Document:

EX-10.16

 Exhibit 10.16 

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

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

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

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

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

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

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

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

1.8 “Field” means all fields of use. 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

  
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 1.32 “Territory” means worldwide. 

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

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

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

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

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

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

3.1 Licensed IP Rights. 

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

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

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

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

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

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

3.3 Availability of the Licensed IP Rights. 

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

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

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

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

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

4. FINANCIAL CONSIDERATIONS 

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

  
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 4.2 Royalties. 

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

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

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

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

  
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 4.3 Milestones. 

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

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

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

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

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

 4.4 Milestone Notice and Conditions. 

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

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

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

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

5. ROYALTY REPORTS AND ACCOUNTING 

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

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

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

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

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

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

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

  
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 7. RESEARCH AND DEVELOPMENT OBLIGATIONS 

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

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

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

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

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

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

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

9.3 Enforcement of Patent Rights. 

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

  
 - 18 - 

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

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

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

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

  
 - 19 - 

 10.3 Termination for Cause. 

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

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

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

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

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

  
 - 20 - 

 11. INDEMNIFICATION 

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

  
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 12. FORCE MAJEURE 

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

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

			
	If to NiKang:	  	 NiKang Therapeutics, Inc.
 BLDG E500

200 Powder Mill Road
 Wilmington, DE 19803

Attention: Zhenhai Gao

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

Email: legal@erasca.com

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

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

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

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

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

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

  
 - 23 - 

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

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

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

	Name:	 	Jonathan Lim
	Title:	 	President and CEO

  
 - 24 - 

 EXHIBIT A 

COMPOUND A 
 [***] 

  
 - 25 - 

 EXHIBIT B 

LICENSED PATENT RIGHTS 

[***] 

  
 - 26 - 

 EXHIBIT C 

ASSIGNED AGREEMENTS 
 [***]

  
 - 27 - 

 EXHIBIT D 

PRIOR MANUFACTURING AND GLP TOX STUDY AMOUNTS 

[***] 

  
 - 28 - 

 EXHIBIT E 

WORK PLAN 
 [***] 

  
 - 29 -EX-10.17

 Exhibit 10.17 

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

EXCLUSIVE LICENSE AGREEMENT 

BY AND BETWEEN 
 KATMAI
PHARMACEUTICALS, INC. 
 AND 

ERASCA, INC. 
 DATED AS
OF MARCH 12, 2020 
  

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

 

							
	 	  	 	  	Page	 
	 1.     DEFINITIONS
	  	 	1	 
		
	 2.     LICENSE GRANT
	  	 	9	 
			
	 2.1
	  	Grant	  	 	9	 
	 2.2
	  	Sublicenses	  	 	10	 
	 2.3
	  	Transfer of Licensed Know-How and Licensed Materials	  	 	10	 
	 2.4
	  	License Conditions and Retained Rights of the UC	  	 	11	 
	 2.5
	  	Right of First Negotiation	  	 	12	 
	 2.6
	  	Initial Focus; Back-up Compounds	  	 	12	 
	 2.7
	  	Other Claimed Compounds	  	 	13	 
		
	 3.     FEES, ROYALTIES AND PAYMENTS
	  	 	14	 
			
	 3.1
	  	Upfront Payment, Milestone Payments and Royalties	  	 	14	 
	 3.2
	  	Buyout Option	  	 	17	 
	 3.3
	  	Method of Payment	  	 	18	 
	 3.4
	  	Currency Conversion	  	 	18	 
	 3.5
	  	Late Payments	  	 	19	 
	 3.6
	  	Records and Audits	  	 	19	 
	 3.7
	  	Taxes	  	 	20	 
		
	 4.     OWNERSHIP; PATENT PROSECUTION, MAINTENANCE AND
INFRINGEMENT
	  	 	20	 
			
	 4.1
	  	Ownership	  	 	20	 
	 4.2
	  	Prosecution and Maintenance	  	 	20	 
	 4.3
	  	Joint IP	  	 	21	 
	 4.4
	  	Enforcement	  	 	21	 
	 4.5
	  	Defense of Third Party Claims	  	 	22	 
	 4.6
	  	Recovery	  	 	22	 
	 4.7
	  	Patent Term Extensions and Filings for Regulatory Exclusivity Periods	  	 	23	 
	 4.8
	  	Patent Marking	  	 	23	 
		
	 5.     OBLIGATIONS OF THE PARTIES
	  	 	23	 
			
	 5.1
	  	Responsibility	  	 	23	 
	 5.2
	  	Diligence	  	 	23	 
	 5.3
	  	Project Advisory Committee	  	 	25	 
	 5.4
	  	Katmai Funding	  	 	25	 
	 5.5
	  	Exclusivity	  	 	25	 
	 5.6
	  	Reports	  	 	26	 

  
 i 

							
	 5.7
	  	Licensed Product Supply	  	 	26	 
	 5.8
	  	Regulatory Filings	  	 	26	 
		
	 6.     REPRESENTATIONS
	  	 	26	 
			
	 6.1
	  	Mutual Warranties	  	 	26	 
	 6.2
	  	Additional Katmai Warranties	  	 	26	 
	 6.3
	  	Disclaimer	  	 	27	 
	 6.4
	  	Katmai Representations, Warranties and Covenants	  	 	28	 
		
	 7.     INDEMNIFICATION
	  	 	28	 
			
	 7.1
	  	Indemnity	  	 	28	 
	 7.2
	  	Limitation of Damages	  	 	30	 
	 7.3
	  	Insurance	  	 	30	 
		
	 8.     CONFIDENTIALITY
	  	 	31	 
			
	 8.1
	  	Confidential Information	  	 	31	 
	 8.2
	  	Terms of this Agreement; Publicity	  	 	32	 
	 8.3
	  	Publications	  	 	33	 
		
	 9.     TERM AND TERMINATION
	  	 	33	 
			
	 9.1
	  	Term	  	 	33	 
	 9.2
	  	Termination by Katmai	  	 	33	 
	 9.3
	  	Termination by Erasca	  	 	34	 
	 9.4
	  	Termination Upon Bankruptcy	  	 	34	 
	 9.5
	  	Effects of Termination	  	 	34	 
	 9.6
	  	Survival	  	 	35	 
		
	 10.   MISCELLANEOUS
	  	 	35	 
			
	 10.1
	  	Entire Agreement; Amendment	  	 	35	 
	 10.2
	  	Section 365(n) of the Bankruptcy Code	  	 	36	 
	 10.3
	  	Independent Contractors	  	 	36	 
	 10.4
	  	Governing Law; Jurisdiction	  	 	36	 
	 10.5
	  	Notice	  	 	36	 
	 10.6
	  	Compliance with Law; Severability	  	 	37	 
	 10.7
	  	Successors and Assigns	  	 	37	 
	 10.8
	  	Sale Transaction or Katmai Acquisition	  	 	38	 
	 10.9
	  	Waivers	  	 	38	 
	 10.10
	  	No Third Party Beneficiaries	  	 	38	 
	 10.11
	  	Headings; Exhibits	  	 	38	 
	 10.12
	  	Interpretation	  	 	39	 
	 10.13
	  	Force Majeure	  	 	39	 
	 10.14
	  	Further Assurances	  	 	39	 
	 10.15
	  	Counterparts	  	 	39	 

  
 ii 

 Exhibit List 

Exhibit A: Licensed Know-How 

Exhibit B: Licensed Patents 
 Exhibit C: JCN068 Structure 

Exhibit D: UC License Agreement 

  
 iii 

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

 This EXCLUSIVE LICENSE AGREEMENT (this “Agreement”) is entered into as of March 12, 2020 (the
“Effective Date”) by and between Katmai Pharmaceuticals, Inc., a Delaware corporation having an address at 1126 Goldenrod Ave., Corona Del Mar, CA 92625 (“Katmai”), and Erasca, Inc., a Delaware corporation having an
address at 10835 Road to the Cure #140, San Diego, CA 92121 (“Erasca”). Erasca and Katmai are sometimes referred to herein individually as a “Party” and collectively as the “Parties”. 

RECITALS 
 WHEREAS,
Katmai is a company engaged in the development of small molecule therapeutic and diagnostic products that modulate epidermal growth factor receptors and enable the identification, diagnosis, selection, treatment and/or monitoring of patients for
neuro-oncological applications; 
 WHEREAS, Erasca desires to obtain an exclusive, worldwide license from Katmai to develop,
manufacture, commercialize and otherwise exploit certain such products; and 
 WHEREAS, Katmai desires to grant such a license to
Erasca on the terms and subject to the conditions set forth in this Agreement; 
 NOW, THEREFORE, in consideration of the premises
and the mutual promises and covenants contained in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows: 

 

	1.	 DEFINITIONS 

All references to particular Exhibits, Articles or Sections shall mean the Exhibits to, and Articles and Sections of, this
Agreement, unless otherwise specified. For the purposes of this Agreement and the Exhibits hereto, the following words and phrases shall have the following meanings: 

“Accelerated Regulatory Approval” means a Regulatory Approval by the FDA pursuant to 21 C.F.R. Subpart H, “Accelerated
Approval of New Drugs for Serious or Life-Threatening Illnesses,” as set forth in 21 C.F.R. §500 et al. 

“Affiliate” means, with respect to any Person, any other Person that, directly or indirectly through one or more
intermediaries, controls, is controlled by or is under common control with such Person, for as long as such control exists. For purposes of the definition of “Affiliate,” “control” means the direct or indirect ownership of fifty
percent (50%) or more of the voting or economic interest of a Person, or the power, whether pursuant to contract, ownership of securities or otherwise, to direct the management and policies of a Person. For clarity, once a Person ceases to be an
Affiliate of a Party, then, without any further action, such Person shall cease to have any rights, including license and sublicense rights, under this Agreement by reason of being an Affiliate of such Party. 

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

“Audited Party” has the meaning set forth in Section 3.6 (Records and Audits). 

“Back-up Compounds” means compounds (i) Covered by the Existing Licensed Patent
Rights other than JCN068, and (ii) having as their primary mechanism of action [***]. 
 “Clinical Proof of Concept”
means [***] 
 . 

“Clinical Study” means a Phase 1 Study, Phase 1/2 Study, Phase 2 Study, Phase 2/3 Study or a Phase 3 Study, or other study
(including a non-interventional study) in humans to obtain information regarding a product, including information relating to the safety, tolerability, pharmacological activity, pharmacokinetics, dose
ranging or efficacy of the product. 
 “Combination Product” means a product that contains or uses a Licensed Compound and
at least one other drug, device or biologically active pharmaceutical compound that is not a Licensed Compound (a “Combination Product Component”) that satisfies all of the following conditions: (i) [***], (ii) [***], (iii) [***],
and (iv). [***] If a Party (or in the case of Erasca, its Sublicensee) believes that a Licensed Product containing or using another drug, device or biologically active pharmaceutical compound that is not a Licensed Compound should qualify as a
Combination Product under both this Agreement and the UC License Agreement, despite the fact that it does not meet one or more of the conditions set forth in subsections (i) through (iv) of this Agreement or the definition of such term in the
UC License Agreement, such Party may request that the other Party reasonably cooperate with it to seek a waiver from UC to allow such Licensed Product to be treated as a Combination Product for purposes of the UC License Agreement. If such waiver is
obtained from UC, then such Licensed Product shall be treated as a Combination Product consistent with the conditions of such waiver and pursuant to this Agreement. 

“Commercially Reasonable Efforts” means those efforts and resources commensurate with those efforts commonly used, in
accordance with applicable Laws in the biotechnology industry by a company of comparable resources and capabilities in connection with the development or commercialization of pharmaceutical products that are of similar status, including, with
respect to commercial potential, the proprietary position of the product, the regulatory status and approval process, the probable profitability of the applicable product and other relevant factors such as technical, legal, scientific or medical
factors. Notwithstanding the foregoing, with respect to the exercise of any rights in the Licensed Patents and Licensed Know-How Controlled by Katmai pursuant to the UC License Agreement and sublicensed to
Erasca hereunder, “Commercially Reasonable Efforts” shall include at least the corresponding diligence efforts required under the UC License Agreement.      

“Confidential Information” has the meaning set forth in Section 8.1(a) (Confidential
Information). 

  
 2 

 “Control” or “Controlled” means, with respect to any Know-How, material, Patent Right, or other intellectual property right, the possession (whether by ownership or license) by a Party or its Affiliate of the ability to grant to the other Party a license, sublicense
or access as provided herein to such Know-How, material, Patent Right, or other intellectual property right, without violating the terms of any agreement or other arrangement with any Third Party, or being
obligated to pay any royalties or other consideration therefor, in existence as of the time such Party or its Affiliates would first be required hereunder to grant the other Party such license, sublicense or access. 

“Covered” by a Patent Right means that a Valid Claim (absent a license thereunder or ownership thereof) would be Infringed by
the Exploitation of the Licensed Product; provided that for any claim that is in an application and pending, then such pending claim shall be treated as if it were issued as then pending for the purposes of determining Infringement at the time
coverage is assessed. Cognates of the word “Cover” shall have correlative meanings. 
 “Defending Party”
has the meaning set forth in Section 4.5 (Defense of Third Party Claims). 
 “Disclosing
Party” has the meaning set forth in Section 8.1(a) (Confidential Information). 

“Effective Date” has the meaning set forth in the Preamble. 

“Enforcing Party” has the meaning set forth in Section 4.4(b) (Cooperation with Respect to
Enforcement). 
 “Erasca Indemnified Parties” has the meaning set forth in Section 7.1(a)
(By Katmai). 
 “Existing Licensed Patent Rights” means any Licensed Patents existing as of the Effective Date,
which are set forth on Exhibit B. 
 “Exploit” means to develop, make, use, offer for sale, sell, and import a product.
Cognates of the word “Exploit” shall have correlative meanings. 
 “FDA” means the United States Food and Drug
Administration or any successor entity thereto. 
 “First Commercial Sale” means, with respect to the Licensed Product in
any country, the first sale for end use or consumption of the Licensed Product in such country after Regulatory Approval has been granted in such country. 

“GAAP” means then current generally accepted accounting principles in the United States as established by the Financial
Accounting Standards Board or any successor entity or other entity generally recognized as having the right to establish such principles in the United States, in each case consistently applied. Unless otherwise defined or stated herein, financial
terms shall be calculated under GAAP. 
 “Governmental Authority” means any court, agency, department, authority or other
instrumentality of any national, state, county, city or other political subdivision. 

  
 3 

 “Indication” means with respect to a product, a prophylactic or therapeutic
use for a particular disease or condition with respect to which use at least one human clinical trial is required to support the inclusion of such disease or condition in the indication statement of a package insert approved by a Regulatory
Authority for such Licensed Product and for which an application for Regulatory Approval (or a supplement, extension or amendment thereto) must be filed to obtain such approval by such Regulatory Authority; provided however that, the use of a
Licensed Product for a disease or condition for a patient population that is a subset of the patient population for an Indication for which such Licensed Product has already received Regulatory Approval shall be deemed not to be a separate
Indication from such already approved Indication. 
 “Infringe” or “Infringement” means any infringement
as determined by Law, including, without limitation, direct infringement, contributory infringement or any inducement to infringe. 

“Initiation” means, with respect to a human Clinical Study, the first dosing in the first patient in such Clinical Study.

 “Invention” means any discovery or invention, whether or not patentable, conceived or otherwise made by either Party, or
by both Parties, in exercising its rights or performing its obligations under this Agreement. 
 “Investigator” means
either of [***] or [***]. 
 “Issuing Party” has the meaning set forth in Section 8.2(b)
(Review). 
 “JCN068” means the compound having the structure set forth in Exhibit C. 

“Katmai” has the meaning set forth in the Preamble. 

“Katmai Acquiree” shall have the meaning set forth in Section 10.8 (Sale Transaction or Katmai
Acquisition). 
 “Katmai Acquisition” shall have the meaning set forth in Section 10.8
(Sale Transaction or Katmai Acquisition). 
 “Katmai Indemnified Parties” has the meaning set forth in
Section 7.1(b) (By Erasca). 
 “Know-How” means
techniques, technology, trade secrets, inventions, methods, know-how, data, materials (whether biological, chemical or physical) and results (including pharmacological, toxicological and clinical data and
results), analytical and quality control data and results, regulatory documents and filings, and other information. 

“Law” means, individually and collectively, any and all laws, ordinances, rules, directives, administrative circulars and
regulations of any kind whatsoever of any Governmental Authority within the applicable jurisdiction. 
 “Lead Licensed
Compound” means initially, JCN068, or any Back-up Compound that is developed instead of JCN068 or its replacement Back-up Compound, and all prodrugs,
metabolites, stereoisomers, diastereomers, enantiomers, tautomers, solvates, hydrate forms, homologs, salt forms, labeled forms (e.g., deuterated, 13C enriched, etc.), esters, crystalline forms
(e.g., polymorphs), semi-crystalline forms, and amorphous forms, of such compound. 

  
 4 

 “Licensed Compounds” means (i) JCN068, (ii) any Back-up Compounds, and (iii) all prodrugs, metabolites, stereoisomers, diastereomers, enantiomers, tautomers, solvates, hydrate forms, homologs, salt forms, labeled forms (e.g., deuterated, 13C enriched, etc.), esters, crystalline forms (e.g., polymorphs), semi-crystalline forms, and amorphous forms, of any of the foregoing compounds. 

“Licensed Field” means any and all fields of use. 

“Licensed Know-How” means all Know-How that
both (a) is Controlled by Katmai or its Affiliates as of the Effective Date or at any time during the Term and (b) is necessary or useful for the discovery, development, manufacture, or commercialization of Licensed Compounds or Licensed
Products, including such Know-How as set forth on Exhibit A.  

“Licensed Materials” means those physical, biological or tangible materials within the Licensed Know-How set forth on Exhibit A. 
 “Licensed Patents” means the Patent Rights
Controlled by Katmai or its Affiliates as of the Effective Date or at any time during the Term that claim inventions necessary or useful for the discovery, development, manufacture or commercialization of Licensed Compounds or Licensed Products.

 “Licensed Product” means a product containing or comprising a Licensed Compound, in any form or formulation. 

“Losses” has the meaning set forth in Section 7.1(a) (By Katmai). 

“Milestone Events” shall have the meaning set forth in Section 3.1(b) (Milestone Payments).

 “Milestone Payments” shall have the meaning set forth in Section 3.1(b) (Milestone
Payments). 
 “Net Sales” means, with respect to the Licensed Product, the total amount received (including fair market
value of any non-cash consideration) by Erasca or its Sublicensee (a “Selling Party”) on account of the sale, lease, provision, transfer, or other disposition of a Licensed Product to a
customer, after deduction of the following in accordance with GAAP to the extent separately itemized in the applicable invoice, and not otherwise reimbursed, and allowed: (a) cash, trade or quantity discounts, rebates (including rebates similar
to Medicare or other government rebates), and reimbursements, (b) any shipping costs, (c) allowances or credits because of rejected or returned products, (d) sales or use taxes, tariffs, import/export duties or other excise taxes
imposed on particular sales, and value added taxes, and (e) allowances for uncollectible amounts; provided that no particular deduction may be accounted for more than once in the calculation of Net Sales. For clarity, with respect to Licensed
Products sold that are submitted for payment to an insurance company, Medicare, Medicaid or any other governmental 

  
 5 

 
or nongovernmental body for which less than 100% of the charged amount is actually paid to Erasca or its Sublicensees, any royalties payable under this Agreement shall be applied to the amount
reimbursed less any applicable exclusions provided above. If Erasca or its Sublicensee makes any sales to any Third Party in a transaction in a given country that is not in an arms’-length transaction, or is transferred to a Third Party without
charge or at a discount, then Net Sales means the gross amount normally charged to other customers in arm’s length transactions less the allowable deductions set forth above. The sale, provision, transfer, or other disposition of a Licensed
Product between Erasca and its Sublicensees when such Licensed Products are intended for subsequent sale to a customer shall not constitute Net Sales unless such Licensed Product is for end use by Erasca or such Sublicensee. In the case of transfers
of Licensed Products between any of Erasca or its Sublicensees for subsequent sale, lease or other transfer, then Net Sales will be the greater of [***] (including [***]) (i) [***], or (ii) [***]. 

If a Licensed Product is sold (or Licensed Product service provided) in the form of a Combination Product, then the Net Sales of such
Combination Product shall be determined as follows: Net Sales of such Combination Product shall be multiplied by the fraction A/(A+B), where A is the average list price of the Licensed Compound component over the last [***] ([***]) year period (or,
solely prior to the date on which such [***] ([***]) year average list price is available, during the preceding shorter time period during which such list price information is available) when sold separately as a Licensed Product in the country of
sale of the Combination Product, and B is the average list price of the Combination Product Component(s) over the last [***] ([***]) year period (or, solely prior to the date on which such [***] ([***]) year average list price is available, during
the preceding shorter time period during which such list price information is available) in the same country. If the Licensed Compound component is not sold separately, and the Combination Product Component is sold separately, or if neither such
Licensed Compound component, nor the Combination Product Component of the Combination Product, is sold separately in the country of sale of the Combination Product, the adjustment to Net Sales shall be determined by the Parties in good faith prior
to the date Erasca or a Sublicensee commences sale of such Combination Product. Notwithstanding the foregoing, in no event will the proration factor set forth above be less than [***] ([***]); provided, however, that if the relative importance or
value of the Licensed Compound component to the Combination Product is less than[***] ([***]), Katmai agrees to negotiate in good faith with Erasca with respect to a lower proration factor. In no event may Erasca apply any anti-royalty stacking
provision to the Net Sales of a Licensed Product wherein the royalty owed to the Third Party with respect to such Licensed Product is in relation to the Combination Product Component of the Licensed Product. 

“[***] Field” means [***]. 

“Other Claimed Compounds” means all compounds Covered by the Existing Licensed Patent Rights, other than Back-up Compounds and JCN068. 
 “Party” has the meaning set forth in the Preamble. 

“Patent Action” has the meaning set forth in Section 4.2 (Prosecution and Maintenance). 

  
 6 

 “Patent Rights” means the rights and interests in and to all
(a) patents, including, without limitation, granted patents, certificates of invention, registrations, reissues, extensions, substitutions, confirmations, renewals, re-registrations, re-examinations, revalidations, patents of additions or like filing thereof; (b) patent applications, including, without limitation, provisionals, converted provisionals, non-provisionals, continued prosecution
applications, continuations, divisionals or continuations-in-part thereof, any patents issuing therefrom, and any substitution, extension, registration, confirmation,
reissue, re-examination, renewal or like filing thereof, and (c) counterparts of the foregoing in any jurisdiction throughout the world. 

“Person” means any corporation, limited or general partnership, limited liability company, joint venture, trust,
unincorporated association, governmental body, authority, bureau or agency, any other entity or body, or an individual. 
 “Phase 1
Study” means a human clinical trial of a compound or product, the principal purpose of which is a preliminary determination of safety in the target patient population. 

“Phase 1/2 Study” means a human clinical trial of a compound, the initial principal purpose of which is to determine
preliminary safety in a target patient population followed by a Phase 2 Study component, the principal purpose of which is to determine both efficacy and safety in the target patient population. 

“Phase 2 Study” means a human clinical trial of a compound or product for an Indication, the principal purpose of which is a
determination of safety and efficacy for such Indication in the target patient population. 
 “Phase 2/3 Study” means a
human clinical trial of a compound or product for an Indication, the principal purpose of which is a further determination of efficacy for such Indication and safety, in the target patient population, at the intended clinical dose or doses or range
of doses, on a sufficient number of subjects and for a sufficient period of time to confirm the optimal manner of use of such compound or product (dose and dose regimen) for such Indication prior to Initiation of the pivotal Phase 3 Study for such
Indication, and which itself provides sufficient evidence of safety and efficacy for such Indication that may be used directly to support the filing of a New Drug Application, without a Phase 3 Study, or to be included as a Phase 3 Study in filings
with Regulatory Authorities. 
 “Phase 3 Study” means a human clinical trial of a compound or product for an Indication on
a sufficient number of subjects that is designed to establish that the compound or product is safe and efficacious for its intended use, and to determine warnings, precautions, and adverse reactions that are associated with the compound or product
in the dosage range to be prescribed, and to support Regulatory Approval of the compound or product for such Indication or label expansion of the compound or product. 

