Document:

EX-4.4

 Exhibit 4.4 

NEITHER THIS WARRANT NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR UNDER THE SECURITIES LAWS OF APPLICABLE STATES. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD (I) EXCEPT AS PERMITTED UNDER THE ACT AND
THE APPLICABLE STATE SECURITIES LAWS, OR PURSUANT TO REGISTRATION UNDER SUCH LAWS OR EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS, AND (II) AS PERMITTED PURSUANT TO THE LLC AGREEMENT OF THE COMPANY. INVESTORS SHOULD BE AWARE THAT THEY MAY BE
REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR
RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 
 DICE MOLECULES HOLDINGS, LLC 

WARRANT TO PURCHASE SERIES B PREFERRED UNITS 

Issued on November 13, 2018 

This certifies that that for good and valuable consideration, receipt of which is hereby acknowledged, JMP Securities LLC or its registered
assigns (“Holder”) is entitled, subject to the terms and conditions of this Warrant, to purchase from DiCE Molecules Holdings, LLC, a Delaware limited liability company (the
“Company”), at a price per unit equal to the Warrant Price (as defined below), at any time prior to the Expiration Date (as defined below), up to Two Hundred
Fifty-Six Thousand Ten (256,010) Warrant Units (as defined below), upon surrender of this Warrant at the principal offices of the Company, together with a duly executed subscription form in the form attached
hereto as Exhibit 1 and simultaneous payment of an amount equal to the product obtained by multiplying the Warrant Price by the number of Warrant Units so purchased in lawful money of the United States or, if permitted, by an election to net
exercise as set forth in Section 2.6 hereof. The Warrant Price and the number and character of Warrant Units purchasable under this Warrant are subject to adjustment as provided herein. 

1. DEFINITIONS. The following definitions shall apply for purposes of this Warrant: 

“Act” means the Securities Act of 1933, as amended. 

“Business Day” means a weekday on which banks are open for general banking business in San Francisco,
California. 
 “Company” shall include, in addition to the Company identified in the opening paragraph
of this Warrant, any corporation or other entity that succeeds to the Company’s obligations under this Warrant, whether by permitted assignment, by merger or consolidation or otherwise. 

“Deemed Liquidation Event” shall have the meaning as set forth in the LLC Agreement. 

“Expiration Date” means 5:00 p.m. Pacific Time on July 11, 2023 or such earlier date and time on
which this Warrant ceases to be exercisable as provided in Section 4 hereof. 
 “Initial Public
Offering” means a firm commitment underwritten public offering pursuant to an effective registration statement filed under the Act covering the offer and sale of the Company’s Common Units (or other common securities)
for the account of the Company. 

 “LLC Agreement” means the Company’s current Limited Liability
Company Agreement, as it may be amended from time to time. 
 “Person” means an individual,
corporation, limited liability company, partnership, association, joint-stock company, trust, unincorporated organization, joint venture or other entity or any governmental authority. 

“Securities” mean collectively this Warrant and the Warrant Units issuable upon exercise of this
Warrant. 
 “Warrant” means this Warrant and any warrant(s) delivered in substitution or exchange therefor, as
provided herein. 
 “Warrant Price” means $2.1609 per Series B Preferred Unit. The Warrant Price is
subject to adjustment as provided herein. 
 “Warrant Units” means the Company’s Series B
Preferred Units. The number and character of the Warrant Units are subject to adjustment as provided herein and the term “Warrant Units” shall include units and other securities and property at any time
receivable or issuable upon exercise of this Warrant taking into account all such adjustments. 
 2. EXERCISE. 

2.1 Method of Exercise. Subject to the terms and conditions of this Warrant, Holder may exercise this Warrant in whole or
in part, at any time or from time to time, on any Business Day before the Expiration Date, for up to Two Hundred Fifty-Six Thousand Ten (256,010) Warrant Units. This Warrant shall be exercised by surrendering
this Warrant at the principal offices of the Company, with the subscription form attached hereto duly executed by Holder, and by payment in a form specified in Section 2.2 hereof of an amount equal to the product obtained
by multiplying (a) the number of Warrant Units to be purchased by Holder by (b) the Warrant Price as determined in accordance with the terms hereof or, if applicable, an election to net exercise this Warrant as provided in
Section 2.6 hereof for the number of units to be acquired in connection with such exercise. Holder may deliver the subscription form attached hereto duly executed by Holder in order to exercise this Warrant in connection
with an Initial Public Offering or a Deemed Liquidation Event, with the exercise and payment to be contingent upon consummation of the transaction. 

2.2 Form of Payment. Payment for the Warrant Units upon exercise may be made by (a) a check payable to the
Company’s order, (b) wire transfer of funds to the Company, (c) cancellation of indebtedness of the Company to Holder, (d) by net exercise as provided in Section 2.6 hereof, or (e) any combination
of the foregoing. 
 2.3 Partial Exercise. Upon a partial exercise of this Warrant, the number of Warrant Units issuable
upon exercise of this Warrant immediately prior to such exercise shall be reduced by (a) the aggregate number of Warrant Units issued upon such exercise of this Warrant and (b) if applicable, the number of Warrant Units deemed surrendered
in connection with a net exercise as provided for in Section 2.6 hereof. 
 2.4 No Fractional
Units. No fractional units may be issued upon any exercise of this Warrant. If upon exercise of this Warrant in whole or in part, a fraction of a share would otherwise result, then in lieu of such fractional unit, the Company shall pay to
Holder an amount in cash equal to such fraction of a unit multiplied by the applicable Warrant Price. 

  
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 2.5 Restrictions on Exercise. This Warrant may not be exercised if the
issuance of the Warrant Units upon such exercise would constitute a violation of any applicable federal or state securities laws or other laws or regulations. As a condition to the exercise of this Warrant, Holder shall execute both (i) the
subscription form attached hereto as Exhibit 1, confirming and acknowledging that the representations and warranties set forth in Section 6 hereof as they apply to Holder are true and complete as of the date of
exercise and (ii) a counterpart signature page to the Company’s then effective (A) LLC Agreement (if Holder (or the Person in whose name such Warrant Units are to be issued) is not at that time a member of the Company), (B) Amended
and Restated Voting Agreement dated as of July 11, 2018, by and between the Company and the Holders listed therein, (C) Amended and Restated Right of First Refusal and Co-Sale Agreement dated as of
July 11, 2018, by and between the Company, Investors and Key Holders listed therein and (D) Amended and Restated Investor Rights Agreement dated as of July 11, 2018, by and between the Company and the Investors listed therein
(collectively, the “Joinder Agreements”). 
 2.6 Net Exercise Election. 

(a) Holder may elect to convert all or any portion of this Warrant, without the payment by Holder of any additional consideration, by the
surrender of this Warrant to the Company, with the net exercise election selected in the subscription form attached hereto, duly executed by Holder, into up to the number of Warrant Units that is obtained under the following formula: 

X = Y (A-B) 

A 
  

					
	where	  	X =	  	the number of Warrant Units to be issued to Holder pursuant to a net exercise of this Warrant effected pursuant to this Section 2.6.
			
	 	  	Y =	  	the number of Warrant Units issuable upon exercise of this Warrant immediately prior to such net exercise.
			
	 	  	A =	  	the fair market value of one Warrant Unit, determined at the time of such net exercise as set forth in the last
paragraph of this Section 2.6.
			
	 	  	B =	  	the Warrant Price.

 The Company will promptly respond in writing to an inquiry by Holder as to the then current fair market value of one Warrant
Unit. 
 (b) For purposes of the above calculation, fair market value of one Warrant Unit shall be determined by the Company’s Board
of Directors in good faith; provided, however, that (i) if on the relevant exercise date for which such value must be determined, a public market for the Company’s Common Units exists, then the
fair market value per share of the Warrant Units shall be determined by reference to the market price of the Common Units as follows: (x) if this Warrant is being exercised in connection with the Company’s initial public offering, the fair
market value shall be the per- share offering price to the public as set forth in the Company’s final prospectus filed with the Securities and Exchange Commission, or (y) otherwise, the fair market value shall be the average of
(A) the closing bid and asked prices of the Common Units quoted in the Over-The-Counter Market Summary or (B) the last reported sale price of the Common Units
or the closing price quoted on the exchange on which the Common Units is listed, whichever is applicable, as published in the Western Edition of The Wall Street Journal for the five (5) trading days prior to the date as of which the
value of the fair market value is to be determined and (ii) if this Warrant is exercised in connection with a Deemed Liquidation Event, the fair market value of one Warrant Unit shall be determined by the Company’s Board of Managers in
good faith with reference to the known or best estimated amount of consideration that would be payable in respect of one Warrant Unit in such Deemed Liquidation Event. 

