Document:

EX-4.3

 Exhibit 4.3 

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR
THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN SECTIONS 5.3 AND 5.4 BELOW, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR IN FORM AND SUBSTANCE SATISFACTORY TO THE
COMPANY, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION. 
 WARRANT TO PURCHASE STOCK 

Company: PHASEBIO PHARMACEUTICALS, INC. 
 Number of
Shares: 550,000 
 Type/Series of Stock: Series C-1 Preferred 

Warrant Price: $0.873 per share 
 Issue Date:
October 18, 2017 
 Expiration Date: October 18, 2027      See also Section 5.1(b). 

			
	 Credit Facility:
	  	 This Warrant to Purchase Stock (“Warrant”) is issued in connection with that certain Loan and
Security Agreement of even date herewith between Silicon Valley Bank and the Company (the “Loan Agreement”).

 THIS WARRANT CERTIFIES THAT, for good and valuable consideration, SILICON VALLEY BANK
(together with any successor or permitted assignee or transferee of this Warrant or of any shares issued upon exercise hereof, “Holder”) is entitled to purchase the number of fully paid and
non-assessable shares (the “Shares”) of the above-stated Type/Series of Stock (the “Class”) of the above-named company (the “Company”) at
the above-stated Warrant Price, all as set forth above and as adjusted pursuant to Section 2 of this Warrant, subject to the provisions and upon the terms and conditions set forth in this Warrant. Reference is made to Section 5.4 of this
Warrant whereby Silicon Valley Bank shall transfer this Warrant to its parent company, SVB Financial Group. 
 SECTION 1. EXERCISE.

 1.1        Method of Exercise. Holder may at any time and from time to
time exercise this Warrant, in whole or in part, by delivering to the Company the original of this Warrant together with a duly executed Notice of Exercise in substantially the form attached hereto as Appendix 1 and, unless Holder is exercising this
Warrant pursuant to a cashless exercise set forth in Section 1.2, a check, wire transfer of same-day funds (to an account designated by the Company), or other form of payment acceptable to the Company for
the aggregate Warrant Price for the Shares being purchased. 

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

X = Y(A-B)/A 

where: 

X =        the number of Shares to be issued to the Holder; 

	 	Y =	 the number of Shares with respect to which this Warrant is being exercised (inclusive of the Shares
surrendered to the Company in payment of the aggregate Warrant Price); 

  

	 	A =	 the Fair Market Value (as determined pursuant to Section 1.3 below) of one Share; and

  

	 	B =	 the Warrant Price. 

1.3        Fair Market Value. If the Company’s common stock is then traded
or quoted on a nationally recognized securities exchange, inter-dealer quotation system or over-the-counter market (a “Trading Market”) and the
Class is common stock, the fair market value of a Share shall be the closing price or last sale price of a share of common stock reported for the Business Day immediately before the date on which Holder delivers this Warrant together with its
Notice of Exercise to the Company. If the Company’s common stock is then traded in a Trading Market and the Class is a series of the Company’s convertible preferred stock, the fair market value of a Share shall be the closing price or
last sale price of a share of the Company’s common stock reported for the Business Day immediately before the date on which Holder delivers this Warrant together with its Notice of Exercise to the Company multiplied by the number of shares of
the Company’s common stock into which a Share is then convertible. If the Company’s common stock is not traded in a Trading Market, the Board of Directors of the Company shall determine the fair market value of a Share in its reasonable
good faith judgment. 
 1.4        Delivery of Certificate and New Warrant.
Within a reasonable time after Holder exercises this Warrant in the manner set forth in Section 1.1 or 1.2 above, the Company shall deliver to Holder a certificate representing the Shares issued to Holder upon such exercise and, if this Warrant
has not been fully exercised and has not expired, a new warrant of like tenor representing the Shares not so acquired. 

1.5        Replacement of Warrant. On receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form, substance and amount to the Company or,
in the case of mutilation, on surrender of this Warrant to the Company for cancellation, the Company shall, within a reasonable time, execute and deliver to Holder, in lieu of this Warrant, a new warrant of like tenor and amount. 

1.6        Treatment of Warrant Upon Acquisition of Company. 

(a)        Acquisition. For the purpose of this Warrant,
“Acquisition” means any transaction or series of related transactions involving: (i) the sale, lease, exclusive license, or other disposition of all or substantially all of the assets of the Company (ii) any merger
or consolidation of the Company into or with another person or entity (other than a merger or consolidation effected exclusively to change the Company’s domicile), or any other corporate reorganization, in which the stockholders of the Company
in their capacity as such immediately prior to such merger, consolidation or reorganization, own less than a majority of the Company’s (or the surviving or successor entity’s) outstanding voting power immediately after such merger,
consolidation or reorganization; or (iii) any sale or other transfer by the stockholders of the Company of shares representing at least a majority of the Company’s then-total outstanding combined voting power. 

(b)        Treatment of Warrant at Acquisition. In the event of an Acquisition
in which the consideration to be received by the Company’s stockholders consists solely of cash, solely of Marketable Securities or a combination of cash and Marketable Securities (a “Cash/Public Acquisition”), and the fair

 
market value of one Share as determined in accordance with Section 1.3 above would be greater than the Warrant Price in effect on such date immediately prior to such Cash/Public Acquisition,
and Holder has not exercised this Warrant pursuant to Section 1.1 above as to all Shares, then this Warrant shall automatically be deemed to be Cashless Exercised pursuant to Section 1.2 above as to all Shares effective immediately prior
to and contingent upon the consummation of a Cash/Public Acquisition. In connection with such Cashless Exercise, Holder shall be deemed to have restated each of the representations and warranties in Section 4 of the Warrant as the date thereof
and the Company shall promptly notify the Holder of the number of Shares (or such other securities) issued upon exercise. In the event of a Cash/Public Acquisition where the fair market value of one Share as determined in accordance with
Section 1.3 above would be less than the Warrant Price in effect immediately prior to such Cash/Public Acquisition, then this Warrant will expire immediately prior to the consummation of such Cash/Public Acquisition. 

(c)        Upon the closing of any Acquisition other than a Cash/Public Acquisition
defined above, the acquiring, surviving or successor entity shall assume the obligations of this Warrant, and this Warrant shall thereafter be exercisable for the same securities and/or other property as would have been paid for the Shares issuable
upon exercise of the unexercised portion of this Warrant as if such Shares were outstanding on and as of the closing of such Acquisition, subject to further adjustment from time to time in accordance with the provisions of this Warrant. 

(d)        As used in this Warrant, “Marketable Securities”
means securities meeting all of the following requirements: (i) the issuer thereof is then subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), and is then current in its filing of all required reports and other information under the Act and the Exchange Act; (ii) the class and series of shares or other security of the issuer that would be
received by Holder in connection with the Acquisition were Holder to exercise this Warrant on or prior to the closing thereof is then traded in Trading Market, and (iii) following the closing of such Acquisition, Holder would not be restricted
from publicly re-selling all of the issuer’s shares and/or other securities that would be received by Holder in such Acquisition were Holder to exercise or convert this Warrant in full on or prior to the
closing of such Acquisition, except to the extent that any such restriction (x) arises solely under federal or state securities laws, rules or regulations, and (y) does not extend beyond six (6) months from the closing of such
Acquisition. 
 SECTION 2. ADJUSTMENTS TO THE SHARES AND WARRANT PRICE. 

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

2.2        Reclassification, Exchange, Combinations or Substitution. Upon any
event whereby all of the outstanding shares of the Class are reclassified, exchanged, combined, substituted, or replaced for, into, with or by Company securities of a different class and/or series, then from and after the consummation of such
event, this Warrant will be exercisable for the number, class and series of 

 
Company securities that Holder would have received had the Shares been outstanding on and as of the consummation of such event, and subject to further adjustment thereafter from time to time in
accordance with the provisions of this Warrant. The provisions of this Section 2.2 shall similarly apply to successive reclassifications, exchanges, combinations substitutions, replacements or other similar events. 

2.3        Conversion of Preferred Stock. If the Class is a class and
series of the Company’s convertible preferred stock, in the event that all outstanding shares of the Class are converted, automatically or by action of the holders thereof, into common stock pursuant to the provisions of the Company’s
Certificate of Incorporation, including, without limitation, in connection with the Company’s initial, underwritten public offering and sale of its common stock pursuant to an effective registration statement under the Act (the
“IPO”), then from and after the date on which all outstanding shares of the Class have been so converted, this Warrant shall be exercisable for such number of shares of common stock into which the Shares would have been
converted had the Shares been outstanding on the date of such conversion, and the Warrant Price shall equal the Warrant Price in effect as of immediately prior to such conversion divided by the number of shares of common stock into which one Share
would have been converted, all subject to further adjustment thereafter from time to time in accordance with the provisions of this Warrant. 

2.4        Adjustments for Diluting Issuances. Without duplication of any
adjustment otherwise provided for in this Section 2, the number of shares of common stock issuable upon conversion of the Shares shall be subject to anti-dilution adjustment from time to time in the manner set forth in the Company’s
Certificate of Incorporation as if the Shares were issued and outstanding on and as of the date of any such required adjustment. 

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

2.6        Notice/Certificate as to Adjustments. Upon each adjustment of the
Warrant Price, Class and/or number of Shares, the Company, at the Company’s expense, shall notify Holder in writing within a reasonable time setting forth the adjustments to the Warrant Price, Class and/or number of Shares and facts
upon which such adjustment is based. The Company shall, upon written request from Holder, furnish Holder with a certificate of its Chief Financial Officer, including computations of such adjustment and the Warrant Price, Class and number of
Shares in effect upon the date of such adjustment. 
 SECTION 3. REPRESENTATIONS AND COVENANTS OF THE COMPANY. 

3.1        Representations and Warranties. The Company represents and warrants
to, and agrees with, the Holder as follows: 
 (a)        The initial Warrant Price
referenced on the first page of this Warrant is not greater than the price per share at which shares of the Class were last sold and issued prior to the Issue Date hereof in an arms-length transaction in which at least Five Hundred Thousand
Dollars ($500,000) of such shares were sold. 
 (b)        All Shares which may be
issued upon the exercise of this Warrant, and all securities, if any, issuable upon conversion of the Shares, shall, upon issuance, be duly authorized, validly issued, fully paid and non-assessable, and free
of any liens and encumbrances except for restrictions on 

 
transfer provided for herein or under applicable federal and state securities laws. The Company covenants that it shall at all times cause to be reserved and kept available out of its authorized
and unissued capital stock such number of shares of the Class, common stock and other securities as will be sufficient to permit the exercise in full of this Warrant and the conversion of the Shares into common stock or such other securities. 

(c)        The Company’s capitalization table attached hereto as Schedule 1 is
true and complete, in all material respects, as of the Issue Date. 

3.2        Notice of Certain Events. If the Company proposes at any time to:

 (a)        declare any dividend or distribution upon the outstanding shares of
the Class or common stock, whether in cash, property, stock, or other securities and whether or not a regular cash dividend; 

(b)        offer for subscription or sale pro rata to the holders of the outstanding
shares of the Class any additional shares of any class or series of the Company’s stock (other than pursuant to contractual pre-emptive rights); 

(c)        effect any reclassification, exchange, combination, substitution,
reorganization or recapitalization of the outstanding shares of the Class; 

(d)        effect an Acquisition or to liquidate, dissolve or wind up; or 

(e)        effect an IPO; 

then, in connection with each such event, the Company shall give Holder: 

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

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

 (3)        with respect to the IPO, at least seven
(7) Business Days prior written notice of the date on which the Company proposes to file its registration statement in connection therewith. 

Company will also provide information requested by Holder that is reasonably necessary to enable Holder to comply with Holder’s
accounting or reporting requirements. 

 SECTION 4. REPRESENTATIONS, WARRANTIES OF THE HOLDER. 

The Holder represents and warrants to the Company as follows: 

4.1        Purchase for Own Account. This Warrant and the securities to be
acquired upon exercise of this Warrant by Holder are being acquired for investment for Holder’s account, not as a nominee or agent, and not with a view to the public resale or distribution within the meaning of the Act. Holder also represents
that it has not been formed for the specific purpose of acquiring this Warrant or the Shares. 

4.2        Disclosure of Information. Holder is aware of the Company’s
business affairs and financial condition and has received or has had full access to all the information it considers necessary or appropriate to make an informed investment decision with respect to the acquisition of this Warrant and its underlying
securities. Holder further has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of this Warrant and its underlying securities and to obtain additional information (to the
extent the Company possessed such information or could acquire it without unreasonable effort or expense) necessary to verify any information furnished to Holder or to which Holder has access. 

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

4.5        The Act. Holder understands that this Warrant and the Shares
issuable upon exercise hereof have not been registered under the Act in reliance upon a specific exemption therefrom, which exemption depends upon, among other things, the bona fide nature of the Holder’s investment intent as expressed herein.
Holder understands that this Warrant and the Shares issued upon any exercise hereof must be held indefinitely unless subsequently registered under the Act and qualified under applicable state securities laws, or unless exemption from such
registration and qualification are otherwise available. Holder is aware of the provisions of Rule 144 promulgated under the Act. 

4.6        Market Stand-off Agreement.
The Holder agrees that the Shares shall be subject to the Market Standoff provisions in Section 2.13 of the Investor Rights Agreement or similar agreement. 

4.7        No Voting Rights. Holder, as a Holder of this Warrant, will not have
any voting rights until the exercise of this Warrant. 

 SECTION 5. MISCELLANEOUS. 

5.1        Term and Automatic Conversion Upon Expiration. 

(a)        Term. Subject to the provisions of Section 1.6 above, this
Warrant is exercisable in whole or in part at any time and from time to time on or before 6:00 PM, Pacific time, on the Expiration Date and shall be void thereafter. 

(b)        Automatic Cashless Exercise upon Expiration. In the event that, upon
the Expiration Date, the fair market value of one Share (or other security issuable upon the exercise hereof) as determined in accordance with Section 1.3 above is greater than the Warrant Price in effect on such date, then this Warrant shall
automatically be deemed on and as of such date to be exercised pursuant to Section 1.2 above as to all Shares (or such other securities) for which it shall not previously have been exercised, and the Company shall, within a reasonable time,
deliver a certificate representing the Shares (or such other securities) issued upon such exercise to Holder. 

5.2        Legends. The Shares (and the securities issuable, directly or
indirectly, upon conversion of the Shares, if any) shall be imprinted with a legend in substantially the following form: 

THE SHARES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR THE SECURITIES LAWS OF ANY STATE AND, EXCEPT AS SET FORTH IN THAT CERTAIN WARRANT TO PURCHASE STOCK ISSUED BY THE ISSUER TO SILICON VALLEY BANK DATED OCTOBER __, 2017, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED UNLESS AND UNTIL REGISTERED UNDER SAID ACT AND LAWS OR IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER, SUCH OFFER, SALE, PLEDGE OR OTHER TRANSFER IS EXEMPT FROM SUCH REGISTRATION. 

5.3        Compliance with Securities Laws on Transfer. This Warrant and the
Shares issuable upon exercise of this Warrant (and the securities issuable, directly or indirectly, upon conversion of the Shares, if any) may not be transferred or assigned in whole or in part except in compliance with applicable federal and state
securities laws by the transferor and the transferee (including, without limitation, the delivery of investment representation letters and legal opinions reasonably satisfactory to the Company, as reasonably requested by the Company). The Company
shall not require Holder to provide an opinion of counsel if the transfer is to SVB Financial Group (Silicon Valley Bank’s parent company) or any other affiliate of Holder, provided that any such transferee is an “accredited investor”
as defined in Regulation D promulgated under the Act. Additionally, the Company shall also not require an opinion of counsel if there is no material question as to the availability of Rule 144 promulgated under the Act. 