“Pricing Approval” means any approval, agreement, determination, or decision establishing prices that can be charged
to consumers for a pharmaceutical or diagnostic product or that shall be reimbursed by Governmental Authorities for a pharmaceutical or diagnostic product, in each case, in a country where Governmental Authorities approve or determine pricing for
pharmaceutical or diagnostic products for reimbursement or otherwise. 
 “Receiving Party” has the meaning set forth in
Section 8.1(a) (Confidential Information). 

  
 7 

 “Regulatory Approval” means, with respect to a Licensed Product in any
country or jurisdiction, all approvals (including where required in order to market the Licensed Product, any Pricing Approval), registrations, licenses or authorizations from a Regulatory Authority in a country or other jurisdiction that are
necessary to manufacture, use, store, import, distribute, market, and sell such Licensed Product in such country or jurisdiction. 

“Regulatory Authority” means any Governmental Authority or other authority responsible for granting Regulatory Approvals for
the Licensed Product, including the FDA and any corresponding national or regional regulatory authorities. 
 “Regulatory
Cause” means a delay in the completion of a regulatory stage Development Milestone that is directly caused by the FDA or another Regulatory Authority either (a) putting a clinical hold on a Clinical Study involving a Licensed Product
that Erasca or a Sublicensee is developing pursuant to this Agreement, or (b) requiring additional data relating to a Licensed Product that Erasca or a Sublicensee is developing pursuant to this Agreement was outside that agreed upon with the
Regulatory Authority in any meeting with such Regulatory Authority in anticipation of such Clinical Study in a material or significant respect and is based on Regulatory Authority guidelines or regulations and such guidelines or regulations were
only implemented after Initiation of a human Clinical Study for such Licensed Product, provided, however, that with respect to (a)-(b), (i) such delay came to exist despite Erasca’s (or a Sublicensee’s) use of Commercially
Reasonable Efforts to avoid such delay, (ii) such delay is not due in any material respect to Erasca’s (or a Sublicensee’s) actions or inactions that were counter to the guidance provided to Erasca (or a Sublicensee) or otherwise
published by the Regulatory Authority, and (iii) such delay is not due in any material respect to Erasca’s (or a Sublicensee’s) failure to provide data to the Regulatory Authority in a form, amount and quality commonly used by
companies of comparable resources and capabilities in the biotechnology industry or to undertake preclinical and clinical development in a form and of a quality that would be commonly used in the pharmaceutical industry. 

“Regulatory Exclusivity” means, with respect to the Licensed Product, any exclusive marketing rights or data exclusivity
rights conferred by the applicable Regulatory Authority with respect to the Licensed Product (that would satisfy the requirements of 21 CFR § 316.31, 21 USC § 355a, 42 USC § 262(k)(7) or its non-U.S. equivalents) other than a Patent Right. 
 “Regulatory Filing” means any
(a) submissions, non-administrative correspondence, notifications, registrations, licenses, authorizations, applications and other filings with any Governmental Authority with respect to the research,
clinical investigation, development, manufacture, distribution, pricing, reimbursement, marketing or sale of the Licensed Product and (b) Regulatory Approvals for the Licensed Product. 

“Release” has the meaning set forth in Section 8.2(b) (Review). 

“Reviewing Party” has the meaning set forth in Section 8.2(b) (Review). 

“Royalty Term” has the meaning set forth in Section 3.1(d)(ii) (Royalty Rate; Royalty Term).

  
 8 

 “Sale Transaction” has the meaning set forth in
Section 10.7 (Successors and Assigns). 
 “Selling Party” has the meaning set forth in the
definition of “Net Sales.” 
 “Subsequent Financing” means a closing of the issuance and sale by Erasca of shares
of its equity (preferred or common stock) in its first financing transaction in which Erasca receives cash proceeds in excess of[***] dollars ($[***]) following the Effective Date for purposes of the up-front
payment in Section 3.1(a) and following the applicable Milestone Event for purposes of the investment right in Section 3.1(c). 

“Sublicensee(s)” means any Person (whether an Affiliate of Erasca or a Third Party) to which Erasca has granted a sublicense
under this Agreement. 
 “[***] Candidate” has the meaning set forth in Section 5.5
(Exclusivity). 
 “Term” has the meaning set forth in Section 9.1 (Term). 

“Territory” means the entire world. 

“Third Party” means a Person other than (a) Katmai or any of its Affiliates and (b) Erasca or any of its
Affiliates. 
 “Third Party Acquirer” shall have the meaning set forth in Section 10.8 (Sale
Transaction or Katmai Acquisition). 
 “UC License Agreement” means that certain Exclusive License Agreement between
Katmai and The Regents of the University of California (the “UC”) dated March 11, 2020 and attached as Exhibit D. 

“Valid Claim” means (a) any issued claim in the Patent Rights that has not irrevocably: (i) expired; (ii) been
disclaimed, cancelled or superseded, or if cancelled or superseded, has not been reinstated; and (iii) been revoked, held invalid, or otherwise declared unenforceable or not allowable by a tribunal or patent authority of competent jurisdiction
over such claim in such country, in all cases from which no further appeal has or may be taken, and (b) any claim of a pending patent application in the Patent Rights that has not been irrevocably abandoned or finally rejected without the
possibility of appeal or re-filing, provided that a claim within a patent application that has been pending for more than five (5) years from the date of issuance of the first substantive office action
(e.g., a restriction requirement will not be deemed substantive) received with respect to such claim on a per country basis shall no longer be a Valid Claim unless and until such claim becomes an issued claim of an issued patent, in which case such
claim will be deemed a Valid Claim for the purposes of this Agreement retroactively from the date it ceased being a Valid Claim. 
  

	2.	 LICENSE GRANT 

2.1 Grant. Subject to the terms and conditions of this Agreement, Katmai hereby grants to Erasca an exclusive, royalty bearing
license, with the right to grant sublicenses through multiple tiers in accordance with Section 2.2 (Sublicenses), under the Licensed Patents and the Licensed Know-How, in each
case, to Exploit Licensed Compounds and Licensed Products in the Licensed Field in the Territory during the Term. 

  
 9 

 2.2 Sublicenses. 

(a) Erasca shall be entitled, without the prior consent of Katmai, to grant one or more sublicenses, in full or in part, by a written agreement
to Erasca’s Affiliates and to Third Parties ([***]), provided, however, that: (a) any such permitted sublicense shall be consistent with and subject to the terms and conditions of this Agreement; (b) a copy of such
sublicense with any such Sublicensee shall be delivered to Katmai within [***] ([***]) days of its execution and Katmai shall have the right to disclose such sublicense to the UC; (c) Erasca will continue to be responsible for full performance
of Erasca’s obligations under the Agreement and will be responsible for all actions of such Sublicensee as if such Sublicensee were Erasca hereunder; and (d) any such Sublicensee shall agree in writing to be bound by terms consistent with
the obligations of Erasca hereunder that are relevant to the rights sublicensed to Erasca to Sublicensee under such sublicense agreement, including with respect[***]. For clarity, and subject to the provisions of the UC License Agreement, a
sublicense granted to an Affiliate of Erasca, or to independent contractors acting on behalf of Erasca or its Sublicensees[***],. 
 (b) If
this Agreement is terminated for any reason, at the request of any Sublicensee (and subject to any necessary approval of UC required under the UC License Agreement), the sublicense granted to such Sublicensee shall continue in full force and effect,
provided that such Sublicensee neither is in default of its obligations under the relevant sublicense nor has caused Katmai to be in default of its obligations under the UC License Agreement, and will be assigned by Erasca to Katmai. Prior to any
such assignment such Sublicensee shall furnish to Katmai written acknowledgment of its direct obligation to Katmai and contact information for purposes of notices under such sublicense agreement. The assigned sublicenses will remain in full force
and effect with Katmai as the licensor or sublicensor instead of Erasca, but the duties of Katmai under the assigned sublicenses will not be greater than the duties of Katmai under this Agreement, and the rights of Katmai under the assigned
sublicenses will not be less than the rights of Katmai under this Agreement, including all financial consideration and other rights of Katmai. Upon request by Katmai each such Sublicensee shall negotiate in good faith with Katmai any reasonable
amendments to the relevant sublicense as necessary to conform such sublicense to this Agreement. 
 2.3 Transfer of Licensed Know-How and Licensed Materials. 
 (a) Katmai shall transfer to Erasca copies or samples of the
Licensed Know-How, including the Licensed Materials, listed on Exhibit A, in accordance with a schedule to be mutually agreed by the Parties. Such transfer must be completed within three (3) months
after the Effective Date. Katmai shall notify Erasca promptly following the completion of its transfer of such Licensed Know-How as set forth herein. Following such notification, Erasca shall promptly either
(i) confirm to Katmai that such transfer is complete or (ii) notify Katmai, with reasonable specificity, of any Licensed Know-How on Exhibit A that have not yet been transferred, and, in the
case of clause (ii) above, promptly following Erasca’s notification, the Parties shall in good faith discuss and attempt to resolve such dispute. 

  
 10 

 (b) Following completion of the technology transfer contemplated in
Section 2.3(a), Katmai shall provide, at Erasca’s expense and on financial terms consistent with biotechnology industry standards (or such terms as Erasca may otherwise negotiate directly with the Investigators),
consulting support consistent with the scope of the engagement, or make Commercially Reasonable Efforts to facilitate the Investigators to provide consulting support, in connection with the further Exploitation of the Licensed Product in the
Territory as reasonably requested by Erasca. 
 (c) Erasca acknowledges that any materials transferred by Katmai to Erasca under this
Agreement are experimental in nature and may have unknown characteristics and therefore agrees to use prudence and reasonable care in the use, handling, storage, transportation and disposition and containment of any such materials. Accordingly, no
such materials shall be used in any human application, including any clinical trial. 
 2.4 License Conditions and Retained Rights
of the UC. 
 (a) Erasca acknowledges that the license rights granted herein under the Licensed Patents and Licensed Know-How that are Controlled by Katmai pursuant to the UC License Agreement are so granted subject to the terms and conditions of the UC License Agreement, including that (i) the UC expressly reserves the right
for itself and other nonprofit and academic research institutions to use such Licensed Patents and Licensed Know-How for (x) educational and non-commercial research
purposes (including clinical research and research sponsored by commercial entities), and (y) to publish results arising therefrom; (ii) the UC’s grant to the U.S. Government of a nonexclusive, nontransferable, irrevocable, paid-up license to practice or have practiced for or on behalf of the United States the invention claimed by such Licensed Patents throughout the world; and (iii) such Licensed
Know-How is licensed non-exclusively to Katmai by the UC and the UC retains the right to license such Licensed Know-How to Third
Parties without notice. 
 (b) Erasca agrees (and will require all Sublicensees to agree in writing) that, unless a valid waiver is obtained
from the applicable funding agency at Erasca’s (or Katmai’s) written request, Erasca’s exclusive right to use or sell any Licensed Products in the United States is subject to the obligation that any Licensed Products will be
manufactured substantially in the United States, to the extent required by 35 U.S.C. § 204 and applicable regulations of Chapter 37 of the Code of Federal Regulations. 

(c) Nothing in this Agreement shall require Katmai to take or foreswear any action the result of which would reasonably result in the breach of
the UC License Agreement. This Agreement shall be subject to the terms of the UC License Agreement, including the following provisions of the UC License Agreement in its Articles [***], and in the event of a conflict between the terms of this
Agreement and those of the UC License Agreement, the terms of the UC License Agreement shall control. 

  
 11 

 2.5 Right of First Negotiation. 

(a) For a period of [***] years from the Effective Date (the “ROFN Period”), Erasca shall have an exclusive first right to
negotiate with Katmai to enter into a definitive agreement governing the research, development and commercialization of products (x) whose principal mode of action is inhibition of epidermal growth factor receptor(s), other than Licensed
Products, (y) that are Covered by Existing Licensed Patent Rights or that are Covered by other Patent Rights acquired by Katmai from the [***] after the Effective Date, and (z) that may be suitable as a basis for therapeutic or diagnostic
products or services in the Neuro-oncology Field (the “ROFN Products”), including without limitation rights for ROFN Products Katmai obtains pursuant to any license agreement (a “ROFN Product Agreement”) between
Katmai and the [***] as follows: 
 (b) During the ROFN Period, Katmai shall notify Erasca in writing upon the earlier of
(x) Katmai’s election to pursue development of an ROFN Product or (y) thirty (30) days (or as the Parties otherwise agree) after Katmai’s entry into a ROFN Product Agreement, and provide to Erasca a summary of the ROFN Product
Agreement and the related Patent Rights and ROFN Product. Katmai shall not grant to any Third Party any right to develop and commercialize a ROFN Product, or engage in any negotiations with any Third Party the terms of any agreement pursuant to
which such Third Party would obtain such a license or other right to develop and commercialize the ROFN Product, until the applicable Release Date (as defined below), whereupon Erasca shall have no further rights under this
Section 2.5 with respect to the applicable ROFN Products and ROFN Product Agreement. Erasca shall not use information included in any disclosure by Katmai related to a ROFN Product Agreement or ROFN Product to enter into
discussions with the [***] or the Investigators or for any other purpose, other than exercising its rights of first negotiation under this Section 2.5. If within sixty (60) days after receiving such written notice from
Katmai, Erasca delivers to Katmai a written notice that Erasca desires to negotiate with Katmai the terms of an agreement pursuant to which Erasca would obtain rights to develop and commercialize such ROFN Products, then until the Release Date,
Katmai and Erasca will negotiate in good faith the terms of such agreement. The “Release Date” shall mean the date that is the first to occur of the date upon which Erasca notifies Katmai in writing that it is no longer interested
in negotiating the terms of an agreement pursuant to which it would obtain the rights to develop and commercialize the relevant ROFN Products or the date that is sixty (60) days after Katmai delivers to Erasca notice in writing of (x) or
(y) above. Erasca’s rights under this Section 2.5 shall apply on a ROFN Product Agreement-by-ROFN Product Agreement basis. 

2.6 Initial Focus; Back-up Compounds. 

(a) Erasca shall use Commercially Reasonable Efforts to develop Licensed Products first for use within the [***]Field for treatment of
primary cancers originating in the brain (e.g., gliomas) before expanding development efforts to include other Indications in the oncology field. 

(b) Furthermore, subject to the remainder of this Section 2.6, the Parties have agreed that Erasca shall have the
right to commercialize Licensed Products containing, [***] and not Licensed Products that contain more than [***] ([***]) [***], whether such multiple Licensed Compounds are contained in the same or different Licensed
Products. Erasca shall have the right during the Term prior to the first Regulatory Approval of any Licensed Product to conduct research and development activities to select Back-up Compounds to replace
potentially the then-existing Lead Licensed Compound due to concerns regarding the safety, efficacy, or competitiveness of such Lead Licensed Compound, or other scientific, medical or intellectual property matters relating to such Lead Licensed
Compound. Any replacement of a Lead Licensed Compound with 

  
 12 

 
a Back-up Compound shall be effective upon Erasca’s delivery of written notice that Erasca is replacing such Lead Licensed Compound with a Back-up Compound to Katmai, in which case the prior Lead Licensed Compound shall immediately be deemed a Back-up Compound and the selected
Back-up Compound shall become the Lead Licensed Compound. If in performing activities with respect to Back-up Compounds as permitted in this
Section 2.6, Erasca determines that it desires to, and develops plans to, commercialize Licensed Products containing the then-existing Lead Licensed Compound as well as Licensed Products containing one or more other
Licensed Compounds, Erasca shall so notify the PAC, in which case the Parties shall negotiate an agreement to enable Erasca to do so pursuant to the procedures set in Section 2.6(d). 

(c) As set forth in subsection (b), Erasca shall have the right to research and develop, but not commercialize,
Back-up Compounds, for the purposes of determining the characteristics and properties of Back-up Compounds for potential replacement of a then-existing Lead Licensed
Compound. Upon the reasonable request of Erasca, Katmai shall share information relevant to the potential safety and efficacy of Back-up Compounds identified by Erasca for treatment within the [***]
Field. 
 (d) If Erasca desires to develop and/or commercialize concurrently multiple products containing different Licensed Compounds
(and for clarity, this will not apply where Erasca wishes to engage in development of a Back-up Compound instead of and as a replacement for a Lead Licensed Compound then being developed as described in
subsections (b) and (c)), such activity shall be the subject of a separate license agreement to be negotiated by the Parties in their discretion. If Erasca notifies Katmai in writing specifying the additional Licensed Compound(s) Erasca wishes
to develop concurrently with the Lead Licensed Compound then being developed, the Parties shall negotiate in good faith the terms of a separate license agreement for sixty (60) days and if the Parties are not able to reach agreement within such
sixty (60) day period (subject to extension by mutual agreement) Katmai shall have no further obligations to enter into an additional license agreement with respect to such other Licensed Compounds. Erasca shall not develop or commercialize any
such additional Licensed Compounds unless and until the Parties agree on the terms of and enter into an applicable license agreement in addition to this Agreement. For clarity, one Licensed Compound shall be the same as another Licensed Compound for
purposes of this Section 2.6(d) if the other Licensed Compound is a prodrug, metabolite, stereoisomer, diastereomer, enantiomer, tautomer, solvate, hydrate form, homolog, salt form, labeled form (e.g., deuterated, 13C enriched, etc.), ester, crystalline form (e.g., a polymorph), semi-crystalline form, and amorphous form, of the first Licensed Compound. 

2.7 Other Claimed Compounds. Neither Party shall develop an Other Claimed Compound except as permitted in this
Section 2.7. Katmai grants Erasca during the Term a license, co-exclusive with Katmai, under the Licensed Patents to research and perform
non-clinical development on, but not otherwise Exploit, Other Claimed Compounds for the purpose of characterizing such Other Claimed Compounds and determining Erasca’s interest in developing such Other
Claimed Compound. In the event that either Party desires to develop an Other Claimed Compound, such Party shall give notice of such interest to the other Party and the Parties shall discuss in good faith a potential research and development
collaboration for such Other Claimed Compound in which the requesting Party expresses an interest. Development of Other Claimed Compounds shall proceed only pursuant to such a mutually agreed research and development collaboration between the
Parties. 

  
 13 

	3.	 FEES, ROYALTIES AND PAYMENTS 

3.1 Upfront Payment, Milestone Payments and Royalties. 

(a) Upfront Payment. 
 (i)
Cash Consideration. Within thirty (30) days following the Effective Date, Erasca shall make a non-refundable cash payment to Katmai in the amount of five million, six hundred seventy thousand
dollars ($5,670,000). 
 (ii) Equity Consideration. In further consideration of the licenses and rights granted to Erasca hereunder,
Katmai shall participate in Erasca’s Subsequent Financing and purchase a number of shares of stock of Erasca having an aggregate value of $[***], at a price per share which is pari passu to all other investors who participate in the
Subsequent Financing. Katmai’s shares shall have the rights and obligations set forth in the then-effective Certificate of Incorporation of Erasca, together with the financing documents entered into by the other investors in the Subsequent
Financing. At least ten (10) days prior to the closing of the proposed Subsequent Financing, Erasca shall provide written notice of the proposed financial terms of the Subsequent Financing to Katmai. Katmai shall execute the relevant purchase
agreement and all other financing documents on terms consistent with the other investors in the Subsequent Financing. Notwithstanding the foregoing, the obligation under this subsection (ii) shall terminate upon and not apply to an initial
public offering by Erasca or the earlier Sale Transaction.  
 (b) Milestone Payments. Erasca shall pay to Katmai certain one-time milestone payments (“Milestone Payments”) following the first occurrence of specific milestone events, as set forth in Section 3.1(c) (Milestone Event/Payment
Table) (the “Milestone Events”). Erasca shall pay to Katmai the applicable Milestone Payment within twenty-five (25) days after the first achievement of an applicable Milestone Event with respect to a Licensed Product by
Erasca or its Sublicensees. For clarity, (a) each Milestone Payment is payable only once and (b) no Milestone Payment shall be payable for subsequent or repeated achievements of such Milestone Event with respect to one or more of the same
or different Licensed Products. Each of the Milestone Payments shall be non-refundable and non-creditable. 

(c) Milestone Event/Payment Table. The Milestone Events and Milestone Payments to be made pursuant to
Section 3.1(b) (Milestone Payments) shall be as follows: 
  

					
	 Milestone Event
	  	Milestone Payment
(USD)	 
	 [***]
	  	$	[	***] 
	 [***]
	  	$	[	***] 
	 [***]
	  	$	[	***] 
	 [***]
	  	$	[	***] 

  
 14 

					
	 Milestone Event
	  	Milestone Payment
(USD)	 
	 [***]
	  	$	[	***] 
	 [***]
	  	$	[	***] 
	 [***]
	  	$	[	***] 
	 [***]
	  	$	[	***] 
	 First calendar year in which annual Net Sales of Licensed Product exceeds $[***]
	  	$	[	***] 

 At Katmai’s election, the [***] dollar ($]) payment for [***] may be paid entirely in cash or as a [***]
($[***]) cash payment and Katmai’s right to invest [***] dollars ($[***]) in Erasca’s next Subsequent Financing at a price per share which is pari passu to all other investors who participate in the Subsequent Financing.
Katmai’s shares shall have the rights and obligations set forth in the then-effective Certificate of Incorporation of Erasca, together with the financing documents entered into by the other investors in the Subsequent Financing. At least ten
(10) days prior to the closing of the proposed Subsequent Financing, Erasca shall provide written notice of the proposed financial terms of the Subsequent Financing to Katmai. If Katmai fails to provide notice of its election to participate in
the Subsequent Financing within such ten (10) day period, the right under this paragraph shall terminate. Notwithstanding the foregoing, the right under this paragraph shall terminate upon and not apply to an initial public offering by Erasca
or earlier Sale Transaction. 
 (d) Royalty Rate; Royalty Term. 

(i) Subject to the provisions of Section 3.1(e)(iii) (Minimum Annual Royalty), Erasca shall pay to Katmai a
royalty on a Licensed Product-by-Licensed Product and country-by-country basis on annual
Net Sales of Licensed Product sold by all Selling Parties during the applicable Royalty Term for Licensed Product in the Territory as follows, provided that if the composition of matter or method of use of a Licensed Products is not Covered by a
Valid Claim of a Licensed Patent in the country in which it is sold at the time of sale, then the applicable royalty rate for Net Sales of such Licensed Product in such country shall be reduced by [***]percent [***] (%) from the amount set forth in
the below table: 
  

					
	 Net Sales
	  	Royalty Rate	 
	 (i) The portion of Net Sales in the Territory in each Calendar Year up to and including the first
[***] dollars ($[***]) in Net Sales for such Calendar Year
	  	 	[	***]% 
	 (ii) The portion of Net Sales in the Territory in each Calendar Year exceeding [***] dollars
($[***]) up to and including [***] dollars ($[***]) in Net Sales for such Calendar Year
	  	 	[	***]% 

  
 15 

					
	 Net Sales
	  	Royalty Rate	 
	 (iii) The portion of Net Sales in the Territory in each Calendar Year exceeding [***] dollars
($[***]), plus an additional royalty as provided in (iv)
	  	 	[	***]% 
	 (iv) Only after Regulatory Approval for a second Indication has been achieved in the United
States, the portion of Net Sales in each Calendar Year exceeding [***] dollars ($[***]) in Net Sales for such Calendar Year shall be subject to a royalty in addition to that set forth in (iii) above
	  	 	[	***]% 

 (ii) Royalties will be payable on a quarterly basis; any such payments shall be made within thirty
(30) days after the end of the calendar quarter during which the applicable Net Sales occurred. Erasca’s obligation to pay royalties with respect to a Licensed Product in a particular country shall commence upon the First Commercial Sale
of such Licensed Product in such country and shall expire on a Licensed Product-by-Licensed Product and
country-by-country basis on the earlier of (a) the tenth (10th) anniversary of the expiration of all Valid
Claims included in the Licensed Patents Covering the composition of matter or method of use of such Licensed Product in such country, or (b) the twentieth (20th) anniversary of the First
Commercial Sale of such Licensed Product in such country (each such period, a “Royalty Term”). 
 (iii) Minimum Annual
Royalty. Commencing with the calendar year after the calendar year in which the First Commercial Sale of Licensed Product occurs, Erasca shall pay for each such calendar year during the Term during the Royalty Term a minimum annual royalty of
[***] dollars ($[***]) no later than January 31st of such year, provided such minimum annual royalty shall be creditable against royalties accruing in the applicable calendar year. 

