	 	7.1.1	 [***] percent ([*** ]%) if Sublicense is granted prior to the first dosing of a patient in a phase I clinical
trial; or 

  

	 	7.1.2	 [***] percent [***] (%) if Sublicense is granted after the first dosing of a patient in a phase I clinical
trial but before the first dosing of a patient in a phase II clinical trial; or 

  

	 	7.1.3	 [***] percent ([***]%) if Sublicense is granted after the first dosing of a patient in a phase II clinical
trial. 

 The applicable percentage will be calculated based on the stage of the most advanced Licensed Product subject to
the relevant sublicense. 
  

	7.2	 Sublicensing Fees are non-refundable and
non-creditable against any other payments due to The Regents under this Agreement. 

  
 Page 11 of 44 

 8. EARNED ROYALTIES AND MINIMUM ANNUAL ROYALTIES 

 

	8.1	 Earned Royalty. The Licensee will pay to The Regents an Earned Royalty of [***] percent [***] (%) of the
Net Sales of Licensed Product by the Licensee, Sublicensee, or any Affiliate for all aggregate Net Sales (“Earned Royalty”). Any payments received for Earned Royalty will be non-refundable and non-creditable towards any other payment due to The Regents. In case of documented overpayment, if Licensee gives notice to The Regents within sixty (60) days of The Regents’ receipt of such payment, such
overpayment can be credited against future royalty payments. Earned Royalties will not be subject to stacking provisions. For clarity, The Earned Royalty on Licensed Products would extend on a Licensed Product by Licensed Product and country by
country basis until the date upon which there are no Valid Claims of the Patent Rights covering the Licensed Product in such country. 

  

	8.2	 Minimum Annual Royalty. The Licensee will also pay to The Regents a minimum annual royalty of [***] for
the life of Patent Rights, beginning with the year of the first Sale of a Licensed Product. The minimum annual royalty will be paid to The Regents by February 28 of each year and will be credited against the Earned Royalty due for the calendar
year in which the minimum payment was made. Licensee’s obligation to pay the minimum annual royalty will be pro-rated for the number of months remaining in the calendar year when Sales commence and will
be due the following February 28 (along with the minimum annual royalty payment for that year), to allow for crediting of the pro-rated year’s Earned Royalties. 

9. MILESTONE PAYMENTS 
  

	9.1	 With respect to the first two (2) Licensed Products, the Licensee will pay to The Regents the following non-refundable, non-creditable amounts: 

  

	 	9.1.1	 [***] dollars ($[***]) upon [***]; and 

 

	 	9.1.2	 [***] dollars ($[***]) upon [***]; and 

  
 Page 12 of 44 

	 	9.1.3	 [***] dollars ($[***]) upon [***]; and 

 

	 	9.1.4	 [***] dollars ($[***]) upon [***]; and 

 

	 	9.1.5	 [***] ($[***]) upon [***]; and 

 

	 	9.1.6	 [***] dollars ($[***]) upon [***]; and 

 

	 	9.1.7	 [***] dollars ($[***]) upon [***]; and 

 

	9.2	 Licensee will pay [***] dollars ($[***]) with respect to the first Licensed Product to achieve worldwide annual
Net Sales of [***] dollars ($[***]). 

  

	9.3	 For the avoidance of doubt, each of the milestone payments set forth in Paragraphs 9.1.1 through 9.1.7 and
Paragraph 9.2 will be payable regardless of whether the applicable milestone event has been achieved by the Licensee, Sublicensee, or any Affiliate. 

  

	9.4	 All milestone payments set forth in Paragraphs 9.1.1 through 9.1.7 and Paragraph 9.2 are due to The Regents
within thirty (30) days of the occurrence of the applicable milestone event. 

 10. INDEXED MILESTONE 

 

	10.1	 Within thirty (30) days of the Indexed Milestone Event (as defined in 10.4 below), the Licensee will pay
to The Regents a cash payment (“Indexed Milestone Payment”) equal to N times $P, where:  

  

	 	10.1.1	 N equals [***] ([***]), which is[***] percent [***] (%) of [***] ([***]) fully-diluted shares of common stock
of Licensee (assuming full conversion of all then-outstanding preferred stock and convertible securities, full exercise of any then-outstanding options and warrants and full issuance of any shares reserved pursuant to any option pool or similar
equity incentive plan) calculated on an as-converted basis as of immediately after the closing of the Licensee Financing (as defined in Paragraph 10.6 below and subject to Paragraph 10.2 below); and 

 

	 	10.1.2	 $P shall be 

  
 Page 13 of 44 

	 	10.1.2.1	 in the case of an IPO (as defined in 10.3 below [***], or 

 

	 	10.1.2.2	 in the case of a Change of Control Transaction (as defined in 10.5 below), [***]. For purposes of
clarification, (i) if the preferred liquidation preference results in a payment at the same time as the common without any priority preference, then the preferred will not receive a one times priority preference for purposes of calculation of
the milestone payment and (ii) any contingent payments (e.g., earnouts and milestones) or any consideration placed into escrow or retained as holdback to be available for satisfaction of indemnification or similar obligations in connection with
a Change of Control Transaction shall be considered as having been paid only if and when such payments or consideration is actually paid out to the stockholders of the Licensee for purposes of calculating $P pursuant to this paragraph and such
portions of the Indexed Milestone Payment shall be disbursed to The Regents at the time they are paid out to the stockholders. 

  

	10.2	 N shall be adjusted in the same manner as the common stock in the event of a reverse or forward split of
Licensee’s common stock, any dividends, a recapitalization or other similar adjustment subsequent to the Licensee Financing. For the avoidance of doubt, calculation of such share number shall be treated no differently than other issued or
outstanding common stock of the Licensee and specifically The Regents’ interest will not be subject to any greater dilution than the interest of any other holder of Licensee’s common stock, excluding the effect of equity incentives to
employees, directors and consultants. If Licensee Financing should exceed [***] dollars ($[***]), N will be calculated as if Licensee Financing totaled [***] dollars ($[***]). 

  
 Page 14 of 44 

	10.3	 “IPO” means an initial public offering of the equity securities of the Licensee
or a subsidiary of Licensee pursuant to a registration statement filed with the Securities and Exchange Commission or a similar filing on an international exchange or market. 

 

	10.4	 “Indexed Milestone Event” means the earlier to occur of (i) an IPO, (ii) a Change of
Control Transaction or (iii) Reverse Merger. 

  

	10.5	 “Change of Control Transaction” means any acquisition, consolidation, merger, sale of all or
substantially all assets, reorganization or other transaction or series of transactions in which (i) Licensee is a constituent party or (ii) a subsidiary of Licensee is a constituent party and the Licensee issues shares of its capital
stock pursuant to such transaction, and pursuant to which greater than fifty percent (50%) of the voting power of Licensee or subsidiary of Licensee is transferred to a third party. However, a transaction involving a third party will not be
considered as a Change of Control Transaction if such transaction or series of transactions does not provide liquidity to at least a majority of Licensee’s stockholders, existing prior to such transaction, either in the form of cash or stock
that is listed on a national or international securities exchange or market. In addition, notwithstanding the foregoing provision with respect to the change of control of fifty percent (50%) of the voting power, a reverse merger of the Licensee into
a public company or subsidiary thereof such that Licensee’s stockholders receive shares that are listed on a national or international securities exchange or market in exchange for their shares of Licensee regardless of the percentage of the
public company controlled by Licensee’s stockholders. 

  

	10.6	 “Licensee Financing” means the first issuance, whether before or after the Effective Date, of
equity securities of the Licensee in a bona fide financing transaction or a series of related bona fide financing transactions with proceeds to Licensee of at least [***] ($[***]) (excluding the conversion of any convertible debt) and in which the
proceeds to be received by Licensee are principally from investors who are venture capital, hedge fund, private equity, or other institutional investors. For the avoidance of doubt, the parties acknowledge that the Licensee Financing has occurred
prior to the Effective Date. 

  
 Page 15 of 44 

	10.7	 Notwithstanding the above, in the event that a Change of Control Transaction, IPO occurs prior to the Licensee
Financing date, the Indexed Milestone Payment shall be equal to the greater of (a) N times $P, where $P is determined as in Section 10.1.2 above, and where N equals [***] percent ([***]%) of the then-outstanding shares of Licensee
(assuming full conversion of all then-outstanding convertible securities and full exercise of any then-outstanding options and warrants) immediately after the closing of a Change of Control Transaction, and (b) [***] dollars ($[***]).

  

	10.8	 The Indexed Milestone Payment shall be a one-time payment obligation
and will survive termination or expiration of the Agreement. The Indexed Milestone Payment will be payable within thirty (30) days of the time that payments of consideration are actually received by the Licensee or its stockholders in an IPO or
by its stockholders in a Change of Control Transaction; with respect to any earn-out, deferred or contingent consideration, the Indexed Milestone will be adjusted on a
pro-rated basis to express the proportion actually received by Licensee or its stockholders at the time of the Indexed Milestone Event, with the rest to be paid at the time such consideration is actually
received by Licensee or its stockholders. Payment of the Indexed Milestone Payment shall be in priority and preference to payment with respect to the common stock of the Licensee. 

11. PARTICIPATION RIGHTS 
  

	11.1	 If the Licensee proposes to sell any equity securities or securities that are convertible into equity
securities of the Licensee, then The Regents and/or its Assignee (as defined below) will have the right to purchase up to [***] % of the securities issued in the first offering after the Licensee Financing on the same terms and conditions as are
offered to the other purchasers in such financing. Licensee shall provide fifteen (15) days advanced written notice of each such financing, including reasonable detail regarding the terms and purchasers in the financing. These participation
rights shall be subject to customary exceptions for non-capital raising purposes (e.g., securities issued to founders or as equity incentives to employees, directors and consultants; securities issued
in connection with equipment lease financing arrangements, credit agreements, debt financings, or other commercial transactions; securities issued in connection with licenses, partnerships, collaborations or similar commercial arrangements;
securities issued for consideration pursuant to a merger, consolidation, acquisition or similar business combination). “Assignee” means (a) any entity to which The Regents’ participation rights under this section have been
assigned either by The Regents or another entity, or (b) any entity that is controlled by The Regents. In lieu of this Paragraph 11.1, Licensee may grant substantially similar participation rights to The Regents or its designee (e.g., Osage
Partners) with respect to the private placement of securities by Licensee, in which case The Regents or its designee (e.g., Osage Partners) shall execute and become a party to the applicable investor rights agreement subject to all of the terms,
conditions and limitations of such agreement. Notwithstanding the foregoing, this Paragraph 11.1 shall also expire upon, and not apply to an IPO or Change of Control Transaction of the Licensee. 

  
 Page 16 of 44 

 12. DUE DILIGENCE 

 

	12.1	 The Licensee, after the Effective Date of this Agreement, will use diligent efforts to proceed with the
development, manufacture and, after receipt of regulatory approval, Sale and marketing of Licensed Products in quantities sufficient to meet the market demands therefor. 

 

	12.2	 The Licensee or a Sublicensee will use diligent efforts to obtain all necessary governmental approvals in each
country where Licensed Products are manufactured, used, Sold, offered for Sale or imported. 

  

	12.3	 The Licensee will raise an aggregate of at least [***] ($[***]) in funding within one (1) year of the
Effective Date of the Agreement. 

  

	12.4	 In addition, Licensee will 

  
 Page 17 of 44 

	 	12.4.1	 [***]; and 

  

	 	12.4.2	 [***]; and 

  

	 	12.4.3	 [***]; and 

  

	 	12.4.4	 [***]; and 

  

	 	12.4.5	 [***]; and 

  

	 	12.4.6	 [***]. 

  

	12.5	 Licensee will use commercially reasonable efforts to fill the market demand for Licensed Products following
commencement of marketing at any time during the exclusive period of this Agreement. 

  

	12.6	 The Regents recognizes that there are uncertainties associated with the development of therapeutic products and
the regulatory process required by the FDA (and foreign regulatory authorities that are equivalent to the FDA), and that it may be necessary from time to time to amend the milestones under Subparagraphs 12.4.1 through 12.4.6. Accordingly, The
Regents agrees to extend each such milestone under Subparagraphs 12.4.1 through 12.4.6 for up to one (1) year provided that Licensee can demonstrate to The Regents its diligent efforts with supporting documentation and pays an extension fee of
then [***] dollars ($[***]). An additional one (1) year extension will be available for any milestone provided that Licensee can continue to demonstrate its diligent efforts with supporting documentation and pays an additional extension fee of
[***] dollars ($[***]). An extension will extend all remaining milestones in Subparagraphs 12.4.1 through 12.4.6 by the applicable time period. Notwithstanding the foregoing, in the event that unforeseen circumstances warrant amendment of
Licensee’s development plan, and Licensee can demonstrate its diligent efforts (with reasonable supporting documentation) to meet the milestones above to The Regents’ satisfaction (based solely on The Regents’ assessment of
Licensee’s demonstration and supporting documentation), Licensee and The Regents will agree to negotiate in good faith a revision to the foregoing milestones. If the Licensee is unable to perform any of the above provisions, then The Regents
has the right and option to either terminate this Agreement or reduce the exclusive license granted to the Licensee to a nonexclusive license in accordance with Paragraph 12.7 below. This right, if exercised by The Regents, supersedes the rights
granted in Article 2 (Grant). 

  
 Page 18 of 44 

	12.7	 If the Licensee is unable to perform any of the above provisions, then The Regents has the right and option to
either terminate this Agreement or reduce the Licensee’s exclusive license to a nonexclusive license, under the terms set forth in Article 16 (Termination). This right, if exercised by The Regents, supersedes the rights granted in Article 2
(Grant). 

 13. PROGRESS AND ROYALTY REPORTS 

 

	13.1	 Progress Reports. Beginning on March 31, 2019, and semiannually thereafter, Licensee will submit a
written report to The Regents covering the Licensee’s (and any Affiliates’ or Sublicensees’) activities related to this Agreement. The report will include information sufficient to enable The Regents to satisfy reporting requirements
of the U.S. Government and to ascertain progress by Licensee toward meeting this Agreement’s diligence requirements set forth in Article 12 (Due Diligence). Each report will describe, the amount of funding raised to date, the names and titles
of Licensee’s executive leadership team, and where relevant: progress toward commercialization of Licensed Products, including work completed, key scientific discoveries, summary of work in progress, current schedule of anticipated events or
milestones, market plans for introduction of Licensed Products, and significant corporate transactions involving Licensed Products. 

