Document:

EX-10.33

 Exhibit 10.33 

[Pursuant to Item 601(b)(10) of Regulation S-K, certain confidential portions of this exhibit have been omitted by
means of marking such portions with asterisks as the identified confidential portions (i) are not material and (ii) would be competitively harmful if publicly disclosed.] 

AGREEMENT 
 THIS AGREEMENT is made
the 6th day of March 2018 (‘‘Effective Date”) 
 BETWEEN 

 

	1.	 IONTAS LIMITED, a company incorporated under the laws of England (Company No. 06785483) with its
registered office at 82B High Street, Sawston, Cambridgeshire CB22 3HJ (“Iontas”) 

  

	2.	 F-STAR BETA LIMITED, a company incorporated under the laws of
England (Company No. 09263520) with its registered office at Eddeva B920 Babraham Research Campus, Cambridge. Cambridgeshlre CB22 3AT (“F-star”) 

BACKGROUND 
  

	1.	 lontas is a private biotechnology company focused on the development of novel antibody therapeutics through the
use of its proprietary antibody phage display platform. 

  

	2.	 F-star is a private biotechnology company focused on the design and
development of antibody products. 

  

	3.	 F-star has previously evaluated certain of lontas’ proprietary anti-PD-L1 antibodies under the terms of a Material Transfer Agreement dated 30 October 2017. 

 

	4.	 F-star now wishes to acquire certain rights and title in lontas’ anti-PD-L1 antibodies for incorporation into F-star’s proprietary product development programmes, and lontas is willing to assign
such rights and license associated know-how to F-star on an exclusive basis, all in accordance with the terms and conditions of this Agreement. 

AGREED TERMS 
  

	1.	 DEFINITIONS 

  

	1.1	 In this Agreement unless the context otherwise requires, the definitions and rules of interpretation set out in
this clause 1 shall apply. 

  

	1.2	 “Affiliate” means, with respect to a company or person, any other company or person that
directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with such company or person; “control” and, with correlative meanings. the terms “controlled by” and
“under common control with”, shall mean: (a) the possession, directly or 

	 	
indirectly, of the power to direct the management or policies of a company or person, whether through the ownership of voting securities, by contract or otherwise; or (b) the ownership,
directly or indirectly, of at least fifty per cent (50%) of the outstanding voting securities or other ownership interest of a company or person. 

  

	1.3	 “Antibodies” means the set of proprietary
antl·PD-L1 human antibodies that is the subject of this Agreement, each constituent antibody comprising: (a) one variable heavy (VH) sequence; and {b) one variable light (VL) sequence; selected
from lontas’ proprietary VH and VL sequences set out in the Schedule. 

  

	1.4	 “Antibody Know-how” means all Know-how Controlled by lontas relating to the Antibodies or Related Sequences, Including without limitation: 

  

	 	a.	 information relating to the Isolation of the Antibodies or Related Sequences, in particular information
concerning the libraries, antigens, selection and screening methods used for such isolation; 

  

	 	b.	 information relating to the methods and materials used in any assays in relation to the Antibodies or Related
Sequences; and 

  

	 	c.	 information relating to characterisation of the Antibodies or Related Sequences. including but not limited to
details relating to their binding, specificity, functional activity. 

  

	1.5	 “Calendar Year” means the period from 1st January until 31st December; 

 

	1.6	 “Control” means the possession of the right (directly or indirectly, and by ownership, licence
or otherwise) to grant a licence or other right as required in this Agreement, to or under lntellectual Property Rights, without violating the terms of any agreement or other arrangement with any third party. 

 

	1.7	 “Exploit” means to research. have researched, develop, have developed, register, have
registered, use, have used, make, have made, import, have imported, export, have exported, market, have marketed, distribute, have distributed, sell and have sold, offer for sale, modify, enhance. improve, trial, formulate. optimise, transport,
promote, otherwise dispose of or offer to dispose of or otherwise exploit, a compound, antibody or product, and “Exploitation” and “Exploiting” shall be construed accordingly. 

 

	1.8	 “First Approval” means the first approval (excluding conditional approval) granted by a
Regulatory Authority which. provides authorisation to market and sell the relevant Product. 

  

	1.9	 “Intellectual Property Rights” means all patents. trademarks, service marks, designs,
applications for any of the foregoing and the right to apply for any of the foregoing in any part of the world, copyright, design right. database rights, inventions, confidential information, Know-how and any
other similar right anywhere in the world. 

  
 CONFIDENTIAL 

*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been
omitted and is the subject of a confidential treatment request. 

	1.10	 “Know-how” means confidential information of either
party comprising data, knowledge, Information, Ideas, discoveries, Inventions, formulae, techniques, procedures and methodologies for experiments and tests, designs, sketches, records, chemical manufacturing data, toxicological data, pharmacological
data, pre-clinical data, clinical data, regulatory documentation, assays, platforms, formulations, specifications and quality control testing data; together with analyses and interpretations of information
which is in the public domain. 

  

	1.11	 “mAb2” means a full-length
antibody in which the Fc region has been replaced by an Fc fragment wherein the Fc harbours an engineered antigen binding site. 

  

	1.12	 “Phase 1” means a clinical study of a Product, the purpose of which is to study the
pharmacology of the Product when administered to humans, and where the parties have no knowledge of any evidence that the product has effects likely to be beneficial to the subjects of the clinical trial. 

 

	1.13	 “Phase 2” means a clinical study of a Product, which provides for the Initial trial of the
Product on a limited number of patients for the purpose of determining dose and evaluating safety .and preliminary efficacy in the proposed therapeutic indication. A clinical study which meets the definition of a Phase 3 shall not constitute a Phase
2 clinical study. 

  

	1.14	 “Phase 3” means a controlled pivotal clinical study of a Product that aims to establish the
therapeutic benefit of the Product in a larger patient sample and to further demonstrate the Product’s safety in patients with the target disease in a particular indication in a manner sufficient to obtain !hose regulatory approvals necessary
from one or more competent authorities for the marketing and sale of the Product. 

  

	1.15	 “Product” means any product containing an Antibody and/or any antibody having a Related
Sequence, regardless of such product’s specificity, itntended use, finished form, formulation, dosage or other active and non-active ingredients. 

 

	1.16	 “Start” means the first dosing of a first patient. 

 

	1.17	 “Regulatory Authority” means any competent authority in any country or region which regulates
medicines and healthcare and life sciences products, including the Medicines and Healthcare products Regulatory Agency, the European Medicines Agency and the US Food and Drug Administration. 

 

	1.18	 “Related Sequence” means any antibody sequence that: (a) binds PD-L1; and (b) shares the same VH and VL germline sequences of the Antibodies; and (c) shares at least [***] homology within the combined CDR3 regions of such VH and VL germline sequences.

  
 CONFIDENTIAL 

*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been
omitted and is the subject of a confidential treatment request. 

	2.	 ASSIGNMENT AND LICENCE 

 

	2.1	 Subject to the terms of this Agreement, lontas hereby assigns and transfers to
F-star all of lontas’ right, title and interest in and to the Antibodies, including: 

  

	 	2.1.1	 the right to apply for, prosecute and obtain patent, utility model or other similar protection in respect of
the Antibodies, Related Sequences and/or the Antibody Know-how; and 

  

	 	2.1.2	 the right to sue for damages and other remedies in respect of any infringement of such rights or use of the
Antibodies, Related Sequences and/or the Antibody Know-how by any third party. 

  

	2.2	 Subject to the terms of this Agreement, lontas hereby grants to F-star
an exclusive (even as to lontas and its Affiliates) right and licence, with the right to grant sublicences (including through multiple tiers}, under the Antibody Know-how to Exploit Related Sequences and
Products throughout the world. 

  

	2.3	 Without prejudice to any other provision of this Agreement, in, the event that lontas or its Affiliates come
into the Control of any lntellectual Property Rights directly related to the Antibody or Related Sequence, lontas hereby grants and agrees to grant (and shall procure the same from its Affiliates) to F-star a
perpetual, irrevocable, non-exclusive, fully-paid up, worldwide, transferable, sub-licensable (including through multiple tiers} licence under such Intellectual Property
Rights to research, develop, make, keep, use and sell any Antibody, Related Sequence or Products. 

  

	2.4	 lontas shall not Exploit the Antibodies, any Related Sequences, or any Products and shall not provide any
Antibodies or Related Sequences to any third party. lontas shall not, and shall procure that its Affiliates do not file any application tor any patent, utility model or other similar protection in respect of the Antibodies, Related Sequences and/or
the Antibody Know-how. lontas or its Affiliates shall not use the Antibodies or Related Sequences to create any derivative
anti-PD-L1 antibodies (Derivatives). For the avoidance of doubt this includes chain shuffling to identify novel partner chains and mutagenesis of Antibodies or Related
Sequences. For the avoidance of doubt. nothing In this Agreement shall prevent lontas from using the Antibody Know-how in research and development activities carried out on its own behalf and/or on behalf of
third parties, provided that such activities are confined to the identification and Exploitation of: (a) antibodies against targets other than PD-L1; and (b) anti-PD-L1 antibodies that do not contain any of the Antibodies or Related Sequences. 

  

	2.5	 Except as expressly set forth in this Agreement, neither party grants to the other any licence, express or
implied, under any of its Intellectual Property Rights, 

  
 CONFIDENTIAL 

*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been
omitted and is the subject of a confidential treatment request. 

	2.6	 lontas shall, within a reasonable period following receipt of a request from
F-star, to the extent that it has not already done so, deliver up to F-star copies of the Antibody Know-how in a format to be
agreed In writing between the parties. 

  

	2.7	 F-star shall be exclusively responsible for all regulatory matters
(including the preparation and filing of all regulatory documentation) relating to the Exploitation of Products. 

  

	3.	 COMMERCIAL TERMS 

 

	3.1	 In consideration of the assignment and licensing of lontas’ rights set out in clause 2 above, F-star undertakes to pay to lontas the recurring and non-recurring milestone payments set out in this clause 3. 

 

	3.2	 Each of the non-recurring milestone payments set out in the table below
shall be payable by F-star once only, upon the first occurrence of the corresponding trigger event: 

Non-Recurring Milestone Payments 

 

							
	 No.
	  	 Trigger Event
	  	Payment Value	 
	 1
	  	Up-front fee	  	£	200,000	 
	[***]	  	[***]	  	 	[***]	 
	[***]	  	[***]	  	 	[***]	 
	[***]	  	[***]	  	 	[***]	 

  

	3.3	 An annual fee of £50,000 shall be payable by F-star on the first,
and each subsequent anniversary of the Effective Date occurring prior to the first commercial sale or supply by F-star, its Affiliates, licensees or sublicensees of any Product. 

 

	3.4	 Each of the recurring milestone payments set out in the table below shall be payable by F-star upon each occurrence of the corresponding trigger event in respect of each Distinct Product. Each of the recurring milestone payments set out in the table below shall be payable only once with respect to each
Distinct Product regardless of whether the corresponding milestone is achieved more than once. For the purposes of this clause a “Distinct Product”·shall mean a Product containing an antibody or mAb2, the amino acid sequence of which antibody or mAb2 (as applicable) is different from the amino acid sequence of all other antibodies and mAb2 (as applicable) contained in all Products for which the applicable trigger event has previously occurred. 

Recurring Milestone Payments 
  

							
	 No.
	  	 Trigger Event
	  	Payment Value	 
	 [***]
	  	[***]	  	 	[***]	 
	 [***]
	  	[***]	  	 	[***]	 
	 [***]
	  	[***]	  	 	[***]	 
	 [***]
	  	[***]	  	 	[***]	 

  
 CONFIDENTIAL 

*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been
omitted and is the subject of a confidential treatment request. 

							
	 No.
	  	 Trigger Event
	  	Payment Value	 
	 [***]
	  	[***]	  	 	[***	] 
	 [***]
	  	[***]	  	 	[***	] 
	 [***]
	  	[***]	  	 	[***	] 
	 [***]
	  	[***]	  	 	[***	] 
	 [***]
	  	[***]	  	 	[***	] 
	 [***]
	  	[***]	  	 	[***	] 

  

	3.5	 For the purposes of recurring milestones 8, 9 and 10, the phrase “net sales” means [***].

  

	3.6	 lontas shall be entitled to issue its invoices in respect of
non-recurring milestone payment No. 1 (Up-front Fee) and the Annual Fee (pursuant to clause 3.3) at any time following, respectively, the Effective Date and each
subsequent anniversary of the Effective Date. Save as aforesaid, upon the first occurrence of the trigger event for each non-recurring milestone payment, and upon each occurrence of the trigger event for each
recurring milestone payment, F-star shall notify lontas in writing within [***] after such occurrence. lontas shall be entitled to issue its invoice in respect of the relevant milestone payment at any time
following receipt of such notice. F-star shall pay each lontas invoice, together with any applicable VAT, in full and without any set-off within [***] after receipt of
the applicable invoice. 

  

	3.7	 If any milestone event listed in clause 3.4 does not occur in respect of a particular Distinct Product
(“Missed Milestone”), then the milestone payment in respect of the Missed Milestone shall be paid together with the milestone payment in respect of the next milestone achieved with respect to the relevant Distinct Product (where
“next’’ refers to the sequences. in which the milestones are listed in clause 3.4), except that recurring milestones [***] shall never be deemed to be Missed Milestones to which this clause 3.7 applies, and such milestones [***],
shall be paid only upon actual achievement of the applicable milestone event. 

