Document:

EX-10.5

 [***] Certain information in this document has been omitted from this exhibit because it is both (i) not
material and (ii) would be competitively harmful if publicly disclosed. 
  

 Exhibit 10.5 

AMENDED AND RESTATED LICENSE AGREEMENT 

DATED AS OF JULY 23, 2019 

BY AND BETWEEN 
 THE
TRUSTEES OF THE UNIVERSITY OF PENNSYLVANIA 
 AND 

THE CHILDREN’S HOSPITAL OF PHILADELPHIA 

AND 
 CABALETTA BIO,
INC. 
  

 TABLE OF CONTENTS 

 
  

					
	 	  	Page	 
	 ARTICLE 1 DEFINITIONS
	  	 	3	 
		
	 ARTICLE 2 LICENSES AND OTHER RIGHTS
	  	 	9	 
		
	 ARTICLE 3 DILIGENCE
	  	 	13	 
		
	 ARTICLE 4 FINANCIAL PROVISIONS
	  	 	14	 
		
	 ARTICLE 5 INTELLECTUAL PROPERTY
	  	 	19	 
		
	 ARTICLE 6 REPRESENTATIONS, WARRANTIES AND COVENANTS
	  	 	23	 
		
	 ARTICLE 7 INDEMNIFICATION; INSURANCE AND LIMITATION OF LIABILITY
	  	 	25	 
		
	 ARTICLE 8 TERM AND TERMINATION
	  	 	27	 
		
	 ARTICLE 9 ADDITIONAL PROVISIONS
	  	 	29	 

  

					
			
	 EXHIBIT A
	  	 INSTITUTIONS’ PATENT RIGHTS
	  	
			
	 EXHIBIT B
	  	 CERTAIN FINANCIAL TERMS
	  	
			
	 EXHIBIT C
	  	 EFFECTIVE DATE VALID CLAIMS
	  	
			
	 APPENDIX I
	  	 STOCK PURCHASE AGREEMENT
	  	
			
	 APPENDIX II
	  	 FORM OF FINANCIAL REPORT
	  	
			
	 APPENDIX III
	  	 CLIENT & BILLING AGREEMENT
	  	
			
	 APPENDIX IV
	  	 DEVELOPMENT PLAN
	  	
			
	 APPENDIX V
	  	 SUBLICENSE DEVELOPMENT REPORT
	  	

  

  
 -i- 

 UNIVERSITY OF PENNSYLVANIA 

AMENDED AND RESTATED LICENSE AGREEMENT 

This Amended and Restated License Agreement (this “Agreement”) is dated as of July 23, 2019 (the “Amendment
Effective Date”) by and between The Trustees of the University of Pennsylvania, a Pennsylvania nonprofit corporation (“Penn”), The Children’s Hospital of Philadelphia (“CHOP”) and Cabaletta Bio,
Inc. (formerly known as Tycho Therapeutics, Inc.), a Delaware corporation (“Licensee”). Penn, CHOP and Licensee may be referred to herein as a “Party” or, collectively, as “Parties”. 

RECITALS: 

WHEREAS, Penn’s interest in certain technology has been licensed to Licensee under a License Agreement dated August 29, 2018
(such date, the “Effective Date”, and such License Agreement, as amended by that certain First Amendment to License Agreement dated June 3, 2019, the “Original Agreement”); 

WHEREAS, certain of the technology licensed to Licensee is managed under a Memorandum of Understanding (“MOU”) by and
between Penn and CHOP (each an “Institution” and collectively “Institutions”) under which Penn has, with consultation with CHOP, the authority to negotiate an exclusive license on behalf of the Institutions; 

WHEREAS, Institutions each own and control certain innovative technology listed in Exhibit A attached hereto and as
further defined herein as the Institutions’ Patent Rights; 
 WHEREAS, Institutions’ Patent Rights include [****] and
[****], as further defined herein as the Joint Patent Rights, that were jointly developed by Dr. Michael Milone, Dr. Aimee Payne, who assigned their rights to Penn (the “Penn Inventors”), and [****], who assigned their
rights to CHOP (“CHOP Inventors”) (Penn Inventors and CHOP Inventors collectively referred to as the “Inventor(s)”); 

WHEREAS, Institutions filed patent applications listed on Exhibit A covering the technology; 

WHEREAS, the MOU stipulates that CHOP will be made a party to the Agreement; 

WHEREAS, Institutions desire to license to Licensee, Institutions’ intellectual property rights in such technology, in a manner
that will benefit the public and best facilitate the distribution of useful products and the utilization of new technology, consistent with Institutions’ educational and research missions and goals; 

WHEREAS, Licensee desires to license from Institutions, Institutions’ intellectual property rights in such technology, to develop,
manufacture and commercialize such technology, all on the terms and conditions of this Agreement; 
 WHEREAS, Penn and Licensee have
entered into a Sponsored Research Agreement to fund the research of Dr. Michael Milone (the “Milone SRA”) and a Sponsored Research Agreement to fund the research of Dr. Aimee Payne (the “Payne SRA”), each
effective as of April 23, 2018 (each of the Milone SRA and the Payne SRA, an “SRA” and together the “SRAs”); 

WHEREAS, Penn and Licensee have entered into a Subscription and Technology Transfer Agreement (the “STTA”) to
effectuate the transfer and sharing of certain materials and information, including Penn Know-How (as defined below), described in Scopes of Work, or SOWs (each as defined in the STTA) issued pursuant to the
STTA, from Penn to Cabaletta Bio; and 

 WHEREAS, the STTA includes [****] and [****] contemplated under this Agreement. 

NOW, THEREFORE, in consideration of the various promises and undertakings set forth herein, the Parties agree as follows: 

ARTICLE 1 
 DEFINITIONS 

Unless otherwise specifically provided herein, the following terms shall have the following meanings: 

 

	1.1	 “Achievement Date” means, with respect to a Diligence Event, the corresponding date such
Diligence Event is to be achieved as provided in Exhibit B attached hereto subject to modification pursuant to Section 3.3 below. 

  

	1.2	 “Affiliate” means a Person that controls, is controlled by or is under common control with a
Party, but only for so long as such control exists. For the purposes of this Section 1.2, the word “control” (including, with correlative meaning, the terms “controlled by” or “under the common control with”) means
the actual power, either directly or indirectly through one or more intermediaries, to direct the management and policies of such Person or entity, whether by the ownership of more than fifty percent (50%) of the voting stock of such entity, or by
contract or otherwise. 

  

	1.3	 “Commercially Reasonable Efforts” means the efforts and resources that a similarly situated
biotechnology company would use for its own internally discovered technology of similar commercial potential and similar stage of development, the likely timing of the technology’s entry into the market, any patent and other proprietary
position. Without limiting the foregoing, Commercially Reasonable Efforts requires, with respect to such obligations, that the Party (a) promptly assign responsibility for such obligation to specific employee(s) who are accountable for progress
and monitor such progress on an on-going basis, (b) set annual objectives for carrying out such obligations, and (c) allocate resources designed to advance progress with respect to such objectives.
For clarity, Commercially Reasonable Efforts will not mean that a Party guarantees that it will actually accomplish the applicable task or objective. 

  

	1.4	 “Compulsory License” means a compulsory license under Institutions’ Patent Rights
obtained by a Third Party through the order, decree, or grant of a competent Governmental Body or court, authorizing such Third Party to develop, make, have made, use, sell, offer to sell or import a Product in any country. 

 

	1.5	 “Confidential Information” of a Party, means (i) information relating to the business,
operations or products of a Party or any of its Affiliates, including any know-how, that such Party discloses to the other Party under this Agreement, or otherwise becomes known to the other Party by virtue of
this Agreement, and (ii) the terms, but not the existence of this Agreement; provided that Confidential Information shall not include information that: 

is or becomes generally available to the public other than as a result of disclosure by the recipient; 

is already known by or in the possession of the recipient at the time of disclosure by the disclosing Party; 

is independently developed by recipient without use of or reference to the disclosing Party’s Confidential Information; or 

  
 3 

 is obtained by recipient from a Third Party that has not breached any obligations of
confidentiality. 
  

	1.6	 “Controlled” means, with respect to intellectual property rights, that a Party or one of its
Affiliates owns or has a license or sublicense to such intellectual property rights and has the ability to provide to, grant a license or sublicense to, or assign its right, title and interest in and to, such intellectual property rights as provided
for in this Agreement without violating the terms of any agreement or other arrangement with any Third Party. 

  

	1.7	 “Development Plan” means the development plan provided by Licensee to Penn that provides the
activities, and the associated timelines of when such activities shall be conducted (including in detail the activities that shall be conducted in the calendar year following the submission of such Development Plan to Penn), in order to develop a
Product for commercialization. The initial Development Plan is attached hereto as Appendix IV. 

  

	1.8	 “Diligence Event” means each of the events that Licensee is expected to accomplish in the
development of a Product as provided in Exhibit B attached hereto. 

  

	1.9	 “Field of Use” means the following subfields (each a “Subfield”): [****].

  

	1.10	 “First Commercial Sale” means, on a country-by-country basis, the first commercial transfer or disposition for value of Product in such country to a Third Party by Licensee, or any of its Affiliates or Sublicensees, in each case, after all
Governmental Approvals have been obtained for such country. 

  

	1.11	 “FPFD” means, with respect to a clinical trial, the treatment of the first subject with the
first dose of therapy in such clinical trial. 

  

	1.12	 “GAAP” means United States generally accepted accounting principles applied on a consistent
basis. 

  

	1.13	 “Governmental Approval” means, with respect to a Product in a country or region, all
approvals, clearances, licenses, registrations and authorizations of the relevant Governmental Body, if applicable, required for the commercialization of such Product in such country. 

 

	1.14	 “Governmental Body” means any: (a) nation, principality, state, commonwealth, province,
territory, county, municipality, district or other jurisdiction of any nature; (b) federal, provincial, state, local, municipal, foreign or other government; (c) governmental or quasi-governmental authority of any nature (including any
governmental division, subdivision, department, agency, bureau, branch, office, commission, council, board, instrumentality, officer, official, representative, organization, unit, body or entity and any court or other tribunal); (d) multi-national
or supranational organization or body; or (e) individual, entity, or body exercising, or entitled to exercise, any executive, legislative, judicial, administrative, regulatory, police, military or taxing authority or power of any nature.

  

	1.15	 “Intellectual Property” means the Penn Know-How
and Institutions’ Patent Rights. 

  

	1.16	 “Joint Patent Rights” means (a) [****], (b) [****], (c) any continuations, provisionals,
continued prosecution applications, substitutions, extensions and term restorations, registrations, confirmations, reexaminations, renewals or reissues of the foregoing, including divisions, but excluding continuations-in-part except to the extent of claims entirely supported in the specification and entitled to the priority date of the parent application, and (d) any corresponding foreign Patent Rights
to the foregoing. 

  
 4 

	1.17	 “Penn Know-How” means any know-how, materials, technical information, data, methods and other information that is: 

(a) necessary or useful for the research, development, manufacturing commercialization, application, use or practice, as applicable, of the
Institutions’ Patent Rights or any Product; 
 (b) Controlled by Penn; and 

(c) [****] 
 (d) identified in a
SOW executed by the Parties pursuant to the STTA. 
 Penn Know-How shall not include any of the
foregoing that was, is or becomes part of the public domain or publicly known through no act or omission of Licensee or its Sublicensees, or becomes known to Licensee from a source other than Penn. 

 

	1.18	 “Law” or “Laws” means all applicable laws, statutes, rules, regulations,
ordinances and other pronouncements having the binding effect of law of any Governmental Body. 

  

	1.19	 “License Activation Date” means the date that the Licensee notifies Penn that it wishes to
make the License effective; provided, that as of such date, and thereafter, the ownership interest in Licensee of Dr. Aimee Payne and Dr. Michael Milone and their respective family members is equal to or less than [****] of Licensee’s
issued and outstanding capital stock calculated on a Fully Diluted basis. The Parties acknowledge and agree that the License Activation Date is October 18, 2018. 

 

	1.20	 “Net Sales” means the gross consideration invoiced or received by Licensee or any of its
Affiliates or Sublicensees for Sales of Product (including any cash amounts plus the fair market value of any other forms of consideration), less the following deductions (to the extent included in and not already deducted from the gross amounts
invoiced or otherwise charged) to the extent reasonable and customary and solely related to the sale of the Product(s): 

[****] 
 [****] 

[****] 
 [****] 

[****] 
 [****] 

[****] 

  
 5 

 [****] 

For purposes hereof, “Combination Product” means a Product comprised of a combination of (i) a Product and (ii) any
biologically active ingredient(s), device(s), delivery system(s) or other technology(ies) for which rights are not included in the license granted under this Agreement but, with respect to the item(s) in (ii), which may each or collectively form the
basis for a separately saleable product (an “Independent Subproduct”). 
  

	1.21	 “Patent Rights” means any of the following, whether existing now or in the future anywhere in
the world: issued patent, including inventor’s certificates, substitutions, extensions, confirmations, reissues, re-examination, renewal or any like governmental grant for protection of inventions, and
any pending application for any of the foregoing. 

  

	1.22	 “Institutions’ Patent Rights” means (a) the Patent Rights listed in
Exhibit A Controlled by Penn during the Term, (b) CHOP’s interest in the Joint Patent Rights, (c) any continuations, provisionals, continued prosecution applications, substitutions, extensions and term restorations,
registrations, confirmations, reexaminations, renewals or reissues of (a) or (b), including divisions, but excluding continuations-in-part except to the extent of
claims entirely supported in the specification and entitled to the priority date of the parent application, and (d) any corresponding foreign Patent Rights to the foregoing. Notwithstanding the above, Institutions’ Patent Rights does not
include the Carve-Out Patent Rights. 

  

	1.23	 “Person” means any natural person, corporation, firm, business trust, joint venture,
association, organization, company, partnership or other business entity, or any government or agency or political subdivision thereof. 

  

	1.24	 “Product” means any (a) process, service or method covered by a Valid Claim or whose use
or practice would, absent the License, constitute an infringement, inducement of infringement or contributory infringement of any Valid Claim (“Method”), (b) article, composition, apparatus, substance, chemical or any other material
covered by a Valid Claim or whose manufacture, import, use offer for sale or sale would, absent the License, constitute an infringement, inducement of infringement or contributory infringement of any Valid Claim; (c) service, article,
composition, apparatus, chemical, substance or any other material imported, made, used or sold by or utilizing or practicing a Method; or (d) process, service, method, article, composition, formulation, apparatus, substance, chemical, compound,
protein, peptide, oligonucleotide, DNA, RNA, cell or any other material that uses, embodies, results from use of, or could not be made but for use of Penn Know-How. 

 

	1.25	 “Sale” means any transaction for which consideration is received or expected by Licensee, its
Affiliates or Sublicensees for sale, use, lease, transfer or other disposition of a Product to or for the benefit of a Third Party. For clarity, sale, use, lease, transfer or other disposition of a Product by Licensee or any of its Affiliates or
Sublicensees to another of these entities for resale by such entity to a Third Party shall not be deemed a Sale. For further clarity, sale, transfer or other disposition of a Product by Licensee or any of its Affiliates or Sublicensees to a
wholesaler or a distributor for resale by such wholesaler or distributor shall not be deemed a Sale hereunder; but rather, the sale by the wholesaler or distributor to the end user shall be treated as a Sale by Licensee, its Affiliates or
Sublicensee, as applicable 

  

	1.26	 “Sublicensee” means a Person (including any Affiliate) to which a Sublicense is granted
pursuant to the terms of Section 2.4. Absent a Sublicense, sale by Licensee, Affiliate or Sublicensee to a wholesaler or distributor, other than on behalf of Licensee, Affiliate or Sublicensee, as applicable, are prohibited.