  

	13.2	 First Sale. The Licensee will report to The Regents the date of first Sale of a Licensed Product in each
country in its first progress and royalty reports following such first Sale of a Licensed Product. 

  

	13.3	 Royalty Reports. Beginning with the earlier of (i) the first Sale of a Licensed Product or
(ii) the first transaction that results in Sublicense Fees accruing to The Regents, the Licensee shall make quarterly royalty reports to The Regents on or before each February 28, May 31, August 31 and November 30 of each
year. Each royalty report will cover the Licensee’s most recently completed calendar quarter and will show (a) the gross Sales and Net Sales of Licensed Products Sold during the most recently completed calendar quarter; (b) the number
of each type of Licensed Product Sold; (c) the royalties, in U.S. dollars, payable with respect to Sales of Licensed Products; (d) the method used to calculate the royalty; (e) any Sublicense Fees due to The Regents; (f) the
exchange rates used; and (g) any other information reasonably necessary to confirm Licensee’s calculation of its financial obligations hereunder. 

  
 Page 19 of 44 

	13.4	 Entity Status. The Licensee has a continuing responsibility to keep The Regents informed of the
large/small business entity status (as defined by the United States Patent and Trademark Office) of itself and its Sublicensees and Affiliates. 

14. BOOKS AND RECORDS 
  

	14.1	 Accounting. The Licensee shall keep accurate books and records showing all Licensed Products
manufactured, used, and/or Sold under the terms of this Agreement. Books and records must be preserved for at least five (5) years from the date of the royalty payment to which they pertain. 

 

	14.2	 Auditing. Books and records must be open to inspection by representatives or agents of The Regents at
reasonable times. The Regents shall bear the fees and expenses of examination but if an error in royalties of more than [***] percent ([***]%) of the total royalties due for any year is discovered in any examination then the Licensee shall bear the
fees and expenses of that examination and shall remit such underpayment to The Regents within thirty (30) days of the examination results. 

15. LIFE OF THE AGREEMENT 
  

	15.1	 Term. Unless otherwise terminated by operation of law, Paragraph 15.2 (Bankruptcy), or by acts of the
parties in accordance with the terms of this Agreement, this Agreement will remain in effect from the Effective Date until the expiration or abandonment of the last of the Patent Rights licensed hereunder. 

  
 Page 20 of 44 

	15.2	 Bankruptcy. This Agreement will automatically terminate without the obligation to provide sixty
(60) days’ notice as set forth in Paragraph 16.1 (Termination By The Regents) upon the filing of a petition for relief under the United States Bankruptcy Code by or against the Licensee as a debtor or alleged debtor. 

 

	15.3	 Surviving Provisions. Any termination or expiration of this Agreement will not affect the rights and
obligations set forth in the following Articles: 

  

			
	Article 1	  	Definitions
	Paragraph 4.6	  	Late Payments
	Article 5	  	License Issue Fee
	Article 7	  	Payments on Sublicenses
	Paragraphs 8.1 and 8.2	  	Earned Royalties and Minimum Annual Royalties
	Article 10	  	Indexed Milestone
	Article 11	  	Participation Rights
	Article 14	  	Books and Records
	Article 15	  	Life of the Agreement
	Article 17	  	Use of Names and Trademarks
	Article 18	  	Limited Warranty
	Article 19	  	Limitation of Liability
	Paragraphs 20.3 & 20.4	  	Patent Prosecution Costs and Effects of Termination
	Article 23	  	Indemnification
	Article 24	  	Notices
	Article 27	  	Governing Laws; Venue
	Article 30	  	Confidentiality
	Paragraph 31.8	  	HHMI Third Party Beneficiary Status

  
 Page 21 of 44 

	15.4	 Effects of Termination. The termination or expiration of this Agreement will not relieve the Licensee of
its obligation to pay any fees, royalties or other payments owed to The Regents at the time of such termination or expiration and will not impair any accrued right of The Regents, including the right to receive Earned Royalties in accordance with
Article 8 (Earned Royalties and Minimum Annual Royalties). 

 16. TERMINATION 

 

	16.1	 By The Regents. If the Licensee fails to perform or violates any term of this Agreement, then The
Regents may give written notice of default (Notice of Default) to the Licensee. If the Licensee fails to repair the default within sixty (60) days of the effective date of Notice of Default, The Regents may terminate this Agreement and its
licenses by a second written notice (Notice of Termination). If a Notice of Termination is sent to the Licensee, this Agreement will automatically terminate on the effective date of that notice. 

 

	16.2	 By Licensee. The Licensee has the right at any time to terminate this Agreement by providing a Notice of
Termination to The Regents. Moreover, the Licensee will be entitled to terminate the rights under Patent Rights on a country-by-country basis by giving notice in writing
to The Regents. Termination of this Agreement (but not termination of any patents or patent applications under Patent Rights, which termination is subject to Paragraph 20.4 (Effects of Termination)) will be effective sixty (60) days from the
date such termination notice is sent by Licensee. 

  

	16.3	 Immediate Termination. The Agreement will terminate immediately if the Licensee files a claim that
includes in any way the assertion that any portion of The Regents’ Patent Rights is invalid or unenforceable where the filing is by Licensee, a third party on behalf of Licensee, or a third party at the written urging of, or with the assistance
of, the Licensee. 

  
 Page 22 of 44 

 17. USE OF NAMES AND TRADEMARKS 

 

	17.1	 Nothing contained in this Agreement will be construed as conferring any right to either party to use in
advertising, publicity or other promotional activities any name, trade name, trademark or other designation of the other party (including a contraction, abbreviation or simulation of any of the foregoing). Without the Licensee’s consent case-by-case, The Regents may list Licensee’s name as a licensee of technology from The Regents and identify Licensee as a UCSF startup without further identifying the
technology. Unless required by law or unless consented to in writing by the Director of the Office of Technology Management, UCSF Innovation Ventures, the use by the Licensee of the name “The Regents of the University of California” or the
name of any campus of the University of California in advertising, publicity or other promotional activities is expressly prohibited. 

  

	17.2	 Licensee may also not use the name of HHMI or of any HHMI employee (including Dr. Kevan Shokat) in a
manner that reasonably could constitute an endorsement of a commercial Product or service; but that use for other purposes, even if commercially motivated, is permitted provided that (1) the use is limited to accurately reporting factual events
or occurrences, and (2) any reference to the name of HHMI or any HHMI employees in press releases or similar materials intended for public release is approved by HHMI in advance. 

18. LIMITED WARRANTY 
  

	18.1	 To the extent of the knowledge of the licensing professional administering this Agreement and as of the
Effective Date, The Regents warrants to the Licensee that it has the lawful right to grant this license. 

  

	18.2	 Except as expressly set forth in this Agreement, this license and the associated Invention, Patent Rights,
Licensed Products, and Licensed Method are provided by The Regents WITHOUT WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR ANY OTHER WARRANTY OF ANY KIND, EXPRESS OR IMPLIED. THE REGENTS MAKES NO EXPRESS OR IMPLIED REPRESENTATION
OR WARRANTY THAT THE INVENTION, PATENT RIGHTS, LICENSED PRODUCTS OR LICENSED METHODS WILL NOT INFRINGE ANY PATENT, COPYRIGHT, TRADEMARK OR OTHER RIGHTS. 

  
 Page 23 of 44 

	18.3	 This Agreement does not: 

 

	 	18.3.1	 express or imply a warranty or representation as to the validity, enforceability, or scope of any Patent
Rights; or 

  

	 	18.3.2	 express or imply a warranty or representation that anything made, used, Sold, offered for Sale or imported or
otherwise exploited under any license granted in this Agreement is or will be free from infringement of patents, copyrights, or other rights of third parties; or 

 

	 	18.3.3	 obligate The Regents to bring or prosecute actions or suits against third parties for patent infringement
except as provided in Article 22 (Patent Infringement); or 

  

	 	18.3.4	 confer by implication, estoppel or otherwise any license or rights under any patents or other rights of The
Regents other than Patent Rights, regardless of whether such patents are dominant or subordinate to Patent Rights; or 

  

	 	18.3.5	 obligate The Regents to furnish any advancements, developments, or other improvements to Patent Rights which
are not entitled to the priority dates of Patent Rights, or know-how, technology or information not provided in Patent Rights. 

19. LIMITATION OF LIABILITY 
  

	19.1	 EXCEPT AS SET FORTH IN ARTICLE 23 (INDEMNIFICATION), NEITHER PARTY WILL BE LIABLE FOR ANY LOST PROFITS, COSTS
OF PROCURING SUBSTITUTE GOODS OR SERVICES, LOST BUSINESS, ENHANCED DAMAGES FOR INTELLECTUAL PROPERTY INFRINGEMENT OR ANY INDIRECT, 

  
 Page 24 of 44 

	 	
INCIDENTAL, CONSEQUENTIAL, PUNITIVE OR OTHER SPECIAL DAMAGES SUFFERED BY THE OTHER PARTY OR ITS SUBLICENSEES, OR AFFILIATES ARISING OUT OF OR RELATED TO THIS AGREEMENT FOR ALL CAUSES OF ACTION OF
ANY KIND (INCLUDING TORT, CONTRACT, NEGLIGENCE, STRICT LIABILITY AND BREACH OF WARRANTY) EVEN IF OTHER PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. 

20. PATENT PROSECUTION AND MAINTENANCE 
  

	20.1	 Patent Prosecution. As long as the Licensee has paid patent costs as provided for in this Article, The
Regents shall diligently endeavor to prosecute and maintain the United States and foreign patents comprising Regents’ Patent Rights using counsel of its choice. The Licensee agrees that the Patent Rights are being managed by Kenneth Jenkins. If
a new patent attorney is engaged by The Regents for the management and prosecution of the Patent Rights such counsel will be selected after good faith consultation with Licensee and using reasonable efforts to find mutually acceptable counsel. The
Regents will provide the Licensee with copies of all relevant documentation so that the Licensee will be informed of the continuing prosecution and may comment upon such documentation sufficiently in advance of any initial deadline for filing a
response, provided, however, that if the Licensee has not commented upon such documentation in a reasonable time for The Regents to sufficiently consider the Licensee’s comments prior to a deadline with the relevant government patent office, or
The Regents must act to preserve the Patent Rights, The Regents will be free to respond without consideration of the Licensee’s comments, if any. The Licensee agrees to keep this documentation confidential. The Regents’ counsel will take
instructions only from The Regents, and all patents and patent applications under this Agreement will be assigned solely to The Regents. The Regents shall use all reasonable efforts to amend any patent application to include claims reasonably
requested by the Licensee to protect the products contemplated to be sold under this Agreement and to file and prosecute patents in foreign countries indicated by and paid for by Licensee. 

  
 Page 25 of 44 

	20.2	 Patent Term. The Licensee shall apply for an extension of the term of any patent included within
Regents’ Patent Rights if the Licensee determines doing so is appropriate under the Drug Price Competition and Patent Term Restoration Act of 1984 and/or European, Japanese and other foreign counterparts of this Law. The Licensee shall prepare
all documents, and The Regents agrees to execute the documents and to take additional action as the Licensee reasonably requests in connection therewith. 

  

	20.3	 Costs. The Licensee will bear all costs of preparing, filing, prosecuting and maintaining all United
States and foreign patent applications contemplated by this Agreement (“Patent Prosecution Costs”). Patent Prosecution Costs billed by The Regents’ counsel will be rebilled to the Licensee and are due within thirty (30) days of
rebilling by The Regents. These Patent Prosecution Costs will include, without limitation, patent prosecution costs for the Invention incurred by The Regents prior to the execution of this Agreement and any patent prosecution costs that may be
incurred for patentability opinions, re-examination, re-issue, interferences, oppositions or inventorship determinations. Prior Patent Prosecution Costs will be due
within thirty (30) days after the later of execution of this Agreement and billing by The Regents. If The Regents reduces the exclusive license granted herein to a non-exclusive license pursuant to
Paragraph 12.7, and The Regents grants additional licenses to the Patent Rights within the Field of Use, then future costs of preparing, filing, prosecuting and maintaining such patent applications and patents will be divided equally among the
licensed parties from the effective date of each subsequently granted license agreement. 

  

	20.4	 Effects of Termination. The Licensee will be obligated to pay any Patent Prosecution Costs incurred
during the three (3)-month period after receipt by either party of a Notice of Termination, even if the invoices for such Patent Prosecution Costs are received by the Licensee after the end of the three (3)-month period following receipt of a Notice
of Termination. The Licensee may terminate its obligation to pay Patent Prosecution Costs with respect to any given patent application or patent under Patent Rights in any or all designated countries upon three (3)-months’ written notice to The
Regents. The Regents 

  
 Page 26 of 44 

	 	
may continue prosecution and/or maintenance of such application(s) or patent(s), and applications in foreign countries where Licensee has elected not to file, at its sole discretion and expense,
provided, however, that the Licensee will have no further right or licenses thereunder. Non-payment of Patent Prosecution Costs may be deemed by The Regents as an election by the Licensee not to maintain such
application(s) or patent(s). 

 21. PATENT MARKING 

 

	21.1	 The Licensee will mark all Licensed Products made, used or Sold under the terms of this Agreement or their
containers in accordance with the applicable patent marking laws. 

 22. PATENT INFRINGEMENT 

 

	22.1	 Infringement Notice. In the event that The Regents (to the extent of the knowledge of the licensing
professional responsible for the administration of this Agreement) or the Licensee learns of infringement of potential commercial significance of any patent licensed under this Agreement, the knowledgeable party will provide the other (i) with
written notice of such infringement and (ii) with any evidence of such infringement available to it (the “Infringement Notice”). During the period in which, and in the jurisdiction where, the Licensee has exclusive rights under this
Agreement, neither The Regents nor the Licensee will notify a possible infringer of infringement or put such infringer on notice of the existence of any Patent Rights without first obtaining consent of the other, which consent will not be
unreasonably withheld; provided, however, that Licensee may notify any then-existing Sublicensees under the relevant Patent Rights of such infringement without The Regents’ prior consent if such Sublicensee is bound by obligations to
confidentiality with respect to such information and obligations consistent with this Paragraph 22.1. If the Licensee puts such infringer on notice of the existence of any Patent Rights with respect to such infringement without first obtaining the
written consent of The Regents and if a declaratory judgment action is filed by such infringer against The Regents, then Licensee’s right to initiate a suit against such infringer for infringement under Paragraph 22.2 (Company Suit and Joining)
below will terminate immediately without the obligation of The Regents to provide notice to the Licensee. Both The Regents and the Licensee will use their diligent efforts to cooperate with each other to terminate such infringement without
litigation. 