(iv) Validity Challenges. If Erasca or a Sublicensee, itself or through a Third Party, institutes any proceeding that contests the
validity of any Licensed Patent during the Term, Erasca agrees to pay to Katmai, directly and not into any escrow or other account, all royalties and other amounts due in view of Erasca’s and its Sublicensees’ activities under this
Agreement during the period of challenge, and Katmai’s and the UC’s attorneys’ fees in defending such action, with such fees payable on a monthly basis. Should the outcome of such contest determine that any challenged patent claim is
valid, Erasca will thereafter, and for the remainder of the Royalty Term, pay an increased royalty rate equal to [***] ([***]) times the otherwise applicable royalty rate and the entirety of Katmai’s and the UC’s legal (including attorney)
fees and costs incurred during such proceeding. Breach of this Section 3.1(d)(iv) shall be a material breach of the Agreement. If a Sublicensee challenges the validity of a Licensed Patent, so long as Erasca did not
directly or indirectly induce, encourage, or otherwise assist such Sublicensee in its challenge of the Patent Rights, then the royalty rate payable with respect to Net Sales by Erasca or its Affiliates, as opposed to Net Sales by the relevant
Sublicensees, will not be [***] pursuant to the preceding sentence; provided, further, Erasca shall promptly terminate the sublicense agreement(s) pursuant to which such Sublicensee has been granted rights under such Licensed Patents if such
Sublicensee fails to pay, within forty-five (45) days after receiving an invoice from Katmai or UC detailing such fees and costs, the applicable increased royalty rate and the entirety of Katmai’s and the UC’s legal (including
attorney) fees and costs incurred during such proceeding. 

  
 16 

 (e) Third Party Payments and Royalty Minimum. 

(i) In the event that Patent Rights Controlled by a Third Party are necessary to exercise the rights licensed hereunder in the Licensed Patents
with respect to the Exploitation of a Licensed Products in the Licensed Field in a country within the Territory under this Agreement, in a given calendar quarter, Erasca shall have the right to deduct from any payments payable to Katmai with respect
to Net Sales of such Licensed Product in such country as set forth in Section 3.1(d) (Royalty Rate; Royalty Term) [***] percent ([***]%) of all royalties paid with respect to Net Sales of such Licensed Product in
such country during such calendar quarter by or on behalf of Erasca to such Third Party for a license under such Patent Rights in connection with the Exploitation of Licensed Product in such calendar quarter subject to the royalty minimum set forth
in Section 3.1(e)(iii) (Royalty Minimum) below. Notwithstanding the foregoing, Erasca shall confer with Katmai and provide Katmai with a reasonable opportunity to comment prior to Erasca’s undertaking any
commitment to make payments to a Third Party that would give rise to a right to make deductions with respect to royalty payments to Katmai under this Agreement. Katmai shall provide comments to Erasca regarding such arrangements within ten
(10) days of notice of the applicable commitment, which Erasca will consider in good faith. 
 (ii) Notwithstanding anything to the
contrary in this Agreement, Katmai shall remain solely responsible for the payment of all royalty, milestone, and other payment obligations, if any, due to Third Parties in connection with any Third Party license that Katmai sublicenses to Erasca
under this Agreement, including, but not limited to, the UC License Agreement (the “Katmai Third Party Obligations”), provided that Katmai shall have no obligation to Erasca to fulfill any such Katmai Third Party Obligations
(x) that are dependent upon Erasca’s fulfilling its obligations under this Agreement, or (y) where Katmai’s ability to perform such Katmai Third Party Obligation is impaired by Erasca’s
non-fulfillment of any of its obligations under this Agreement, (e.g., Erasca’s payment obligations) in the event that Erasca is not in full compliance with the relevant obligations under this
Agreement. 
 (iii) Royalty Minimum. Notwithstanding anything else herein to the contrary, on a country-by-country basis and Licensed Product-by-Licensed Product basis, in no event will the applicable royalty otherwise due
to Katmai in a calendar quarter be less than, or reduced to, an effective royalty rate that is less than [***] ([***] %) percentage points greater than the corresponding effective rate payable for such Net Sales in such country in such calendar
quarter by Katmai to the UC under the UC License Agreement. 
 3.2 Buyout Option. Erasca will notify Katmai within thirty
(30) days after the first achievement of Clinical Proof of Concept for any Indication (the “POC Notice”). Erasca shall have the right, exercisable by written notice to Katmai within [***] ([***]) days after Erasca provides the
POC Notice, to submit to Katmai a non-binding offer, including purchase price and other material terms, for (a) the purchase of all Licensed Patents, Licensed
Know-How and other assets owned by Katmai that are necessary or useful for Exploitation of Licensed Products in the Licensed Field in the Territory or (b) for the purchase of Katmai. Within [***] ([***])
days following receipt of Erasca’s purchase proposal, Katmai may either decline, accept or counter 

  
 17 

 
Erasca’s offer with its own proposed purchase terms. If Katmai accepts or counters Erasca’s offer within such [***] ([***]) day period, then for an additional [***] ([***]) days after
Erasca’s receipt of such acceptance or counter from Katmai (the “Negotiation Period”), the Parties shall negotiate in good faith the terms of an agreement pursuant to which Erasca may purchase such assets or Katmai. 

If the Parties do not enter into an agreement governing Erasca’s purchase of such assets or Katmai within the Negotiation Period, then
upon mutual agreement of the Parties, an independent, third-party investment bank or investment advisory firm (a “Firm”) with expertise in the pharmaceutical field shall be engaged by the Parties at the expense of the Party that
initiated the discussion regarding the purchase of Katmai or Katmai’s assets within the following[***] ([***]) days to (i) review each Party’s respective valuations of the relevant assets or Katmai, (ii) conduct its own
independent valuation analysis of such assets or Katmai, and (iii) deliver and review with the Parties the Firm’s own independent valuation assessment of such assets or Katmai. Neither Katmai or Erasca shall be obligated to accept any
proposed terms, whether made by Erasca or Katmai or the Firm. 
 After the Firm provides the assessment described in subsection (iii), the
Parties may by mutual agreement continue to negotiate the terms of such purchase of such assets or Katmai in their sole discretion. Unless and until the Parties in their sole discretion enter into an agreement pursuant to which Erasca acquires such
assets or Katmai, Katmai’s rights to receive all milestone, royalty, and other payments payable to it pursuant to this Agreement shall continue in full force and effect as provided herein. 

3.3 Method of Payment. Unless otherwise agreed by the Parties, all payments due from Erasca to Katmai under this Agreement shall
be paid in U.S. Dollars by wire transfer or electronic funds transfer of immediately available funds to an account as Katmai may direct from time to time by written notice to Erasca. Katmai shall provide instructions for wire transfer to Erasca
within twenty (20) days of the Effective Date. 
 After the First Commercial Sale of the first Licensed Product and until expiration of
the last Royalty Term, Erasca shall prepare and deliver to Katmai royalty reports of the sale of the Licensed Product by the Selling Parties for each calendar quarter within thirty (30) days of the end of each such calendar quarter specifying
in the aggregate and on a Selling Party-by-Selling Party, Licensed Product-by-Licensed
Product, and country-by-country basis: (a) total units of Licensed Products sold, unit selling price for Licensed Product, and gross amounts for the Licensed
Product sold or otherwise disposed of by a Selling Party; (b) amounts deducted by category in accordance with the definition of “Net Sales” in Article 1 (Definitions) from gross amounts to calculate
Net Sales; (c) Net Sales; (d) deductions to royalties for payments to Third Parties pursuant to Section 3.1(e) (Third Party Payments) and the bases for the calculation of such deductions; and
(e) royalties payable. 
 3.4 Currency Conversion. In the case of sales outside the United States, payments received by
Erasca will be expressed in the U.S. Dollar equivalent calculated on a quarterly basis in the currency of the country of sale and converted to their U.S. Dollar equivalent using the average rate of exchange over the last thirty days of the
applicable calendar quarter to which the sales relate, in accordance with GAAP and the then current standard methods of Erasca or the 

  
 18 

 
applicable Sublicensee, to the extent reasonable and consistently applied; provided, however, that if, at such time, Erasca or such Sublicensee does not use a rate for
converting into U.S. Dollar equivalents that is maintained in accordance with GAAP, then Erasca or such Sublicensee shall use the average rate of exchange over the last thirty days of the applicable quarter with reference to the rate of
exchange for such currency reported in The Wall Street Journal, Internet U.S. Edition at www.wsj.com, during such portion of the applicable reporting period. Erasca will inform Katmai as to the specific exchange rate translation methodology
used for a particular country or countries and cause any Sublicensees to comply with the terms of this Section 3.4. 

3.5 Late Payments. In the event that any payment due hereunder is not made when due, the payment shall accrue interest beginning
on the day following the due date thereof, calculated at the annual rate of the sum of (a) [***]percent ([***]%) plus (b) the prime interest rate quoted by The Wall Street Journal, Internet U.S. Edition at www.wsj.com on the date said
payment is due, the interest being compounded on the last day of each calendar quarter; provided, however, that in no event shall said annual interest rate exceed the maximum rate permitted by Law. Each such payment when made shall be
accompanied by all interest so accrued. 
 3.6 Records and Audits. 

(a) Erasca will keep, and will require its Sublicensees to keep, complete and accurate records of the underlying revenue, expense and other
data relating to the calculations of Net Sales generated in the then current calendar year and payments required under this Agreement, and during the preceding six (6) calendar years. Erasca will require its Sublicensees to provide to Erasca
all information necessary to calculate the royalties payable to Katmai with respect to Net Sales of such Sublicensees, so that Katmai may exercise its rights under this Section 3.6 with respect to such information in
Erasca’s possession. Each of Katmai and the UC will have the right, once annually at its own expense, to have a nationally recognized, independent, certified public accounting firm, selected by it and subject to Erasca’s prior written
consent (which shall not be unreasonably withheld, conditioned or delayed), review any such records in the possession of Erasca and its Affiliates and Sublicensees (the “Audited Party”) in the location(s) where such records are
maintained by the Audited Party upon reasonable written notice (which shall be no less than thirty (30) days’ prior written notice) and during regular business hours and under obligations of confidentiality, for the sole purpose of
verifying the basis and accuracy of payments made under Article 3 (Fees, Royalties and Payments) within the seventy-two (72) month period preceding the date of the request
for review. Erasca will receive a copy of each such report concurrently with receipt by Katmai. Should such inspection lead to the discovery of a discrepancy to Katmai’s detriment, Erasca will, within thirty (30) days after receipt of such
report from the accounting firm, pay the amount of the discrepancy together with interest at the rate set forth in Section 3.5 (Late Payments). Katmai will pay the full cost of the review unless the underpayment of
amounts due to Katmai is greater than [***]percent ([***]%) of the amount due for any calendar year in the period being examined, in which case Erasca will pay the cost charged by such accounting firm for such review. Should the audit lead to the
discovery of a discrepancy to Erasca’s detriment, Erasca may credit the amount of the discrepancy, without interest, against future payments payable to Katmai under this Agreement, and if there are no such payments payable, then Katmai shall
pay to Erasca the amount of the discrepancy, without interest, within forty-five (45) days of Katmai’s receipt of the report. 

  
 19 

 3.7 Taxes. 

(a) Sales Tax. Erasca is responsible for the payment of any state or local, sales or use, or similar fees or taxes arising as a result
of the transfer of Licensed Materials by Katmai to Erasca pursuant to Section 2.3 (Transfer of Licensed Know-How and Licensed Materials), and Erasca will remit such fees or
taxes to Katmai, as the collection agent, upon invoice. 
 (b) Withholding. In the event that any Law requires Erasca to withhold
taxes with respect to any payment to be made by Erasca pursuant to this Agreement, Erasca will notify Katmai of such withholding requirement prior to making the payment to Katmai and provide such assistance to Katmai, including the provision of such
standard documentation as may be required by a tax authority, as may be reasonably necessary in Katmai’s efforts to claim an exemption from or reduction of such taxes. Erasca will, in accordance with such Law withhold taxes from the amount due,
remit such taxes to the appropriate tax authority, and furnish Katmai with proof of payment of such taxes within thirty (30) days following the payment. If taxes are paid to a tax authority, Erasca shall provide reasonable assistance to Katmai
to obtain a refund of taxes withheld, or obtain a credit with respect to taxes paid. 
  

	4.	 OWNERSHIP; PATENT PROSECUTION, MAINTENANCE AND INFRINGEMENT 

4.1 Ownership. 
 (a)
Erasca shall solely own Patent Rights Covering any Inventions made solely by or on behalf of Erasca, its Affiliates, or its Sublicensees. 

(b) Katmai shall solely own Patent Rights Covering any Inventions made solely by or on behalf of Katmai and its Affiliates. 

(c) All Patent Rights Covering any Inventions made jointly by or on behalf of both Katmai (or its Affiliates) and Erasca (or its Affiliates or
Sublicensees) (“Joint IP”) shall be jointly owned by both Katmai and Erasca. 
 4.2 Prosecution and
Maintenance. 
 As between the Parties, Katmai shall control the filing, prosecution and maintenance (including through the conduct of
interferences, oppositions, inter partes proceedings, post-grant proceedings, nullity actions and the like) of all Licensed Patents using outside counsel of its choice. Katmai will use good faith efforts to ensure that Erasca receives copies of all
correspondence filed with and received from the applicable patent office during the Term and will consider any comments or suggestions by Erasca with respect thereto. While Katmai will control all Patent Actions and all decisions with respect to
Patent Actions, it will consider any comments or suggestions by Erasca with respect thereto. Erasca has the right to request Patent Actions via a written request to Katmai [***] ([***]) days prior to the deadline set by the patent office in the
territory such Patent Action is to take place. Katmai shall use all reasonable efforts to amend any patent application to include claims reasonably requested by Erasca to protect the Licensed Products contemplated to be sold under this Agreement and
to file and prosecute patents in foreign 

  
 20 

 
countries indicated by and paid for by Erasca. For purposes of this Section 4.2, a “Patent Action” means, with respect to the Licensed Patents, the
preparation, filing, prosecution and maintenance of patent applications and patents in the Licensed Patents, including reexaminations, interferences, oppositions, inventorship related matters, and any other ex parte or inter partes matters (e.g.,
inter partes review petitions) originating or conducted in a patent office. [***]. Erasca acknowledges that (x) its rights with respect to the filing, prosecution, and maintenance of the Licensed Patents is subject to the terms and conditions
of the UC License Agreement; and (y).[***] 
 4.3 Joint IP. The Parties shall confer in good faith regarding any decision to
file, prosecute or maintain any Joint IP, and neither Party shall assign, license, or Exploit any Joint IP without the consent of the other Party except as otherwise permitted under this Agreement. For clarity, to the extent any Joint IP constitutes
any Licensed Patents or Licensed Know-How, such Licensed Patents and Licensed Know-How will be subject to the license granted to Erasca pursuant to
Section 2.1 (Grant). 
 4.4 Enforcement. 

(a) Erasca Enforcement. Each Party will notify the other promptly in writing when any Infringement of a Licensed Patent by a Third Party
with respect to a Licensed Compound or Licensed Product is discovered or reasonably suspected. Erasca will not notify such infringer regarding such potential Infringement until receiving Katmai’s written permission, which permission will be
subject to the terms and conditions of the UC License Agreement and otherwise will not be unreasonably withheld. If Erasca breaches the foregoing restriction and a declaratory judgment action is filed by such infringer against the UC, then Erasca
will reimburse Katmai for the UC’s out of pocket costs in defending the Licensed Patents as a result of such declaratory judgment. Katmai, Erasca, and, where applicable, the UC will use their diligent efforts to cooperate with each other to
[***]. Subject to any rights of the UC with respect to the Licensed Patents under the UC License Agreement, (i) if such an Infringement of potential commercial significance has not been abated within thirty (30) days of notice of such
Infringement, Erasca shall have the first right to enforce any patent within the Licensed Patents against any such Infringement or alleged Infringement thereof, with respect to a Licensed Compound or Licensed Product and shall at all times keep
Katmai informed as to the status thereof; (ii) Erasca may not join the UC as a party in a suit initiated by Erasca without the UC’s prior written consent; (iii) if the UC joins a suit initiated by Erasca, then Erasca [***]; and
(iv) Erasca may, at its own expense (including an obligation to reimburse the UC with respect to any legal fees of counsel incurred by the UC in connection with the UC’s joinder of such suit), institute suit against any such infringer or
alleged infringer and control and defend and settle such suit in a manner consistent with the terms and provisions hereof and recover any damages, awards or settlements resulting therefrom, subject to Section 4.6
(Recovery); (v) Katmai or the UC may initiate suit against any such infringer or alleged infringer, at its own expense, if within ninety (90) days of notice of such Infringement, such Infringement has not abated and Erasca has not
initiated suit against such infringer or alleged infringer; and (vi) each of Erasca and Katmai shall reasonably cooperate with the other Party, on such other Party’s request, in any such litigation (including joining or being named a
necessary party thereto) at the Enforcing Party’s expense. Erasca shall not enter into any settlement of any action described in this Section 4.4(a) that admits to the invalidity or unenforceability of the Licensed
Patents, incurs any financial liability on the part of Katmai or the UC or requires an 

  
 21 

 
admission of liability, wrongdoing or fault on the part of Katmai or the UC, without Katmai’s prior written consent, in each case, such consent not to be unreasonably withheld. Erasca shall
not grant any rights in Licensed Patents in connection with any settlement of any action inconsistent with the requirements of Article 2 as they relate to the grant of sublicenses. Without limiting any rights to enforce the Licensed Patents held by
UC, Katmai hereby agrees that it will not enforce the Existing Licensed Patent Rights, or Patent Rights claiming priority therefrom, or constituting international counterparts thereof, against any Infringement that is not with respect to a Licensed
Compound or Licensed Product. 
 (b) Cooperation with Respect to Enforcement. Irrespective of which Party controls an action pursuant
to this Section 4.4, the Parties will cooperate in such enforcement action and the Enforcing Party will consider in good faith the comments of the other Party with respect to strategic decisions and their implementation
with respect to such action. In furtherance of the foregoing, the Party initiating or defending any such enforcement action (the “Enforcing Party”) shall keep the other Party reasonably informed of the progress of any such
enforcement action, and such other Party shall have the individual right to participate with counsel of its own choice at its own expense. 

4.5 Defense of Third Party Claims. If either (a) any Licensed Product Exploited by or under authority of Erasca becomes the
subject of a Third Party’s claim or assertion of Infringement of a patent relating to the Exploitation of such Licensed Product in the Licensed Field in the Territory, or (b) a declaratory judgment action is brought naming either Party as
a defendant and alleging invalidity or unenforceability of any of the Licensed Patents, the Party first having notice of the claim or assertion shall promptly notify the other Party, and the Parties shall promptly confer to consider the claim or
assertion and the appropriate course of action. Subject to Article 7 (Indemnification), unless the Parties otherwise agree in writing, each Party shall have the right to defend itself against a suit that names it as
a defendant (the “Defending Party”). Neither Party shall enter into any settlement of any claim described in this Section 4.5 that admits to the invalidity, narrowing of scope or unenforceability of the
Licensed Patents or this Agreement, incurs any financial liability on the part of the other Party, or requires an admission of liability, wrongdoing or fault on the part of the other Party, without such other Party’s prior written consent, in
each case, such consent not to be unreasonably withheld, conditioned or delayed. In any event, the other Party shall reasonably assist the Defending Party and cooperate in any such litigation at the Defending Party’s request and the Defending
Party shall reimburse the other Party’s reasonable out-of-pocket costs associated therewith. 

4.6 Recovery. Except as otherwise provided, the costs and expenses of the Party bringing suit under
Section 4.4 (Enforcement) shall be borne by such Party, and any damages, settlements or other monetary awards recovered shall be shared as follows: (a) the amount of such recovery actually received by the Party
controlling such action shall first be applied to the out-of-pocket costs of each Party and the UC in connection with such action; and then (b) the remainder of the
recovery shall be shared as follows: 
 (a) If Erasca is the Enforcing Party, [***] percent ([***]%) to Erasca and twenty-five percent (25%)
to Katmai (and the UC, if applicable); and 

  
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 (b) (i) If the UC is the Enforcing Party, [***] percent ([***]%) to Katmai, or (ii) if
Katmai is the Enforcing Party, [***]percent ([***]%) to Erasca, and [***]percent ([***]%) to Katmai, but if Katmai or the UC requests that Erasca join such action (or if Erasca is involuntarily joined in such action, then [***]percent ([***]%) to
Katmai and fifteen percent (15%) to Erasca). 
 4.7 Patent Term Extensions and Filings for Regulatory Exclusivity Periods. 

(a) Erasca will advise Katmai if it desires to pursue any patent term extension or supplementary protection certificates or their equivalent
for the Licensed Patents. 
 (b) Erasca will apply for an extension of the term of any patent included within the Licensed Patents, if
appropriate, under the [***]; provided, however, that such requirement shall not apply if Erasca, acting reasonably and in good faith, determines that seeking an extension of the term for another patent owned or licensed by Erasca
would provide a materially longer patent protection coverage for the applicable Licensed Product. If Erasca or its Sublicensee proposes instead to seek an extension of the term for another Patent Right owned or controlled by Erasca, its Affiliate,
or its Sublicensee that provides more comprehensive patent protection coverage for the applicable Licensed Product, the Parties will cooperate to request that UC waive any restrictions in the UC License Agreement that would preclude seeking such
extension for such other Patent Right, and upon obtaining such waiver from UC, Erasca, or its Affiliate or Sublicensee shall have the right to seek such extension of such Patent Right. Erasca will prepare all documents and Katmai agrees to execute
(or request that the UC execute, if applicable) the documents and to take additional action as Erasca reasonably requests in connection therewith. [***] If either Party receives notice pertaining to the Infringement or potential Infringement of any
issued patent included with Licensed Patents under the [***] then that Party will within ten (10) days after receipt of such notice of Infringement so notify the other Party. 

4.8 Patent Marking. Erasca will mark, and will cause all other Selling Parties to mark, the Licensed Product with all Licensed
Patents in accordance with applicable Law, which marking obligation will continue for as long as (and only for as long as) required under applicable Law. 
  

	5.	 OBLIGATIONS OF THE PARTIES 

5.1 Responsibility. Following the Effective Date and at all times during the Term (except as expressly stated otherwise herein),
Erasca shall be responsible for, and [***], the research, development and commercialization of the Licensed Products in the Territory, including regulatory, manufacturing, distribution, marketing and sales activities. Subject to the terms and
conditions of this Agreement, all decisions concerning the development, marketing and sales of Licensed Product including the clinical and regulatory strategy, design, sale, price and promotion of Licensed Product under this Agreement shall be
within the sole discretion of Erasca. 
 5.2 Diligence. Erasca shall use, and shall cause its Sublicensees to use, Commercially
Reasonable Efforts to (a) diligently proceed with the development of, and obtaining of Regulatory Approval for, Licensed Products in the [***] Field in the Territory; and (b) after obtaining applicable Regulatory Approval in countries
within the Territory, manufacture, supply, market, and sell the Licensed Products in quantities sufficient to meet the market demands therefor in such countries. On or before the dates indicated below, Erasca will achieve each of the following
development milestones with respect to a Licensed Product (“Development Milestones”): 

  
 23 

 A. Submit to the FDA an Investigational New Drug application for a Licensed Product by
[***]. 
 B.     [***] 

C.     [***] 

D.     [***] 

E.     [***] 

F.     [***] 

Notwithstanding the foregoing, if Erasca elects to develop a Back-up Compound pursuant to
Section 2.6 (Initial Focus; Back-up Compounds), the Parties will cooperate in requesting that the UC agree to extend the deadlines in the UC License Agreement corresponding to
the dates specified above for any unmet Development Milestones by a time period as necessary to reflect the time reasonably necessary to allow the Development of the Back-up Compound to the point where such
Development Milestone event would be achieved assuming Erasca or its Sublicensees used Commercially Reasonable Efforts to develop such Back-up Compound, and the dates specified above for the Development
Milestones shall then be adjusted to match the revised deadlines of the UC License Agreement. Furthermore, if a given milestone set out above is not achieved before a subsequent milestone is achieved, upon achievement of the subsequent milestone all
preceding milestones shall be deemed to have been achieved. 
 Failure to achieve a Development Milestone by the deadline set forth above,
as extended pursuant to this Section 5.2, if applicable, shall be a material breach of this Agreement. If the completion of any of the Development Milestones above is delayed beyond the corresponding deadline solely because
of the existence of a Regulatory Cause, then Erasca, upon a written request by Erasca to Katmai setting forth the basis for the delay and providing copies to Katmai of documents and correspondence from the FDA that set forth the basis for
Erasca’s assertion that the Regulatory Cause exists, may request that Katmai in good faith consider amending this Agreement to extend such Development Milestone once for a maximum of a [***] month period, or so long as such Regulatory Cause
exists, whichever is shorter. Notwithstanding the foregoing, however, if Erasca provides Katmai with a written representation from its legal counsel that such Regulatory Cause would similarly prevent any other potential licensee of the Licensed
Patents from further developing Licensed Products, then so long as Erasca is in good standing with respect to its obligations owed hereunder and, in good faith, requests an extension, Katmai agrees to extend such cap to a total of [***] ([***])
months, which may be (upon request from Erasca) further extended by Katmai in its sole discretion. 