  
 6 

	1.27	 “Sublicense Documents” means any and all agreements, amendments or written understandings
entered into with a Sublicensee (including any of its Affiliates) that are directly or indirectly related to a Sublicense, Institutions’ Patent Rights or Product. For clarity, a development agreement or distribution agreement for a Product is a
Sublicense Document. 

  

	1.28	 “Sublicense Income” means income received by Licensee or its Affiliates in consideration for a
Sublicense or other agreement providing the right to negotiate or obtain a Sublicense. Sublicense Income includes income received from a Sublicensee in the form of license issue fees, milestone payments and the like but specifically excludes
(a) royalties on the sale or distribution of Product, (b) consideration received for purchase of equity in Licensee or its Affiliates up to the Fair Market Value of such equity, (c) amounts received in connection with the achievement
of a particular milestone, to the extent Licensee pays such amounts as a pass-through to Penn as a Milestone Payment for such particular milestones under this Agreement, (d) payments for Product research and development services up to the fair
market value of such services, which shall be calculated based upon direct costs associated with such services and an overhead charge not to exceed [****] of the direct costs and € payments for the purchase of Product by a wholesaler or
distributor for resale of such Product to a Third Party. “Fair Market Value” means the cash consideration an unaffiliated, unrelated buyer would pay in an arm’s length transaction for the same quantity of such equity as
determined by an independent accounting firm or valuation expert mutually acceptable to the Parties. 

  

	1.29	 “Tax” means all taxes, duties, fees, premiums, assessments, imposts, levies, rates,
withholdings, dues, government contributions and other charges of any kind whatsoever, whether direct or indirect, together with all interest, penalties, fines, additions to tax or other additional amounts, imposed by any Governmental Body.

  

	1.30	 “Third Party” means any Person other than Institutions, Licensee or any of their
respective Affiliates. 

  

	1.31	 “United States” or “US” means the United States of America, its territories
and possessions. 

  

	1.32	 “USD” or “$” means the lawful currency of the United States of America.

  

	1.33	 “Valid Claim” means a claim of (a) an issued and unexpired patent in Institutions’
Patent Rights which claim has not been revoked or held unenforceable or invalid by a decision of a court or governmental agency of competent jurisdiction from which no further appeal can be taken or has been taken within the time allowed for appeal,
and has not been abandoned, disclaimed, denied or admitted to be invalid or unenforceable through reissue or disclaimer; or (b) a pending patent application that is included in Institutions’ Patent Rights which was filed and is being
prosecuted in good faith, and has not been cancelled, withdrawn, abandoned or finally disallowed without the possibility of appeal or re-filing of the application. 

 

	1.34	 Other Terms. The definition of each of the following terms is set forth in the section of the Agreement
indicated below: 

  
 7 

			
	 Defined Term
	  	Section
	 Added Patent(s)
	  	2.1.3(a)
	 Additional Shares Issuance
	  	4.2.2
	 Adjustment Equity
	  	4.2.2
	 Advance Payment
	  	5.2.3
	 Agreement
	  	Preamble
	 Bankruptcy Action
	  	8.3.6
	 Carve-Out Patent Rights
	  	5.1.2
	 Combination Product
	  	1.18
	 Common Stock
	  	4.2.1
	 CHOP
	  	Preamble
	 Effective Date
	  	Preamble
	 Fair Market Value
	  	1.26
	 Financial Report
	  	4.8
	 Financing Event
	  	4.2.2
	 Funding Commitment
	  	2.1.4
	 Fully Diluted
	  	4.2.1
	 Historic Patent Cost
	  	5.2.1
	 Independent Subproduct
	  	1.18
	 Infringement Notice
	  	5.4.1
	 Inventor(s)
	  	Recitals
	 License
	  	2.1.2
	 Licensee
	  	Preamble
	 Maintenance Fee
	  	4.3
	 Method
	  	1.24
	 Milestone
	  	4.4.1.1
	 Milestone Payment
	  	4.4.1.1
	 Milone SRA
	  	Recitals
	 Minimum Annual Royalty
	  	4.5.6
	 Ongoing Patent Costs
	  	5.2.2
	 Parties
	  	Preamble
	 Party
	  	Preamble
	 Patent Costs
	  	5.2.1
	 Patent Counsel
	  	5.1.1
	 Patent Termination Notice
	  	5.3
	 Payne SRA
	  	Recitals
	 Penn
	  	Preamble
	 Institutions’ Indemnitees
	  	7.1.1
	 Penn Sublicense Income
	  	4.6
	 Permitted Assignment
	  	9.6.2
	 Progress Reports
	  	3.4.1
	 Prosecution Request
	  	5.1.2
	 Representative
	  	5.6.3
	 Research License
	  	2.1.1
	 Royalty
	  	4.5.1
	 SRA
	  	Recitals
	 Subfield
	  	1.9
	 Sublicense
	  	2.4
	 Term
	  	8.1

  
 8 

 ARTICLE 2 

LICENSES AND OTHER RIGHTS 
  

	2.1	 Grant of License. 

 

	 	2.1.1	 Subject to the terms and conditions of this Agreement, Institutions hereby grant to Licensee a non-exclusive, non-sublicensable (except to entities exercising such rights on behalf of Licensee) worldwide license, during the Term, under Institutions’ Patent Rights
and Penn Know-How, to make, have made and use Products in the Field of Use solely for conducting research, Product development, clinical trials, cell manufacturing or other activities for the purpose of
developing and validating Products (the “Research License”). 

  

	 	2.1.2	 Subject to the terms and conditions of this Agreement, (a) Institutions hereby grant to Licensee an
exclusive, worldwide, royalty-bearing right and license (with the right to sublicense through multiple tiers as provided in, and subject to, the provisions of Section 2.4) under Institutions’ Patent Rights to make, have made, use sell,
offer for sale and import Product in the Field of Use, and (b) Penn hereby grants to Licensee a non-exclusive worldwide, royalty-bearing (during the applicable Royalty Term) right and license, with the
limited right to sublicense only in combination with Product(s) or the Institutions’ Patent Rights, under Penn Know-How to make, have made, use, sell, offer for sale, import and have imported Products in
the Field of Use, each (a) and (b) commencing upon the License Activation Date and continuing for the duration of the Term (the “License”). 

 

	 	2.1.3	 Added Patents 

 

	 	(a)	 From time to time during the term of the License, in the event that pursuant to and in compliance with the
terms of the applicable SRA, the Licensee elects to include in the License any patent(s) or patent application(s) constituting Related Intellectual Property (as defined in such SRA) under such SRA, and provided that Licensee is in compliance with
the terms and conditions of such SRA and the License, then (i)Penn will grant to Licensee a worldwide exclusive license in the Field of Use with respect to rights Penn Controls under the specific claims of such patent(s) or patent application(s)
under the terms of this Agreement for which no additional license initiation fees will be due (except for such flat fee as set forth in the applicable SRA, and provided that, for clarity, no such flat fee shall be owed for any application claiming
priority to such patent(s) or patent application(s), any foreign counterpart of such patent(s) or patent application(s), or any other application in the same patent family as such patent(s) or patent application(s)), and (ii) the parties will
promptly execute an amendment to Exhibit A of this Agreement to add such patent(s) or patent application(s) (the “Added Patent(s)”) as Institutions’ Patent Rights hereunder. Notwithstanding the foregoing and for
clarity, Licensee shall, at the time of execution of such amendment to Exhibit A, pay all historical patent costs relating to the Added Patents except to the extent already paid by Licensee under the applicable SRA. Licensee shall
adhere to all payment obligations and terms under the License as if the Added Patents were part of the original License. 

  
 9 

	 	(b)	 The Parties acknowledge and agree that Related Intellectual Property, for purposes of each SRA, includes (but
is not limited to) certain inventions that are conceived or conceived and reduced to practice in the conduct of the applicable research program and that are covered by a Valid Claim of the Institutions’ Patent Rights as of the Effective Date.
For illustrative purposes only and without limitation, Exhibit C attached hereto sets forth certain claims of the Institutions’ Patent Rights as of the Effective Date. 

 

	 	2.1.4	 Funding Commitment. Licensee agrees that, subject to the Parties’ continued compliance with
the terms of the SRAs, Licensee shall provide funding (in the aggregate) to the laboratories of Dr. Michael Milone and Dr. Aimee Payne as follows: $2,000,000 by the first anniversary of the Effective Date; $4,000,000 (in the aggregate) by
the second anniversary of the Effective Date; and $6,000,000 (in the aggregate) by the third anniversary of the Effective Date (the “Funding Commitment”). As of [****], under the terms of the SRAs, Licensee has agreed to provide
Penn with research funding of [****] (with respect to the Milone SRA) and [****] (with respect to the Payne SRA), in each case, covering the [****] of such SRA, for a total of $8,524,368 covering such [****], and for the avoidance of doubt, the
Funding Commitment as described above is not an obligation to pay amounts in addition to such amounts as Licensee has agreed to pay under the SRAs; rather, for clarity and without limitation, the Funding Commitment would be satisfied by
Licensee’s payment of such amounts as Licensee has agreed to pay under the SRAs. Notwithstanding the foregoing Licensee shall have no obligation hereunder to provide more than [****] of the Funding Commitment unless Licensee has raised at least
[****] in equity, debt or other financing by [****]. For clarity, as of the Amendment Effective Date, Licensee has raised more than [****] in equity, debt or other financing. 

 

	2.2	 Retained Rights. Notwithstanding the License, Institutions retain the right under Institutions’
Patent Rights to: (a) conduct educational and research activities themselves and (b) authorize non-commercial Third Parties (i.e., nonprofit or academic institutions) to conduct educational and
research activities; provided, however, that in no event shall Institutions authorize any such Third Party to use any Institutions’ Patent Rights for commercial purposes in the Field of Use. 

 

	2.3	 U.S. Government Rights. The License is expressly subject to all applicable provisions of any license to
the United States Government executed by Penn or CHOP as applicable and is subject to any overriding obligations to the United States Federal Government under 35 U.S.C. §§200-212, applicable
governmental implementing regulations, and the U.S. Government sponsored research agreement or other guidelines, including that products that result from intellectual property funded by the United States Federal Government that are sold in the
United States be substantially manufactured in the United States. In the event that Licensee believes in good faith that substantial manufacture of such product is not commercially feasible in the United States and makes a request to Institutions in
writing to assist in obtaining a waiver of such requirement from the United States Government, then Institutions shall, at the expense of Licensee, use reasonable efforts to assist in obtaining such waiver. 

 

	2.4	 Grant of Sublicense by Licensee. Institutions grant to Licensee the right to grant sublicenses, through
multiple tiers, in whole or in part, under the License (each, a “Sublicense”) subject to the terms and conditions of this Agreement and specifically this Section 2.4. The term Sublicense shall include any grant of rights under
the License by a Sublicensee to any downstream third party, such downstream third party shall also be considered a Sublicensee for purposes of this Agreement. 

  
 10 

	 	2.4.1	 All Sublicenses will (i) be issued in writing, (ii) to the extent applicable, include all of the
rights of Institutions and require the performance of obligations due to Penn (and, if applicable, the U.S. Government under 35 U.S.C. §§200-212) contained in this Agreement and (iii) include no
less than the following terms and conditions: 

  

	 	(a)	 Reasonable record keeping, audit and reporting obligations sufficient to enable Licensee and Penn to reasonably
verify the payments due to Licensee and Penn under such Sublicense and to reasonably monitor such Sublicensee’s progress in developing and/or commercializing Product, provided that such obligations shall be no less stringent that those provided
in this Agreement for Licensee. 

  

	 	(b)	 Infringement and enforcement provisions that do not conflict with the restrictions and procedural requirements
imposed on Licensee and do not provide greater rights to Sublicensee than as provided in Section 5.4. 

  

	 	(c)	 Confidentiality provisions with respect to Confidential Information of Institutions consistent with the
restrictions on Licensee in Section 5.6 of this Agreement. 

  

	 	(d)	 Covenants by Sublicensee that are equivalent to those made by Licensee in Section 6.2.2(e).

  

	 	(e)	 A requirement of indemnification of Institutions by Sublicensee that is equivalent to the indemnification of
Institutions by Licensee under Section 7.1 of this Agreement. 

  

	 	(f)	 A requirement of obtaining and maintaining insurance by Sublicensee that is equivalent to the insurance
requirements of Licensee under Section 7.2 of this Agreement, including coverage under such insurance of Institutions as provided in Section 7.2. 

  

	 	(g)	 Restriction on use of Institutions’ names etc. consistent with Section 9.4 of this Agreement.

  

	 	(h)	 A requirement of antidiscrimination by Sublicensee no less stringent than that provided in Section 9.5 of
this Agreement. 

  

	 	(i)	 A requirement that Penn is a third party beneficiary of such Sublicense, and Institutions are a third party
beneficiary of such Sublicense that includes a sublicense of any Joint Patent Rights. 

 Any Sublicense that does not
include all of the terms and conditions set forth in this Section 2.4.1 or which is not issued in accordance with the terms and conditions set forth in this Section 2.4, shall be considered null and void with no further notice from Penn.

  

	 	2.4.2	 Within [****] after of the execution of a Sublicense Document, Licensee shall provide a complete and accurate
copy of such Sublicense Document to Penn (which copy may be redacted solely to remove confidential information of Licensee that is not applicable to determining compliance with this Agreement and confidential information of such Sublicensee), in the
English Language, and such copies will be the Confidential Information of Licensee and may only be used to determine Licensee’s compliance with this Agreement. Penn’s receipt of a Sublicense Document, however, will constitute neither

  
 11 

	 	
an approval nor disapproval of the Sublicense Document nor a waiver of any right of Penn or obligation of Licensee under this Agreement. In the event Penn cannot, in its sole discretion,
interpret the Sublicense Document due to the redacted information, Penn may request, and Licensee shall be obligated to provide to Penn a copy of the unredacted Sublicense Document. 

 

	 	2.4.3	 Licensee shall provide an annual Sublicense Development Report on or before [****] during the Term
(“SDR Report”) a form of which is attached hereto as Appendix V. 

  

	 	2.4.4	 Notwithstanding the foregoing, CHOP shall have no rights under this Section 2.4, and Licensee shall have
no obligations to CHOP under this Section 2.4, with respect to any Sublicense that does not include a sublicense of any Joint Patent Rights. 

  

	2.5	 No Implied License. Each Party acknowledges that the rights and licenses granted in this Agreement are
limited to the scope expressly granted. Accordingly, except for the rights expressly granted under this Agreement, no right, title, or interest of any nature whatsoever is granted whether by implication, estoppel, reliance, or otherwise, by either
Party to the other Party. All rights with respect to any know-how, patent or other intellectual property right rights that are not specifically granted herein are reserved to the owner thereof.

  
 12 

 ARTICLE 3 

DILIGENCE 
  

	3.1	 Development Plan. No later than [****] during the Term, Licensee shall submit an updated Development
Plan, which shall include amendments and revisions to any long-term development activities and detailed activities to be conducted in the following calendar year, provided that such updated Development Plan shall not be due after the First
Commercial Sale of a Product. 

  

	3.2	 General Diligence. Licensee shall use Commercially Reasonable Efforts to develop and commercialize a
Product in each Subfield. 

  

	3.3	 Diligence Events. 

 

	 	3.3.1	 Licensee shall achieve each Diligence Event by the corresponding Achievement Date. Licensee may extend any
Achievement Date for a Diligence Event as set forth on Exhibit B. If Licensee fails to achieve a Financial Diligence Event (as defined on Exhibit B) after exercising any available extensions, Penn may terminate the
Agreement. If Licensee fails to achieve a Regulatory Diligence Event (as defined on Exhibit B) with respect to a particular Subfield after exercising any available extensions, Penn agrees to consider in good faith any reasonable
proposals from Licensee to further extend the applicable Achievement Date in light of Licensee’s experience in implementing the development of the Products, and Penn and Licensee agree to negotiate in good faith for a period of [****] if
determined to be appropriate to carry out the purposes and intent of the Agreement, if despite diligent efforts by Licensee, Licensee is unable to meet the specified Achievement Date. If the Parties are unable to come to an agreement following such
[****] period, Penn may terminate the Agreement solely with respect to the applicable Subfield. 