  
 Page 27 of 44 

	22.2	 Company Suit and Joining. If infringing activity of potential commercial significance by the infringer
has not been abated within ninety (90) days following the date the Infringement Notice takes effect, then the Licensee may institute suit for patent infringement against the infringer. The Regents may voluntarily join such suit at its own
expense, but may not otherwise commence suit against the infringer for the acts of infringement that are the subject of the Licensee’s suit or any judgment rendered in that suit. The Licensee may not join The Regents as a party in a suit
initiated by the Licensee without The Regents’ prior written consent, such consent subject to the approval of the UC Board of Regents. The Regents will make diligent efforts to obtain a timely response to such request. If The Regents joins a
suit at the request of Licensee, then the Licensee will pay any costs incurred by The Regents arising out of such suit, including but not limited to, any legal fees of counsel that The Regents selects and retains to represent it in the suit.

  

	22.3	 Regents’ Suit. If, within one hundred and twenty (120) days following the date the
Infringement Notice takes effect, infringing activity of potential commercial significance by the infringer has not been abated and if the Licensee has not brought suit against the infringer, then The Regents may institute suit for patent
infringement against the infringer. If The Regents institutes such suit, then the Licensee may not join such suit without The Regents’ consent and may not thereafter commence suit against the infringer for the acts of infringement that are the
subject of The Regents’ suit or any judgment rendered in that suit. 

  
 Page 28 of 44 

	22.4	 Infringement Notice. Notwithstanding anything to the contrary in this Agreement, in the event that the
infringement or potential infringement pertains to an issued patent included within the Patent Rights and written notice is given under the Drug Price Competition and Patent Term Restoration Act of 1984 (and/or foreign counterparts of this Law),
then the party in receipt of such notice under the Act (in the case of The Regents to the extent of the actual knowledge of the licensing officer responsible for the administration of this Agreement) shall provide the Infringement Notice to the
other party promptly. If the time period is such that the Licensee will lose the right to pursue legal remedy for infringement by not notifying a third party or by not filing suit, the notification period and the time period to file suit will be
accelerated to within forty-five (45) days of the date of such notice under the Act to either party. 

  

	22.5	 Recovery. Any recovery or settlement received in connection with any suit will first be shared by The
Regents and the Licensee equally to cover any litigation costs each incurred and next shall be paid to The Regents or the Licensee to cover any litigation costs it incurred in excess of the litigation costs of the other. In any suit initiated by the
Licensee, any recovery in excess of litigation costs will be shared between Licensee and The Regents as follows: (a) for any recovery other than amounts paid for willful infringement: (i) The Regents will receive [***] percent ([***]%) of
the recovery if The Regents was not a party in the litigation and did not incur any material litigation costs, (ii) The Regents will receive [***] percent ([***]%) of the recovery if The Regents was a party in the litigation whether joined as a
party under the provisions of Paragraph 22.2 (Company Suit and Joining) or otherwise, but The Regents did not incur any material litigation costs, and (iii) The Regents will receive [***]percent ([***]%) of the recovery if The Regents incurred
any material litigation costs) in connection with the litigation; and (b) for any recovery for willful infringement, The Regents will receive [***]percent ([***]%) of the recovery. In any suit initiated by The Regents, any recovery in excess of
litigation costs will belong to The Regents. The Regents and the Licensee agree to be bound by all determinations of patent infringement, validity and enforceability (but no other issue) resolved by any adjudicated judgment in a suit brought in
compliance with this Article 22 (Patent Infringement). 

  
 Page 29 of 44 

	22.6	 Sublicenses. Any agreement made by the Licensee for purposes of settling litigation or other dispute
shall comply with the requirements of Article 3 (Sublicenses) of this Agreement. 

  

	22.7	 Cooperation. Each party will cooperate with the other in litigation proceedings instituted hereunder but
at the expense of the party who initiated the suit (unless such suit is being jointly prosecuted by the parties). 

  

	22.8	 Control. Any litigation proceedings will be controlled by the party bringing the suit, except that The
Regents may be represented by counsel of its choice in any suit brought by the Licensee. 

 23. INDEMNIFICATION 

 

	23.1	 Indemnification. The Licensee will, and will require its Sublicensees to, indemnify, hold harmless and
defend The Regents as applicable, the sponsors of the research that led to the Invention and any invention claimed in patents or patent applications under Patent Rights (including the Licensed Products and Licensed Methods contemplated thereunder)
and their employers (other than HHMI), and the officers, employees and agents of any of the foregoing, against any and all claims, suits, losses, damage, costs, fees and expenses resulting from, or arising out of, the exercise of this license or any
sublicense (“Claims”), except to the extent any such Claim arises out of the gross negligence, intentional misconduct or breach of this Agreement by any Regents Indemnitee. This indemnification will include, but not be limited to, any
product liability. If The Regents believes that there will be a conflict of interest or it will not otherwise be adequately represented by counsel chosen by the Licensee to defend The Regents in accordance with this Paragraph 23.1, then The Regents
may retain counsel of its choice to represent it and the Licensee will pay all expenses for such representation. 

  
 Page 30 of 44 

	23.2	 HHMI and its trustees, officers, employees, and agents (collectively, “HHMI Indemnitees”) will be
indemnified, defended by counsel acceptable to HHMI, and held harmless by the Licensee from and against any claim, liability, cost, expense, damage, deficiency, loss, or obligation of any kind or nature (including, without
limitations, reasonable attorney’s fees and other costs and expenses of defense) (collectively, “Claim(s)”) based on, resulting from, arising out of, or otherwise relating to this Agreement including without any
limitation any cause of action relating to product liability. The previous sentence will not apply to any Claim that is determined with finality by a court of competent jurisdiction to result solely from the gross negligence or willful misconduct of
an HHMI Indemnitee. Notwithstanding any other provision of this Agreement, Licensee’s obligation to defend, indemnify and hold harmless the HHMI Indemnitees under this paragraph will not be subject to any limitation or exclusion of liability or
damages or otherwise limited in any way. For clarity, acts conducted under the HHMI Research Use License as set forth in Paragraphs 2.2.2 above are not subject to this indemnification obligation of the Licensee. 

 

	23.3	 Insurance. The Licensee, at its sole cost and expense, will insure its activities in connection with any
work performed hereunder and will obtain, keep in force, and maintain the following insurance: 

  

	 	23.3.1	 Commercial Form General Liability Insurance (contractual liability included) with limits as follows:

  

					
	 Each Occurrence
	  	$	2,000,000	 
	 Products/Completed Operations Aggregate
	  	$	0	 
	 Personal and Advertising Injury
	  	$	1,000,000	 
	 General Aggregate (commercial form only)
	  	$	4,000,000	 

  
 Page 31 of 44 

	 	23.3.2	 Notwithstanding the above, no later than the earlier of: i) sixty (60) days before the anticipated date of
market introduction of any Licensed Product or ii) sixty (60) days before the first use of any Licensed Product in a human under this Agreement, Licensee, at its sole cost and expense, shall insure its activities in connection with the work
under this Agreement and obtain, keep in force and maintain the following insurance: 

  

					
	 Each Occurrence
	  	$	5,000,000	 
	 Products/Completed Operations Aggregate
	  	$	10,000,000	 
	 Personal and Advertising Injury
	  	$	5,000,000	 
	 General Aggregate
	  	$	10,000,000	 

 If the above insurance is written on a claims-made form, it shall continue for three (3) years following
termination or expiration of this Agreement. The insurance shall have a retroactive date of placement prior to or coinciding with the Effective Date of this Agreement; and 
  

	 	23.3.3	 Worker’s Compensation as legally required in the jurisdiction in which the Licensee is doing business.

 The coverage and limits above will not in any way limit the Licensee’s liability under this Article 23
(Indemnification.) 
  

	23.4	 Certificates. Upon the execution of this Agreement, the Licensee will furnish The Regents with
certificates of insurance evidencing compliance with all requirements. Such certificates will: indicate The Regents and HHMI as an additional insured(s) under the coverage described above in Paragraph 23.3 (Insurance); and include a provision that
the coverage will be primary and will not participate with, nor will be excess over, any valid and collectable insurance or program of self-insurance maintained by The Regents and HHMI. 

  
 Page 32 of 44 

	23.5	 Notification. The Regents will promptly notify the Licensee in writing of any claim or suit brought
against The Regents for which The Regents intends to invoke the provisions of this Article 23 (Indemnification). The Licensee will keep The Regents informed of its defense of any claims pursuant to this Article 23 (Indemnification). 

 24. NOTICES 
  

	24.1	 Any notice or payment hereunder shall be deemed to have been properly given when sent in writing in English to
the respective address below and shall be deemed effective: 

  

	 	24.1.1	 on the date of delivery if delivered in person, 

 

	 	24.1.2	 on the date of mailing if mailed by first-class certified mail, postage paid, or 

 

	 	24.1.3	 on the date of mailing if mailed by any global express carrier service that requires the recipient to sign the
documents demonstrating the delivery of such notice or payment, or 

  

	 	24.1.4	 in the case of notices, if sent by email, on the date the recipient acknowledges having received that email by
either an email sent to the sender or by a notice delivered by another method in accordance with this section 24.1, provided that, automated replies and “read receipts” shall not be considered acknowledgement of receipt.

 In the case of Licensee: 

Erasca, Inc. 
 10835 Road
to the Cure, Suite 140 
 San Diego, CA 92121 

Attention: President 

  
 Page 33 of 44 

 In the case of The Regents: 

For notices: 

University of California, San Francisco 

Innovation Ventures, Office of Technology Management, Box 2142 

600 16th Street, Suite S272 

San Francisco, CA 94143 

(for Fed-Ex use postal code 94158) 

Attention: Director, Technology Management 

Referring to: UC Case No. SF2017-096 

Email: innovation@ucsf.edu 

For remittance of payments: 

Office of Innovation and Entrepreneurship 

Attn: Accounts Receivable 

University of California 

Office of the President 
 1111
Franklin Street, 5th Floor 
 Oakland, CA 94607-5200 

Referring to: UC Case No. SF2017-096 

  
 Page 34 of 44 

 25. ASSIGNABILITY 

 

	25.1	 The Licensee may assign or transfer this Agreement, without The Regents’ prior written consent, to an
Affiliate or in the case of assignment or transfer to a party that succeeds to all or substantially all of Licensee’s business or assets relating to this Agreement, whether by Sale, merger, operation of law or otherwise, provided that a) such
assignee or transferee promptly agrees to be bound by the terms and conditions of this Agreement and signs The Regents’ standard substitution of party letter (attached here as Appendix A), b) Licensee gives The Regents either (i) a thirty
(30) day notice after any such assignment to a third party, or (ii) a ten (10) day notice prior to any such assignment to an Affiliate, and c) upon payment by Licensee to The Regents of the [***] dollar ($[***]) assignment fee. Any
attempted assignment by Licensee other than in accordance with this Paragraph 25.1 will be null and void. This Agreement is binding upon and will inure to the benefit of The Regents, its successors and assigns. 

26. FORCE MAJEURE 
  

	26.1	 Except for the Licensee’s obligation to make any payments to The Regents hereunder, the parties shall not
be responsible for failure to perform due to the occurrence of any events beyond their reasonable control which render their performance impossible or onerous, including, but not limited to: accidents (environmental, toxic spill, etc.); acts of God;
biological or nuclear incidents; casualties; earthquakes; fires; floods; governmental acts; orders or restrictions; inability to obtain suitable and sufficient labor, transportation, fuel and materials; local, national or state emergency; power
failure and power outages; acts of terrorism; strike; and war. 

 27. GOVERNING LAWS; VENUE 

 

	27.1	 Choice of Law. THIS AGREEMENT WILL BE INTERPRETED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF CALIFORNIA, excluding any choice of law rules that would direct the application of the laws of another jurisdiction and without regard to which party drafted particular provisions of this Agreement, but the scope and validity of any patent or
patent application will be governed by the applicable laws of the country of such patent or patent application. 

  
 Page 35 of 44 

	27.2	 Venue. Any legal action brought by the parties hereto relating to this Agreement will be conducted in
San Francisco, California. 

 28. GOVERNMENT APPROVAL OR REGISTRATION 

 

	28.1	 If this Agreement or any associated transaction is required by the law of any nation to be either approved or
registered with any governmental agency, the Licensee will assume all legal obligations to do so. The Licensee will notify The Regents if it becomes aware that this Agreement is subject to a United States or foreign government reporting or approval
requirement. The Licensee will make all necessary filings and pay all costs including fees, penalties and all other out-of-pocket costs associated with such reporting or
approval process. 

 29. COMPLIANCE WITH LAWS 

 

	29.1	 The Licensee shall comply with all applicable international, national, state, regional and local laws and
regulations in performing its obligations hereunder and in its use, manufacture, Sale or import of the Licensed Products or practice of the Licensed Method. The Licensee will observe all applicable United States and foreign laws with respect to the
transfer of Licensed Products and related technical data to foreign countries, including, without limitation, the International Traffic in Arms Regulations (ITAR) and the Export Administration Regulations. The Licensee shall manufacture Licensed
Products and practice the Licensed Method in compliance with applicable government importation laws and regulations of a particular country for Licensed Products made outside the particular country in which such Licensed Products are used, Sold or
otherwise exploited. 

  
 Page 36 of 44 

 30. CONFIDENTIALITY 

 

	30.1	 Confidential Information. The Licensee and The Regents will treat and maintain the other party’s
proprietary business, patent prosecution, software, engineering drawings, process and technical information and other proprietary information, including the negotiated terms of this Agreement and any progress reports and royalty reports and any
sublicense agreement issued pursuant to this Agreement (“Proprietary Information”) in confidence using at least the same degree of care as the receiving party uses to protect its own proprietary information of a like nature from the date
of disclosure until five (5) years after the termination or expiration of this Agreement. Proprietary Information can be written, oral, or both. This confidentiality obligation will apply to the information defined as “DATA” under the
Confidential Disclosure Agreement and such DATA will be treated as Proprietary Information hereunder. 