  
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 3. ISSUANCE OF UNITS. Except as set forth in Section 7 hereof,
this Warrant shall be deemed to have been exercised immediately prior to the close of business on the date of the Company’s receipt of all of the following: (i) this Warrant surrender for exercise as provided above, (ii) the aggregate
exercise price therefore pursuant to Section 2 hereof (if applicable), and (iii) the executed Joinder Agreement(s) (if applicable) from each person entitled to receive the Warrant Units. The Person entitled to receive the Warrant Units
issuable upon such exercise shall be treated for all purposes as the holder of record of such Warrant Units as of the close of business on such date. As soon as practicable on or after such date, the Company shall issue and deliver to the Person or
Persons entitled to receive the same either (a) if the Company does not have certificated units, an acknowledgement of the Company that the Warrant Units have been issued in the name of such Person(s), and (b) if the Units are
certificated, a certificate or certificates for the number of whole Warrant Units issuable upon such exercise. 
 4. EXERCISES
IN CONNECTION WITH CERTAIN TRANSACTIONS. If the Company proposes at any time to effect a Deemed Liquidation Event or an Initial Public Offering, the Company shall give Holder at least ten (10) days advance written notice (each, a
“Transaction Notice”) of the anticipated closing date for such Deemed Liquidation Event or Initial Public Offering. This Warrant shall automatically expire and be of no further force and effect without any
action by Holder or the Company immediately prior to the effective date of a Deemed Liquidation Event. Holder may, in response to the Transaction Notice, elect at its option, to exercise this Warrant in full in accordance with
Section 2 hereof, conditioned upon the completion of such transaction. 
 5. ADJUSTMENT
PROVISIONS. The number and character of Warrant Units issuable upon exercise of this Warrant and the Warrant Price therefor, are subject to adjustment upon each event specified in Sections 5.1 through 5.4 hereof occurring
between the date this Warrant is issued and the earlier of the time that it is exercised in full or the Expiration Date: 
 5.1
Adjustment for Unit Splits and Unit Dividends. The Warrant Price and the number of Warrant Units for which this Warrant remains exercisable shall each be proportionally adjusted to reflect any equity dividend, equity split, reverse
equity split or other similar event affecting the number of outstanding Warrant Units. 
 5.2 Adjustment for Other Dividends and
Distributions. In case the Company shall make or issue, or shall fix a record date for the determination of eligible holders entitled to receive a dividend or other distribution payable with respect to the Warrant Units that is payable in
(a) securities of the Company (other than issuances with respect to which adjustment is made under Section 5.1 or Section 5.3 hereof) or (b) assets (other than cash) which dividend or distribution is
actually made (each a “Dividend Event”), then, and in each such case, Holder, upon exercise of this Warrant at any time after such Dividend Event, shall receive, in addition to the Warrant Units, the securities or such other
assets of the Company that would have been payable to Holder if Holder had completed such exercise of this Warrant, immediately prior to such Dividend Event. 

5.3 Adjustment for Reorganization, Consolidation, Merger. (a) In case of any recapitalization or reorganization of
the Company or (b) in case the Company shall consolidate with or merge into one or more other corporations or entities which results in a change of the Warrant Units (each, a “Reorganization Event”), then, and in
each such case, Holder, upon the exercise of this Warrant after such Reorganization Event shall be entitled to receive, in lieu of the Warrant Units that Holder would have been entitled to receive upon such exercise prior to such Reorganization
Event, the units or other securities or property which Holder would have been entitled to receive upon such Reorganization Event if, 

  
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immediately prior to such Reorganization Event, Holder had completed such exercise of this Warrant, all subject to further adjustment as provided in this Warrant. If after such Reorganization
Event, this Warrant is exercisable for securities of a corporation or entity other than the Company, then such corporation or entity shall duly execute and deliver to Holder a supplement hereto acknowledging such corporation’s or other
entity’s obligations under this Warrant; and in each such case, the terms of this Warrant shall be applicable to the units or other securities or property receivable upon the exercise of this Warrant after the consummation of such
Reorganization Event. 
 5.4 Conversion of Units. In case all (a) the authorized Warrant Units are converted,
pursuant to the Company’s then-effective LLC Agreement, into other securities or property, or (b) the Warrant Units otherwise ceases to exist or to be authorized by the Company’s then-effective LLC Agreement (each, a
“Conversion Event”), then Holder, upon exercise of this Warrant at any time after such Conversion Event, shall receive, in lieu of the number of Warrant Units that would have been issuable upon exercise of this Warrant
immediately prior to such Conversion Event, the units and other securities and property that Holder would have been entitled to receive upon the Conversion Event, if, immediately prior to such Conversion Event, Holder had completed such exercise of
this Warrant. 
 5.5 Notice of Adjustments. The Company shall promptly give written notice of each adjustment under this
Section 5 of the Warrant Price or the number of Warrant Units or other securities that remain issuable upon exercise of this Warrant. The notice shall describe the adjustment and show in reasonable detail the facts on which
the adjustment or readjustment is based. 
 5.6 No Change Necessary. The form of this Warrant need not be changed
because of any adjustment in the Warrant Price or in the number of Warrant Units issuable upon its exercise. 
 5.7 Reservation
of Units. If the number of Warrant Units or other securities issuable upon exercise of this Warrant that are authorized and unissued under the Company’s then- effective LLC Agreement shall not be sufficient to effect the exercise of
this Warrant in full, the Company will promptly take such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued Warrant Units or other securities issuable upon exercise of this Warrant as shall
be sufficient for such purpose. 
 6. REPRESENTATIONS; WARRANTIES AND CERTAIN AGREEMENTS OF HOLDER. Holder hereby
represents and warrants to, and agrees with, the Company, that: 
 6.1 Purchase for Own Account. The Securities will be
acquired for investment for Holder’s own account, not as a nominee or agent, and not with a view to the public resale or distribution thereof within the meaning of the Act, and Holder has no present intention of selling, granting any
participation in, or otherwise distributing the same. 
 6.2 Disclosure of Information. Holder has received or has had
full access to all the information it considers necessary or appropriate to make an informed investment decision with respect to the Securities. Holder further has had an opportunity to ask questions and receive answers from the Company regarding
the terms and conditions of the offering of the Securities and to obtain additional information (to the extent the Company possessed such information or could acquire it without unreasonable effort or expense) necessary to verify any information
furnished to Holder or to which Holder had access. 

  
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 6.3 Investment Experience. Holder understands that the purchase of the
Securities involves substantial risk. Holder (a) has experience as an investor in securities of companies in the development stage and acknowledges that Holder is able to fend for itself, can bear the economic risk of Holder’s investment
in the Securities and has such knowledge and experience in financial or business matters that Holder is capable of evaluating the merits and risks of this investment in the Securities and protecting its own interests in connection with this
investment and/or (b) has a preexisting personal or business relationship with the Company and certain of its officers, directors or controlling Persons of a nature and duration that enables such Holder to be aware of the character, business
acumen and financial circumstances of such Persons. 
 6.4 Accredited Investor Status. Such Investor is familiar with
the definition of, and qualifies as, an “accredited investor” within the meaning of Regulation D promulgated under the Act. 

6.5 Restricted Securities. Holder understands that the Securities are characterized as “restricted securities”
under the Act and Rule 144 promulgated thereunder inasmuch as they are being acquired from the Company in a transaction not involving a public offering, and that under the Act and applicable regulations thereunder such securities may be resold
without registration under the Act only in certain limited circumstances. Holder also acknowledges that resale of the Warrant Units are further restricted pursuant to the terms of the Company’s LLC Agreement. In this connection, Holder is
familiar with Rule 144, as presently in effect, and understands the resale limitations imposed thereby and by the Act. Holder understands that the Company is under no obligation to register any of the securities sold hereunder. Holder understands
that no public market now exists for any of the Securities and that it is uncertain whether a public market will ever exist for the Securities. 