  

	 	3.3.2	 Penn’s sole and exclusive remedy with respect to Licensee’s failure to achieve a Diligence Event by
the corresponding Achievement Date (subject to Section 3.3.1 above) shall be its right to terminate this Agreement. 

  

	3.4	 Progress Reports. 

 

	 	3.4.1	 So long as Licensee continues to develop Products, Licensee on an annual basis, but in no event later than
[****], shall submit to Penn a progress report (each, a “Progress Report”) covering Licensee’s (and any Affiliates’ and Sublicensees’) activities related to the development of all Products and the obtaining of
Governmental Approvals necessary for commercialization of Products. 

  

	 	3.4.2	 Each Progress Report must include all of the following for each annual period: 

 

	 	(a)	 Summary of work completed, including against the Development Plan for such period; 

 

	 	(b)	 Summary of work in progress; 

 

	 	(c)	 Current schedule of anticipated events or milestones, including anticipated timeline for achievement of
Diligence Events; 

  
 13 

	 	(d)	 Commencing upon the initiation of a regulatory agency approval process for a therapeutic or diagnostic Product,
or in the case of a Product not requiring regulatory approval, upon the initiation of Product development, market plans for introduction of such Product; 

  

	 	(e)	 A summary of estimated resources (dollar value) spent in the reporting period relating to the Products;

  

	 	(f)	 An updated SDR report listing of any and all Sublicenses granted by Licensee; 

 

	 	(g)	 The names and addresses of all Sublicensees, and a current and valid phone number and e-mail address for a principal point of contact at each such Sublicensee who is responsible for administering the Sublicensee; and 

 

	 	(h)	 An estimated number of Licensee employees conducting work relating to the Products. Licensee must notify Penn
if Licensee or any of its Sublicensees ceases to be a small entity (as defined by the United States Patent and Trademark Office) under the provisions of 35 U.S.C. §41(h). 

ARTICLE 4 
 FINANCIAL
PROVISIONS 
  

	4.1	 Issue Fee. [****] 

 

	4.2	 Equity Issuance. As additional consideration for the License: 

 

	 	4.2.1	 Licensee shall, within [****] of the License Activation Date, and subject to Penn’s execution and delivery
to Licensee of a Stock Purchase Agreement in substantially the form attached hereto as Appendix I, issue to Penn a number of shares of voting common stock of Licensee (“Common Stock”), equal to [****] of the capital
stock of Licensee issued and outstanding on a Fully Diluted basis as of the Effective Date. “Fully Diluted” shall mean assuming the exercise, conversion and exchange of all outstanding securities and instruments of the Licensee for
or into equity of Licensee, excluding outstanding debt instruments convertible into equity of Licensee. Licensee shall deliver a stock certificate in the name of Penn reflecting the Common Stock. Penn acknowledges that, as of the Amendment Effective
Date, Licensee has satisfied its obligations under this Section 4.2.1. 

  

	 	4.2.2	 In the event that at any time following the issuance of Common Stock pursuant to Section 4.2.1 hereof and
until the earlier of (a) [****] has been raised by Licensee in aggregate gross proceeds from the sales of Licensee equity securities for financing purposes or (b) the conversion of at least [****] in aggregate principal and interest of
outstanding debt instruments convertible into equity of the Licensee (“Financing Event(s)”), Licensee issues shares of stock or stock equivalents such that the Common Stock held by Penn equals less than [****] of the capital stock
of Licensee outstanding on a Fully Diluted basis (such issuance, an “Additional Shares Issuance”), Licensee shall issue to Penn additional Common Stock for no additional consideration, from time to time such number of additional
Common Stock (collectively, the “Adjustment Equity”) as will cause Penn to own at least [****] of all of the outstanding capital stock of Licensee on a Fully Diluted basis. For clarity, the calculation of Penn’s [****] of the
capital stock of Licensee shall include the equity securities sold/issued as part of the Financing Event(s). Penn shall be 

  
 14 

	 	
issued Adjustment Equity within [****] after Additional Share Issuance. In the event that a Financing Event exceeds [****], then for the purposes of issuing Adjustment Equity, a hypothetical
round shall be considered to have taken place in which sufficient funds are invested to reach [****] in gross proceeds and the Adjustment Equity shall be issued to Penn within [****] after such round of financing is completed. In all such
adjustments, any increase in the number of shares of stock reserved for any option plan for employees, consultants, directors and so forth authorized in connection with a financing shall be deemed to have been authorized prior to the sale of
securities. For clarity, the transactions contemplated by this Agreement constitute full consideration for any Adjustment Equity, and Licensee shall within [****] of issuance of Adjustment Equity deliver a stock certificate in the name of Penn
reflecting any such Adjustment Equity. 

  

	4.3	 License Maintenance Fee. As further consideration for the License, Licensee will pay an annual
maintenance fee (“Maintenance Fee”) as set forth on Exhibit B attached hereto beginning on [****]. The Maintenance Fee obligation will expire on [****]. For clarity, the Maintenance Fee is non-refundable and is not an advance against royalties due to Penn or any other amounts due to Penn. 

  

	4.4	 Milestone Payments. 

 

	 	4.4.1	 As additional consideration for the License and subject to [****] provided for under the STTA (as such terms
are restated in pertinent part below in Section 4.4.4 of this Agreement), Licensee will pay Penn the milestone payments (each, a “Milestone Payment”) provided in Exhibit B attached hereto upon each Product to
achieve the corresponding milestone (each, a “Milestone”), whether achieved by Licensee or an Affiliate or Sublicensee. Licensee shall promptly notify Penn in writing of the achievement of any such Milestone and Licensee shall pay
Penn in full the corresponding Milestone Payment within [****] of such achievement. For clarity, each Milestone Payment is non-refundable, is not an advance against royalties due to Penn or any other amounts
due to Penn. 

  

	 	4.4.2	 Each time a Milestone is achieved, then any other Milestone Payments with respect to earlier Milestones that
have not yet been paid shall be due and payable together with the Milestone Payment for the Milestone that is actually achieved. 

  

	 	4.4.3	 For clarity, milestones are due and payable on Products and on products that, upon FDA approval, would become
Products. 

  

	 	4.4.4	 [****] 

  

	4.5	 Royalties. 

  

	 	4.5.1	 As further consideration for the License and subject to [****] provided for under the STTA (as such terms are
restated in pertinent part below in Section 4.5.2 of this Agreement), on a Product-by-Product basis and until the later of: (a) the expiration of the last to
expire Valid Claim covering such Product; or (b) [****] after the First Commercial Sale of such Product (“Royalty Term”), Licensee shall pay to Penn a non-refundable, [****] royalty on all Net
Sales of Product as set forth in Exhibit B attached hereto (“Royalty”). 

  

	 	4.5.2	 [****] 

  
 15 

	 	4.5.3	 Notwithstanding anything in this Section 4.5, in the event that Penn or Licensee receives a request for a
Compulsory License anywhere in the world, it shall promptly notify the other Party. If any Third Party obtains a Compulsory License in any country, then Penn or Licensee (whoever has first notice) shall promptly notify the other Party. Thereafter,
as of the date the Third Party obtained such Compulsory License in such country, the royalty rate payable under this Section 4.5 to Penn for Net Sales in such country will be adjusted to equal any lower royalty rate granted to such Third Party
for such country with respect to the Sales of such Product therein. 

  

	 	4.5.4	 If, after the Effective Date, Licensee determines upon the advice of outside intellectual property counsel that
a license to Patent Rights from a Third Party is reasonably necessary to research, develop, make have made, use, sell, offer for sale, commercialize or import a Product, Licensee may obtain such a license to such Patent Rights from such Third Party
and Licensee may deduct from any royalty payments due to Penn hereunder an amount equal to [****] of any royalty paid by Licensee to such Third Party on sales of a particular Product; provided that in no event will the deduction under this Section
reduce any Royalty payment in respect of such Product by more than [****] of the amount otherwise payable hereunder. In no event shall royalty reductions under this Section 4.5.3 reduce the royalty owed to Penn under Section 4.5.1 to less
than [****]. 

  

	 	4.5.5	 Licensee must pay Royalties owed to Penn on a calendar quarter basis on or before the following dates:

  

	 	(a)	 [****] for any Sales that took place on or before the last day of the calendar quarter ending [****];

  

	 	(b)	 [****] for any Sales that took place on or before the last day of the calendar quarter ending [****];

  

	 	(c)	 [****] for any Sales that took place on or before the last day of the calendar quarter ending [****]; and

  

	 	(d)	 [****] for any Sales that took place on or before the last day of the calendar quarter ending [****].

  

	 	4.5.6	 Licensee shall pay to Penn the minimum annual royalties (“Minimum Annual Royalty”) provided in
Exhibit B attached hereto during each of the following calendar years after the year in which the First Commercial Sale occurred in any country. Licensee will pay the Minimum Annual Royalty on [****] of each calendar year it is due,
provided that the Minimum Annual Royalty paid for a calendar year shall be [****]. 

  

	 	4.5.7	 With respect to any Product that is covered solely by part (d), and not by parts (a) through (c), of the
definition of Product (Section 1.24), the Royalty payable for such Product shall be [****] of the Royalty that would otherwise be payable in accordance with the terms set forth above. 

 

	4.6	 Penn Sublicense Income. Licensee will pay to Penn a percentage of Sublicense Income as provided in
Exhibit B attached hereto (“Penn Sublicense Income”). Licensee will make such payment to Penn on or before the following dates: 

  
 16 

	 	4.6.1	 [****] for any Sublicense Income received by Licensee on or before the last day of the calendar quarter ending
[****]; 

  

	 	4.6.2	 [****] for any Sublicense Income received by Licensee on or before the last day of the calendar quarter ending
[****]; 

  

	 	4.6.3	 [****] for any Sublicense Income received by Licensee on or before the last day of the calendar quarter ending
[****]; and 

  

	 	4.6.4	 [****] for any Sublicense Income received by Licensee on or before the last day of the calendar quarter ending
[****]. 

  

	4.7	 Mode of Payment and Currency. All payments to Penn hereunder shall be made by deposit of USD in the
requisite amount to the “The Trustees of the University of Pennsylvania” and will be made by delivery to any one of the following: 

  

			
	 By ACH/Wire:
	  	 By Check (lockbox):

	[****]	  	[****]
	[****]	  	[****]
	[****]	  	[****]
	[****]	  	[****]
	[****]	  	[****]
	[****]	  	

 Payments under this Agreement shall be made in USD. All Royalties payable shall be calculated first in the
currency of the jurisdiction in which payment was made, and if not in the United States, then converted into USD. The exchange rate for such conversion shall be the average of the rate quoted in The Wall Street Journal for the last business day of
each month in the calendar quarter for such Royalty payment made. 
  

	4.8	 Royalty and Penn Sublicense Income Reports. Within [****] after the end of each calendar quarter (i.e.
[****], [****], [****] and [****]), Licensee shall deliver to Penn a report (“Financial Report”) setting out all details necessary to calculate the Royalty and Penn Sublicense Income due under this Article 4 for such calendar
quarter, including: 

  

	 	4.8.1	 Number of each Product Sold by Licensee, its Affiliates and Sublicensees in each country, the corresponding
name of each such Product; 

  

	 	4.8.2	 Gross sales, Net Sales of each Product made by Licensee, its Affiliates and Sublicensees;

  

	 	4.8.3	 Royalties; 

  

	 	4.8.4	 Sublicense Income and the calculation of Penn Sublicense Income; 

 

	 	4.8.5	 The method and currency exchange rates (if any) used to calculate the Royalties and Penn Sublicense Income;

  

	 	4.8.6	 A specification of all deductions and their dollar value that were taken to calculate Net Sales;

  
 17 

	 	4.8.7	 A list of all countries in which Product is being manufactured (on a product by product basis); and

  

	 	4.8.8	 Date of First Commercial Sale in the United States (this need only be reported in the first royalty report
following such First Commercial Sale in the United States). 

 Each Financial Report shall be in the form of the sample
report attached hereto as Appendix II. 
  

	4.9	 Late Payments. In addition to any other remedies available to Penn, including the right to terminate
this Agreement, any failure by Licensee to make a payment within [****] after the date when Penn has provided written notice to Licensee that such a payment is past due shall obligate Licensee to pay computed interest, the interest period commencing
on the due date and ending on the actual payment date, to Penn at a rate per annum equal to [****] per month, or the highest rate allowed by Law, whichever is lower. 

 

	4.10	 Default Payment. In the event of default in payment of any payment owing to Penn under the terms of this
Agreement, and if it becomes necessary for Penn to undertake legal action to collect said payment, Licensee shall pay reasonable, documented legal fees and costs incurred in connection therewith. 

 

	4.11	 Accounting. Each Party shall calculate all amounts, and perform other accounting procedures required,
under this Agreement and applicable to it in accordance with GAAP. 

  

	4.12	 Books and Records. Licensee will keep accurate books and records of all Products developed,
manufactured, used or sold and all Sublicenses, collaboration agreements and joint venture agreements entered into by Licensee that involved Institutions’ Patent Rights. Licensee will preserve these books and records for at least [****] from
the date of the Financial Report to which they pertain. 

  

	4.13	 Audits. Penn, at its own cost, through an independent auditor reasonably acceptable to Licensee (and who
has executed an appropriate confidentiality agreement reasonably acceptable to Licensee that requires the auditor to keep any information learned by it confidential, even with respect to Penn, except as needed to report its audit conclusions to
Penn), in a manner so as not to unreasonably disrupt Licensee’s business, may inspect and audit the relevant records of Licensee pertaining to the calculation of any Milestones, Royalties and Penn Sublicense Income due to Penn under this
Agreement. Licensee shall provide such auditors with access to the records during reasonable business hours and at mutually agreed upon times, but no later than [****] after notice of such audit request is given to Licensee. Such access need not be
given to any such set of records more often than [****] or more than [****] after the date of any report to be audited. Penn shall provide Licensee with written notice of its election to inspect and audit the records related to the Milestones and
Royalties due hereunder not less than [****] prior to the proposed date of review of Licensee’s records by Penn’s auditors. Should the auditor find any underpayment of Milestones, Royalties or Penn Sublicense Income by Licensee, Licensee
shall (a) promptly pay Penn the amount of such underpayment; (b) shall reimburse Penn for the documented cost of the audit, if such underpayment equals or exceeds the higher of (i) [****] or (ii) [****] of Milestones, Royalties or Penn
Sublicense Income paid during the time period audited; and (c) provide such auditors with an audit right exercisable within [****] after Penn receives the audit report, subject to the same audit terms set forth in this Section. If the auditor
finds overpayment by Licensee, then Licensee shall have the right to deduct the overpayment from any future milestones or royalties due to Penn by Licensee or, if no such future milestones or royalties are payable, then Penn shall refund the
overpayment to Licensee within [****] after 

  
 18 

	 	
Penn receives the audit report. Licensee may designate competitively sensitive information which such auditor may see and review but which it may not disclose to Penn; provided, however, that
such designation shall not restrict the auditor’s investigation or conclusions. 

  

	4.14	 Taxes. All payments made by Licensee to Penn under the Agreement shall be made free and clear of and
without any deduction for or on account of any Taxes on or with respect to such payments. 