  

	3.8	 Payments of milestone payments under this clause 3 shall be made by
F-star irrespective of whether F-star or its Affiliate, licensee, sub-licensee Is responsible for achieving the applicable
trigger event. 

  

	4.	 RECORDS 

  

	4.1	 F-star shall keep full, true and accurate books of account containing
all particulars that may be necessary for the purpose of calculating or confirming the sums payable by F-star pursuant to this Agreement. lontas shall have the right to engage an independent public accountant
to perform, on behalf of lontas. an audit of such books and records of F-star as may be deemed necessary by such independent public accountant for the period or periods requested by lontas and the correctness
of any report or payments made 

  
 CONFIDENTIAL 

*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been
omitted and is the subject of a confidential treatment request. 

	 	
pursuant to this Agreement, provided that (i) such right shall not be exercised more than once in any Calendar Year. (ii) shall relate only records for the period not exceeding [***]
prior to the current Calendar Year; and (iii) shall only take place upon reasonable notice and during the business hours of F-star. The accountant shall be required to keep confidential all information
learnt during any such audit. and to disclose to lontas only such details as may be necessary to report on the accuracy of any report or payments made pursuant to this Agreement. 

 

	4.2	 F-star shall, at the reasonable request and at the cost of lontas audit
its licensees and provide lontas access to such audit reports, provided that lontas shall keep confidential all information learnt from such reports on the terms of this Agreement. 

 

	4.3	 If lontas’ audit reveals an underpayment. F-star shall make up
such underpayment with the next due payment. If the underpayment of F-star exceeds [***], then F-star shall pay the audit costs. 

 

	5.	 WARRANTIES 

  

	5.1	 Each party warrants to the other that it has the power and authority and the legal right to enter into this
Agreement and to perform its obligations hereunder. and is not subject to any obligations that would prevent it from entering into or carrying out its obligations under this Agreement. 

 

	5.2	 lontas warrants that as at the Effective Date: 

 

	 	5.2.1	 to the best of lontas’ knowledge and belief, lontas is the sole legal and beneficial owner of the
Antibodies and Related Sequences and has no knowledge of any third party having any right, title or interest in or to use the Antibodies or Related Sequences; 

 

	 	5.2.2	 lontas has not assigned, nor has lontas granted any licences under, the Antibodies or Related Sequences:

  

	 	5.2.3	 lontas has not disclosed the sequences of the Antibodies or Related Sequences to any third party other than
under conditions that such third parties shall not use nor disclose such information for any purpose other than discussions with lontas; 

  

	 	5.2.4	 lontas has the right to grant the rights and licences granted under this Agreement (including, without
limitation, with respect the Antibody Know-how), without violating the terms of any agreement or other arrangement with any third party; and 

 

	 	5.2.5	 neither lontas nor any of its Affiliates has filed any patent application claiming any Antibodies or Related
Sequences. 

  
 CONFIDENTIAL 

*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been
omitted and is the subject of a confidential treatment request. 

	5.3	 All other warranties, representations, conditions and all other terms implied by statute or common law are, to
the fullest extent permitted by applicable law, excluded from this Agreement. 

  

	6.	 LIABILITY 

  

	6.1	 The following provisions set out the entire financial liability of the parties (including any liability for the
acts or omissions of its employees, agents and sub-contractors) in respect of: (a) any breach of this Agreement: and (b) any representation, statement or tortious act or omission (including
negligence) arising under or in connection with this Agreement. 

  

	6.2	 Neither party shall be liable, whether in contract, tort {including for negligence or breach of statutory
duty), misrepresentation or otherwise for any special, indirect or consequential loss or damage. 

  

	6.3	 Save as expressly set out in this Agreement, the total aggregate liability of each party under this Agreement
arising in connection with the performance or contemplated performance of this Agreement, whether In contract, tort (including negligence or breach of statutory duty), misrepresentation, restitution or otherwise shall be limited to [***].

  

	6.4	 Nothing in this Agreement limits or excludes F-star’s liability
under clause 6.5 below, nor a party’s liability: (a) for death or personal injury caused by its negligence; (b) for fraud or fraudulent misrepresentation; or (c) for any other liability that cannot lawfully be excluded or
limited. 

  

	6.5	 F-star acknowledges that lontas has no control over F-star’s Exploitation of Products. Consequently, subject to clause 6.6, F-star agrees to indemnify lontas against all costs, claims, damages, losses, liabilities and
expenses incurred or suffered by lontas in connection with any third party claim, demand, action or suit against lontas as a result of F-star’s Exploitation of Products, except to the extent that such
third party claim, demand, action or suit against lontas arises out of or in connection with any breach of warranty by lontas. 

  

	6.6	 lontas shall provide prompt written notice to F-star of the assertion
or commencement of any third party claim, demand, action or suit F-star shall have the right to assume (with own counsel and at its own costs) the defence and/or settlement of the same and shall not be liable
for any settlement made by lontas without F-star’s consent (which consent shall not be withheld unreasonably). lontas shall (i) promptly provide all assistance and information reasonably required by F-star; (ii) not make any admission of liability, conclude any agreement or make any compromise with any person in relation to such claim, demand, action or suit without the prior written consent of F-star (which consent shall not be withheld unreasonably); and (iii) have the right to participate in (but not control) the defence of the claim, demand, action or suit and to retain its own counsel in
connection with such claim, demand, action or suit at its own expense. 

  
 CONFIDENTIAL 

*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been
omitted and is the subject of a confidential treatment request. 

	7.	 CONFIDENTIALITY 

 

	7.1	 Each party agrees with the other that it will, except as permitted under this Agreement, maintain as
confidential and will not make any unauthorised use of any private or confidential information about the other party including but not limited to information relating to its business, business plans or projections, members, customers, products,
promotions, or its private and financial affairs. lontas agrees that it will maintain as confidential, not disclose to any third party and not use for any purpose any Antibodies or Related Sequences, except pursuant to clause 7.3 below.
Notwithstanding the foregoing, F-star shall be free to use and disclose the Antibodies Related Sequences. and Antibody Know-how in connection with the Exploitation of
Products. 

  

	7.2	 The provisions of clause 7.1 above shall not apply to: 

 

	 	7.2.1	 any information in the public domain, except where it has entered the public domain as a result of a breach of
this Agreement or 

  

	 	7.2.2	 information obtained from a third party who is free to divulge the same without any obligation of
confidentiality. 

  

	7.3	 Neither party shall be in breach of Its obligations under clause 7.1 to the extent that: 

 

	 	7.3.1	 information is required to be disclosed by law or in order for a party to this Agreement to meet its
obligations hereunder; 

  

	 	7.3.2	 information is disclosed by F-star or lontas to its professional
advisors, any regulatory authority or statutory auditors; or 

  

	 	7.3.3	 any disclosure is required by an order of any court of competent jurisdiction, or in pursuance of any procedure
for disclosure of documents in any proceedings before any such court, or pursuant to any law or regulation having the force of law in any country. 

  

	8.	 TERM AND TERMINATION 

 

	8.1	 This Agreement shall commence on the Effective Date and subject to clause 8.2 shall continue indefinitely
thereafter. 

  

	8.2	 This Agreement may be terminated in any of the following circumstances: 

 

	 	8.2.1	 by F-star at any time upon [***] prior written notice to lontas;

  

	 	8.2.2	 by either party immediately upon notice in writing to the other in the event that (i) the other party is
in material breach of its obligations under this Agreement; and (ii) the terminating party has previously issued written notice specifying the breach and requiring its remedy; and (iii) at least [***] has elapsed following receipt of such
notice by the party in breach, and during such period the party in breach has not remedied such breach; or 

  
 CONFIDENTIAL 

*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been
omitted and is the subject of a confidential treatment request. 

	 	8.2.3	 by either party immediately upon notice in writing in the event that the other party goes into compulsory or
voluntary liquidation (except for the purposes of solvent reconstruction or amalgamation) or a receiver, administrative receiver or administrator is appointed in respect of the whole or any part of its assets or in the event that It makes an
assignment for the benefit of or composition with its creditors generally or engages in or suffers any similar procedure in any jurisdiction. 

  

	8.3	 In the event of termination howsoever caused: 

 

	 	8.3.1	 F-star shall immediately cease all Exploitation of Products, and all
use of the Antibody Know-how provided that F-star and its Affiliates, licensees, sub-licensees and third party partners shall be
entitled to sell any stock of Products existing or in the process of manufacture as at the effective date of termination; 

  

	 	8.3.2	 Subject to clause 8.3.3 and only to the extent consistent with the rights granted under clause 8.3.3, lontas
shall be entitled to Exploit Antibodies and Related Sequences (and F-star shall not enforce against lontas any Intellectual Property Rights generated by F-star relating
solely to the Antibodies and Related Sequences) throughout the world as it sees fit without any further obligation to F-star and F-star shall, upon request, deliver to
lontas in a format to be agreed in writing between the parties, all scientific and regulatory data and documents in F-star’s possession and control to the extent that the same relate solely to the
Antibodies and Related Sequences as developed by F-star up to the effective date of termination of this Agreement, to the extent necessary or desirable to enable lontas to take over and continue the
Exploitation of the Antibodies and Related Sequences; and 

  

	 	8.3.3	 at the request of any licensee of F-star, lontas shall enter into a
direct licence with such licensee on the same terms as this licence granted to F-star. 

  

	8.4	 In the event that F-star elects at any time to abandon, surrender or
cease prosecution, maintenance or renewal of the entirety of any patent family, whether granted or pending, claiming only an Antibody or Related Sequence and no other antibody or antibody sequence or
mAb2 (Abandonment). F-star shall notify Iontas in writing of its election prior to such Abandonment becoming effective, and
F-star be deemed to have granted to lontas an exclusive option, exercisable within [***] or receipt of F-star’s notice, to acquire from F-star, for nominal consideration only, the relevant patent family the subject of the Abandonment, provided however that with effect from the date of such assignment lontas hereby grants and agrees to grant to F-star a non-exclusive, fully-paid up, worldwide, transferable, sub-licensable (including through multiple tiers) licence under such
patent family the subject of the Abandonment. 

  
 CONFIDENTIAL 

*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been
omitted and is the subject of a confidential treatment request. 

	8.5	 The expiry or termination of this Agreement shall be without prejudice to any rights that have accrued to
either of the parties under this Agreement. 

  

	8.6	 Clauses 1, 5. 6, 7. 8.3, 8.5, 9, 10 and 11 shall survive termination or expiry of this Agreement.

  

	9.	 NOTICES 

  

	9.1	 Any notice, consent, agreement or official communication under this Agreement shall be in writing and shall be
delivered by hand or sent by pre-paid airmail post or recorded delivery post to the other party at its address as set out in this Agreement, or such other address as may have been notified by that party for
such purposes. A notice, consent, agreement or official communication delivered by hand shall be deemed to have been received when delivered (or if delivery is not during business hours, at 09.00 on the first business day following delivery). A
correctly addressed notice, consent, agreement or official communication sent by pre-paid airmail post or recorded delivery post shall be deemed to have been received at the time at which it would have been
delivered in the normal course of post. 

  

	10.	 DISPUTE RESOLUTION 

 

	10.1	 In the event of any dispute or difference arising out of or in connection with this Agreement which the parties
cannot resolve by amicable negotiation within [***] of the onset of the dispute, the parties agree prior to any litigation first to try in good faith to settle the dispute or difference by mediation in accordance with the Mediation Rules published
by the Centre for Dispute Resolution (‘‘CEDR”). ln the absence of agreement as to the appointment of the mediator, the mediator shall be nominated by CEDR. The parties agree to bear equally the administrative costs of the
mediation and the mediator’s fees. Each party further agrees to bear its own fees and costs. The venue for any mediation shall be England. Nothing in this Agreement shall prevent either party from seeking equitable relief (including without
limitation injunctive relief) from any court of competent jurisdiction. 

  

	11.	 GENERAL 

  

	11.1	 Each party agrees to execute, acknowledge and deliver such further instruments, and do such other acts, as may
be necessary and appropriate in order to carry out the purposes and intent of this Agreement, including perfecting the transfer of title to those rights that are the subject of assignment pursuant to clause 2 above, and such agreements required
pursuant to clause 8.3.3. 

  
 CONFIDENTIAL 

*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been
omitted and is the subject of a confidential treatment request. 

	11.2	 Any variation of this Agreement shall be in writing and signed by or on behalf of the parties.

  

	11.3	 Neither party shall have any liability to the other party under this Agreement if it is prevented from, or
delayed in, performing its obligations under this Agreement or from carrying on its business by acts, events, omissions or accidents beyond its reasonable control. 

 

	11.4	 Except with respect to clause 8.3.3 which may be enforced by
F-star’s licensees, a person who is not a party to this Agreement shall not have any rights under or in connection with it, whether under the Contract {Rights of Third Parties) Act 1999 or otherwise.
Notwithstanding that any term of this Agreement may be or become enforceable by a person who is not a party to it, the terms of this Agreement or any of them may be varied, amended or modified or this Agreement may be suspended, cancelled or
terminated by agreement in writing between the parties or this Agreement may be rescinded (in each case), without the consent of any such third party. 