6.6 No Solicitation. At no time was Holder presented with or solicited by any publicly issued or circulated newspaper,
mail, radio, television or other form of general advertising or solicitation in connection with the offer, sale and purchase of the Securities. 

6.7 Further Limitations on Disposition. Without in any way limiting the representations and warranties of Holder set forth
above, Holder agrees not to make any disposition of all or any portion of the Securities unless and until: (a) there is then in effect a registration statement under the Act covering such proposed disposition and such disposition is made in
accordance with such registration statement; or (b) Holder shall have notified the Company of the proposed disposition, and shall have furnished the Company with a statement of the circumstances surrounding the proposed disposition, and, upon
request of the Company, with an opinion of counsel, at the expense of Holder or its transferee, reasonably satisfactory to the Company, that such disposition will not require registration of such securities under the Act. Notwithstanding the
provisions of paragraphs (a) and (b) above, no such registration statement or opinion of counsel shall be required: (i) for any transfer of the Securities in compliance with Rule 144 or Rule 144A; or (ii) for any transfer of the
Securities by Holder that is a partnership or a corporation to (A) a partner of such partnership or stockholder of such corporation, (B) a controlled affiliate of such partnership or corporation, (C) a retired partner of such
partnership who retires after the date hereof, (D) the estate of any such partner or stockholder; or (iii) for the transfer by gift, will or intestate succession by Holder to his or her spouse or lineal descendants or ancestors or any
trust for any of the foregoing; provided that in each of the foregoing cases the transferee agrees in writing to be subject to the restrictions on transfer set forth in this Section 6.7 to the same extent as
if the transferee was the original Holder hereunder. 
 6.8 Legends. Holder understands and agrees that the certificates
evidencing the Securities will bear legends substantially similar to those set forth below in addition to any other legend that may be required by applicable law, by the Company’s LLC Agreement or by any agreement between the Company and
Holder: 

  
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 (a) THE UNITS REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN
OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 

(b) THE SALE, PLEDGE, HYPOTHECATION OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE TERMS AND CONDITIONS OF
A CERTAIN INVESTOR RIGHTS AGREEMENT BY AND BETWEEN THE SECURITYHOLDER AND THE COMPANY. COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY. 

The legend set forth in (a) above shall be removed by the Company from any certificate evidencing the Securities upon delivery to the
Company of an opinion of counsel, reasonably satisfactory to the Company, that a registration statement under the Act is at that time in effect with respect to the Legended security or that such security can be freely transferred in a public sale
(other than pursuant to Rule 144 or Rule 145 under the Act) without such a registration statement being in effect and that such transfer will not jeopardize the exemption or exemptions from registration pursuant to which the Company issued the
Securities. No opinion shall be required for routine transactions under Rule 144. 
 6.9 “Market Stand-Off’’ Agreement. Holder hereby agrees that it shall not, for up to one hundred eighty (180) days following the effective date of a registration statement of the Company filed under the
Act, without the prior written consent of the Company or the managing underwriter, to the extent requested by the Company or an underwriter of securities of the Company, (a) lend, offer, pledge, sell, contract to sell, sell any option or
contract to purchase, purchase any option or contract to sell, grant any option, right, or warrant to purchase or otherwise transfer or dispose of, directly or indirectly, any Common Units of the Company, or any securities convertible into or
exercisable or exchangeable (directly or indirectly) for Common Units of the Company, held immediately before the effective date of the registration statement for such offering; or (b) enter into any swap or other arrangement that transfers to
another, in whole or in part, any of the economic consequences of ownership of such securities, whether any such transaction described in clause (a) above is to be settled by delivery of Common Units of the Company or other securities, in cash,
or otherwise. For purposes of this Section 6.9, the term “Company” shall include any wholly-owned subsidiary of the Company into which the Company merges or consolidates. In order to
enforce the foregoing covenant, the Company shall have the right to impose stop transfer instructions with respect to the Securities and such other Company securities of Holder (and the units or securities of every other Person subject to the
foregoing restriction) until the end of such period. Holder further agrees to enter into any agreement reasonably required by the underwriters to implement the foregoing within any reasonable timeframe so requested. 

7. NO RIGHTS OR LIABILITIES AS MEMBER OF THE COMPANY. This Warrant does not by itself entitle Holder to any voting rights
or other rights as a member or owner of the Company. In the absence of affirmative action by Holder to purchase Warrant Units by exercise of this Warrant, no provisions of this Warrant, and no enumeration herein of the rights or privileges of
Holder, shall cause Holder to be a member or other owner of the Company for any purpose. 
 8. GENERAL PROVISIONS. 

8.1 Attorneys’ Fees. In the event any party is required to engage the services of any attorneys for the purpose of
enforcing this Warrant, or any provision thereof, the prevailing party shall be entitled to recover its reasonable expenses and costs in enforcing this Warrant, including attorneys’ fees. 

  
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 8.2 Transfer. Except as expressly provided hereunder, neither this
Warrant nor any rights hereunder may be assigned, conveyed or transferred by Holder, in whole or in part, .without the Company’s prior written consent, which the Company may withhold in its sole discretion. The rights and obligations of the
Company and the Holder under this Warrant shall be binding upon and benefit their respective permitted successors, assigns, heirs, administrators and transferees. 

8.3 Governing Law. This Warrant shall be governed by and construed under the internal laws of the State of California as
applied to agreements among California residents entered into and to be performed entirely within California, without reference to principles of conflict of laws or choice of laws. 

8.4 Headings. The headings and captions used in this Warrant are used only for convenience and are not to be considered in
construing or interpreting this Warrant. All references in this Warrant to Sections and Exhibits shall, unless otherwise provided, refer to sections hereof and exhibits attached hereto, all of which exhibits are incorporated herein by this
reference. 
 8.5 Notices. All notices required or permitted hereunder shall be in writing and shall be deemed
effectively given: (a) upon personal delivery to the party to be notified, (b) upon confirmation of receipt when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient; if not, then on the next
business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day
delivery, with written verification of receipt. All communications shall be sent to the party to be notified at the address as set forth on the signature pages hereof or in the case of the Company, at the principal offices of the Company located at
220 Penobscot Drive, Redwood City, CA 94063, or at such other address or electronic mail address as such party may designate by ten (10) days advance written notice to the other parties hereto. 

8.6 Amendment; Waiver. Any term of this Warrant may be amended, and the observance of any term of this Warrant may be
waived (either generally or in a particular instance and either retroactively or prospectively) only with the written consent of the Company and Holder. Any amendment or waiver effected in accordance with this Section 8.6
shall be binding upon Holder. 
 8.7 Severability. If one or more provisions of this Warrant are held to be
unenforceable under applicable law, then such provision(s) shall be excluded from this Warrant to the extent they are unenforceable and the remainder of this Warrant shall be interpreted as if such provision(s) were so excluded and shall be
enforceable in accordance with its terms. 
 8.8 Entire Agreement. This Warrant and the documents referred to herein,
together with all the exhibits and schedules hereto and thereto, constitute the entire agreement and understanding of the parties with respect to the subject matter hereof and supersedes any and all prior negotiations, correspondence, warrants,
agreements, understandings duties or obligations between the parties with respect to the subject matter hereof. 

[SIGNATURE PAGE FOLLOWS] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Warrant to Purchase Series
B Preferred Units as of the date first written above. 
  