 ARTICLE 5 

INTELLECTUAL PROPERTY 
  

	5.1	 Patent Filing Prosecution and Maintenance. 

 

	 	5.1.1	 Institutions’ Patent Rights will be held in the name of Institutions (as applicable) and obtained with
counsel selected by Penn and reasonably acceptable to Licensee (“Patent Counsel”). Penn shall control all actions and decisions with respect to the filing, prosecution and maintenance of Institutions’ Patent Rights and will
consider in good faith any reasonable comments or suggestions by Licensee with respect to same. Penn will instruct Patent Counsel to copy Licensee on all correspondence related to Institutions’ Patent Rights (including copies of each patent
application, office action, response to office action, request for terminal disclaimer, and request for reissue or reexamination of any patent or patent application) and to interact with Licensee with respect to the preparation, filing, prosecution
and maintenance of Institutions’ Patent Rights. Penn has the right to take action to preserve rights and minimize cost whether or not Licensee has commented, and will use reasonable efforts to not allow any Institutions’ Patent Rights for
which Licensee is licensed and is underwriting the costs to lapse or become abandoned without Licensee’s written authorization under this Agreement, except for filing of continuations, divisionals, or the like that substitute for the lapsed
application, provided that, Penn shall have no requirement to file, prosecute, or maintain Institutions’ Patent Rights if Licensee is not current with the Patent Cost obligations as set forth in this Agreement and Licensee does not cure any
lapse with respect to Patent Cost obligations within [****] of receiving written notice thereof. For the purposes of this Agreement, “maintenance” of the Institutions’ Patent Rights includes inter partes patent review proceedings
before the USPTO or a similar patent administration outside the US. For further clarity, validity challenges raised in infringement litigation will be handled per Section 5.4, Infringement. 

 

	 	5.1.2	 Licensee has the right to request a country filing via a written request to Penn [****] prior to the deadline
set by the patent office in the territory in which filing is to take place (“Prosecution Request”). The absence of a given Prosecution Request by Licensee by such deadline will be considered an election not to secure the Patent
Rights associated with the specific phase of patent prosecution in such territory, and such patent application(s) and patent(s) (“Carve-Out Patent Rights”) will not be part of
Institutions’ Patent Rights and therefore not subject to this Agreement, including the License, and Licensee will have no further rights or license to them. 

 

	 	5.1.3	 If, and during such time that (i) Licensee is the only party to which Institutions’ Patent Rights
have been licensed by Penn, (ii) there are no unpaid Historic Patent Costs or Ongoing Patent Costs, and (iii) Licensee requests to manage the filing, prosecution and maintenance of Institutions’ Patent Rights, then Penn and Licensee
will use reasonable efforts to enter into the Client and Billing Agreement with Patent Counsel in substantially the form attached hereto as Appendix III, which agreement upon execution shall,

  
 19 

	 	
determine the management of Institutions’ Patent Rights, in lieu of Section 5.1.1, provided that upon the termination of such agreement, the management of Institutions’ Patent
Rights shall be in accordance with Section 5.1.1. 

  

	5.2	 Patent Costs. 

 

	 	5.2.1	 Licensee will reimburse Penn for all documented, unreimbursed out-of-pocket costs for the filing, prosecution and maintenance of Institutions’ Patent Rights, including all accrued attorney fees, expenses, official and filing fees (“Patent Costs”),
incurred prior to the Effective Date (“Historic Patent Costs”). Penn acknowledges that, as of the Amendment Effective Date, Licensee has satisfied its obligations under this Section. 

 

	 	5.2.2	 Licensee will bear all Patent Costs incurred during the Term (“Ongoing Patent Costs”),
provided, however, that in the event Penn or CHOP grants to one or more Third Parties any commercial rights in the Institutions’ Patent Rights (for example, outside the Field of Use), such Ongoing Patent Costs shall be allocated equally between
Licensee and such Third Parties. 

  

	 	5.2.3	 At Penn’s request, Licensee shall pay in advance the Patent Counsel’s estimated costs for undertaking
material patent actions before Penn authorizes the Patent Counsel to proceed if the costs are estimated by Patent Counsel to exceed [****], or if Licensee has undisputed overdue payment amounts due to Penn at the time of the filing in question
(“Advance Payment”). Notwithstanding whether Licensee makes an Advance Payment for any patent action, Licensee shall bear all Patent Costs incurred during the Term and shall pay such amounts required with respect to the Ongoing
Patent Costs within [****] of receipt of invoice for such patent actions. For clarity, the term “Patent Costs” means and includes Historic Patent Costs and Ongoing Patent Costs. For clarity, this Section 5.2.3 shall not apply during
any period during the Term where a Client and Billing Agreement is in effect. 

  

	5.3	 Termination of Rights in, and Obligations with respect to, Certain Institutions’ Patent
Rights. Licensee may terminate its rights in, and obligations with respect to any or all of Institutions’ Patent Rights by providing written notice to Penn (“Patent Termination Notice”). Termination of Licensee’s
rights in and obligation with respect to such Patent Right will be effective [****] after receipt of such Patent Termination Notice by Penn. Penn will use reasonable efforts to curtail Patent Costs chargeable to Licensee under this Agreement after
the receipt of the Patent Termination Notice is received. Penn may continue prosecution and maintenance of such Patent Rights at its sole discretion and expense, and such Patent Rights will then be Carve-Out
Patent Rights and therefore not subject to this Agreement, including the License, and Licensee will have no further rights or license to them or obligations with respect thereto. 

 

	5.4	 Infringement. 

 

	 	5.4.1	 If a Party believes that an infringement by a Third Party with respect to any Institutions’ Patent Right
is occurring or may potentially occur, the knowledgeable Party will provide the other Party or Parties, as applicable, with (a) written notice of such infringement or potential infringement and (b) evidence of such infringement or
potential infringement (the “Infringement Notice”). During the period in which, and in the jurisdiction where, Licensee has exclusive rights under this Agreement, no Party will notify such a Third Party (including the infringer) of
infringement or put such Third Party on notice of the 

  
 20 

	 	
existence of Institutions’ Patent Rights without first obtaining the written consent of the other Party or Parties, as applicable. If Licensee puts such infringer on notice of the existence
of any Institutions’ Patent Rights without the prior written consent of Penn or Institutions, as applicable, then Licensee’s right to initiate a suit under Section 5.4.2 below will terminate immediately without the obligation of
Institutions to provide notice to Licensee. Penn and Licensee or Institutions and Licensee, as applicable, will use their diligent efforts to cooperate with each other to terminate such infringement without litigation. 

 

	 	5.4.2	 During the period in which, and in the jurisdiction where, Licensee has exclusive rights under this Agreement,
Licensee may institute suit for patent infringement against the infringer after providing Penn, or Institutions, as applicable, (a) a written estimate of the expenses that would be reasonably incurred in connection with such action, including
an estimate from an outside law firm regarding the legal costs associated with such suit and (b) financial records reasonably sufficient to reasonably demonstrate that Licensee has the financial wherewithal to pay such expenses as they fall due
through the conclusion of such suit by means of judgment or other final non-appealable decision. Institutions may voluntarily join such suit at Licensee’s reasonable expense (provided that, for clarity,
CHOP may only voluntarily join suits relating to Joint Patent Rights), but may not thereafter commence suit against the infringer for the acts of infringement that are the subject of Licensee’s suit or any judgment rendered in such suit.
Licensee may not join Institutions in a suit initiated by Licensee without Institutions’ prior written consent, such consent not to be unreasonably withheld. If in a suit initiated by Licensee, either Institution is involuntarily joined, then
Licensee will pay any documented costs incurred by such Institution arising out of such suit, including any legal fees of counsel that such Institution selects and retains to represent it in the suit. Licensee shall be free to enter into a
settlement, consent judgment or other voluntary disposition, provided that any settlement, consent judgment or other voluntary disposition that (i) limits the scope, validity or enforcement of Institutions’ Patent Rights or
(ii) admits fault or wrongdoing on the part of Licensee or an Institution must be approved in advance by such applicable Institution in writing (such approval not to be unreasonably withheld). Licensee’s request for such approval shall
include complete copies of final settlement documents, a detailed summary of such settlement, and any other information material to such settlement. Such applicable Institution shall provide Licensee notice of its approval or denial within [****] of
any request for such approval by Licensee, provided that (x) in the event such applicable Institution wishes to deny such approval, such notice shall include a detailed written description of such applicable Institution’s reasonable
objections to the proposed settlement, consent judgment, or other voluntary disposition and (y) such applicable Institution shall be deemed to have approved of such proposed settlement, consent judgment, or other voluntary disposition in the
event it fails to provide such notice within such [****] period in accordance herewith. 

  

	 	5.4.3	 If and only if, within [****] following the date the Infringement Notice was provided, infringing activity of
potential commercial significance has not been abated and if Licensee has not brought suit against the infringer, then Penn or the Institutions, as applicable, may institute suit for patent infringement against the infringer at Penn’s or
Institutions’ expense. If Penn or the Institutions institutes such suit, then Licensee may not join such suit without the prior written consent of Penn or the Institutions, as applicable and may not thereafter commence suit against the
infringer for the acts of infringement that are the subject of Penn’s or the Institutions’ suit or any judgment rendered in such suit. 

  
 21 

	 	5.4.4	 Notwithstanding Sections 5.4.2 and 5.4.3, in the event that any Institutions’ Patent Rights are infringed
by a Third Party (a) prior to the First Commercial Sale of a Product in the United States or (b) if any of the infringed Institutions’ Patent Rights are also licensed by either Institution to a Third Party prior to any enforcement
action being taken by any Party regarding such infringement, the Parties shall discuss, and will mutually agree, in writing, as to how to handle such infringement by such Third Party. 

 

	 	5.4.5	 Any recovery or settlement received in connection with any suit will first be shared by Penn and Licensee or
Institutions and Licensee, as applicable, equally to cover any litigation costs incurred and next shall be paid to Penn, CHOP or Licensee to cover any litigation costs incurred by any of the Parties in excess of the litigation costs of any of the
others. Any remaining recoveries shall be allocated as follows: 

 For any portion of the recovery or settlement, other
than for amounts attributable and paid as enhanced damages for willful infringement: 
  

	 	(a)	 for any suit that is initiated by Licensee and in which neither Institution was a party in the litigation, Penn
shall receive [****] of the recovery and the Licensee shall receive the remainder; and 

  

	 	(b)	 for any suit that is initiated by the Licensee, Penn or Institutions, and that the other Party or Parties joins
voluntarily (but only to the extent such voluntary joining is allowed under this Agreement or expressly by the other Party or Parties in a separate agreement) or involuntarily, the non-initiating Party or
Parties shall receive the percentage corresponding to its share of the total litigation costs incurred by each Party, but in no event shall the non-initiating Party or Parties joining voluntarily receive less
than [****] of such recovery, while the initiating Party shall receive the remainder. 

 For any portion of the recovery
or settlement paid as enhanced damages for willful infringement: 
  

	 	(c)	 for any suit that is initiated by Licensee or Penn or Institutions and the other Party or Parties joins
voluntarily (but only to the extent such voluntary joining is allowed under this Agreement or expressly by the other Party or Parties in a separate agreement) or involuntarily, Penn shall receive [****] and Licensee shall receive the remainder; and

  

	 	(d)	 for any suit that is initiated by Licensee and in which Penn nor Institutions were a party in the litigation,
Penn shall receive [****] and Licensee shall receive the remainder. 

 For any portion of the recovery or settlement
received in connection with any suit that is initiated by Penn or Institutions and in which the Licensee was not a party in the litigation, any recovery in excess of litigation costs will belong to Penn. 

 

	 	5.4.6	 Each Party will reasonably cooperate and assist with the other in litigation proceedings instituted hereunder
but at the expense of the Party or Parties who initiated the suit (unless such suit is being jointly prosecuted by the Parties). For clarity, such requirement does not require a Party to join a suit unless otherwise specifically required under this
Agreement. If a Party is subjected to third party discovery related to the Institutions’ Patent Rights or 

  
 22 

	 	
Products licensed to Licensee hereunder in connection with a suit initiated by the other Party or Parties as applicable, the initiating Party or Parties as applicable will pay the non-initiating Party’s or Parties as applicable documented out of pocket expenses with respect to same. 

  

	5.5	 Patent Marking. Licensee shall place in a conspicuous location on any Product (or its packaging where
appropriate and practicable) made, imported and/or Sold under this Agreement a patent notice that is not in contravention of with the Laws concerning the marking of patented articles where such Product is made, used, imported and/or sold, as
applicable. Upon request from Penn, Licensee shall provide evidence of proper marking. 

  

	5.6	 Confidentiality. 

 

	 	5.6.1	 Each Party agrees that, for the Term and for [****] thereafter, such Party shall (a) use the same degree
of care to maintain the secrecy of the Confidential Information of the other Party that it uses to maintain the secrecy of its Confidential Information of like kind, (b) use the Confidential Information only to accomplish the purpose of this
Agreement or for audit or management purposes and (c) ensure that any employees, customers, and distributors are bound to it by similar obligations of confidence and to make sure such disclosure only as required to accomplish the purposes of
this Agreement. 

  

	 	5.6.2	 A Party may disclose the Confidential Information of the other Party to the extent required by Law or court
order; provided, however, that the recipient promptly provides to the disclosing Party prior written notice of such disclosure and provides reasonable assistance in obtaining an order or other remedy protecting the Confidential Information from
public disclosure. 

  

	 	5.6.3	 Notwithstanding anything herein to the contrary, either Party may disclose Confidential Information of the
other Party to (a) its Affiliates, and to its and their directors, employees, consultants, agents, licensees, sublicensees, collaborators, subcontractors, potential or actual investors, acquirers or merger partners (each a
“Representative”) in each case who have a need to know such Confidential Information, are bound by commercially reasonable obligations of confidentiality but no less strict than those in this Agreement and provided such
Representatives are prohibited from further disclosure of such Confidential Information and such Party remains liable for any breach by such Representative of the non-disclosure and restrictions on use set
forth in this Agreement and (b) the extent such disclosure is required to obtain Government Approval from a Governmental Body with respect to a Product. 

ARTICLE 6 
 REPRESENTATIONS,
WARRANTIES AND COVENANTS 
  

	6.1	 Mutual Representations and Warranties. Each Party represents and warrants to the other Parties that, as
of the Effective Date: 

  

	 	6.1.1	 such Party is duly organized and validly existing under the Laws of the jurisdiction of its incorporation or
organization; 

  

	 	6.1.2	 such Party has taken all action necessary to authorize the execution and delivery of this Agreement and the
performance of its obligations under this Agreement; 

  
 23 

	 	6.1.3	 this Agreement is a legal and valid obligation of such Party, binding upon such Party and enforceable against
such Party in accordance with the terms of this Agreement, except as enforcement may be limited by applicable bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium and other laws relating to or affecting creditors’ rights
generally and by general equitable principles; and 

  

	 	6.1.4	 such Party has all right, power and authority to enter into this Agreement, to perform its obligations under
this Agreement. 

  

	6.2	 Disclaimer of Representations and Warranties. 

 

	 	6.2.1	 Other than the representations and warranties provided in Section 6.1 above, INSTITUTIONS MAKE NO
REPRESENTATIONS AND WARRANTIES, WHETHER EXPRESS OR IMPLIED, AND EXPLICITLY DISCLAIMS ANY REPRESENTATION AND WARRANTY, INCLUDING WITH RESPECT TO ANY ACCURACY, COMPLETENESS, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, COMMERCIAL UTILITY, NON-INFRINGEMENT OR TITLE FOR THE INTELLECTUAL PROPERTY, PATENT RIGHTS, LICENSE AND ANY PRODUCT. 