  

	11.5	 A waiver of any right under this Agreement is only effective if it is in writing and it applies only to the
party to whom the waiver is addressed and the circumstances for which it is given. Unless specifically provided otherwise, rights arising under this Agreement are cumulative and do not exclude rights provided by law. 

 

	11.6	 If any provision of this Agreement is found by any court or administrative body of competent jurisdiction to be
invalid, unenforceable or illegal, the other provisions shall remain in force. If any invalid, unenforceable or illegal provision would be valid, enforceable or legal if some part of it were deleted or modified, the provision shall apply with
whatever modification is necessary to give effect to the commercial intention of the parties. 

  

	11.7	 F-star shall not, without the prior written consent of lontas, assign,
transfer. charge or deal in any other manner with all or any of its rights or obligations under this Agreement. provided that F-star: (i) is permitted to license all or any of its rights or obligations
under this Agreement,. and (ii) is permitted to assign all or any of its rights or obligations under this Agreement to an Affiliate and/or a purchaser of that part of F-star’s business to which this
Agreement relates. lontas may not at any time assign, transfer, charge, sub-contract or deal in any other manner with all or any of its rights or obligations under this Agreement, save that lontas may, without
consent. assign the benefit of the payments from F-star under this Agreement, following prior written notice to F-star of such assignment. 

 

	11.8	 Nothing in this Agreement is intended to or shall operate to create a partnership between the parties, or to
authorise either party to act as agent for the other, and neither party shall have authority to act in the name or on behalf of or otherwise to bind the other in any way (including but not limited to the making of any representation or warranty, the
assumption of any obligation or liability and the exercise of any right or power). 

  
 CONFIDENTIAL 

*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been
omitted and is the subject of a confidential treatment request. 

	11.9	 This Agreement constitutes the entire and only agreement between the parties in relation to its subject matter
and replaces and extinguishes all prior or simultaneous agreements, undertakings, arrangements, understandings or statements of any nature made by the parties or any of them whether oral or written (and, if written, whether or not in draft form)
with respect to such subject matter. Each of the parties acknowledges that they are not relying on any statements, warranties or representations given or made by any of them in relation to the subject matter of this Agreement, save those expressly
set out in this Agreement, and that they shall have no rights or remedies with respect. to such subject matter otherwise than under this Agreement save to the extent that they arise out of the fraud or fraudulent misrepresentation of another party.

  

	11.10	 This Agreement and any disputes or claims arising out of or in connection with it or its subject matter or
formation (including non-contractual disputes or claims) are governed by and construed in accordance with the laws of England. Subject to clause 10 above, the parties irrevocably agree that the courts of
England have exclusive jurisdiction to settle any dispute or claim that arises out of or in connection with this Agreement or Its subject matter or formation (including non-contractual disputes or claims).

 AS WITNESS the duly authorised representatives of each of the parties the day and year first before written. 

 

							
	SIGNED by	  	 	)	 	  	
	for and on behalf of	  	 	)	 	  	............................................
	IONTAS LIMITED	  	 	)	 	  	
			
	SIGNED by	  	 	)	 	  	
	for and on behalf of	  	 	)	 	  	............................................
	F-STAR BETA LIMITED	  				  	

  
 CONFIDENTIAL 

*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been
omitted and is the subject of a confidential treatment request. 

 SCHEDULE 

[***] 
 [***] 

[***] 
  

	 	•	 	 [***] 

  

	 	•	 	 [***] 

[***] 
  

	 	•	 	 [***] 

[***] 
 [***] 

[***] 

  
 CONFIDENTIAL 

*** Certain information in this agreement has been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been
omitted and is the subject of a confidential treatment request.EX-10.34

 Exhibit 10.34 

[Pursuant to Item 601(b)(10) of Regulation S-K, certain confidential portions of this exhibit have been omitted by means of marking such portions with
asterisks as the identified confidential portions (i) are not material and (ii) would be competitively harmful if publicly disclosed.] 

AMENDED AND RESTATED 
 PD-L1 LICENCE AGREEMENT 
 between 

F-STAR BETA LIMITED 

and 
 KYMAB LIMITED

 Dated as of 26th day of November 2018 

CONFIDENTIAL 

 Index 
  

							
	Clause No.	  	Page No.	 
	 1.
	 	 DEFINITIONS
	  	 	1	 
			
	 2.
	 	 SEQUENCES AND ALLIANCE MANAGER
	  	 	8	 
			
	 3.
	 	 LICENCES
	  	 	9	 
			
	 4.
	 	 DILIGENCE
	  	 	10	 
			
	 5.
	 	 PAYMENTS AND RECORDS
	  	 	11	 
			
	 6.
	 	 INTELLECTUAL PROPERTY
	  	 	14	 
			
	 7.
	 	 CONFIDENTIALITY AND NON-DISCLOSURE
	  	 	16	 
			
	 8.
	 	 WARRANTIES AND COVENANT
	  	 	20	 
			
	 9.
	 	 INDEMNITY
	  	 	21	 
			
	 10.
	 	 TERM AND TERMINATION
	  	 	22	 
			
	 11.
	 	 MISCELLANEOUS
	  	 	23	 

  

							
	 SCHEDULE 1
	  	 	29	 
		
	 SCHEDULE 2
	  	 	31	 
		
	 SCHEDULE 3
	  	 	32	 

 CONFIDENTIAL 

 This Agreement is made on 26th day of November 2018 by
and between: 
  

	(1)	 F-STAR BETA LIMITED, an English limited company (company number
09263520) with its registered office at Eddeva B920, Babraham Research Campus, Cambridge, United Kingdom, CB22 3AT (“F-star”); and 

 

	(2)	 KYMAB LIMITED, an English limited company (company number 07027523) with its registered office at The
Bennet Building (B930), Babraham Research Campus, Cambridge, United Kingdom, CB22 3AT (“Kymab”). 

 F-star and Kymab are sometimes referred to herein individually as a “Party” and collectively as the “Parties.” 

RECITALS 
  

	(A)	 F-star Controls (as defined herein) certain intellectual property
rights with respect to an Fcab directed specifically against PD-L1. Kymab has selected one such Fcab to be provided by F-star to Kymab; and 

 

	(B)	 F-star, pursuant to an agreement between the Parties dated
19 April 2016, (the “Original Agreement”) has granted a limited licence to Kymab under its intellectual property rights in certain murine and human F-star
PD-L1 F cabs selected by Kymab. The Original Agreement was amended by the Parties by a letter dated 17 May 2017; and 

 

	(C)	 The Parties have agreed to amend and restate the Original Agreement insofar as it relates to the grant of the
limited licence by F-star to Kymab under its intellectual property rights in the PD-L1 Fcab selected by Kymab as further set out in this Agreement.

 NOW THEREFORE, in consideration of the following mutual promises and obligations, and for other good and valuable consideration
the adequacy and sufficiency of which are hereby acknowledged, the Parties agree as follows: 
  

	1.	 DEFINITIONS 

In this Agreement and in the Schedules to this Agreement the following capitalised terms, whether used in the singular or plural, shall have the meanings set
forth below: 
  

	1.1	 “Affiliate” means, with respect to a given entity, any person, corporation, or other entity,
that Controls, is Controlled by, or is under common Control with such entity where for the purposes of this definition Control shall mean in respect of any corporation or other entity, the direct or indirect ownership of more than fifty percent
(50%) of the outstanding shares or other voting rights of the subject entity having the power to vote on or direct the affairs of the entity, (or such lesser percentage which is the maximum allowed to be owned by a foreign corporation in a
particular jurisdiction). Any other relationship which in fact results in actual control over the management, business and affairs of an entity shall also be deemed to constitute Control. For the avoidance of doubt,
F-star Alpha, F-star Gamma, F-star Delta, F-star GmbH and
F-star 

  
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CONFIDENTIAL 
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been omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

	 	
Ltd shall not be considered to be Affiliates of F-star. Any entity that is established by Kymab and that is Controlled by the shareholders of Kymab but not
by Kymab itself shall not be considered to be an Affiliate of Kymab. 

  

	1.2	 “Agreement” means this agreement and all schedules, appendices and other addenda attached
hereto as any of the foregoing may be amended in accordance with the provisions of this Agreement. 

  

	1.3	 “Applicable Law” means federal, state, local, national and supra-national laws, statutes,
rules, and regulations, including any rules, regulations, guidelines, or other requirements of the Regulatory Authorities, major national securities exchanges or major securities listing organizations, that may be in effect from time to time during
the Term and applicable to a particular activity or country or other jurisdiction hereunder. 

  

	1.4	 “Business Day” means a day other than a Saturday or Sunday on which banking institutions in
London, England are open for business. 

  

	1.5	 “Calendar Quarter” means each successive period of three (3) calendar months commencing
on January 1, April 1, July 1 and October 1, except that the first Calendar Quarter of the Term shall commence on the Effective Date and end on the day immediately prior to the first to occur of January 1, April 1,
July 1 or October 1 after the Effective Date, and the last Calendar Quarter shall end on the last day of the Term. 

  

	1.6	 “Calendar Year” means each successive period of twelve (12) calendar months commencing on
January 1 and ending on December 31, except that the first Calendar Year of the Term shall commence on the Effective Date and end on December 31 of the year in which the Effective Date occurs and the last Calendar Year of the Term
shall commence on January 1 of the year in which the Term ends and end on the last day of the Term. 

  

	1.7	 “Combination Product” means a Licensed Product containing or consisting of one (1) or
more Kymab mAb2 together with one (1) or more Other Active Ingredients, whether in the same or different formulations. 

 

	1.8	 “Commercialisation” means any and all activities directed to the preparation for sale of;
offering for sale of, or sale of a molecule or product, including activities related to marketing, promoting, distributing, importing and exporting such molecule or product, and, for purposes of setting forth the rights and obligations of the
Parties under this Agreement, shall be deemed to include conducting Phase IV Studies, and interacting with Regulatory Authorities regarding any of the foregoing. When used as a verb, “to Commercialise” and “Commercialising” means
to engage in Commercialisation, and “Commercialised” has a corresponding meaning. 

  

	1.9	 “Commercially Reasonable Efforts” means, with respect to the performance of a Party’s
activities under this Agreement, the carrying out of such activities using efforts and resources comparable to the efforts and resources that [***] would typically devote to compounds or products of similar market potential at a similar stage in
development or product life, taking into account all scientific, commercial, and other factors that the company would take into account, including issues of safety and efficacy, expected and 

  
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CONFIDENTIAL 
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omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

	 	
actual cost and time to develop, expected and actual profitability (including royalties and other payments required hereunder), expected and actual competitiveness of alternative products
(including generic or biosimilar products) in the marketplace, the nature and extent of expected and actual market exclusivity (including patent coverage and regulatory exclusivity), the expected likelihood of regulatory approval, the expected and
actual reimbursability and pricing, and the expected and actual amounts of marketing and promotional expenditures required. 

  

	1.10	 “Confidential Information” means any Information or data provided orally, visually, in writing
or other form by or on behalf of one Party (or an Affiliate or representative of such Party) to the other Party (or to an Affiliate or representative of such Party) in connection with this Agreement before, on, or after the Effective Date, including
Information relating to the disclosing Party’s products, technology, research plans, business affairs and/or finances, the terms of this Agreement or any Licensed Product. 

 

	1.11	 “Control” means, with respect to any item of Information, Regulatory Documentation, material,
Patent, or other property right, the possession of the right, whether directly or indirectly, and whether by ownership, license, covenant not to sue or otherwise (other than by operation of the license and other grants in Clause 3.1), to grant a
license, sublicense or other right (including the right to reference Regulatory Documentation) to or under such Information, Regulatory Documentation, material, Patent, or other property right as provided for herein without violating the terms of
any agreement or other arrangement with any Third Party [***]. 

  

	1.12	 “Data” means the F-star
PD-L1 Fcab Data. 

  

	1.13	 “Effective Date” means 19 April 2016. 

 

	1.14	 “F-star Alpha” means
F-star Alpha Limited, an English limited company whose company number is 08676690 and whose registered office is at Eddeva B920, Babraham Research Campus, Cambridge, CB22 3AT. 

 

	1.15	 “F-star Background Patents” means any and all F-star Patents which do not specifically claim the F-star Human PD-L1 Fcab or the sequence of CH3 domain containing the antigen binding
loops in the F-star Human PD-L1 Fcab. 

  

	1.16	 “F-star Delta” means
F-star Delta Limited, an English limited company whose company number is 10543154 and whose registered office is at Eddeva B920, Babraham Research Campus, Cambridge, CB22 3AT; 

 

	1.17	 “F-star Gamma” means
F-star Gamma Limited, an English limited company whose company number is 10214672 and whose registered office is at Eddeva B920, Babraham Research Campus, Cambridge, CB22 3AT. 

 

	1.18	 “F-star GmbH” means
F-star Biotechnologische Forschungs-Und Entwicklungsges.M.B. H, an Austrian company whose registered office is Schwarzenbergplatz 7,
A-1030 Vienna, Austria. 