			
	THE COMPANY:
	
	DICE MOLECULES HOLDINGS, LLC
		
	By:	 	 /s/ Kevin Judice

	Name:	 	Kevin Judice
	Title:	 	 CEO

	
	AGREED AND ACKNOWLEDGED:
	
	HOLDER:
	
	JMP SECURITIES LLC
		
	By:	 	 /s/ Carter Mack

	Name:	 	Carter Mack
	Title:	 	Chairman of Investment Banking
		 	Management Committee

 [SIGNATURE PAGE TO WARRANT TO
PURCHASE SERIES B PREFERRED UNITS OF 
 DICE
MOLECULES HOLDINGS, LLC] 

 EXHIBIT 1 

FORM OF SUBSCRIPTION 

(To be completed and signed only upon exercise of Warrant) 

To: DiCE Molecules Holdings, LLC (the “Company”) 

We refer to that certain Warrant to Purchase Series B Preferred Units of the Company issued on November 13, 2018 (the
“Warrant’). 
 Select one of the following two alternatives: 

☐ Cash Exercise. On the terms and conditions set forth in the Warrant, the undersigned Holder hereby
elects to purchase ____________ Series B Preferred Units of DiCE Molecules Holdings, LLC (the “Warrant Units”), pursuant to the terms of the attached Warrant, and tenders herewith payment of the purchase price for such units
in full. This exercise ☐ IS ☐ IS NOT conditioned upon the completion of the Deemed Liquidation Event or the Initial Public Offering that has been described in a Transaction Notice, dated
________________, delivered by the Company to Holder pursuant to Section 4 of the Warrant. 

☐ Net Exercise Election. On the terms and conditions set forth in the Warrant, the undersigned
Holder elects to convert the Warrant into Warrant Units by net exercise election pursuant to Section 2.6 of the Warrant. This conversion is exercised with respect to _________________ Series B Preferred Units of DiCE
Molecules Holdings, LLC (the “Warrant Units”) covered by the Warrant. 
 In exercising the Warrant,
the undersigned Holder hereby confirms and acknowledges that the representations and warranties set forth in Section 6 of the Warrant as they apply to the undersigned Holder are true and complete as of this date. Please
issue a certificate or certificates representing such Warrant Units in Holder’s name and deliver such certificate(s) to Holder at the address set forth below: 

 

	
	  
 (Address)

	
	  
 (City, State, Zip
Code)

	
	  
 (Federal Tax Identification
Number)

 WHEREFORE, the undersigned Holder has executed and delivered the Warrant and this
Subscription Form as of the date set forth below. 
  

			
	HOLDER:
	
	JMP SECURITIES LLC
		
	By:	 	  

	Name:	 	  

	Title:EX-4.5

 Exhibit 4.5 

THIS WARRANT AND THE UNITS ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR
THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN SECTIONS 5.3 AND 5.4 BELOW, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND
SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION. 
 WARRANT TO PURCHASE
LIMITED LIABILITY COMPANY INTERESTS 
 Company: DiCE Molecules Holdings, LLC, a Delaware limited liability company 

Number of Units: As set forth in Paragraph A below 

Type/Series of Units: Common Units 
 Warrant Price:
$1.18 per Unit, subject to adjustment 
 Issue Date: April 13, 2021 

					
	Expiration Date: April 12, 2031                 See also Section 5.1(b).
	Credit Facility:	  	This Warrant to Purchase Limited Liability Company Interests (“Warrant”) is issued in connection with that certain Loan and Security Agreement of even date herewith among Silicon Valley Bank, DiCE
Molecules SV, Inc. and DiCE Alpha, Inc. (as amended and/or modified and in effect from time to time, the “Loan Agreement”).

 THIS WARRANT CERTIFIES THAT, for good and valuable consideration, SILICON VALLEY BANK (together with any
successor or permitted assignee or transferee of this Warrant or of any units issued upon exercise hereof, “Holder”) is entitled to purchase up to the number of fully paid and
non-assessable units of limited liability company interest of the Class (as defined below) of the above-named company (the “Company”) determined pursuant to Paragraph A below, at the
above-stated Warrant Price per Unit, all as set forth above and as adjusted pursuant to Section 2 of this Warrant, subject to the provisions and upon the terms and conditions set forth in this Warrant. Reference is made to Section 5.4 of
this Warrant whereby Silicon Valley Bank shall transfer this Warrant to its parent company, SVB Financial Group. 
 The type and series of
limited liability company interests or units for which this Warrant shall be exercisable (as may be adjusted from time to time pursuant to the provisions of this Warrant, the “Class”) shall be Common Units as defined in, and
having the relative rights, powers, preferences and privileges as set forth in, the Company’s Fourth Amended and Restated Limited Liability Company Agreement dated December 18, 2020, as amended and/or restated and in effect from time to
time (the “Operating Agreement”). As used herein, “units” refers generally to limited liability company interests in the Company, whether such interests be styled as units, percentage interests, shares
or otherwise in the Operating Agreement. 
 A. Number of Units. This Warrant shall be exercisable for the Initial Units, plus the
Additional Units, if any (collectively, and as may be adjusted from time to time pursuant to the provisions of this Warrant, the “Units”). 

(1) Initial Units. As used herein, “Initial Units” means 152,232 units of the Class, subject to adjustment
from time to time pursuant to the provisions of this Warrant. 
 (2) Additional Units. All units, if any, for which this Warrant
shall become exercisable pursuant to this Paragraph A(2) and as may be adjusted from time to time in accordance with the provisions of this Warrant, are referred to herein cumulatively and collectively, and as may be adjusted from time to time in
accordance with the provisions of this Warrant, as the “Additional Units.” 

 (a) Upon the making of each Term B Loan Advance (as defined in the Loan Agreement) to the
Company, this Warrant automatically shall become exercisable for such number of additional units of the Class as shall equal (i) the Term B Loan Additional Units Pool, multiplied by (ii) a fraction, the numerator of which shall equal
the amount of such Term B Loan Advance and the denominator of which shall equal $2,500,000, subject to adjustment thereafter from time to time in accordance with the provisions of this Warrant. 

(b) Upon the making of each Term C Loan Advance (as defined in the Loan Agreement) to the Company, this Warrant automatically shall become
exercisable for such number of additional units of the Class as shall equal (i) the Term C Loan Additional Units Pool, multiplied by (ii) a fraction, the numerator of which shall equal the amount of such Term C Loan Advance and the
denominator of which shall equal $5,000,000, subject to adjustment thereafter from time to time in accordance with the provisions of this Warrant. 

(c) Additional Units Pools. As used herein: (i) “Term B Loan Additional Units Pool” means 38,060 units of the
Class, as such number may be adjusted from time to time in accordance with the provisions of this Warrant (as if the Term B Loan Additional Units Pool constituted “Units” hereunder for such purpose at all times from and after the Issue
Date); and (i) “Term C Loan Additional Units Pool” means 38,059 units of the Class, as such number may be adjusted from time to time in accordance with the provisions of this Warrant (as if the Term C Loan Additional Units
Pool constituted “Units” hereunder for such purpose at all times from and after the Issue Date). 
 SECTION 1. EXERCISE.

 1.1 Method of Exercise. Holder may at any time and from time to time exercise this Warrant, in whole or in part, by delivering to
the Company the original of this Warrant together with a duly executed Notice of Exercise in substantially the form attached hereto as Appendix 1 and, unless Holder is exercising this Warrant pursuant to a cashless exercise set forth in
Section 1.2, a check, wire transfer of same-day funds (to an account designated by the Company), or other form of payment acceptable to the Company for the aggregate Warrant Price for the Units being
purchased. Notwithstanding any contrary provision herein, if this Warrant was originally executed and/or delivered electronically, in no event shall Holder be required to surrender or deliver an ink-signed
paper copy of this Warrant in connection with its exercise hereof or of any rights hereunder, nor shall Holder be required to surrender or deliver a paper or other physical copy of this Warrant in connection with any exercise hereof. 

1.2 Cashless Exercise. On any exercise of this Warrant, in lieu of payment of the aggregate Warrant Price in the manner as specified in
Section 1.1 above, but otherwise in accordance with the requirements of Section 1.1, Holder may elect to receive Units equal to the value of this Warrant, or portion hereof as to which this Warrant is being exercised. Thereupon, the
Company shall issue to the Holder such number of fully paid and non-assessable Units as are computed using the following formula: 

X = Y(A-B)/A 

where: 

  
 2 

 
			
	X =	  	the number of Units to be issued to the Holder;
		
	Y =	  	the number of Units with respect to which this Warrant is being exercised (inclusive of the Units surrendered to the Company in payment of the aggregate Warrant Price);
		
	A =	  	the Fair Market Value (as determined pursuant to Section 1.3 below) of one Unit; and
		
	B =	  	the Warrant Price.