  

	 	6.2.2	 Furthermore, nothing in this Agreement will be construed as: 

 

	 	(a)	 A representation or warranty by Institutions as to the validity or scope of any Institutions’ Patent
Right; 

  

	 	(b)	 A representation or warranty that anything made, used, sold or otherwise disposed of under the License is or
will be free from infringement of patents, copyrights, trademarks or any other forms of intellectual property rights or tangible property rights of Third Parties; 

 

	 	(c)	 Obligating Institutions to bring or prosecute actions or suits against Third Parties for patent, copyright or
trademark infringement; 

  

	 	(d)	 Conferring by implication, estoppel or otherwise any license or rights under any Patent Rights and know-how of Institutions other than the Penn Know-How and Institutions’ Patent Rights as defined herein, regardless of whether such Patent Rights or know-how are dominant or subordinate to Institutions’ Patent Rights or the Penn Know-How; and 

 

	 	(e)	 [****] 

  

	6.3	 Covenants of Licensee. 

 

	 	6.3.1	 Licensee and its Affiliates will not, directly or indirectly (including where such is done by a Third Party on
behalf of Licensee or its Affiliates, at the urging of Licensee or its Affiliates or with the assistance of the Licensee or its Affiliates) challenge the validity, scope, or enforceability of or otherwise oppose any Institutions’ Patent Right,
provided that if any Institutions’ Patent Right is asserted against Licensee or its Affiliate for activities authorized under this Agreement, then such Licensee or its Affiliates is entitled to all and any defenses available to it including
challenging the validity or enforceability of such Patent Right.  

  
 24 

	 	6.3.2	 Licensee will comply with all Laws that apply to its activities or obligations under this Agreement. For
example, Licensee will comply with applicable United States export laws and regulations. The transfer of certain technical data and commodities may require a license from the applicable agency of the United States government and/or written
assurances by Licensee that Licensee will not export data or commodities to certain foreign countries without prior approval of the agency. 

  

	 	6.3.3	 Licensee will not grant a security interest in the License or this Agreement. 

ARTICLE 7 
 INDEMNIFICATION;
INSURANCE AND LIMITATION OF LIABILITY 
  

	7.1	 Indemnification by Licensee. 

 

	 	7.1.1	 Licensee shall defend, indemnify and hold Institutions and their respective trustees, officers, faculty,
students, employees, contractors and agents (the “Institutions’ Indemnitees”) harmless from and against any and all liability, damage, loss, cost or expense (including reasonable attorneys’ fees), including,
without limitation, bodily injury, risk of bodily injury, death and property damage to the extent arising out of Third Party claims or suits related to (a) this Agreement or any Sublicense, including (i) the development, testing, use,
manufacture, promotion, sale or other disposition of any Product made by or on behalf of Licensee or its Affiliates or Sublicensees (including any product liability claim), (ii) any enforcement action or suit brought by Licensee against a Third
Party for infringement of Institutions’ Patent Rights, (iii) any claim by a Third Party that the practice of Institutions’ Patent Rights or the design, composition, manufacture, use, sale or other disposition of any Product infringes
or violates any patent, copyright, trade secret, trademark or other intellectual property right of such Third Party, (iv) any breach of this Agreement or Laws by Licensee, its Affiliates or Sublicensees and (b) Licensee’s gross
negligence, omissions or willful misconduct, provided that Licensee’s obligations pursuant to this Section 7.1 shall not apply to the extent such claims or suits result from the gross negligence or willful misconduct of any of
Institutions’ Indemnitees as determined by a court of law [****]. 

  

	 	7.1.2	 As a condition to a Institutions’ Indemnitees’ right to receive indemnification under this
Section 7.1, Institutions shall: (a) promptly notify Licensee as soon as it becomes aware of a claim or suit for which indemnification may be sought pursuant hereto; (b) reasonably cooperate, and cause the individual
Institutions’ Indemnitees to reasonably cooperate, with Licensee in the defense, settlement or compromise of such claim or suit; and (c) permit the Licensee to control the defense, settlement or compromise of such claim or suit, including
the right to select defense counsel. In no event, however, may Licensee compromise or settle any claim or suit in a manner which (a) admits fault or negligence on the part of Institutions or any other Institutions’ Indemnitee;
(b) commits Institutions or any other Institutions’ Indemnitee to take, or forbear to take, any action, without the prior written consent of Institutions, or (c) grant any rights under the Institutions’ Patent Rights except for
Sublicenses permitted under Article 2. Institutions shall reasonably cooperate with Licensee and its counsel in the course of the defense of any such suit, claim or demand, such cooperation to include without limitation using reasonable efforts to
provide or make available documents, information and witnesses. 

  

	 	7.1.3	 Notwithstanding Section 7.1.2 above, in the event that a bona fide conflict exists between Licensee and
Institutions or any other Institutions’ Indemnitee with respect to a claim or 

  
 25 

	 	
suit subject to indemnification hereunder such that the same counsel cannot represent the parties, then Institutions or any other Institutions’ Indemnitee shall have the right to defend
against any such claim or suit itself, including by selecting its own counsel, with any reasonable documented attorney’s fees and litigation expenses being paid for by Licensee. Licensee will pay such fees and expenses either directly or will
reimburse Institutions within [****] of Licensee’s receipt of invoices for such fees and expenses. 

  

	7.2	 Insurance. 

  

	 	7.2.1	 Licensee, at its sole cost and expense, must insure its activities in connection with the exercise of its
rights under this Agreement and obtain, and keep in force and maintain Commercial Form General Liability Insurance (contractual liability included) with limits as follows: 

 

	 	(a)	 Each occurrence
                       [****]; 

  

	 	(b)	 General aggregate
                    [****] 

Upon and following the commencement of clinical trials, if applicable, involving Product: 

 

	 	(c)	 Clinical trials liability insurance
                     [****] 

Upon and following the First Commercial Sale of a Product: 

 

	 	(d)	 Products liability
insurance                     [****] 

Penn may review periodically the adequacy of the minimum amounts of insurance for each coverage required by this Section 7.2.1, and has
the right to require Licensee to adjust the limits in Penn’s reasonable discretion. 
  

	 	7.2.2	 If the above insurance is written on a claims-made form, it shall continue for [****] 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. 

  

	 	7.2.3	 Licensee expressly understands, however, that the coverages and limits in Section 7.2.1 do not in any way
limit Licensee’s liability or indemnification obligations. Licensee’s insurance will: 

  

	 	(a)	 Be issued by an insurance carrier with an A.M. Best rating of “A” or better; 

 

	 	(b)	 Provide for [****] advance written notice to Penn of any modification; 

 

	 	(c)	 State that Institutions are endorsed as additional insured with respect to the coverages in Section 7.2.1;
and 

  

	 	(d)	 Include a provision that the coverages will be primary and will not participate with nor will be excess over
any valid and collective insurance or program of self insurance carried or maintained by Penn. 

  
 26 

	 	7.2.4	 Licensee must furnish Institutions with (a) valid certificate of insurance evidencing compliance with all
requirements of this Agreement and (b) additional insured endorsements for Licensee’s applicable policies naming “The Trustees of the University of Pennsylvania” and “The Children’s Hospital of Philadelphia” as
additional insureds. Licensee must furnish both documents within [****] of the Effective Date, once per year thereafter and at any time there is a modification in such insurance. 

 

	7.3	 LIMITATION OF LIABILITY. IN NO EVENT SHALL ANY OF THE PARTIES OR ANY OF THEIR AFFILIATES BE LIABLE TO
ANY OTHER PARTY OR ANY OF THEIR AFFILIATES FOR SPECIAL, INDIRECT, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES, INCLUDING LOSS OF PROFITS, WHETHER IN CONTRACT, WARRANTY, TORT, NEGLIGENCE, STRICT LIABILITY OR OTHERWISE ARISING OUT OF OR RELATING TO
THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREIN OR ANY BREACH HEREOF. NOTWITHSTANDING THE FOREGOING, NOTHING IN THIS AGREEMENT SHALL LIMIT LICENSEE’S INDEMNIFICATION OBLIGATIONS UNDER SECTION 7.1 OR SHALL LIMIT INSTITUTIONS’ REMEDIES
OR ABILITY TO RECOVER DAMAGES, INCLUDING INCREASED DAMAGES, FOR WILLFUL INFRINGEMENT IN THE EVENT INSTITUTIONS ASSERT THEIR INTELLECTUAL PROPERTY RIGHTS. 

ARTICLE 8 
 TERM AND
TERMINATION 
  

	8.1	 Term. The term of this Agreement (the “Term”) shall commence on the Effective Date and,
unless terminated sooner as provided below, shall continue in full force and effect until the last Royalty Term expires. The License granted to Penn Know-How hereunder shall survive expiration, but not earlier
termination, of this Agreement. 

  

	8.2	 Termination of the Agreement for Convenience. At any time during the Term, Licensee may, at its
convenience, terminate this Agreement (a) in its entirety or (b) on a Subfield-by-Subfield basis, upon providing at least [****] prior written notice to
Institutions of such intention to terminate, provided that Licensee ceases using the License or making, using, or selling (a) all Products or (b) in the event of termination of a Subfield, all Products in such Subfield.

  

	8.3	 Termination for Cause. 

 

	 	8.3.1	 If Licensee fails to fulfill its obligations under Section 3.2 (i.e. use Commercially Reasonable Efforts
to develop and commercialize a Product in a Subfield), Penn may provide written notice to Licensee of such failure. If Licensee fails to address such failure within [****] of receiving such written notice, Penn may terminate this Agreement upon
written notice to Licensee solely with respect to the applicable Subfield. 

  

	 	8.3.2	 In the event Licensee fails to achieve any Diligence Event by the corresponding Achievement Date, after taking
the steps set forth in Section 3.3.1 to extend such date, Penn has the right and option to terminate this Agreement, upon written notice, with immediate effect, in its entirety (if the Diligence Event that Licensee failed to achieve is a
Financial Diligence Event) or solely with respect to the applicable Subfield (if the Diligence Event that Licensee failed to achieve is a Regulatory Diligence Event) as set forth in Section 3.3.1. 

  
 27 

	 	8.3.3	 If Licensee materially breaches any of its material obligations under this Agreement, Penn may give to Licensee
a written notice specifying the nature of the default, requiring it to cure such breach, and stating its intention to terminate this Agreement. If such breach is not cured within [****] of such notice, such termination shall become effective upon a
notice of termination by Penn thereafter. For clarity, a breach of a material obligation includes: 

  

	 	(a)	 failure to deliver to Penn any payment at the time or times that such payment is due to Penn under this
Agreement; 

  

	 	(b)	 failure to provide reports as set forth in Sections 3.4.1 and 4.8; 

 

	 	(c)	 failure to possess and maintain insurance as set forth in Section 7.2; 

 

	 	(d)	 grant of a sublicense of the Penn Know-How or under the
Institutions’ Patent Rights that is not in accordance with the terms of this Agreement; 

  

	 	(e)	 failure to terminate a Sublicense where Sublicensee is in breach of the obligations on it pursuant to
(i) Sections 2.4.1(a), 2.4.1(c), 2.4.1(e), 2.4.1(f) and 2.4.1(g) and fails to cure such breach within [****] of being notified of such breach and (ii) Section 2.4.1(d). 

 

	 	8.3.4	 In addition to all other remedies available to it, Penn may terminate this Agreement, upon written notice, with
immediate effect, (a) upon a breach of Section 6.2.2(e).1 or Section 6.3.3, or (b) if Licensee practices the Institutions’ Patent Rights in any manner other than what is permitted by the Research License, prior to the
License Activation Date. 

  

	 	8.3.5	 In addition to all other remedies available to it, Penn may terminate this Agreement, upon written notice, with
immediate effect, upon a breach of Section 6.3.2. Notwithstanding the foregoing, if such breach is determined in Penn’s sole discretion to be (a) a non- material breach and (b) can be cured
within [****], Licensee shall have [****] from receipt of written notice specifying the nature of the default to cure such breach. If such breach is not cured within [****] of such notice, Penn may terminate this Agreement, upon written notice, with
immediate effect. 

  

	 	8.3.6	 Penn may terminate this Agreement, upon written notice, with immediate effect if, at any time, Licensee is
unable to pay its debts, including any debts related to exclusive sublicensees, when they come due, or files in any court or agency pursuant to any statute or regulation of any state, country or jurisdiction, a petition in bankruptcy or insolvency
or for reorganization or for an arrangement or for the appointment of a receiver or trustee of Licensee or of its assets, or if Licensee proposes a written agreement of composition or extension of its debts, or if Licensee is served with an
involuntary petition against it, filed in any insolvency proceeding, and such petition is not dismissed within [****] after the filing thereof, or if Licensee proposes or is a party to any dissolution or liquidation, or if Licensee makes an
assignment for the benefit of its creditors of all or substantially all its assets (in each case, “Bankruptcy Action”). 

  

	8.4	 Effects of Termination. 

 

	 	8.4.1	 Notwithstanding the termination of this Agreement, the following provisions shall survive: Sections 4.8-4.13, inclusive, 5.6 and 8.4 and Articles 6, 7 and 9. 

  
 28 

	 	8.4.2	 Termination of this Agreement shall not relieve the Parties of any obligation or liability that, at the time of
termination, has already accrued hereunder, or which is attributable to a period prior to the effective date of such termination. Termination of this Agreement shall not preclude either Party from pursuing all rights and remedies it may have
hereunder or at Law or in equity with respect to any breach of this Agreement nor prejudice either Party’s right to obtain performance of any obligation. 

 

	 	8.4.3	 If this Agreement is terminated for any reason, all outstanding Sublicenses that include Joint Patent Rights
(including all Sublicense Documents for each Sublicense) not in default will be assigned by Licensee to Institutions, and such assignment will be accepted by Institutions. Each assigned Sublicense will remain in full force and effect with
Institutions as the licensor or sublicensor instead of Licensee, but the duties and obligations of Institutions under the assigned Sublicenses will not be greater than the duties of Institutions under this Agreement, and the rights of Institutions
under the assigned Sublicenses will not be less than the rights of Institutions under this Agreement, including all financial consideration and other rights of Penn. Penn may, at its sole discretion, amend such outstanding Sublicenses to contain the
terms and conditions found in this Agreement. Any outstanding Sublicenses that do not include Joint Patent Rights (including Sublicense Documents for each Sublicense) not in default will be assigned by Licensee to Penn in accordance with this
Section 8.4.3. 

  

	 	8.4.4	 In the event this Agreement is terminated solely with respect to a specific Subfield, then this Agreement shall
continue in full force and effect with respect to the other Subfield. 

 ARTICLE 9 

ADDITIONAL PROVISIONS 
  

	9.1	 Relationship of the Parties. Nothing in this Agreement is intended or shall be deemed, for financial,
tax, legal or other purposes, to constitute a partnership, agency, joint venture or employer-employee relationship between the Parties. The Parties are independent contractors and at no time will either Party make commitments or incur any charges or
expenses for or on behalf of the other Party. 

  

	9.2	 Expenses. Except as otherwise provided in this Agreement, each Party shall pay its own expenses and
costs incidental to the preparation of this Agreement and to the consummation of the transactions contemplated hereby. 

  

	9.3	 Third Party Beneficiary. The Parties agree that each Sublicensee is a third party beneficiary of this
Agreement with respect to Section 8.4.3. 

  

	9.4	 Use of Names. Licensee, its Affiliates and Sublicensees may not use the name, logo, seal, trademark, or
service mark (including any adaptation of them) of Institutions or any Institutions school, organization, employee, student or representative, without the prior written consent of Institutions. Notwithstanding the foregoing, Licensee may use the
name of Institutions in a non-misleading and factual manner solely in (a) executive summaries, business plans, offering memoranda and other similar documents used by Licensee for the purpose of raising
financing for the operations of Licensee as related to Product, or entering into commercial contracts with Third Parties, but in such case only to the extent necessary to inform a reader that the Penn Know-How
or Institutions’ Patent Rights has been licensed by Licensee from Institutions, and to inform a reader of the identity and published credentials of Inventors of the Intellectual Property, and (b) any securities reports required to be filed
with the Securities and Exchange Commission. 

  
 29 

	 	
Institutions may not use the name, logo, seal, trademark or service mark (including any adaptation of them) of Licensee, its Affiliates or Sublicensees, without the prior written consent of
Licensee. 