5.4        Transfer Procedure. After receipt by Silicon Valley Bank of the
executed Warrant, Silicon Valley Bank will transfer all of this Warrant to its parent company, SVB Financial Group. By its acceptance of this Warrant, SVB Financial Group hereby makes to the Company each of the representations and warranties set
forth in Section 4 hereof and agrees to be bound by all of the terms and conditions of this Warrant as if the original Holder hereof. Subject to the provisions of Section 5.3 and upon providing the Company with written notice, SVB
Financial Group and any subsequent Holder may transfer all or part of this Warrant or the Shares issuable upon exercise of this Warrant (or the securities issuable directly or indirectly, upon conversion of the Shares, if any) to any transferee,
provided, however, in connection with any such transfer, SVB Financial Group or any subsequent Holder 

 
will give the Company notice of the portion of the Warrant being transferred with the name, address and taxpayer identification number of the transferee and Holder will surrender this Warrant to
the Company for reissuance to the transferee(s) (and Holder if applicable); and provided further, that any subsequent transferee other than SVB Financial Group shall agree in writing with the Company to be bound by all of the terms and conditions of
this Warrant. Notwithstanding any contrary provision herein, at all times prior to the IPO, Holder may not, without the Company’s prior written consent, transfer this Warrant or any portion hereof, or any Shares issued upon any exercise hereof,
or any shares or other securities issued upon any conversion of any Shares issued upon any exercise hereof, to any person or entity who directly competes with the Company, except in connection with an Acquisition of the Company by such a direct
competitor. 
 5.5        Notices. All notices and other communications
hereunder from the Company to the Holder, or vice versa, shall be deemed delivered and effective (i) when given personally, (ii) on the third (3rd) Business Day after being mailed by first-class registered or certified mail, postage
prepaid, (iii) upon actual receipt if given by facsimile or electronic mail and such receipt is confirmed in writing by the recipient, or (iv) on the first Business Day following delivery to a reliable overnight courier service, courier
fee prepaid, in any case at such address as may have been furnished to the Company or Holder, as the case may be, in writing by the Company or such Holder from time to time in accordance with the provisions of this Section 5.5. All notices to
Holder shall be addressed as follows until the Company receives notice of a change of address in connection with a transfer or otherwise: 

SVB Financial Group 

Attn: Treasury Department 

3003 Tasman Drive, HC 215 

Santa Clara, CA 95054 

Telephone: (408) 654-7400 

Facsimile: (408) 988-8317 

Email address: derivatives@svb.com 

Notice to the Company shall be addressed as follows until Holder receives notice of a change in address: 

PHASEBIO PHARMACEUTICALS, INC. 

Attn: Jonathan Mow, CEO 

1 Great Valley Parkway, Suite 30 

Malvern PA 19355 

Fax: 610-981-6520 

Email: John.Sharp@phasebio.com 

With a copy (which shall not constitute notice) to: 

COOLEY LLP 

Attn: Christian Plaza 

11951 Freedom Drive, 14th Floor 

Reston, VA 20190 

Telephone: (703) 456-8006 

Fax: (703) 456-8100 

Email: cplaza@cooley.com 

5.6        Waiver. This Warrant and any term hereof may be changed, waived,
discharged or terminated (either generally or in a particular instance and either retroactively or prospectively) only by 

 
an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought. 

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

5.8        Counterparts; Facsimile/Electronic Signatures. This Warrant may be
executed in counterparts, all of which together shall constitute one and the same agreement. Any signature page delivered electronically or by facsimile shall be binding to the same extent as an original signature page with regards to any agreement
subject to the terms hereof or any amendment thereto. 
 5.9        Governing
Law. This Warrant shall be governed by and construed in accordance with the laws of the State of California, without giving effect to its principles regarding conflicts of law. 

5.10        Headings. The headings in this Warrant are for purposes of
reference only and shall not limit or otherwise affect the meaning of any provision of this Warrant. 

5.11        Business Days. “Business Day” is any day
that is not a Saturday, Sunday or a day on which Silicon Valley Bank is closed. 
 [Balance of Page Intentionally Left
Blank] 

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

	
	“COMPANY”
	
	PHASEBIO PHARMACEUTICALS, INC.

			
		
	By:	 	/s/ Jonathan P. Mow

			
		
	Name:	 	Jonathan P. Mow

			
		
	Title:	 	Chief Executive Officer

	
	
	“HOLDER”
	
	SILICON VALLEY BANK

			
		
	By:	 	/s/ James Caccavaro

			
		
	Name:	 	James Caccavaro

			
		
	Title:	 	Vice President

 [Signature Page to Warrant to Purchase Stock] 

 APPENDIX 1 

NOTICE OF EXERCISE 

1.        The undersigned Holder hereby exercises its right purchase ___________
shares of the Series C-1 Preferred Stock of PHASEBIO PHARMACEUTICALS, INC. (the “Company”) in accordance with the attached Warrant To Purchase Stock, and tenders payment of the aggregate Warrant
Price for such shares as follows: 
 [    ] check in the amount of $________ payable to order of the
Company enclosed herewith 
 [    ] Wire transfer of immediately available funds to the Company’s
account 
 [    ] Cashless Exercise pursuant to Section 1.2 of the Warrant 

[    ] Other [Describe] __________________________________________ 

2.        Please issue a certificate or certificates representing the Shares in the
name specified below: 
  
  

Holder’s Name 
  

 
  

 
 (Address) 

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

			
	 HOLDER:

	
	 

 
			
		
	 By:
	 	 

 
			
		
	 Name:
	 	 

 
			
		
	 Title:
	 	 

 
			
		
	 (Date):
	 	 

 SCHEDULE 1 

Company Capitalization Table 

See attachedEX-4.4

 Exhibit 4.4 

PHASEBIO PHARMACEUTICALS, INC. 

FOURTH AMENDED AND RESTATED 

INVESTOR RIGHTS AGREEMENT 

THIS FOURTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT (this “Agreement”) is made this 27th day of August, 2018, by and among PhaseBio Pharmaceuticals, Inc., a Delaware corporation (the “Company”), the holders of the Company’s Common Stock (the “Common
Stock”) identified on Exhibit A attached hereto (the “Common Holders”), the holders of the Company’s Series 1 Preferred Stock (the “Series 1 Stock”) identified on
Exhibit B attached hereto (the “Series 1 Holders”), the holders of the Company’s Series AA Preferred Stock (the “Series AA Stock”) identified on Exhibit C attached hereto (the
“Series AA Holders”), the holders of the Company’s Series B Preferred Stock (the “Series B Stock”) identified on Exhibit D attached hereto (the “Series
B Holders”), the holders of the Company’s Series C-1 Preferred Stock (the “Series C-1 Stock”), the Company’s Series C-2 Preferred Stock (the “Series C-2 Stock”), the Company’s Series C-3 Preferred Stock (the “Series C-3 Stock” and collectively with the Series C-1 Stock and Series C-2 Stock, the “Series C Stock”) identified
on Exhibit E attached hereto (the “Series C Holders”) and the holders of the Company’s Series D Preferred Stock (the “Series D Stock” and together with the Series 1 Stock, Series AA Stock, Series B Stock
and Series C Stock, the “Preferred Stock”) identified on Exhibit F attached hereto (the “Investors” and, together with the Series 1 Holders, Series AA Holders, the Series B Holders and the Series C
Holders, the “Preferred Holders”). Collectively, the Common Holders and the Preferred Holders shall be referred to as the “Stockholders.” Capitalized terms not otherwise defined herein shall have the meanings given
to them in the Purchase Agreement (as defined below). 
 WHEREAS, the Company, the Common Holders, the Series 1 Holders, the
Series AA Holders, the Series B Holders and the Series C Holders are party to that certain Third Amended and Restated Investor Rights Agreement dated February 26, 2015, as amended (the “Third Investor Rights Agreement”); and

 WHEREAS, the Company desires to obtain equity financing from the Investors on the terms and subject to the conditions set
forth in that certain Series D Preferred Stock Purchase Agreement dated as of the date hereof (the “Purchase Agreement”) by and among the Company and the Investors; and 

WHEREAS, it is a condition to the obligations of the Investors under the Purchase Agreement that the Third Investor Rights
Agreement be amended and restated in its entirety as set forth herein; and 
 WHEREAS, the Company, the Common Holders, the
Series 1 Holders, the Series AA Holders, the Series B Holders and the Series C Holders desire to amend and restate the Third Investor Rights Agreement in its entirety as set forth herein. 

NOW, THEREFORE, in consideration of the premises, and the mutual covenants and terms hereof, the receipt and sufficiency of
which are hereby acknowledged, the parties hereby agree as follows. 

 SECTION 1 

RESTRICTIONS ON TRANSFER 

1.1.    Restrictive Legend. Each certificate representing capital stock of the Company held by or
issued to the Stockholders, whether now outstanding or subsequently issued, shall be surrendered to the Company for endorsement or be endorsed by the Company prior to its issuance with substantially the following legend: 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
APPLICABLE STATE SECURITIES LAWS. THESE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE, AND MAY NOT BE SOLD, MORTGAGED, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION
STATEMENT FOR SUCH SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS, OR THE AVAILABILITY OF AN EXEMPTION FROM THE REGISTRATION PROVISIONS OF THE SECURITIES ACT OF 1933, AS AMENDED, AND APPLICABLE
STATE SECURITIES LAWS. COPIES OF THE FOURTH AMENDED AND RESTATED STOCK SALE AGREEMENT AND THE FOURTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT PROVIDING FOR RESTRICTIONS ON TRANSFER OF THESE SECURITIES MAY BE OBTAINED UPON WRITTEN REQUEST BY
THE HOLDER OF RECORD OF THIS CERTIFICATE TO THE SECRETARY OF PHASEBIO PHARMACEUTICALS, INC. AT THE PRINCIPAL EXECUTIVE OFFICES OF THE CORPORATION. 

provided, nothing in this Agreement should be construed as a modification or amendment of any restrictions on transfer
under applicable federal or state securities laws. 
 1.2.    Notice of Proposed Transfers. The
holder of each certificate representing Securities (as defined in Section 2.1 below) by acceptance thereof, agrees to comply in all respects with the provisions of this Section 1.2. Prior to any proposed sale, assignment, transfer or
pledge of any Securities, unless there is in effect a registration statement under the Securities Act of 1933, as amended (the “1933 Act”), covering the proposed transfer, the holder thereof shall give written notice to the Company
of such holder’s intention to effect such transfer, sale, assignment or pledge. Each such notice shall describe the manner and circumstances of the proposed transfer, sale, assignment or pledge in sufficient detail, and shall be accompanied at
such holder’s expense by a written opinion of legal counsel who shall, and whose legal opinion shall, be reasonably satisfactory to the Company addressed to the Company, to the effect that the proposed transfer of the Securities may be effected
without registration under the 1933 Act; provided, however, that no such written opinion of legal counsel shall be required in connection with transfers of Securities by any Preferred Holder to any current or former manager, member,
limited partner, general partner, stockholder or officer of such Preferred Holder. Each certificate evidencing the Securities transferred as set forth above shall bear, except if such transfer is made

 
pursuant to Rule 144 under the 1933 Act (“Rule 144”), the appropriate restrictive legend set forth in Section 1.1 above, except that such certificate shall not bear such
restrictive legend if in the opinion of counsel for such holder and the Company such legend is not required to establish compliance with any provisions of the 1933 Act. Notwithstanding anything herein to the contrary, the Company shall not require
the opinions of counsel for transfers made pursuant to Rule 144 unless, if after consultation with the Preferred Holder, the Company has a reasonable basis for believing that such transfer may not be made pursuant to Rule 144. 

SECTION 2 
 REGISTRATION RIGHTS

 The Company hereby grants to each of the Holders (as defined below) the registration rights set forth in this
Section 2, with respect to the Registrable Securities (as defined below) owned by such Holders. The Company and the Holders agree that the registration rights provided herein set forth the sole and entire agreement, and supersede any prior
agreement, between the Company and the Holders with respect to registration rights for the Company’s securities. 

2.1.    Certain Definitions. As used in this Section 2: 

(a)    The terms “register,” “registered” and
“registration” refer to a registration effected by filing with the Securities and Exchange Commission (the “SEC”) a registration statement (the “Registration Statement”) in compliance with the 1933
Act, and the declaration or ordering by the SEC of the effectiveness of such Registration Statement. 

(b)    The term “Registrable Securities” means (i) Common Stock issued or issuable
upon conversion of the shares of Preferred Stock held by Preferred Holders or any transferee thereof as permitted by Section 2.8 and (ii) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right or
other security that is issued as) a dividend or other distribution with respect to, or in exchange or in replacement of, such securities; provided, however, that shares of Common Stock or other securities shall only be treated as
Registrable Securities if and so long as (A) they have not been sold to or through a broker or dealer or underwriter in a public distribution or a public securities transaction, (B) they have not been sold in a transaction exempt from the
registration and prospectus delivery requirements of the 1933 Act under Section 4(1) thereof so that all transfer restrictions and restrictive legends with respect thereto are removed upon the consummation of such sale, and (C) the
registration rights associated with such securities have not been terminated pursuant to Section 2.14 hereof. 

(c)    The term “Securities” means (i) Common Stock issued or issuable upon
conversion of the shares of Preferred Stock held by Preferred Holders or any transferee thereof as permitted by Section 2.8 and (ii) any Common Stock issued as (or issuable upon the conversion or exercise of any warrant, right or other
security that is issued as) a dividend or other distribution with respect to, or in exchange or in replacement of, such securities; provided, however, that shares of Common Stock or other securities shall only be treated as Securities
if and so long as (A) they have not been sold to or through a broker or dealer or underwriter in a 

 
public distribution or a public securities transaction and (B) they have not been sold in a transaction exempt from the registration and prospectus delivery requirements of the 1933 Act
under Section 4(1) thereof so that all transfer restrictions and restrictive legends with respect thereto are removed upon the consummation of such sale. 

(d)    The term “Holder” (collectively, “Holders”) means each Preferred
Holder holding Registrable Securities, securities exercisable or convertible into Registrable Securities or securities exercisable for securities convertible into Registrable Securities. 

(e)    The term “Initiating Holders” means any Holder or Holders of at least sixty
percent (60%) of the Registrable Securities then outstanding. 
 (f)    The term “Major
Investor” means Fletcher Spaght Ventures II, L.P., FSV II, L.P., FSV II-B, L.P., Johnson & Johnson Innovation – JJDC, Inc., Hatteras Venture Partners I, L.P., Hatteras Venture Partners
III, L.P., Hatteras Venture Affiliates III, L.P., New Enterprise Associates 13, Limited, Zeneca Inc. (“AZ”), Syno Ventures Master Fund, LP, MGC Venture Partners 2018 Warehoused Investments, LLC (“MGC”), Rock Springs
Capital Master Fund LP, Cormorant Private Healthcare Fund I, LP, Cormorant Private Healthcare Fund II, LP and Cormorant Global Healthcare Master Fund, LP, so long as each such entity is a Holder. Notwithstanding anything to the contrary set forth in
this Agreement, in no event shall any of Cormorant Private Healthcare Fund I, LP, Cormorant Private Healthcare Fund II, LP, Cormorant Global Healthcare Master Fund, LP, AZ or Johnson and Johnson Innovation – JJDC, Inc. (“JJDC”)
be deemed competitors of the Company. 
 2.2.    Demand Registration. 