 1.3 Fair Market Value. If units of the Class are then traded or quoted on a nationally
recognized securities exchange, inter-dealer quotation system or over-the-counter market (a “Trading Market”) the fair market value of a Unit
shall be the closing price or last sale price of a common or ordinary unit reported for the Business Day immediately before the date on which Holder delivers this Warrant together with its Notice of Exercise to the Company. If units of the
Class are not then traded in a Trading Market, the Board (as defined in the Operating Agreement) shall determine the fair market value of a Unit in its reasonable good faith judgment. 

1.4 Delivery of Certificate and New Warrant. Within a reasonable time after Holder exercises this Warrant in the manner set forth in
Section 1.1 or 1.2 above, if units of the Class are then certificated by the Company, the Company shall deliver to Holder a certificate representing the Units issued to Holder upon such exercise and, if this Warrant has not been fully
exercised and has not expired, a new warrant of like tenor representing the Units not so acquired. If units of the Class are not then certificated by the Company, the Company will deliver to Holder such evidence of the issuance of such Units to
Holder as required or permitted under the Operating Agreement or, if there be none, such evidence as Holder may reasonably request. 
 1.5
Replacement of Warrant. On receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement
reasonably satisfactory in form, substance and amount to the Company or, in the case of mutilation, on surrender of this Warrant to the Company for cancellation, the Company shall, within a reasonable time, execute and deliver to Holder, in lieu of
this Warrant, a new warrant of like tenor and amount. 
 1.6 Treatment of Warrant Upon Acquisition of Company. 

(a) Acquisition. For the purpose of this Warrant, “Acquisition” means any transaction or series of
related transactions involving: (i) the sale, lease, exclusive license, or other disposition of all or substantially all of the assets of the Company; (ii) any merger or consolidation of the Company into or with another person or entity
(other than a merger or consolidation effected exclusively to change the Company’s domicile), or any other corporate reorganization, in which the members and other holders of units of the Company in their capacity as such immediately prior to
such merger, consolidation or reorganization, own less than a majority of the Company’s (or the surviving or successor entity’s) outstanding voting power (even if such voting power be limited solely to such matters as required by
applicable law) immediately after such merger, consolidation or reorganization (or, if such Company members and other holders of units beneficially own a majority of the outstanding voting power (even if such voting power be limited solely to such
matters as required by applicable law) of the surviving or successor entity as of immediately after such merger, consolidation or reorganization, such surviving or successor entity is not the Company); or (iii) any sale or other transfer by the
members and/or other holders of units of the Company of units representing at least a majority of the Company’s then-total outstanding combined voting power (even if such voting power be limited solely to such matters as required by applicable
law). 

  
 3 

 (b) Treatment of Warrant at Acquisition. In the event of an Acquisition in which the
consideration to be received by the Company’s members and other holders of units consists solely of cash, solely of Marketable Securities or a combination of cash and Marketable Securities (a “Cash/Public Acquisition”),
and the fair market value of one Unit as determined in accordance with Section 1.3 above would be greater than the Warrant Price in effect on such date immediately prior to such Cash/Public Acquisition, and Holder has not exercised this Warrant
pursuant to Section 1.1 above as to all Units, then this Warrant shall automatically be deemed to be Cashless Exercised pursuant to Section 1.2 above as to all Units effective immediately prior to and contingent upon the consummation of a
Cash/Public Acquisition. In connection with such Cashless Exercise, Holder shall be deemed to have restated each of the representations and warranties in Section 4 of the Warrant as of the date thereof and the Company shall promptly notify the
Holder of the number of Units (or such other securities) issued upon exercise. In the event of a Cash/Public Acquisition where the fair market value of one Unit as determined in accordance with Section 1.3 above would be equal to or less than
the Warrant Price in effect immediately prior to such Cash/Public Acquisition, then this Warrant will automatically expire immediately prior to the consummation of such Cash/Public Acquisition. 

(c) Upon the closing of any Acquisition other than a Cash/Public Acquisition, either (i) the acquiring, surviving or successor entity
shall assume this Warrant and the obligations of the Company hereunder, and this Warrant shall, from and after such closing, be exercisable for the same class, number and kind of securities, cash and other property as would have been paid for or in
respect of the Units issuable (as of immediately prior to such closing) upon exercise in full hereof as if such Units had been issued and outstanding on and as of such closing, at an aggregate Warrant Price equal to the aggregate Warrant Price in
effect as of immediately prior to such closing; and subject to further adjustment thereafter from time to time in accordance with the provisions of this Warrant, or (ii) if the successor or surviving entity shall not have assumed this Warrant,
then the aggregate Warrant Price shall be reduced to the greater of (A) One Dollar ($1.00), or (B) the aggregate par value of all Units issuable hereunder as of immediately prior to the closing of such Acquisition, and this Warrant shall
be deemed to have been exercised in full pursuant to Section 1.2 above as of immediately prior to the closing of such Acquisition. 

(d) As used in this Warrant, “Marketable Securities” means securities meeting all of the following requirements:
(i) the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and is then current in its filing of
all required reports and other information under the Act and the Exchange Act; (ii) the class and series of shares or other security of the issuer that would be received by Holder in connection with the Acquisition were Holder to exercise this
Warrant on or prior to the closing thereof is then traded in a Trading Market, and (iii) following the closing of such Acquisition, Holder would not be restricted from publicly re-selling all of the
issuer’s shares and/or other securities that would be received by Holder in such Acquisition were Holder to exercise this Warrant in full on or prior to the closing of such Acquisition, except to the extent that any such restriction
(x) arises solely under federal or state securities laws, rules or regulations, and (y) does not extend beyond six (6) months from the closing of such Acquisition. 

  
 4 

 SECTION 2. ADJUSTMENTS TO THE UNITS AND WARRANT PRICE. 

2.1 Unit Dividends, Splits, Etc. If the Company declares or pays a dividend or distribution on the outstanding units of the
Class payable in additional units of the Class or other units, securities or property (other than cash), then upon exercise of this Warrant, for each Unit acquired, Holder shall receive, without additional cost to Holder, the total number
and kind of units, securities and property which Holder would have received had Holder owned the Units of record as of the date the dividend or distribution occurred. If the Company subdivides the outstanding units of the Class by
reclassification or otherwise into a greater number of units, the number of Units purchasable hereunder shall be proportionately increased and the Warrant Price shall be proportionately decreased. If the outstanding units of the Class are
combined or consolidated, by reclassification or otherwise, into a lesser number of units, the Warrant Price shall be proportionately increased and the number of Units shall be proportionately decreased. 

2.2 Reclassification, Exchange, Combinations or Substitution. Upon any event whereby all of the outstanding units of the Class are
reclassified, exchanged, combined, substituted, or replaced for, into, with or by Company securities of a different class and/or series, then from and after the consummation of such event, this Warrant will be exercisable for the number, class and
series of Company securities that Holder would have received had the Units been outstanding on and as of the consummation of such event, and subject to further adjustment thereafter from time to time in accordance with the provisions of this
Warrant. The provisions of this Section 2.2 shall similarly apply to successive reclassifications, exchanges, combinations substitutions, replacements or other similar events. 

2.3 No Fractional Unit. No fractional Unit shall be issuable upon exercise of this Warrant and the number of Units to be issued
shall be rounded down to the nearest whole Unit. If a fractional Unit interest arises upon any exercise of the Warrant, the Company shall eliminate such fractional Unit interest by paying Holder in cash the amount computed by multiplying the
fractional interest by (i) the fair market value (as determined in accordance with Section 1.3 above) of a full Unit, less (ii) the then-effective Warrant Price. 

2.4 Notice/Certificate as to Adjustments. Upon each adjustment of the Warrant Price, Class and/or number of Units, the Company, at
the Company’s expense, shall notify Holder in writing within a reasonable time setting forth the adjustments to the Warrant Price, Class and/or number of Units and facts upon which such adjustment is based. The Company shall, upon written
request from Holder, furnish Holder with a certificate of its Manager or authorized officer, including computations of such adjustment and the Warrant Price, Class and number of Units in effect upon the date of such adjustment. 