  

	9.5	 No Discrimination. Institutions and Licensee will not discriminate against any employee or applicant for
employment because of race, color, sex, sexual or affectional preference, age, religion, national or ethnic origin, handicap, or veteran status. 

  

	9.6	 Successors and Assignment. 

 

	 	9.6.1	 The terms and provisions hereof shall inure to the benefit of, and be binding upon, the Parties and their
respective successors and permitted assigns. 

  

	 	9.6.2	 Licensee may not assign or transfer this Agreement or any of Licensee’s rights or obligations created
hereunder, by operation of law or otherwise, without the prior written consent of Institutions, provided that Institutions shall not unreasonably withhold, condition or delay its consent; provided, however, that Licensee may assign this Agreement to
any entity with which Licensee merges or consolidates, or to which it sells or transfers all of its stock or all or substantially all of its assets to which this Agreement is related without Institutions’ consent (“Permitted
Assignment”), provided that (a) Licensee is current on all payments due Penn, including Patent Costs, Milestone Payments, Maintenance Fees, Royalties and Sublicense Income; (b) if at the time of such assignment or transfer, Penn
has given Licensee a notice of material breach by Licensee or its Affiliates of any material term of this Agreement, including those caused by a Sublicensee, the assignee agrees in writing to assume Licensee’s obligations hereunder with respect
to such breach, subject to any defenses or other rights of Licensee with respect thereto, and agrees that such assignment or transfer does not extend any cure period applicable to such breach; (c) Licensee notifies Penn of the transaction
[****] prior the assignment or transfer; (d) the assignee agrees in writing to be legally bound by this Agreement and to deliver to Penn an updated Development Plan within [****] after the closing of the proposed transaction; and (e) such
Permitted Assignment shall be in accordance with this Section 9.6.2. Any Permitted Assignment will not relieve Licensee of responsibility for performance of any obligation of Licensee that has accrued at the time of the assignment.

  

	 	9.6.3	 Any assignment not in accordance with this Section 9.6 shall be void. 

 

	9.7	 Further Actions. Each Party agrees to execute, acknowledge and deliver such further instruments and to
do all such other acts as may be necessary or appropriate in order to carry out the purposes and intent of this Agreement. 

  

	9.8	 Entire Agreement of the Parties; Amendments. This Agreement, the Exhibits and Appendices or Schedules
hereto, Stock Purchase Agreement and, to the extent entered into, the Client & Billing Agreement constitute and contain the entire understanding and agreement of the Parties respecting the subject matter hereof and cancel and supersede any
and all prior negotiations, correspondence, understandings and agreements between the Parties, whether oral or written, regarding such subject matter. No waiver, modification or amendment of any provision of this Agreement shall be valid or
effective unless made in a writing referencing this Agreement and signed by a duly authorized officer of each Party. Any amendment that alters the rights or obligations of CHOP hereunder will also require the written consent of and signature of
CHOP, as applicable. 

  
 30 

	9.9	 Governing Law. This Agreement shall be governed by and interpreted in accordance with the laws of the
Commonwealth of Pennsylvania, excluding application of any conflict of laws principles that would require application of the law of a jurisdiction outside of the Commonwealth of Pennsylvania. 

 

	9.10	 Dispute Resolution. If a dispute arises between the Parties concerning this Agreement, then the Parties
will confer, as soon as practicable, in an attempt to resolve the dispute. If the Parties are unable to resolve such dispute amicably, then the Parties will submit to the exclusive jurisdiction of, and venue in, the state and Federal courts located
in the Eastern District of Pennsylvania. 

  

	9.11	 Notices and Deliveries. Any notice, request, approval or consent required or permitted to be given under
this Agreement shall be in writing and directed to a Party at its address or facsimile number shown below or such other address or facsimile number as such Party shall have last given by notice to the other Party. A notice will be deemed received:
if delivered personally, on the date of delivery; if mailed, [****] after deposit in the United States mail; if sent via courier, [****] after deposit with the courier service; or if sent via facsimile, upon receipt of confirmation of transmission
provided that a confirming copy of such notice is sent by certified mail, postage prepaid, return receipt requested. 

  

			
	[****]	  	[****]
	[****]	  	[****]
	[****]	  	[****]
		
	[****]	  	[****]
	[****]	  	[****]
	[****]	  	[****]
	[****]	  	[****]
	[****]	  	[****]
		
	[****]	  	
	[****]	  	
	[****]	  	
	[****]	  	
	[****]	  	
	[****]	  	
	[****]	  	
	[****]	  	
	[****]	  	

  

	9.12	 Waiver. A waiver by either Party of any of the terms and conditions of this Agreement in any instance
shall not be deemed or construed to be a waiver of such term or condition for the future, or of any other term or condition hereof. All rights, remedies, undertakings, obligations and agreements contained in this Agreement shall be cumulative and
none of them shall be in limitation of any other remedy, right, undertaking, obligation or agreement of either Party. 

  

	9.13	 Severability. When possible, each provision of this Agreement will be interpreted in such manner as to
be effective and valid under law, but if any provision of this Agreement is held to be prohibited by or invalid under law, such provision will be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of
this Agreement. The Parties shall make a good faith effort to replace the invalid or unenforceable provision with a valid one which in its economic effect is most consistent with the invalid or unenforceable provision. 

  
 31 

	9.14	 Interpretation. The words “include,” “includes” and “including” shall be
deemed to be followed by the phrase “without limitation.” All references herein to Articles, Sections, Schedules and Exhibits shall be deemed references to Articles and Sections of, Schedules and Exhibits to, this Agreement unless the
context shall otherwise require. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time. Unless the context otherwise requires,
countries shall include territories. References to any specific Law or article, section or other division thereof, shall be deemed to include the then-current amendments or any replacement Law thereto. 

 

	9.15	 Counterparts. This Agreement may be executed in counterparts, each of which will be deemed an original,
and all of which together will be deemed to be one and the same instrument. A facsimile or a portable document format (PDF) copy of this Agreement, including the signature pages, will be deemed an original. 

 

	9.16	 Timely Countersignature. The terms and conditions of this Agreement shall, at Institutions’ option,
be considered by Institutions to be withdrawn from Licensee’s consideration and the terms and conditions of this Agreement, and the Agreement itself to be null and void, unless this Agreement is executed by Licensee and a fully executed
original is received by Institutions within [****] from the date of Institutions’ signature found below. 

[SIGNATURE PAGE FOLLOWS] 

  
 32 

 IN WITNESS WHEREOF, duly authorized representatives of the Parties have executed this
Agreement as of the Effective Date. 
  

							
	 THE TRUSTEES OF THE UNIVERSITY OF

PENNSYLVANIA
	  	CABALETTA BIO, INC.	  	
				
	By:	  	[****]	  	By: /s/ Steven Nichtberger	  	
	Name:	  	[****]	  	Name: Steven Nichtberger, MD	  	
	Title:	  	Executive Director of Licensing, Penn
Center for Innovation	  	Title: President & CEO	  	

 THE CHILDREN’S HOSPITAL OF PHILADELPHIA 

By: [****] 
 Name: [****] 

Title: Vice President, Technology Transfer, Innovation & Research Contracts (TTIRC) 

[Signature Page to License Agreement] 

 Exhibit A 

Institutions’ Patent Rights 

[****] 

  
 1 

 Exhibit B 

Certain Financial Terms 
  

									
	
DEVELOPMENT &

COMMERCIALIZATION    
	 	 	  	 	  	 	 	 
	 	 	  	 Diligence Event
	  	 Achievement Date
	 	  
	 		  	 Financial Diligence
	  		 	 
	 		  	[****]	  	[****]	 	 
	 		  	[****]	  	[****]	 	 
	 		  	 Regulatory Diligence
	  		 	 
	 		  	[****]	  	[****]	 	 
	 		  	[****]	  	[****]	 	 
	 		  	[****]	  	[****]	 	 
	 		  	[****]	  	[****]	 	 
	 		  	[****]	  	[****]	 	 
	 		  	[****]	  	[****]	 	 
	 		  	[****]	  	[****]	 	 
	 	  

•   Licensee may extend any Achievement Date for a Financial Diligence Event by [****] by
making a [****] payment to Penn prior to the expiration of such Achievement Date for such Financial Diligence Event.
  

•   Licensee may extend any Achievement Date for a Regulatory Diligence Event by [****], but
not more than [****] per Diligence Event, by making a [****] payment per extension to Penn prior to the expiration of such Achievement Date for such Regulatory Diligence Event.

 

  
 2 

											
	 CERTAIN

FINANCIAL

TERMS
	 	  

•   License Maintenance Fee. [****]

 
 •   Milestone
Payments.
  
	 	 
	 	 	  	 Milestone
	  	 Milestone Payment
	 	  
	 		  	[****]	  	[****]	 	 
	 		  	[****]	  	[****]	 	 
	 		  	[****]	  	[****]	 	 
	 		  	[****]	  	[****]	 	 
	 		  	[****]	  	[****]	 	 
	 		  	[****]	  	[****]	 	 
	 		  	[****]	  	[****]	 	 
	 	  

Milestone Payments shall be reduced by [****] for the second Product that achieves a Milestone, and shall be further reduced by an additional [****] for the
third Product that achieves a Milestone, and so on for each subsequent Product that achieves a Milestone.
  

•   Royalty.

 

	 	 	  	 Royalty Rate

(% of Net Sales of Product)
	  	 For Portion of Annual Net Sales
	 	  
	 		  	[****]	  	[****]	 	 
	 		  	[****]	  	[****]	 	 
	 		  	[****]	  	[****]	 	 
	 	  

•   Minimum Annual Royalties.

 
	 	 
	 	 	  	 Year:
	  	 First Year after First
Commercial Sale
	  	 Second Year after First
Commercial Sale, and each
year
thereafter
	 	  
	 		  	Minimum Annual Royalty:	  	[****]	  	[****]	 	 
	 	  

•   Penn Sublicense Income.

 
	 	 
	 	 	  	 Stage
	  	 % of income
	 	  
	 		  	[****]	  	[****]	 	 
	 		  	[****]	  	[****]	 	 
	 		  	[****]	  	[****]	 	 
	 	 	  	 [****]

 
	  	 [****]
  
	 	 

  
 3 

 Exhibit C 

Effective Date Valid Claims 

[****] 
 [****] 

  
 1 

 Appendix I 

Stock Purchase Agreement 

Attached 

  
 2 

 Appendix II 

[****] 

  
 1 

 Appendix III 

Client & Billing Agreement 

[****] 
 [****] 

 Appendix A 

 
 COMPANY LICENSED TECHNOLOGIES

  

					
	PENN
Docket
Number	  	Title	  	Patent Numbers

 Appendix IV 

Development Plan 
 [****]

 Appendix V 

Sublicense Development Report 
  

																											
	University of Pennsylvania	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Penn Center for Innovation	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Annual Sublicense Reporting and Tracking	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	    	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Licensee	 	  	 	 	  	 	 	  	 	  	 	  	 	  	 	 	  	 	 	 	 
	    	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Report Date	 	  	 	 	  	 	 	 	 	 	 	Prepared by:	 	  	 	 	  	 	 	 	 
	    	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Period Covered	 	 	 	 	  	 	 	                     
   	 	                                      
          	 	Certified by:	 	  	 	 	  	 	 	 	 
	    	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	License Inception Date	 	 	 	 	 	 	 	 	 	  	 	  	 	 	 	 	 	 	 
	    	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Listing of Sublicensees and Specific Terms (all on-going as well as those new and terminated in the past year)	 
	    	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	    	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 Sublicensee
Name
	 	Agreement
Inception
Date	 	 	Amendment
Date, if any	 	 	 Date complete executed copy of agreement
and
amendment, if any, sent to Penn (note terminations, if any)
	 	Technologies
licensed (1)	 	 	Field(s) of Use	 	 	Jurisdiction /
Territory	 
	     
	 				 				 		 				 				 			
	     
	 				 				 		 				 				 			
	     
	 				 				 		 				 				 			
	     
	 				 				 		 				 				 			
	     
	 				 				 		 				 				 			
	     
	 				 				 		 				 				 			
	     
	 				 				 		 				 				 			

																							
	 	 	Current Agreement Year	 	History to Date Information
	 	 	Fees, Royalties and Other Payments (2)	 	Due to Penn (3)	 	Fees, Royalties & Other Payments	 	Due to Penn
	 Sublicensee
Name
	 	Date Due	 	Amount
Due	 	 Date
Received
	 	Amount
Received	 	Percentage	 	Amount	 	Date Paid	 	Amount
Due	 	Amount
Received	 	Percentage	 	AmountEX-10.6

 [***] Certain information in this document has been omitted from this exhibit because it is both (i) not
material and (ii) would be competitively harmful if publicly disclosed. 
  

 Exhibit 10.6 

SPONSORED RESEARCH AGREEMENT 
 This
Sponsored Research Agreement (“Agreement”) is dated as of April 23, 2018 (the “Effective Date”) by and between The Trustees of the University of Pennsylvania, a Pennsylvania nonprofit corporation
(“Penn”), with offices located at Penn Center for Innovation, [****], and Tycho Therapeutics, Inc., a Delaware corporation (“Sponsor”), having a place of business at 501 Northwick Lane, Villanova, PA 19085. Penn and
Sponsor may be referred to herein as a “Party” or, collectively, as “Parties”. 
 RECITALS: 

WHEREAS, Penn and Sponsor are entering into this Agreement since Sponsor desires to fund the research of Aimee S. Payne, MD, PhD of
Penn’s Perelman School of Medicine in certain specific areas; 
 WHEREAS, Sponsor desires to support such research conducted by
Penn in accordance with the terms and conditions of this Agreement; 
 WHEREAS, the research program contemplated by this Agreement
is of mutual interest to Sponsor and Penn and furthers the educational, scholarship and research objectives of Penn as a nonprofit, tax-exempt, educational institution, and may benefit both Sponsor and Penn
through the creation or discovery of new inventions; and 
 WHEREAS, the Parties have entered into a term sheet on or about the date
hereof containing a summary of terms for an exclusive license agreement to be entered into by and between the Parties (the “License Agreement”). 

NOW, THEREFORE, in consideration of the various promises and undertakings set forth herein, the Parties agree as follows: 

ARTICLE 1 
 DEFINITIONS 

 

	1.1	 “Penn Intellectual Property” means Related Intellectual Property and Unrelated Intellectual
Property, each as defined below. 

  

	1.2	 “Principal Investigator” means Aimee S. Payne, MD, PhD who has agreed to serve as faculty
investigator for the Sponsored Research and shall be responsible for the conduct, supervision and administration of the Sponsored Research. 

  

	1.3	 “Related Intellectual Property” means all inventions, whether patentable or not, that are
conceived or conceived and reduced to practice in the conduct of the Sponsored Research during the term of this Agreement without the use of third party funding (provided that, for clarity, the use of equipment or materials that are not identified
as costs of the Sponsored Research in the budget attached as Appendix 2 to Attachment A hereto (the “Budget”) and are supported by, or obtained or paid-for with third party funding, and the use of
personnel that are supported by third party funding, in whole or in part shall not be considered “use of third party funding” for purposes of the foregoing), and (a) that are covered by a Valid Claim of the Penn Patent Rights (each as
defined in the License Agreement) or an Effective Date Valid Claim (as defined below), or (b) whose manufacture, use, sale or import would, absent the License Agreement, constitute an infringement, inducement of infringement or contributory
infringement of any Valid Claim of the Penn Patent Rights or Effective Date Valid Claim (or would constitute such an infringement if such Valid Claim or Effective Date Valid Claim was a claim of an issued and unexpired patent), or (c) that are
related 

	 	
to or have applicability in connection with the development and research of [****]; including, in each case, all United States and foreign patent applications claiming said patentable inventions,
including any divisional, continuation, continuation-in-part (to the extent that the claims are directed to said patentable inventions), and foreign equivalents thereof,
as well as any patents issued thereon or reissues or reexaminations thereof. “Effective Date Valid Claim” as used herein shall mean a claim that is a Valid Claim of the Penn Patent Rights as of the effective date of the License
Agreement. [****] 

  

	1.4	 “Research Results” means all data and information which are generated in the performance of
the Sponsored Research during the term of this Agreement. Research Results expressly excludes Penn Intellectual Property. 