(a)    Demand for Registration. If the Company shall receive from Initiating Holders a written
demand that the Company effect any registration (a “Demand Registration”) of the Registrable Securities (other than a registration on Form S-3 or any related form of registration
statement provided for under Section 2.9 hereof) then outstanding, the Company shall: 

(i)    promptly (but in any event within ten (10) days) give written notice of the proposed
registration to all other Holders; and 
 (ii)    as soon as practicable, use commercially reasonable
efforts to effect the registration requested, which registration shall include all shares of Registrable Securities that any Holder or Holders electing to join in such demand request to be included in such registration by written notice given to the
Company within fifteen (15) days after the Company sends the written notice referred to in Section 2.2(a)(i), provided that the Company shall not be obligated to take any action to effect any such registration pursuant to
this Section 2.2: 
 (A)    after the Company has effected two (2) such registrations
pursuant to this Section 2.2 and the sales of the shares of Common Stock under such registrations have closed; 

 (B)    if the Company shall furnish to such Holders a
certificate signed by the President of the Company, stating that in the good faith judgment of the Board of Directors of the Company (the “Board of Directors”) it would be materially detrimental to the Company and its stockholders
for such Registration Statement to be filed at the date filing would be required, in which case the Company shall have an additional period or periods of not more than ninety (90) days within which to file such Registration Statement;
provided, however, that the Company shall not use this right to delay the filing more than once in any 12-month period; or 

(C)    prior to the earlier of (i) the third
(3rd) anniversary of the date of this Agreement or (ii) the date which is six (6) months after the effective date of a registration statement for the sale of the Company’s shares of
Common Stock in the Company’s first firm commitment underwritten public offering registered under the 1933 Act (the “IPO”). 

(b)    Underwriting. If the Initiating Holders intend to distribute the Registrable Securities
covered by their demand by means of an underwriting, they shall so advise the Company as part of their demand made pursuant to this Section 2.2, including the identity of the managing underwriter; and the Company shall include such information
in the written notice referred to in Section 2.2(a)(i). In such event, the right of any Holder to registration pursuant to this Section 2.2 shall be conditioned upon such Holder’s participation in such underwriting and the inclusion
of such Holder’s Registrable Securities in the underwriting to the extent provided herein. 
 The Company shall,
together with all holders of capital stock of the Company proposing to distribute their securities through such underwriting, enter into an underwriting agreement in customary form with the underwriter or underwriters selected by a majority-in-interest of the Initiating Holders and reasonably acceptable to the Company. Notwithstanding any other provision of this Section 2.2, if the underwriter shall
advise the Company that marketing factors (including, without limitation, an adverse effect on the per share offering price) require a limitation of the number of shares to be underwritten, then the Company shall so advise all Holders of Registrable
Securities that have requested to participate in such offering, and the number of shares of Registrable Securities that may be included in the registration and underwriting shall be allocated pro rata among such Holders thereof in proportion, as
nearly as practicable, to the amounts of Registrable Securities held by such Holders at the time of filing the Registration Statement. No Registrable Securities excluded from the underwriting by reason of the underwriter’s marketing limitation
shall be included in such registration. Notwithstanding the foregoing, the number of shares of Registrable Securities proposed to be included in any underwriting and registration covered by this Section 2.2 shall not be reduced unless and until
all other securities proposed to be included in such underwriting and registration are first excluded in their entirety. 

If any Holder disapproves of the terms of the underwriting, such Holder may elect to withdraw therefrom by written notice to
the Company, the underwriter and the Initiating Holders. The Registrable Securities so withdrawn shall also be withdrawn from registration. If the underwriter has not limited the number of Registrable Securities to be underwritten, the Company may
include securities for its own account (or for the account of other stockholders) in 

 
such registration if the underwriter so agrees and if the number of Registrable Securities would not thereby be limited and the per share offering price would not be adversely affected. 

2.3.    Piggyback Registration. 

(a)    Company Registration. If at any time or from time to time the Company proposes to register
any of its securities, either for its own account (or for the account of other stockholders), other than (i) a registration relating solely to the Option Plans (as defined herein) or (ii) a registration on Form S-4 relating solely to a transaction under Rule 145 of the 1933 Act, the Company shall: 

(i)    promptly (but in any event within ten (10) business days) give to each Holder written notice
thereof; and 
 (ii)    include in such registration (and any related qualification under state
securities laws or other compliance), and in any underwriting involved therein, all the Registrable Securities specified in a written request or requests, made by any Holder or Holders within fifteen (15) days after receipt of such written
notice from the Company, except as set forth in Section 2.3(b) below. 

(b)    Underwriting. If the registration of which the Company gives notice is for a registered
public offering involving an underwriting, the Company shall so advise the Holders as a part of the written notice given pursuant to Section 2.3(a)(i). In such event the right of any Holder to registration pursuant to this Section 2.3
shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. 

All Holders proposing to distribute their Registrable Securities through such underwriting shall, together with the Company
and the other parties distributing their securities through such underwriting, enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Company. No Holder shall be required in
any such underwriting agreement to make any representations or warranties to or agreements with the Company or the underwriters other than customary representations, warranties or agreements regarding such Holder’s title to Registrable
Securities and any written information provided by the Holder to the Company expressly for inclusion in the related registration statement 

Notwithstanding any other provision of this Section 2.3, if the underwriter determines that the registration of all, or a
part, of the Registrable Shares that the Holders have requested to be included pursuant to this Section 2.3 would adversely affect such public offering, then the Company shall be required to include in the underwriting only that number of
Registrable Shares that the underwriter believes may be sold without causing such adverse effect, provided, however, that the number of shares of such securities, including Registrable Securities, that shall be included in the registration and
underwriting shall be allocated in the following manner: (i) first, shares, other than Registrable Securities and other securities that have contractual rights with respect to registration similar to those provided for in this Section 2.3,
requested to be included in such registration by stockholders shall be excluded; (ii) second, if a limitation of the number of shares still is required, the number of securities, other than Registrable Securities, that

 
have contractual rights with respect to registration that may be included shall be excluded; and (iii) third, if a limitation on the number of shares is still required, the number of
Registrable Securities that may be included shall be allocated among the holders thereof in proportion, as nearly as practicable, to the amounts of Registrable Securities and such other securities held by each such holder at the time of filing the
Registration Statement. Notwithstanding the foregoing, in no event shall the number of Registrable Securities permitted to be registered pursuant to this Section 2.3 be reduced to below 25% of the total number of securities included in such
registration, unless such offering is the IPO, in which case the Registrable Securities may be excluded if the underwriters make the determination described above and no other stockholder’s securities are included in such offering. 

For purposes of any such underwriter cutback, all Registrable Securities and other securities held by any holder that is a
partnership, limited liability company or corporation shall also include any Registrable Securities held by the partners, retired partners, members, stockholders or affiliated entities of such holder, or the estates and family members of any such
partners, retired partners, members and any trusts for the benefit of any of the foregoing persons, and such holder and other persons shall be deemed to be a single “selling holder,” and any pro rata reduction with respect to such
“selling holder” shall be based upon the aggregate amount of shares carrying registration rights owned by all entities and individuals included in such “selling holder,” as defined in this sentence. No securities excluded from
the underwriting by reason of the underwriter’s cutback shall be included in such registration. Notwithstanding the foregoing, nothing in this Section 2.3(b) shall diminish or restrict in any way a Holder’s ability to exercise its
registration rights under Section 2.2 or 2.9. 
 If any Holder disapproves of the terms of the underwriting, it may
elect to withdraw therefrom by written notice to the Company and the underwriter. The Registrable Securities so withdrawn shall also be withdrawn from registration. 

(c)    Right to Terminate Registration. The Company shall have the right to terminate or withdraw
any registration initiated by it under this Section 2.3 prior to the effectiveness of such registration whether or not any Holder has elected to include securities in such registration. The expenses associated with any such termination or
withdrawal shall be borne by the Company in accordance with Section 2.4 below. 

2.4.    Expenses of Registration. All expenses incurred in connection with all registrations
effected pursuant to Sections 2.2, 2.3 and 2.9, including, without limitation, all registration, filing and qualification fees (including state securities law fees and expenses), printing expenses, escrow fees, fees and disbursements of counsel for
the Company, fees and disbursements of one counsel for the participating Holders, and expenses of any special audits incidental to or required by such registration shall be borne by the Company; provided, however, that the Company
shall not be required to pay stock transfer taxes or underwriters’ discounts or selling commissions relating to Registrable Securities. Notwithstanding anything to the contrary, the Company shall not be required to pay for any expenses of any
registration proceeding under Section 2.2 if the registration request is subsequently withdrawn at the request of the Holders of a majority in interest of the Registrable Securities to have been registered (after exclusion of any Registrable
Securities excluded due to underwriter requirements); provided, however, that in the event that Holders holding at least a majority in interest of the Registrable Securities agree to 

 
forfeit their right to a demand registration pursuant to Section 2.2 (in which event such right shall be forfeited by all Holders), then the Company shall be required to pay the expenses of
the withdrawn registration. In the absence of such an agreement to forfeit a demand registration, the Holders of Registrable Securities to have been registered shall bear all such expenses pro rata on the basis of the number of Registrable
Securities to have been registered. Notwithstanding the preceding sentence, however, if at the time of the withdrawal, the Holders have learned of a materially adverse change in the condition, business or prospects of the Company from that known to
the Holders at the time of their request, then the Holders shall not be required to pay any of said expenses (which shall instead be paid by the Company) and shall retain their rights pursuant to Section 2.2. 

2.5.    Obligations of the Company. Whenever required under this Section 2 to effect the
registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 

(a)    prepare and file with the SEC a Registration Statement with respect to such Registrable Securities
and use its best efforts to cause such Registration Statement to become effective, and keep such Registration Statement effective for the lesser of one hundred eighty (180) days or until the Holder or Holders have completed the distribution of
all Registrable Securities relating thereto; provided, however, the Company shall have the right for up to thirty (30) days, to terminate such Registration Statement, or to place a stop transfer order with respect to the shares for which
registration has been requested thereunder, upon notice to the participating Holders, to the extent necessary in the sole discretion of the Company upon the advice of counsel, to avoid any requirement that the Company disclose material, nonpublic
information, the disclosure of which would be seriously detrimental to the Company and its stockholders; 

(b)    prepare and file with the SEC such amendments and supplements to such Registration Statement and
the prospectus used in connection with such Registration Statement as may be necessary to keep such Registration Statement effective during the time period referred to in Section 2.5(a) and to comply with the provisions of the 1933 Act with
respect to the disposition of all securities covered by such Registration Statement; 
 (c)    furnish
to the selling Holders such numbers of copies of such registration statement and each amendment thereto, the prospectus included in such Registration Statement, (including each preliminary prospectus), in conformity with the requirements of the 1933
Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them; 

(d)    use its best efforts to register or otherwise qualify the securities covered by such Registration
Statement under such other securities laws of such states and other jurisdictions as shall be reasonably requested by the Holders or the managing underwriter, provided that the Company shall not be required in connection therewith or as a condition
thereto to qualify to do business; 
 (e)    in the event of any underwritten public offering, enter
into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing 

 
underwriter of such offering. Each Holder participating in such underwriting shall also enter into and perform its obligations under such an agreement; 

(f)    promptly notify each Holder of Registrable Securities covered by such Registration Statement, at
any time when a prospectus relating thereto is required to be delivered under the 1933 Act, of the happening of any event as a result of which the prospectus included in such Registration Statement, as then in effect, includes an untrue statement of
a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing; 

(g)    provide a transfer agent and registrar for all such Registrable Securities not later than the
effective date of such Registration Statement; 
 (h)    use its best efforts to list the Registrable
Securities covered by such Registration Statement with any securities exchange on which the Common Stock is then listed; 

(i)    make available for inspection by each Holder including Registrable Securities in such registration,
any underwriter participating in any distribution pursuant to such registration, and any attorney, accountant or other agent retained by such Holder or underwriter, all financial and other records, pertinent corporate documents and properties of the
Company, as such parties may reasonably request, and cause the Company’s officers, directors and employees to supply all information reasonably requested by any such Holder, underwriter, attorney, accountant or agent in connection with such
Registration Statement; 
 (j)    promptly notify the Holders of Registrable Securities and the
underwriters, if any, of the following events and (if requested by any such person) confirm such notification in writing: (1) the filing of the prospectus or any prospectus supplement and the Registration Statement and any amendment or
post-effective amendment thereto and, with respect to the Registration Statement or any post-effective amendment thereto, the declaration of the effectiveness of such document, (2) any requests by the SEC for amendments or supplements to the
Registration Statement or the prospectus or for additional information, (3) the issuance or threat of issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that
purpose and (4) the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation or threat of initiation of any proceeding for such
purpose; 
 (k)    make every reasonable effort to prevent the entry of any order suspending the
effectiveness of the Registration Statement and obtain at the earliest possible moment the withdrawal of any such order, if entered; 

(l)    if reasonably requested by any underwriter or a selling Holder of Registrable Securities in
connection with any underwritten offering, promptly incorporate in a prospectus supplement or post-effective amendment such information as the underwriters and the Holders of a majority of the Registrable Securities being sold agree should be
included therein relating to the sale of the Registrable Securities, including, without limitation, information with respect to the number of Registrable Securities being sold to such underwriters, the purchase

 
price being paid therefor by such underwriters and any other terms of the underwritten (or best efforts underwritten) offering of the Registrable Securities to be sold in such offering, and make
all required filings of such prospectus supplement or post-effective amendment promptly after being notified of the matters to be incorporated in such prospectus supplement or post-effective amendment; 

(m)    prior to the filing of any document which is to be incorporated by reference into the Registration
Statement or the prospectus (after the initial filing of the Registration Statement with the SEC), (i) promptly provide copies of such document to counsel for the selling Holders of the Registrable Securities and counsel for the underwriters, if
any, (ii) make representatives of the Company available for discussion of such document and (iii) make such changes to the disclosure in such document as it relates to the Holders prior to the filing thereof as counsel for such Holders or
underwriters may reasonably request; 
 (n)    provide a CUSIP number for all Registrable Securities not
later than the effective date of the Registration Statement; 
 (o)    prior to the effectiveness of the
Registration Statement and any post-effective amendment thereto and at each closing of an underwritten offering, (i) make such representations and warranties to the selling Holders of such Registrable Securities and the underwriters, if any,
with respect to the Registrable Securities and the Registration Statement as are customarily made by issuers to underwriters in primary underwritten offerings; (ii) obtain opinions of counsel to the Company and updates thereof (which counsel
and which opinions shall be reasonably satisfactory to the underwriters, if any, and to the Holders of a majority of the Registrable Securities being sold) addressed to each selling Holder and the underwriters, if any, covering the matters
customarily covered in opinions requested in underwritten offerings and such other matters as may be reasonably requested by such Holders and underwriters or their counsel; (iii) obtain “comfort” letters and updates thereof from the
Company’s independent certified public accountants addressed to the selling Holders of Registrable Securities and the underwriters, if any, such letters to be in customary form and covering matters of the type customarily covered in
“comfort” letters by underwriters in connection with primary underwritten offerings; and (iv) deliver such documents and certificates as may be reasonably requested by the Holders of a majority of the Registrable Securities being sold
and by the underwriters, if any, to evidence compliance with clause (i) above and with any customary conditions contained in the underwriting agreement or other agreement entered into by the Company; 

(p)    otherwise use its best efforts to comply with all applicable rules and regulations of the SEC, and
make generally available to its security holders earnings statements satisfying the provisions of Section 11(a) of the 1933 Act, no later than 45 calendar days after the end of any 12-month
period (or for 90 calendar days, if such period is a fiscal year) (i) commencing at the end of any fiscal quarter in which Registrable Securities are sold to underwriters in a firm or best efforts underwritten offering, or (ii) if not sold
to underwriters in such an offering, beginning with the first month of the first fiscal quarter of the Company commencing after the effective date of the Registration Statement, which statements shall cover such
12-month periods; 

 (q)    cooperate with Holders including Registrable
Securities in such registration and the managing underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold, such certificates to be in such denominations and registered in
such names as such Holders or the managing underwriters may request at least two business days prior to any sale of Registrable Securities; and 

(r)    permit any Holder which Holder, in the sole and exclusive judgment, exercised in good faith, of
such Holder, might be deemed to be a controlling person of the Company, to participate in good faith in the preparation of such Registration Statement and to require the insertion therein of material, furnished to the Company in writing, that in the
reasonable judgment of such Holder and its counsel should be included. 