SECTION 3. REPRESENTATIONS AND COVENANTS OF THE COMPANY. 

3.1 Representations and Warranties. The Company represents and warrants to, and agrees with, the Holder as follows: 

(a) The initial Warrant Price referenced on the first page of this Warrant is not greater than the fair market value of a unit of the
Class as determined by the most recently completed valuation, approved or accepted by the Company’s Board of Directors prior to the Issue Date, of a unit of the Class for purposes of the Company’s compliance with
Section 409A of the Internal Revenue Code of 1986, as amended (or the corresponding section of any successor statute) (a “409A Valuation”). 

(b) The number of Initial Units first set forth above plus the number of units constituting the Term B Loan Additional Units Pool first set
forth above plus the number of units constituting the Term C Loan Additional Units Pool first set forth above collectively represent not less than 0.300% of the Company’s total issued and outstanding Common Units, calculated on and as of the
Issue Date hereof on a fully-diluted, Common Unit-equivalent basis (but without excluding units that are 

  
 5 

 
not convertible into Common Units) assuming (i) the conversion into Common Units of all outstanding securities and instruments (including, without limitation, securities deemed to be
outstanding pursuant to clause (ii) of this Section 3.1(b)) convertible by their terms into Common Units (regardless of whether such securities or instruments are by their terms now so convertible), (ii) the exercise in full of all
outstanding options, warrants (including, without limitation, this Warrant) and other rights to purchase or acquire Common Units or securities exercisable for or convertible into Common Units (regardless of whether such options, warrants or other
rights to purchase or acquire are by their terms now exercisable); and (iii) the inclusion of all Common Units reserved for issuance under all of the Company’s incentive unit and unit option plans and not now subject to outstanding grants
or options. 
 (c) All Units which may be issued upon the exercise of this Warrant shall, upon issuance, be duly authorized, validly
issued, fully paid and non-assessable, and free of any liens and encumbrances except for restrictions on transfer provided for herein, under the Operating Agreement or under applicable federal and state
securities laws. The Company covenants that it shall at all times cause to be reserved and kept available out of its authorized and unissued units such number of units of the Class and other securities as will be sufficient to permit the
exercise in full of this Warrant. 
 (c) The Company’s summary capitalization table attached hereto as Schedule 1 is true and
complete, in all material respects, as of the Issue Date. 
 3.2 Notice of Certain Events. If the Company proposes at any time to:

 (a) declare any dividend or distribution upon the outstanding units of the Class, whether in cash, property, units, or other securities
and whether or not a regular or periodic cash dividend or distribution (other than a distribution of cash upon the outstanding units of the Class made solely for the purpose of permitting the holders thereof to satisfy their respective federal
and state tax obligations in respect of the taxable income of the Company); 
 (b) offer for subscription or sale pro rata to the holders
of the outstanding units of the Class any additional Company units of any type, class, series or other designation (other than pursuant to contractual pre-emptive rights); 

(c) effect any reclassification, exchange, combination, substitution, reorganization or recapitalization of the outstanding units of the
Class; 
 (d) effect an Acquisition or to liquidate, dissolve or wind up; or 

(e) effect its initial, underwritten public offering and sale of its units pursuant to an effective registration statement under the Act (the
“IPO”); 
 then, in connection with each such event, the Company shall give Holder: 

(1) in respect of the matters referred to in (a) and (b) above, at least seven (7) Business Days prior written notice
of the earlier to occur of (i) the date on which a record will be taken for such dividend, distribution, or subscription rights (and specifying the date on which the holders of outstanding units of the Class will be entitled thereto) or
for determining rights to vote, if any, or (ii) the closing or effective date of such event; 

  
 6 

 (2) in the case of the matters referred to in (c) and (d) above at
least seven (7) Business Days prior written notice of the date when the same will take place (and specifying the date on which the holders of outstanding units of the Class will be entitled to exchange their units for the securities or
other property deliverable upon the occurrence of such event and such reasonable information as Holder may reasonably require regarding the treatment of this Warrant in connection with such event giving rise to the notice); and 

(3) with respect to the IPO, at least seven (7) Business Days prior written notice of the date on which the Company
proposes to publicly file its registration statement in connection therewith. 
 The Company will also provide information requested by Holder from time to
time, within a reasonable time following each such request, that is reasonably necessary to enable Holder to comply with Holder’s accounting or reporting requirements. Prior to the IPO, such information may include, but shall not be limited to,
the Company’s then-current summary capitalization table, the price per unit for which the Company most recently prior thereto sold or issued preferred units to investors for cash in a bona fide equity financing of the Company, and the
Company’s most recent 409A Valuation. Holder agrees to treat and hold all information provided by the Company pursuant to this Warrant in confidence in accordance with the provisions of Section 12.9 of the Loan Agreement (regardless of
whether the Loan Agreement shall then be in effect). 
 3.3 Tax Treatment of Warrant. 

(a) Application of Noncompensatory Option Treasury Regulations. The parties hereto acknowledge and agree that at the time of the
execution of this Warrant, the Company and Holder intend that the Warrant be treated as a “noncompensatory option” within the meaning of Treasury Regulations Section 1.721-2(f). Therefore,
unless and until this Warrant is exercised in accordance with its terms, or there is superseding authority under which the Company’s tax counsel determines in writing (and a copy thereof provided to Holder) such treatment is not appropriate, or
a Final Determination (as defined below) to the contrary has been made, for federal and applicable state and local income tax purposes, the parties hereto agree to (i) treat the issuance of the Warrant as an open transaction and not as the
issuance of a partnership or membership interest in the Company, (ii) treat each Holder, with respect to ownership of the Warrant, as the holder of a warrant or option exercisable for limited liability company units or interests and not as a
partner or a Member of the Company, and (iii) consistent with the regulations promulgated by the Treasury Department (“Treasury Regulations”) under the Internal Revenue Code of 1986, as amended, or any successor statute
(the “Code”) regarding noncompensatory partnership options, not allocate any profits or losses or other items of income, gain, deduction, loss or credit hereunder to a Holder of this Warrant with respect to this Warrant or
the limited liability company interests issuable on exercise hereof prior to the exercise of this Warrant. The parties shall file all tax returns and information reports in a manner consistent with the foregoing, except to the extent otherwise
required by the adoption of any superseding authority under which the Company’s tax counsel determines in writing (and a copy thereof provided to Holder) such treatment is not appropriate or a Final Determination. To the extent the Company,
after consultation with its tax counsel, determines that it is required to make any disclosure regarding the treatment of this Warrant described above under Code Section 6662 or otherwise on its tax returns or other tax filings, the Company
shall promptly notify Holder and, prior to filing, give Holder and its agents and representatives an opportunity to review and comment on any such disclosure. For purposes of this Section 3.3, “Final Determination”
means, with respect to any issue, (x) a decision, judgment, decree or other order by any court of competent jurisdiction, which decision, judgment, decree or other order has become final and not subject to further appeal, (y) a closing
agreement entered into under Code Section 7121 or any other binding settlement agreement entered into in connection with or in contemplation of an administrative or judicial proceeding, or (z) the completion of the highest level of
administrative proceedings if a judicial contest is not or is no longer available. 

  
 7 

 (b) Exercise of Warrant. Upon exercise of this Warrant, the parties agree to treat
the exercise of this Warrant consistently with applicable Treasury Regulations, including, without limitation, to the extent allowed thereunder (i) establishing an initial Capital Account (as defined in the Operating Agreement) for Holder equal
to the consideration paid or deemed paid to the Company for the issuance of this Warrant plus the fair market value of any property contributed to the Company upon exercise of this Warrant, if any, (ii) revaluing all Company assets and property
immediately following exercise of this Warrant and allocating built-in gain or loss in the Company’s assets and property to Holder and then to the historic Members as contemplated under the Treasury
Regulations and, to the extent such allocation is insufficient to adjust Holder’s Capital Account in accordance with its right to share in capital, shifting capital between Holder and the historic Members as contemplated under the Treasury
Regulations, and (iii) making associated Code Section 704(c) and “corrective allocations” as described in the Treasury Regulations. 