  
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CONFIDENTIAL 
 *** Certain information in this agreement has been
omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

	1.19	 “F-star
Know-How” means any F-star Know-How in relation to the F-star PD-L1 Fcabs that (i) is in F-star’s Control on or prior to the Effective Date and/or (ii) is assigned to F-star pursuant
to Clause 6.2. 

  

	1.20	 “F-star Ltd” means
F-star Biotechnology Limited, an English limited company whose company number is 08067987 and whose registered office is at Eddeva B920, Babraham Research Campus, Cambridge, CB22 3AT. 

 

	1.21	 “F-star Patents” means any and all Patents Controlled
by F-star on the Effective Date or during the Term that have claims that would, in the absence of a licence, be infringed by the research, development or Commercialisation of a Kymab mAb2. F-star Patents specifically includes the claims of any Patent that covers the F-star
PD-L1 Fcab that is Controlled by F-star, except for any Patent filed by Kymab in respect of the Kymab mAb2 pursuant
to Clause 6.6. 

  

	1.22	 “F-star PD-L1
Fcabs” means the F-star Human PD-L1 Fcab and the F-star Murine PD-L1 Fcabs each
as specifically identified in Schedule 1, Part A and under the headings “F-star Human PD-L1 Fcab” and
“F-star Murine PD-L1 Fcabs”. 

  

	1.23	 “F-star PD-L1 Fcab
Data” means the data that is in F-star’s Control on or prior to the Effective Date, including that described in Schedule 1, Part B, solely in respect of the
F-star PD-L1 Fcabs. 

  

	1.24	 “Fab” means the region on an antibody that binds to antigens which is composed of one
(1) constant and one (1) variable domain of each of the heavy and the light chain. 

  

	1.25	 “Fcab” means an Fc fragment of an antibody that harbours an antigen binding site that confers
a specific binding of such Fc fragment to a defined target antigen, which Fc fragment is generated by or on behalf of F-star. 

 

	1.26	 “Field” means all therapeutic, prophylactic and diagnostic uses, including the treatment of
human and animal disease. 

  

	1.27	 “First Commercial Sale” means, with respect to a Licensed Product and a country, the first
sale for monetary value for use or consumption by the end user of such Licensed Product in such country after Regulatory Approval for such Licensed Product has been obtained in such country. [***]. 

 

	1.28	 “ICOS” means Inducible T-cell COStimulator (ICOS)
(registered with Uniprot number Q9Y6W8), also known as CD278, encoded by the ICOS gene being part of the CD28-superfamily and a costimulatory molecule which is expressed on activated T-cells.

  

	1.29	 “Information” means all knowledge of a technical, scientific, business and other nature,
including know-how, technology, means, methods, processes, practices, formulae, instructions, skills, techniques, procedures, experiences, ideas, technical assistance, designs, drawings, assembly procedures,
computer programs, apparatuses, specifications, data, results and other material, regulatory data, and other biological, chemical, pharmacological, toxicological, pharmaceutical, physical and analytical,
pre-clinical, clinical, safety, manufacturing and quality control data and information, 

  
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CONFIDENTIAL 
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omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

	 	
including study designs and protocols, reagents (e.g., plasmids, proteins, cell lines, assays and compounds) and biological methodology; in each case (whether or not confidential, proprietary,
patented or patentable, of commercial advantage or not) in written, electronic or any other form now known or hereafter developed. 

  

	1.30	 “Know-How” means any and all data, inventions,
methods, proprietary information, processes, trade secrets, techniques and technology, whether patentable or not but which are not generally known, including discoveries, formulae, materials (including chemicals), biological materials (including
expression constructs, nucleic acid sequences, amino acid sequences, and cell lines), practices, test data (including pharmacological, toxicological, pre-clinical and clinical information and test data),
analytical and quality control data (including drug stability data), manufacturing technology and data (including formulation data), and sales forecasts, data and descriptions. 

 

	1.31	 “Kymab Licensed Product” means any product which contains the Kymab mAb2. 

  

	1.32	 “Kymab mAb2” means a product
comprising an antibody (a) in which the CH3 domain contains the antigen binding loops of the F-star Human PD-L1 Fcab and (b) which contains the antigen binding
loops of a ICOS Fab. 

  

	1.33	 “Licensed Product” means a Kymab Licensed Product alone, or as part of a Combination Product,
in any and all forms, in current and future formulations, dosage forms and strengths, and delivery modes, including any improvements thereto. 

  

	1.34	 “Losses” has the meaning set forth in Clause 9.2. 

 

	1.35	 “mAb2 Patents” means any
Patents filed by Kymab that claim the composition of matter of a Kymab mAb2. 

  

	1.36	 “Material Transfer Agreement” means the material transfer agreement between F-star Ltd and Kymab dated 28 May 2015. 

  

	1.37	 “Mono Product” has the meaning set forth in the definition of “Net Sales” in Clause
1.39. 

  

	1.38	 “Net Receipts” means any payment (including any option fee, upfront payment, milestone,
royalty or other consideration) received by Kymab from a Third Party in consideration for an option for rights, or the grant of rights, in respect of a Kymab Licensed Product which is received by Kymab whether before or after the date of this
Agreement, less any value added or other taxes that are withheld from or which Kymab is liable to pay in relation to such receipt. 

  

	1.39	 “Net Sales” means, [***] 

 

	 	(a)	 [***] 

  

	 	(b)	 [***] 

  

	 	(c)	 [***] 

  
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CONFIDENTIAL 
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omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

	 	(d)	 [***] 

  

	 	(e)	 [***] 

  

	 	[***]	 

  

	 	[***]	 

  

	 	[***]	 

  

	 	[***]	 

  

	 	(i)	 [***] 

  

	 	(ii)	 [***] 

  

	 	(iii)	 [***] 

  

	 	(iv)	 [***] 

  

	1.40	 “Other Active Ingredient” means an active pharmaceutical ingredient which has a therapeutic
effect which is independent of the relevant Kymab mAb2. Drug delivery vehicles, adjuvants and excipients shall not be deemed to be active pharmaceutical ingredients and their presence shall not be
deemed to create a Combination Product. For the avoidance of doubt, the Other Active Ingredient and the relevant Kymab mAb2 must be separate and distinct components of the Combination Product, and
the presence of an antibody fragment or region within a trispecific Kymab mAb2 shall not be deemed to create a Combination Product. 

 

	1.41	 “Patents” means (a) all national, regional and international patents and patent
applications, including provisional patent applications, (b) all patent applications filed either from such patents, patent applications or provisional applications or from an application claiming priority from either of these, including
divisionals, continuations, continuations-in-part, provisionals, converted provisionals and continued prosecution applications, (c) any and all patents that have
issued or in the future issue from the foregoing patent applications ((a) and (b)), including utility models, petty patents and design patents and certificates of invention, (d) any and all extensions or restorations by existing or future
extension or restoration mechanisms, including revalidations, reissues, re-examinations and extensions (including any supplementary protection certificates and the like) of the foregoing patents or patent
applications ((a), (b), and (c)), and (e) any similar patent rights, including so-called pipeline protection or any importation, revalidation, confirmation or introduction patent or registration patent or
patent of additions to any of such foregoing patent applications and patents. 

  

	1.42	 “PD-L1” means Programmed Death-Ligand 1 (registered
with Uniprot number Q9NZQ7), also known as B7-H1 or CD274. 

  

	1.43	 “PD-L1 Fcab” means an Fcab directed specifically
against PD-L1. 

  
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CONFIDENTIAL 
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omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

	1.44	 “Person” means an individual, sole proprietorship, partnership, limited partnership, limited
liability partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture or other similar entity or organization, including a government or political subdivision, department
or agency of a government. 

  

	1.45	 “Phase 3 Clinical Trial” means a clinical trial which is designed to (a) establish that
the relevant product is safe and efficacious for its intended use: (b) define warnings, precautions and adverse reactions that are associated with the product in the dosage range to be prescribed and (c) support Regulatory Approvals.

  

	1.46	 “PoC Trial” means the first phase 2 clinical trial that is reasonably designed to provide
initial evidence of efficacy of the relevant product and it is not intended to be a pivotal clinical trial or a dose ranging study. 

  

	1.47	 “Regulatory Approval” means, with respect to a country or other jurisdiction in the Territory,
any and all approvals, licenses, registrations, or authorizations of any Regulatory Authority necessary to Commercialise a Kymab mAb2 or Licensed Product in such country or other jurisdiction,
including, where applicable pricing or reimbursement approval in such country or other jurisdiction. 

  

	1.48	 “Regulatory Authority” means any applicable supra-national, federal, national, regional,
state, provincial, or local governmental or regulatory authority, agency, department, bureau, commission, council, or other entities (e.g., the FDA, EMA and PMDA) regulating or otherwise exercising authority with respect to activities contemplated
in this Agreement, including the Commercialisation of any Kymab mAb2 or Licensed Products in the Territory. 

 

	1.49	 “Royalty Term” means with respect to each Kymab Licensed Product and each country in the
Territory, the period beginning on the date of the First Commercial Sale of such Licensed Product in such country, and ending on the first to occur of (a) the last to occur of the expiration, invalidation or abandonment of the last F-star Patent or mAb2 Patent as the case may be that includes a Valid Claim that covers the manufacture, sale, or use of the Kymab Licensed Product or the Kymab
mAb2 in such country, and (b) the date that is ten (10) years from the date of the First Commercial Sale of such Licensed Product anywhere in the world. 

 

	1.50	 “Sublicensee” means a Third Party, other than a distributor, that is granted a sublicense by
Kymab under the grants in Clause 3.1 as provided in Clause 3.3. 

  

	1.51	 “Term” has the meaning set forth in Clause 10.1. 

 

	1.52	 “Territory” means all countries and territories worldwide. 

 

	1.53	 “Third Party” means any Person other than F-star,
Kymab and their respective Affiliates. For the avoidance of doubt, F-star Alpha, F-star Gamma, F-star Delta, F-star GmbH and F-star Ltd shall be deemed to be Third Parties. 

  
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CONFIDENTIAL 
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omitted and filed separately with the Securities and Exchange Commission. [***] indicates that text has been omitted and is the subject of a confidential treatment request. 

	1.54	 “Valid Claim” means a claim of any issued and unexpired Patent directed to patentable subject
matter for which the validity, enforceability, or patentability has not been affected by any of the following: (a) irretrievable lapse, abandonment, revocation, dedication to the public, or disclaimer; or (b) a holding, finding, or
decision of invalidity, unenforceability, or non-patentability by a court, governmental agency, national or regional patent office, or other appropriate body that has competent jurisdiction, such holding,
finding, or decision being final and unappealable or unappealed within the time allowed for appeal. 

  

	1.55	 This Agreement shall be interpreted and construed pursuant to the following rules of interpretation and
construction: 

  

	 	1.55.1	 all references to a particular clause or schedule shall be a reference to that clause or schedule in or to this
Agreement as it may be amended from time to time pursuant to this Agreement; 

  

	 	1.55.2	 in the event of any inconsistencies between this Agreement and any schedules or other attachments hereto, the
terms of this Agreement shall control; 

  

	 	1.55.3	 the headings are inserted for convenience only and shall be ignored in construing this Agreement;

  

	 	1.55.4	 words importing the masculine gender shall include the feminine; 

 

	 	1.55.5	 words denoting persons shall include any individual, partnership, company, corporation, joint venture, trust
association, organisation or other entity, in each case whether or not having separate legal personality; 

  

	 	1.55.6	 the words “include”, “included”, “including” and “in particular” or any
similar expression are to be construed as illustrative and without limitation to the generality of the preceding words; and 

  

	 	1.55.7	 reference to any statute or regulation includes any modification or
re-enactment of that statute or regulation. 

  

	2.	 SEQUENCES AND ALLIANCE MANAGER 

 

	2.1	 The sequences of the F-star
PD-L1 Fcabs are recorded in Schedule 1 Part A. Within [***] of the Effective Date, F-star shall disclose the F-star PD-L1 Fcab Data to Kymab. In the event that F-star becomes aware that any of the F-star PD-L1
Fcab Data disclosed by it to Kymab may negatively affect Kymab’s research or development activities pursuant to the licence granted under clause 3.1, F-star shall, to the extent that it is reasonably able
to do so, promptly notify Kymab. 

  

	2.2	 Each Party shall appoint a person(s) who shall oversee contact between the Parties for all matters and shall
have such other responsibilities as the Parties may agree in writing after the Effective Date (each, an “Alliance Manager”). Each Party may replace its Alliance Manager at any time by notice in writing to the other Party.

  
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CONFIDENTIAL 
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	3.	 LICENCES 

  

	3.1	 F-star hereby grants to Kymab: 

 

	 	3.1.1	 an exclusive licence, under the F-star Patents (other than the F-star Background Patents) and the F-star PD-L1 Fcab Data {in the case of the Data being that existing at the Effective Date); and

  

	 	3.1.2	 a non exclusive licence under the F-star
Know-How and the F-star Background Patents; in each case with the right to grant sublicences (subject to Clause 3.3), to the extent necessary or desirable solely for the
purpose of researching, developing, manufacturing, using and Commercialising Kymab Licensed Products in the Field in the Territory. It is acknowledged and agreed that the rights granted pursuant to this clause 3.1 under the F-star Know-how and F-star PD-L1 Fcab Data extend solely to the
F-star Know-how and F-star PD-L1 Fcab Data that relate to, and the specific sequence of,
the F-star Human PD-L1 Fcab set out in Schedule 2 Part A. 