  
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 If Erasca is unable to meet a due Development Milestone for any reason other than Regulatory
Cause, Erasca may extend the Development Milestones deadlines set forth above in [***] month increments, but not more than [***] ([***]) months in total across all Development Milestones, by making a [***] dollar ($[***]) payment to Katmai for the
first [***] month Development Milestones deadline extension, and [***] ($[***]) payments for the second and third extensions each, with the third extension being the last allowable extension. In the event of any extension, the deadlines for meeting
any later occurring Development Milestones will be similarly extended. 
 5.3 Project Advisory Committee. Promptly after the
Effective Date, the Parties shall jointly form a Project Advisory Committee (“PAC”) mutually determined to comprise not fewer than four (4) or more than eight (8) members with an equal number of members nominated by each
Party, provided such members shall be senior management or scientific founders of a Party with requisite expertise to participate in the PAC. The PAC shall review and comment on the plans for development of Licensed Compounds and Licensed Products,
review progress and results of such development and coordinate the activities of the Parties (and any Sublicensees, if applicable) with respect to such development. The PAC shall meet at least quarterly with at least one in-person meeting per year. Each Party shall report to the PAC regarding the drug development plan for Licensed Compounds, amendments to such plans and corresponding outcomes, including key goals, strategies,
responsibilities, timelines and resource allocations, and the PAC shall provide a forum for each Party to provide comments on such plans and outcomes, to discuss any decisions by Erasca to take a license under Third Party Patent Rights that would be
offset pursuant to Section 3.1(e) (Third Party Payments) against royalties payable to Katmai and to explore other areas of potential collaboration between the Parties. The PAC shall not have the authority to amend
this Agreement or alter the rights and obligations of the Parties thereunder. 
 5.4 Katmai Funding. From time to time prior to
achievement of the first milestone in Section 3.1(c) (Milestone Event/Payment Table), the Parties shall discuss the terms pursuant to which Katmai may provide funding, including, without limitation, by means of
applying government grant or non-profit organization awards or gifts, to support development of the Licensed Product at Katmai or the UC. If the Parties agree in writing upon Katmai’s provision of such
funding for such purpose, then every year that such Katmai funding is provided, upon the earlier of the end of the calendar year or the completion of grant-funded activities, Erasca will reimburse to Katmai all amounts provided by Katmai to support
such development activities, not to exceed a total of [***] dollars ($[***]), so long as Erasca is engaged in an active program for the development of Licensed Product at such time or the first milestone in Section 3.1(c)
(Milestone Event/Payment Table) has been achieved. 
 5.5 Exclusivity. During the Term, neither Party nor any of its
Affiliates shall directly or indirectly develop or Exploit [***] for the prevention or treatment of any Indication within the [***] Field (nor license, permit, encourage, or facilitate any Third Party to do so), except with respect to Licensed
Products as permitted under this Agreement. For clarity, neither Party shall pursue the development or other Exploitation of any compound competitive with JCN068 or a Back-up Compound within the[***] Field;
provided, however, nothing in this Section 5.5 shall restrict the right of either Party to research, develop and otherwise Exploit other compounds outside the scope of this Agreement that are
effective as a[***] in the [***]Field, and which are intended primarily for the clinical treatment of [***] cancers (a “[***] Candidate”). Notwithstanding the foregoing, Erasca will not file for regulatory approval of any [***]
Candidate for any indication in the[***] Field if (i) regulatory approval of such [***] Candidate for such 

  
 25 

 
indication in the [***] Field would limit the commercial revenue potential of JCN068 or a Back-up Compound for such indication in the[***] Field, and
(ii) JCN068 or a Back-up Compound has demonstrated, or is likely to demonstrate based on clinical and/or non-clinical data, clinical utility, sufficient to warrant
continued clinical development for the purpose of obtaining Regulatory Approval in the [***] Field. For clarity, nothing in this Section 5.5 will restrict Erasca’s ability to develop and commercialize any [***] outside
of the [***]Field. 
 5.6 Reports. On an annual basis, Erasca shall submit to Katmai a detailed report providing the status of
Erasca’s and its Sublicensees’ activities related to the Exploitation of the Licensed Product during the preceding twelve (12)-month period, and future activities related to the Exploitation of the Licensed Product it then-currently
expects to be conducted during the following thirty-six (36) month period. 
 5.7
Licensed Product Supply. As between the Parties, Erasca shall be responsible for, and shall bear the cost of, obtaining (whether by manufacturing or causing to be manufactured) clinical and commercial supplies of the Licensed Product. 

5.8 Regulatory Filings. During the Term, as between Katmai and Erasca, Erasca (or its designee) shall have the sole right to file
and hold title to Regulatory Filings relating to the Licensed Product. 
  

	6.	 REPRESENTATIONS 

6.1 Mutual Warranties. Each of Katmai and Erasca represent and warrant to the other Party that, as of the Effective Date: 

(a) it is duly organized and validly existing under the Law of the jurisdiction of its incorporation, and has full corporate power and
authority to enter into this Agreement and to carry out the provisions hereof; 
 (b) it is duly authorized to execute and deliver this
Agreement and to perform its obligations hereunder, and the individual executing this Agreement on its behalf has been duly authorized to do so by all requisite corporate action; 

(c) it shall comply with all applicable Law (including applicable Law relating to data protection and privacy) in connection with the
performance of its rights, duties and obligations under this Agreement; 
 (d) this Agreement is legally binding upon it and enforceable in
accordance with its terms; and 
 (e) the execution, delivery and performance of this Agreement by it does not conflict with any agreement,
instrument or understanding, oral or written, to which it is a party or by which it may be bound, nor violate any material applicable Law. 

6.2 Additional Katmai Warranties. Katmai represents and warrants to Erasca that, as of the Effective Date: 

  
 26 

 (a) Subject to the UC License Agreement, Katmai controls the patent applications and patents
listed on Exhibit B as is necessary to grant to Erasca a license thereunder with respect to Licensed Compounds and Licensed Products pursuant to this Agreement; 

(b) Katmai does not own or have a license to any patent applications or patents that Cover any Licensed Compounds or Licensed Products as of
the Effective Date that are not set forth on Exhibit B; 
 (c) Katmai has not granted to any Third Party any rights or licenses under
the Licensed Patents or Licensed Know-How that would conflict with the licenses granted to Erasca hereunder; 

(d) To Katmai’s knowledge, no patent application or registration within the Licensed Patents is the subject of any pending interference,
opposition, cancellation or patent protest pursuant to 37 C.F.R. §1.291; 
 (e) Katmai has no actual knowledge (for clarity, without any
obligation to perform any special search) that the manufacture, use, sale, offer for sale, or importation of a Licensed Product containing JCN068 in the Licensed Field does or will infringe or misappropriate Patent Rights or other intellectual
property rights of any Third Party; 
 (f) To Katmai’s actual knowledge (for clarity, without any obligation to perform any special
search), there is no prior art that has not been disclosed to any patent authority, or any failure to comply with applicable rules of a patent authority in filing or prosecuting the Licensed Patents, that would reasonably result in the invalidity or
unenforceability of the Licensed Patents; 
 (g) Katmai has no knowledge of any claim or litigation that has been brought or threatened in
writing by any Third Party alleging that (i) the Licensed Patents are invalid or unenforceable or (ii) the manufacture, use, sale, offer for sale, or importation of the Licensed Product in the Licensed Field Infringes or misappropriates or
would Infringe or misappropriate any right of any Third Party; and 
 (h) Neither Katmai nor its independent contractors or employees engaged
in activities relating to Licensed Compounds or Licensed Products have been debarred, excluded or the subject of debarment or exclusion proceedings by any Governmental Authority. 

6.3 Disclaimer. EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS ARTICLE 6 (REPRESENTATIONS),
NEITHER PARTY MAKES ANY REPRESENTATIONS OR EXTENDS ANY WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING WARRANTIES OF MERCHANTABILITY, QUALITY, FITNESS FOR A PARTICULAR PURPOSE, NONINFRINGEMENT, OR VALIDITY OF PATENT CLAIMS. NOTHING IN
THIS AGREEMENT SHALL BE CONSTRUED AS A REPRESENTATION MADE OR WARRANTY GIVEN BY EITHER PARTY THAT EITHER PARTY WILL BE SUCCESSFUL IN OBTAINING ANY PATENT RIGHTS, OR THAT ANY PATENTS WILL ISSUE BASED ON A PENDING APPLICATION. WITHOUT LIMITING THE
RESPECTIVE RIGHTS AND OBLIGATIONS OF THE PARTIES EXPRESSLY SET FORTH HEREIN, EACH PARTY SPECIFICALLY DISCLAIMS ANY GUARANTEE THAT THE PRODUCTS WILL BE SUCCESSFUL, IN WHOLE OR IN PART.  

  
 27 

 6.4 Katmai Representations, Warranties and Covenants. Katmai covenants to
Erasca that: 
 (a) Katmai has maintained and, so long as Erasca is in compliance terms of this Agreement that are necessary to enable Katmai
to comply with, or otherwise directly related to Katmai’s ability to comply with, the UC License Agreement, including timely payment to Katmai of all monies owed by Erasca to Katmai, will maintain and keep in full force and effect the UC
License Agreement, including by making all payments due under the UC License Agreement in a timely fashion. As of the Effective Date, Katmai is in compliance in all material respects with the UC License Agreement, and has performed all
material obligations required to be performed by Katmai to date under the UC License Agreement and, to Katmai’s knowledge, the UC is not in breach or default in any respect of the UC License Agreement. 

(b) If Katmai receives a notice or other communication alleging it is in breach (including a notice or other communication threatening
termination) of the UC License Agreement, Katmai shall promptly provide Erasca with a copy of such notice, and such notice shall be provided in advance of any due date for curing the alleged breach. Without limiting any other right or remedy of
Erasca under this Agreement and in order to prevent, ameliorate, mitigate, or cure a breach of the UC License Agreement, Erasca may elect to pay any amounts owed to UC under the UC License Agreement (after providing Katmai a reasonable opportunity
to do so first), provided that Erasca shall not make any payment to UC prior to the date that is ten (10) days before the end of Katmai’s cure period under the UC License Agreement with respect to such alleged breach. If Erasca makes any
such payments to UC, Erasca may offset such payments against any future payments otherwise owed by Erasca to Katmai under this Agreement. This Agreement sets forth the obligations of the Parties, and nothing in this Agreement (including any standard
of effort set forth herein) shall limit or modify the obligations of Katmai under the UC License Agreement. 
 (c) So long as Erasca is in
compliance with those terms of this Agreement that are necessary to enable Katmai to comply with, or otherwise directly related to Katmai’s ability to comply with, the UC License Agreement, including timely payment to Katmai of all monies owed
by Erasca to Katmai, Katmai shall not agree or consent to any amendment, supplement, or other modification (including termination) to the UC License Agreement that materially affects Erasca’s rights under this Agreement without Erasca’s
prior written consent, to be given on a case-by-case basis in Erasca’s discretion. 
  

	7.	 INDEMNIFICATION 

7.1 Indemnity. 
 (a)
By Katmai. Katmai agrees to defend Erasca and its (and its Affiliates’) directors, officers, employees and agents (the “Erasca Indemnified Parties”) at Katmai’s cost and expense, and will indemnify and hold Erasca
and the other Erasca Indemnified Parties harmless from and against any claims, losses, costs, damages, fees or expenses (including legal fees and expenses) (collectively, “Losses”) to the extent resulting from any Third Party (not a
Sublicensee or an Affiliate thereof) claim (including product liability claims) arising out of or otherwise relating to (i) the breach of any representations, warranties, obligations or covenants made by Katmai in this Agreement or
(ii) the Exploitation of the Licensed Compound or Licensed Product by or on behalf 

  
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of Katmai, its Affiliates, or their respective Sublicensees (other than Erasca or its Sublicensees) prior to the Effective Date or if applicable after the Term. In the event of any such claim
against the Erasca Indemnified Parties by a Third Party, the foregoing indemnity obligations shall be conditioned upon (i) Erasca promptly notifying Katmai in writing of the claim (provided, however, that any failure or delay to
notify shall not excuse any obligations of Katmai except to the extent Katmai is actually prejudiced thereby) and (ii) Erasca granting Katmai sole management and control, at Katmai’s sole expense, of the defense of the claim and its
settlement (provided, however, that Katmai shall not settle any such claim without the prior written consent of Erasca (not to be unreasonably withheld, conditioned or delayed) if such settlement does not include a complete release
from liability or if such settlement would involve Erasca undertaking an obligation (including the payment of money by a Erasca Indemnified Party), would bind or impair an Erasca Indemnified Party, or includes any admission of wrongdoing or that any
intellectual property or proprietary right of Erasca or this Agreement is invalid, narrowed in scope or unenforceable), and (iii) the Erasca Indemnified Parties cooperating with Katmai (at Katmai’s expense). If, based on the reasonable
advice of counsel to the Erasca Indemnified Parties, the Erasca Indemnified Parties have separate defenses from Katmai or there is a conflict of interest between the Erasca Indemnified Parties and Katmai, then the Erasca Indemnified Parties shall be
permitted, at their own expense, to retain counsel of its choosing to represent them in such action or proceeding. 
 (b) By Erasca.
Erasca agrees to defend Katmai and its (and its Affiliates’) directors, officers, employees and agents, together with the Investigators and the UC and its officers, employees and agents (collectively, the “Katmai Indemnified
Parties”) at Erasca’s cost and expense, and will indemnify and hold Katmai and the other Katmai Indemnified Parties harmless from and against any Losses to the extent resulting from any Third Party claim (including product liability
claims) arising out of or otherwise relating to (a) the breach of any representations, warranties, obligations or covenants in this Agreement, or (b) the Exploitation of the Licensed Compound or Licensed Products by or on behalf of Erasca
or its Sublicensees during the Term. In the event of any such claim by the Katmai Indemnified Parties for indemnification, the foregoing indemnity obligations shall be conditioned upon (x) Katmai promptly notifying Erasca in writing of the
claim (provided, however, that any failure or delay to notify shall not excuse any obligation of Erasca except to the extent Erasca is actually prejudiced thereby) and (y) Katmai granting Erasca sole management and control, at
Erasca’s sole expense, the defense of the claim and its settlement (provided, however, that Erasca shall not settle any such claim without the prior written consent of Katmai if such settlement does not include a complete release
from liability or if such settlement would involve undertaking an obligation (including the payment of money by an Katmai Indemnified Party), would bind or impair an Katmai Indemnified Party, or includes any admission of wrongdoing or that any
intellectual property or proprietary right of Katmai or this Agreement is invalid, narrowed in scope or unenforceable), and (z) the Katmai Indemnified Parties cooperating with Erasca (at Erasca’s expense). If, based on the reasonable
advice of counsel to the Katmai Indemnified Parties, the Katmai Indemnified Parties have separate defenses from Erasca or there is a conflict of interest between the Katmai Indemnified Parties and Erasca, then the Katmai Indemnified Parties shall be
permitted, at Erasca’s expense, to retain counsel of its choosing to represent them in such action or proceeding. 

  
 29 

 7.2 Limitation of Damages. IN NO EVENT SHALL EITHER PARTY BE LIABLE HEREUNDER
TO THE OTHER PARTY FOR ANY PUNITIVE, INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES (INCLUDING LOST REVENUE, LOST PROFITS, OR LOST SAVINGS) HOWEVER CAUSED AND UNDER ANY THEORY, EVEN IF IT HAS NOTICE OF THE POSSIBILITY OF SUCH DAMAGES. THE
LIMITATIONS SET FORTH IN THIS SECTION 7.2 SHALL NOT APPLY WITH RESPECT TO (A) ANY BREACH OF ARTICLE 8 (CONFIDENTIALITY), (B) THE INTENTIONAL MISCONDUCT OR GROSS NEGLIGENCE OF A PARTY, OR (C) THE INDEMNIFICATION
RIGHTS OR OBLIGATIONS OF EITHER PARTY UNDER THIS ARTICLE 7 (INDEMNIFICATION). 
 7.3 Insurance. At least sixty
(60) days prior to the Initiation of any clinical trial by or on behalf of Erasca or its Sublicensees, Erasca shall at its own expense procure and maintain during the Term (and for three (3) years thereafter) insurance with a retroactive
date of placement prior to or coinciding with the Effective Date in the following forms and amounts: 
 Commercial Form General Liability
Insurance (contractual liability included) with minimum limits as follows: 
 Each Occurrence: $1,000,000; 

Products/Completed Operations Aggregate: $5,000,000; 

Personal and Advertising Injury: $1,000,000; 

General Aggregate (commercial form only): $5,000,000; and 

Worker’s Compensation (as legally required in the jurisdiction in which Erasca and its Affiliates are doing business). 

Notwithstanding the foregoing, no later than sixty (60) days before the anticipated date of First Commercial Sale of any Licensed
Product, Erasca, at its sole cost and expense, will insure its activities in connection with any work performed hereunder and will obtain, keep in force, and maintain the following insurance: Commercial Form General Liability Insurance (contractual
liability included) with minimum limits as follows: 
 Each Occurrence: $5,000,000; 

Products/Completed Operations Aggregate: $10,000,000; 

Personal and Advertising Injury: $5,000,000; 

General Aggregate (commercial form only): $10,000,000; and 

Worker’s Compensation (as legally required in the jurisdiction in which Erasca and its Affiliates are doing business). 

Erasca shall furnish Katmai with certificates of insurance evidencing compliance with all requirements of this
Section 7.3. Such certificates will indicate both Katmai and the UC as an additional insured(s) and loss payee under the coverage described above in this Section 7.3 and include a provision that
the coverage will be primary and will not participate with, nor will be excess over, any valid and collectable insurance or program of self-insurance maintained by Katmai or the UC. Katmai will promptly notify Erasca in writing of any claim or suit
brought against it (or the UC) for which it (or the UC) intends to invoke the indemnification provisions of this Agreement. Erasca will keep Katmai informed of its defense of any claims pursuant to this Article 7 (Indemnification).
Erasca shall provide Katmai with written notice at least thirty (30) days prior to the cancellation, non-renewal or a material change in such insurance which materially adversely affects the rights of Katmai
or the UC hereunder. 

  
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	8.	 CONFIDENTIALITY 

8.1 Confidential Information. 

(a) Confidential Information. Each Party (“Disclosing Party”) may disclose to the other Party (“Receiving
Party”), and Receiving Party may acquire during the course and conduct of activities under this Agreement, certain proprietary or confidential information of Disclosing Party in connection with this Agreement. The term “Confidential
Information” will mean all information of any kind, whether in written, oral, graphical, machine-readable or other form, whether or not marked as confidential or proprietary, which are transferred, disclosed or made available by Disclosing
Party or at the request of Receiving Party, including any of the foregoing of Third Parties. Confidential Information of Katmai will include without limitation any information disclosed by Katmai’s members of the PAC with respect to other
opportunities for the Parties to collaborate. 
 (b) Restrictions. During the Term and for ten (10) years thereafter, Receiving
Party will keep all Disclosing Party’s Confidential Information in confidence with the same degree of care with which Receiving Party holds its own confidential information (but in no event less than a commercially reasonable degree of care).
Receiving Party will not use Disclosing Party’s Confidential Information except in connection with the performance of its obligations and exercise of its rights under this Agreement. Receiving Party has the right to disclose Disclosing
Party’s Confidential Information without Disclosing Party’s prior written consent, to the extent and only to the extent reasonably necessary, to Receiving Party’s Affiliates and their employees, subcontractors, consultants or agents
who have a need to know such Confidential Information in order to perform its obligations and exercise its rights under this Agreement and who are required to comply with the restrictions on use and disclosure in this
Section 8.1(b). Receiving Party will use diligent efforts to cause those entities and persons to comply with the restrictions on use and disclosure in this Section 8.1(b). Receiving Party assumes
responsibility for those entities and persons maintaining Disclosing Party’s Confidential Information in confidence and using same only for the purposes described herein. Upon termination of the Agreement (except for circumstances where
Erasca’s license rights in the Licensed Know-How survive termination), Erasca shall promptly return or destroy all Confidential Information disclosed by or on behalf of Katmai within fifteen
(15) days. 
 (c) Exceptions. Receiving Party’s obligation of nondisclosure and the limitations upon the right to use the
Disclosing Party’s Confidential Information will not apply to the extent that Receiving Party can demonstrate that the Disclosing Party’s Confidential Information: (i) was known to Receiving Party or any of its Affiliates prior to the
time of disclosure; (ii) is or becomes public knowledge through no fault or omission of Receiving Party or any of its Affiliates or Sublicensees; (iii) is obtained by Receiving Party or any of its Affiliates from a Third Party under no
obligation of confidentiality to Disclosing Party; or (iv) has been independently developed by employees, subcontractors, consultants or agents of Receiving Party or any of its Affiliates without the use of Disclosing Party’s Confidential
Information, as evidenced by contemporaneous written records. 

  
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 (d) Permitted Disclosures. Receiving Party may disclose Disclosing Party’s
Confidential Information to the extent (and only to the extent) such disclosure is reasonably necessary in the following instances: 
 (i) in
order to comply with applicable Law (including any securities law or regulation or the rules of a securities exchange) or with a legal or administrative proceeding; 

(ii) in connection with prosecuting or defending litigation, Regulatory Approvals and other Regulatory Filings and communications, and filing,
prosecuting and enforcing Patent Rights in connection with Receiving Party’s rights and obligations pursuant to this Agreement; and 

(iii) in connection with exercising its rights hereunder, to its Affiliates; potential and future collaborators (as to Erasca only, and
including Affiliates and Sublicensees of Erasca); potential and permitted acquirers or assignees; and potential investment bankers, investors and lenders;  

(iv) provided, however, that (1) with respect to Sections 8.1(d)(i) or 8.1(d)(ii), where
reasonably possible, Receiving Party will notify Disclosing Party of Receiving Party’s intent to make any disclosure pursuant thereto sufficiently prior to making such disclosure so as to allow Disclosing Party adequate time to take whatever
action it may deem appropriate to protect the confidentiality of the information to be disclosed, and (2) with respect to Section 8.1(d)(iii), each of those named people and entities are required to comply with the
restrictions on use and disclosure in Section 8.1(b) (Restrictions) (other than collaborators, investment bankers, investors and lenders, which must be bound prior to disclosure by commercially reasonable obligations
of confidentiality). 
 8.2 Terms of this Agreement; Publicity. 

(a) Restrictions. The Parties agree that the terms of this Agreement will be treated as Confidential Information of both Parties, and
thus may be disclosed only to the extent within the exceptions in Section 8.1(c) (Exceptions) or as permitted by Section 8.1(d) (Permitted Disclosures). Except as required by Law,
each Party agrees not to issue any press release or public statement disclosing information relating to this Agreement or the transactions contemplated hereby or the terms hereof without the prior written consent of the other Party not to be
unreasonably withheld (or as such consent may need to be obtained in accordance with Section 8.2(b) (Review) or 8.3(a) (Right to Publish)). 

(b) Review. In the event either Party (the “Issuing Party”) desires to issue a press release or other public statement
disclosing information relating to this Agreement or the transactions contemplated hereby or the terms hereof, the Issuing Party will provide the other Party (the “Reviewing Party”) with a copy of the proposed press release or
public statement (the “Release”). The Issuing Party will specify with each such Release, taking into account the urgency of the matter being disclosed, a reasonable period of time within which the Receiving Party may provide any
comments on such Release (but in no event less than five (5) business days). If the Receiving Party provides any comments, the Parties will consult on such Release and work in good faith to prepare a mutually acceptable Release. Either Party
may subsequently publicly disclose 

  
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any information previously contained in any Release issued consistent with the terms of this Section 8.2. Subject to restrictions on use of names in
Section 8.2(c) (Use of Names), Erasca, in its sole discretion, may make disclosures relating to the development or commercialization of the Licensed Products, including the results of research or any clinical trial
conducted by Erasca or any health or safety matter related to the Licensed Products. 
 (c) Use of Names. Erasca acknowledges that
nothing contained in this Agreement will be construed as conferring any right to Erasca, its Affiliates, or its Sublicensees to use in advertising, publicity or other promotional activities any name of the Investigators or any name, trade name,
trademark or other designation of the UC (including a contraction, abbreviation or simulation of any of the foregoing). The UC may list Erasca’s name as a licensee of technology from the UC without further identifying the technology. Unless
required by law or unless the required authorizations are obtained (contact adminvc@ucla.edu for more information), the use by Erasca of the name “The Regents of the University of California” or the name of any campus of the University of
California in advertising, publicity or other promotional activities is expressly prohibited.  
 8.3 Publications. 