(c) Effect on Tax Distributions. For purposes of determining the amount of any tax distribution made under the Operating Agreement to
an exercising Holder who becomes a Member, any Code Section 704(c) allocations or “corrective allocations” made as contemplated in Section 3.3(b) to such Member shall be treated as taxable income allocated to such Member by the
Company, a tax distribution shall be made with respect to such allocations, and any and all tax distributions to an exercising Holder (whether made pursuant to this Section 3.3(c) or the Operating Agreement) shall be computed in accordance with
the Operating Agreement. If, pursuant to a Final Determination or otherwise, Holder is allocated taxable income with respect to this Warrant in respect of any period prior to exercise hereof and such Holder has not otherwise received a tax
distribution under the Operating Agreement with respect to such amounts, and/or if Holder is with respect to any period prior to exercise hereof treated by federal or state tax authorities as a Member and the Units issuable upon exercise hereof
treated as outstanding pursuant to Treasury Regulation 1.761-3 and/or any corresponding applicable state tax regulation, then promptly upon making such required allocation of taxable income to Holder or
receipt of Holder’s written notice of such Final Determination, as applicable, the Company shall indemnify Holder from and against, and shall either make a payment to all appropriate taxing authorities (if required) in satisfaction of, or shall
make a distribution of cash to Holder to cover, such Holder’s aggregate federal and state tax liabilities in respect of such amount of taxable income or treatment (which shall include, without limitation, (x) all interest, penalties and
fines thereon, (y) and all penalties, fines and interest thereon, if any, in respect of Holder’s liability for failure to file tax returns in all applicable jurisdictions with respect to such periods for which such taxing authorities treat
Holder as the owner of the Units, and (z) all amounts necessary for Holder to satisfy its aggregate federal and state tax liabilities in respect of such Company payments or distributions to Holder), and such payment or distribution shall be
made prior to making any other subsequent distributions under the Operating Agreement. If Holder is allowed a refund or credit of taxes actually paid by the Company or with respect to which the Company made a tax distribution to Holder pursuant to
this Section 3.3(c), (i) Holder shall claim such overpayment as a refund (rather than as a credit) to the extent permitted under applicable laws and (ii) such refund shall be for the account of the Company and shall be paid over to the
Company, within thirty (30) days of receipt of such amount. 
 (d) Survival. The provisions of this Section 3.3 shall
survive (i) the exercise of this Warrant and the sale or other disposition by Holder of the Units, and (ii) the expiration or earlier termination of this Warrant. 

  
 8 

 SECTION 4. REPRESENTATIONS, WARRANTIES OF THE HOLDER. 

The Holder represents and warrants to the Company as follows: 

4.1 Purchase for Own Account. This Warrant and the securities to be acquired upon exercise of this Warrant by Holder are being acquired
for investment for Holder’s account, not as a nominee or agent, and not with a view to the public resale or distribution within the meaning of the Act. Holder also represents that it has not been formed for the specific purpose of acquiring
this Warrant or the Units. 
 4.2 Disclosure of Information. Holder is aware of the Company’s business affairs and financial
condition and has received or has had full access to all the information it considers necessary or appropriate to make an informed investment decision with respect to the acquisition of this Warrant and its underlying securities. Holder further has
had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and to obtain additional information (to the extent the Company possessed such
information or could acquire it without unreasonable effort or expense) necessary to verify any information furnished to Holder or to which Holder has access. 

4.3 Investment Experience. Holder understands that the purchase of this Warrant and its underlying securities involves substantial
risk. Holder has experience as an investor in securities of companies in the development stage and acknowledges that Holder can bear the economic risk of such Holder’s investment in this Warrant and its underlying securities and has such
knowledge and experience in financial or business matters that Holder is capable of evaluating the merits and risks of its investment in this Warrant and its underlying securities and/or has a preexisting personal or business relationship with the
Company and certain of its officers, directors or controlling persons of a nature and duration that enables Holder to be aware of the character, business acumen and financial circumstances of such persons. 

4.4 Accredited Investor Status. Holder is an “accredited investor” within the meaning of Regulation D promulgated under the
Act. 
 4.5 The Act. Holder understands that this Warrant and the Units issuable upon exercise hereof have not been registered under
the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of the Holder’s investment intent as expressed herein. Holder understands that this Warrant and the Units issued
upon any exercise hereof must be held indefinitely unless subsequently registered under the Act and qualified under applicable state securities laws, or unless exemption from such registration and qualification are otherwise available. Holder is
aware of the provisions of Rule 144 promulgated under the Act. 
 4.6 Rights as Member; Operating Agreement. Without limiting any
provision of this Warrant, Holder agrees that, as a Holder of this Warrant, it will not have any rights or obligations as a Member (as defined in the Operating Agreement) unless and until the exercise of this Warrant, and then only with respect to
the Units issued upon such exercise. Upon exercise of this Warrant, the Company agrees that Holder shall automatically and without further action by any person be admitted as a Member under the Operating Agreement with respect to the Units issued
upon such exercise, and Holder and such Units shall, subject to the provisions of Section 3.3 above, thereupon be subject to and bound by the Operating Agreement. Holder shall execute and deliver a counterpart signature page, joinder agreement,
instrument of accession or similar instrument to the Operating Agreement upon the Company’s request following exercise hereof. 

  
 9 

 4.7 Market Stand-off Agreement. The Holder
agrees that the Units shall be subject to the Market Standoff provisions in Section 2.11 of that certain Amended and Restated Investor Rights Agreement, dated as of December 18, 2020, by and among the Company and the investors party
thereto, as the same may be amended, modified, supplemented, or restated from time to time. 
 SECTION 5. MISCELLANEOUS. 

5.1 Term; Automatic Cashless Exercise Upon Expiration. 

(a) Term. Subject to the provisions of Section 1.6 above, this Warrant is exercisable in whole or in part at any time and from
time to time on or before 6:00 PM, Pacific time, on the Expiration Date and shall be void thereafter. 
 (b) Automatic Cashless Exercise
upon Expiration. In the event that, upon the Expiration Date, the fair market value of one Unit (or other security issuable upon the exercise hereof) as determined in accordance with Section 1.3 above is greater than the Warrant Price in effect
on such date, then this Warrant shall automatically be deemed on and as of such date to be exercised pursuant to Section 1.2 above as to all Units (or such other securities) for which it shall not previously have been exercised, and the Company
shall, within a reasonable time, deliver a certificate representing the Units (or such other securities) issued upon such exercise to Holder. 

5.2 Legends. Each certificate evidencing Units (and each certificate evidencing securities issued upon conversion of any Units, if any)
shall be imprinted with a legend in substantially the following form: 
 THE UNITS EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN THAT CERTAIN WARRANT TO PURCHASE LIMITED LIABILITY COMPANY INTERESTS ISSUED BY THE ISSUER TO SILICON
VALLEY BANK DATED APRIL 13, 2021, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR, IN THE OPINION OF LEGAL COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER,
SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION. 
 And, if then applicable, a legend in substantially the following form:

 THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCK-UP PERIOD AFTER THE EFFECTIVE
DATE OF THE ISSUER’S REGISTRATION STATEMENT FILED UNDER THE ACT, AS AMENDED, AS SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE ORIGINAL HOLDER OF THESE SECURITIES, A COPY OF WHICH MAY BE OBTAINED AT THE ISSUER’S PRINCIPAL OFFICE.
SUCH LOCK-UP PERIOD IS BINDING ON TRANSFEREES OF THESE UNITS. 