  

	30.2	 The Licensee and The Regents may use and disclose Proprietary Information to their employees, agents,
consultants, contractors and, in the case of the Licensee, its sublicensees, provided that such parties are bound by a like duty of confidentiality as that found in this Article 30 (Confidentiality). Notwithstanding anything to the contrary
contained in this Agreement, The Regents may release this Agreement, including any terms contained herein and information regarding payments or other income received in connection with this Agreement to the inventors, senior administrative officials
employed by The Regents and individual Regents upon their request. If such release is made, then The Regents will request that such terms be kept in confidence in accordance with the provisions of this Article 20 (Confidentiality). In addition,
notwithstanding anything to the contrary in this Agreement, if a third party inquires whether a license to Patent Rights is available, then The Regents may disclose the existence of this Agreement and the extent of the grant in Articles 2 (Grant)
and 3 (Sublicenses) and related definitions to such third party, but will not disclose the name of the Licensee unless the Licensee has already made such disclosure publicly. 

 

	30.3	 Limitations. Nothing contained herein will restrict or impair, in any way, the right of the Licensee or
The Regents to use or disclose any Proprietary Information: 

  

	 	30.3.1	 that recipient can demonstrate by written records was previously known to it prior to its disclosure by the
disclosing party; 

  
 Page 37 of 44 

	 	30.3.2	 that recipient can demonstrate by written records is now, or becomes in the future, public knowledge other than
through acts or omissions of recipient; 

  

	 	30.3.3	 that recipient can demonstrate by written records was obtained lawfully and without restrictions on the
recipient from sources independent of the disclosing party; and 

  

	 	30.3.4	 that The Regents is required to disclose pursuant to the California Public Records Act or other applicable law.

 The Licensee or The Regents also may disclose Proprietary Information that is required to be disclosed (i) to a
governmental entity or agency in connection with seeking any governmental or regulatory approval, governmental audit, or other governmental contractual requirement or (ii) by law, provided that the recipient uses reasonable efforts to give the
party owning the Proprietary Information sufficient notice of such required disclosure to allow the party owning the Proprietary Information reasonable opportunity to object to, and to take legal action to prevent, such disclosure or (iii) to
HHMI consistent with The Regents obligations to HHMI. Nothing in this Agreement will be construed to prevent The Regents from reporting de-identified raw terms of the Agreement as part of a larger database.
Notwithstanding anything to the contrary in this Agreement, Licensee may disclose proprietary information it receives pursuant to this Agreement, and the terms of this Agreement, to its actual or potential investors, acquirors, advisors,
Sublicensees, consultants and employees who are bound by obligations of confidentiality (comparable to those set forth in this Article 30) with respect thereto. 
  

	30.4	 Return of Information. Upon termination of this Agreement, the Licensee and The Regents will destroy or
return any of the disclosing party’s Proprietary Information in its possession within fifteen (15) days following the termination of this Agreement and provide each other with prompt written notice that such Proprietary Information has
been returned or destroyed. Each party may, however, retain one copy of such Proprietary Information for archival purposes in non-working files. 

  
 Page 38 of 44 

 31. MISCELLANEOUS 

 

	31.1	 Appendices. This Agreement includes the attached Appendix A. 

 

	31.2	 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. 

  

	31.3	 Binding Agreement. This Agreement is not binding on the parties until it has been signed below on behalf
of each party. It is then effective as of the Effective Date. 

  

	31.4	 Amendments. No amendment or modification of this Agreement is valid or binding on the parties unless
made in writing and signed on behalf of each party. 

  

	31.5	 Waiver. No waiver by either party of any breach or default of any of the agreements contained herein
will be deemed a waiver as to any subsequent and/or similar breach or default. 

  

	31.6	 Entire Agreement. This Agreement 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 hereof. 

  

	31.7	 Invalidity. In case any of the provisions contained in this Agreement is held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability will not affect any other provisions of this Agreement and this Agreement will be construed as if such invalid, illegal or unenforceable provisions had never been
contained in it. 

  

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

  
 Page 39 of 44 

	31.9	 Independent Contractors. In performing their respective duties under this Agreement, each of the parties
will be operating as an independent contractor. Nothing contained herein will in any way constitute any association, partnership, or joint venture between the parties hereto, or be construed to evidence the intention of the parties to establish any
such relationship. Neither party will have the power to bind the other party or incur obligations on the other party’s behalf without the other party’s prior written consent. 

 

	31.10	 Counterparts. This Agreement may be executed in one or more counterparts, each of which together shall
constitute one and the same Agreement. For purposes of executing this Agreement, a facsimile (including a PDF image delivered via email) copy of this Agreement, including the signature pages, will be deemed an original. The parties agree that
neither party will have any rights to challenge the use or authenticity of a counterpart of this Agreement based solely on that its signature, or the signature of the other party, on such counterpart is not an original signature. 

  

	31.11	 Execution. The terms and conditions of this Agreement shall be considered by The Regents to be withdrawn
from the Licensee’s consideration and the Agreement itself to be null and void, unless this Agreement is executed by both The Regents and the Licensee within thirty (30) days of when the execution copy is circulated for signatures.

 [Signature Page Follows] 

  
 Page 40 of 44 

 IN WITNESS WHEREOF, both The Regents and the Licensee have executed this Agreement by their respective and
duly authorized officers on the day and year written. 
  

									
	ERASCA, INC.	 		 	THE REGENTS OF THE UNIVERSITY
				
		 		 		 	OF CALIFORNIA
					
	By:	 	 /s/ Jonathan Lim
	 		 	By:	 	 /s/ Sunita Rajdev

		 	(Signature)	 		 		 	(Signature)
					
	Name:	 	 Jonathan Lim
	 		 	Name:	 	 Sunita Rajdev

		 	(Please Print)	 		 		 	(Please Print)
					
	Title:	 	 Executive Chairman and President
	 		 	Title:	 	 Interim Executive Director

			
	Date: 12/26/18	 		 	Date: 12/21/18

  
 Page 41 of 44 

 APPENDIX A: CONSENT TO SUBSTITUTION OF PARTY 

[***] 

  
 Page 42 of 44 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT
IS BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
 AMENDMENT #1 TO EXCLUSIVE LICENSE
AGREEMENT 
 This Amendment #1 (this “Amendment”) to the Exclusive License Agreement dated December 21, 2018 (the
“Original Agreement”) is made effective as of May 5, 2021 (“Amendment Effective Date”) by and between The Regents of the University of California, a California public corporation, having its statewide
administrative offices at 1111 Franklin Street, 12th Floor, Oakland, California 94607-5200 (“The Regents”) and acting through its Office of Technology Management, University of
California San Francisco, at 600 16th Street, Suite S-272, San Francisco, CA 94143 (“UCSF”), and Erasca, Inc., a Delaware corporation,
having a principal place of business at 10835 Road to the Cure, Suite 140, San Diego, CA 92121 (“Licensee”). Capitalized terms used and not otherwise defined herein shall have the meanings given such terms in the Original Agreement
to the extent defined therein. 
 WHEREAS, The Regents and the Licensee entered into the Original Agreement for The Regents to grant
to the Licensee an exclusive license under the Patent Rights to make, use, sell, offer for sale and import Licensed Products and to practice Licensed Methods, as further described therein; 

WHEREAS, The Regents and the Licensee now wish to amend the Original Agreement to adjust certain financial terms, as further set forth
herein. 
 NOW, THEREFORE, in consideration of the mutual promises and assurances contained in the Original Agreement and this
Amendment, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 
  

	 	1.	 The first paragraph of Section 10.1 and Sub-Section 10.1.1 are
hereby deleted in their entirety and replaced with the following: 

 “10.1 The Licensee will issue to The Regents one million one
hundred thirty-three thousand nine hundred and thirty-five (1,133,935) shares of Licensee’s voting common stock (the “Shares”) pursuant to the Stock Issuance Agreement executed by the parties on May 5, 2021 in
accordance with the timing set forth therein. In addition, within thirty (30) days of the Indexed Milestone Event (as defined in 10.4 below), the Licensee will pay to The Regents a cash payment equal to [***] times N times $P (the
“Indexed Milestone Payment”), where 
 10.1.1 N equals [***], which is [***] percent [***] of the [***] fully-diluted
shares of common stock of Licensee as of the Effective Date (assuming full conversion of all then-outstanding preferred stock and convertible securities, full exercise of any then-outstanding options and warrants and full issuance of any shares
reserved pursuant to any option pool or similar equity incentive plan) calculated on an as-converted basis as of immediately after the closing of the Licensee Financing (as defined in Paragraph 10.6 below and
subject to Paragraph 10.2 below); and” 
 2. The parties acknowledge and agree that the Shares are subject to a “market stand-off” agreement as set forth in Section 2 of the Stock Issuance Agreement. 

  
 1 

 3. This Amendment together with the Original Agreement, and all attachments thereto,
constitute the entire agreement of the parties with respect to the matters set forth herein and there are no other agreements, commitments or understandings between the parties with respect to the matters set forth herein. All terms and conditions
of the Original Agreement not expressly amended herein shall remain in full force and effect. 
 4. This Amendment may be executed in one or
more counterparts, each of which will be deemed an original and, together, one and the same instrument. A facsimile, PDF or any other copy of this Amendment signed by a party is binding upon the signing party to the same extent as the original of
the signed Amendment, and may be delivered electronically. 
 [Signature Page Follows] 

  
 2 

 The parties hereto have entered into this Amendment as of the Amendment Effective Date by their duly
authorized representatives. 
  

									
	 Erasca, Inc.
	 		 	 The Regents of the University of California

					
	By:	 	 /s/ Jonathan Lim
	 		 	By:	 	 /s/ Anthony Francis

	 Name: Jonathan Lim
	 		 	 Name: Anthony Francis

	 Title: Chairman and CEO
	 		 	 Title: Executive Director

	 Date: May 5, 2021
	 		 	 Date: May 5, 2021EX-10.21

 Exhibit 10.21 

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

THIS LICENSE AGREEMENT (this “Agreement”) dated as of February 18, 2020 (the “Effective Date”), is entered into
between Erasca, Inc., a Delaware corporation (“Erasca”), having a place of business at 10835 Road to the Cure, Suite 140, San Diego, CA 92121, and NiKang Therapeutics, Inc., a Delaware corporation (“NiKang”), having a place of
business at BLDG E500, 200 Powder Mill Road, Wilmington, DE 19803. 
 WHEREAS, NiKang owns or has rights in the Licensed Compounds (as
defined below). 
 WHEREAS, Erasca desires to obtain an exclusive license under NiKang’s rights in the Licensed Compounds on the terms
and conditions set forth below. 
 NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants herein contained, the
parties hereby agree as follows: 
 1. DEFINITIONS 

For purposes of this Agreement, the terms defined in this Section 1 shall have the respective meanings set forth below: 

1.1 “Affiliate” means, with respect to any Person, any other Person which directly or indirectly controls, is controlled by,
or is under common control with, such Person. A Person shall be regarded as in control of another Person if it owns, or directly or indirectly controls, at least fifty percent (50%) of the voting stock or other ownership interest of the other
Person, or if it directly or indirectly possesses the power to direct or cause the direction of the management and policies of the other Person by any means whatsoever. 

1.2 “Commercially Reasonable Efforts” means, with respect to the development and commercialization of the Licensed Products,
the use of reasonable, diligent, good faith efforts and resources, in an active and ongoing program, in an sustained and diligent manner, as normally used by similarly situated biopharmaceutical companies in connection with the development and
commercialization of products of similar market potential at a similar stage of its product life, taking into account the product’s safety and efficacy data, the cost to develop the product, the competitiveness of the relevant marketplace, the
intellectual property positions of Third Parties, and other relevant development and commercialization factors based upon then-prevailing conditions. “Commercially Reasonable Efforts” shall require that a party (on its own and/or acting
through its Affiliates, sublicensees or subcontractors), at a minimum: (i) promptly assign responsibility for such obligations to qualified employees, set annual goals and objectives for carrying out such obligations, and monitor and hold
employees accountable for progress with respect to such goals and objectives; (ii) set and seek to achieve specific and meaningful objectives for carrying out such obligations; and (iii) make and implement decisions and allocate resources
designed to diligently advance progress with respect to such objectives. 
 1.3 “Competent Authority(ies)” means,
collectively, (a) the governmental entities in each country or supranational organization that is responsible for the regulation of any Licensed Product intended for use in the Field or the establishment, maintenance and/or protection of rights
related to the Licensed IP Rights (including the FDA, the EMA and the MHLW), or (b) any other applicable regulatory or administrative agency in any country or supranational organization that is comparable to, or a counterpart of, the foregoing.

 1.4 “Control” means, with respect to any
know-how, patent rights or other intellectual property rights, that a party has the legal authority or right (whether by ownership, license or otherwise) to grant a license, sublicense, access or other right
(as applicable) under such know-how, patent rights, or other intellectual property rights to the other party on the terms and conditions set forth herein, in each case without breaching the terms of any
agreement with a Third Party. 
 1.5 “Dollar” means U.S. dollars, and “$” shall be interpreted accordingly. 

1.6 “EMA” means the European Medicines Agency of the European Union, or the successor thereto. 

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

1.8 “Field” means all fields of use. 

1.9 “First Commercial Sale” means, with respect to any Licensed Product, the first sale of such Licensed Product after all
applicable marketing and pricing approvals (if any) have been granted by the applicable governing health authority of such country. 
 1.10
“Generic Product” means, with respect to a Licensed Product, any pharmaceutical or biological product that (a) is distributed by a Third Party that is not a sublicensee of Erasca or its Affiliates and did not purchase such
product in a chain of distribution that included any of Erasca, its Affiliates or sublicensees, (b) incorporates, as active ingredient, the same Licensed Compound as such Licensed Product, and (c) is approved by a Competent Authority on an
expedited or abbreviated basis in reliance on the prior approval of such Licensed Product, or is substitutable under applicable laws for such Licensed Product when dispensed without the intervention of a physician or other health care provider with
prescribing authority. 
 1.11 “Greater China” means mainland China, Hong Kong, Taiwan and Macao. 