(a) Right to Publish. Subject to the provisions of Sections 8.1 (Confidential Information), 8.2
(Terms of this Agreement; Publicity) and 8.3(b) (Publications by the UC), each Party shall have the right to publish with respect to Licensed Products in publications, and to make scientific presentations on Licensed Products.

 (b) Publications by the UC. To the extent Katmai has the right to review and/or approve any publications made by the Investigators
with respect to Licensed Compounds or Licensed Products, Katmai will provide to Erasca the same right and shall not take any action (whether to approve or comment thereon) without Erasca’s prior written consent, which shall not be unreasonably
withheld. 
  

	9.	 TERM AND TERMINATION 

9.1 Term. The term of this Agreement (the “Term”) shall commence on the Effective Date, and unless terminated
earlier as provided in this Article 9 (Term and Termination), shall continue in full force and effect until expiration of all payment obligations under this Agreement. Upon such expiration (but not any earlier
termination) of this Agreement, the licenses granted to Erasca by Katmai under this Agreement to Exploit the Licensed Compound and Licensed Products shall be fully paid-up and irrevocable. 

9.2 Termination by Katmai. 

(a) Breach. Katmai will have the right to terminate this Agreement in full upon delivery of written notice to Erasca in the event of any
material breach by Erasca of any terms and conditions of this Agreement, provided, however, that such termination will not be effective if such breach has been cured within ninety (90) days (or, solely for breach of Erasca’s
payment obligations, forty-five (45) days) after written notice thereof is given by Katmai to Erasca specifying in reasonable detail the nature of the alleged breach; provided, however, that if such

  
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breach of non-payment obligations is not capable of being cured within such ninety (90) day period, such ninety (90) day period will be extended
for an additional ninety (90) days so long as the breaching Party uses reasonable efforts to cure such breach during such additional ninety (90) day period. Notwithstanding the foregoing, in the event Erasca’s material breach places
Katmai at reasonable risk of breach of the UC License Agreement, and Katmai has received a notice of breach of the UC License Agreement related to such material breach of this Agreement by Erasca, then Erasca’s cure period in this
Section 9.2(a) shall not extend beyond the date that is ten (10) days prior to the end of any applicable cure period under the UC License Agreement that is specified in such notice of breach from the UC to Katmai. 

9.3 Termination by Erasca. 

(a) Breach. Erasca will have the right to terminate this Agreement upon delivery of written notice to Katmai in the event of any
material breach by Katmai of any terms and conditions of this Agreement; provided, however, that such termination will not be effective if such breach has been cured within thirty (30) days after written notice thereof is given by
Erasca to Katmai specifying in reasonable detail the nature of the alleged breach. 
 (b) Discretionary Termination. Provided that
Erasca is in full compliance with the Agreement, Erasca will have the right to terminate this Agreement at will, effective sixty (60) days after delivery of written notice to Katmai thereof. 

9.4 Termination Upon Bankruptcy. Either Party may terminate this Agreement if, at any time, the other Party shall (a) file
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 that Party or
of its assets, (b) propose a written agreement of composition or extension of its debts, (c) be served with an involuntary petition against it, filed in any insolvency proceeding, and such petition has not been dismissed within sixty
(60) days after the filing thereof, (d) propose or be a party to any dissolution or liquidation, (e) make an assignment for the benefit of its creditors or (f) admit in writing its inability generally to meet its obligations as
they fall due in the general course. 
 9.5 Effects of Termination. 

(a) Upon termination by either Party under Section 9.2 (Termination by Katmai) or 9.3 (Termination
by Erasca) or 9.4 (Termination Upon Bankruptcy), all rights and licenses granted by Katmai to Erasca in Article 2 (License Grant) will terminate, and Erasca and its Sublicensees will cease all use
of Licensed Know-How and Licensed Patents and all Exploitation of the Licensed Compounds and Licensed Products, except to the extent required hereunder. 

(b) Upon termination by either Party under Section 9.2 (Termination by Katmai) or
Section 9.3 (Termination by Erasca) or by Katmai under Section 9.4 (Termination Upon Bankruptcy), Erasca shall, upon the written request of Katmai, (i) [***], (ii) [***], (iii) [***],
(iv) [***], and (v) wind down, at Erasca’s expense (unless such termination is pursuant to Section 9.3(a) (Breach)), any ongoing clinical trials, manufacturing activities, and other related research and
development activities involving Licensed Product consistent with applicable Law and medical and ethical standards, and applicable agreements with Third Party independent contractors 

  
 34 

 
engaged by or on behalf of Erasca in connection with such activities. If Katmai requests the foregoing actions in subsections (i) through (iv) and unless the Agreement is terminated for
Erasca’s material breach of this Agreement, the Parties will negotiate in good faith the financial terms pursuant to which such actions shall be conducted, provided that Erasca’s performance of such actions shall not be conditioned upon
the conduct or completion of such negotiations. If the Parties do not agree upon such terms within sixty (60) days after Erasca receives such request from Katmai, then the Parties shall submit all matters that are not yet agreed by the
Parties for resolution by “baseball” arbitration as follows: The arbitration shall be administered by JAMS in Los Angeles, California pursuant to its Comprehensive Arbitration Rules and Procedures, except that (i) the
arbitrator’s decision on such matters shall be based upon what is commonly referred to as the “[***]” approach, whereby the arbitrator may [***], and (ii) the arbitrator will establish a time line for submission of the
Parties’ positions on such matters and adopt such other procedures to enable him or her to issue a decision within sixty (60) days after he or she is appointed. 

9.6 Survival. In addition to the termination consequences set forth in Section 9.5 (Effects of
Termination), the following provisions will survive termination or expiration of this Agreement: Articles 1 (Definitions), 3 (Fees, Royalties and Payments), 7 (Indemnification),
8 (Confidentiality) and 10 (Miscellaneous) and Sections 4.4 (Enforcement) through 4.6 (Recovery) (inclusive) (with respect to any action initiated prior to such
expiration or termination) and Section 6.3 (Disclaimer), Section 9.1 (last sentence, only upon expiration of the Term), Section 9.5 (Effects of
Survival), and this Section 9.6. Termination of this Agreement is neither Party’s exclusive remedy and neither termination nor expiration of the Agreement will relieve the Parties of any liability or obligation
which accrued hereunder prior to the effective date of such termination or expiration. Neither termination nor expiration of this Agreement will 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 or prejudice either Party’s right to obtain performance of any obligation. All other rights and obligations will terminate upon expiration of this Agreement. 

 

	10.	 MISCELLANEOUS 

10.1 Entire Agreement; Amendment. This Agreement and all Exhibits attached to this Agreement constitute the entire agreement
between the Parties as to the subject matter hereof. All prior and contemporaneous negotiations, representations, warranties, agreements, statements, promises and understandings with respect to the subject matter of this Agreement are hereby
superseded and merged into, extinguished by and completely expressed by this Agreement, including without limitation the Mutual Confidentiality Agreement between the Parties dated January 1, 2020 (with all information exchanged thereunder to be
deemed Confidential Information disclosed pursuant to this Agreement). None of the Parties shall be bound by or charged with any written or oral agreements, representations, warranties, statements, promises or understandings not specifically set
forth in this Agreement. No amendment, supplement or other modification to any provision of this Agreement shall be binding unless in writing and signed by all Parties. 

  
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 10.2 Section 365(n) of the Bankruptcy Code. All rights and
licenses granted under or pursuant to any section of this Agreement are, and shall otherwise be deemed to be, for purposes of Section 365(n) of the U.S. Bankruptcy Code, licenses of rights to “intellectual property” as defined under
Section 101(35A) of the U.S. Bankruptcy Code to the extent permitted thereunder. The Parties shall retain and may fully exercise all of their respective rights and elections under the U.S. Bankruptcy Code. Upon the bankruptcy of any Party, the non-bankrupt Party shall further be entitled to a complete duplicate of (or complete access to, as appropriate) any such intellectual property, and such, if not already in its possession, shall be promptly delivered
to the non-bankrupt Party, unless the bankrupt Party elects to continue, and continues, to perform all of its obligations under this Agreement. 

10.3 Independent Contractors. The relationship between Erasca and Katmai created by this Agreement is solely that of independent
contractors. This Agreement does not create any agency, distributorship, employee-employer, partnership, joint venture or similar business relationship between the Parties. Neither Party is a legal representative of the other Party, and neither
Party can assume or create any obligation, representation, warranty or guarantee, express or implied, on behalf of the other Party for any purpose whatsoever. Each Party shall use its own discretion and shall have complete and authoritative control
over its employees and the details of performing its obligations under this Agreement. 
 10.4 Governing Law; Jurisdiction. Any
dispute, claim or controversy arising out of or relating to this Agreement or the breach, termination, enforcement, interpretation or validity thereof shall be submitted for resolution by a court of competent jurisdiction in the County of Los
Angeles. This Agreement and its effect are subject to and shall be construed and enforced in accordance with the law of the State of California, without regard to its conflicts of laws, except as to any issue which depends upon the validity, scope
or enforceability of any Licensed Patent, which issue shall be determined in accordance with the laws of the country in which such patent was issued. 

10.5 Notice. All notices or communication required or permitted to be given by either Party hereunder shall be deemed
sufficiently given if mailed by registered mail or certified mail, return receipt requested, or sent by overnight courier, such as Federal Express, to the other Party at its respective address set forth below or to such other address as one Party
shall give notice of to the other from time to time hereunder. Mailed notices shall be deemed to be received on the third (3rd) business day following the date of mailing. Notices sent by overnight courier shall be deemed received the following
business day. 
 If to Erasca: 

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

Attention: Legal Department 

Email: legal@erasca.com 
 If to
Katmai: 

  
 36 

 Katmai Pharmaceuticals, Inc. 

[***] 
 Attn: Bradley B. Gordon,
President and CEO 
 With a copy to counsel (which shall not constitute notice): 

Pillsbury Winthrop Shaw Pittman, LLP 

12255 El Camino Real, Suite 300 

San Diego, CA 92130 
 Attn:
Richard Blaylock 
 10.6 Compliance with Law; Severability. Nothing in this Agreement shall be construed to require the
commission of any act contrary to Law. 
 (a) Compliance with Law. If this Agreement or any associated transaction is required by Law
to be either approved or registered with any Governmental Authority, Erasca will assume all legal obligations to do so. Erasca will notify Katmai if it becomes aware that this Agreement is subject to a United States or foreign government reporting
or approval requirement. Erasca will make all necessary filings and pay all costs including fees, penalties and all other out-of-pocket costs associated with such
reporting or approval process. Erasca agrees on behalf of itself, its Affiliates, and its Sublicensees to comply with all applicable Laws in performing its obligations hereunder and in its use, manufacture, sale or import of the Licensed Products.
Erasca, its Affiliates, and its Sublicensees will observe all applicable Laws with respect to the transfer or provision of Licensed Products and related technical data to foreign countries, including, without limitation, the International Traffic in
Arms Regulations (ITAR) and the Export Administration Regulations. Erasca on behalf of itself, its Affiliates, and its Sublicensees agrees to manufacture and use Licensed Products in compliance with applicable Laws of a particular country for
Licensed Products made outside the particular country in which such Licensed Products are used, sold or otherwise exploited. 
 (b)
Severability. If any one or more provisions of this Agreement is held to be invalid, illegal or unenforceable, the affected provisions of this Agreement shall be curtailed and limited only to the extent necessary to bring it within the
applicable legal requirements and the validity, legality and enforceability of the remaining provisions of this Agreement shall not in any way be affected or impaired thereby. 

10.7 Successors and Assigns. Neither this Agreement nor any of the rights or obligations created herein may be assigned by
either Party, in whole or in part, without the prior written consent of the other Party, not to be unreasonably withheld, conditioned or delayed except that either Party shall be free to assign this Agreement (a) to an Affiliate of such Party
(for so long as such Affiliate remains an Affiliate) provided that such Party shall remain liable and responsible to the other Party for the performance and observance of all such duties and obligations by such Affiliate, or (b) in connection
with any merger, consolidation or sale of such Party or sale of all or substantially all of the assets of the Party that relate to this Agreement (a “Sale Transaction”), 

  
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without the prior consent of the non-assigning Party. If a Party [***]for the prevention or treatment of any Indication within the [***]Field, then at the option of such Party (or
its successor in interest), such product (a) [***], or (b) [***] with respect to its development and commercialization within the [***] Field. If such acquired Party is Erasca, and this Section 10.7
applies to a does not elect (a) through (c), but instead [***], within [***] ([***]) year after the effective date of such[***] , then such Party (or its successor in interest) shall [***] ($[***]).
This Agreement shall bind and inure to the benefit of the successors and permitted assigns of the Parties hereto. Any assignment of this Agreement in contravention of this Section 10.7 shall be null and
void.  
 10.8 Sale Transaction or Katmai Acquisition. In the event of (a) a Sale Transaction, or
(b) the acquisition by Katmai of all or substantially all of the business of a Third Party (together with any entities that were Affiliates of such Third Party immediately prior to such acquisition, an “Katmai Acquiree”),
whether by merger, sale of stock, sale of assets or otherwise (an “Katmai Acquisition”), intellectual property rights of the acquiring party in a Sale Transaction, if other than one of the Parties to this Agreement (together with
any entities that were Affiliates of such Third Party immediately prior to such Sale Transaction, a “Third Party Acquirer”), or the Katmai Acquiree, as applicable, shall not be included in the technology licensed hereunder or
otherwise subject to this Agreement unless such Third Party Acquirer or Katmai (as applicable) agrees in writing to license any of such intellectual property rights in connection with this Agreement or any other Agreement into which they may enter
pursuant to Section 2.5 (Right of First Negotiation) or Section 2.6 (Initial Focus; Back-up Compounds). 

10.9 Waivers. A Party’s consent to or waiver, express or implied, of any other Party’s breach of its obligations
hereunder shall not be deemed to be or construed as a consent to or waiver of any other breach of the same or any other obligations of such breaching Party. A Party’s failure to complain of any act, or failure to act, by the other Party, to
declare the other Party in default, to insist upon the strict performance of any obligation or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof, no matter how long such failure continues, shall not
constitute a waiver by such Party of its rights hereunder, of any such breach, or of any other obligation or condition. A Party’s consent in any one instance shall not limit or waive the necessity to obtain such Party’s consent in any
future instance and in any event no consent or waiver shall be effective for any purpose hereunder unless such consent or waiver is in writing and signed by the Party granting such consent or waiver. 

10.10 No Third Party Beneficiaries. Except as expressly provided with respect to Katmai Indemnified Parties and Erasca
Indemnified Parties in Article 7 (Indemnification), the UC in Sections 4.4(a) (Erasca Enforcement), 4.6 (Recovery), 7.3 (Insurance), and 8.2(c) (Use of Names),
and Katmai’s Affiliates and licensees, nothing in this Agreement shall be construed as giving any Person, other than the Parties hereto and their successors and permitted assigns, any right, remedy or claim under or in respect of this Agreement
or any provision hereof. 
 10.11 Headings; Exhibits. Article and Section headings used herein are for convenient
reference only, and are not a part of this Agreement. All Exhibits are incorporated herein by this reference. 

  
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 10.12 Interpretation. Except where the context otherwise requires, wherever
used, the singular shall include the plural, the plural the singular, the use of any gender shall be applicable to all genders and the word “or” is used in the inclusive sense (and/or). The term “including” (or cognates thereof)
as used herein shall mean including (or the cognate thereof), without limiting the generality of any description preceding such term. The term “will” as used herein means “shall.” All references to a “business day” or
“business days” in this Agreement means any day other than a day which is a Saturday, a Sunday or any day banks are authorized or required to be closed in the United States. The language in all parts of this Agreement shall be deemed to be
the language mutually chosen by the Parties. The Parties and their counsel have cooperated in the drafting and preparation of this Agreement, and this Agreement therefore shall not be construed against any Party by virtue of its role as the drafter
thereof. 
 10.13 Force Majeure. Neither Party shall be held liable or responsible to the other Party, nor be deemed to have
defaulted under or breached this Agreement, for failure or delay in fulfilling or performing any term of this Agreement to the extent, and for so long as, such failure or delay is caused by or results from such causes beyond the reasonable control
of the affected Party as fire, floods, embargoes, power shortage or failure, acts of war (whether war be declared or not), insurrections, riots, terrorism, civil commotions, strikes, lockouts or other labor disturbances, acts of God, or any acts,
omissions, or delays in acting by any Governmental Authority or the other Party; provided, however, that the affected Party promptly notifies the other Party in writing (and continues to provide monthly status updates to
the other Party for the duration of the effect); and provided further, however, that the affected Party shall use its Commercially Reasonable Efforts to avoid or remove such causes of
non-performance and to mitigate the effect of such occurrence, and shall continue performance with reasonable dispatch whenever such causes are removed. 

10.14 Further Assurances. Each Party shall execute, acknowledge, and deliver such further instructions, 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. 
 10.15
Counterparts. This Agreement may be executed in counterparts by a single Party, each of which when taken together shall constitute one and the same agreement, and may be executed through the use of facsimiles or .pdf or other electronically
transmitted documents. 
 [Signature page follows] 

  
 39 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT
IS BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
 IN WITNESS WHEREOF, the
Parties have executed this Agreement as of the date first set forth above. 
  

									
	ERASCA, INC. 	 		 	KATMAI PHARMACEUTICALS, INC.
					
	By:	 	/s/ Jonathan Lim	 		 	By:	 	/s/ Brad Gordon
	Name: Jonathan Lim	 		 	Name: Brad Gordon
	Title: President and CEO	 		 	Title: President, CEO

  
 40 

 EXHIBIT A 

LICENSED KNOW-HOW 

[***] 

 EXHIBIT B 

LICENSED PATENTS 
 [***]

 EXHIBIT C 

JCN068 STRUCTURE 
 [***]

 EXHIBIT D 

UC LICENSE AGREEMENT 

(See attached.) 

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

 This exclusive license agreement (“Agreement”) is made effective this
11th day of March, 2020 (“Effective Date”), by and between The Regents of the University of California, a California public corporation, having its
statewide administrative offices at 1111 Franklin Street, 12th Floor, Oakland, CA 94607-5200 (“The Regents”), acting through The Technology Development Group of the University of California, Los Angeles (“UCLA”),
located at 10889 Wilshire Boulevard, Suite 920, Los Angeles, CA 90095-7191, and Katmai Pharmaceuticals, Inc. (“Licensee”), a Delaware corporation having a principal place of business at [***]. 

RECITALS 
 WHEREAS, The Regents own
certain rights in the Patent Rights which claim, and Associated Technology which pertains to, invention(s) arising out of the laboratory of Dr. David Nathanson, among others, in the course of research at UCLA; 

WHEREAS, Licensee is a “small entity” as defined in 37 CFR 1.27(a)(2) for the purposes of determining whether The Regents is eligible for
reduced patent fees; 
 WHEREAS, The Regents and Licensee previously entered into the following agreements: Letter of Intent, dated Sep. 23, 2019, UC
Control No. 2020-30-0214 (which for clarity was entered into by one of the founders of Licensee); and 

WHEREAS, Licensee desires a license to the Patent Rights and Associated Technology and The Regents is willing to grant such license pursuant to the
provisions herein below. 
 NOW, THEREFORE, in consideration of the mutual promises contained herein and for other good and sufficient
consideration, the receipt and adequacy of which is hereby acknowledged, the parties agree as follows: 
 1. DEFINITIONS 

As used in this Agreement, the following terms, whether used in the singular or plural, will have the following meanings: 

1.1 “Affiliate” means any entity which, directly or indirectly, Controls Licensee, is Controlled by Licensee, or is under common
Control with Licensee. “Control” means (i) having the actual, present capacity to elect a majority of the directors, or the power to direct greater than fifty percent (50%) of the voting rights entitled to elect directors, of
such entity; or (ii) in any country where the local law will not permit foreign equity participation of a majority, the ownership or control (directly or indirectly) of the maximum percentage of such outstanding stock or voting rights permitted
by local law. For clarity, an entity will be deemed an Affiliate of Licensee solely for the term during which it satisfies the foregoing definition. 

1.2 “Associated Technology” means The Regents’ interest in technical information, copyrightable works, processes, procedures,
compositions, devices, tangible materials, methods, formulas, protocols, techniques, software, designs, drawings and/or data that satisfies all of the following: (i) it exists as of the Effective Date of this Agreement, (ii) it was created
by the inventors of the Patent Rights, and (iii) it is expressly identified in Appendix E of this Agreement. For the avoidance of doubt, Associated Technology (a) need not be, and The Regents will have no obligation to keep
Associated Technology, confidential or as a trade secret, and (b) will not include anything that is created after the Effective Date unless and until the parties enter into a written amendment to this Agreement to add such Associated Technology
to Appendix E (such as for example results from a sponsored research agreement). 

  
 Page 1 of 28 

 1.3 ”Commercially Reasonable Efforts” means, with respect to any objective
pertaining to the commercialization of a Licensed Product, the level of efforts and resources commonly used in the pharmaceutical industry by a company of similar size as Licensee (or Sublicensee as the case may be) to achieve such objective for a
product that has a clinical indication and market potential similar to such Licensed Product and which is at a similar stage in development or product life as such Licensed Product taking into account, without limitation, commercial, legal and
regulatory factors, target product profiles, product labelling, the regulatory environment and competitive market conditions and the sensitivity, specificity, and predictive values of Licensed Product in the Field of Use, and its proprietary
position where such company is motivated to achieve such objective. For the avoidance of doubt, “Commercially Reasonable Efforts” shall not include (a) halting all commercialization of a Licensed Product for the purpose of pursuing
another of Licensee’s (or Sublicensee’s as the case may be) products not covered by Regents’ Patent Rights or (b) discontinuing all research, development, manufacturing, marketing and selling of such Licensed Product for a period
of greater than twelve (12) consecutive months unless as a result of a Regulatory Cause. 
 1.4 “Field of Use” means all fields
of use. 
 1.5 “First Commercial Sale” or “FCS” means the first sale of any Licensed Product by Licensee or a
Sublicensee triggering payment of an Earned Royalty pursuant to this Agreement, following approval of its marketing by the appropriate governmental agency for the country in which the sale is to be made. When governmental approval is not required,
“First Commercial Sale” means the first sale in that country. 
 1.6 “Licensed Product” means any product or service
(i) whose manufacture, use, sale, offer for sale, importation, lease, disposition or provision would, absent the license granted hereunder, constitute infringement (including direct, contributory or inducement) of any Valid Claims of the Patent
Rights or (ii) developed, made or provided through the use of Associated Technology. 
 1.7 “Licensed Territory” means all
territories where Patent Rights exist or may come to exist, and with respect to Associated Technology worldwide. 
 1.8 “Net Sales”
means the total amount received or otherwise accrued for accounting purposes (including fair market value of any non-cash consideration) by Licensee or Sublicensee on account of the sale, lease, provision,
transfer, or other disposition of a Licensed Product to a customer, after deduction of the following in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) to the extent separately itemized in the applicable
invoice, and not otherwise reimbursed, and allowed: (a) cash, trade or quantity discounts, rebates (including rebates similar to Medicare or other government rebates), and reimbursements, (b) any shipping costs, (c) allowances or
credits because of rejected or returned products, (d) sales, use, tariff, import/export duties or other excise taxes imposed on particular sales, and value added taxes, and (e) allowances for uncollectible amounts; provided that no
particular deduction may be accounted for more than once in the calculation of Net Sales. For clarity, with respect to Licensed Products sold that are submitted for payment to an insurance company, Medicare, Medicaid or any other governmental or
nongovernmental body for which less than 100% of the charged amount is actually paid to Licensee or its Sublicensees, the Earned Royalty shall be applied to the amount reimbursed less any applicable exclusions provided above. 