  

	3.2	 F-star hereby grants to Kymab a
non-exclusive licence to use the F-star Murine PD-L1 Fcab solely in combination with a ICOS monoclonal antibody and then solely
for the purposes of evaluating the F-star Human PD-L1 Fcab in a Kymab Licensed Product. For the avoidance of doubt, Kymab does not have a licence to use the F-star Murine PD-L1 Fcab in any product whatsoever and Kymab does not have a licence to use the F-star Murine PD-L1 Fcab for the testing or development of any product other than a Kymab Licensed Product, and Kymab is not allowed to express the F-star Murine PD-L1 Fcab in the context of any Fab molecules other than an ICOS-specific Fab. It is acknowledged and agreed that the rights granted pursuant to this clause 3.2 extend solely to the specific sequence of the F-star Murine PD-L1 Fcab set out in Schedule 1 Part A. 

  

	3.3	 Kymab shall have the right to grant sublicences through multiple tiers of sublicences to Sublicensees; provided
that any such sublicences shall (a) be in writing, (b) be not inconsistent with the terms and conditions of this Agreement, and (c) require the applicable Sublicensee to comply with all applicable terms of this Agreement. Each
sublicence granted hereunder will terminate immediately upon the termination of the licence from F-star to Kymab with respect to such rights. 

 

	3.4	 Where this Agreement has been terminated after Kymab has granted a
sub-licence to a Sublicensee, F-star shall, on the written request of the relevant Sublicensee, grant a licence to the Sublicensee on terms substantially similar to this
Agreement but with the same scope as the relevant sub-licence. 

  

	3.5	 Notwithstanding the exclusive licences granted herein: 

 

	 	3.5.1	 Subject to clause 3.5.2, F-star retains the right for itself and its
Affiliates to research, develop, manufacture, use and Commercialise any PD-L1 Fcab (including the sequences licensed in this agreement) in any product other than a Kymab mAb2 or Kymab Licensed Product, and to grant licences and sublicences (including through multiple tiers) to Third Parties under F-star Patents, F-star Know-How and the F-star PD-L1 Fcab Data to any
PD-L1 Fcab for the purpose of researching, developing, manufacturing, using and Commercialising any product other than a Kymab mAb2 or Kymab Licensed
Product. 

  
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	 	3.5.2	 F-star and F-star Ltd shall
not, shall procure that their Affiliates shall not, and shall not assist or enable any other Third Party, during the Term of this Agreement, to research, develop, manufacture, use or Commercialise any product comprising an antibody where the Fc
fragment of the antibody harbours an antigen binding site that confers a specific binding of such Fc fragment to PD-L1 and which contains the antigen binding loops of a ICOS Fab. 

 

	3.6	 Except as expressly provided herein, F-star grants no other right or
licence, including any rights or licences to any of its intellectual property rights not otherwise expressly granted herein, whether by implication, estoppel or otherwise. 

 

	3.7	 F-star shall, if requested to do so by Kymab, promptly enter into
confirmatory licence agreements in the form or substantially the form reasonably requested by Kymab for purposes of recording the licenses granted under this Agreement with such patent offices in the Territory as Kymab considers appropriate.

  

	4.	 DILIGENCE 

  

	4.1	 Kymab shall use Commercially Reasonable Efforts to develop and Commercialise a Kymab Licensed Product, save
that in the event that Kymab ceases to develop or Commercialise a Kymab mAb2 for a period of [***] or more F-star may terminate the licence granted to Kymab
pursuant to Clause 3.1 by notice in writing to Kymab. 

  

	4.2	 In the event that Kymab or a Sublicensee of Kymab has not initiated GMP manufacture of the Kymab mAb2 on or before 30 June 2018 then the restrictions (but not the rights) set out in clause 3.5.1 and the provisions of clause 3.5.2 shall expire and F-star
and F-star Ltd shall no longer be subject to the restrictions therein. 

  

	4.3	 In the event that Kymab or a Sublicensee of Kymab has not dosed the first subject in a clinical trial on or
[***], then the restrictions (but not the rights) set out in clause 3.5.1 and the provisions of clause 3.5.2 shall expire and F-star and F-star Ltd shall no longer be
subject to the restrictions therein provided always that if the delay in Kymab having dosed the first subject in a clinical trial is for reasons outside Kymab’s reasonable control the date to dose the first subject in such a clinical trial
shall be extended to [***] before the restrictions (but not the rights) set out in clause 3.5.1 and the provisions of clause 3.5.2 expire and F-star and F-star Ltd no
longer being subject to the restrictions therein. 

  

	4.4	 The expiry of the restrictions in clauses 3.5.1 and 3.5.2 shall be conditional upon F-star and F-star Ltd providing to Kymab such reasonable assistance by way of advice on know-how specifically relating to the mAb2 technology of F-star and F-star Ltd, at Kymab’s reasonable cost, in relation to the development of the Kymab mAb2 provided always that (i) F-star shall not be obliged to disclose any information which is confidential to a Third Party or which has been exclusively
licensed to a Third Party, or in breach of any agreement it has at the relevant time; (ii) such advice shall be limited to the information readily available to the personnel at F-star at the relevant
time; and 

  
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(iii) F-star shall not be required to undertake any research or development work or to create information for Kymab.
F-star’s obligation to provide such advice shall be limited to [***]and shall expire on the earlier of initiation of [***] and [***]. 

 

	4.5	 Kymab shall have the exclusive right to prepare, obtain, and maintain any Regulatory Approvals and applications
therefor (including the setting of the overall regulatory strategy therefor), other regulatory approvals and other submissions, and to conduct communications with the Regulatory Authorities, for the Kymab mAb2 or Licensed Products in the Territory (which shall include filings of or with respect to INDs or CTAs and other filings or communications with the Regulatory Authorities). 

 

	5.	 PAYMENTS AND RECORDS 

 

	5.1	 Subject to Clause 5.2, Kymab shall pay to F-star the percentage of its
Net Receipts set out in the table below from a Sublicensee of a Kymab Licensed Product: 

  

					
	
Point at which the sub-licence is 
granted
	  	Proportion of Net Revenues
payable	 
	 [***]
	  	 	[***	] 
	 [***]
	  	 	[***	] 
	 [***]
	  	 	[***	] 

  

	5.2	 If: 

  

	 	5.2.1	 the entire issued share capital of Kymab is acquired by a Third Party (a) prior to the grant by Kymab of a
sub-licence to a Sublicensee pursuant to clause 3.3; or (b) after the grant of such a sub-licence where the acquirer of the entire issued share capital of Kymab is
the Sublicensee under the relevant sub-licence, Kymab shall make the following payments to F-star in place of the payments provided for in Clause 5.1:

  

	 	(i)	 [***]; 

  

	 	(ii)	 [***]; 

  

	 	(iii)	 [***]; 

  

	 	(iv)	 [***]); 

  

	 	(v)	 [***]); 

  

	 	(vi)	 [***]; 

  

	 	(vii)	 [***]; 

[***] 

  
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	5.3	 In the event that either Kymab sells Kymab Licensed Products or in the circumstances set out in Clause 5.2.1,
then commencing upon the First Commercial Sale of a Licensed Product in the Territory and for the Royalty Term, on a Licensed Product-by-Licensed Product basis, Kymab
shall pay to F-star [***] of Net Sales of each Kymab Licensed Product in the Territory. Kymab shall have no obligation to pay any royalty with respect to Net Sales of any Licensed Product in any country or
other jurisdiction after the Royalty Term for such Licensed Product in such country or other jurisdiction has expired. 

  

	5.4	 In the event that Kymab grants a sub-licence of rights in relation to a
Licensed Product in the same or a related agreement or arrangement to the grant of any other rights Kymab shall promptly notify F-star of such grant and it is acknowledged and agreed that the amounts
apportioned to the grant of rights in relation to such Licensed Product shall fairly reflect the proportionate value of such Licensed Product. In the event of disagreement between the Parties as to the apportionment either Party may refer the
determination of the fair apportionment to an independent expert in accordance with the procedure set out in Schedule 3. 

  

	5.5	 Royalty Payments and Reports. Kymab shall calculate all amounts payable to
F-star pursuant to this Clause 5 at the end of each Calendar Quarter, which amounts shall be converted to Pounds Sterling, in accordance with Clause 5.6. Kymab shall pay to
F-star the royalty amounts due with respect to a given Calendar Quarter within [***] after the end of such Calendar Quarter. Each payment of royalties shall be accompanied by a statement of the amount of Net
Sales of each Licensed Product in each country or other jurisdiction in the Territory during the applicable Calendar Quarter (including such amounts expressed in local currency and as converted to Pounds Sterling), the applicable royalty rate(s)
under this Agreement and a calculation of the amount of royalty payment due on such Net Sales for such Calendar Quarter. 

  

	5.6	 Mode of Payment. All payments to F-star under this Agreement shall be
made by deposit of Pounds Sterling in the requisite amount to such bank account as F-star may from time to time designate by notice to Kymab. For the purpose of calculating any sums due under this Agreement
(including the calculation of Net Sales expressed in currencies other than Pounds Sterling), Kymab shall convert any amount expressed in a foreign currency into Pound Sterling equivalents using its, its Affiliate’s or Sublicensee’s
standard conversion methodology consistent with recognised accounting standards (either International Financial Reporting Standards or US GAAP). 

  

	5.7	 Withholding Taxes. Where any sum due to be paid to F-star hereunder is
subject to any withholding or similar tax, the Parties shall use their commercially reasonable efforts to do all such acts and things and to sign all such documents as will enable them to take advantage of any applicable double taxation agreement or
treaty. In the event there is no applicable double taxation agreement or treaty, or if an applicable double taxation agreement or treaty reduces but does not eliminate such withholding or similar tax, Kymab shall remit such withholding or similar
tax to the appropriate government authority, deduct the amount paid from the amount due to F-star and secure and send to Kymab the best available evidence of the payment of such withholding or similar

  
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tax. If withholding or similar taxes are paid to a government authority, each Party will provide the other such assistance as is reasonably required to obtain a refund of the withheld or similar
taxes, or obtain a credit with respect to such taxes paid. 

  

	5.8	 Indirect Taxes. All payments in this Agreement are exclusive of value added taxes, sales taxes, consumption
taxes and other similar taxes (the “Indirect Taxes”). If any Indirect Taxes are chargeable in respect of any payments, kymab shall pay such Indirect Taxes at the applicable rate in respect of such payments following receipt, where
applicable, of an Indirect Taxes invoice in the appropriate form issued by F-star in respect of those payments. F-star shall issue invoices for all amounts payable under
this Agreement consistent with Indirect Tax requirements and irrespective of whether the sums may be netted for settlement purposes. If the Indirect Taxes originally paid or otherwise borne by Kymab are in whole or in part subsequently determined
not to have been chargeable, all necessary steps will be taken by F-star to receive a refund of these undue Indirect Taxes from the applicable governmental authority or other fiscal authority and any amount of
undue Indirect Taxes repaid by such authority to F-star will be transferred to Kymab within [***] of receipt. 

  

	5.9	 Financial Records. Kymab shall, and shall cause its Affiliates and Sublicensees to, keep complete and accurate
books and records, including agreements, pertaining to Net Receipts and Net Sales of Licensed Products in sufficient detail to calculate all amounts payable hereunder and to verify compliance with its obligations under this Agreement. Such books and
records shall be retained by Kymab and its Affiliates and Sublicensees until [***] after the end of the period to which such books and records pertain. 

  

	5.10	 Audit. At the request of F-star, Kymab shall, and shall cause its
Affiliates to, permit an independent public accounting firm of nationally recognised standing designated by F-star and reasonably acceptable to Kymab, at reasonable times during normal business hours and upon
reasonable notice, to audit the books and records maintained pursuant to Clause 5.9 to ensure the accuracy of all reports and payments made hereunder. Such examinations may not (a) be conducted for any Calendar Quarter more than [***] after the
end of such Calendar Year to which such books and records pertain or (b) be conducted more than once in any [***] period (unless a previous audit during such [***]period revealed an underpayment with respect to such period). The accounting firm
shall disclose to the Parties only whether the reports are correct or not, and the specific details concerning any discrepancies. No other information shall be shared with F-star. Except as provided below, the
cost of this audit shall be borne by F-star, unless the audit reveals a variance of more than [***] from the reported amounts, in which case Kymab shall bear the cost of the audit. Unless disputed pursuant to
Clause 5.11 below, if such audit concludes that (i) additional amounts were owed by Kymab, Kymab shall pay the additional amounts as provided in this Clause 5.10 or (ii) excess payments were made by Kymab,
F-star shall reimburse such excess payments, in either case ((i) or (ii)), within [***]after the date on which such audit is completed by F-star. 