1.12 “IND” means an Investigational New Drug application, or similar application to commence human clinical testing of a
Licensed Product for use in the Field submitted to the FDA, or its foreign equivalent. 
 1.13 “Indication” means a specific
disease, disorder or condition which is recognized by the applicable Competent Authority in a given country or jurisdiction as a disease, disorder or condition. For the avoidance of doubt, all variants of a single disease, disorder or condition
(whether classified by severity or otherwise) will be treated as the same Indication, except that different types of cancer, as defined by site or cancer cell origin by the applicable Competent Authority, will be treated as different Indications, to
the extent that they are recognized as such by applicable Competent Authorities. 

  
 - 2 - 

 1.14 “Licensed Compounds” means (a) that certain molecule known as
NKT2173 that is directed against and inhibits the Target, the structure of which is set forth on Exhibit A, and any other compounds claimed in the Licensed Patent Rights listed on Exhibit B that are directed against and inhibit the Target,
together with any and all salts, esters, hydrates, solvates, prodrugs, polymorphs, free bases, isomers, and/or metabolites thereof that are pharmaceutically active against the Target (“Compound A”), and (b) a molecule that is to be
developed by NiKang pursuant to the Work Plan and that is directed against and inhibits the Target and will be a sufficient improvement over Compound A (e.g., will have the ability to achieve significant exposure in the central nervous system) and
is selected by Erasca pursuant to the Work Plan (“Compound B”), and any other compounds that are directed against and inhibit the Target and claimed in the Licensed Patent Rights along with Compound B, together with any and all salts,
esters, hydrates, solvates, prodrugs, polymorphs, free bases, isomers, and/or metabolites thereof that are pharmaceutically active against the Target. 

1.15 “Licensed IP Rights” means, collectively, the Licensed Patent Rights and the Licensed
Know-How Rights. 
 1.16 “Licensed Know-How
Rights” means all trade secret and other know-how rights in and to all data, information, compositions and other technology (including, but not limited to, formulae, procedures, protocols, techniques
and results of experimentation and testing) which are necessary or useful for Erasca to make, use, develop, sell or seek regulatory approval to market a product that incorporates one (or both) of the Licensed Compounds, in each case Controlled by
NiKang as of the Effective Date or that become Controlled by NiKang during the term of this Agreement (but subject to Sections 3.1.5 and 13.4). 

1.17 “Licensed Patent Rights” means (a) the patents and patent applications listed on Exhibit B, (b) all
patents and patent applications in any country of the world that claim or cover the composition of matter, method of use or manufacture any of the Licensed Compounds, (c) all divisions, continuations, continuations-in-part, that claim priority to, or common priority with, the patent applications described in clauses (a) and (b) of this Section or the patent applications that resulted in the
patents described in clauses (a) and (b) of this Section and (d) all patents that have issued or in the future issue from any of the foregoing patent applications, including utility, model and design patents and certificates of
invention, together with any reissues, renewals, extensions or additions thereto, in each case Controlled by NiKang as of the Effective Date or become Controlled by NiKang during the Term of this Agreement (but subject to Sections 3.1.5 and 13.4).

 1.18 “Licensed Product(s)” means any product that incorporates or contains one (or both) of the Licensed Compounds as its
active ingredient(s) (but shall not contain any compound that is proprietary to NiKang but is not a Licensed Compound). 
 1.19
“MHLW” means the Ministry of Health, Labour and Welfare of Japan, or the successor thereto. 

  
 - 3 - 

 1.20 “NDA” means a New Drug Application, or similar application for
marketing approval of a Licensed Product for use in the Field submitted to the FDA, or its foreign equivalent. 
 1.21 “Net
Sales” means, with respect to any Licensed Product, the gross sales price of such Licensed Product invoiced by Erasca, its Affiliate or sublicensees to customers who are not Affiliates (or are Affiliates but are the end users of such
Licensed Product) less, to the extent actually paid or accrued by Erasca or its Affiliate (as applicable), (a) credits, allowances, discounts and rebates to, and chargebacks from the account of, such customers for nonconforming, damaged, out-dated and returned Licensed Product; (b) freight and insurance costs incurred by Erasca or its Affiliate (as applicable) in transporting such Licensed Product to such customers; (c) cash, quantity and
trade discounts, rebates and other price reductions for such Licensed Product given to such customers under price reduction programs; (d) sales, use, value-added and other direct taxes incurred on the sale of such Licensed Product to such
customers; (e) customs duties, tariffs, surcharges and other governmental charges incurred in exporting or importing such Licensed Product to such customers; (f) the actual amount written off as uncollectible or bad debts determined in
accordance with generally accepted accounting principles (GAAP), not to exceed three percent (3%) of the gross amount invoiced in any calendar quarter; (g) the portion of administrative fees paid during the relevant time period to group
purchasing organizations, pharmaceutical benefit managers or Medicare Prescription Drug Plans relating to such Licensed Product; (h) that portion of the annual fee on prescription drug manufacturers imposed by the Patient Protection and
Affordable Care Act, Pub. L. No. 111-148 (as amended) and reasonably allocable to sales of the Licensed Products. 

If a Licensed Product consists of or contains a combination of one or more Licensed Compounds with one or more other active ingredients,
whether in the same or different formulations, and whether sold as a fixed dose or as separate doses as one product (a “Combination Product”), the Net Sales for such Combination Product shall be calculated as follows: 

(a) If Erasca, its Affiliate, or sublicensee separately sells in such country or other jurisdiction, (A) a product containing as its sole
active ingredient a Licensed Compound contained in such Combination Product (the “Mono Product”) and (B) products containing as their sole active ingredients the other active ingredients in such Combination Product, the Net
Sales attributable to such Combination Product shall be calculated by multiplying actual Net Sales of such Combination Product by the fraction A/(A+B), where “A” is Erasca’s (or its Affiliate’s or sublicensee’s, as
applicable) average Net Sales price during the period to which the Net Sales calculation applies for the Mono Product in such country or other jurisdiction and “B” is Erasca’s (or its Affiliate’s or sublicensee’s, as
applicable) average Net Sales price during the period to which the Net Sales calculation applies in such country or other jurisdiction, for products that contain as their sole active ingredients the other active ingredients in such Combination
Product. 

  
 - 4 - 

 (b) If Erasca, its Affiliate, or sublicensee separately sells in such country or other
jurisdiction the Mono Product but does not separately sell in such country or other jurisdiction products containing as their sole active ingredients the other active ingredients in such Combination Product, the Net Sales attributable to such
Combination Product shall be calculated by multiplying the Net Sales of such Combination Product by the fraction A/C, where “A” is Erasca’s (or its Affiliate’s or sublicensee’s, as applicable) average Net Sales price during
the period to which the Net Sales calculation applies for the Mono Product in such country or other jurisdiction, and “C” is Erasca’s (or its Affiliate’s or sublicensee’s, as applicable) average Net Sales price in such
country or other jurisdiction during the period to which the Net Sales calculation applies for such Combination Product. 
 (c) If Erasca,
its Affiliates, and sublicensees do not separately sell in such country or other jurisdiction the Mono Product but do separately sell products containing as their sole active ingredients the other active ingredients contained in such Combination
Product, the Net Sales attributable to such Combination Product shall be calculated by multiplying the Net Sales of such Combination Product by the fraction (D-E)/D where: “D” is the average Net
Sales price during the period to which the Net Sales calculation applies for such Combination Product in such country or other jurisdiction and “E” is the average Net Sales price during the period to which the Net Sales calculation applies
for products that contain as their sole active ingredients the other active ingredients in such Combination Product. 
 (d) If Erasca, its
Affiliates, and sublicensees do not separately sell in such country or other jurisdiction both the Mono Product and the other active ingredient or ingredients in such Combination Product, the Net Sales attributable to such Combination Product shall
be determined by the parties together in good faith based on the relative fair market value of such Mono Product and such other active ingredient or ingredients. If the parties cannot agree on such relative value, the Dispute shall be resolved
pursuant to Section 13.3. 
 1.22 “Net Sublicensing Revenues” means, with respect to any agreement that Erasca (or its
Affiliates) enters into with a Third Party prior to commencement of the first Phase I Clinical Trial for a Licensed Product and that provides for the grant of a sublicense, option or other right (including through assignment or transfer of
Erasca’s license or rights) to a Third Party under the Licensed IP Rights for a Licensed Product, the total revenue and consideration received by Erasca (or its Affiliates) in consideration for such sublicense, option or other rights, but
(a) excluding amounts received to reimburse Erasca’s actual cost (without markup or profit) incurred after the effective date of such agreement to perform research, development or similar services related to the Licensed Product, in
reimbursement of patent expenses relating to Licensed Patents, or in consideration for the purchase of any debt (unless the debt is later forgiven) or securities of Erasca at fair market value (for clarity, any premiums shall be included in Net
Sublicensing Revenue); and (b) if Erasca (or its Affiliates) grants a Third Party an option to obtain a sublicense, assignment or transfer of Erasca’s license or rights to the Licensed Product, and the option is not exercised prior to
commencement of the first Phase I Clinical Trial for a Licensed Product, then Net Sublicense Revenues shall not include any payment payable to Erasca (or its Affiliates) after the commencement of the first Phase I Clinical Trial for a Licensed
Product. 
 1.23 “Person” means an individual, corporation, partnership, limited liability company, trust, business trust,
association, joint stock company, joint venture, pool, syndicate, sole proprietorship, unincorporated organization, governmental authority or any other form of entity not specifically listed herein. 

  
 - 5 - 

 1.24 “Phase I Clinical Trial” means a human clinical
trial that is intended to initially evaluate the safety and/or pharmacological effect of a Licensed Product in subjects or that would otherwise satisfy requirements of 21 C.F.R. 312.21(a), or its foreign equivalent. 

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

1.26 “Phase II/III Clinical Trial” means a human clinical trial in any country that satisfies the
requirements for a Phase II Clinical Trial or a Phase III Clinical Trial and is designed (a) to ascertain efficacy and safety of a Licensed Product and (b) to be sufficient to support the preparation and submission of an NDA for such
Licensed Product to a competent Regulatory Authority, regardless of whether such trial is referred to as a phase 2, phase 2b, or phase 3 clinical trial. For clarity, if a Phase II Clinical Trial is designed to be followed with a Phase III Clinical
Trial before an NDA can be prepared, then for purposes of achievement of the milestones in Section 4.3, the Phase III Clinical Trial will be deemed to be a Phase II/III Clinical Trial. 

1.27 “Phase III Clinical Trial” means a human clinical trial in any country, the results of which could be
used to establish safety and efficacy of a Licensed Product as a basis for an NDA or would otherwise satisfy requirements of 21 CFR 312.21(c), or its foreign equivalent. 

1.28 “Registration(s)” means any and all permits, licenses, authorizations, registrations or regulatory approvals (including
NDAs) required and/or granted by any Competent Authority as a prerequisite to the development, manufacturing, packaging, marketing and selling of any product. 

1.29 “Regulatory Exclusivity” means a government-granted right to exclude others from making, using, selling, offering for
sale or importing a pharmaceutical product, other than a right conferred by a patent. 
 1.30 “Royalty Term” means, with
respect to each Licensed Product in each country, the later of (a) term for which a Valid Claim remains in effect and would be infringed (consider pending Valid Claim as if issued) but for the license granted by this Agreement, by the use,
make, offer for sale, sale or import of such Licensed Product in such country, (b) ten (10) years from First Commercial Sale of such Licensed Product in such country, or (c) the expiration of all Regulatory Exclusivity for such Licensed
Product in such country. 
 1.31 “Target” means Src homology region 2 (SH2)-containing protein tyrosine phosphatase 2
(SHP2), including UniProtKB/Swiss-Prot accession #Q06124, together with any derivatives, mutations, parts or polymorphisms (including without limitation splice variants) of such protein. 

  
 - 6 - 

 1.32 “Territory” means worldwide. 

1.33 “Third Party” means any Person other than NiKang, Erasca and their respective Affiliates. 

1.34 “Valid Claim” means a claim of (a) an issued and unexpired patent included within the Licensed Patent Rights, which
has not been held permanently revoked, unenforceable or invalid by a decision of a court or other governmental agency of competent jurisdiction, unappealable or unappealed within the time allowed for appeal, and which has not been admitted to be
invalid or unenforceable through reissue or disclaimer or otherwise; or (b) a patent application included within the Licensed Patent Rights that has not been irretrievably cancelled, withdrawn or abandoned and that has been pending for less
than seven (7) years. If a claim of a patent application that ceased to be a Valid Claim under clause (b) of the preceding sentence because of the passage of time later issues as a part of a patent within clause (a) of the preceding
sentence, then it shall again be considered a Valid Claim effective as of the issuance of such patent. 
 2. REPRESENTATIONS AND
WARRANTIES 
 2.1 Mutual Representations and Warranties. Each party hereby represents and warrants to the other party as of the
Effective Date as follows: 
 2.1.1 Such party is a corporation duly organized, validly existing and in good standing under the laws of the
state in which it is incorporated. 
 2.1.2 Such party (a) has the corporate power and authority and the legal right to enter into this
Agreement and to perform its obligations hereunder, and (b) has taken all necessary corporate action on its part to authorize the execution and delivery of this Agreement and the performance of its obligations hereunder. This Agreement has been
duly executed and delivered on behalf of such party, and constitutes a legal, valid, binding obligation, enforceable against such party in accordance with its terms. 

2.1.3 All necessary consents, approvals and authorizations of all governmental authorities and other Persons required to be obtained by such
party in connection with this Agreement have been obtained. 
 2.1.4 The execution and delivery of this Agreement and the performance of
such party’s obligations hereunder (a) do not conflict with or violate any requirement of applicable laws or regulations, and (b) do not conflict with, or constitute a default under, any contractual obligation of it. 

2.2 NiKang Representations and Warranties. NiKang hereby represents and warrants to Erasca as of the Effective Date as follows: NiKang
(a) is the sole owner or exclusive licensee of the Licensed Patent Rights set forth in Exhibit B, has the right to grant the license to Erasca as purported to be granted under Section 3.1.1, and except as NiKang has expressly informed
Erasca in writing prior to the date of this Agreement, has not granted to any Third Party any license or other interest in the Licensed IP Rights, (b) is not aware of any Third Party patent, 

  
 - 7 - 

 
patent application or other intellectual property rights that would be infringed by practicing any process or method or by making, using or selling Compound A which is claimed or disclosed in the
Licensed Patent Rights or which constitutes Licensed Know-How Rights, and (c) is not aware of any infringement or misappropriation by a Third Party of the Licensed IP Rights. 