  
 Page 2 of 28 

 1.9 If Licensee or Sublicensee makes any sales to any third party in a transaction in a given country
that is not an arms’-length transaction, or is transferred to a third party without charge or at a discount, then Net Sales means the gross amount normally charged to other customers in arm’s length transactions less the allowable
deductions set forth above. The sale, provision, transfer, or other disposition of a Licensed Product between Licensee, its Affiliates and its Sublicensees when such Licensed Products are intended for subsequent sale to a customer shall not
constitute Net Sales unless such Licensed Product is for end use by Licensee or such Affiliate or Sublicensee. In the case of transfers of Licensed Products between any of Licensee, Sublicensees, or their respective Affiliates for subsequent sale,
lease or other transfer, then Net Sales will be the greater of the total amount invoiced or otherwise charged (including fair market value of any non-cash consideration) (i) for the transfer of the
Licensed Products between Licensee, Sublicensees or Affiliates, as applicable, or (ii) for any subsequent sale of such Licensed Products in an arms’-length transaction. 

 

	i.	 “Combination Product” means a product that contains or uses a Licensed Product (“Licensed
Component”) and at least one other component (“Non-Licensed Component”) that satisfies all the following conditions: (i) such Non-Licensed Component
is not a Licensed Product, (ii) such Combination Product does not any infringe any other Valid Claims as compared to Licensed Component (iii) such Non-Licensed Component is sold separately and was
individually approved by the FDA or an equivalent regulatory body, and (iv) the market price of such combined product is higher than the market price for such Licensed Component as a result of such combined product containing or using such Non-Licensed Component. 

 If a Licensed Product is sold (or Licensed Product service
provided) in the form of a Combination Product, then the Net Sales of such Combination Product shall be determined as follows: Net Sales of such Combination Product shall be multiplied by the fraction A/(A+B), where A is the average list price of
such Licensed Component (over the last 2 year period) when sold separately in the country of sale of the Combination Product, and B is the average list price of the Non-Licensed Component(s) (over the last 2
year period) in the same country. 
 If the Licensed Component is not sold separately, and the
Non-Licensed Component is sold separately, or if neither Licensed or Non-Licensed Components of the Licensed Product are sold separately in the country of sale of the
Licensed Product, the adjustment to Net Sales shall be determined by the parties in good faith prior to the date Licensee or a Sublicensee commences sale of such Licensed Product. 

Notwithstanding the foregoing, in no event will the proration factor set forth above be less than one half (0.5); provided that if the relative
importance or value of Licensed Component of the Combination Product is less than one-half, The Regents agrees to negotiate in good faith with Licensee with respect to a lower proration factor. 

For clarity, in no event may Licensee apply the anti-royalty stacking provision set forth in Section 4.3 together with this Combination
Product provision wherein the royalty owed to the third party with respect to the Licensed Product is in relation to the Non-Licensed Component. When both royalty stacking and Combined Product provisions are
applied together, in no event will the owed royalty to the Regents be less than 50% than when absent such provisions. 

  
 Page 3 of 28 

	ii.	 If Licensee believes a Licensed Product should be considered a Combination Product, but the Licensed Product
does not satisfy the definition of Combination Product provided above, Licensee may provide The Regents with evidence supporting why such Licensed Product should be treated as a Combination Product; if the parties are unable to agree on an
adjustment regarding such Licensed Product within thirty (30) days of The Regents’ receipt of such supporting evidence, such Licensed Product will not be treated as a Combination Product. For clarity, if neither component is a Licensed
Product on its own but their combination satisfies the Licensed Product definition, such a combination will not be treated as a Combination Product. 

1.10 “Patent Action” means the preparation, filing, prosecution and maintenance of patent applications and patents in the Patent
Rights, including reexaminations, interferences, oppositions, inventorship related matters, and any other ex parte or inter partes matters (e.g., inter partes review petitions) originating or conducted in a patent office. 

1.11 “Patent Rights” means The Regents’ interest in: (i) the patents and patent applications expressly identified in
Appendix A; (ii) any divisions and continuations of any patent application or patent identified in subpart (i) above; (iii) any
continuation-in-part applications of any patent application or patent identified in subparts (i) or (ii) above (but solely to the extent of those claims
that are both entirely supported by the specification and entitled to the priority date of any patent application or patent identified in subparts (i) and (ii) above); (iv) any foreign counterparts of a patent application or patent
identified in subparts (i)-(iii) above; and (v) any patents issuing from any patent application identified in subparts (i)-(iv), including reissues, substitutions and patent extensions. 

1.12 “Regulatory Cause” means a delay in the completion of a regulatory stage Development Milestone that is directly caused by the FDA
(or other applicable regulatory authority) either (a) putting a clinical hold on a clinical study involving a Licensed Product that Licensee or Sublicensee is developing pursuant to this Agreement, or (b) requiring additional data relating
to a Licensed Product that Licensee or a Sublicensee is developing pursuant to this Agreement was outside that agreed upon with the FDA (or other applicable regulatory authority) in any pre-submission meeting
in a material or significant respect and is based on FDA (or other applicable regulatory authority) guidelines or regulations and such guidelines or regulations were only implemented after initiation of a human clinical trial for such Licensed
Product, provided, however, that with respect to (a)-(b), (i) such delay came to exist despite Licensee’s use of Commercially Reasonable Efforts to avoid such delay, (ii) such delay is not due in any material respect to Licensee’s
actions or inactions that were counter to the guidance provided to Licensee or otherwise published by the FDA (or other applicable regulatory authority), and (iii) such delay is not due in any material respect to Licensee’s failure to
provide data to the FDA (or other applicable regulatory authority) in a form, amount and quality commonly used in the pharmaceutical industry or to undertake preclinical and clinical development in a form and of a quality that would be commonly used
in the pharmaceutical industry. 
 1.13 “Sublicensing Income” means any consideration (including, without limitation, any licensing
or optioning fees, or license maintenance fees, or milestone payments, and fair market value of any non-cash consideration) received by, or payable to, Licensee from any Sublicensee, under or on account of a
Sublicense. Sublicensing Income excludes earned royalty payments but only to the extent such royalty payments are calculated using the same sales that generated payment of an Earned Royalty to The Regents pursuant to Section 4.3. Sublicensing
Income also excludes (a) income received by Licensee as payment or reimbursement for research services 

  
 Page 4 of 28 

 
rendered after execution of the Sublicense at fair market value conducted by or for Licensee, including costs of materials, equipment or clinical testing to the extent documented, invoiced and
actually paid, (b) amounts received by the Licensee as the purchase price, at fair market value, for equity securities (including stock of whatever class or series, and including the purchase price for warrants and the exercise price under such
warrants, or as convertible debt, and the like) of the Licensee; and (c) reimbursements to the Licensee of out-of-pocket patent prosecution costs actually incurred
by the Licensee (provided amounts received in excess of the Patent Costs Licensee has paid to The Regents pursuant to this Agreement will be treated as Sublicensing Income). For clarity, any amounts received in excess of fair market value (in
relation to (a) and (b)) or the amount of costs actually incurred by Licensee (in relation to (c)) will be deemed to constitute Sublicensing Income. 

The Regents acknowledges Licensee (or its Sublicensees) may enter into agreements or transactions with a Sublicensee at fair market value that are distinct
and independent from the Sublicense they separately enter into with such Sublicensee, e.g., debt financing agreement (“Independent Deal”). So long as such Independent Deal does not dilute, divert, conceal or misrepresent the amount
of consideration paid to the Licensee (or such Sublicensee) in consideration for a Sublicense, and is not in exchange for any right or license granted in relation to the Patent Rights, The Regents agree consideration received pursuant to such
Independent Deal will not constitute Sublicensing Income. 
 1.14 “Valid Claim” means (a) any issued claim in the Patent Rights
that has not irrevocably: (i) expired; (ii) been disclaimed, cancelled or superseded, or if cancelled or superseded, has not been reinstated; and (iii) been revoked, held invalid, or otherwise declared unenforceable or not allowable by a
tribunal or patent authority of competent jurisdiction over such claim in such country, in all cases from which no further appeal has or may be taken, and (b) any claim of a pending patent application in the Patent Rights that has not been
irrevocably abandoned or finally rejected without the possibility of appeal or re-filing, provided that a claim within a patent application that has been pending for more than [***] from the date of issuance
of the first substantive office action (e.g., a restriction requirement will not be deemed substantive) received with respect to such claim on a per country basis shall no longer be a Valid Claim unless and until such claim becomes an issued claim
of an issued patent, in which case such claim will be deemed a Valid Claim for the purposes of this Agreement retroactively from the date it ceased being a Valid Claim. 

2. GRANT 
 2.1 License.
Subject to the limitations and other terms and conditions set forth in this Agreement, including the limitations outlined in Section 2.2 below, The Regents hereby grants to Licensee an exclusive license under the Valid Claims of the Patent
Rights in the Licensed Territory, and a nonexclusive license with respect to the Associated Technology, to make, use, sell, offer for sale and import Licensed Products in the Field of Use. 

The licenses granted to Licensee hereunder shall automatically extend to Licensee’s Affiliates, but only during the period such entity satisfies the
definition of Affiliate. As a licensee of Patent Rights under this Agreement, Affiliates shall have all of the same rights and obligations, financial and otherwise, that Licensee has under this Agreement. Acts, omissions and liabilities of an
Affiliate are considered to be those of Licensee under this Agreement and Licensee is responsible and liable for all such acts, omissions and liabilities, including without limitation payment to The Regents of royalties or other consideration due to
The Regents hereunder. 

  
 Page 5 of 28 

 2.2 License Conditions. The license granted in Section 2.1 is subject to the following:

 A. The Regents expressly reserves the right for itself and other nonprofit and academic research institutions to use Patent Rights and
Associated Technology for (i) educational and non-commercial research purposes (which shall be construed to include clinical research and research sponsored by commercial entities), and (ii) to
publish results arising therefrom. For clarity, so long as Licensee’s license to the Patent Rights remains exclusive, The Regents will not have the right to grant a license to the Patent Rights to another commercial entity that conflicts with
the license granted to Licensee pursuant to Section 2.1. 
 B. The Regents’ grant to the U.S. Government of a nonexclusive,
nontransferable, irrevocable, paid-up license to practice or have practiced for or on behalf of the United States the invention claimed by the Patent Rights throughout the world. Licensee agrees (and will
require all Sublicensees to agree in writing) that, unless a valid waiver is obtained from the applicable funding agency at Licensee’s written request, Licensee’s exclusive right to use or sell any Licensed Products in the United States is
subject to the obligation that any Licensed Products will be manufactured substantially in the United States, to the extent required by 35 U.S.C § 204 and applicable regulations of Chapter 37 of the Code of Federal Regulations. 

3. SUBLICENSES 
 3.1 Permitted
Sublicensing. The Regents also grants to Licensee the right to sublicense to third parties through four tiers, provided that Licensee may request that The Regents approve additional tiers, which approval will not be unreasonably withheld, and
any Sublicense granted between Licensee and its Affiliates or independent contractors, including contract research, development and manufacturing organizations (CRO’s, CMO’s), will not count as a “tier” for the purposes of
calculating the four-tier limitation) the rights licensed to Licensee hereunder so long as Licensee’s rights remain exclusive (each, a “Sublicense” and each such third party that receives a Sublicense
“Sublicensee”). All Sublicenses must be in writing and will be subject to, and contain terms consistent with, the terms in this Agreement, including, without limitation, the provisions contained in Articles 2.2 (License Conditions),
3 (Sublicenses), 4.4 (Validity Challenge), 7 (Books and Records), 9 (Use of Names and Trademarks), 10 (Limited Warranty and Liability), 12 (Patent Marking), 13 (Patent Infringement), 14 (Indemnification), 18 (Compliance with Laws), etc. For clarity,
Licensee will be obligated to pay Earned Royalties on its Sublicensees’ Net Sales irrespective of whether its Sublicensees pay royalties to Licensee. For the purposes of this Agreement, the operations of all Sublicensees will be deemed to be
the operations of Licensee, for which Licensee will be responsible and liable. 
 3.2 Sublicense Requirements. Licensee must provide The
Regents with a copy of each Sublicense issued, including any agreements and amendments executed in relation thereto, within thirty (30) days of its execution, and shall collect and guarantee payment of all payments, due to The Regents as a
result of such Sublicenses. 
 3.3 Sublicenses Upon Termination. If this Agreement is terminated for any reason, at the option of the
applicable Sublicensee, all outstanding Sublicenses not in default will be assigned by Licensee to The Regents (to the extent The Regents is legally, contractually and, per its policies (is able to accept such assignment (the phrase
“policies” understood as broad, Regents-wide restrictions on assignments to certain classes of companies) provided that such assignment shall not place the Regents in a conflict of commitment**). Prior to any such assignment such
Sublicensees shall furnish to The Regents the completed contact information form attached hereto as Appendix C. The assigned Sublicenses will remain in full force and effect with The Regents as the licensor or sublicensor instead of Licensee,
but the duties of The Regents under the assigned Sublicenses will not be greater than the duties of The Regents under this Agreement, and the rights of The Regents under the assigned 

  
 Page 6 of 28 

 
Sublicenses will not be less than the rights of The Regents under this Agreement, including all financial consideration and other rights of The Regents. The Regents may, at The Regents’ sole
discretion, amend such outstanding Sublicenses to contain the terms and conditions found in this Agreement. **Notwithstanding the phrase “contractually” or “per its policies,” if the Sublicensee is a reputable pharmaceutical or
biopharmaceutical company whose stock is traded on a public exchange in either the U.S. or Europe and who had either annual worldwide revenues of at least one hundred million dollars ($100,000,000) in the calendar year prior to the calendar year in
which such assignment is to take place or unrestricted capital of at least two hundred million dollars ($200,000,000) as of the date of assumption, then The Regents agree that assumption of the applicable Sublicense will not be withheld on this
basis alone. For the avoidance of doubt, Licensee may also request in writing that The Regents pre-approve a given proposed Sublicensee as constituting an entity that The Regents would be able to accept per
this provision (such assignee a “Pre-Approved Assignee”), and The Regents may, in its sole disretion, agree to provide such written pre-approval to
Licensee. 
 4. CONSIDERATION 

4.1 License Fee. In partial consideration for the License, Licensee will pay to The Regents a license issue fee of [***] within sixty
(60) days of the Effective Date. This fee is non-refundable and is not an advance against royalties. 

4.2 License Maintenance Fee. Licensee must pay to The Regents the license maintenance fee set forth below beginning on the [***]-year anniversary
date of the Effective Date and continuing annually on each anniversary date of the Effective Date (“License Maintenance Fee”) until Licensee achieves its First Commercial Sale and commences paying Minimum Royalties hereunder.
License Maintenance Fees are non-refundable and are not an advance against royalties. 
  

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

 4.3 Earned Royalty. Licensee must pay to The Regents the following royalty for the corresponding Net Sales
amounts calculated annually (each an “Earned Royalty”): 
  

			
	 Net Sales (applied on a per calendar year basis)
	  	 Royalty rate

		
	Up to [***]	  	[***]
		
	Between [***] and [***]	  	[***]
		
	Between [***] and [***]	  	[***]
		
	Above [***]	  	[***]

 For clarity, the Net Sales taken into account for royalty rate tier determination are with respect to total global amount of
Net Sales. For example, if global Net Sales exceed One Hundred Million Dollars in a calendar year, Net Sales above that amount will incur a higher royalty rate, regardless of where the sale has occurred. 

  
 Page 7 of 28 

 This royalty rate shall be reduced to [***] of Net Sales with respect to Licensed Products that are Licensed
Products per Section 1.6(ii), but are not Licensed Products per Section 1.6(i). Earned Royalties hereunder shall be computed on a quarterly basis for the quarters ending March 31st, June
30th, September 30th, and December 31st of each calendar year and shall be due and payable
at the same time the royalty reports are due under Section 6.2 for such quarter. 
 If Licensee (or any Sublicensee or any Affiliate, as applicable)
after the Effective Date (and for clarity not with respect to any third party licenses it has executed prior to the Effective Date) is obligated to pay a non-Affiliate third party (other than The Regents)
royalties on net sales (“Third Party Royalty”) in consideration for patent rights owned or controlled by such non-Affiliate third party without a license to which Licensee (or a Sublicensee, or an
Affiliate as applicable) may in Licensee’s (or such Sublicensee’s or Affiliate’s, as applicable) judgment reasonably be considered to infringe or misappropriate such third party intellectual property rights in order to use or practice
the Patent Rights, then Licensee will have the right, upon Licensee’s (or a Sublicensee’s, or an Affiliate’s as applicable), execution of a license with such third party for such third party intellectual property rights, to credit
fifty percent (50%) of any earned royalty payment made to such third party in any given year in consideration for such third party intellectual property rights, against the Earned Royalty due The Regents under this Agreement, provided that: 

 

	 	a)	 The sum of such Third Party Royalty rate and the Earned Royalty rate set forth in this Agreement is equal to or
greater than [***] of Net Sales in the affected portion of the applicable Licensed Territory; 

  

	 	b)	 On an ongoing basis and prior to reduction of any Earned Royalty due The Regents under this Agreement for a
given calendar quarter, Licensee first provides written evidence to The Regents of Licensee’s (or any Sublicensee’s, or Affiliate’s as applicable), royalty obligations to such third party for such calendar quarter demonstrating that
such royalty obligation is in consideration for patent rights owned or controlled by such non-Affiliate third party without a license to which Licensee (or any Sublicensee, or Affiliate of Licensee or any
Sublicensee as applicable), may reasonably be considered to infringe or misappropriate such third party patent rights in the manufacture, use, import, offer for sale, or sell of a Licensed Product; and 

 

	 	c)	 In no event shall royalties or other amounts due to The Regents under this Agreement in any reporting period be
so reduced to less than [***] of the amount that would otherwise be due The Regents under this Agreement; and 

  

	 	d)	 In no event may may Licensee apply the anti-royalty stacking provision set forth in this Article 4.3 of this
Agreement to the Net Sales of a Licensed Product wherein the royalty owed to the third party with respect to such Licensed Product is in relation to the Combination Product Component of the Licensed Product. 

4.4 Validity Challenge. If Licensee or a Sublicensee, itself or through a third party, institutes any proceeding that contests the validity of
any Patent Right during the term of this Agreement, Licensee agrees to pay to The Regents, directly and not into any escrow or other account, all royalties and other amounts due in view of Licensee’s and its Sublicensees’ activities under
this Agreement during the period of challenge and The Regents’ attorneys fees in defending such action. Should the outcome of such contest determine that any challenged patent claim is valid, Licensee (or its Sublicensee, as applicable) will
thereafter, and for the remaining term of this 

  
 Page 8 of 28 

 
Agreement, pay a royalty rate of [***] the royalty rate specified above and the entirety of The Regents’ legal (including attorney) fees and costs incurred during such proceeding. For
clarity, in the case wherein a Sublicensee challenges the validity of the Patent Rights, so long as Licensee did not directly or indirectly induce, encourage, or otherwise assist such Sublicensee in its challenge of the Patent Rights, then
Licensee’s royalty rate will not be tripled per the foregoing sentence and Licensee will not be obligated to pay for The Regents’ attorneys fees in defending such action against a Sublicensee (provided that, if the challenging Sublicensee
fails to do so Licensee must terminate the applicable Sublicense). 
 4.5 Minimum Annual Royalty. Licensee must pay to The Regents the
following minimum annual royalties (“Minimum Annual Royalties”) on or before February 28 of each calendar year (“CY”) following the calendar year in which Licensee achieves a First Commercial Sale and
continuing for the remaining term of this Agreement thereafter. The Minimum Annual Royalty will be credited against the Earned Royalty due and owing with respect to Net Sales made during the calendar year in which such Minimum Annual Royalties were
paid. 
  

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

 4.6 Sublicensing Income. Licensee will pay to The Regents the following shares of all Sublicensing
Income: 
  

	 	(i)	 [***] of all Sublicensing Income received with respect to any Sublicenses executed prior to the first human
patient being dosed with a Licensed Product in a phase 1 clinical trial; 

  

	 	(ii)	 [***] of all Sublicensing Income received with respect to any Sublicenses executed concurrently with or after
the first human patient is dosed in a phase 1 clinical trial but before the first patient is dosed with a Licensed Product in a phase 2 clinical trial; and 

  

	 	(iii)	 [***] of all Sublicensing Income received with respect to any Sublicenses executed concurrently with or after
the first human patient is dosed with a Licensed Product in a phase 2 clinical trial. 

 Sublicensing Income may not be prorated when the
Patent Rights are bundled with other intellectual property, without The Regents’ prior written consent. For the avoidance of doubt, all payments and consideration that Licensee or a Sublicensee receives as a result of its exercise of its rights
to the Patent Rights will be accounted for by Licensee either in the form of an Earned Royalty under Section 4.3 or as Sublicensing Income under this Section 

4.7 Milestone Payments. For each Licensed Product, Licensee must make the following payments (“Milestone Payments”) to The
Regents within thirty (30) days of Licensee (or its Affiliate or Sublicensee) achieving the Development Milestone indicated below. For purposes of clarity such Milestone Payments are due from Licensee irrespective of whether the associated
Development Milestone listed below was reached by Licensee itself or by a Sublicensee or by a third party acting on behalf of Licensee or a Sublicensee. 
  

	 	(i)	 [***] upon achieving Development Milestone defined by Section 5.2.D. 

 

	 	(ii)	 [***] upon achieving the Development Milestone defined by Section 5.2.E. 

 

	 	(iii)	 [***] upon approval of Licensed Product by EMA. 

  
 Page 9 of 28 

 4.8 Payment Terms. All consideration due The Regents will be payable and will be made in
United States dollars by check payable to “The Regents of the University of California” or by wire transfer to an account designated by The Regents, provided The Regents may assign its interest in any consideration it is to receive
pursuant to this Agreement to another entity. Licensee is responsible for all bank or other transfer charges. When Licensed Products are sold for monies other than United States dollars, the Earned Royalties and other consideration will first be
determined in the foreign currency of the country in which such Licensed Products were sold and then converted into equivalent United States dollars. The exchange rate will be the average exchange rate quoted in the Wall Street Journal during
the last thirty (30) days of the reporting period. 
  

	 	(i)	 Taxes. Any tax for the account of The Regents required to be withheld by Licensee under the laws of any
foreign country must be promptly paid by Licensee for and on behalf of The Regents to the appropriate governmental authority. Licensee will use its best efforts to furnish The Regents with proof of payment of any tax. Licensee is responsible for all
bank transfer charges. All payments made by Licensee in fulfilment of The Regents’ tax liability in any particular country will be credited against fees or royalties due The Regents for that country. 

 

	 	(ii)	 Interest. In the event that monies are not received by The Regents when due, Licensee will pay to The
Regents interest at a rate of ten percent (10%) simple interest per annum. Such interest will be calculated from the date payment was due until actually received by The Regents. Such accrual of interest will be in addition to and not in lieu of,
enforcement of any other rights of The Regents due to such late payment. 

 4.9 Participation Rights. If Licensee proposes to
sell any equity securities or securities that are convertible into equity securities of Licensee, then The Regents and/or its Assignee (as defined below) will have the right to purchase up to [***]of the securities issued in each offering on the
same terms and conditions as are offered to the other purchasers in each such financing. Licensee will provide thirty (30) days advance written notice of each such financing, including reasonable detail regarding the terms of the financing. The
term “Assignee” means (a) any entity to which The Regents’ participation rights under this Section have been assigned either by The Regents or another entity, or (b) any entity that is controlled by The Regents. This
paragraph shall survive the termination of this Agreement. 
 4.10 Equity. As additional consideration for this Agreement, Licensee shall,
within thirty (30) days of The Regents’ execution and delivery to Licensee of a Stock Issuance Agreement in substantially the form attached hereto as Appendix D, issue and deliver to The Regents a number of shares of common stock of
Licensee as set forth in the Stock Issuance Agreement. 
 4.11 Reimbursement for material transfer. Licensee will also reimburse The Regents
for any reasonable out of pocket costs incurred in relation to preparing and delivering any materials constituting a part of Associated Technology within thirty (30) days of receipt of an invoice from The Regents. 

4.12 As part of its public mission to bring products to the marketplace, UCLA strives to enable underserved populations, which have limited access to
adequate quantities of medical innovations arising from UCLA’s laboratories, to have access to these innovative products. Licensees are encouraged to consider these populations’ interests when marketing and selling Licensed Products. 