2.6.    Indemnification. 

(a)    The Company shall, and does hereby undertake to, indemnify and hold harmless each Holder of
Registrable Securities, each of such Holder’s officers, directors, managers, partners, members and agents, and each person controlling such Holder, with respect to any registration, qualification or compliance effected pursuant to this
Section 2, and each underwriter, if any, and each person who controls any underwriter, of the Registrable Securities held by or issuable to such Holder, against all claims, losses, damages and liabilities (or actions in respect thereto) to
which they may become subject under the 1933 Act, the Securities Exchange Act of 1934, as amended (the “1934 Act”), or other federal or state law arising out of or based on (i) any untrue statement (or alleged untrue
statement) of a material fact contained in any prospectus, offering circular or other similar document (including any related Registration Statement, notification, or the like) incident to any such registration, qualification or compliance, or based
on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances in which they were made, (ii) any violation or alleged
violation by the Company of any federal, state or common law rule or regulation applicable to the Company in connection with any such registration, qualification or compliance, or (iii) any failure to register or qualify Registrable Securities
in any state where the Company or its agents have affirmatively undertaken or agreed in writing that the Company (the undertaking of any underwriter chosen by the Company being attributed to the Company) will undertake such registration or
qualification on behalf of the Holders of such Registrable Securities (provided that in such instance the Company shall not be so liable if it has undertaken its best efforts to so register or qualify such Registrable Securities) and will reimburse,
as incurred, each such Holder, each such underwriter and each such director, manager, officer, partner, member agent and controlling person, for any legal and any other expenses reasonably incurred in connection with investigating or defending any
such claim, loss, damage, liability or action; provided that the Company will not be liable in any such case to the extent that any such claim, loss, damage, liability or expense directly based upon any untrue statement or omission made in
conformity with written information furnished to the Company by an instrument duly executed by such Holder or underwriter and stated to be specifically for use therein, and provided that the indemnity agreement contained in this Section 2.6(a)
shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld, conditioned or delayed). 

 (b)    To the extent permitted by law, each Holder,
severally and not jointly, will, if Registrable Securities held by or issuable to such Holder are included in such registration, qualification or compliance pursuant to this Section 2, and does hereby undertake to indemnify and hold harmless
the Company, each of its directors and officers, and each person controlling the Company, each underwriter, if any, and each person who controls any underwriter, of the Company’s securities covered by such a Registration Statement, and each
other Holder, each of such other Holder’s officers, directors, managers, partners, members and agents and each person controlling such other Holder, against all claims, losses, damages and liabilities (or actions in respect thereof) arising out
of or based upon (i) any failure of such Holder or its agents or representatives to comply with the prospectus delivery requirements of the 1933 Act or any other applicable securities or Blue Sky law or (ii) any untrue statement (or
alleged untrue statement) of material fact contained in any such Registration Statement, prospectus, offering circular, or other document, or omission (or alleged omission) to state a material fact necessary to make the statements made in any such
Registration Statement, prospectus, offering circular, or other document not misleading in light of the circumstances in which they were made in conformity with written information furnished to the Company by an instrument duly executed by such
Holder or representative thereof and stated to be specifically for use therein, and will reimburse, as incurred, the Company, each such underwriter, each such other Holder, and each such director, officer, manager, partner, member and controlling
person of the foregoing, for any legal or any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability or action; provided, however, that the liability of each Holder hereunder (unless
such Holder’s liability hereunder is based upon such Holder’s willful misconduct as determined by the nonappealable final decision of a court) shall be limited to the proportion of any such claim, loss, damage or liability that is equal to
the proportion that the public offering price of the shares sold by such Holder under such Registration Statement bears to the total public offering price of all securities sold thereunder, but in any event not to exceed the net proceeds received by
such Holder from the sale of securities under such Registration Statement. It is understood and agreed that the indemnification obligations of each Holder pursuant to any underwriting agreement entered into in connection with any Registration
Statement shall be limited to the obligations contained in this Section 2.6(b) and that the indemnity agreement contained in this Section 2.6(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or
action if such settlement is effected without the consent of the Holder (which consent shall not be unreasonably withheld, conditioned or delayed). 

(c)    Each party entitled to indemnification under this Section 2.6 (the “Indemnified
Party”) shall give notice to the party required to provide such indemnification (the “Indemnifying Party”) of any claim as to which indemnification may be sought promptly after such Indemnified Party has actual knowledge
thereof, and shall permit the Indemnifying Party to assume the defense of any such claim or any litigation resulting therefrom; provided that counsel for the Indemnifying Party, who shall conduct the defense of such claim or litigation, shall be
subject to approval by the Indemnified Party (whose approval shall not be unreasonably withheld) and the Indemnified Party may participate in such defense at the Indemnifying Party’s expense if representation of such Indemnified Party would be
inappropriate due to actual or potential differing interests between such Indemnified Party and any other party represented by such counsel in such proceeding; and provided further that the failure of any Indemnified Party to give notice as provided
herein shall not relieve the Indemnifying Party of its obligations under 

 
this Section 2, except to the extent that such failure to give notice shall materially adversely affect the Indemnifying Party in the defense of any such claim or any such litigation. An
Indemnifying Party, in the defense of any such claim or litigation, may, without the consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement that includes as an unconditional term thereof the giving by the
claimant or plaintiff therein, to such Indemnified Party, of a release from all liability with respect to such claim or litigation. 

(d)    In order to provide for just and equitable contribution to joint liability under the 1933 Act in
any case in which either (i) any Holder exercising rights under this Agreement, or any controlling person of any such Holder, makes a claim for indemnification pursuant to this Section 2.6 but it is judicially determined (by the entry of a
final judgment or decree by a court of competent jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that such indemnification may not be enforced in such case notwithstanding the fact that this
Section 2.6 provides for indemnification in such case, or (ii) contribution under the 1933 Act may be required on the part of any such Holder or any such controlling person in circumstances for which indemnification is provided under this
Section 2.6; then, and in each such case, the Company and such Holder will contribute to the aggregate claims, losses, damages or liabilities to which they may be subject (after contribution from others) in such proportion so that such Holder
is responsible for the portion represented by the percentage that the public offering price of the securities offered by such Holder pursuant to the Registration Statement bears to the public offering price of all securities offered by such
Registration Statement, and the Company will be responsible for the remaining portion (without prejudice as to the Company’s right to contributions from any other responsible parties); provided, however, that, in any case, (A) no such
Holder will be required to contribute any amount in excess of the difference between (i) the public offering price of all securities offered by it pursuant to such Registration Statement, after deduction of underwriting discounts and
commissions minus (ii) amounts paid or payable by such Holder pursuant to Section 2.6(b) (unless such Holder’s liability hereunder is based upon such Holder’s willful misconduct as determined by the nonappealable final decision
of a court); and (B) no person or entity guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) will be entitled to contribution from any person or entity who was not guilty of such fraudulent
misrepresentation. 
 (e)    The indemnities provided in this Section 2.6 shall survive the
transfer of any Registrable Securities by such Holder. 
 2.7.    Information by Holder. The
Holder or Holders of Registrable Securities included in any registration shall furnish to the Company such information regarding such Holder or Holders and the distribution proposed by such Holder or Holders as the Company may reasonably request in
writing and as shall be required in connection with any registration, qualification or compliance referred to in this Section 2. 

2.8.    Transfer of Rights. The rights contained in Section 2 and Section 3 hereof may be
assigned or otherwise conveyed by a Holder to transferees or assignees of Registrable Securities (i) that is an Affiliate, subsidiary, parent, partner, limited partner, retired partner or stockholder of a Holder, (ii) that is a
Holder’s family member or trust for the benefit of an individual Holder, or (iii) who acquires Registrable Securities owned by such Holder, and who shall be considered a 

 
“Holder” and “Investor” for purposes hereof, provided that such transfer is effected in compliance with Section 1.2 hereof, such transferee agrees in writing to be bound
by the terms and conditions of this Agreement, and such transferee after such assignment or transfer, holds at least One Hundred Thousand (100,000) shares of Registrable Securities (appropriately adjusted for any stock split, dividend, combination
or other recapitalization). Notwithstanding anything herein to the contrary, the rights of a Major Investor contained in Section 4 hereof may be assigned or otherwise conveyed by a Major Investor to any transferee or assignee of Registrable
Securities that is an Affiliate, subsidiary, parent, partner, limited partner, retired partner, stockholder, or member of such Major Investor. 

2.9.    Form S-3. The Company shall use its best
efforts to qualify for registration on Form S-3 (any future form that is substantially equivalent to the current Form S-3). Once qualified, the Holders of Registrable
Securities shall have the right to request registrations on Form S-3 thereafter under this Section 2.9. The Company shall give notice to all Holders of Registrable Securities of the receipt of a request
for registration pursuant to this Section 2.9 and shall provide a reasonable opportunity for other Holders to participate in the registration. Subject to the foregoing, the Company will use its best efforts to effect as soon as practicable the
registration of all shares of Registrable Securities on Form S-3 to the extent requested by the Holder or Holders thereof for purposes of disposition; provided, however, that the Company shall
not be obligated to effect any such registration if the Holders, together with the holders of any other securities of the Company entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any)
at an aggregate price to the public of less than $2,500,000. Nothing in this Section 2.9 shall restrict, prohibit or limit in any way a Holder’s ability to exercise its registration rights under Sections 2.2 or 2.3 hereof. The Company
shall have no obligation to take any action to effect any registration pursuant to this Section 2.9 for any of the reasons set forth in Section 2.2(a)(ii)(B), (which shall be deemed to apply to the obligations under this Section 2.9
with equal force). In addition, any registration pursuant to this Section 2.9 shall be subject to the provisions of Section 2.2(b), which shall be deemed to apply to the obligations under this Section 2.9 with equal force, except that
any reference therein to Section 2.2 or a subsection thereof shall, for these purposes only, be deemed to be a reference to this Section 2.9. 

2.10.    Delay of Registration. No Holder shall have any right to obtain or seek an injunction
restraining or otherwise delaying any such registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 

2.11.    Limitations on Subsequent Registration Rights. From and after the date of this Agreement,
the Company shall not, without the prior written consent of the Holders of at least sixty percent (60%) of the Registrable Securities then outstanding and not registered, enter into any agreement with any holder or prospective holder of any
securities of the Company that would (i) require the Company to effect a registration or (ii) grant such holder or prospective holder registration rights pari passu or senior to those granted to the Holders hereunder. 

2.12.    Rule 144 Reporting. To make available to the Holders the benefits of certain rules and
regulations of the SEC that may permit the sale of the Registrable Securities to the public without registration, the Company agrees to use its best efforts to: 

 (a)    make and keep current public information
available, within the meaning of SEC Rule 144 or any similar or analogous rule promulgated under the 1933 Act, at all times after it has become subject to the reporting requirements of the 1934 Act; 

(b)    file with the SEC, in a timely manner, all reports and other documents required of the Company
under the 1933 Act and 1934 Act (after it has become subject to such reporting requirements); and 

(c)    so long as a Holder owns any Registrable Securities, furnish to such Holder forthwith upon request
a written statement by the Company as to its compliance with the reporting requirements of said Rule 144 (at any time after the effective date of the first registration filed by the Company for an offering of its securities to the general public),
the 1933 Act and the 1934 Act (at any time after it has become subject to such reporting requirements); a copy of the most recent annual or quarterly report of the Company; and such other reports and documents as a Holder may reasonably request in
availing itself of any rule or regulation of the SEC allowing it to sell any such securities without registration. 

2.13.    “Market Stand-Off”
Agreement. Each Holder, holder of Securities and One Percent Stockholder (as defined below) hereby agrees that during a period, not to exceed one hundred eighty (180) days, following the effective date of the IPO, it shall not, to the
extent requested by the Company and any underwriter, sell, pledge, transfer, make any short sale of, loan, grant any option for the purchase of, or otherwise transfer or dispose of (other than to donees who agree to be similarly bound) any Common
Stock held by it at any time during such period except Common Stock included in such registration; provided, however, that all officers, directors and One Percent Stockholders of the Company enter into similar agreements. In the event any officer or
director that enters into a standoff agreement substantially identical to the provisions of this Section 2.13 is released in whole or in part from such agreement during the one hundred eighty (180) day period referred to herein, each
Holder, holder of Securities and One Percent Stockholder shall be proportionally released from this Section 2.13. Notwithstanding anything to the contrary herein, if (i) during the period that begins on the date that is 15 calendar days
plus three business days before the last day of the 180-day lock-up period and ends on the last day of the 180-day lock-up period, the Company issues an earnings release or material news or a material event relating to the Company occurs, or (ii) prior to the expiration of the 180-day
lock-up period, the Company announces that it will release earnings results during the 16-day period beginning on the last day of the
180-day lock-up period, then in either case the 180-day lock-up period will be extended
until the expiration of the date that is fifteen (15) calendar days plus three (3) business days after the date on which the issuance of the earnings release or the material news or material event occurs. 

For purposes of this Section 2.13, the term “One Percent Stockholder” shall mean a stockholder of the
Company who holds at least one percent (1%) of the outstanding Common Stock of the Company (assuming full conversion and exercise of all securities convertible and exercisable into Common Stock). To enforce the foregoing covenant, the Company may
impose stop-transfer instructions with respect to the Registrable Securities of each Holder (and the shares or securities of every other person subject to the foregoing restriction) until the end of such period. 