2.3 Disclaimer. EXCEPT AS EXPRESSLY STATED IN THIS SECTION 2, NO REPRESENTATIONS OR WARRANTIES WHATSOEVER, WHETHER EXPRESS OR IMPLIED,
INCLUDING, WITHOUT LIMITATION, WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT, IS MADE OR GIVEN BY OR ON BEHALF OF EITHER PARTY. ALL SUCH REPRESENTATIONS AND WARRANTIES,
WHETHER ARISING BY OPERATION OF LAW OR OTHERWISE, ARE HEREBY EXPRESSLY EXCLUDED. Erasca understands that the Licensed Compounds and Licensed Products are the subject of ongoing research and development and NiKang cannot assure that any Licensed
Compound or Licensed Product can be successfully developed and commercialized. 
 3. LICENSE GRANT 

3.1 Licensed IP Rights. 

3.1.1 Subject to the terms and conditions of this Agreement, NiKang hereby grants to Erasca an exclusive license (with the right to grant
sublicenses through multiple tiers pursuant to Section 3.1.4) under the Licensed IP Rights to conduct research and to develop, make, have made, use, offer for sale, sell and import Licensed Products in the Territory for use in the Field. 

3.1.2 Notwithstanding the exclusive licenses granted to Erasca under Section 3.1.1, NiKang retains the right to practice the Licensed IP
Rights in the Field in the Territory in order to perform, or have performed by its Affiliates or contractors, NiKang’s obligations under this Agreement. 

3.1.3 Except as expressly set forth herein, Erasca shall not acquire any license, right or other interest, by implication or otherwise, under
any intellectual property rights of NiKang. 
 3.1.4 Erasca shall have the right to grant sublicenses (through multiple tiers) of the
license granted to it under Section 3.1.1 to its Affiliates, contractors and other Third Parties, provided that: (a) each sublicense agreement shall be consistent with the terms and conditions of this Agreement; (b) Erasca shall
remain directly responsible for all of its obligations under this Agreement, regardless of whether any such obligation has been delegated, subcontracted or sublicensed to its Affiliates, contractors or sublicensees; (c) Erasca shall ensure that
its Affiliates, contractors and sublicensees comply with the terms and conditions of this Agreement; provided that if a sublicensee breaches any of the obligations of this Agreement then provided that Erasca cures the breach or terminates the
sublicense within the cure period set forth in Section 10.3.1, NiKang will not have the right to terminate this Agreement by reason of such breach by a sublicensee; and (d) within ten (10) days after the execution of any sublicense
agreement, Erasca shall provide NiKang with a true and complete copy of such sublicense agreement. 

  
 - 8 - 

 3.1.5 If during the term of this Agreement, NiKang obtains Control of any patents, know-how and other intellectual property rights from a Third Party, which intellectual property rights are reasonably necessary or useful for the development, manufacture, use, importation and/or sale of the
Licensed Compounds, then NiKang shall notify Erasca in writing, including a description of such intellectual property rights, any payments that NiKang would be obligated to pay in connection with the grant, maintenance or exercise of a sublicense to
Erasca under such intellectual property rights, and any terms and conditions of such license that apply to Erasca as a sublicensee. If within thirty (30) days after the receipt of such notice, Erasca agrees in writing to reimburse NiKang for
all such payments and to comply with the terms and conditions of such license, then such intellectual property rights shall be included in Licensed IP Rights and sublicensed to Erasca under the terms and conditions of this Agreement. If Licensee
does not so agree in writing within such thirty (30) days, then such intellectual property rights shall be excluded from Licensed IP Rights and Erasca shall not have a sublicense to such intellectual property rights. 

3.2 Exclusivity. 
 3.2.1
During the term of this Agreement, except for the conduct under this Agreement, NiKang shall not, whether on its own, through a Third Party, or through the grant of a license or otherwise in collaboration with a Third Party, research, develop or
commercialize any [***] (as defined below); provided however that the foregoing restriction shall not apply to any Third Party that acquires more than [***] percent [***] (%) of the equity or assets of NiKang after the Effective Date. 

3.2.2 If during the term of this Agreement, Erasca acquires more than [***] percent [***] (%) of the equity or assets of a company that owns a
small molecule whose [***] (a “[***]”), then Erasca within [***] () days following the closing of such acquisition shall either (a) divest the Competing Product, or ([***]) terminate this Agreement pursuant to Section 10.2. 

3.3 Availability of the Licensed IP Rights. 

3.3.1 NiKang shall provide Erasca with a copy of all information available to NiKang relating to the Licensed Compounds, including without
limitation: (a) regulatory submissions, (b) communications with the Competent Authorities (including the minutes of any meetings), (c) manufacturing know-how and information for the manufacture of
Compound A, (d) laboratory notebooks and invention disclosures for the Licensed Patent Rights, and (e) assignment documents and all other patent documents and correspondence for the Licensed Patent Rights. 

3.3.2 Promptly following the Effective Date, NiKang shall provide to Erasca all quantities of Compound A that are in NiKang or its
manufacturer’s possession, except that NiKang may retain up to 10 gram of Compound A for research use; provided that NiKang shall not publish or otherwise disclose any of the data or results from such research use without Erasca’s consent.

  
 - 9 - 

 3.4 Registrations. NiKang acknowledges and agrees that Erasca shall own all
Registrations for Licensed Products for use in the Field in each country in the Territory. NiKang hereby grants to Erasca a free-of-charge right to reference and use and
have full access to all other Registrations and all other regulatory documents that relate to the Licensed Compounds or Licensed Products, including INDs, BLAs, NDAs and DMFs (whether as an independent document or as part of any NDA, and all
chemistry, manufacturing and controls information), and any supplements, amendments or updates to the foregoing (for the purposes of this Section, the “Right of Reference”). Erasca shall have the right to (sub)license the Right of
Reference to its sublicensees and Affiliates. NiKang shall promptly notify Erasca of any written or oral notices received from, or inspections by any Competent Authority relating to any such Registrations, and shall promptly inform Erasca of any
responses to such written notices or inspections and the resolution of any issue raised by such Competent Authority. If NiKang is the holder of a Registration pursuant to rights granted under Section 3.6, Erasca shall be entitled to attend any
and all meetings and participate in telephone calls with the Competent Authorities, including without limitation any meeting preparation, meeting co-ordination and preparation of minutes. 

3.5 Assignment of Agreements. On the Effective Date, NiKang shall assign to Erasca the agreements with its CROs and suppliers of the API
form of any Licensed Compound as such agreements are listed on Exhibit C. Erasca shall be responsible for the payment of all amounts under such agreement that first accrued after the Effective Date. 

3.6 Right of First Negotiation for Distribution in. [***] Upon [***] for a Licensed Product, or at an earlier time that is to be
mutually agreed by Erasca and NiKang, Erasca and NiKang shall negotiate in good faith for a period of [***] days for the grant to NiKang of exclusive commercial distribution rights for the Licensed Product in [***]. 

4. FINANCIAL CONSIDERATIONS 

4.1 Upfront Fees. 
 4.1.1
In consideration for the rights granted under this Agreement, Erasca shall pay to NiKang twelve million Dollars ($12,000,000) payable as follows: (a) five million Dollars ($5,000,000) shall be paid within thirty (30) days after the
Effective Date, and (b) seven million Dollars ($7,000,000) shall be paid within thirty (30) days after the Publication Date (the “Patent Review Period”). Erasca shall have the sole discretion to make the payment under
clause (b), provided that if Erasca has not made the payment under clause (b) by the end of the Patent Review Period, then this Agreement shall automatically terminate. The “Publication Date” means the date of publication of
USPTO or PCT application included in the Licensed Patent Rights that covers the composition of matter of any Licensed Compound. 
 4.1.2
Within thirty (30) days after the Effective Date, Erasca shall pay to NiKang three hundred and fifty four thousand seven hundred and seventy-two Dollars ($354,772) for reimbursement of costs for drug
product manufacturing and GLP Tox studies, as such amount is supported by reasonable documentation and more fully described on Exhibit D. 

  
 - 10 - 

 4.2 Royalties. 

4.2.1 Royalty Rate. During the Royalty Term, subject to the terms and conditions of this Agreement, Erasca shall pay to NiKang
royalties on annual Net Sales of all Licensed Products in the Territory, equal to: 
 (a) [***] percent ([***]%) of the first [***] Dollars
($[***]) of annual Net Sales of all Licensed Products in the Territory; and 
 (b) [***] percent ([***]%) of the annual Net Sales of all
Licensed Products over [***]Dollars ($[***]) in the Territory. 
 Only one royalty shall be owing for a Licensed Product regardless of how many Valid Claims
cover such Licensed Product. For clarity, the annual Net Sales of all Licensed Products throughout the Territory shall be aggregated together to determine the applicable royalty tiers. 

4.2.2 Royalty Reduction for Generic Competition. If a Licensed Product is sold in a country in the Territory during the applicable
Royalty Term at a time when there is no Valid Claim of the Licensed Patent Rights that covers the use, make, offer for sale, sale or import of the Licensed Product in such country and there is one or more Generic Products that have at least [***]
percent ([***] %) of the market share in such country, then the royalty rate applicable to the Net Sales of such Licensed Product in such country during such calendar quarter shall be reduced to [***] percent ([***]%) of the average royalty rate
otherwise applicable to all Net Sales for the Licensed Product in the Territory under Section 4.2.1. The parties shall mutually agree in writing upon the appropriate method to determine the market share by volume of Generic Products, utilizing
a service such as IMS Health. For clarity, the royalty reduction set forth in this subsection shall not apply to any calendar quarter for which the market share of the Generic Product does not reach the threshold set forth above. 

4.2.3 Third Party Royalties. If Erasca, its Affiliates or sublicensees is required to pay royalties to any Third Party under any patent
rights controlled by such Third Party in order to exercise its rights hereunder to make, have made, use, sell, offer to sale or import the Licensed Compound portion of any Licensed Product, then Erasca shall have the right to credit [***]
percent ([***] %) of such Third Party royalty payments against the royalties owing to NiKang under Section 4.2.1 with respect to sales of such Licensed Product. 

4.2.4 Royalty Floor. Notwithstanding the foregoing, Erasca shall not reduce the amount of the royalties paid to NiKang under
Section 4.2.1 by reason of Section 4.2.2 and 4.2.3, with respect to sales of any Licensed Product in any country in any calendar quarter, to less than [***] percent ([***]%) of the royalties that would otherwise be due under
Section 4.2.1. 
 4.2.5 Net Sublicensing Revenue Sharing. In addition, Erasca shall pay to NiKang fifty percent (50%) of
all Net Sublicensing Revenues. 

  
 - 11 - 

 4.3 Milestones. 

4.3.1 Erasca shall pay to NiKang the following one-time milestone payments within thirty (30)
days following the first achievement of the applicable milestone: 
  

					
	 	  	Development Milestone	  	Milestone Payment
	(1)	  	[***]	  	$[***]
	(2)	  	[***]	  	$[***]
	(3)	  	[***]	  	$[***]
	(4)	  	[***]	  	$[***]
	(5)	  	[***]	  	$[***]
	(6)	  	[***]	  	$[***]
	(7)	  	[***]	  	$[***]
	(8)	  	[***]	  	$[***]
	(9)	  	[***]	  	$[***]
	(10)	  	[***]	  	$[***]
	(11)	  	[***]	  	$[***]
	(12)	  	[***]	  	$[***]

 4.3.2 Erasca shall pay to NiKang the following one-time milestone
payments within thirty (30) days following the first achievement of the applicable milestone: 
  

					
	 	  	Sales Based Milestone	  	Milestone Payment
			
	(1)	  	First calendar year in which annual Net Sales of the first Licensed Product exceeds Dollars [***] ($[***])	  	$[***]
			
	(2)	  	First calendar year in which annual Net Sales of the first Licensed Product exceeds [***] Dollars ($[***])	  	$[***]
			
	(3)	  	First calendar year in which annual Net Sales of the first Licensed Product exceeds [***] Dollars ($[***])	  	$[***]
			
	(4)	  	First calendar year in which annual Net Sales of the first Licensed Product exceeds [***] Dollars ($[***])	  	$[***]
			
	(5)	  	First calendar year in which annual Net Sales of the second Licensed Product exceeds [***] Dollars ($[***]) (where a second Licensed Product means that it contains a different Licensed Compound from the Licensed Product that
achieved the milestone event in (1) above)	  	$[***]

  
 - 12 - 

					
	(6)	  	First calendar year in which annual Net Sales of the second Licensed Product exceeds [***] Dollars ($[***]) (where a second Licensed Product means that it contains a different Licensed Compound from the Licensed Product that
achieved the milestone event in (2) above)	  	$[***]
			
	(7)	  	First calendar year in which annual Net Sales of the second Licensed Product exceeds [***] Dollars ($[***]) (where a second Licensed Product means that it contains a different Licensed Compound from the Licensed Product that
achieved the milestone event in (3) above)	  	$[***]
			
	(8)	  	First calendar year in which annual Net Sales of the second Licensed Product exceeds [***] Dollars ($[***]) (where a second Licensed Product means that it contains a different Licensed Compound from the Licensed Product that
achieved the milestone event in (4) above)	  	$[***]

 4.4 Milestone Notice and Conditions. 

4.4.1 Erasca shall notify NiKang in writing within fifteen (15) days after the achievement of any milestone set forth herein. 

4.4.2 In the event that any development milestone events under Section 4.3.1 for a particular Licensed Product have not been achieved at
the time of achievement of a milestone event for such Licensed Product having a higher number than the skipped milestone event, then each skipped milestone event shall be deemed achieved (and the corresponding milestone payment shall become payable)
at the time of achievement of the higher number milestone event; except that (a) the milestones (3) and (9) in Section 4.3.1 shall not be deemed achieved by reason of this Section 4.4.2 (i.e. those milestones shall only be
achieved by the actual achievement for the second Indication or the deemed achievement under Section 4.4.3 upon NDA submission for the second Indication), and (b) the First Commercial Sale milestone in one country or region shall not be
deemed achieved because of the First Commercial Sale is achieved in a different country or region. 
 4.4.3 In addition, when an NDA is
submitted for a Licensed Product in an Indication, the milestone event for the [***] , if yet not achieved, shall be deemed achieved (and the corresponding milestone payment shall become payable). 