  
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 5. COMMERCIAL DILIGENCE 

5.1 Development of Licensed Products. Licensee, upon execution of this Agreement, will use Commercially Reasonable Efforts to
(a) diligently proceed with the development and manufacture (directly or through a contracted third party) of Licensed Products and (b) after obtaining applicable regulatory approval, market and sell the Licensed Products in quantities
sufficient to meet the market demands therefor. Licensee or a Sublicensee will use Commercially Reasonable Efforts to obtain all necessary governmental approvals in each country where Licensed Products are manufactured, used, sold, offered for sale
or imported. 
 5.2 Development Milestones. On or before the dates indicated below, Licensee will achieve each of the following development
milestones with respect to a Licensed Product (“Development Milestones”). If Licensee fails to achieve a Development Milestone by the deadline set forth below, then The Regents has the right and option, at its sole discretion, to
either terminate this Agreement or reduce Licensee’s exclusive license to a nonexclusive license, under the terms set forth in Section 8 (LIFE OF THIS AGREEMENT) including The Regents obligation to first provide notice and the opportunity
to cure as specified in Section 8.4. This right, if exercised by The Regents, supersedes the rights granted in Section 2 (GRANT). 
  

	 	A.	 Submit to the U.S. Food and Drug Administration (FDA) (or other applicable regulatory authority) an
Investigational New Drug application for a Licensed Product by [***] . 

  

	 	B.	 Dose a first human patient in a phase 1a clinical trial by [***]. 

 

	 	C.	 Dose a first human patient in a phase 1b or phase 2 clinical trial by [***]. 

 

	 	D.	 Dose a first human patient in a phase 3 clinical trial by [***]. 

 

	 	E.	 Receive FDA (or other applicable regulatory authority) approval of Licensed Product by [***].

  

	 	F.	 Achieve a First Commercial Sale of a Licensed Product within [***] after receipt of FDA approval.

 If the completion of any of the Development Milestones above is delayed beyond the corresponding deadline solely because of the
existence of a Regulatory Cause, and Licensee sends to The Regents a request in writing for an extension that sets forth the basis for the delay and provides copies of documents and correspondence from the FDA supporting Licensee’s assertion
that a Regulatory Cause exists, then The Regents will consider in good faith consenting, which consent will not be unreasonably withheld, to an extension of such Development Milestone once for a maximum of a [***] , or so long as such Regulatory
Cause exists, whichever is shorter. Notwithstanding the foregoing, however, if Licensee provides The Regents with a written representation from its legal counsel that such Regulatory Cause would similarly prevent any other potential licensee of the
Patent Rights from further developing Licensed Products, then so long as Licensee is in good standing with respect to its obligations owed hereunder and, in good faith, requests an extension, The Regents agrees to extend such [***] cap to a total of
[***], which may be (upon request from Licensee) further extended by The Regents in its sole discretion. 
 If the completion of any of the Development
Milestones above is delayed beyond the corresponding deadline solely because of negative study results pertaining to the safety or efficacy of a Licensed Product, and Licensee (or its Sublicensee) elects to terminate development of a Licensed
Product and restart development using a backup compound (“Backup Cause”), then upon a written request by Licensee to The Regents setting forth the basis for the delay, the parties agree to negotiate in good faith for a period of
[***]to amend this Agreement with a new Development Milestone timeline ,usual and customary for the development of drug candidates of a comparable drug class and for a pharmaceutical or biopharmaceutical company of Licensee’s or
Sublicensee’s comparable resources and expertise. 

  
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 If the Licensee in unable to meet a due Development Milestone for any reason other than Regulatory Cause,
Licensee may extend the Development Milestones deadlines set forth above in [***] increments, but not more than [***]in total across all Development Milestones, by making a [***] to The Regents for the first [***] Development Milestones deadline
extension, and [***] payment for the [***]each, with the [***]extension being the last allowable extension (each such milestone extension a “Paid Milestone Extension”). In the event of any extension, the deadlines for meeting any
later occurring Development Milestones will be similarly extended. 
 6. PROGRESS AND ROYALTY REPORTS 

6.1 Progress Reports. Beginning on September 30 2020, and continuing semiannually thereafter, Licensee will complete a progress report
form. In addition to and conjunction with such completed form, Licensee will provide a detailed written report to The Regents conveying Licensee’s (and any Sublicensees’) activities related to this Agreement. Such report will include
information sufficient to enable The Regents to satisfy reporting requirements of the U.S. Government and to ascertain progress by Licensee toward meeting this Agreement’s diligence requirements set forth in Section 5 (Commercial
Diligence). Each report will contain at least the following information: (a) progress toward commercialization of Licensed Products, including work completed, (b) key scientific discoveries, (c) summary of work in progress,
(d) current schedule of anticipated events or milestones, (e) market plans for introduction of Licensed Products, and (f) significant corporate transactions involving Licensed Products. Within thirty (30) days of The
Regents’ request, Licensee will provide The Regents sufficient documented evidence from its (or its Sublicensees, as applicable) books and records to sufficiently support any assertions made by Licensee in its progress reports. 

6.2 Royalty Reports. Beginning with the First Commercial Sale and continuing for the life of this Agreement, Licensee will make quarterly royalty
reports to The Regents on or before each February 28, May 31, August 31 and November 30 of each year. Each royalty report will cover Licensee’s most recently completed calendar quarter and will at least the information
identified in the Royalty Report attached hereto as Appendix B. 
 6.3 Entity Status. Licensee will keep The Regents informed of the
large/small business entity status (as defined by the United States Patent and Trademark Office) of itself and its Sublicensees. 
 7.
BOOKS AND RECORDS 
 7.1 Accounting. Licensee must keep, and will cause its Sublicensees to keep, accurate financial and development books
and records showing all Licensed Products in development, manufactured, used, sold, leased, transferred, provided, or otherwise disposed of, and any other records necessary to affirm compliance with the terms of this Agreement. Books and records
must be preserved for at least six (6) years from the date of the royalty payment to which they pertain. 
 7.2 Auditing. Books and
records kept in accordance with Section 7.1 must be open to inspection by an accounting firm selected by The Regents at reasonable times and at a U.S. location, no more than one time in any twelve (12) month period, and solely to determine
the accuracy of the royalty reports and other amounts owed pursuant to this Agreement. The Regents will bear the fees and expenses of examination but if an error in royalties of more than seven percent (7%) of the total royalties due for any year is
discovered in any examination then Licensee will bear the fees and expenses of that examination and will remit such underpayment to The Regents within thirty (30) days of the examination results. 

8. LIFE OF THIS AGREEMENT 
 8.1
Term. Unless otherwise terminated by operation of law, Section 8.2 (Bankruptcy), or by acts of the parties in accordance with the terms of this Agreement, this Agreement will remain in effect with respect to the Patent Rights from the
Effective Date until the expiration or abandonment of the last of the Patent Rights licensed 

  
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hereunder with respect to the Patent Rights (“Patent Rights Term”), and with respect to the Associated Technology from the Effective Date until the earlier of (i) twenty
(20) years after the FCS of a Licensed Product or (ii) ten (10) years after the end of the Patent Rights Term (“Associated Technology Term”). The termination or expiration of this Agreement will not relieve Licensee of its
obligation to pay any fees, royalties or other payments owed to The Regents at the time of such termination or expiration and will not impair any accrued right of The Regents, including the right to receive Earned Royalties in accordance with
Section 4 (Consideration). Licensee may terminate its obligations under this Agreement with respect to Associated Technology prior to the end of the Associated Technology Term only if it certifies in writing that it has destroyed and ceased all
use of the Associated Technology, as well as sale or use of any products or results incorporating and/or made through the use of the Associated Technology. Upon natural expiration (i.e., not in the case of earlier termination) of the end of the
Associated Technology Term, and so long as Licensee is in good standing with respect to its obligations under this Agreement, Licensee’s license to the Associated Technology granted pursuant to Section 2.1 will convert to paid-up and royalty free. 
 8.2 Bankruptcy. In the event of a bankruptcy or insolvency, assignment of this
Agreement is only permitted to a party that can provide adequate assurance of future performance, including diligent development and sales of Licensed Product. 

8.3 Surviving Provisions. Any termination or expiration of this Agreement will not affect the rights and obligations set forth in at least the
following Sections, as well as any other provisions which by their nature would be reasonably expected to survive termination: Sections 1 (Definitions); 3.3 (Sublicense Termination); 4.10 (Equity); 7 (Books and Records); 8.7 (Grant Back); 9 (Use of
Names and Trademarks); 10 (Limited Warranty and Liability); 14 (Indemnification); 17 (Governing Law); and 19 (Confidentiality). 
 8.4 Termination
by The Regents. If Licensee fails to perform or violates any term of this Agreement or fails to timely pay any amount when due then The Regents may give written notice of default (“Notice of Default”) to Licensee. If Licensee
fails to repair the default within ninety (90) days of the effective date of Notice of Default, The Regents may terminate this Agreement and its licenses by a second written notice (“Notice of Termination”). If a Notice of
Termination is sent to Licensee, this Agreement will automatically terminate on the effective date of that notice. 
 8.5 Termination by
Licensee. Licensee may terminate this Agreement at any time by providing a notice of termination to The Regents with a statement explaining the reason for termination, which termination will be effective sixty (60) days from the date such
termination notice is sent by Licensee. 
 8.6 Disposition of Licensed Products on Hand Upon Termination. Upon termination of this Agreement,
unless this Agreement was terminated by The Regents based on Licensee’s failure to timely pay financial obligations owed pursuant to this Agreement, Licensee may continue to sell any previously made Licensed Products during the six
(6) month period immediately following the effective date of the termination of this Agreement; provided that, in such case, Licensee must continue to fulfill all obligations associated therewith as if this Agreement had not terminated,
including the obligation to pay Earned Royalties on the sale of such Licensed Products and submit royalty reports per the due dates required under this Agreement. 

  
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 8.7 Grant Back. Upon termination of this Agreement by The Regents for cause as a result of
Licensee’s bankruptcy or insolvency or because Licensee ceases to exist, Licensee shall grant The Regents a non-exclusive, irrevocable, perpetual, fully paid-up,
sublicensable, worldwide license to all inventions, products, materials, methods, processes, techniques, know-how, data and information discovered or developed in the course of or arising from Licensee’s
development and commercialization of the Patent Rights (“Developments”) under this Agreement, but solely to the extent Licensee is legally and contractually able to grant such a license and use of such Developments is necessary in
order to practice the Valid Claims of the Patent Rights. 
 9. USE OF NAMES AND TRADEMARKS 

9.1 Use of Name. Nothing contained in this Agreement will be construed as conferring any right to either party to use in advertising, publicity
or other promotional activities any name, trade name, trademark or other designation of the other party (including a contraction, abbreviation or simulation of any of the foregoing). The Regents may list Licensee’s name as a licensee of
technology from The Regents without further identifying the technology. Unless required by law or unless the required authorizations are obtained (contact adminvc@ucla.edu for more information), the use by Licensee of the name “The Regents of
the University of California” or the name of any campus of the University of California in advertising, publicity or other promotional activities is expressly prohibited. 

10. LIMITED WARRANTY AND LIABILITY 

10.1 The Regents warrants to Licensee that it has the lawful right to grant this license. Except as expressly set forth in this Agreement, this license
and the associated Patent Rights and Licensed Products and Associated Technology are provided by The Regents WITHOUT WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR ANY OTHER WARRANTY OF ANY KIND, EXPRESS OR IMPLIED. THE
REGENTS MAKES NO EXPRESS OR IMPLIED REPRESENTATION OR WARRANTY THAT USE OR COMMERCIALIZATION OF THE PATENT RIGHTS OR LICENSED PRODUCTS OR ASSOCIATED TECHNOLOGY WILL NOT INFRINGE ANY PATENT, COPYRIGHT, TRADEMARK OR OTHER RIGHTS. 

10.2 This Agreement does not express or imply (a) a warranty or representation as to the validity, enforceability, or scope of any Patent Rights or
Associated Technology; (b) a warranty or representation that anything made, used, sold, offered for sale, imported or otherwise exploited under any license granted in this Agreement is or will be free from infringement of patents, copyrights,
or other rights of third parties; (c) an obligation on behalf of The Regents to bring or prosecute actions or suits against third parties for patent infringement; (d) by implication, estoppel or otherwise, confer any license or rights
under any patents or other rights of The Regents other than Patent Rights, regardless of whether such patents are dominant or subordinate to Patent Rights; or (e) obligate The Regents to furnish any advancements, developments, or other
improvements to the Patent Rights which are not entitled to the priority dates of Patent Rights, or know-how, technology or information not provided in Patent Rights or Associated Technology. 

10.1 OTHER THAN LICENSEE’S OBLIGATION UNDER SECTION 14 (INDEMNIFICATION), NEITHER PARTY WILL BE LIABLE TO THE OTHER PARTY FOR ANY LOST PROFITS, COSTS
OF PROCURING SUBSTITUTE GOODS OR SERVICES, LOST BUSINESS, ENHANCED DAMAGES FOR INTELLECTUAL PROPERTY INFRINGEMENT OR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL, PUNITIVE OR OTHER SPECIAL DAMAGES SUFFERED BY THE OTHER PARTY (AND IN THE CASE OF LICENSEE,
BY ITS SUBLICENSEE AND ITS AFFILIATES)ARISING OUT OF OR RELATED TO THIS AGREEMENT FOR ALL CAUSES OF ACTION OF ANY KIND (INCLUDING TORT, CONTRACT, NEGLIGENCE, STRICT LIABILITY AND BREACH OF WARRANTY) EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE
POSSIBILITY OF SUCH DAMAGES. THE REGENTS WILL NOT BE LIABLE FOR ANY DIRECT DAMAGES SUFFERED BY LICENSEE, SUBLICENSEES, JOINT VENTURES, OR AFFILIATES ARISING OUT OF OR RELATED TO PATENT RIGHTS TO THE EXTENT ASSIGNED OR LICENSED BY THE REGENTS’
INVENTORS TO THIRD PARTIES. 

  
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 11. PATENT FILING, PROSECUTION AND MAINTENANCE 

11.1 Ownership and Prosecution. The Patent Rights will be held in the name of The Regents and obtained with counsel of The Regents’ choice.
The Regents will use good faith efforts to ensure Licensee receives copies of all correspondence filed with and received from the applicable patent office (e.g., patent applications, office actions, office action responses, etc.) during the term of
the Agreement. While The Regents will control all Patent Actions and all decisions with respect to Patent Actions, it will consider any comments or suggestions by Licensee with respect thereto. Licensee has the right to request Patent Actions via a
written request to The Regents ninety (90) days prior to the deadline set by the patent office in the territory such Patent Action is to take place (a “Patent Prosecution Request”). The Regents shall use all reasonable efforts
to amend any patent application to include claims reasonably requested by the Licensee to protect the products contemplated to be sold under this Agreement and to file and prosecute patents in foreign countries indicated by and paid for by Licensee.
In addition, provided that Licensee is in compliance with its obligations in Section 11.2, The Regents will undertake all patent actions requested pursuant to a valid Patent Prosecution Request (excluding any request to undertake any action
that The Regents or its counsel determines would be adverse to The Regents such as, for example, a request to narrow any claim of any patents licensed hereunder). 

11.2 Past & Ongoing Patent Costs. Licensee will bear all
out-of-pocket costs incurred by The Regents for Patent Actions (“Patent Costs”). Licensee must reimburse to The Regents Patent Costs incurred prior to
the term of this Agreement (“Past Patent Costs”) within thirty (30) days of Licensee’s receipt of an invoice from The Regents. As of the Effective Date, Past Patent Costs total approximately[***]. With respect to Patent
Costs incurred during the term of this Agreement (“Ongoing Patent Costs”), Licensee is required to pay in advance The Regents patent counsel’s estimated costs for undertaking Patent Actions that occur during the term of this
Agreement before The Regents authorizes its patent counsel to proceed (“Advanced Payment”). The absence of this Advanced Payment will be deemed to be an election by Licensee 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) will not be part of the Patent Rights and therefore not be subject to this Agreement, and Licensee will have no further rights or license to them.
At The Regents’ sole discretion, rather than requiring an Advanced Payment, The Regents may (1) bill Licensee for Ongoing Patent Costs after such amounts are incurred, in which case payment will be due to The Regents within thirty
(30) days of Licensee’s receipt of an invoice from The Regents, or (2) have Ongoing Patent Costs directly billed to Licensee by The Regents’ patent counsel. 

11.3 Termination of Obligations & Rights. Licensee may terminate its license with respect to any or all of Patent Rights
by providing written notice to The Regents (“Patent Termination Notice”). Termination of Licensee’s obligations with respect to such patent application or patent will be effective sixty (60) days after receipt of such
Patent Termination Notice by The Regents. In addition, if Licensee fails to timely (i) provide a Patent Prosecution Request pursuant to Section 11.1, or (ii) pay for any Patent Costs as required by Section 11.2, then The Regents
shall have the right to terminate this Agreement with respect to the applicable patent application(s) and patent(s) (subject to Licensee’s option to cure such breach pursuant to Section 8.4). For the avoidance of doubt immediately
effective upon such termination, Licensee will have no further right or license to such patent applications and patents and Licensee will remain liable for any Patent Costs incurred prior to such termination with respect to such patent applications
and patents. 

  
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 11.4 Patent Extensions: Licensee will apply for an extension of the term of any patent
included within the Patent Rights, if appropriate, under the Drug Price Competition and Patent Term Restoration Act of 1984 and/or similar regulations or laws in Europe, Japan or other foreign countries; provided, however, that such requirement
shall not apply if Licensee, acting reasonably and in good faith, determines that seeking an extension of the term for another patent owned or licensed by Licensee would provide a materially longer patent protection coverage for the applicable
Licensed Product. Licensee will prepare all documents and The Regents agrees to execute the documents and to take additional action as Licensee reasonably requests in connection therewith. Licensee will be liable for all costs relating to such
application. If either party (in the case of The Regents, the licensing officer responsible for administration of this Agreement) receives notice pertaining to the infringement or potential infringement of any issued patent included with Patent
Rights under the Drug Price Competition and Patent Term Restoration Act of 1984 (and/or similar foreign regulations or laws) then that party will within ten (10) days notify the other party after receipt of such notice of infringement. 

12. PATENT MARKING 
 12.1 Licensee
will mark all Licensed Products or their containers (or packaging or a product website) in accordance with the appropriate patent number reference(s) in compliance with the requirements of 35 U.S.C. § 287. 

13. PATENT INFRINGEMENT 
 13.1
Infringement Notice. In the event either party learns of infringement of potential commercial significance of any Patent Right, such party will provide the other party with written notice, including evidence of such infringement, if available
(“Infringement Notice”). Licensee will not notify such infringer regarding such potential infringement until receiving The Regents’ written permission, which permission will not be unreasonably withheld. For the avoidance of
doubt, if Licensee breaches the foregoing restriction and a declaratory judgment action is filed by such infringer against The Regents, then as The Regents’ sole and exclusive remedy for such breach Licensee will reimburse The Regents for The
Regents’ out of pocket costs in defending the Patent Rights as a result of such declaratory judgment. Both The Regents and Licensee will use their diligent efforts to cooperate with each other to terminate such infringement without litigation.

 13.2 Licensee-Initiated Suit and The Regents’ Joinder. If infringing activity of potential commercial significance by the infringer has
not been abated within thirty (30) days following the date the Infringement Notice takes effect, then Licensee shall have the first right to institute suit for patent infringement against the infringer. The Regents may voluntarilyjoin such suit
but may not otherwise commence suit against the infringer for the acts of infringement that are the subject of Licensee’s suit or any judgment rendered in that suit. Licensee may not join The Regents as a party in suit initiated by Licensee
without The Regents’ prior written consent. If The Regents joins a suit initiated by Licensee, then Licensee will pay any costs incurred by The Regents arising out of such suit, including but not limited to, any legal fees of counsel that The
Regents selects and retains to represent it in the suit. If The Regents refuses to join a suit initiated by Licensee in a Major Territory despite being deemed a necessary party to such suit by a court of competent jurisdiction in such Major
Territory, all payments due The Regents under this Agreement (except those pertaining to patent cost reimbursement), including all royalties, License Maintenance Fees, Minimum Annual Royalties and other payments, shall be reduced by fifty percent
(50%) for so long as the infringement by the third party continues unabated in such Major Territory but only to the extent that such infringement in such Major Territory is commercially-significant. For purposes hereof, “Major
Territory” means any and all of the United States of America, any member state of the European Patent Convention, Canada, Australia, China and Japan. 

  
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 13.3 The Regents-Initiated Suit. If, within a hundred and twenty (120) days following the
date the Infringement Notice takes effect, infringing activity of potential commercial significance by the infringer has not been abated and if Licensee has not brought suit against the infringer, then The Regents may institute suit for patent
infringement against the infringer. If Licensee was unable to pursue an alleged infringer as a direct result of The Regents’ refusal to join as a party to a suit initiated by Licensee pursuant to Section 13.2, then The Regents acknowledges
and agrees it is prohibited from pursuing such alleged infringer pursuant to this Section 13.3. If The Regents institutes such suit, then Licensee may not join such suit without The Regents’ consent and may not thereafter commence suit
against the infringer for the acts of infringement that are the subject of The Regents’ suit or any judgment rendered in that suit. 
 13.4
Cooperation. Any litigation proceedings will be controlled by the party bringing the suit, except that The Regents may be represented by counsel of its choice in any suit brought by Licensee. The Regents and Licensee agree to be bound by all
final and non-appealable determinations of patent infringement, validity and enforceability (but no other issue) resolved by any adjudicated judgment in a suit brought in compliance with this Section 13
(Patent Infringement). Any agreement made by Licensee for purposes of settling litigation or other dispute shall comply with the requirements of Section 3 (Sublicenses) of this Agreement. 

13.5 Costs & Recovery. Each party will cooperate with the other in litigation proceedings instituted hereunder but at the
expense of the party who initiated the suit (unless such suit is being jointly prosecuted by the parties). Any recovery or settlement received in connection with any suit will first be shared by The Regents and Licensee equally to cover any
litigation costs each incurred and next will be paid to The Regents or Licensee to cover any litigation costs it incurred in excess of the litigation costs of the other. In any suit initiated by Licensee, The Regents will receive fifteen percent
(15%) of any recovery in excess of litigation costs and Licensee will receive the remaining eighty-five percent (85%). In any suit initiated by The Regents, one hundred percent (100%) of any recovery in excess of litigation costs will belong to The
Regents. Notwithstanding the foregoing, if Licensee joins such suit at The Regents request or is involuntarily joined, The Regents will receive seventy-five percent (75%) of any recovery and Licensee will receive the remaining twenty-five percent
(25%). 
 14. INDEMNIFICATION 

14.1 Indemnification. Licensee will, and will require its Sublicensees to, indemnify, hold harmless and defend The Regents, the inventors of the
Patent Rights, and the sponsors of the research that led to the invention claimed by the Patent Rights, and their respective employers, and the officers, employees and agents of any of the foregoing, against any and all claims, suits, losses,
damage, costs, fees and expenses resulting from, or arising out of, the exercise of this license or any Sublicense. This indemnification will include, but not be limited to, any product liability. If The Regents believes that there will be a
conflict of interest or it will not otherwise be adequately represented by counsel chosen by Licensee to defend The Regents in accordance with this Section 14.1 (Indemnification), then The Regents may retain counsel of its choice to represent
it and Licensee will pay all expenses for such representation. 
 14.2 Insurance. Licensee, at its sole cost and expense, will insure its
activities in connection with any work performed hereunder and will obtain, keep in force, and maintain the following insurance (or will ensure that a Sublicensee obtains, keeps in force and maintains): Commercial Form General Liability Insurance
(contractual liability included) with minimum limits as follows: 
 Each Occurrence: $500,000; 

Personal and Advertising Injury: $500,000; 

General Aggregate (commercial form only): $1,000,000; and 

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

  
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 Notwithstanding the foregoing, no later than sixty (60) days before the first use of any Licensed
Product in or on a human, Licensee, at its sole cost and expense, will insure its activities in connection with any work performed hereunder and will obtain, keep in force, and maintain the following insurance: Commercial Form General Liability
Insurance (contractual liability included) with minimum limits as follows: 
 Each Occurrence: $1,000,000; 

Products/Completed Operations Aggregate: $5,000,000; 

Personal and Advertising Injury: $1,000,000; 

General Aggregate (commercial form only): $5,000,000; and 

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

Notwithstanding the foregoing, no later than sixty (60) days before the anticipated date of market introduction of any Licensed Product, Licensee, at its
sole cost and expense, will insure its activities in connection with any work performed hereunder and will obtain, keep in force, and maintain the following insurance: Commercial Form General Liability Insurance (contractual liability included) with
minimum limits as follows: 
 Each Occurrence: $5,000,000; 

Products/Completed Operations Aggregate: $10,000,000; 

Personal and Advertising Injury: $5,000,000; 

General Aggregate (commercial form only): $10,000,000; and 

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

If the above insurance is written on a claims-made form, it must continue for three (3) years following termination or expiration of this Agreement. The
insurance must have a retroactive date of placement prior to or coinciding with the Effective Date of this Agreement. The coverage and limits above will not in any way limit Licensee’s liability under Section 14.1 (Indemnification). 