  
 10 

 5.3 Compliance with Securities Laws on Transfer. This Warrant and the Units issued
upon exercise of this Warrant may not be transferred or assigned in whole or in part except in compliance with applicable federal and state securities laws by the transferor and the transferee (including, without limitation, the delivery of
investment representation letters and legal opinions reasonably satisfactory to the Company, as reasonably requested by the Company). The Company shall not require Holder to provide an opinion of counsel if the transfer is to SVB Financial Group
(Silicon Valley Bank’s parent company) or any other affiliate of Holder, provided that any such transferee is an “accredited investor” as defined in Regulation D promulgated under the Act. Additionally, the Company shall also not
require an opinion of counsel if there is no material question as to the availability of Rule 144 promulgated under the Act. 
 5.4
Transfer Procedure. After receipt by Silicon Valley Bank of the executed Warrant, Silicon Valley Bank will transfer all of this Warrant to its parent company, SVB Financial Group. By its acceptance of this Warrant, SVB Financial Group hereby
makes to the Company each of the representations and warranties set forth in Section 4 hereof and agrees to be bound by all of the terms and conditions of this Warrant as if the original Holder hereof. Subject to the provisions of
Section 5.3 and upon providing the Company with written notice, SVB Financial Group and any subsequent Holder may transfer all or part of this Warrant or the Units issued upon exercise of this Warrant to any transferee, provided, however, in
connection with any such transfer, SVB Financial Group or any subsequent Holder will give the Company notice of the portion of the Warrant and/or Units (and/or securities issued upon conversion of the Units, if any) being transferred with the name,
address and taxpayer identification number of the transferee and Holder will surrender this Warrant to the Company for reissuance to the transferee(s) (and Holder if applicable); and provided further, that any subsequent transferee other than SVB
Financial Group shall make substantially the representations set forth in Section 4 hereof and shall agree in writing with the Company to be bound by all of the terms and conditions of this Warrant; and provided, further, that the transfer of
Units issued on exercise hereof, shall be subject to the provisions of the Operating Agreement. Notwithstanding any contrary provision herein, at all times prior to the IPO, Holder may not, without the Company’s prior written consent, transfer
this Warrant or any portion hereof, or any Units issued upon any exercise hereof, to any person or entity who directly competes with the Company, except in connection with an Acquisition of the Company by such a direct competitor. 

5.5 Notices. All notices and other communications hereunder from the Company to the Holder, or vice versa, shall be deemed delivered
and effective (i) when given personally, (ii) on the third (3rd) Business Day after being mailed by first-class registered or certified mail, postage prepaid, (iii) upon actual
receipt if given by facsimile or electronic mail and such receipt is confirmed in writing by the recipient, or (iv) on the first Business Day following delivery to a reliable overnight courier service, courier fee prepaid, in any case at such
address as may have been furnished to the Company or Holder, as the case may be, in writing by the Company or such Holder from time to time in accordance with the provisions of this Section 5.5. All notices to Holder shall be addressed as
follows until the Company receives notice of a change of address in connection with a transfer or otherwise: 
 SVB Financial Group 

Attn: Treasury Department 
 3003
Tasman Drive, HC 215 
 Santa Clara, CA 95054 

Telephone: (408) 654-7400 

Facsimile: (408) 988-8317 

Email address: svbfgwarrants@svb.com 

  
 11 

 Notice to the Company shall be addressed as follows until Holder receives notice of a change
in address: 
 DiCE Molecules Holdings, LLC 

Attn: Chief Financial Officer 

279 East Grand Avenue, Suite 300, Lobby B 

South San Francisco, CA 94080 

Email: 
 With a copy (which
shall not constitute notice) to: 
 Fenwick & West LLC 

555 California Street 
 San
Francisco, CA 94104 
 Attn: Matthew Rossiter 

Email: mrossiter@fenwick.com 

5.6 Waiver. This Warrant and any term hereof may be changed, waived, discharged or terminated (either generally or in a particular
instance and either retroactively or prospectively) only by an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought. 

5.7 Attorneys’ Fees. In the event of any dispute between the parties concerning the terms and provisions of this Warrant, the
party prevailing in such dispute shall be entitled to collect from the other party all costs incurred in such dispute, including reasonable attorneys’ fees. 

5.8 Counterparts; Facsimile/Electronic Signatures. This Warrant may be executed by one or more of the parties hereto in any number of
separate counterparts, all of which together shall constitute one and the same instrument. The Company, Holder and any other party hereto may execute this Warrant by electronic means and each party hereto recognizes and accepts the use of electronic
signatures and the keeping of records in electronic form by any other party hereto in connection with the execution and storage hereof. To the extent that this Warrant or any agreement subject to the terms hereof or any amendment hereto is executed,
recorded or delivered electronically, it shall be binding to the same extent as though it had been executed on paper with an original ink signature, as provided under applicable law, including, without limitation, any state law based on the Uniform
Electronic Transactions Act. The fact that this Warrant is executed, signed, stored or delivered electronically shall not prevent the transfer by any Holder of this Warrant pursuant to Section 5.4 or the enforcement of the terms hereof. 

5.9 Headings. The headings in this Warrant are for purposes of reference only and shall not limit or otherwise affect the meaning of
any provision of this Warrant. 
 5.10 Business Days. “Business Day” is any day that is not a Saturday,
Sunday or a day on which Silicon Valley Bank is closed. 
 SECTION 6. GOVERNING LAW, VENUE, JURY TRIAL WAIVER, AND JUDICIAL REFERENCE.

 6.1 Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of Delaware, without
giving effect to its principles regarding conflicts of law. 

  
 12 

 6.2 Jurisdiction and Venue. The Company and Holder each submit to the exclusive
jurisdiction of the State and Federal courts in Santa Clara County, California; provided, however, that nothing in this Warrant shall be deemed to operate to preclude Holder from bringing suit or taking other legal action in any other jurisdiction
to enforce a judgment or other court order in favor of Holder. The Company expressly submits and consents in advance to such jurisdiction in any action or suit commenced in any such court, and the Company hereby waives any objection that it may have
based upon lack of personal jurisdiction, improper venue, or forum non conveniens and hereby consents to the granting of such legal or equitable relief as is deemed appropriate by such court. The Company hereby waives personal service of the
summons, complaints, and other process issued in such action or suit and agrees that service of such summons, complaints, and other process may be made in accordance with Section 5.5 of this Warrant. 

6.3 Jury Trial Waiver. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE COMPANY AND HOLDER EACH WAIVE THEIR RIGHT TO A JURY
TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS WARRANT, THE LOAN AGREEMENT OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR THE
PARTIES’ AGREEMENT TO THIS WARRANT. EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL. 
 6.4 Survival. This
Section 6 shall survive the termination of this Warrant. 
 [Remainder of page left blank intentionally] 

[Signature page follows] 

  
 13 

 IN WITNESS WHEREOF, the parties have caused this Warrant to Purchase Limited Liability
Company Interests to be executed by their duly authorized representatives effective as of the Issue Date written above. 
  

			
	“COMPANY”
	
	DICE MOLECULES HOLDINGS, LLC
		
	By:	 	 /s/ Scott Robertson

	Name: Scott Robertson
	Title: Chief Financial Officer
	
	“HOLDER”
	
	SILICON VALLEY BANK
		
	By:	 	 /s/ Peter Sletteland

	Name: Peter Sletteland
	Title: Vice President

  
 14 

 APPENDIX 1 

NOTICE OF EXERCISE 
 1.
The undersigned Holder hereby exercises its right purchase ___________ units of the [CLASS OR OTHER DESIGNATION] Units of __________________ (the “Company”) in accordance with the attached Warrant To Purchase Limited
Liability Company Interests, and tenders payment of the aggregate Warrant Price for such units as follows: 
  

			
	[     ]	  	check in the amount of $________ payable to order of the Company enclosed herewith
		
	[     ]	  	Wire transfer of immediately available funds to the Company’s account
		
	[     ]	  	Cashless Exercise pursuant to Section 1.2 of the Warrant
		
	[     ]	  	Other [Describe] __________________________________________

 2. If units of the above-stated Class are currently certificated by the Company, please issue a
certificate or certificates representing the Units in the name specified below: 
  

			
	                                   
                                         
                
	                Holder’s Name
	
	                                   
                                         
                
	
	                                   
                                         
                
	
                
(Address)

 3. By its execution below and for the benefit of the Company, Holder hereby restates each of the
representations and warranties in Section 4 of the Warrant to Purchase Limited Liability Company Interests as of the date hereof. 
  

			
	HOLDER:
	
	  

		
	By:	 	              

	Name:	 	          

	Title:	 	              

	(Date):	 	          

  

  
 Appendix 1

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