4.4.4 For the purpose of Section 4.3.2, Net Sales of all Licensed Product containing Compound A shall be aggregated together, and Net
Sales of all Licensed Product containing Compound B shall be aggregated together. 

  
 - 13 - 

 4.4.5 The sales based milestone payments in Section 4.3.2 shall be additive, such that
if more than one sales based milestone specified in Section 4.3.2 is achieved in the same calendar year, then the milestone payments for all such milestones shall be payable. 

5. ROYALTY REPORTS AND ACCOUNTING 

5.1 Royalty Reports. Within sixty (60) days after the end of each calendar quarter during the term of this Agreement following the
first to occur of the First Commercial Sale of a Licensed Product and the receipt by Erasca or its Affiliates of Net Sublicensing Revenues, Erasca shall furnish to NiKang a quarterly written report showing in reasonably specific detail (a) the
calculation of Net Sales during such calendar quarter; (b) the calculation of Net Sublicensing Revenues for such quarter; (c) the calculation of the royalties, if any, that shall have accrued based upon such Net Sales and Net Sublicensing
Revenues; (d) the withholding taxes, if any, required by law to be deducted with respect to such sales; and (e) the exchange rates, if any, used in determining the amount of United States dollars. With respect to sales of Licensed Products
invoiced in United States dollars, the gross sales, Net Sales and royalties payable shall be expressed in United States dollars. With respect to (i) Net Sales invoiced in a currency other than United States dollars and (ii) cash
consideration paid in a currency other than United States dollars by Erasca’s sublicensees hereunder, all such amounts shall be expressed both in the currency in which the distribution is invoiced and in the United States dollar equivalent. The
United States dollar equivalent shall be calculated using the average of the exchange rate (local currency per US$1) published in The Wall Street Journal, Western Edition, under the heading “Currency Trading” on the last business
day of each month during the applicable calendar quarter. 
 5.2 Audits. 

5.2.1 Erasca shall (and shall ensure that its Affiliates and sublicensees will) maintain complete and accurate records in sufficient detail to
permit NiKang to confirm the accuracy of any royalty payments and other amounts payable under this Agreement and to verify the achievement of sales based milestone under this Agreement. 

5.2.2 Upon the written request of NiKang and not more than once in each calendar year, Erasca shall permit an independent certified public
accounting firm of nationally recognized standing selected by NiKang and reasonably acceptable to Erasca, at NiKang’s expense, to have access during normal business hours to such of the financial records of Erasca, its Affiliates and
sublicensees as may be reasonably necessary to verify the accuracy of the payment reports hereunder for the twelve (12) calendar quarters immediately prior to the date of such request (other than records for which NiKang has already conducted
an audit under this Section). 
 5.2.3 If such accounting firm concludes that additional amounts were owed during the audited period, Erasca
shall pay such additional amounts plus interest (calculated from the original due date in accordance with Section 6.3) within thirty (30) days after the date NiKang delivers to Erasca such accounting firm’s written report so
concluding. The fees charged by such accounting firm shall be paid by NiKang; provided, however, if the 

  
 - 14 - 

 
audit discloses that the amount payable by Erasca for such period are more than [***] percent ([***]%) of the amount actually paid for such period, then Erasca shall pay the reasonable fees
and expenses charged by such accounting firm. Should the audit lead to the discovery of a discrepancy to Erasca’s favor, Erasca shall have the right to credit such overpayment against future payments, unless there are no further payments due in
which case NiKang shall pay to Erasca the amount of the discrepancy, without interest, within forty-five (45) days of NiKang’s receipt of the report. 

5.2.4 NiKang shall cause its accounting firm to retain all financial information subject to review under this Section 5.2 in strict
confidence; provided, however, that Erasca shall have the right to require that such accounting firm, prior to conducting such audit, enter into an appropriate non-disclosure agreement with Erasca regarding
such financial information. The accounting firm shall disclose to NiKang only whether the reports are correct or not and the amount of any discrepancy. No other information shall be shared. NiKang shall treat all such financial information as
Erasca’s Confidential Information. 
 6. PAYMENTS 

6.1 Payment Terms. Royalties shown to have accrued by each royalty report provided for under Section 5.1 shall be due on the date
such royalty report is due. Payment of royalties in whole or in part may be made in advance of such due date. 
 6.2 Exchange Control.
If at any time legal restrictions prevent the prompt remittance of part or all royalties with respect to any country in the Territory where the Licensed Product is sold, Erasca shall have the right, in its sole discretion, to make such payments by
depositing the amount thereof in local currency to NiKang’s account in a bank or other depository institution in such country. If the royalty rate specified in this Agreement should exceed the permissible rate established in any country, the
royalty rate for sales in such country shall be adjusted to the highest legally permissible or government-approved rate. 
 6.3 Late
Payment. If NiKang does not receive payment of any sum due to it on or before the due date therefor, simple interest shall thereafter accrue on the sum due to NiKang from the due date until the date of payment at a
per-annum rate of [***] percent ([***]%) or the maximum rate allowable by applicable law, whichever is less. 

6.4 Withholding Taxes. Erasca shall be entitled to deduct the amount of any withholding taxes, value-added taxes or other taxes, levies
or charges with respect to such amounts, other than United States taxes, payable by Erasca, its Affiliates or sublicensees, or any taxes required to be withheld by Erasca, its Affiliates or sublicensees, to the extent Erasca, its Affiliates or
sublicensees pay to the appropriate governmental authority on behalf of NiKang such taxes, levies or charges. Erasca shall use reasonable efforts to minimize any such taxes, levies or charges required to be withheld on behalf of NiKang by Erasca,
its Affiliates or sublicensees. Erasca promptly shall deliver to NiKang proof of payment of all such taxes, levies and other charges, together with copies of all communications from or with such governmental authority with respect thereto. 

  
 - 15 - 

 7. RESEARCH AND DEVELOPMENT OBLIGATIONS 

7.1 Work Plan. NiKang shall collaborate with Erasca to conduct the development of Compound B as further detailed on Exhibit E (the
“Work Plan”). The Work Plan may not be amended or updated without the mutual agreement of the Parties. NiKang shall conduct its obligations under the Work Plan in a timely and professional manner utilizing best industry practices.
Erasca shall pay to NiKang the costs for conducting the Work Plan in accordance with the budget set forth in the Work Plan. For each calendar quarter in which NiKang will conduct any development work under the Work Plan, at least thirty
(30) days prior to the beginning of such calendar quarter, NiKang shall submit to Erasca an invoice for the costs to be incurred by NiKang in such calendar quarter to conduct such work in accordance with the budget set forth therein, and Erasca
shall pay such amount to NiKang no later than the first day of such calendar quarter. For clarity, NiKang shall not be obligated to incur any cost in excess of the amount set forth in the budget and paid by Erasca in advance. NiKang shall promptly
provide to Erasca all data and results from the Work Plan, including without limitation the structure of all molecules generated under the Work Plan from which Erasca shall select Compound B. Erasca shall have the right at any time to terminate the
Work Plan by providing thirty (30) days written notice to NiKang. 
 7.2 Joint Steering Committee. Promptly after the Effective
Date, the parties will form a joint steering committee consisting of two (2) representatives of each party (the “Joint Steering Committee”) to oversee the conduct of the Work Plan. The Joint Steering Committee’s role is to
facilitate communication regarding progress in relation to the Work Plan and the development generally. Either party may change its Joint Steering Committee members upon written notice to the other party. The Joint Steering Committee may meet in
person or by teleconference or videoconference as mutually agreed. Each party will designate one of its Joint Steering Committee members as co-chair. The Joint Steering Committee will meet from time to time
promptly after the date of a written request by either party. Additional members representing either party may attend any Joint Steering Committee meeting. The co-chairs will be responsible for circulating,
finalizing and agreeing upon minutes of each meeting within thirty (30) days after the meeting date. Upon completion of the Work Plan, the Joint Steering Committee will be disbanded. The Joint Steering Committee will operate by consensus but
solely within the limits specified in Sections 7.1 and 7.2. 
 7.3 Development and Commercialization Efforts. 

7.3.1 Diligence. Subject to the terms and conditions of this Agreement, Erasca shall be solely responsible for the development,
manufacture and commercialization of the Licensed Compounds and Licensed Products in the Field in the Territory, at Erasca’s own cost and expense and in compliance with all applicable laws and regulations. Erasca shall use Commercially
Reasonable Efforts to develop, manufacture and commercialize the Licensed Products in the Field in the Territory. Without limiting the foregoing, Erasca shall, either by itself or through its Affiliates and sublicensees use Commercially Reasonable
Efforts to: (a) [***], (b) [***], and (c) [***]. If Erasca fails to use Commercially Reasonable Efforts to accomplish any of clauses (a) – (c) above, then NiKang may terminate this Agreement pursuant to the procedures set forth in
Section 10.3.1. 

  
 - 16 - 

 7.3.2 Reporting. Within sixty (60) days after the end of each calendar year,
Erasca shall provide NiKang with a written report summarizing its, and its Affiliates’ and sublicensees’ development (including all clinical trials), manufacture and commercialization activities for the Licensed Product. Together with each
report, Erasca shall also provide NiKang with a summary of its plans for the development, manufacture and commercialization of the Licensed Product in the next year. Such reports and plans shall be at a level of detail sufficient to enable NiKang to
determine Erasca’s compliance with its diligence obligations under Section 7.3.1. Upon NiKang’s reasonable request, Erasca shall discuss with NiKang the status, progress and results of its, and its Affiliates’ and
sublicensees’ development, manufacture and commercialization activities and shall promptly respond to Erasca’s reasonable questions or requests for additional information relating to such activities. For clarity, Erasca’s obligations
under the previous sentence shall be limited to not more than one time each calendar quarter. 
 8. CONFIDENTIALITY 

8.1 Confidential Information. During the term of this Agreement, and for a period of five (5) years following the expiration or
earlier termination hereof, each party shall maintain in confidence all information of the other party that is disclosed by the other party and identified as, or acknowledged to be, confidential at the time of disclosure (the “Confidential
Information”), and shall not use, disclose or grant the use of the Confidential Information except on a need-to-know basis to those directors, officers, affiliates,
employees, permitted licensees, permitted assignees and agents, consultants, clinical investigators or contractors, to the extent such disclosure is reasonably necessary in connection with performing its obligations or exercising its rights under
this Agreement. To the extent that disclosure is authorized by this Agreement, prior to disclosure, each party hereto shall obtain agreement of any such Person to hold in confidence and not make use of the Confidential Information for any purpose
other than those permitted by this Agreement. Each party shall notify the other promptly upon discovery of any unauthorized use or disclosure of the other party’s Confidential Information. 

8.2 Permitted Disclosures. The confidentiality obligations contained in Section 8.1 shall not apply to the extent that (a) any
receiving party (the “Recipient”) is required (i) to disclose information by law, regulation or order of a governmental agency or a court of competent jurisdiction, or (ii) to disclose information to any governmental agency for
purposes of obtaining approval to test or market a product, provided in either case that the Recipient shall provide written notice thereof to the other party and sufficient opportunity to object to any such disclosure or to request confidential
treatment thereof; or (b) the Recipient can demonstrate that (i) the disclosed information was public knowledge at the time of such disclosure to the Recipient, or thereafter became public knowledge, other than as a result of actions of
the Recipient in violation hereof; (ii) the disclosed information was rightfully known by the Recipient (as shown by its written records) prior to the date of disclosure to the Recipient by the other party hereunder; (iii) the disclosed
information was disclosed to the Recipient on an unrestricted basis from a source unrelated to any party to this Agreement and not under a duty of confidentiality to the other party; or (iv) the disclosed information was independently developed
by employee or agent of the Recipient who have had no access to and without use of the Confidential Information disclosed by the other party. Notwithstanding any other provision of this Agreement, each party may disclose Confidential Information of
the other party relating to information developed pursuant to this Agreement to any Person with whom such party has, or is proposing to enter into, a business relationship, as long as such Person has entered into a confidentiality agreement with
such party that binds such Person to confidentiality and no use obligations substantially the same as those set forth herein. 

  
 - 17 - 

 8.3 Terms of this Agreement. Except as otherwise provided in Section 8.2, NiKang
and Erasca shall not disclose any terms or conditions of this Agreement to any Third Party without the prior consent of the other party. 

9. PATENTS 
 9.1 Patent
Prosecution and Maintenance. 
 9.1.1 Erasca shall have the right to control, at its sole cost, the preparation, filing, prosecution and
maintenance of all patents and patent applications within the Licensed Patent Rights using counsel reasonably acceptable to NiKang. Erasca shall consult with NiKang and keep NiKang reasonably informed of the status of the Licensed Patent Rights. In
addition, Erasca shall give NiKang an opportunity to review and comment on the text of each patent application subject to this Section 9.1.1 at least thirty (30) days before filing, shall consider and implement in good faith any comment
received from NiKang, and shall supply NiKang with a copy of such patent application as filed, together with notice of its filing date and serial number and also copies of all material correspondence received from any patent office in connection
therewith. NiKang shall cooperate with Erasca, execute all lawful papers and instruments and make all rightful oaths and declarations as may be necessary in the preparation, prosecution and maintenance of all patents and other filings referred to in
this Section 9.1.1. If Erasca, in its sole discretion, decides to abandon the preparation, filing, prosecution or maintenance of any patent or patent application in the Licensed Patent Rights, then Erasca shall notify NiKang in writing thereof
and following the date of such notice (a) NiKang shall have the right (but not the obligation) to take over, at its sole cost, the preparation, filing, prosecution and maintenance of such patents and patent applications, and (b) Erasca
shall thereafter have no license under this Agreement to such patent or patent application. 
 9.2 Notification of Infringement. Each
party shall notify the other party of any substantial infringement in the Territory known to such party of any Licensed Patent Rights and shall provide the other party with the available evidence, if any, of such infringement. 