14.3 Certificates; Notification. Upon the execution of this Agreement, Licensee will furnish The Regents with certificates of insurance
evidencing compliance with all requirements. Such certificates will indicate The Regents as an additional insured(s) under the coverage described above in Section 14.2 (Insurance) and include a provision that the coverage will be primary and
will not participate with, nor will be excess over, any valid and collectable insurance or program of self-insurance maintained by The Regents. The Regents will promptly notify Licensee in writing of any claim or suit brought against The Regents for
which The Regents intends to invoke the provisions of this Section 14 (Indemnification). Licensee will keep The Regents informed of its defense of any claims pursuant to this Section 14 (Indemnification). Licensee will provide The
Regents written notice if such insurance levels are reduced or cancelled. 
 15. NOTICES 

15.1 Any notice or payment hereunder will be deemed to have been properly given when sent in writing in English to the respective address below and
will be deemed effective on the date of delivery if delivered in person; the date of mailing if mailed by first-class certified mail, postage paid; or if sent via email, when the recipient acknowledges having received that email, provided that
automated replies and “read receipts” will not be considered acknowledgement of receipt. 

  
 Page 18 of 28 

					
	 In the case of Licensee:
	  	Katmai Pharmaceuticals, Inc.	  	
			
		  	[***]	  	
			
		  	Attention: Bradley Gordon	  	
		  	            Pres. and CEO	  	
			
	 For The Regents:
	  	The Regents of the University of California	  	
		  	University of California, Los Angeles	  	
		  	Technology Development Group	  	
		  	10889 Wilshire Boulevard, Suite 920	  	
		  	Los Angeles, CA 90095-7191	  	
			
		  	Attention: Contracts Management Team	  	
		  	Ref: [***]	  	

 All Advanced Payments due under this Agreement must be sent via wire transfer as follows. In order to ensure
that funds are properly credited to your account, please reference invoice number or UC Control Number on all wire transfers. 
  

					
		  	[***]	  	

 15.2 Licensee Contact Information: Licensee must furnish to The Regents the completed licensee contact
information form attached hereto as Appendix C concurrent to execution of this Agreement and incorporated herein by this reference, showing the contacts responsible for (i) Progress Reports, (ii) Patent Prosecution, and
(iii) Financial Obligations. 
 16. ASSIGNABILITY 

16.1 This Agreement is binding upon, and will inure to the benefit of, The Regents, its successors and assigns. Licensee may assign or transfer this
Agreement only with the prior written consent of The Regents. The prior written consent of The Regents will not be required if the assignment or transfer of this Agreement is in conjunction with a bona fide arms’ length transaction involving a
merger or the transfer of all or substantially all of the capital stock or business of Licensee to which this license relates, so long as Licensee is in good standing with its obligations under this Agreement and The Regents is legally,
contractually, and, per its policies, able to enter into an agreement with such assignee or transferee (the phrase “policies” understood as broad, Regents-wide restrictions on assignments to certain classes of companies) and provided that
such assignment shall not place the Regents in a conflict of commitment. 
 16.2 In any assignment or transfer of this Agreement, the conditions
(i)-(iii) below shall be timely met. Any attempted assignment by Licensee other than in accordance with this Section will be null and void. 
  

	 	(i)	 Licensee is then in good standing with its obligations under this Agreement; 

 

	 	(ii)	 Licensee provides The Regents with written notice of such assignment, identifying the assignee or transferee
entity’s name and contact information, no later than the earlier of (x) the date such transaction is first publicly announced and (y) the date of consummation of such transaction (it being understood, however, that Licensee will
endeavor to provide The Regents with prior written notice of the proposed assignment to the extent practicable under the circumstances and not prohibited by applicable law or regulation or Licensee’s contractual obligations to the applicable
third party); 

  
 Page 19 of 28 

	 	(iii)	 provide The Regents with a written agreement signed by the proposed acquirer or successor entity agreeing to be
bound by all of the provisions of this Agreement, as well as assume all responsibilities and liabilities that arose under this Agreement prior to the effective date of the proposed assignment, as if such acquirer or successor entity were the
original Licensee within thirty (30) days after any such assignment; and 

  

	 	(iv)	 pay to The Regents an assignment fee of [***] within thirty (30) days after any such assignment.
This assignment fee will not be required if the Licensee can establish by documented evidence that it (or together with its Sublicensee) has expended more than [***] in the development of Licensed Products prior to the date of such
anticipated assignment or transfer. 

 17. GOVERNING LAWS AND VENUE 

Choice of Law & Venue: THIS AGREEMENT WILL BE INTERPRETED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
CALIFORNIA, excluding any choice of law rules that would direct the application of the laws of another jurisdiction and without regard to which party drafted particular provisions of this Agreement, but the scope and validity of any patent or
patent application will be governed by the applicable laws of the country of such patent or patent application. Any legal action brought by the parties hereto relating to this Agreement will be conducted in Los Angeles, California. 

18. COMPLIANCE WITH LAWS 
 18.1 If
this Agreement or any associated transaction is required by the law of any nation to be either approved or registered with any governmental agency, Licensee will assume all legal obligations to do so. Licensee will notify The Regents if it becomes
aware that this Agreement is subject to a United States or foreign government reporting or approval requirement. Licensee will make all necessary filings and pay all costs including fees, penalties and all other out-of-pocket costs associated with such reporting or approval process. 
 18.2 Licensee agrees to comply
with all applicable international, national, state, regional and local laws and regulations in performing its obligations hereunder and in its use, manufacture, sale or import of the Licensed Products. Licensee will observe all applicable United
States and foreign laws with respect to the transfer or provision of Licensed Products and related technical data to foreign countries, including, without limitation, the International Traffic in Arms Regulations (ITAR) and the Export Administration
Regulations. Licensee agrees to manufacture and use Licensed Products in compliance with applicable government importation laws and regulations of a particular country for Licensed Products made outside the particular country in which such Licensed
Products are used, sold or otherwise exploited. 
 19. CONFIDENTIALITY 

19.1 Licensee and The Regents will treat and maintain the other party’s confidential information, including the negotiated terms of this
Agreement, patent prosecution related information, Associated Technology, any progress reports and royalty reports and any Sublicense issued pursuant to this Agreement (“Confidential Information”) in confidence using at least the
same degree of care as the receiving party uses to protect its own confidential information of a like nature from the date of disclosure until five (5) years after the termination or expiration of this Agreement. Confidential Information
can be written, oral, or both.  

  
 Page 20 of 28 

 19.2 Licensee and The Regents may disclose Confidential Information to their employees, agents,
consultants, contractors, and co-owners (as applicable) and, in the case of Licensee, its actual or prospective Sublicensees, provided that such parties are bound by a like duty of confidentiality as that
found in this Section 19 (Confidentiality). Notwithstanding anything to the contrary contained in this Agreement, The Regents may release this Agreement, including any terms contained herein and information regarding payments or other income
received in connection with this Agreement to the inventors, senior administrative officials employed by The Regents and individual Regents upon their request, provided such individuals are informed of the confidential nature of such information.
The Licensee is free to release the terms and conditions of this Agreement to any actual or prospective Sublicensees, development partners, service providers, investors and acquirers so long as they are bound to Licensee by terms of confidentiality
no less restrictive than those stated herein. In addition, notwithstanding anything to the contrary in this Agreement, if a third party inquires whether a license to Patent Rights is available, then The Regents may disclose the existence of this
Agreement and its scope of the license granted hereunder. 
 19.3 Nothing contained herein will restrict or impair, in any way, the right of Licensee
or The Regents to use or disclose any Confidential Information that: (a) recipient can demonstrate by written records was previously known to it prior to its disclosure by the disclosing party; (b) recipient can demonstrate by written
records is now, or becomes in the future, public knowledge other than through acts or omissions of recipient; (c) recipient can demonstrate by written records was obtained lawfully and without restrictions on the recipient from sources
independent of the disclosing party; and (d) The Regents is required to disclose pursuant to the California Public Records Act or other applicable law. 

19.4 Licensee or The Regents also may disclose Confidential Information that is required to be disclosed (i) to a governmental entity or agency in
connection with seeking any governmental or regulatory approval, governmental audit, or other governmental contractual requirement or (ii) by law, e.g., California Public Records Act, provided that the recipient uses reasonable efforts to give
the party owning the Confidential Information sufficient notice of such required disclosure to allow the party owning the Confidential Information reasonable opportunity to object to, and to take legal action to prevent, such disclosure. Nothing in
this Agreement will be construed to prevent The Regents from reporting de-identified raw terms of this Agreement as part of a larger database. 

19.5 Upon termination of this Agreement, Licensee and The Regents will destroy or return any of the disclosing party’s Confidential Information,
including all Associated Technology, in its possession within fifteen (15) days following the termination of this Agreement and provide each other with prompt written notice that such Confidential Information has been returned or destroyed.
Each party may, however, retain one copy of such Confidential Information for archival purposes in non-working files. For clarity, any Developments provided by Licensee pursuant to Section 8.6 will be
deemed upon termination of this Agreement to constitute The Regents’ Confidential Information. 
 20. MISCELLANEOUS 

20.1 Entire & Binding Agreement. This Agreement, which includes the attached Appendices A (Patent Rights), B (Royalty
Statement), C (Licensee Contact Information), and D (Stock Issuance Agreement), and E (Associated Technology) embodies the entire understanding of the parties and supersedes all previous communications, representations or understandings, either oral
or written, between the parties relating to the subject matter hereof. This Agreement is not binding on the parties until it has been signed below on behalf of each party and is then effective as of the Effective Date. No amendment or modification
of this Agreement is valid or binding on the parties unless made in writing and signed on behalf of each party. In case any of the provisions contained in this Agreement is held to be invalid, illegal or unenforceable in any respect, such
invalidity, illegality or unenforceability will not affect any other provisions of this Agreement and such unenforceable provision shall be modified so that it is valid, legal, and enforceable and, to the fullest extent possible, reflects the
intention of the parties. 

  
 Page 21 of 28 

 20.2 Headings. The headings of the several sections are inserted for convenience of reference
only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement. 
 20.3 Waiver. No waiver by either
party of any breach or default of any of the agreements contained herein will be deemed a waiver as to any subsequent and/or similar breach or default. 

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

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

  
 Page 22 of 28 

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

									
		 	KATMAI PHARMACEUTICALS, INC.	  		  		 	THE REGENTS OF THE UNIVERSITY OF CALIFORNIA
					
	By:	 	 /s/ Bradley B. Gordon
	  		  	By:	 	 /s/ Mark Wisniewski

		 	(Signature)	  		  		 	(Signature)
					
	Name:	 	Bradley B. Gordon	  		  	Name:	 	Mark Wisniewski
					
	Title:	 	President, CEO	  		  	Title:	 	Sr. Director, Biopharmaceuticals
					
	Date:	 	3/9/20	  		  	Date:	 	3/9/20
					
		 		  		  		 	THE REGENTS OF THE UNIVERSITY OF CALIFORNIA
					
		 		  		  	 By:
	 	 /s/ Amir Naiberg

		 		  		  		 	(Signature)
					
		 		  		  	 Name:
	 	 Amir Naiberg

					
		 		  		  	 Title:
	 	 AVC, Technology Development Group

					
		 		  		  	 Date:
	 	 3/9/20

  
 Page 23 of 28 

 APPENDIX A 

PATENT RIGHTS 
 [***] 

  
 Page 24 of 28 

 APPENDIX B 

ROYALTY STATEMENT 
 [***]

  
 Page 25 of 28 

 APPENDIX C 

LICENSEE CONTACT INFORMATION 

[***] 

  
 Page 26 of 28 

 APPENDIX D 

STOCK ISSUANCE AGREEMENT 

[***] 

  
 Page 27 of 28 

 APPENDIX E 

RESIDUAL INFORMATION 

[***] 

  
 Page 28 of 28 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT
IS BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
 FIRST AMENDMENT TO EXCLUSIVE
AGREEMENT 
 UC Control No. [***] 
  

THIS FIRST AMENDMENT (the “First Amendment”) is effective this December 18, 2020, by and between The Regents of
the University of California (“The Regents”), a California corporation having its statewide administrative offices at 1111 Franklin Street, 12th Floor, Oakland, California 94607-5200, acting through the offices of The University of California, Los Angeles located at 10889 Wilshire Blvd, Suite 920, Los
Angeles,                CA 90095-7191, and Katmai Pharmaceuticals, Inc. (“Licensee”), a Delaware
corporation having a principal place of business at 1126 Goldenrod Ave., Corona Del Mar, California 92625, amends that certain Exclusive License Agreement, UC Control
No. 2020-04-0576, dated March 11, 2020 (the “Agreement”) in accordance with the terms and conditions of this First Amendment. 

WHEREAS, the parties are entering into that certain Sponsored Research Agreement (“SRA”) concurrently with execution of this First Amendment;

 WHEREAS, the parties hereby agree to include under this Agreement all ERAS-801 Inventions and non-patentable Deliverables (such capitalized terms as defined in the SRA) as further detailed below; 
 WHEREAS, Licensee
desires, and The Regents agrees, to include under this Agreement the non-patentable subject matter disclosed to The Regents pursuant to UCLA Case No. [***] as Associated Technology licensed pursuant to the
terms of the Agreement; 
 WHEREAS, the parties are currently in discussions regarding Licensee’s desire to include other Potential Patent Rights
(defined below) as Patent Rights licensed under this Agreement and, in view of such active discussions, The Regents agrees to refrain from licensing its interest in such Potential Patent Rights for a period of time as defined herein below; 

NOW, THEREFORE, the parties agree as follows: 
  

	 	1.	 ERAS-801 Inventions. Pursuant to Section 10.4 of the SRA,
the parties have agreed that, to the extent The Regents has the legal right and ability to do so, patents The Regents pursues on ERAS-801 Inventions (as defined in Section 11.5 of the SRA) will be
incorporated into this Agreement and will constitute Patent Rights under this Agreement. In such case, the parties further agree that: 

(1) the parties will amend Appendix A of this Agreement to incorporate the applicable UCLA Case Number corresponding to each such ERAS-801 Invention, and the template amendment attached to this First Amendment as Exhibit 1 will be used to facilitate such amendment; 

(2) while no additional consideration (e.g., a license amendment fee) will be required when executing the amendment referred to in subpart
(1) above, such newly incorporated Patent Rights will be subject to all of the provisions of this Agreement, including all obligations (e.g., Earned Royalties, Past and Ongoing Patent Cost reimbursement, progress and royalty reports, etc.) and
all rights (e.g., license granted pursuant to Section 2.1, ability to grant Sublicenses under Section 3, etc.) under this Agreement; 

(3) if the nature of an ERAS-801 Invention is such that The Regents determines additional Development
Milestones need to be included under Section 5.2 of the Agreement (Development Milestones), then the parties will confer and include additional Development Milestones in the applicable amendment to this Agreement; 

 (4) it is possible that certain ERAS-801 Inventions,
while related to ERAS-801, may be capable of being used for purposes independent of ERAS-801 (the Patent Rights pursued thereon constituting “Patent Rights of
General Applicability”), e.g., a diagnostic invention applicable to a disease that has multiple treatment options in addition to ERAS-801. In such case, the parties agree that the exclusive license
granted to Licensee to the Patent Rights pursuant to Section 2.1 will also be subject to Section 2.2.C, which the parties agree is hereby added to this Agreement: 

“C. Patent Rights designated by the parties as constituting Patent Rights of General Applicability will be limited to the ERAS-801 Field of Use such that The Regents expressly reserves the right to grant exclusive rights to the Patent Rights of General Applicability outside of the ERAS-801 Field
of Use. “ERAS-801 Field of Use” means use of the Patent Rights solely for the purposes of developing, manufacturing and commercializing ERAS-801 and
specifically excluding the right to use such Patent Rights for purposes independent of the compounds claimed by the Patent Rights. 
  

	 	2.	 Non-patentable Deliverables. Pursuant to Section 9.2 of the
SRA, the parties have agreed that, to the extent The Regents has the legal right and ability to do so, non-patentable Deliverables (as defined by Section 9.1 of the SRA to include Periodic Reports, Data
and the Final Report) will be incorporated into this Agreement and will constitute Associated Technology under this Agreement. In such case, the parties further agree that: 

(1) the parties will amend Appendix A of this Agreement to incorporate the applicable UCLA Case Number corresponding to such Deliverables, and
the template amendment attached to this First Amendment as Exhibit 1 will be used to facilitate such amendment; 
 (2) while no additional
consideration (e.g., a license amendment fee) will be required when executing the amendment referred to in subpart (1) above, such newly incorporated Associated Technology will be subject to all of the provisions of this Agreement, including
all obligations (e.g., Earned Royalties, etc.) and all rights (e.g., license granted pursuant to Section 2.1, ability to grant Sublicenses under Section 3, etc.) under this Agreement; 

(3) such newly added Associated Technology will be subject to the Associated Technology Field of Use. “Associated Technology Field of
Use” means use of the Associated Technology solely for the purposes of developing, manufacturing and commercializing the compounds claimed by the Patent Rights. If Licensee desires to use or otherwise exploit the Associated Technology for
any other purpose, e.g., for the purposes of data mining and/or any other type of analysis to discover, develop, manufacture or commercialize products (e.g., compounds, analogues, etc.) that are not covered by the Patent Rights, then the parties
will confer and amend this Agreement to enable such use as mutually agreed to by the parties. 
  

	 	3.	 Incorporation of Associated Technology: The parties have agreed to hereby add the nonpatentable subject
matter disclosed and assigned to The Regents pursuant to the following UCLA Case Number as Associated Technology licensed pursuant to the terms, and therefore it is hereby added to Appendix E, of the Agreement: 

[***] 

	 	4.	 Standstill on Other Regents IP: The parties are also actively discussing Licensee’s request to
incorporate the UCLA Case Numbers identified in the table below as Patent Rights licensed under the Agreement (“Potential Patent Rights”). To enable the parties to have additional time to negotiate the terms related thereto, The
Regents agrees to not grant any option or license to its interest in the Potential Patent Rights to another person or entity for the period commencing on the First Amendment’s Effective Date and ending six (6) months thereafter. For
clarity, no option or license is granted by The Regents to such Potential Patent Rights pursuant to this First Amendment. 

[***] 
 Both The Regents and Licensee have
executed this First Amendment by their authorized officers on the dates written below: 
  

									
	KATMAI PHARMACEUTICALS, INC.	 		 	THE REGENTS OF THE UNIVERSITY OF CALIFORNIA
					
	By:	 	 /s/ Bradley Gordon
	 	                        	 	By:	 	 /s/ Amir Naiberg

		 	(Signature)	 		 		 	(Signature)
	Name: Bradley Gordon	 		 	Name: Amir Naiberg
	Title: President and CEO	 		 	Title: Associate Vice Chancellor, CEO & President
	Date: 12/18/2020	 		 	Date: 12/21/2020

 EXHIBIT 1 

[INSERT NUMBER] AMENDMENT TO EXCLUSIVE AGREEMENT 

[***] 

 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***], HAS BEEN OMITTED BECAUSE IT
IS BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. 
 SECOND AMENDMENT TO EXCLUSIVE
AGREEMENT 
 UC Control No. [***] 

THIS SECOND AMENDMENT (the “Second Amendment”) is effective this April 1, 2021, by and between The
Regents of the University of California (“The Regents”), a California corporation having its statewide administrative offices at 1111 Franklin Street, 12th Floor, Oakland,
California 94607-5200, acting through the offices of The University of California, Los Angeles located at 10889 Wilshire Blvd, Suite 920, Los Angeles, CA 90095-7191, and
Katmai Pharmaceuticals, Inc. (“Licensee”), a Delaware corporation having a principal place of business at 1126 Goldenrod Ave., Corona Del Mar, California 92625, amends that certain Exclusive License Agreement, UC Control No. 2020-04-0576, dated March 11, 2020, and as subsequently amended in a First Amendment effective December 21, 2020 (“First Amendment”) in
accordance with the terms and conditions of this Second Amendment (collectively, the “Agreement”). 
 WHEREAS, Licensee and The Regents are
parties to two Sponsored Research Agreements each made effective July 28, 2020, i.e., UCLA Ref. Nos.[***] (“SRA”); 
 WHEREAS,
pursuant to the First Amendment to the Agreement the parties agreed to incorporate under the Agreement all ERAS-801 Inventions and non-patentable Deliverables (such
capitalized terms as defined in the SRA) as further detailed in such First Amendment; 
 WHEREAS, the invention disclosed to UCLA pursuant to UCLA Case No.
[***]constitutes an ERAS-801 Invention resulting from the SRA and the parties are executing this Second Amendment to acknowledge the patents pursued by The Regents on such
ERAS-801 Invention constitute Patent Rights under this Agreement; 
 WHEREAS, the
non-patentable subject matter disclosed to UCLA pursuant to UCLA Case No. [***] constitutes non-patentable Deliverables resulting from the SRA and the parties are
executing this Second Amendment to acknowledge such non-patentable Deliverables constitute Associated Technology under this Agreement; 

NOW, THEREFORE, the parties agree as follows: 
  

	 	1.	 The parties hereby agree to amend Appendix A of the Agreement to incorporate the patents The Regents pursues on
UCLA Case No. [***] as Patent Rights under this Agreement. The parties further agree that these Patent Rights constitute Patent Rights of General Applicability and therefore are subject to Section 2.2.C of this Agreement (see First Amendment).

  

	 	2.	 The parties hereby agree to amend Appendix E of the Agreement to incorporate the following nonpatentable
subject matter disclosed and assigned to The Regents pursuant to the following UCLA Case Number as Associated Technology licensed pursuant to the terms of the Agreement, provided that this newly incorporated Associated Technology will be subject to
the Associated Technology Field of Use, as defined by the First Amendment to the Agreement. 

  
 1 

 [***] 
  

	 	3.	 Attached to this Second Amendment as Attachments 1 and 2 are the updated Appendices A and E from the Agreement
which serve to incorporate the Patent Rights and Associated Technology as described above. For the avoidance of doubt, no Associated Technology and no Patent Rights are being removed from these Appendices as a result of this Second Amendment –
the sole update is the addition of the Patent Rights and Associated Technology as described in paragraphs 1 and 2 above. 

 All other
terms and conditions of the Agreement remain the same. This Second Amendment may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. Electronic,
facsimile, Portable Document Format (PDF) or photocopied signatures of the parties will have the same legal validity as original signatures. 
 Both The
Regents and Licensee have executed this Second Amendment by their authorized officers on the dates written below: 
  

									
	KATMAI PHARMACEUTICALS, INC. 	  		  	THE REGENTS OF THE UNIVERSITY OF CALIFORNIA
		  		  		  		  	
					
	By:	  	 /s/ Bradley Gordon
	  		  	By:	  	 Mark Wisniewski

		  	(Signature)	  	        	  		  	(Signature)
	Name:	  	Bradley Gordon	  		  	Name:	  	Mark Wisniewski
	Title:	  	President and CEO	  		  	Title:	  	Sr. Director of Business Development, Biopharmaceuticals
					
	Date:	  	  
	  		  	Date:	  	  

				
		  		  		  	 THE REGENTS OF THE UNIVERSITY OF CALIFORNIA

					
		  		  		  	By:	  	 Amir Naiberg

		  		  		  		  	(Signature)
		  		  		  	Name:	  	Amir Naiberg
		  		  		  	Title:	  	AVC, Technology Development Group
					
		  		  		  	Date:	  	  

  
 2 

 ATTACHMENT 1 TO SECOND AMENDMENT 

APPENDIX A 

REGENTS’ PATENT RIGHTS 

[***] 

 ATTACHMENT 2 TO SECOND AMENDMENT 

APPENDIX E 

ASSOCIATED TECHNOLOGY 

[***]

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