 2.14.    Termination of Rights. The rights of any
particular Holder to participate in a registration under Sections 2.2, 2.3 and 2.9 hereof shall terminate as to any Holder, at such earlier time after the IPO at which such Holder (i) can sell all shares held by it in compliance with
Rule 144(b)(1)(i) or (ii) holds one percent (1%) or less of the Company’s outstanding Common Stock and all Registrable Securities held by such Holder (together with any Affiliate of the Holder with whom such Holder must aggregate its
sales under Rule 144) can be sold in any three (3) month period without registration in compliance with Rule 144. This Agreement and the rights and obligations set forth herein shall terminate in their entirety upon the earlier to
occur of (a) the written agreement of the Company and the Holders holding at least sixty percent (60%) in interest of the Registrable Securities then outstanding, or (b) a Liquidation Event (as defined in the Sixth Amended and Restated
Certificate of Incorporation, as amended (the “Certificate”)). 
 SECTION 3 

RIGHTS OF FIRST OFFER 

3.1.    Certain Definitions. As used in this Section 3: 

(a)    The term “New Securities” shall mean any capital stock of the Company, whether now
or hereafter authorized, and rights, options or warrants to purchase capital stock, and securities of any type whatsoever that are, or may become, convertible into or exercisable for capital stock; provided that the term “New
Securities” does not include: (i) the Series D Stock issued and sold pursuant to the Purchase Agreement; (ii) securities issuable upon conversion of or with respect to Preferred Stock; (iii) shares of Common Stock, or securities
exercisable for or convertible into Common Stock, issued in connection with the acquisition of a bona fide operating company by the Company pursuant to a plan, agreement or other arrangement approved by the Board of Directors and the holders of at
least sixty percent (60%) of the then outstanding shares of Preferred Stock, voting together on an as-converted to Common Stock basis; (iv) up to Twenty Million Sixty Thousand Six Hundred Forty-One (20,060,641) shares of Common Stock (as appropriately adjusted to reflect stock dividends, stock splits, combinations, recapitalizations and the like), and options, warrants or rights convertible into such
Common Stock, issued to employees, consultants or directors of the Company pursuant to the Option Plans (as defined in Section 4.1(s)); (v) securities issued pursuant to any stock dividend, stock split, combination or other reclassification by
the Company of any of its capital stock; (vi) shares of Common Stock issued to Duke University (“Duke”) pursuant to that certain License Agreement, dated October 18, 2006, between Duke and the Company; (vii) shares,
in the aggregate not to exceed five percent (5%) of the total number of outstanding shares of the Company’s Common Stock on an as-converted basis, issued to financial lending institutions or equipment
lessors pursuant to equipment financing arrangements, provided that such equipment financing arrangement is approved by the holders of at least sixty percent (60%) of the then outstanding shares of Preferred Stock, voting together on an as-converted to Common Stock basis; (viii) the issuance or sale of shares or options to purchase such shares to the extent that such exclusion in regards to such issuance or sale is approved by the holders of
at least sixty percent (60%) of the then outstanding shares of Preferred Stock, voting together on an as-converted to Common Stock basis (including holders of a majority of the then outstanding shares of
Series D Stock, voting together as a single class on an as-converted to Common Stock basis); (ix) up to One Million 

 
Four Hundred Forty-Six Thousand Five Hundred Fifteen (1,446,515) shares of Series B Stock issuable upon the exercise of warrants (and the conversion of any
shares issuable upon exercise of the warrants); and (x) up to Nine Million Seven Hundred Thirteen Thousand Seven Hundred Ninety (9,713,790) shares of Series C-1 Stock issuable upon the exercise of
warrants (and the conversion of any shares issuable upon exercise of the warrants). 
 (b)    The term
“Pro Rata Share” means the ratio (x) the numerator of which is the number of shares of Common Stock held by a Preferred Holder (assuming full conversion and exercise of all securities convertible and exercisable into
Common Stock held by such Preferred Holder), excluding any Common Stock issued upon conversion of the Series C Stock pursuant to the “Special Mandatory Conversion” provisions of the Certificate, on the date of the Company’s written
notice pursuant to Section 3.3 hereof, and (y) the denominator of which is the number of shares of outstanding Common Stock (assuming full conversion and exercise of all securities convertible and exercisable into Common Stock), on
the date of the Company’s written notice pursuant to Section 3.3 hereof. 
 3.2.    Right
of First Refusal. The Company hereby grants to each Preferred Holder, subject to the terms and conditions specified in this Section 3, the right of first refusal to purchase, on the terms and conditions set forth in the Company’s
notice pursuant to Section 3.3 hereof, up to its Pro Rata Share of all New Securities that the Company may, from time to time, propose to sell and issue. If a Preferred Holder (the “Electing Investor”) elects to purchase its
full Pro Rata Share, then such Electing Investor shall have a right of over-allotment such that if any other Preferred Holder (the “Non-electing Investor”) fails to purchase its Pro Rata
Share, such Electing Investor may purchase, on a pro rata basis with the other Electing Investors, the Non-electing Investor’s Pro Rata Share (the “Over-Allotment”). Each Electing Investor shall indicate its agreement to
purchase such Electing Investor’s Pro-Rata Share or such Electing Investor’s Over-Allotment, if any, by giving written notice to the Company and stating therein the quantity of New Securities to be
purchased. 
 3.3.    Required Notices. In the event the Company proposes to issue New
Securities, it shall give each Preferred Holder written notice of its intention, describing the type of New Securities to be issued, the price thereof and the general terms upon which the Company proposes to effect such issuance. Each Preferred
Holder shall have thirty (30) days from the date of any such notice to agree to purchase such New Securities for the price and upon the general terms specified in the notice by giving written notice to the Company stating the quantity of New
Securities to be purchased. 
 3.4.    Company’s Right to Sell. The Company shall have
ninety (90) days after the thirty (30) day period described in Section 3.3 hereof to sell all New Securities in respect of which the Preferred Holders elected not to exercise their right of first refusal, at a price and upon terms no
more favorable in any material respect to the purchasers thereof than specified in the Company’s notice. In the event the Company has not sold all such New Securities within such ninety (90) day period, the Company shall not thereafter
issue or sell any New Securities without first notifying the Preferred Holders in the manner provided herein and otherwise complying with the provisions of this Section 3. 

 3.5.    Amendment; Expiration of Right. The
rights of first refusal granted under this Section 3 shall not apply to, and shall expire upon, a Qualified Public Offering. The rights of first refusal granted under this Section 3 may be amended, or any provision waived, upon the
written consent of the holders of (i) at least sixty percent (60%) of the then outstanding shares of Preferred Stock determined on an as-converted to Common Stock basis and (ii) a majority of the
then outstanding shares of Series D Stock determined on an as-converted to Common Stock basis, or as otherwise permitted by Section 6.4. 

SECTION 4 
 COMPANY COVENANTS

 The Company hereby covenants and agrees on behalf of itself and its subsidiaries to the following. 

4.1.    Affirmative Covenants. 

(a)    Financial Statements and Information. The Company will keep books of account and prepare
financial statements and will cause to be furnished to each Major Investor and each other Investor holding at least five percent (5%) of the Company’s then outstanding capital stock (each a “Significant Holder”) (each of the
following to be kept and prepared in accordance with United States generally accepted accounting principles applied on a consistent basis, in a form or forms reasonably acceptable to New Enterprise Associates 13, Limited Partnership
(“NEA”) and AZ); provided that the Board of Directors has not reasonably determined that such Major Investor or Significant Holder is a competitor of the Company. 

(i)    As soon as practicable, but in any event within one hundred eighty (180) days after the end
of each fiscal year of the Company, (1) a copy of the financial statements of the Company for such fiscal year containing a consolidated and consolidating balance sheet, statement of income, statement of stockholders’ equity, and statement
of cash flows, each as at the end of such fiscal year and for the period then ended and in each case setting forth in comparative form the figures for the preceding fiscal year, all in reasonable detail and audited and certified by independent
certified public accountants of nationally recognized standing selected by the Board of Directors, (2) a comparison of the actual results during such fiscal year to those originally budgeted by the Company for such fiscal year, and (3) a
copy of the auditor’s letter(s) to management in connection with such audit. The annual audit report required by this Agreement will not be qualified by or make reference to any disclosure that the Company may not continue as a going concern or
otherwise be qualified or limited because of restricted or limited examination by the accountant of any portion of any of the records of the Company; 

(ii)    As soon as practicable after the end of each of the first three (3) quarters of the fiscal
year, but in any event within forty-five (45) days after the end of each such quarter, the unaudited consolidated balance sheets of the Company and its subsidiaries, if any, as of the end of such quarter, and its unaudited consolidated
statements of income and losses, stockholders’ equity and cash flows for such quarter, setting forth in each case in comparative form the figures for the corresponding period of the preceding fiscal year, all in reasonable

 
detail. Such quarterly report shall include a summary of the Company’s operations for such quarter, any material variances from the Company’s operating plan and budget (including a
schedule of total expenses by primary account) and an updated forecast of financial performance for the next four (4) quarters (including a schedule of total expenses by primary account); 

(iii)    As soon as practicable after the end of each month, but in any event within thirty
(30) days thereafter, the unaudited consolidated balance sheet of the Company and its subsidiaries, if any, as of the end of such month and its unaudited statement of income and losses, stockholders’ equity and cash flows for such month,
indicating actual results versus the Company’s plan for such month, setting forth in each case in comparative form the figures for the corresponding period of the preceding fiscal year and a summary discussion of the Company’s principal
functional areas prepared by Company management. Such monthly report shall include a schedule of total expenses by primary account; 

(iv)    As soon as practicable after the adoption thereof, but in any event at least thirty
(30) days prior to the beginning of each fiscal year, a quarterly and annual operating plan and budget for such fiscal year, and, as soon as practicable after the adoption thereof, copies of any revisions to such annual operating plan; 

(v)    As soon as available, a copy of each (1) financial statement, report, notice, or proxy
statement sent by the Company to its stockholders, (2) regular, periodic, or special report, registration statement, or prospectus filed by the Company with any securities exchange, state securities regulator, or the Commission;
(3) material order issued by any court, governmental authority, or arbitrator in any material proceeding to which the Company is a party or to which any of its assets is subject; (4) press release or other statement made available
generally by the Company or its officers to the public generally concerning material developments in the business of the Company; and (5) material item of correspondence, report, or other information sent by the Company to any holder of
any indebtedness, including, without limitation, the Investors; 
 (vi)    Prompt notice of any default
of the Company under any bond, note, indenture or other debt instrument representing indebtedness for borrowed money in excess of $50,000 and of any acceleration of indebtedness which may result therefrom; 

(vii)    With reasonable promptness, such other information respecting the business, properties or the
condition or operations, financial or other, of the Company or any subsidiary as any Holder may from time to time reasonably request; provided, however, that the Company shall not be obligated under this Section 4.1(a) to provide
information (i) that the Company reasonably determines in good faith to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in form acceptable to the Company), (ii) the disclosure of which
would adversely affect the attorney-client privilege between the Company and its counsel, or (iii) to any person that the Board of Directors has reasonably determined to be competitor of the Company, excluding for purposes of clause
(iii) JJDC and any of its subsidiaries or affiliates for so long as JJDC remains a Stockholder. 

(b)    Inspection. The Company shall permit each Major Investor and Significant Holder, its
attorney or its other representative to visit and inspect the Company’s 

 
properties, to examine the Company’s books of account and other records, to make copies or extracts therefrom and to discuss the Company’s affairs, finances and accounts with its
officers, management, employees and independent auditors all at such reasonable times and as often as such Investor or transferee may reasonably request; provided, however, that the Company shall not be obligated pursuant to this
Section 4.1(b) to provide trade secrets or confidential information or to provide information to any person whom the Company reasonably believes is a competitor of the Company or disclose information which would adversely affect the
attorney-client privilege between the Company and its counsel; provided, further, that such Investor shall bear any costs or expenses of such investigations or inquiries. 

(c)    Payment of Taxes. The Company shall pay, and cause each subsidiary to pay, and discharge all
taxes, assessments and governmental charges or levies imposed upon it or upon its income, profits or business, or upon any properties belonging to it, prior to the earliest date on which penalties or interest attach thereto, and all lawful claims
that, if unpaid, might become a lien or charge upon any properties of the Company or any subsidiary, provided that neither the Company nor any subsidiary shall be required to pay any such tax, assessment, charge, levy or claim that is
being contested in good faith and by appropriate proceedings if the Company or any subsidiary shall have set aside on its books sufficient reserves, if any, with respect thereto. 

(d)    Payment of Trade Debt. The Company shall pay, and cause each subsidiary to pay, when due, or
in conformity with customary trade terms but not later than ninety (90) days from the due date, all lease obligations, all trade debt, and all other indebtedness incident to the operations of the Company or its subsidiaries, except such as are
being contested in good faith and by proper proceedings if the Company or subsidiary concerned shall have set aside on its books sufficient reserves, if any, with respect thereto. 

(e)    Maintenance of Insurance. The Company shall maintain, and cause each subsidiary to maintain,
at all times after the date hereof, insurance with responsible and reputable insurance companies or associations in such amounts and covering such risks as is customarily carried by companies engaged in similar businesses and owning similar
properties in the same general areas in which the Company or such subsidiary operates. 

(f)    Intellectual Property. The Company shall secure, preserve and maintain, and cause each
subsidiary to secure, preserve and maintain, all licenses and other rights to use patents, processes, licenses, permits, trademarks, trade names, inventions, intellectual property rights or copyrights owned or used by it and will acquire and keep in
full force and effect any additional rights, permits, licenses, patents, copyrights, trademarks, trade names, franchises and other intellectual property rights as from time to time may be necessary or appropriate in connection with the conduct of
its business or the businesses of any subsidiary. 
 (g)    Compliance with Laws. The Company
shall comply, and cause each subsidiary to comply, with the requirements of all applicable laws, rules, regulations and orders of any governmental authority, noncompliance with which could materially adversely affect its business or condition,
financial or otherwise. 

 (h)    Records and Books of Account. The Company
shall keep, and cause each subsidiary to keep, adequate, correct and complete records and books of account in which complete entries will be made in accordance with generally accepted accounting principles consistently applied, reflecting all
financial transactions of the Company and any subsidiary, and in which, for each fiscal year, all proper reserves for depreciation, depletion, returns of merchandise, obsolescence, amortization, taxes, bad debts and other purposes in connection with
its business shall be made. 
 (i)    Maintenance of Properties. The Company shall maintain and
preserve, and cause each subsidiary to maintain and preserve, all of its properties and assets necessary for the proper conduct of its business, in good repair, working order and condition, ordinary wear and tear excepted. 

(j)    ERISA Compliance. The Company shall comply, and cause each subsidiary to comply, with all
minimum funding requirements applicable to any pension, employee benefit plans, or employee contribution plans that are subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or to the Internal Revenue
Code of 1986, as amended (the “Code”), and comply, and cause each subsidiary to comply, in all other material respects with the provisions of ERISA and the Code, and the rules and regulations thereunder, which are applicable to any
such plan; provided further that neither the Company nor any subsidiary will permit any event or condition to exist that would permit any such plan to be terminated under circumstances that would cause any material lien provided for in
Section 4068 of ERISA to attach to the assets of the Company or any subsidiary. 

(k)    Compliance with Environmental Laws. The Company shall comply, and cause each subsidiary to
comply, with the provisions of all federal, state and local environmental, health and safety laws, codes and ordinances and all rules and regulations promulgated thereunder, and the Company shall maintain, and cause each subsidiary to maintain, all
federal, state and local permits, licenses, certificates and approvals known to the Company or any subsidiary to be required relating to (i) air emissions, (ii) discharges to surface water or ground water, (iii) noise emissions,
(iv) solid or liquid waste disposal, (v) the use, generation, storage, transportation or disposal of toxic or hazardous substances or wastes (intended hereby and hereafter to include any and all such materials listed in any federal, state
or local law, code or ordinance and all rules and regulations promulgated thereunder, as hazardous or potentially hazardous), or (vi) other environmental, health and safety matters. 

(l)    Financings. The Company shall promptly, fully and in detail, inform the Board of Directors
of any discussions, offers or contracts relating to possible financings of any nature for the Company, whether initiated by the Company or any other person, except for arrangements with trade creditors. 

(m)    Nature of Business. The Company shall continue to conduct its business without material
change from the nature of the business contemplated in the written materials delivered to the Investors prior to the date hereof. 

(n)    Non-Disclosure and Inventions Agreements. The
Company shall require each officer of the Company and each key employee and any other employee who contributes to 

 
the invention or authorship of the Company’s proprietary technology or products to enter into the Company’s standard Non-Disclosure and
Inventions Agreement, in form and substance reasonably satisfactory to the Investors, prior to the commencement of such officer’s or employee’s employment. 

(o)    FDA Compliance. The Company shall maintain, and cause each subsidiary to maintain, such
permits, licenses, franchises, authorizations and clearances (“Permits”) of governmental or regulatory authorities, including, without limitation, the Food and Drug Administration (the “FDA”) of the U.S. Department
of Health and Human Services and/or any committee thereof, as are necessary to own, lease and operate its properties and to conduct its business as now conducted and as currently proposed to be conducted; the Company shall fulfill and perform, and
cause each subsidiary to fulfill and perform, all such material obligations with respect to the Permits, and the Company shall conduct or sponsor, and cause each subsidiary to conduct or sponsor, feasibility,
pre-clinical, clinical and other studies and tests in accordance with standard medical and scientific research procedures. 