9.3 Enforcement of Patent Rights. 

9.3.1 Erasca, at its sole expense, shall have the first right to determine the appropriate course of action to enforce Licensed Patent Rights
or otherwise abate such infringement, to take (or refrain from taking) appropriate action to enforce Licensed Patent Rights, to defend any declaratory judgments seeking to invalidate or hold the Licensed Patent Rights unenforceable, to control any
litigation or other enforcement action and to enter into, or permit, the settlement of any such litigation, declaratory judgments or other enforcement action with respect to the Licensed Patent Rights , in each case at Erasca’s cost and in
Erasca’s own name and, if necessary for standing purposes, in the name of NiKang and shall consider, in good faith, the interests of NiKang in so doing. 

  
 - 18 - 

 9.3.2 If Erasca does not, within one hundred twenty (120) days of receipt of notice of
the alleged infringement from NiKang, within thirty (30) days after the receipt of relevant ANDA notification, or before ninety (90) days before the time limit, if any, set forth in the appropriate laws and regulations for the filing of
such actions, whichever comes first, abate the infringement or file suit to enforce or defend the Licensed Patent Rights against the infringer, NiKang shall have the right to take whatever action it deems appropriate to enforce or defend the
Licensed Patent Rights; provided, however, that, within thirty (30) days after receipt of notice of NiKang’s intent to file such suit, Erasca shall have the right to jointly prosecute such suit and to fund up to one-half (1⁄2) the costs of such suit. 

9.3.3 The party controlling any such enforcement action shall not settle the action or otherwise consent to an adverse judgment in such action
that diminishes the rights or interests of the non-controlling party without the prior written consent of the other party. All monies recovered upon the final judgment or settlement of any such suit to enforce
the Licensed Patent Rights shall be shared, after reimbursement of expenses, in relation to the damages suffered by each party. 
 9.4
Cooperation. In any suit to enforce and/or defend the License Patent Rights pursuant to this Section 9, the party not in control of such suit shall, at the request and expense of the controlling party, reasonably cooperate and, to the
extent possible, have its employees testify when requested and make available relevant records, papers, information, samples, specimens, and the like. 

9.5 Patents Licensed From Third Parties. Each party’s rights under this Section 9 with respect to the prosecution and
enforcement of any Licensed Patent Right that is in-licensed by NiKang from a Third Party and are included in the scope of this Agreement pursuant to Section 3.1.5 shall be subject to the rights retained
by such Third Party with respect to the prosecution and enforcement of such Licensed Patent Right. 
 10. TERMINATION 

10.1 Expiration. Subject to Sections 10.2 and 10.3 below, this Agreement shall expire on the expiration of Erasca’s obligation
to pay royalties to NiKang under Section 4.1. Following such expiration (but not termination) of this Agreement (a) Erasca shall have a fully paid-up,
non-exclusive license under the Licensed Know-How Rights to conduct research and to develop, make, have made, use, sell, offer for sale and import Licensed Products in
the Territory for use in the Field, and (b) Section 3.4 shall survive. 
 10.2 Termination by Erasca. Erasca may
terminate this Agreement, in its sole discretion, upon thirty (30) days prior written notice to NiKang. 

  
 - 19 - 

 10.3 Termination for Cause. 

10.3.1 Except as otherwise provided in Section 12, NiKang may terminate this Agreement upon or after the material breach of any material
provision of this Agreement by Erasca if Erasca has not cured such breach within ninety (90) days (or thirty (30) days for breach of payment obligations) after receipt of express written notice thereof by NiKang. 

10.3.2 NiKang may terminate this Agreement immediately if Erasca or its Affiliates, individually or in association with any other Person,
commences a legal action challenging the validity, enforceability or scope of any Licensed Patent Rights anywhere in the Territory. In addition, NiKang may terminate this Agreement immediately if any sublicensee of Erasca, individually or in
association with any other Person, commences a legal action challenging the validity, enforceability or scope of any Licensed Patent Rights anywhere in the Territory, unless Erasca terminates the sublicense with such sublicensee within thirty
(30) days after become aware of such action. 
 10.3.3 In addition, this Agreement shall automatically terminate if Erasca fails to
make the payment under Section 4.1.1(b) by the end of the Patent Review Period. 
 10.4 Effect of Expiration or Termination. 

10.4.1 Expiration or termination of this Agreement shall not relieve the parties of any obligation accruing prior to such expiration or
termination, and the provisions of Sections 8, 9, 10, 11 and 13 shall survive the expiration or termination of this Agreement. 

10.4.2 Upon any termination (but not expiration) of this Agreement, 

(a) All licenses and other rights granted to Erasca under this Agreement shall terminate and all sublicenses granted by Erasca shall also
terminate. Upon Erasca’s request within thirty (30) days after termination, NiKang shall grant a direct license to any sublicense of Erasca hereunder having the same scope as such sublicense and on terms and conditions no less favorable to
NiKang than the terms and conditions of this Agreement, provided that such sublicensee is not in default of any applicable obligations under this Agreement or its sublicense and agrees in writing to be bound by the terms and conditions of such
direct license. 
 (b) Erasca shall return all NiKang data as well as any new data (including all
non-clinical, clinical, and pharmacovigilance data) generated by Erasca, its Affiliates and sublicensees that is specific to the Licensed Products (and, for clarity, not including data for any Combination
Product). 
 (c) Upon NiKang’s request, promptly after the delivery or receipt of a termination notice, the parties shall meet and
negotiate in good faith the terms and conditions of a license from Erasca to NiKang in order for NiKang to continue the development, manufacture and commercialization of the Licensed Compounds and Licensed Products in the Field in the Territory.

  
 - 20 - 

 11. INDEMNIFICATION 

11.1 Indemnification. Each party (the “Indemnitor”) shall defend, indemnify and hold the other party (including its
Affiliates and their respective officers, directors, employees and agents) (the “Indemnitee”) harmless from all losses, liabilities, damages and expenses (including attorneys’ fees and costs) incurred as a result of any Third
Party claim, demand, action or proceeding (each a “Claim”) arising out of any breach of this Agreement by the Indemnitor, or the gross negligence or willful misconduct of the Indemnitor in connection with this Agreement, except in
each case to the extent arising from the gross negligence or willful misconduct of the Indemnitee or the breach of this Agreement by the Indemnitee. In addition, Erasca shall indemnify NiKang (including its Affiliates and their respective officers,
directors, employees and agents) harmless from all losses, liabilities, damages and expenses (including attorneys’ fees and costs) incurred as a result of any Claim arising out of the development, manufacture and commercialization of the
Licensed Compounds and Licensed Products by Erasca, its Affiliates and sublicensees. 
 11.2 Procedure. In the event of a Claim, the
Indemnitee shall promptly notify the Indemnitor of such Claim. The Indemnitor shall have the right to assume the defense thereof with counsel selected by the Indemnitor, and the Indemnitee shall have the right to, at its own expense and with counsel
of its choice, participate in (but not control) the defense of such Claim that has been assumed by the Indemnitor. The indemnity obligations under this Section shall not apply to amounts paid in settlement of any Claim if such settlement is effected
without the prior express written consent of the Indemnitor, which consent shall not be unreasonably withheld or delayed. The failure to deliver notice to the Indemnitor within a reasonable time after notice of any such Claim, if prejudicial to its
ability to defend such Claim, shall relieve such Indemnitor of any liability to the Indemnitee under this Section with respect thereto but only to the extent its ability to defend such Claim is prejudiced by such delay. The Indemnitee, its employees
and agents, shall reasonably cooperate with the Indemnitor and its legal representatives in the investigation of any Claim. The Indemnitor shall not, without the prior written consent of the Indemnitee, make any admission of wrong doing or enter
into any compromise or settlement that commits the Indemnitor to take, or to forbear to take, any action. 
 11.3 Limitation of
Liability. NEITHER PARTY SHALL BE LIABLE TO THE OTHER FOR ANY SPECIAL, CONSEQUENTIAL, INCIDENTAL, PUNITIVE, OR INDIRECT DAMAGES ARISING FROM OR RELATING TO ANY BREACH OF THIS AGREEMENT, REGARDLESS OF ANY NOTICE OF THE POSSIBILITY OF SUCH
DAMAGES. NOTWITHSTANDING THE FOREGOING, NOTHING IN THIS SECTION 11.3 IS INTENDED TO OR SHALL LIMIT OR RESTRICT THE INDEMNIFICATION RIGHTS OR OBLIGATIONS OF ANY PARTY UNDER SECTION 11.1, OR DAMAGES AVAILABLE FOR A PARTY’S BREACH OF ITS
CONFIDENTIALITY OBLIGATIONS IN SECTION 8. 

  
 - 21 - 

 12. FORCE MAJEURE 

Neither party shall be held liable or responsible to the other party nor be deemed to have defaulted under or breached this Agreement for
failure or delay in fulfilling or performing any term of this Agreement to the extent, and for so long as, such failure or delay is caused by or results from causes beyond the reasonable control of the affected party including but not limited to
fire, floods, embargoes, war, acts of war (whether war be declared or not), acts of terrorism, insurrections, riots, civil commotions, strikes, lockouts or other labor disturbances, acts of God or acts, omissions or delays in acting by any
governmental authority or the other party. 
 13. MISCELLANEOUS 

13.1 Notices. Any consent, notice or report required or permitted to be given or made under this Agreement by one of the parties hereto
to the other party shall be in writing, delivered by any lawful means to such other party at its address indicated below, or to such other address as the addressee shall have last furnished in writing to the addressor and (except as otherwise
provided in this Agreement) shall be effective upon receipt by the addressee. 
  

			
	If to NiKang:	  	 NiKang Therapeutics, Inc.
 BLDG E500

200 Powder Mill Road
 Wilmington, DE 19803

Attention: Zhenhai Gao

		
	If to Erasca:	  	 Erasca, Inc.
 10835 Road to the Cure, Suite
140
 San Diego, CA 92121
 Attention: Legal Department

Email: legal@erasca.com

 13.2 Governing Law. This Agreement shall be governed by and construed in accordance with the laws
of the State of New York, without regard to the conflicts of law principles thereof. 
 13.3 Arbitration. Any dispute, controversy or
claim initiated by either party arising out of, resulting from or relating to this Agreement, or the performance by either party of its obligations under this Agreement (other than (a) any dispute, controversy or claim regarding the validity,
enforceability, claim construction or infringement of any patent rights, or defenses to any of the foregoing, or (b) any bona fide third party action or proceeding filed or instituted in an action or proceeding by a Third Party against a party
to this Agreement), whether before or after termination of this Agreement, shall be finally resolved by binding arbitration. Whenever a party shall decide to institute arbitration proceedings, it shall give written notice to that effect to the other
party. Any such arbitration shall be conducted under the Commercial Arbitration Rules of the American Arbitration Association by a panel of three (3) arbitrators appointed in accordance with such rules. Any such arbitration shall be held in San
Diego, California. The arbitrators shall have the authority to grant specific performance and to allocate between the parties the costs of arbitration in such equitable manner as they determine. Judgment upon the award so rendered may be entered in
any court having jurisdiction or application may be made to such court for judicial acceptance of any award and an order of enforcement, as the case may be. In no event shall a demand for arbitration be made after the date when institution of a
legal or 

  
 - 22 - 

 
equitable proceeding based upon such claim, dispute or other matter in question would be barred by the applicable statute of limitations. Notwithstanding the foregoing, either party shall have
the right, without waiving any right or remedy available to such party under this Agreement or otherwise, to seek and obtain from any court of competent jurisdiction any interim or provisional relief that is necessary or desirable to protect the
rights or property of such party, pending the selection of the arbitrators hereunder or pending the arbitrators’ determination of any dispute, controversy or claim hereunder. 

13.4 Assignment. Neither this Agreement nor any right or obligation hereunder may be assigned or otherwise transferred (whether
voluntarily, by operation of law or otherwise), without the prior express written consent of the other party; provided, however, that either party may, without such consent, assign this Agreement and its rights and obligations hereunder in
connection with the transfer or sale of all or substantially all of its business or assets related to this Agreement, or in the event of its merger, consolidation, change in control or other similar transaction. The patents, know-how and other intellectual property rights owned or controlled by a permitted assignee that were in existence on the date of closing of the transaction that was the basis for such assignment, shall be
automatically excluded from the license granted under this Agreement. Any permitted assignee shall assume all obligations of its assignor under this Agreement. Any purported assignment or transfer in violation of this Section shall be void. 

13.5 Waivers and Amendments. No change, modification, extension, termination or waiver of this Agreement, or any of the provisions
herein contained, shall be valid unless made in writing and signed by duly authorized representatives of the parties hereto. 
 13.6
Entire Agreement. This Agreement embodies the entire agreement between the parties and supersedes any prior representations, understandings and agreements between the parties regarding the subject matter hereof. There are no representations,
understandings or agreements, oral or written, between the parties regarding the subject matter hereof that are not fully expressed herein. 

13.7 Severability. Any of the provisions of this Agreement which are determined to be invalid or unenforceable in any jurisdiction shall
be ineffective to the extent of such invalidity or unenforceability in such jurisdiction, without rendering invalid or unenforceable the remaining provisions hereof and without affecting the validity or enforceability of any of the terms of this
Agreement in any other jurisdiction. 
 13.8 Waiver. The waiver by either party hereto of any right hereunder or the failure to
perform or of a breach by the other party shall not be deemed a waiver of any other right hereunder or of any other breach or failure by said other party whether of a similar nature or otherwise. 

13.9 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. 

  
 - 23 - 

 IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the Effective
Date. 
  

			
	NIKANG THERAPEUTICS, INC.
		
	By:	 	 /s/ Zhenhai Gao

	Name:	 	Zhenhai Gao, PhD
	Title:	 	President
	
	ERASCA, INC.
		
	By:	 	 /s/ Jonathan Lim

	Name:	 	Jonathan Lim
	Title:	 	President and CEO

  
 - 24 - 

 EXHIBIT A 

COMPOUND A 
 [***] 

  
 - 25 - 

 EXHIBIT B 

LICENSED PATENT RIGHTS 

[***] 

  
 - 26 - 

 EXHIBIT C 

ASSIGNED AGREEMENTS 
 [***]

  
 - 27 - 

 EXHIBIT D 

PRIOR MANUFACTURING AND GLP TOX STUDY AMOUNTS 

[***] 

  
 - 28 - 

 EXHIBIT E 

WORK PLAN 
 [***] 

  
 - 29 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00329-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00329-of-00352.parquet"}]]