  

	1.5	 “Sponsored Research” means the research program described in Attachment A to this
Agreement. 

  

	1.6	 “Unrelated Intellectual Property” means all inventions, whether patentable or not, conceived
or conceived and reduced to practice in the conduct of the Sponsored Research during the term of this Agreement that are not Related Intellectual Property, including all United States and foreign patent applications claiming said patentable
inventions, including any divisional, continuation, continuation-in-part (to the extent that the claims are directed to said patentable inventions), and foreign
equivalents thereof, as well as any patents issued thereon or reissues or reexaminations thereof. 

  

	1.7	 Other Terms. The definition of each of the following terms is set forth in the section of the Agreement
indicated below: 

  

			
	 Defined Term
	  	Section
	 Agreement
	  	Preamble
	 Effective Date
	  	Preamble
	 Party or Parties
	  	Preamble
	 Penn
	  	Preamble
	 Penn Indemnitees
	  	8.2(i)
	 Sponsor
	  	Preamble

 ARTICLE 2 

SPONSORED RESEARCH 
  

	2.1	 Conduct. Penn shall commence the Sponsored Research after the Effective Date of this Agreement and upon
payment by Sponsor of any funds owed, and shall conduct such Sponsored Research in accordance with the terms and conditions of this Agreement. Sponsor acknowledges that Penn and the Principal Investigator shall have the freedom to conduct and
supervise the Sponsored Research in a manner consistent with Penn’s educational and research missions. 

  

	2.2	 Principal Investigator. If the services of the Principal Investigator become unavailable to Penn for any
reason, Penn shall be entitled to designate another member of its faculty who is acceptable to Sponsor to serve as the Principal Investigator of the Sponsored Research. If a substitute Principal Investigator has not been designated within [****]
after the original Principal Investigator ceases his or her services under this Agreement, either Party may terminate this Agreement upon written notice thereof to the other Party, subject to the provisions of ARTICLE 7. 

  
 2 

 ARTICLE 3 

REIMBURSEMENT OF COSTS & PAYMENT 
  

	3.1	 Reimbursement. Sponsor shall reimburse Penn for an amount equal to its expenditures and reasonable
overhead incurred in the conduct of the Sponsored Research in an amount not to exceed the total amount of [****] as set forth in Attachment A. Sponsor acknowledges that this amount is a good faith estimate only and not a guarantee of the cost
to conduct the Sponsored Research. If at any time Penn determines that it will require additional funds for the Sponsored Research, it shall notify Sponsor and provide an estimate of the additional amount. Sponsor shall not be liable for any costs
in excess of the amount of [****] unless it has agreed in writing to provide additional funds. All amounts provided by Sponsor shall be used only for the Sponsored Research. 

 

	3.2	 Payment. Sponsor shall make payments in advance to Penn in accordance with the payment schedule set
forth in Attachment A. All payments shall clearly identify the Principal Investigator and Penn ERA Number [****]. All payments are to be payable in United States dollars, and if by check, made out to “The Trustees of the University of
Pennsylvania”, and sent to: 

 [****] 

(Wire transfers preferred for sponsored research agreements) – For all payments made by wire transfer, banking information is as follows:

 Banking Information: 
  

			
	 Bank Name:
	  	[****]                                     
                                         
                                         
                             
	 Bank Address:
	  	[****]
		
	 ACH Coordinator:
	  	[****]
	 Account Title:
	  	[****]
	 Account Type:
	  	[****]
	 Account #:
	  	[****]
	 ABA Routing #:
	  	[****]
	 SWIFT CODE:
	  	[****]
	 CHIPS:
	  	[****]
	 Reference:
	  	[****]

  

	3.3	 Equipment. Title to any equipment, laboratory animals, or any other materials made or acquired with
funds provided under this Agreement shall vest in Penn, and such equipment, animals, or materials shall remain the property of Penn following termination of this Agreement. 

ARTICLE 4 
 RESEARCH
RESULTS; RECORDS AND REPORTS 
  

	4.1	 Research Results. Sponsor shall have the right to use Research Results disclosed to Sponsor in records
and reports for any reasonable purpose. Sponsor shall need to obtain a license to use Research Results from Penn if such use would infringe any copyright or any claim of a patent application or issued patent owned by Penn, except to the extent such
license is granted pursuant to this Agreement or any other agreement between the Parties. 

  

	4.2	 Records. Principal Investigator shall maintain records of the results of the Sponsored Research and
shall provide Sponsor with reports of the progress and results of the Sponsored Research in 

  
 3 

	 	
accordance with Attachment A. Penn shall maintain records of the use of the funds provided by Sponsor and no later than [****] following the end of each calendar quarter, shall provide to
Sponsor a summary report of the use of such funds during such calendar quarter. 

  

	4.3	 Research Reports. Penn hereby grants Sponsor a royalty-free, nontransferable, non-exclusive right to copy, reproduce and distribute any research reports furnished to Sponsor under this Agreement, or any excerpts or portions thereof. Sponsor may not charge fees for said research reports, use
said research reports for advertising or promotional activities, or alter or modify said research reports (other than creating excerpts or portions thereof) without the prior written permission of Penn. 

ARTICLE 5 
 INTELLECTUAL
PROPERTY 
  

	5.1	 Penn Intellectual Property. Penn shall retain all right, title and interest in and to Penn Intellectual
Property and any patents, copyrights, software and tangible research materials and other intellectual property related thereto. 

  

	5.2	 Disclosure. Principal Investigator shall provide Penn and Sponsor a written disclosure of any Penn
Intellectual Property reasonably considered patentable. After Sponsor has confirmed receipt of such disclosure (which confirmation can be by email and shall be delivered within [****] of Sponsor’s receipt of such disclosure), Sponsor shall
advise Penn in writing, no later than [****] after such confirmation of receipt of such disclosure, whether it requests Penn to file and prosecute patent applications related to such Penn Intellectual Property. If Sponsor does not request Penn to
file and prosecute such patent applications, Penn may proceed with such preparation and prosecution at its own cost and expense, provided that Penn will first notify Sponsor of its intent to do so. Sponsor shall have [****] from Sponsor’s
confirmed receipt of such notification to notify Penn that it is electing to retain its right to such Penn Intellectual Property under this Agreement, and if Sponsor provides such notification, the terms of Section 5.3 shall apply, including
Sponsor’s obligation to pay patent expenses, as if Sponsor had requested that Penn file and prosecute such patent applications. If Sponsor fails to so notify Penn of such election, then Penn may proceed with such preparation and prosecution at
its own cost and expense, and such patent applications shall be excluded from Sponsor’s option under Section 5.6 hereof, provided, however, that upon Sponsor’s request, Penn shall update Sponsor on the filing status of any patent
applications related to such Penn Intellectual Property. 

  

	5.3	 Prosecution. Except as may otherwise be agreed by the Parties, in the License Agreement or otherwise,
Penn shall control the preparation and prosecution of all patent applications and the maintenance of all patents related to Penn Intellectual Property. With regard to any patent applications filed at the request and expense of Sponsor, Penn will
consult with Sponsor on patent prosecution. Sponsor shall reimburse Penn within [****] after receipt of invoice for all documented expenses incurred in connection with the filing and prosecution of the patent applications and maintenance of the
patents that Sponsor has requested Penn to prosecute under Section 5.2 hereof. 

  

	5.4	 Software. Principal Investigator shall provide Penn and Sponsor a written disclosure of any
copyrightable software created in the conduct of the Sponsored Research during the term of this Agreement that Principal Investigator reasonably considers to be scientifically valuable, provided that Principal Investigator shall have no obligation
to provide the source code for such software. 

  
 4 

	5.5	 Non-Exclusive License. Penn hereby grants to Sponsor a
perpetual, irrevocable, non-transferable (except as set forth in Section 9.7), non-exclusive license to use the Penn Intellectual Property for internal research
purposes only. 

  

	5.6	 Option. 

  

	 	(i)	 In consideration of Sponsor’s funding of the Sponsored Research and payment for intellectual property
expenses as provided for in Section 5.3, Penn grants Sponsor a first option to [****] the Related Intellectual Property Controlled (as defined in the License Agreement) by Penn within the scope of the license granted by Penn to Sponsor under
the License Agreement. If Sponsor fails to exercise its option [****] within [****] after disclosure of such Related Intellectual Property to Sponsor (the “Option Period”), or if Sponsor fails to make payment for intellectual
property expenses as provided for in Section 5.3 with respect to such Related Intellectual Property, Penn shall be free to license such Related Intellectual Property to any party upon such terms as Penn deems appropriate, without any further
obligation to Sponsor. Sponsor shall notify Penn in writing within the Option Period if it desires to exercise such option. In the event Sponsor exercises such option, (1) [****] (2) as to each patent application that is Related Intellectual
Property for which Sponsor has exercised its option, Sponsor shall pay Penn a [****] (for clarity, no additional fee shall be owed for any application claiming priority thereto, any foreign counterpart thereof, or any other application in the same
patent family). Prior to, and during the Option Period, Penn shall not assign, transfer, convey, or grant any rights in or otherwise encumber such Related Intellectual Property in any manner that would impair Sponsor’s rights in and to such
Related Intellectual Property under this Agreement. For clarity, if Sponsor has exercised its option to Related Intellectual Property hereunder, Sponsor’s rights and obligations relating to the filing, prosecution and maintenance of any patent
applications and issued patents covering such Related Intellectual Property for which Sponsor has exercised its option shall be set as forth in the License Agreement. 

 

	 	(ii)	 In consideration of Sponsor’s funding of the Sponsored Research and payment for intellectual property
expenses as provided for in Section 5.3, Penn grants Sponsor a first option to negotiate to acquire a license on commercially reasonable terms to practice Unrelated Intellectual Property Controlled (as defined in the License Agreement) by Penn.
Penn and Sponsor will negotiate in good faith to determine the terms of a license agreement as to each item of Unrelated Intellectual Property for which Sponsor has agreed to make payment for intellectual property expenses as provided for in
Section 5.3, if any. The Parties agree that any such license agreement would specify that the license therein would become effective as of such date that Sponsor notifies Penn that it wishes to make such license effective; provided, that as of
such date, and thereafter, [****]. If Sponsor and Penn fail to execute a license agreement within [****] after disclosure of Unrelated Intellectual Property to Sponsor (the “Negotiation Period”), or if Sponsor fails to make payment
for intellectual property expenses as provided for in Section 5.3, Penn shall be free to license such Unrelated Intellectual Property to any party upon such terms as Penn deems appropriate, without any further obligation to Sponsor. Prior to,
and during the Negotiation Period, Penn shall not assign, transfer, convey, or grant any rights in or otherwise encumber such Unrelated Intellectual Property in any manner that would impair Sponsor’s option to such Unrelated Intellectual
Property under this Agreement. 

  

	5.7	 Government Rights. Any license granted to Sponsor pursuant to Section 5.5 and 5.6 hereof shall be
subject to Penn’s right to use and permit other non-profit organizations to use Penn Intellectual 

  
 5 

	 	
Property for educational and non-commercial research purposes and, if applicable, to the rights of the United States government reserved under Public Laws 96-517, 97-256 and 98-620, codified at 35 U.S.C. 200-212, and any regulations issued
thereunder. 

 ARTICLE 6 

CONFIDENTIALITY & PUBLICATION 
  

	6.1	 Confidential Information. Sponsor does not intend to disclose confidential information to Penn unless it
is necessary to or useful for the performance of the Sponsored Research. Notwithstanding the foregoing, Sponsor may provide Penn with scientific, technical, business, or other information which is treated by Sponsor as confidential or proprietary
(“Confidential Information”). Any Confidential Information provided by Sponsor will be in writing and clearly marked by Sponsor as “Confidential” or, if disclosed orally, written notice of the confidential nature thereof
will be provided within [****] of disclosure. Penn shall protect Sponsor’s Confidential Information with the same degree of care as Penn’s own confidential information. Penn shall not use Confidential Information for any purpose other than
in connection with performing the Sponsored Research, and shall not disclose Confidential Information to any third party without Sponsor’s prior written consent. The Confidential Information provided to Penn by Sponsor will remain the property
of the Sponsor, and will be disclosed by Penn only to those persons necessary for the performance of this Agreement who are under obligations of confidentiality substantially similar to those contained herein. Penn’s and the Principal
Investigator’s obligations of confidentiality will exist during the performance of this Agreement and for [****] following termination or expiration of this Agreement, unless disclosure is required by law or regulation. 

The confidentiality obligations contained herein shall not apply to Confidential Information that is: 

 

	 	(i)	 Known by Penn or Principal Investigator without restriction prior to disclosure under this Agreement;

  

	 	(ii)	 Disclosed to Penn or Principal Investigator by a third party without an obligation of confidentiality;

  

	 	(iii)	 Available to the public not through a breach of this Agreement by Penn or Principal Investigator;

  

	 	(iv)	 Independently developed by Penn or Principal Investigator without knowledge or use of, or reference to,
Confidential Information disclosed by Sponsor under this Agreement as evidenced by Penn’s written records; or 

  

	 	(v)	 Published or disclosed in accordance with the terms of this Agreement. 

 

	6.2	 Disclosure Required by Court Order or Law. If Penn is required to disclose
Confidential Information, or any terms of the Agreement, pursuant to the valid order or requirement of a court, administrative agency, or other governmental body or applicable law, Penn may disclose such Confidential Information or terms to the
extent required, provided, however, that Penn promptly provides to the Sponsor with prior written notice (to the extent legally permissible) of such disclosure and Sponsor may attempt to obtain an order or other remedy protecting the Confidential
Information from public disclosure. To the extent that Confidential Information so disclosed does not become part of the public domain by virtue of such disclosure, it shall remain Confidential Information protected pursuant to Section 6.1.

  
 6 

	6.3	 Penn Intellectual Property. In order to preserve the patentability of Penn Intellectual Property and to
preserve Penn’s publication rights, Sponsor shall maintain Penn Intellectual Property, Research Results and information provided pursuant to the Sponsored Research (whether oral or written) as confidential and shall not disclose such
information to any third party until the publication of such information by the Principal Investigator or until Penn provides Sponsor with written verification that all desirable patentable inventions have been protected, whichever occurs sooner,
provided, however, that Sponsor may disclose such information to actual or potential investors, acquirers, partners, collaborators, licensees, or sub-licensees without Penn’s prior written consent,
provided such third parties are subject to written confidentiality obligations substantially similar to those contained herein. Sponsor’s obligations of confidentiality will exist during the term of this Agreement and for [****] following the
termination or expiration of this Agreement, unless disclosure is required by law or regulation. 

 Sponsor shall have the
right to disclose any of the information described above to the extent required pursuant to the valid order or requirement of a court, administrative agency, or other governmental body or applicable law, subject to the terms and obligations set
forth in Section 6.2, mutatis mutandis. The confidentiality obligations contained in this Section 6.3 shall not apply to any information that is subject to any of the clauses (i) through (v) of Section 6.1, mutatis
mutandis. 
 Penn shall maintain Penn Intellectual Property and Research Results as confidential and shall not disclose such information
to any third party until the publication of such information by the Principal Investigator pursuant to the terms of this Agreement, provided, however, that (a) Research Results and Penn Intellectual Property shall not be considered Confidential
Information for purposes of publication in accordance with Section 6.4 below, (b) Penn shall be permitted to disclose Penn Intellectual Property and Research Results in patent applications and related documents, (c) Penn may disclose
Penn Intellectual Property in the event Sponsor does not exercise its option to such Penn Intellectual Property under Section 5.6 above or a license agreement, including the License Agreement, is not entered into with respect to such Penn
Intellectual Property, and (d) Penn may use and disclose Research Results for educational and non-commercial research purposes. Penn’s obligations of confidentiality under this paragraph will exist
during the term of this Agreement and for the earlier of (i) [****] following the termination or expiration of this Agreement or (ii) the publication of such Research Results, unless disclosure is required by law or regulation. 