 

	5.11	 Audit Dispute. In the event of a dispute with respect to any audit under Clause 5.10, F-star and Kymab shall work in good faith to resolve the disagreement. If the Parties are unable to reach a mutually acceptable resolution of any such dispute within [***], the dispute shall be submitted for
resolution in accordance with the provisions of Schedule 33 to a certified public accounting firm jointly selected by each Party’s certified public 

  
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accountants or to such other Person as the Parties shall mutually agree (the “Audit Expert”). The Audit Expert shall act as an expert and not as an arbitrator. The decision of
the Audit Expert shall be final and the costs of such determination as well as the initial audit shall be borne between the Parties in such manner as the Audit Expert shall determine. Not later than [***] after such decision and in accordance with
such decision, Kymab shall pay the additional amounts as provided in Clause 5.10, or F-star shall reimburse the excess payments, as applicable. 

 

	5.12	 Confidentiality. F-star shall treat all information subject to review
under this clause 5 in accordance with the confidentiality provisions of clause 7 and the Parties shall cause the Audit Expert to enter into a reasonably acceptable confidentiality agreement with Kymab obligating such firm to retain all such
financial information in confidence pursuant to such confidentiality agreement. 

  

	6.	 INTELLECTUAL PROPERTY 

 

	6.1	 As between the Parties, F-star or an Affiliate designated by F-star shall Control all right, title, and interest in and to any and all F-star Patents, F-star
Know-How and F-star PD-L1 Fcab Data. 

  

	6.2	 As between the Parties, (i) all Information and discoveries, inventions and improvements that are
conceived, discovered, developed, or otherwise made by on or behalf of a Party (or its Affiliates or Sublicensees) under or in connection with this Agreement, whether or not patented or patentable, in each case that solely and exclusively relate to
the F-star PD-L1 Fcabs shall be F-star Know-How and owned by F-star (regardless of inventorship), and (ii) any and all Patents with respect thereto shall be F-star Patents and owned by F-star
(regardless of inventorship). Accordingly, Kymab will promptly disclose to F-star in writing, the conception, discovery, development or making of any such F-star Know-How or F-star Patents. Kymab, for itself and on behalf of its Affiliates, hereby assigns (and to the extent such assignment can only be made in the future hereby agrees
to assign), to F-star all its right, title and interest in and to any such F-star Know-How or
F-star Patents. On F-star’s request, Kymab will execute and record assignments and other necessary documents consistent with such ownership. 

 

	6.3	 Except as set forth in Clauses 6.1 and 6.2 above, as between the Parties, Kymab shall own and retain all right,
title, and interest in and to any and all: (a) Information and inventions that are conceived, discovered, developed, or otherwise made by or on behalf of Kymab (or its Affiliates or Sublicensees) under or in connection with this Agreement,
whether or not patented or patentable, and any and all Patents and other intellectual property rights with respect thereto. 

  

	6.4	 Assignment Obligation. Kymab shall cause all Persons who perform Development activities for Kymab under this
Agreement to be under an obligation to assign (or, if Kymab is unable to cause such Person to agree to such assignment obligation despite Kymab’s using commercially reasonable efforts to negotiate such assignment obligation, provide a license
under) their rights in any Information and inventions resulting therefrom to Kymab, except where Applicable Law requires otherwise and except in the case of governmental,
not-for-profit and public institutions which have standard policies against such an assignment (in which case a suitable license, or right to obtain such a license,
shall be obtained). 

  
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	6.5	 F-star Patent Prosecution and Maintenance. F-star shall have the right, but not the obligation, at its cost, through the use of internal or outside counsel of its choosing to prepare, file, prosecute, and maintain any claims of any F-star Patents [***]. 

  

	6.6	 Kymab Patent Prosecution and Maintenance. Kymab shall have the right, but not the obligation, through the use
of internal or outside counsel of its choosing to prepare, file, prosecute, and maintain any claims of any Patents that cover or claim the Kymab mAb2; provided that[***]. Notwithstanding the
foregoing, if Kymab wishes to file, prosecute or claim any Patent which includes [***], then Kymab shall provide F-star with[***] written notice of such intention including full details of the proposed
disclosure of such [***], so that F-star may itself take steps to file a Patent claiming [***] if it wishes to do so. If F-star wishes to file such a Patent then the
Parties shall [***]. 

  

	6.7	 Cooperation. F-star agrees, at Kymab’s request to provide
reasonable cooperation in the preparation, filing, prosecution, and maintenance of the Patents claiming the Kymab mAb2. 

 

	6.8	 Patent Listings. Kymab shall have no right to include a Patent of
F-star in any filings with Regulatory Authorities in the Territory, including as required or allowed in the United States, in the FDA’s Orange Book if in the future legislation employs the Orange Book for
biologics, or its alternative, or its equivalent in any other country. 

  

	6.9	 Enforcement of Patents. F-star shall have the sole and exclusive right,
but not the obligation, to enforce and defend worldwide under its control, at its own expense, F-star Patents. Kymab shall have the sole and exclusive right, but not the obligation, to enforce and defend
worldwide under its control, at its own expense, any Patent claiming the Kymab mAb2. 

  

	6.10	 Cooperation. The Parties agree to cooperate fully in any action pursuant to Clause 6.9. Where a Party brings
such an action, the other Party shall, where necessary, furnish a power of attorney solely for such purpose or shall join in, or be named as a necessary party to, such action. Where the action concerns [***] then
F-star shall have the right to be represented in such proceedings at its own cost. Unless otherwise set forth herein, the Party entitled to bring any action in accordance with this Clause 6.10 shall have the
right to settle such claim; provided that no Party shall have the right to settle any action under this Clause 6.10 in a manner that diminishes or has a material adverse effect on the rights or interest of the other Party, or in a manner that
imposes any costs or liability on, or involves any admission by, the other Party, without the express written consent of such other Party, such consent not to be unreasonably withheld, conditioned or delayed. The Party commencing or responding to
the action shall provide the other Party with copies of all pleadings and other documents filed with the court and shall consider reasonable input from the other Party during the course of the proceedings; provided however that the foregoing
requirement shall not apply in respect of a Party’s defence of opposition proceedings pursuant to Clause 6.9. 

  
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	6.11	 Recovery. Except as otherwise agreed by the Parties in connection with a cost sharing arrangement, any recovery
realized as a result of such litigation shall be retained by the Party that has exercised its right to bring the enforcement action and any amount remaining after the reimbursement of costs incurred by or on behalf of the Party bringing such
proceedings shall be treated as Net Sales for the purpose of the payment of royalties hereunder. 

  

	6.12	 F-star shall have the sole and exclusive right, but not the obligation,
to defend and control the defence of the validity and enforceability of any F-star Patents. 

  

	6.13	 Inventor’s Remuneration. Each Party shall be solely responsible for any remuneration that may be due such
Party’s inventors under any applicable inventor remuneration laws. 

  

	7.	 CONFIDENTIALITY AND NON-DISCLOSURE 

 

	7.1	 Each Party agrees that it shall keep the Confidential Information received from the other Party confidential
and shall not use or disclose the same without the prior written authority of the disclosing Party other than as specifically permitted pursuant to this Agreement. Notwithstanding the foregoing, to the extent the receiving Party can demonstrate by
documentation or other competent proof, the confidentiality and non-use obligations under this Clause 7.1 with respect to any Confidential Information shall not include any information that:

  

	 	7.1.1	 has been published by a Third Party or otherwise is or hereafter becomes part of the public domain by public
use, publication, general knowledge or the like through no wrongful act, fault or negligence on the part of the receiving Party; 

  

	 	7.1.2	 have been in the receiving Party’s possession prior to disclosure by the disclosing Party without any
obligation of confidentiality with respect to such information; 

  

	 	7.1.3	 is subsequently received by the receiving Party from a Third Party without restriction and without breach of
any agreement between such Third Party and the disclosing Party; 

  

	 	7.1.4	 that is generally made available to Third Parties by the disclosing Party without restriction on disclosure; or

  

	 	7.1.5	 have been independently developed by or for the receiving Party without reference to, or use or disclosure of,
the disclosing Party’s Confidential Information. 

  

	7.2	 Specific aspects or details of Confidential Information shall not be deemed to be within the public domain or
in the possession of the receiving Party merely because the Confidential Information is embraced by more general information in the public domain or in the possession of the receiving Party. Further, any combination of Confidential Information shall
not be considered in the public domain or in the possession of the receiving Party merely because individual elements of such Confidential Information are in the public domain or in the possession of the receiving Party unless the combination and
its principles are in the public domain or in the possession of the receiving Party. 

  
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	7.3	 Permitted Disclosures. Each Party may disclose Confidential Information to the extent that such disclosure is:

  

	 	7.3.1	 in the reasonable opinion of the receiving Party’s legal counsel, required to be disclosed pursuant to
law, regulation or a valid order of a court of competent jurisdiction or other supra-national, federal, national, regional, state, provincial and local governmental body of competent jurisdiction, (including by reason of filing with securities
regulators, but subject to Clause 7.5)); provided, that the receiving Party shall first have given prompt written notice (and to the extent possible, at least [***] notice) to the disclosing Party and given the disclosing Party a reasonable
opportunity to take whatever action it deems necessary to protect its Confidential Information. In the event that no protective order or other remedy is obtained, or the disclosing Party waives compliance with the terms of this Agreement, the
receiving Party shall furnish only that portion of Confidential Information which the receiving Party is advised by counsel is legally required to be disclosed; 

 

	 	7.3.2	 made by or on behalf of the receiving Party to the Regulatory Authorities as required in connection with any
filing, application or request for Regulatory Approval in accordance with the terms of this Agreement; provided, that reasonable measures shall be taken to assure confidential treatment of such Confidential Information to the extent practicable and
consistent with Applicable Law; 

  

	 	7.3.3	 made by or on behalf of the receiving Party to a patent authority as may be reasonably necessary or useful for
purposes of obtaining, defending or enforcing a Patent in accordance with the terms of this Agreement; provided, (i) that the receiving Party shall first have given at least [***] written notice to the disclosing Party, and (ii) that
reasonable measures shall be taken to assure confidential treatment of such Confidential Information, to the extent such protection is available; 

  

	 	7.3.4	 made to its or its Affiliates’, financial and legal advisors who have a need to know such disclosing
Party’s Confidential Information and are either under professional codes of conduct giving rise to expectations of confidentiality and non-use or under written agreements of confidentiality and non-use, in each case, at least as restrictive as those set forth in this Agreement; provided that the receiving Party shall remain responsible for any failure by such financial and legal advisors, to treat such
Confidential Information as required under this Clause 7; 

  

	 	7.3.5	 made by the receiving Party or its Affiliates to potential or actual investors, acquirers, investment bankers,
lenders, as may be necessary in connection with their evaluation of a potential or actual investment in or acquisition of the receiving Party or its Affiliates; provided, that such Persons shall be subject to

  
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obligations of confidentiality and non-use with respect to such Confidential Information substantially similar to the obligations of confidentiality and non-use of the receiving Party pursuant to this Clause 7; 

  

	 	7.3.6	 made by Kymab or its Affiliates or Sublicensees to its or their advisors, consultants, clinicians, vendors,
service providers, contractors, existing or prospective collaboration partners, licensees, sublicensees, or other Third Parties as may be necessary or useful in connection with the development or Commercialisation of the Kymab mAb2, and Kymab Licensed Product, or otherwise in connection with the performance of its obligations or exercise of its rights as contemplated by this Agreement; provided, that such Persons shall be
subject to obligations of confidentiality and non-use with respect to such Confidential Information substantially similar to the obligations of confidentiality and
non-use of the receiving Party pursuant to this clause 7 (with a duration of confidentiality and non-use obligations as appropriate that is no less than [***] from the
date of disclosure for advisors, consultants, clinicians, vendors, service providers, contractors); or 

  

	 	7.3.7	 made by F-star or its Affiliates to its or their advisors, consultants,
clinicians, vendors, service providers, contractors, existing or prospective collaboration partners, licensees, sublicensees, or other Third Parties as may be necessary or useful in connection with the performance of its obligations or exercise of
its rights as contemplated by this Agreement; provided, that such Persons shall be subject to obligations of confidentiality and non-use with respect to such Confidential Information of Kymab substantially
similar to the obligations of confidentiality and non-use of F-star pursuant to this clause 7 (with a duration of confidentiality and
non-use obligations as appropriate that is no less than [***] from the date of disclosure for advisors, consultants, clinicians, vendors, service providers, contractors and the like). 

 

	7.4	 Use of Name. Except as expressly provided herein, neither of F-star nor
its Affiliates, shall mention or otherwise use the name, logo, or trademark of Kymab or any of its Affiliates (or any abbreviation or adaptation thereof) in any publication, press release, marketing and promotional material, or other form of
publicity without the prior written approval of Kymab in each instance. Except as expressly provided herein, neither Kymab nor any of its Affiliates shall mention or otherwise use the name, logo, or Trademark of
F-star or any of its Affiliates (or any abbreviation or adaptation thereof) in any publication, press release, marketing and promotional material, or other form of publicity without the prior written approval
of F-star. The restrictions imposed by this Clause 7.4 shall not prohibit either Party from making any disclosure identifying the other Party that, in the opinion of the disclosing Party’s counsel, is
required by Applicable Law; provided, that such Party shall submit the proposed disclosure identifying the other Party in writing to the other Party as far in advance as reasonably practicable (and in no event less than [***] prior to the
anticipated date of disclosure) so as to provide a reasonable opportunity to comment thereon. 