(p)    Committees of the Board of Directors. A Compensation Committee of the Board of Directors
(the “Compensation Committee”) and an Audit Committee (the “Audit Committee”) of the Board of Directors shall be established and maintained at all times after the date hereof. Each of the Compensation Committee and
the Audit Committee shall be comprised of at least three members; provided that no member of the Compensation Committee or Audit Committee shall be an employee of the Company and provided further that each of the Audit Committee and the
Compensation Committee shall include one director designated by the holders of a majority of the then outstanding shares of Series B Stock (each such director being a “Series B Director”), one director designated by the holders of a
majority of the then outstanding shares of Series C Stock (the “Series C Director”) and one director designated by the holders of a majority of the then outstanding shares of Series D Stock (the “Series D
Director”). The Chief Executive Officer or interim Chief Executive Officer of the Company shall be entitled to attend meetings of the Compensation Committee in a non-voting capacity; provided,
however, that such officer may be excluded from any meeting, or portion thereof, at the discretion of the Compensation Committee. The Compensation Committee will, among other things, be responsible for and have discretion concerning all
compensation decisions and decisions concerning the issuance of stock options or other equity awards, including without limitation the vesting of stock options or other equity awards. The senior financial officer of the Company shall be entitled to
attend meetings of the Audit Committee in a nonvoting capacity; provided, however, that such officer may be excluded from any meeting, or portion thereof, at the discretion of the Audit Committee. 

The Board of Directors may create such additional committee as it deems necessary or desirable to conduct such business as may
properly come before the Board of Directors; provided that each such committee constituted by the Board of Directors shall, upon the written request of NEA, contain at least one Series B Director and, upon the written request of AZ, contain
the Series C Director, and upon the written request of the holders of a majority of the Series D Stock, contain the Series D Director. 

(q)    Stock Vesting. All stock and stock equivalents issued to employees, directors, consultants
and other service providers will be subject to vesting as determined by the 

 
Compensation Committee. The terms of any repurchase option upon termination of employment or service of the shareholder will also be determined by the Compensation Committee. Unless otherwise
approved by the Compensation Committee, any options or equity awards issued by the Company shall vest 25% on the first anniversary of their issuance, with the remaining 75% vesting monthly over the subsequent 36 months. 

(r)    Market Standoff Agreements. The Company will require all future purchasers of stock prior to
the initial public offering of the Company’s securities to execute a market standoff agreement in which the holders agree, if so requested by the Company or any underwriter’s representative in connection with an initial public offering,
not to sell or otherwise transfer any securities of the Company on terms substantially similar to those of Section 2.13. 

(s)    Stock Option Plan(s). The Company shall maintain and administer one or more stock option,
stock purchase, or management incentive plans, (the “Option Plans”), subject to any amendments thereto approved by a majority of the Board of Directors and made in compliance with the Option Plans, the Certificate and this
Agreement. 
 (t)    Directors and Officers Insurance; Indemnification. The Company shall at all
times maintain in full force and effect, directors and officers insurance providing for coverage of not less than $2,000,000 per director per occurrence on terms acceptable to the holders of sixty percent (60%) of the outstanding shares of Preferred
Stock determined on an as-converted to Common Stock basis. The Company’s Certificate, as may be amended from time to time and Bylaws shall at all times provide (i) for elimination of the liability of
directors and officers to the maximum extent permitted by law, and (ii) for indemnification of directors and officers for acts on behalf of the Company to the maximum extent permitted by law. 

(u)    Preservation of Corporation Existence. The Company will preserve and maintain, and, unless
the Company reasonably deems it not to be in its best interests, cause each subsidiary to preserve and maintain, its corporate existence, rights, franchises and privileges in the jurisdictions of its incorporation, and qualify and remain qualified,
and cause each subsidiary to qualify and remain qualified, as a foreign corporation in each jurisdiction in which such qualification is necessary or desirable in view of its business and operations or the ownership or lease of its properties, except
when the failure to be so qualified would not have a material adverse effect on the Company or its subsidiaries. 

(v)    Material Change; Litigation. The officers of the Company will promptly advise the Board of
Directors of any material adverse change in the business or condition, financial or otherwise, of the Company and of each suit or proceeding commenced or threatened against the Company which, if adversely determined, would result in a material
adverse change. The Company will also promptly advise the Investors of the occurrence of any event that constitutes a material breach of any covenant contained herein. 

(w)    Reservation of Common Stock. The Company will at all times reserve and keep available,
solely for issuance and delivery upon the conversion of the Preferred Stock, all shares of Common Stock issuable upon such conversion. 

 (x)    FIRPTA Compliance. The Company shall
provide prompt notice to NEA following any “determination date” (as defined in Treasury Regulation Section 1.897-2(c)(1)) on which the Company becomes a United States real property holding
corporation. In addition, upon a written request by NEA, the Company shall provide NEA with a written statement informing NEA whether NEA’s (or its request affiliates) interest in the Company constitutes a United States real property
interest. The Company’s determination shall comply with the requirements of Treasury Regulation Section 1.897-2(h)(1) or any successor regulation, and the Company shall provide timely notice to the
Internal Revenue Service, in accordance with and to the extent required by Treasury Regulation Section 1.897-2(h)(2) or any successor regulation, that such statement has been made. The Company’s
written statement to NEA shall be delivered to NEA within 10 days of NEA’s written request therefor. The Company’s obligation to furnish such written statement shall continue notwithstanding the fact that a class of the
Company’s stock may be regularly traded on an established securities market or the fact that there is no Preferred Stock then outstanding. 

(y)    AZ Observer. The Company will permit a representative of AZ (the “AZ
Observer”), to attend all meetings of the Board and all committees thereof (by teleconference unless the Series C Director is unable to attend, in which case the AZ Observer may attend in person) in a
non-voting capacity and to participate in all meetings of the Board in all matters other than voting and shall provide to the AZ Observer, concurrently with the members of the Board, and in the same manner,
notice of such meeting and a copy of all materials provided to such members. The rights of AZ pursuant to this section shall terminate at such time as AZ holds less than 10% of the aggregate number of shares of Preferred Stock (or Common Stock
issued on conversion thereof) purchased by such entity, or earlier (i) immediately prior to the consummation of a Qualified Public Offering, (ii) upon a Liquidation Event or (iii) upon conversion of the Series C Stock held by AZ to
Common Stock pursuant to the “Special Mandatory Conversion” provisions of the Certificate. AZ agrees to cause the AZ Observer to recuse himself or herself from participating in any Board or committee discussions concerning a transaction in
which the Board deems AZ to possess a conflict of interest, provided that the recusal shall end at such time as the Board determines that AZ no longer has an interest in such transaction. 

(z)    Series D Investor Observer. The Company will permit a representative of MGC (the
“Series D Observer”), to attend all meetings of the Board and all committees thereof (by teleconference unless the Series D Director is unable to attend, in which case the Series D Observer may attend in person) in a non-voting capacity and to participate in all meetings of the Board in all matters other than voting and shall provide to the Series D Observer, concurrently with the members of the Board, and in the same manner,
notice of such meeting and a copy of all materials provided to such members. The rights of the Series D Lead Investor pursuant to this section shall terminate at such time as MGC holds less than 10% of the aggregate number of shares of Preferred
Stock (or Common Stock issued on conversion thereof) purchased by such entity, or earlier (i) immediately prior to the consummation of a Qualified Public Offering or (ii) upon a Liquidation Event. MGC agrees to cause the Series D Observer
to recuse himself or herself from participating in any Board or committee discussions concerning a transaction in which the Board deems MGC to possess a conflict of interest, provided that the recusal shall end at such time as the Board determines
that MGC no longer has an interest in such transaction. 

 (aa)    NEA Observer. The Company will permit a
representative of NEA (the “NEA Observer”), to attend all meetings of the Board and all committees thereof (by teleconference unless the Series B Director is unable to attend, in which case the NEA Observer may attend in person) in
a non-voting capacity and to participate in all meetings of the Board in all matters other than voting and shall provide to the NEA Observer, concurrently with the members of the Board, and in the same manner,
notice of such meeting and a copy of all materials provided to such members. The rights of NEA pursuant to this section shall terminate at such time as NEA holds less than 10% of the aggregate number of shares of Preferred Stock (or Common Stock
issued on conversion thereof) purchased by such entity, or earlier (i) immediately prior to the consummation of a Qualified Public Offering, (ii) upon a Liquidation Event or (iii) upon conversion of the Series C Stock held by NEA to
Common Stock pursuant to the “Special Mandatory Conversion” provisions of the Certificate. NEA agrees to cause the NEA Observer to recuse himself or herself from participating in any Board or committee discussions concerning a transaction
in which the Board deems NEA to possess a conflict of interest, provided that the recusal shall end at such time as the Board determines that NEA no longer has an interest in such transaction. 

(bb)    Chilkoti Observer. The Company will permit a representative of Ashutosh Chilkoti (the
“Chilkoti Observer”), to attend all meetings of the Board and all committees thereof (by teleconference) in a non-voting capacity and to participate in all meetings of the Board in all matters
other than voting and shall provide to the Chilkoti Observer, concurrently with the members of the Board, and in the same manner, notice of such meeting and a copy of all materials provided to such members. The rights of Ashutosh Chilkoti pursuant
to this section shall terminate at such time as Ashutosh Chilkoti holds less than 10% of the aggregate number of shares of Preferred Stock (or Common Stock issued on conversion thereof) held by such individual as of the date hereof, or earlier
(i) immediately prior to the consummation of a Qualified Public Offering or (ii) upon a Liquidation Event. Ashutosh Chilkoti agrees to cause the Chilkoti Observer to recuse himself or herself from participating in any Board or committee
discussions concerning a transaction in which the Board deems Ashutosh Chilkoti to possess a conflict of interest, provided that the recusal shall end at such time as the Board determines that Ashutosh Chilkotiv no longer has an interest in such
transaction. 
 (cc)    Confidentiality. Each Investor agrees, severally and not jointly, to use
the same degree of care as such Investor uses to protect its own confidential information for any information obtained pursuant to Section 4.1(a), Section 4.1(b), Section 4.1(y), Section 4.1(z), Section 4.1(aa) or
Section 4.1(bb) hereof which the Company identifies in writing as being proprietary or confidential and such Investor acknowledges that it will not, unless otherwise required by law or the rules of any national securities exchange, association
or marketplace, disclose such information without the prior written consent of the Company except such information that (i) was in the public domain prior to the time it was furnished to such Investor, (ii) is or becomes (through no
willful improper action or inaction by such Investor) generally available to the public, (iii) was in its possession or known by such Investor without restriction prior to receipt from the Company, (iv) was rightfully disclosed to such
Investor by a third party without restriction or (v) was independently developed without any use of the Company’s confidential information. Notwithstanding the foregoing, each Investor that is a limited partnership or limited liability
company may disclose such proprietary or confidential 

 
information to any former partners or members who retained an economic interest in such Investor, current or prospective partner of the partnership or any subsequent partnership under common
investment management, limited partner, general partner, member or management company of such Investor (or any employee or representative of any of the foregoing) (each of the foregoing persons, a “Permitted Disclosee”) or legal
counsel, accountants or representatives for such Investor. In addition, each Investor that is a corporation may disclose such proprietary or confidential information to any affiliates or subsidiaries (or any employee or representative of the
foregoing) (each of the foregoing also a “Permitted Disclosee”), or legal counsel, accountants or representatives for such Investor. Furthermore, nothing contained herein shall prevent any Investor or any Permitted Disclosee from
(i) entering into any business, entering into any agreement with a third party, or investing in or engaging in investment discussions with any other company (whether or not competitive with the Company) as permitted by Section 6.10,
provided that such Investor or Permitted Disclosee does not, except as permitted in accordance with this Section 4.1(cc), disclose or otherwise make use of any proprietary or confidential information of the Company in connection with such
activities, or (ii) making any disclosures required by law, rule, regulation or court or other governmental order. 

(dd)    Board Meetings. The Company shall cause its Board of Directors to meet not less than
quarterly. 
 (ee)    Bad Actor Matters. The Company shall notify each Investor if it becomes
aware that a “bad actor” disqualifying event described in Rule 506(d)(1)(i)-(viii) promulgated under the 1933 Act (a “Disqualification Event”) is applicable to the Company or, to the Company’s knowledge, any Company
Covered Person, except for a Disqualification Event as to which Rule 506(d)(2)(ii–iv) or (d)(3), is applicable. For purposes of this Agreement, “Company Covered Persons” are those persons specified in Rule 506(d)(1) under the
1933 Act. 
 4.2.    Expiration of Covenants. The covenants set forth in this Section 4
shall expire and be of no further force or effect upon the earlier of (i) the effectiveness of a Qualified Public Offering (as such term is defined in the Certificate) and (ii) the closing of a Liquidation Event (as defined in the
Certificate). 
 SECTION 5 

AMENDMENT AND RESTATEMENT OF THIRD INVESTOR RIGHTS AGREEMENT 

The Third Investor Rights Agreement is hereby amended in its entirety and restated herein. Such amendment and restatement is
effective upon the execution of this Agreement by the Company and the holders of at least 60% of the aggregate number of shares of Common Stock (as defined in the Third Investor Rights Agreement) issued or issuable upon conversion of the Preferred
Stock (as defined in the Third Investor Rights Agreement) owned by all of the Stockholders (as defined in the Third Investor Rights Agreement) (including the holders of a majority of the shares of Series C Stock). Upon such execution, all provisions
of, and rights granted and covenants made in, the Third Investor Rights Agreement are hereby waived, released and superseded in their entirety and shall have no further force or effect, including, without limitation, all rights of first refusal and
any notice period associated therewith otherwise applicable to the transactions contemplated by the Purchase Agreement. 

 SECTION 6 

MISCELLANEOUS 

6.1.    Governing Law. This Agreement shall be governed in all respects by the laws of the State of
Delaware without regard to the conflicts of laws principles of any jurisdiction. 
 6.2.    Entire
Agreement. This Agreement embodies the entire agreement and understanding between the parties hereto, and supersedes and replaces in their entirety all prior agreements and understandings relating to the subject matter hereof. This Agreement
shall be binding upon and shall inure to the benefit of the parties hereto and their heirs, executors, legal representatives, successors and permitted transferees, except as may be expressly provided otherwise herein. Nothing in this Agreement,
express or implied, is intended to confer upon any party, other than the parties hereto and their successors and assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein.

 6.3.    Specific Enforcement. The parties hereto expressly acknowledge that they will be
irreparably damaged if this Agreement is not specifically enforced. Upon a breach of the terms, covenants, or conditions of this Agreement by any party, the Stockholders and the Company shall, to the extent not prohibited by law, in addition to all
other remedies, each be entitled to seek a temporary or permanent injunction, without showing any actual damage, and/or a decree for specific performance, in accordance with the provisions hereof. 

6.4.    Amendments. Except as otherwise provided herein, the provisions of this Agreement may not
be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given unless consented to in writing by (i) the Company and (ii) the holders of at least sixty percent (60%) of the aggregate
number of shares of Common Stock issued or issuable upon conversion of the Preferred Stock owned by all of the Stockholders; provided, however, that if any such amendment, modification, supplement, waiver or consent would adversely
change a specifically enumerated right or obligation hereunder of one or more parties hereto (the “Adversely Affected Parties”) in a way that is adverse to the Adversely Affected Parties and in a manner different from the manner in
which such specifically enumerated right or obligation is changed with respect to other parties hereto, such amendment or waiver shall also require the written consent of the holders of at least a majority of shares held by such Adversely Affected
Parties; and provided, further, that if any such amendment, modification, supplement, waiver or consent would adversely change a specifically enumerated right or obligation hereunder of the holders of Series D Stock in a way that is
adverse to the holders of Series D Stock and in a manner different from the manner in which such specifically enumerated right or obligation is changed with respect to other parties hereto, such amendment or waiver shall also require the written
consent of the holders of at least seventy percent (70%) of the shares held by the holders of Series D Stock. Any such written consent shall be binding upon the Company, and the Stockholders. No waivers of or exceptions to any term, condition or
provision of this Agreement, in any one or more instances, shall be deemed to be, or construed as, a further or continuing waiver of any such term, condition or provision. 