 

	6.4	 Publications. Penn shall have the first right to publish or present Research Results or other
information and material resulting from the Sponsored Research. Penn shall furnish the Sponsor with a copy of any proposed publication or presentation at least [****] in advance of the date of such presentation or the submission of said proposed
publication in order for Sponsor to review and comment on said proposed publication or presentation to (a) determine whether such contains any Confidential Information and (b) enable Sponsor to identify any Penn Intellectual Property that
it wishes Penn to file patent applications on or to seek other intellectual property protection for. If within the [****] review period (i) Sponsor notifies Penn that the Sponsor requires deletion from the publication or presentation of Sponsor
Confidential Information, the Parties will cooperate to modify the disclosure to ensure Sponsor Confidential Information is not disclosed or (ii) if Sponsor requests that publication or presentation be delayed to allow for patent filings or
other intellectual property protection on certain items in the proposed publication or presentation, Penn shall delay the publication or presentation for up to [****] to allow for the filing of patent applications or other intellectual property
protection. 

  
 7 

 ARTICLE 7 

TERM & TERMINATION 
  

	7.1	 Term. The initial term of this Agreement shall begin on the Effective Date of this Agreement and shall
end on [****] the Effective Date unless terminated sooner pursuant to Sections 2.2 or 7.2 hereof. This Agreement may be extended or renewed only by mutual written agreement executed by duly authorized representatives of the Parties.

  

	7.2	 Termination. In addition to the termination right set forth in Section 2.2 hereof,

  

	 	(i)	 Sponsor may terminate this Agreement for any or no reason effective upon [****] written notice to Penn; or

  

	 	(ii)	 either Party may terminate this Agreement effective upon written notice to the other Party, if the other Party
breaches any of the terms or conditions of this Agreement and fails to cure such breach within [****] after receiving written notice thereof. In the event of an incurable breach, the non-breaching Party may
terminate this Agreement effective immediately upon written notice to the breaching Party. 

  

	7.3	 Effects of Termination. 

 

	 	(i)	 In the event of termination of this Agreement prior to its stated term whether for breach or for any other
reason whatsoever, Penn shall be entitled to payment for the work in progress up to the date of termination, and for allowable costs, to the extent contemplated in the budget included in Attachment A. Allowable costs include, without
limitation, [****]. In the event of termination, or upon expiration of this Agreement, Penn shall submit a final report of all costs incurred and all funds received under this Agreement within [****] after the effective termination or expiration
date. The report shall be accompanied by a check in the amount of any excess of funds advanced over costs and allowable commitments incurred. In case of a deficit of funds, Sponsor shall pay Penn the amount needed to cover costs and allowable
commitments incurred by Penn under this Agreement (for clarity, to the extent such costs and commitments are included in the budget). 

  

	 	(ii)	 Termination of this Agreement shall not affect the rights and obligations of the Parties accrued prior to
termination hereof. The provisions of ARTICLE 3; ARTICLE 4; ARTICLE 5; ARTICLE 6; ARTICLE 7; ARTICLE 8; and ARTICLE 9, shall survive such termination. 

ARTICLE 8 
 DISCLAIMER OF
WARRANTIES, INDEMNIFICATION 
  

	8.1	 PENN MAKES NO WARRANTIES, EXPRESS OR IMPLIED, AS TO ANY MATTER WHATSOEVER, INCLUDING, WITHOUT LIMITATION,
WARRANTIES WITH RESPECT TO THE COMPLETION, SUCCESS OR PARTICULAR RESULTS OF THE SPONSORED RESEARCH, OR THE CONDITION, OWNERSHIP, MERCHANTABILITY, OR FITNESS FOR A PARTICULAR PURPOSE OF THE SPONSORED RESEARCH OR ANY PENN INTELLECTUAL PROPERTY OR
RESEARCH RESULTS OR THAT USE OF PENN INTELLECTUAL PROPERTY OR RESEARCH RESULTS WILL NOT INFRINGE ANY PATENT, COPYRIGHT, TRADEMARK OR OTHER INTELLECTUAL PROPERTY RIGHT OF A THIRD PARTY. EXCEPT IN THE CASE OF PENN’S GROSS NEGLIGENCE OR WILLFUL
MISCONDUCT, PENN SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, 

  
 8 

	 	
CONSEQUENTIAL, PUNITIVE OR OTHER DAMAGES SUFFERED BY SPONSOR OR ANY OTHER PERSON RESULTING FROM THE SPONSORED RESEARCH OR SPONSOR’S USE OF ANY PENN INTELLECTUAL PROPERTY, ANY RESEARCH
RESULTS OR ANY PRODUCTS RESULTING THEREFROM. EXCEPT IN THE CASE OF SPONSOR’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT, SPONSOR SHALL NOT BE LIABLE FOR ANY INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES SUFFERED BY PENN RESULTING FROM THE SPONSORED
RESEARCH OR PENN’S USE OF ANY PENN INTELLECTUAL PROPERTY, ANY RESEARCH RESULTS OR ANY PRODUCTS RESULTING THEREFROM; PROVIDED, THAT, FOR THE AVOIDANCE OF DOUBT, THIS SECTION 8.1 SHALL NOT BE INTERPRETED TO AFFECT OR LIMIT SPONSOR’S
INDEMNIFICATION OBLIGATION UNDER SECTION 8.2 BELOW. 

  

	8.2	 Indemnification. 

 

	 	(i)	 Sponsor shall indemnify, defend and hold harmless Penn and its respective trustees, officers, faculty,
students, employees, contractors and agents (the “Penn Indemnitees”) from and against any and all liability, damage, loss, cost or expense (including reasonable attorneys’ fees), which the Penn Indemnitees may hereafter incur,
or be required to pay as a result of Sponsor’s use of the results of Sponsored Research or any Penn Intellectual Property or Research Results or as a result of any breach of this Agreement by Sponsor provided that Sponsor’s obligations
pursuant to this Section 8.2(i) shall not apply to the extent such claims or suits result from the negligence or willful misconduct of any of Penn Indemnitees or any breach of this Agreement by Penn, each as determined by a court of law.

  

	 	(ii)	 As a condition to a Penn Indemnitee’s right to receive indemnification under this Section 8.2, Penn
shall: (a) promptly notify Sponsor when it becomes aware of a claim or suit for which indemnification may be sought pursuant hereto; (b) cooperate with Sponsor in the defense, settlement or compromise of such claim or suit; and
(c) permit the Sponsor to control the defense, settlement or compromise of such claim or suit, including the right to select defense counsel. In no event, however, may Sponsor compromise or settle any claim or suit in a manner which
(a) admits fault or negligence on the part of Penn or any other Penn Indemnitee; or (b) commits Penn or any other Penn Indemnitee to take, or forbear to take, any action, without the prior written consent of Penn. Penn shall reasonably
cooperate with Sponsor and its counsel in the course of the defense of any such suit, claim or demand. 

 ARTICLE 9

 ADDITIONAL PROVISIONS 
  

	9.1	 Force Majeure. Neither Party shall be liable for any failure to perform as required by this Agreement to
the extent such failure to perform is due to labor disturbances or labor disputes of any kind, accidents, failure of any governmental approval required for full performance, civil disorders or commotions, terrorism, acts of aggression, acts of God,
explosions, failure of utilities, material shortages, disease, or other occurrences beyond such Party’s reasonable control. 

  

	9.2	 Relationship of the Parties. Nothing in this Agreement is intended or shall be deemed, for financial,
tax, legal or other purposes, to constitute a partnership, agency, joint venture or employer-employee relationship between the Parties. The Parties are independent contractors and at no time will either Party make commitments or incur any charges or
expenses for or on behalf of the other Party. 

  
 9 

	9.3	 Expenses. Except as otherwise provided in this Agreement, each Party shall pay its own expenses and
costs incidental to the preparation of this Agreement and to the consummation of the transactions contemplated hereby 

  

	9.4	 Third Party Beneficiary. No party, other than Penn or Sponsor shall be entitled to any rights whatsoever
by virtue of the relationships created by or arising under this Agreement, including, without limitation, rights as a third party beneficiary 

  

	9.5	 Use of Names. Except as set forth in the License Agreement, Sponsor and its affiliates may not use the
name, logo, seal, trademark, or service mark (including any adaptation of them) of Penn or any Penn school, organization, employee, student or representative, without the prior written consent of Penn. Notwithstanding the foregoing, Sponsor may use
the name of Penn and the Principal Investigator and other Penn employees directly supported by Sponsored Research funds as identified in the budget set forth in Attachment A in a non-misleading and
factual manner solely to state Sponsor’s funding of this Sponsored Research. Except as set forth in the License Agreement, Penn shall not use Sponsor’s name without Sponsor’s prior written consent except that Penn may acknowledge
Sponsor’s funding of this Sponsored Research and any scientific contributions in scientific publications, in listings of sponsored research projects and for other academic purposes. 

 

	9.6	 No Discrimination. Neither Penn nor Sponsor will discriminate against any employee or applicant for
employment because of race, color, sex, sexual or affectional preference, age, religion, national or ethnic origin, handicap, or veteran status 

  

	9.7	 Successors and Assignment. 

 

	 	(i)	 The terms and provisions hereof shall inure to the benefit of, and be binding upon, the Parties and their
respective successors and permitted assigns. 

  

	 	(ii)	 Sponsor may not assign or transfer this Agreement or any of Sponsor’s rights or obligations created
hereunder, by operation of law or otherwise, without the prior written consent of Penn. Notwithstanding the foregoing, Sponsor may assign its rights and obligations under this Agreement without the prior written consent of Penn (a) to a
successor in connection with the merger, consolidation, reorganization or sale of all or substantially all of its assets or its business, or (b) to a wholly owned subsidiary of Sponsor; provided, that (I) there exists no material breach by
Sponsor of any material term of this Agreement, (II) Sponsor provides prompt written notice of the transaction to Penn, and (III) the assignee agrees in writing to be legally bound by this Agreement. Any permitted assignment will not
relieve Sponsor of any obligation of Sponsor that has accrued at the time of the assignment. 

  

	 	(iii)	 Any assignment not in accordance with this Section 9.7 shall be void.

  

	9.8	 Further Actions. Each Party agrees to execute, acknowledge and deliver such further instruments and to
do all such other acts as may be necessary or appropriate in order to carry out the purposes and intent of this Agreement. 

  

	9.9	 Entire Agreement of the Parties; Amendments. This Agreement and the Schedules and Attachments hereto
constitute and contain the entire understanding and agreement of the Parties respecting the subject matter hereof and cancel and supersede any and all prior negotiations, correspondence, understandings and agreements between the Parties, whether
oral or written, regarding such subject matter. No waiver, modification or amendment of any provision of this Agreement shall be valid or effective unless made in a writing referencing this Agreement and signed by a duly authorized officer of each
Party. 

  
 10 

	9.10	 Governing Law. This Agreement shall be governed by and interpreted in accordance with the laws of the
Commonwealth of Pennsylvania, excluding application of any conflict of laws principles that would require application of the law of a jurisdiction outside of the Commonwealth of Pennsylvania. 

 

	9.11	 Dispute Resolution. If a dispute arises between the Parties concerning this Agreement, then the Parties
will confer, as soon as practicable, in an attempt to resolve the dispute. If the Parties are unable to resolve such dispute amicably, then the Parties will submit to the exclusive jurisdiction of, and venue in, the state and Federal courts located
in the Eastern District of Pennsylvania. 

  

	9.12	 Notices and Deliveries. Any notice, request, approval or consent required or permitted to be given under
this Agreement shall be in writing and directed to a Party at its address shown below or such other address as such Party shall have last given by notice to the other Party. A notice will be deemed received: if delivered personally, on the date of
delivery; if mailed, [****] after deposit in the United States mail; if sent via courier, [****] after deposit with the courier service. 

  

			
	 For Penn
	  	 with a copy to:

		
	 [****]
	  	 [****]

	 [****]
	  	 [****]

	 [****]
	  	 [****]

	 [****]
	  	 [****]

	 [****]
	  	
	 [****]
	  	
	 [****]
	  	 With a copy to the Principal Investigator:

 
 [****]

		
	 For Sponsor:
	  	 with a copy to:

		
	 [****]
	  	 [****]

	 [****]
	  	 [****]

	 [****]
	  	 [****]

	 [****]
	  	 [****]

	 [****]
	  	 [****]

  

	9.13	 Waiver. A waiver by either Party of any of the terms and conditions of this Agreement in any instance
shall not be deemed or construed to be a waiver of such term or condition for the future, or of any other term or condition hereof. All rights, remedies, undertakings, obligations and agreements contained in this Agreement shall be cumulative and
none of them shall be in limitation of any other remedy, right, undertaking, obligation or agreement of either Party. 

  

	9.14	 Severability. When possible, each provision of this Agreement will be interpreted in such manner as to
be effective and valid under law, but if any provision of this Agreement is held to be prohibited by or invalid under law, such provision will be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of
this Agreement. The Parties shall make a good faith effort to replace the invalid or unenforceable provision with a valid one which in its economic effect is most consistent with the invalid or unenforceable provision. 

  
 11 

	9.15	 Interpretation. The words “include,” “includes” and “including” shall be
deemed to be followed by the phrase “without limitation.” All references herein to Articles, Sections, and Schedules shall be deemed references to Articles and Sections of, and Schedules to, this Agreement unless the context shall
otherwise require. 

  

	9.16	 Counterparts. This Agreement may be executed in counterparts, each of which will be deemed an original,
and all of which together will be deemed to be one and the same instrument. A portable document format (PDF) or electronic copy of this Agreement, including the signature pages, will be deemed an original. 

[SIGNATURE PAGE FOLLOWS] 

  
 12 

 IN WITNESS WHEREOF, the duly authorized representatives of the Parties hereby execute
this Agreement as of the date first written above. 
  

			
	 THE TRUSTEES OF THE
 UNIVERSITY OF
PENNSYLVANIA
	  	TYCHO THERAPEUTICS, INC.
		
	By: [****]	  	By: /s/ Steven Nichtberger
		
	Name: [****]	  	Name: Steven Nichtberger
		
	Title: Assoc. Director	  	Title: CEO
		
	I have read and understood the responsibilities
of the Principal Investigator:	  	
		
	Signature: /s/ Aimee Payne	  	

 [Signature Page to Sponsored Research Agreement] 

 Attachment A 

Summary of Sponsored Research 
 Work
Scope & Details of Program – See attached Appendix 1 to Attachment A. 
 Principal Investigator – Aimee Payne,
MD, PhD; [****] 
 Representative of Sponsor – Steven Nichtberger; [****] 

Period of Performance – [****] 
 Report
Schedule – Final report due within [****] after completion of the Sponsored Research. Interim reports due [****] after commencement of the Sponsored Research. 

Budget – See attached Appendix 2 to Attachment A; [****] 

Payments under this Agreement will be payable within [****] of Sponsor’s receipt of an invoice from Penn. 

Payment Schedule – 
  

			
	 Date Payment Due
	  	 Amount of Payment Due

		
	 [****]
	  	 [****]

	 [****]
	  	 [****]

	 [****]
	  	 [****]

	 [****]
	  	 [****]

	 [****]
	  	 [****]

	 [****]
	  	 [****]

 APPENDIX 1 TO ATTACHMENT A 

WORK SCOPE & DETAILS OF PROGRAM 

[****] 

 APPENDIX 2 TO ATTACHMENT A 

BUDGET 
 [****]

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