  

	7.5	 Public Announcements. Neither F-star and its Affiliates, on the one
hand, and Kymab and its Affiliates on the other, shall issue any public announcement, press release, or other public disclosure regarding this Agreement or its subject matter without the

  
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other’s prior written consent, except for any such disclosure that is, in the opinion of the disclosing entity’s counsel, required by Applicable Law or the rules of a stock exchange on
which the securities of the disclosing entity are listed (or to which an application for listing has been submitted); save that [***]. In the event an entity is, in the opinion of its counsel, required by Applicable Law or the rules of a stock
exchange on which its securities are listed (or to which an application for listing has been submitted) to make such a public disclosure, such entity shall submit the proposed disclosure in writing to Kymab (if the entity making the disclosure is F-star) or F-star (if the entity making the disclosure is Kymab) as far in advance as reasonably practicable (and in no event less than [***] prior to the anticipated date of
disclosure) so as to provide a reasonable opportunity to comment thereon. 

  

	7.6	 Publications. Each Party acknowledges that its scientific publications and presentations must be strictly
monitored to prevent any adverse effect from premature publication of results of the development activities hereunder. 

  

	7.7	 Kymab shall have the right to make any publications, presentations or public disclosures related to the Kymab
mAb2. Before any paper, abstract, poster, presentation or other publication or public disclosure (“Publication”) is submitted for publication, Kymab shall deliver a then-current
copy of the Publication to F-star at least [***] prior to any disclosure, release or submission of such Publication. F-star shall make reasonable efforts to expedite
review of such materials and abstracts, and shall return such items as soon as practicable to Kymab with appropriate comments, if any. Notwithstanding the foregoing, F-star shall have the right within such
[***] to delay the disclosure, release, or submission of the Publication for up to [***] in order (i) to require the deletion of any Confidential Information belonging to F-star that may be disclosed by
the Publication; and (ii) to permit adequate steps to be taken to secure patent or other protection for anything referred to in the Publication. Kymab shall comply with F-star’s request to delete
references to F-star’s Confidential Information in any such paper and will withhold publication of any such paper or any presentation of same for up to [***] in order to permit the Parties to obtain
Patent protection if F-star deems it necessary. If Kymab receives no comments or requests to delay the Publication within the[***] period following its delivery to
F-star, F-star shall be deemed to approve the original version of the Publication sent to it by Kymab. 

 

	7.8	 Notwithstanding anything herein to the contrary, F-star and its
Affiliates shall have the right to make any publications, presentations or public disclosures relating to (i) any Fcabs other than the F-star Human PD-L1 Fcab and
(ii) the F-star Human PD-L1 Fcab other than to the extent related to the Kymab mAb2 or Kymab Licensed Product.

  

	7.9	 Return of Confidential Information. Upon the effective date of the termination of this Agreement for any
reason, either Party may request in writing, and the other Party shall either, with respect to Confidential Information to which such first Party does not retain rights under the surviving provisions of this Agreement: (a) as soon as reasonably
practicable, destroy all copies of such Confidential Information in the possession of the other Party and confirm such destruction in writing to the requesting Party; or (b) as soon as reasonably practicable, deliver to the requesting Party, at
the other Party’s expense, all copies of such Confidential Information in the possession of the other Party; provided, that the other Party shall be permitted to retain one (1) copy of such

  
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Confidential Information for the sole purpose of performing any continuing obligations hereunder, as required by Applicable Law, or for archival purposes. Notwithstanding the foregoing, such
other Party also shall be permitted to retain such additional copies of or any computer records or files containing such Confidential Information that have been created solely by such Party’s automatic archiving and back-up procedures, to the extent created and retained in a manner consistent with such other Party’s standard archiving and back-up procedures, but not for any other use
or purpose. 

  

	7.10	 Survival. All Confidential Information shall continue to be subject to the terms of this Agreement for [***]
after the expiry or earlier termination of this Agreement. 

  

	8.	 WARRANTIES AND COVENANT 

 

	8.1	 Each Party warrants, as of the Effective Date as follows: 

 

	 	8.1.1	 Organization. It is a corporation duly organized, validly existing, and in good standing under the laws of the
jurisdiction of its organization, and has all requisite power and authority, corporate or otherwise, to execute, deliver, and perform this Agreement. 

  

	 	8.1.2	 Authorization. The execution and delivery of this Agreement and the performance by that Party of the
transactions contemplated hereby have been duly authorized by all necessary corporate action, and do not violate (a) that Party’s charter documents, bylaws, or other organizational documents, (b) in any material respect, any
agreement, instrument, or contractual obligation to which such Party is bound, (c) any requirement of any Applicable Law, or (d) any order, writ, judgment, injunction, decree, determination, or award of any court or governmental agency
presently in effect applicable to that Party. 

  

	 	8.1.3	 Binding Agreement. This Agreement is a legal, valid, and binding obligation of that Party enforceable against
it in accordance with its terms and conditions, subject to the effects of bankruptcy, insolvency, or other laws of general application affecting the enforcement of creditor rights, judicial principles affecting the availability of specific
performance, and general principles of equity (whether enforceability is considered a proceeding at law or equity). 

  

	 	8.1.4	 No Inconsistent Obligation. That Party is not under any obligation and shall not during the term of this
Agreement agree to be subject to any obligation, contractual or otherwise, to any Person that conflicts with or is inconsistent in any material respect with the terms of this Agreement, or that would impede the diligent and complete fulfilment of
its obligations hereunder. 

  

	 	8.1.5	 There are no written claims or allegations, judgments or settlements against, or amounts with respect thereto
owed by F-star or any of their respective Affiliates relating to a claim that any activities or products covered by F-star Patents infringe the intellectual property
rights of any Third Party. 

  

	8.2	 F-star warrants that at the Effective Date F-star has Control of all Patents, Know How and Data licensed to Kymab hereunder and after the Effective Date none of F-star or its Affiliates shall enter into any agreement
that conflicts with or restricts the rights granted to Kymab under this Agreement. 

  
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	8.3	 F-star Ltd warrants that after the Effective Date none of F-star Ltd or its Affiliates (including for the avoidance of doubt, F-star GmbH) shall enter into any agreement that conflicts with or restricts the rights granted to Kymab
under this Agreement. 

  

	8.4	 Non-Debarment. Kymab hereby undertakes to F-star that it will not use in any capacity, in connection with the manufacture, use, import, development or sale of the Licensed Products during the Term of this Agreement, any individual or entity who has been
debarred by the relevant health authorities. 

  

	8.5	 DISCLAIMER OF WARRANTIES. EXCEPT FOR THE EXPRESS WARRANTIES SET FORTH HEREIN, NONE OF F-STAR, OR KYMAB OR ANY OF THEIR RESPECTIVE AFFILIATES MAKES ANY REPRESENTATIONS OR GRANTS ANY WARRANTIES, EXPRESS OR IMPLIED, EITHER IN FACT OR BY OPERATION OF LAW, BY STATUTE OR OTHERWISE, AND EACH PARTY
SPECIFICALLY DISCLAIMS ANY OTHER WARRANTIES, WHETHER WRITTEN OR ORAL, OR EXPRESS OR IMPLIED, INCLUDING ANY WARRANTY OF QUALITY, MERCHANTABILITY, OR FITNESS FOR A PARTICULAR USE OR PURPOSE OR ANY WARRANTY AS TO THE VALIDITY OF ANY PATENTS OR THE NON-INFRINGEMENT OF ANY INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES. 

  

	9.	 INDEMNITY 

  

	9.1	 No Consequential Damages. Subject to Clause 9.6, but otherwise notwithstanding any other provision of this
Agreement, neither Party shall be liable to the other Party or to any Affiliate of the other Party for any lost profits, business opportunities, special, indirect, consequential, exemplary, or punitive damages of any nature arising under or in
relation to this Agreement even if that Party was advised in advance of the possibility of such loss or damage. 

  

	9.2	 Indemnification by Kymab. Kymab shall, subject to Clauses 9.1 and 9.6, indemnify, F-star, its Affiliates, and its and their respective directors, officers, employees and agents (collectively the “F-star Indemnified Parties”) against any and
all claims, causes of action, demands, liabilities, losses, damages, costs or expenses, including reasonable attorneys’ fees, in each case asserted by a Third Party (each a “Loss” and collectively “Losses”)
incurred or suffered by the F-star Indemnified Parties to the extent such Loss arose out of or was caused by the development, manufacture, use, distribution, marketing, promotion or sale of any Kymab mAb2 or Kymab Licensed Product by or on behalf of Kymab or its Affiliates or sublicensees in the Territory; except, in all cases, to the extent that such Loss arises out of the negligence or wilful
misconduct of F-star. 

  

	9.3	 Notification of Liabilities/Losses. A person or entity entitled to indemnification under this Clause 9 (an
“Indemnified Party”) shall give prompt written notification (within [***]) to Kymab of the commencement or notice of Loss for which indemnification may be sought or, if earlier, upon the assertion of any such Loss (it being
understood and agreed, however, that the failure by an Indemnified Party to give notice of a Loss 

  
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as provided in this Clause 9.3 shall not relieve Kymab of its indemnification obligation under this Agreement except, and only, to the extent that Kymab is materially prejudiced as a result of
such failure to give notice). Kymab shall be liable for any reasonable legal fees and expenses subsequently incurred in connection with the defence of such Loss after receiving such notice. F-star shall
thereafter keep Kymab informed of any Losses. 

  

	9.4	 In the case of a Loss for which F-star seeks indemnification under
Clause 9.2, F-star shall permit Kymab to direct and control the defence of the Loss and shall provide such reasonable assistance as is reasonably requested by Kymab (at Kymab’s cost) in the defence of the
Loss; provided that nothing in this Clause 9.4 shall permit Kymab to make any admission on behalf of F-star, or to settle any claim or litigation which would impose any financial obligations on F-star or would result in any loss or diminution of the scope, validity or enforceability of the F-star intellectual property without the prior written consent of F-star, such consent not to be unreasonably withheld or delayed. 

  

	9.5	 Mitigation. Where F-star makes a claim under this Clause 9, F-star shall take all reasonable steps to mitigate and/or minimise the Losses suffered and shall not do anything nor fail to do something which would have the effect of increasing the Losses. 

 

	9.6	 Restriction on Limitation of Liability. Neither Party limits or excludes its liability for fraud or fraudulent
misrepresentation, nor for death or personal injury arising from its negligence. 

  

	9.7	 Insurance. Kymab shall procure and maintain insurance, including product liability insurance, adequate to cover
its obligations hereunder and which are consistent with normal business practices of prudent companies similarly situated at all times during which any Licensed Product is being clinically tested with human subjects or commercially distributed or
sold. It is understood that such insurance shall not be construed to create a limit of Kymab’s liability with respect to its indemnification obligations under this Clause 9. 

 

	10.	 TERM AND TERMINATION 

 

	10.1	 This Agreement shall commence on the Effective Date and shall continue in force and effect unless earlier
terminated in accordance herewith (the “Term”). 

  

	10.2	 Kymab shall have the right by[***] written notice to F-star to
terminate its rights and obligations in relation to the Kymab mAb2 or Kymab Licensed Products. On any termination by Kymab of its rights and obligations pursuant to this Clause 10.2 save as
provided for in Clause 10.8, Kymab shall have no obligations or liability to F-star in respect of the Kymab mAb2 or Licensed Product. 

 

	10.3	 Termination for Breach. F-star shall have the right to terminate this
Agreement insofar as it relates to the licences and rights granted by F-star in the event that Kymab commits a material breach of this Agreement. F-star shall first
provide written notice to Kymab which notice shall clearly describe the nature of the breach. Kymab shall have[***] in which to cure the breach (or such longer period as is set out in the notice). If Kymab fails to cure the breach within [***] (or
such longer period as is set out in the notice) then F-star may terminate this Agreement insofar as it relates to the licences and rights granted by F-star immediately
on written notice. 

  
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	10.4	 F-star will have the right to terminate this Agreement in respect of
Kymab’s rights upon written notice to Kymab in the event that (i) Kymab or any of its Affiliates directly asserts or directs or assists a Third Party to challenge in any court or patent office the validity or enforceability of any F-star Patent and (ii) Kymab does not cease such activity within[***] of such notice from F-star. 

 

	10.5	 Kymab will have the right to terminate this Agreement in respect of
F-stares rights upon written notice to F-star in the event that (i) F-star or any of its Affiliates directly asserts or
directs or assists a Third Party to challenge in any court or patent office the validity or enforceability of any mAb2 Patent controlled by Kymab and
(ii) F-star does not cease such activity within [***] of such notice from Kymab. 

  

	10.6	 Effects of Termination. The rights and obligations under this Agreement shall immediately terminate with
respect to the Kymab mAb2 or Licensed Products for which this Agreement has been terminated. The obligations under this Agreement shall continue for the Kymab mAb2 or Licensed Products for which this Agreement has not been terminated. In the event that Kymab terminates its rights under this Agreement pursuant to Clause 10.2 then the provisions of Clause 3.5.2
shall expire and F-star shall no longer be subject to the restrictions therein. In the event that F-star terminates Kymab’s rights under this Agreement pursuant to
Clause 10.3 or Clause 10.4 then the provisions of clauses 3.5.2 shall expire and F-star shall no longer be subject to the restrictions therein. 