 6.5.    Additional Investors. In the event the
Company issues additional shares of Series D Stock pursuant to the Purchase Agreement after the date hereof, any purchaser of such Series D Stock may become a party to this Agreement by executing and delivering an additional counterpart signature
page to this Agreement, and thereafter shall be deemed an “Investor” for all purposes hereunder. No action or consent by the Stockholders shall be required for such joinder to this Agreement by any such additional Investor, provided such
additional Investor has agreed in writing to be bound by all of the obligations as an “Investor” hereunder. 

6.6.    Severability. In the case any one or more of the provisions contained in this Agreement
shall for any reason to be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement and such invalid, illegal and unenforceable provision
shall be reformed and construed so that it will be valid, legal, and enforceable to the maximum extent permitted by law. 

6.7.    Notices. Any notice, demand or request required or permitted to be given by either the
Company or a Stockholder pursuant to the terms of this Agreement shall be in writing and shall be deemed given when delivered personally or deposited in the United States mail, first class with postage prepaid, and addressed: 

(a)    if to an Investor, at the address(es) of such Investor set forth on Exhibit F to this
Agreement, or such other address(es) as such Investor may request by notifying the other in writing; or 

(b)    if to the Company, at: 

PhaseBio Pharmaceuticals, Inc. 

One Great Valley Parkway, Suite 30 

Malvern, PA 19355 
 Attn: Chief
Executive Officer 
 Telephone: (610) 981-6500 

Fax: (610) 981-6520 

with a copy to: 

Cooley LLP 
 11951 Freedom
Drive, 15th Floor 
 Reston, Virginia 20190 

Attn: Christian E. Plaza 

Telephone: (703) 456-8006 

Fax: (703) 456-8100 

(c)    and if to a Common Holder, Series 1 Holder, Series AA Holder, Series B Holder or Series C Holder,
to the address of such Common Holder, Series 1 Holder, Series AA Holder, Series B Holder or Series C Holder set forth on the Exhibit A, Exhibit B, Exhibit C, Exhibit D, or Exhibit E to this Agreement, as
applicable, or such other address as a party may request by notifying the other in writing. 

 6.8.    Delays or Omissions. Any party’s
failure to enforce any provision or provisions of this Agreement shall not in any way be construed as a waiver of any such provision or provisions, nor prevent that party thereafter from enforcing each and every other provision of this Agreement.
The rights granted all parties herein are cumulative and shall not constitute a waiver of any party’s right to assert all other legal remedies available to it under the circumstances. 

6.9.    Intent. The Stockholders agree to execute upon request any further documents or instruments
necessary or desirable to carry out the purposes or intent of this Agreement. 
 6.10.    Right to
Conduct Activities. The Company and each Stockholder hereby acknowledge that some or all of the Investors are professional investment funds or holding companies or may have affiliated operating companies, and, as such, hold investments in
numerous portfolio companies, or may be affiliated with other entities, some of which may be competitive with the Company’s business. No Investor shall be liable to the Company or to other Stockholders for any claim arising out of, or based
upon, (a) the holding of securities by the Investor in (or the Investor’s affiliation with) any entity competitive with the Company, or (b) actions taken by any partner, officer or other representative of any Investor to assist any
such competitive company, whether or not such action was taken as a board member of such competitive company or otherwise, and whether or not such action has a detrimental effect on the Company, so long as no confidential information of the Company
is used or disclosed by such Investor in connection with any such competitive activities. Notwithstanding the foregoing, this Section 6.10 shall not limit or release any Investor from any contractual obligation such Investor may have under any
other agreement with the Company entered into subsequent to the date hereof. 
 6.11.    Public
Reference. Notwithstanding anything to the contrary contained herein, to the extent any product, service or other commercial aspect of any Investor or one or more of its affiliates is referenced by the Company in a registration statement or
prospectus (or any amendments or supplements thereto), such reference or references shall be made only after consultation by the Company and the underwriter with, and subject to the reasonable approval of the underlying disclosure language by, such
Investor. 
 6.12.    Titles and Subtitles. The titles of the sections and subsections of this
Agreement are for convenience of reference only and are not to be considered in construing this Agreement. 

6.13.    Counterparts; Execution by Facsimile. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. This Agreement may be executed by facsimile signature(s) which shall be binding on the party delivering same, to be
followed by delivery of originally executed signature pages. 
 6.14.    Waiver of Conflicts.
Each party hereto acknowledges that Cooley LLP (“Cooley”) has acted solely as counsel on behalf of the Company in connection with the negotiation, preparation and documentation of this Agreement, and that Cooley has not represented
or advised any other persons or parties in connection therewith or with any related matters. Furthermore, each party to this Agreement acknowledges that Cooley may have in the 

 
past performed services for or one or more Investors or their respective affiliates in matters unrelated to the transactions contemplated by this Agreement (the “Financing”),
including representation of such Investors or their respective affiliates in matters of a similar nature to the Financing. The applicable rules of professional conduct require that Cooley inform the parties hereunder of this representation and
obtain their consent. The Company, its stockholders, and each Investor hereby (a) acknowledge that he, she or it has had an opportunity to ask for and has obtained information relevant to Cooley’s representation of the Company in
connection with the Financing, including disclosure of the reasonably foreseeable adverse consequences of such representation; (b) acknowledge that with respect to the Financing, Cooley has represented solely the Company, and not any of the
Investors, their members or partners, any other investor or any other stockholder, director, employee of any Investor or of the Company; and (c) gives his or its informed consent to Cooley’s representation of the Company in the Financing
and affirmatively waive any objections thereto. 
 6.15.    Aggregation of Stock. All shares of
capital stock held or acquired by affiliated entities (including, without limitation, affiliated venture capital funds or venture capital funds under common investment management) or persons shall be aggregated together for the purpose of
determining the availability of any rights under this Agreement. 
 (Signature Pages follow) 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 COMPANY: 

 

			
	 PHASEBIO PHARMACEUTICALS, INC.

		
	 By:
	 	 /s/ Jonathan P. Mow

		 	 Jonathan P. Mow

		 	 Chief Executive Officer

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 COMMON HOLDERS: 

 

	
	 /s/ Ashutosh Chilkoti

	 Ashutosh Chilkoti, Ph.D.

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 COMMON HOLDERS: 

 

			
	 Duke University

		
	 By:
	 	
                  
                       

	 Name:
	 	
                  
                       

	 Title:
	 	
                  
                       

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 COMMON HOLDERS: 

 

	
	  

	 Gabriel Cipau

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 COMMON HOLDERS: 

 

	
	  

	 Cynthia Clark

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 COMMON HOLDERS: 

 

	
	  

	 Thomas K. Laundon

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 COMMON HOLDERS: 

 

	
	  

	 Daniel E. Meyer

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 COMMON HOLDERS: 

 

	
	  

	 Mark McCurry

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 COMMON HOLDERS: 

 

	
	  

	 Christopher Prior, Ph.D.

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 COMMON HOLDERS: 

 

	
	  

	 Donald Rose, Ph.D.

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 COMMON HOLDERS: 

 

	
	  

	 Craig Rosen

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 COMMON HOLDERS: 

 

	
	  

	 Homa Sadeghi

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 COMMON HOLDERS: 

 

	
	 /s/ Clay Thorp

	 Clay Thorp

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 COMMON HOLDERS: 

 

	
	
                  
                                         
                      

	 Andrew Turner

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 COMMON HOLDERS: 

 

	
	
                  
                                         
                      

	 Joel Sussman

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 COMMON HOLDERS: 

 

			
	 Mow Trust dated April 17, 2008

		
	 By:
	 	 /s/ Jonathan P. Mow

	 Name:
	 	 Jonathan P. Mow

	 Title:
	 	 Trustee

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 COMMON HOLDERS: 

 

	
	
                  
                                         
                      

	 Lynne Georgopoulos

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 PREFERRED HOLDERS: 

 

			
	 FLETCHER SPAGHT VENTURES II, LP

		
	 By:
	 	 Fletcher Spaght Associates II, LP,

	 its General Partner

	 By:
	 	 FSA II, LLC, its General Partner

		
	 By:
	 	 /s/ Linda Tufts

	 Name:
	 	 Linda Tufts

	 Title:
	 	 Managing Member

	
	 FSV II, LP

		
	 By:
	 	 Fletcher Spaght Associates II, LP,

	 its General Partner

	 By:
	 	 FSA II, LLC, its General Partner

		
	 By:
	 	 /s/ Linda Tufts

	 Name:
	 	 Linda Tufts

	 Title:
	 	 Managing Member

	
	 FSV II-B, LP

		
	 By:
	 	 Fletcher Spaght Associates II-B, LLC,

	 its General Partner

	 By:
	 	 FSA II, LLC, its Manager

		
	 By:
	 	 /s/ Linda Tufts

	 Name:
	 	 Linda Tufts

	 Title:
	 	 Managing Member

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 PREFERRED HOLDERS: 

 

			
	 JOHNSON & JOHNSON DEVELOPMENT CORPORATION

		
	 By:
	 	 /s/ Marian Nakada

	 Name:
	 	 Marian Nakada

	 Title:
	 	 VP Venture Investments

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 PREFERRED HOLDERS: 

 

			
	 HATTERAS VENTURE PARTNERS I, LP

		
	 By:
	 	 Catalysta Ventures, LLC, its General Partner

		
	 By:
	 	 /s/ Clay Thorp

	 Name:
	 	 Clay Thorp

	 Title:
	 	 Manager, General Partner

	
	 HATTERAS VENTURE PARTNERS III, LP

		
	 By:
	 	 Hatteras Venture Advisors, LLC,

	 its General Partner

		
	 By:
	 	 /s/ Clay Thorp

	 Name:
	 	 Clay Thorp

	 Title:
	 	 Manager, General Partner

	
	 HATTERAS VENTURE AFFILIATES III, LP

		
	 By:
	 	 Hatteras Venture Advisors, LLC,

	 its General Partner

		
	 By:
	 	 /s/ Clay Thorp

	 Name:
	 	 Clay Thorp

	 Title:
	 	 Manager, General Partner

	
	 VENTURE CAPITAL MULTIPLIER FUND, LP

		
	 By:
	 	 Hatteras Venture Advisors, LLC,

	 its General Partner

		
	 By:
	 	 /s/ Clay Thorp

	 Name:
	 	 Clay Thorp

	 Title:
	 	 Manager, General Partner

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 PREFERRED HOLDERS: 

 

	
	
                  
                                         
                      

	 Gabriel Cipau

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 PREFERRED HOLDERS: 

 

	
	
                  
                                         
                      

	 Cynthia Clark

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 PREFERRED HOLDERS: 

 

	
	
                  
                                         
                      

	 Howard Clark

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 PREFERRED HOLDERS: 

 

	
	
                  
                                         
                      

	 Glenn Kawasaki

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 PREFERRED HOLDERS: 

 

	
	
                  
                                         
                      

	 Donald Rose, Ph.D.

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 PREFERRED HOLDERS: 

 

	
	  

	 Chris Smelick

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 PREFERRED HOLDERS: 

 

	
	  

	 Paul Winter

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 PREFERRED HOLDERS: 

 

			
	 WYRICK ROBBINS YATES & PONTON LLP

		
	 By:
	 	
                  
                                         
          

	 Name:
	 	  

	 Title:
	 	  

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 PREFERRED HOLDERS: 

 

	
	
                  
                                         
                      

	 M. Nixon Ellis, Ph.D.

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 PREFERRED HOLDERS: 

 

	
	  

	 Thomas K. Laundon

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 PREFERRED HOLDERS: 

 

	
	  

	 Christopher Prior, Ph.D.

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 PREFERRED HOLDERS: 

 

	
	  

	 Craig Rosen

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 PREFERRED HOLDERS: 

 

	
	  

	 Joel Sussman

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 PREFERRED HOLDERS: 

 

			
	 Mow Trust dated April 17, 2008

		
	 By:
	 	 /s/ Jonathan P. Mow

	 Name:
	 	 Jonathan P. Mow

	 Title:
	 	 Trustee

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 PREFERRED HOLDERS: 

 

	
	  

	 Lynne Georgopoulos

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 PREFERRED HOLDERS: 

 

	
	  

	 Susan Arnold

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 PREFERRED HOLDERS: 

 

			
	 NEW ENTERPRISE ASSOCIATES 13, L.P.

		
	 By:
	 	 NEA Partners 13, L.P., its General Partner

		
	 By:
	 	 NEA 13 GP, LTD, its General Partner

		
	 By:
	 	 /s/ Louis Citron

	 Name:
	 	 Louis Citron

	 Title:
	 	 Director

	
	 NEA VENTURES 2009, LIMITED PARTNERSHIP

		
	 By:
	 	 /s/ Louis Citron

	 Name:
	 	 Louis Citron

	 Title:
	 	 Chief Legal Officer

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 PREFERRED HOLDERS: 

 

			
	 ASTELLAS VENTURE CAPITAL LLC

		
	 By:
	 	
                  
                                         
  

	 Name:
	 	
	 Title:
	 	

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 PREFERRED HOLDERS: 

 

			
	 ZENECA, INC.

		
	 By:
	 	 /s/ David E. White

	 Name:
	 	 David E. White

	 Title:
	 	 Treasurer

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fifth Amended and
Restated Stock Sale Agreement as of the day and year first set forth above. 
 PREFERRED HOLDERS: 

 

			
	SYNO VENTURES MASTER FUND, LP
	 By: Syno Capital, LLC, its General Partner

		
	 By:
	 	 /s/ Justin Xiang

	 Name:
	 	 Justin Xiang

	 Title:
	 	 Chief Investment Officer

  
 [Signature Page to Fifth
Amended and Restated Stock Sale Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 PREFERRED HOLDERS: 

 

			
	ROCK SPRINGS CAPITAL MASTER FUND LP
	
	 By: Rock Springs General Partner LLC

		
	 By:
	 	 /s/ Mark Bussard

	 Name:
	 	 Mark Bussard

	 Title:
	 	 Managing Member

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 PREFERRED HOLDERS: 

 

			
	MGC VENTURE PARTNERS 2018 WAREHOUSED INVESTMENTS, LLC, A DELAWARE LIMITED LIABILITY
COMPANY
	
	 By: MGC Venture Partners 2018, L.P. and MGC Venture Partners QP 2018, L.P.

		
	 By:
	 	 /s/ Jason S. Ferguson

	 Name:
	 	 Jason S. Ferguson

	 Title:
	 	 Managing Partner of each Member

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 PREFERRED HOLDERS: 

 

	
	 /s/ Joe Cook, Jr.

	 Joe Cook, Jr.