 

	10.7	 Except as otherwise expressly provided herein, termination of this Agreement in accordance with the provisions
hereof shall not limit remedies that may otherwise be available in law or equity. 

  

	10.8	 Termination or expiration of this Agreement as a whole or with respect to the Kymab mAb2 and Licensed Products for any reason shall be without prejudice to any rights that shall have accrued to the benefit of a Party prior to such termination or expiration. Such termination or expiration
shall not relieve a Party from obligations that are expressly indicated to survive the termination or expiration of this Agreement. Without limiting the foregoing, Clauses 5.9, 5.10, 5.11, 5.12, 3.5.2 (unless the same have been deemed to expire
pursuant to clause 10.6), 6.1, 6.2, 6.3, 6.4, 6.5, 6.6, 6.7, 6.8, 7, 8.5, 9, 10.6, 10.7, 10.8 and 11 shall survive the termination or expiration of this Agreement for any reason. 

 

	11.	 MISCELLANEOUS 

 

	11.1	 Force Majeure. Neither Party shall be held liable or responsible to the other Party or be deemed to have
defaulted under or breached this Agreement for failure or delay in fulfilling or performing any term of this Agreement when such failure or delay is caused by or results from events beyond the reasonable control of the
non-performing Party, including fires, floods, earthquakes, hurricanes, embargoes, shortages, epidemics, quarantines, war, acts of war (whether war be declared or not), terrorist acts, insurrections, riots,
civil commotion, strikes, lockouts, or other labour disturbances 

  
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(whether involving the workforce of the non-performing Party or of any other Person), acts of God or acts, omissions or delays in acting by any
governmental authority (except to the extent such delay results from the breach by the non-performing Party or any of its Affiliates of any term or condition of this Agreement). The non-performing Party shall notify the other Party of such force majeure within [***] after such occurrence by giving written notice to the other Party stating the nature of the event, its anticipated duration, and
any action being taken to avoid or minimize its effect. The suspension of performance shall be of no greater scope and no longer duration than is necessary and the non-performing Party shall use commercially
reasonable efforts to remedy its inability to perform. 

  

	11.2	 Assignment. Without the prior written consent of the other Party, such consent not to be unreasonably withheld,
conditioned or delayed no Party shall sell, transfer, assign, delegate, pledge, or otherwise dispose of, whether voluntarily, involuntarily, by operation of law or otherwise, this Agreement or any of its rights or duties hereunder; provided, that a
Party may make such an assignment without the other Party’s consent to (a) its Affiliate, or (b) in the case of F-star, to F-star Ltd or F-star GmbH or to their respective Affiliates, or (c) to a successor, whether in a merger, sale of stock, sale of assets or any other transaction, of the business to which this Agreement relates. With respect
to an assignment to an Affiliate, or in the case of F-star, to F-star Ltd or F-star GmbH or to their respective Affiliates, the
assigning Party shall remain responsible for the performance by such Affiliate of the rights and obligations hereunder. Any attempted assignment or delegation in violation of this Clause 11.2 shall be void and of no effect. All validly assigned and
delegated rights and obligations of the Parties hereunder shall be binding upon and inure to the benefit of and be enforceable by and against the successors and permitted assigns of F-star or Kymab, as the
case may be. The permitted assignee or transferee shall assume all obligations of its assignor or transferor under this Agreement. Without limiting the foregoing, the grant of rights set forth in this Agreement shall be binding upon any successor or
permitted assignee of F-star, F-star GmbH or F-star Ltd, and the obligations of Kymab, including the payment obligations, shall
run in favour of any such successor or permitted assignee of F-star’s benefits under this Agreement. 

  

	11.3	 Notwithstanding anything to the contrary herein, no Know-How, Patents
or other intellectual property rights not Controlled by F-star or Kymab or any of their respective Affiliates before a Change in Control of such Person will be Controlled by such Person for purposes of this
Agreement after such Change in Control. 

  

	11.4	 Severability. If any provision of this Agreement is held to be illegal, invalid, or unenforceable under any
present or future law, and if the rights or obligations of either Party under this Agreement will not be materially and adversely affected thereby, (a) such provision shall be fully severable, (b) this Agreement shall be construed and
enforced as if such illegal, invalid, or unenforceable provision had never comprised a part hereof, (c) the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid, or
unenforceable provision or by its severance herefrom, and (d) in lieu of such illegal, invalid, or unenforceable provision, there shall be added automatically as a part of this Agreement a legal, valid, and enforceable provision as similar in
terms to such illegal, invalid, or unenforceable provision as may be possible and reasonably acceptable to the Parties. To the fullest extent permitted by Applicable Law, each party hereby waives any provision of law that would render any provision
hereof illegal, invalid, or unenforceable in any respect. 

  
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	11.5	 Governing Law, Jurisdiction and Service. 

 

	 	11.5.1	 Governing Law. This Agreement or the performance, enforcement, breach or termination hereof shall be
interpreted, governed by and construed in accordance with the laws of England. 

  

	 	11.5.2	 Dispute Resolution. If a dispute arises between the Parties in connection with or relating to this Agreement or
any document or instrument delivered in connection herewith (a “Dispute”), it shall be resolved pursuant to this Clause 11.5. 

  

	 	11.5.3	 General. Any Dispute shall first be referred to the Chief Executive Officers of the Parties, who shall confer
in good faith on the resolution of the issue. Any final decision mutually agreed to by the Chief Executive Officers shall be conclusive and binding on the Parties. If the Chief Executive Officers are not able to agree on the resolution of any such
issue within [***] (or such other period of time as mutually agreed by the Chief Executive Officers) after such issue was first referred to them either Party may commence proceedings in the English courts 

 

	11.6	 Notices. Any notice, request, demand, waiver, consent, approval, or other communication permitted or required
under this Agreement shall be in writing, shall refer specifically to this Agreement and shall be deemed given only if (a) delivered by hand, or (b) sent by internationally recognized overnight delivery service that maintains records of
delivery, addressed to the Parties at their respective addresses specified below or to such other address as the Party to whom notice is to be given may have provided to the other Party in accordance with this Clause 11.6. Such notice shall be
deemed to have been given (i) as of the date of delivery if delivered on a Business Day (at the place of delivery or the next Business Day if the date of delivery is not a Business Day) by hand; and (ii) on the second Business Day (at the
place of delivery) after deposit with an internationally recognized overnight delivery service. This Clause 11.6 is not intended to govern the day-to-day business
communications necessary between the Parties in performing their obligations under the terms of this Agreement. 

Address for Notice. 

If to Kymab, to: 
 Kymab
Limited. 
 The Bennet Building (B930), 

Babraham Research Campus, 

Cambridge, 
 United Kingdom,
CB22 3AT 

  
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 Attention: Chief Executive Officer 

Facsimile: 
 and 

If to F-star: 

F-star Beta Ltd. 

Eddeva B920 
 Babraham Research
Campus 
 Cambridge, CB22 3AT 

UK 
 Attention: Legal
Department 
  

	11.7	 Entire Agreement; Amendments. Save in respect of the confidentiality agreement entered into by the Parties on
28 May 2015 and the Material Transfer Agreement, this Agreement, together with the Schedules attached hereto, sets forth and constitutes the entire agreement and understanding between the Parties with respect to the subject matter hereof and
all prior agreements, understandings, promises, and representations, whether written or oral, with respect thereto are superseded hereby. Each Party confirms that it is not relying on any representations or warranties of the other Party except as
specifically set forth in this Agreement. No amendment, modification, release, or discharge shall be binding upon the Parties unless in writing and duly executed by authorized representatives of both Parties. 

 

	11.8	 English Language. This Agreement shall be written and executed in, and all other communications under or in
connection with this Agreement shall be in, the English language. Any translation into any other language shall not be an official version thereof, and in the event of any conflict in interpretation between the English version and such translation,
the English version shall control. 

  

	11.9	 Waiver and Non-Exclusion of Remedies. Any term or condition of this
Agreement may be waived at any time by the Party that is entitled to the benefit thereof, but no such waiver shall be effective unless set forth in a written instrument duly executed by or on behalf of the Party waiving such term or condition. The
waiver by either Party hereto of any right hereunder or of 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 such other Party whether of a similar
nature or otherwise. The rights and remedies provided herein are cumulative and do not exclude any other right or remedy provided by Applicable Law or otherwise available except as expressly set forth herein. 

 

	11.10	 Third Parties. With the exception of a Sublicensee pursuant to Clause 3.3, a person who is not a party to this
agreement shall not have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this agreement, but this does not affect any right or remedy of a third party which exists, or is available, apart from under that Act.

  

	11.11	 Further Assurance. Each party shall duly execute and deliver, or cause to be duly executed and delivered, such
further instruments and do and cause to be done such further acts and things, including the filing of such assignments, agreements, documents, and instruments, as may be necessary or as the other party may reasonably

  
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request in connection with this Agreement or to carry out more effectively the provisions and purposes hereof, or to better assure and confirm unto such other party its rights and remedies under
this Agreement. 

  

	11.12	 Relationship of the Parties. It is expressly agreed that F-star, on the
one hand, and Kymab, on the other hand, shall be independent contractors and that the relationship between the Parties shall not constitute a partnership, joint venture, or agency, including for tax purposes. Neither
F-star, on the one hand, nor Kymab, on the other hand, shall have the authority to make any statements, representations, or commitments of any kind, or to take any action, which shall be binding on the other,
without the prior written consent of the other Party to do so. All persons employed by a Party shall be employees of such Party and not of the other Party and all costs and obligations incurred by reason of any such employment shall be for the
account and expense of such Party. 

  

	11.13	 Counterparts; Facsimile Execution. This Agreement may be executed in two (2) or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one (1) and the same instrument. This Agreement may be executed by facsimile or electronically transmitted signatures and such signatures shall be deemed to bind each
party hereto as if they were original signatures. 

 [SIGNATURE PAGES FOLLOW.] 

  
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 THIS AGREEMENT IS EXECUTED as of the Effective Date by the authorized representatives of the Parties: 

 

			
	KYMAB LIMITED.
		
	By:	 	 /s/ David Chiswell

	Name:	 	David Chiswell
	Title:	 	Board Advisor
	
	F-STAR BETA LIMITED
		
	By:	 	 /s/ Tolga Hassan

	Name:	 	Tolga Hassan
	Title:	 	CFO

 and by the authorized representative of F-star Biotechnology Limited solely for the
purposes of clauses 3.5.1, 3.5.2, 4.4 and 8.3. 
  

			
	F-STAR BIOTECHNOLOGY LIMITED
		
	By:	 	 /s/ Tolga Hassan

	Name:	 	Tolga Hassan
	Title:	 	CFO

  
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 SCHEDULE 1 

PART A 
 [***] 

[***] 
 [***] 

[***] 
 [***] 

[***] 
 [***] 

[***] 
 [***] 

[***] 
 [***] 

  
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 PART B 

[***] 
  

	•	 	 [***] 

  

	•	 	 [***] 

  

	 	1)	 [***] 

  

	 	2)	 [***] 

  

	 	3)	 [***] 

  

	 	4)	 [***] 

  
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 SCHEDULE 2 

[***] 
 [***] 

[***] 
 [***] 

[***] 
 [***] 

[***] 

  
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 SCHEDULE 3 

Appointment of Expert 
 If either Party
wishes to appoint an independent expert (the “Expert”) to determine any matter pursuant to any Clause of this Agreement, the following procedures will apply: 
  

	1.	 The Party wishing to appoint the Expert (the “Appointing Party”) will serve a written notice
on the other Party (the “Responding Party”). The written notice will specify the Clause pursuant to which the appointment is to be made and will contain reasonable details of the matter(s) which the Appointing Party wishes to refer
to the Expert for determination 

  

	2.	 The Parties shall within [***] following the date of the Appointing Party’s written notice use all
reasonable efforts to agree who is to be appointed as the Expert to determine the relevant matter(s). If the Parties are unable to agree upon the identity of the Expert within that timescale, the Expert shall be appointed by [***] upon written
request of either Party. 

  

	3.	 Each Party will within [***] following appointment of the Expert, prepare and submit to the Expert and the
other Party a detailed written statement setting out its position on the matter(s) in question and including any proposals which it may wish to make for settlement or resolution of the relevant matter. 

 

	4.	 Each Party will have [***] following receipt of the other Party’s written statement to respond in writing
thereto. Any such response will be submitted to the other Party and the Expert. 

  

	5.	 The Expert will if he/she deems appropriate be entitled to seek clarification from the Parties as to any of the
statements or proposals made by either Party in their written statement or responses. Each Party will on request make available all information in its possession and shall give such assistance to the Expert as may be reasonably necessary to permit
the Expert to make his/ her determination. 

  

	6.	 The Expert will issue his/her decision on the matter(s) referred to him/ her in writing as soon as reasonably
possible, but at latest within [***] following the date of his/ her appointment. The Expert’s decision shall (except in the case of manifest error) be final and binding on the Parties. 

 

	7.	 The Expert will at all times act as an independent and impartial expert and not as an arbitrator.

  

	8.	 The Expert’s charges will be borne [***]. 

  
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