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 PREFERRED HOLDERS: 

 

	
	 /s/ Joe Cook, III

	 Joe Cook, III

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 PREFERRED HOLDERS: 

 

	
	 /s/ Byron Smith

	 Byron Smith

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 PREFERRED HOLDERS: 

 

	
	 /s/ Steven Singleton

	 Steven Singleton

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 PREFERRED HOLDERS: 

 

	
	 /s/ Tyler Whitmore

	 Tyler Whitmore

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties have executed this Fourth Amended and
Restated Investor Rights Agreement as of the day and year first set forth above. 
 PREFERRED HOLDERS: 

 

			
	 CORMORANT PRIVATE HEALTHCARE FUND

I, LP

	
	 By: Cormorant Private Healthcare GP, LLC

		
	 By:
	 	 /s/ Bihua Chen

	 Name:
	 	 Bihua Chen

	 Title:
	 	 Managing Member of the GP

	
	 CORMORANT PRIVATE HEALTHCARE FUND II, LP

	
	 By: Cormorant Private Healthcare GP II, LLC

		
	 By:
	 	 /s/ Bihua Chen

	 Name:
	 	 Bihua Chen

	 Title:
	 	 Managing Member of the GP

	
	 CORMORANT GLOBAL HEALTHCARE

MASTER FUND, LP

	
	 By: Cormorant Global Healthcare GP, LLC

		
	 By:
	 	 /s/ Bihua Chen

	 Name:
	 	 Bihua Chen

	 Title:
	 	 Managing Member of the GP

  
 [Signature Page to Fourth
Amended and Restated Investor Rights Agreement] 

 EXHIBIT A 

SCHEDULE OF COMMON HOLDERS 
  

					
	 Name and Address
	  	Number of Shares
of Common Stock	 
	 Ashutosh Chilkoti

1001 Gloria Avenue

Durham, NC 27701
	  	 	1,457,000	 
		
	 Duke University

Office of Licensing and Ventures

2812 Erwin Road, Suite 306

Durham, NC 27705
	  	 	500,460	 
		
	 Donald Rose, Ph.D.

108 Windhover Place

Chapel Hill, NC 27514
	  	 	269,868	 
		
	 Daniel E. Meyer

GE Global Research Center

Genomics & Molecular Imaging Laboratory

One Research Circle, Building K1, Room 1C34

Niskayuna, NY 12309
	  	 	66,000	 
		
	 Gabriel Cipau

10504 Stonton Way

Raleigh, NC 27615
	  	 	108,542	 
		
	 Cynthia Clark

9108 Kirkhill Drive

Raleigh, NC 27615
	  	 	68,853	 
		
	 Clay Thorp

280 S. Mangum Street, Suite 350

Durham, NC 27701
	  	 	130,546	 
		
	 Mark McCurry

c/o Compuware-Covisint

410 Blackwell Street, Suite 200
	  	 	64,614	 

  
 Exh A-1 

					
	 Name and Address
	  	Number of Shares
of Common Stock	 
	 Durham, NC 27701
	  			
		
	 Thomas K. Laundon

c/o PhaseBio

1 Great Valley Parkway, Suite 30

Malvern, PA 19355
	  	 	225,000	 
		
	 Glenn Kawasaki

816 E. Gwinn Place

Seattle, WA 98102
	  	 	7,500	 
		
	 Christopher Prior, Ph.D.

c/o PhaseBio

1 Great Valley Parkway, Suite 30

Malvern, PA 19355
	  	 	1,519,286	 
		
	 Craig Rosen

370 Eagle Hill Road

Pasadena, MD 21122
	  	 	755,424	 
		
	 Homa Sadeghi

c/o PhaseBio

1 Great Valley Parkway, Suite 30

Malvern, PA 19355
	  	 	97,500	 
		
	 Andrew Turner

c/o PhaseBio

1 Great Valley Parkway, Suite 30

Malvern, PA 19355
	  	 	48,750	 
		
	 John Crumpler

280 S. Mangum Street, Suite 350

Durham, NC 27701
	  	 	22,213	 
		
	 Michael Jongkind

3419 Medford Road

Durham, NC 27705-2455
	  	 	22,213	 

  
 Exh A-2 

					
	 Name and Address
	  	Number of Shares
of Common Stock	 
	 Brian Kinahan

c/o Summit Performance Systems

The Daniel Building

103 W. Weaver Street

Carrboro, NC 27510
	  	 	22,213	 
		
	 Bruce Oberhardt

c/o BJO Biomedical

P.O. Box 98385

Raleigh, NC 27624
	  	 	7,500	 
		
	 Joel Sussman
	  	 	73,333	 
		
	 Mow Trust dated April 17, 2008
	  	 	500,000	 
		
	 Lynne Georgopoulos
	  	 	46,666	 

  
 Exh A-3 

 EXHIBIT B 

SCHEDULE OF SERIES 1 HOLDERS 
  

					
	 Name and Address
	  	Number of Shares
of Series 1 Preferred Stock	 
	 Hatteras Venture Partners I, LP

280 S. Mangum Street, Suite 350

Durham, NC 27701
	  	 	582,933	 
		
	 Hatteras Venture Partners III, LP

280 S. Mangum Street, Suite 350

Durham, NC 27701
	  	 	470,533	 
		
	 Hatteras Venture Affiliates III, LP

280 S. Mangum Street, Suite 350

Durham, NC 27701
	  	 	42,729	 
		
	 Howard G. Clark, III

69 Forest at Duke Drive

Durham, NC 27705
	  	 	99,304	 
		
	 Wyrick Robbins Yates & Ponton LLP

4101 Lake Boone Trail, Suite 300

Raleigh, NC 27607

Attn: Donald R. Reynolds
	  	 	82,668	 
		
	 Chris Smelick

615 Sausalito Boulevard

Sausalito, CA 94965
	  	 	44,131	 
		
	 Cynthia Clark

9108 Kirkhill Drive

Raleigh, NC 27615
	  	 	27,776	 
		
	 Catalysta Ventures, LLC

280 S. Mangum Street, Suite 350

Durham, NC 27701
	  	 	53,619	 

  
 Exh B-1 

					
	 Name and Address
	  	Number of Shares
of Series 1 Preferred Stock	 
	 Glenn Kawasaki

816 E. Gwinn Place

Seattle, WA 98101
	  	 	16,550	 
		
	 Gabriel Cipau

10504 Stonton Way

Raleigh, NC 27615
	  	 	16,550	 
		
	 Paul Winter

401 Bathgate Lane

Cary, NC 27513
	  	 	16,550	 
		
	 Donald Rose

108 Windhover Place

Chapel Hill, NC 27514
	  	 	9,930	 

  
 Exh B-2 

 EXHIBIT C 

SCHEDULE OF SERIES AA HOLDERS 
  

					
	 Name and Address
	  	Number of Shares
of Series AA Stock	 
	 Johnson & Johnson Innovation – JJDC, Inc.
	  	 	2,083,332	 
		
	 Attn: Marian Nakada, VP Venture Investments

410 George Street
 New Brunswick,
NJ 08901
 Telephone: (732)-524-3263
	  			
		
	 With copies to:
	  			
		
	 Kevin Norman

Senior Counsel, Equity Transactions

Johnson & Johnson Innovation (JJDC)
One Johnson & Johnson Plaza
New Brunswick, NJ 08933

Office: (732) 524-3232
Cell: (646) 342-5505

Email: knorman6@its.jnj.com
	  			
		
	 and:
 Pepper
Hamilton LLP
899 Cassatt Road
400 Berwyn Park
Berwyn, PA 19312
Attn: Christopher S. Miller, Esq.
Telephone: (610) 640-7837
Fax: (610) 640-7835
	  			

  
 Exh C-1 

					
	 Name and Address
	  	Number of Shares
of Series AA Stock	 
	 Fletcher Spaght Ventures II, LP
	  	 	1,321,066	 
		
	 c/o Fletcher Spaght, Inc.

500 Boylston Street
 Boston, MA
02116
 Attn: Linda Tufts, General Manager

Telephone: (617) 850-6703

Fax: (617) 247-7757

lt@fletcherspaght.com
  

With a copy to:
  

Pepper Hamilton LLP
 400 Berwyn
Park
 899 Cassatt Road
 Berwyn,
PA 19312-1183
 Attn: Christopher S. Miller, Esq.

Telephone: (610)-640-7837

Fax: (610)-640-7835
	  			
		
	 FSV II, LP
	  	 	133,040	 
		
	 c/o Fletcher Spaght, Inc.

500 Boylston Street
 Boston, MA
02116
 Attn: Linda Tufts, General Manager

Telephone: (617) 850-6703

Fax: (617) 247-7757

lt@fletcherspaght.com
  

With a copy to:
  

Pepper Hamilton LLP
 400 Berwyn
Park
 899 Cassatt Road
 Berwyn,
PA 19312-1183
 Attn: Christopher S. Miller, Esq.

Telephone: (610)-640-7837

Fax: (610) 640-7835
	  			

  
 Exh C-2 

					
	 Name and Address
	  	Number of Shares
of Series AA Stock	 
	 FSV II-B, LP
	  	 	629,226	 
		
	 c/o Fletcher Spaght, Inc.

500 Boylston Street
 Boston, MA
02116
 Attn: Linda Tufts, General Manager

Telephone: (617) 850-6703

Fax: (617) 247-7757

lt@fletcherspaght.com
  

With a copy to:
  

Pepper Hamilton LLP
 400 Berwyn
Park
 899 Cassatt Road
 Berwyn,
PA 19312-1183
 Attn: Christopher S. Miller, Esq.

Telephone: (610)-640-7837

Fax: (610) 640-7835
	  			
		
	 Hatteras Venture Partners III, LP
	  	 	1,932,770	 
		
	 c/o Hatteras Venture Partners

280 S. Mangum Street, Suite 350

Durham, NC 27701
 Telephone: (919)-484-0730
 Fax:

 
 With a copy to:

 
 Pepper Hamilton LLP

400 Berwyn Park
 899 Cassatt
Road
 Berwyn, PA 19312-1183

Attn: Christopher S. Miller, Esq.

Telephone: (610)-640-7837

Fax: (610)-640-7835
	  			

  
 Exh C-3 

					
	 Name and Address
	  	Number of Shares
of Series AA Stock	 
	 Hatteras Venture Affiliates III, LP
	  	 	150,562	 
		
	 c/o Hatteras Venture Partners

280 S. Mangum Street, Suite 350

Durham, NC 27701

Telephone: ( 919)-484-0730

Fax:
  

With a copy to:
  

Pepper Hamilton LLP

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312-1183

Attn: Christopher S. Miller, Esq.

Telephone: (610)-640-7837

Fax: (610)-640-7835
	  			
		
	 M. Nixon Ellis, Ph.D.

2596 Youngs Road

Southern Pines, NC 28387
	  	 	80,000	 
		
	 Thomas K. Laundon

118 Wisteria Drive

Chapel Hill, NC 27514
	  	 	20,000	 

  
 Exh C-4 

 EXHIBIT D 

SCHEDULE OF SERIES B HOLDERS 
  

					
	 Name and Address
	  	Number of Shares
of Series B Stock	 
	 Johnson & Johnson Innovation – JJDC, Inc.
	  	 	9,517,333	 
		
	 410 George Street

New Brunswick, NJ 08901
 Attn:
Asish K. Xavier, Ph.D.
 Telephone: (732)-524-3218

Fax: (732)-247-5309

 
 With copies to:

 
 Johnson & Johnson
One Johnson &
Johnson Plaza
New Brunswick, NJ 08933
 Attn: Jayne C. Zall, Assistant General Counsel
Telephone: (732) 524-6192
Fax: (732) 524-2788
  

and:
 Pepper Hamilton LLP
899
Cassatt Road
400 Berwyn Park
Berwyn, PA 19312
Attn: Christopher S. Miller, Esq.
Telephone: (610) 640-7837
Fax: (610) 640-7835
	  			

  
 Exh D-1 

					
	 Name and Address
	  	Number of Shares
of Series B Stock	 
	 Fletcher Spaght Ventures II, LP
	  	 	3,765,617	 
		
	 c/o Fletcher Spaght, Inc.

500 Boylston Street

Boston, MA 02116

Attn: Linda Tufts, General Manager

Telephone: (617) 850-6703

Fax: (617) 247-7757

lt@fletcherspaght.com
  

With a copy to:
  

Pepper Hamilton LLP

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312-1183

Attn: Christopher S. Miller, Esq.

Telephone: (610)-640-7837

Fax: (610)-640-7835
	  			
		
	 FSV II, LP
	  	 	379,219	 
		
	 c/o Fletcher Spaght, Inc.

500 Boylston Street

Boston, MA 02116

Attn: Linda Tufts, General Manager

Telephone: (617) 850-6703

Fax: (617) 247-7757

lt@fletcherspaght.com
  

With a copy to:
  

Pepper Hamilton LLP

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312-1183

Attn: Christopher S. Miller, Esq.

Telephone: (610)-640-7837

Fax: (610) 640-7835
	  			

  
 Exh D-2 

					
	 Name and Address
	  	Number of Shares
of Series B Stock	 
	FSV II-B, LP	  	 	1,793,571	 
		
	 c/o Fletcher Spaght, Inc.
 500 Boylston
Street
 Boston, MA 02116
 Attn: Linda Tufts, General
Manager
 Telephone: (617) 850-6703

Fax: (617) 247-7757

lt@fletcherspaght.com
  

With a copy to:
  

Pepper Hamilton LLP
 400 Berwyn Park

899 Cassatt Road
 Berwyn, PA 19312-1183

Attn: Christopher S. Miller, Esq.
 Telephone: (610)-640-7837
 Fax: (610)
640-7835
	  			
		
	Hatteras Venture Partners III, LP	  	 	11,352,834	 
		
	 c/o Hatteras Venture Partners
 280 S. Mangum
Street, Suite 350
 Durham, NC 27701
 Telephone: (919)-484-0730
 Fax:

 
 With a copy to:

 
 Pepper Hamilton LLP

400 Berwyn Park
 899 Cassatt Road

Berwyn, PA 19312-1183
 Attn: Christopher S. Miller, Esq.

Telephone: (610)-640-7837

Fax: (610)-640-7835
	  			

  
 Exh D-3 

					
	 Name and Address
	  	Number of Shares
of Series B Stock	 
	 Hatteras Venture Affiliates III, LP
	  	 	1,030,948	 
		
	 c/o Hatteras Venture Partners

280 S. Mangum Street, Suite 350

Durham, NC 27701

Telephone: (919)-484-0730

Fax:
  

With a copy to:
  

Pepper Hamilton LLP

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312-1183

Attn: Christopher S. Miller, Esq.

Telephone: (610)-640-7837

Fax: (610)-640-7835
	  			
		
	 New Enterprise Associates 13, L.P.

1119 St. Paul Street

Baltimore, MD 21202
	  	 	35,754,414	 
		
	 With a copy to:
  

Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP

610 Lincoln Street

Waltham, MA 02451

Attn: Richard R. Hesp

Telephone: (781) 890-8800

Fax: (781) 622-1622
	  			

  
 Exh D-4 

					
	 Name and Address
	  	Number of Shares
of Series B Stock	 
	 NEA Ventures 2009, Limited Partnership

1119 St. Paul Street

Baltimore, MD 21202
	  	 	22,905	 
	  
 With a copy to:

 
 Gunderson Dettmer Stough Villeneuve
Franklin & Hachigian, LLP
 610 Lincoln Street

Waltham, MA 02451

Attn: Richard R. Hesp

Telephone: (781) 890-8800

Fax: (781) 622-1622
	  			
		
	 Astellas Venture Capital LLC
	  	 	4,787,882	 
		
	 Ashutosh Chilkoti

1001 Gloria Avenue

Durham, NC 27701
	  	 	137,622	 
		
	 Justin Klein
	  	 	24,381	 
		
	 Cynthia Yee
	  	 	8,591	 
		
	 Christopher Prior
	  			
	 c/o PhaseBio

1 Great Valley Parkway, Suite 30

Malvern, PA 19355
	  	 	197,677	 
		
	 Craig Rosen

370 Eagle Hill Road

Pasadena, MD 21122
	  	 	286,370	 
		
	 Susan Arnold
	  	 	24,382	 
		
	 Joel Sussman
	  	 	21,518	 
		
	 Lynne Georgopoulos
	  	 	18,933	 

  
 Exh D-5 

					
	 Name and Address
	  	Number of Shares
of Series B Stock	 
	 Mow Trust dated April 17, 2008
	  	 	38,783	 

  
 Exh D-6 

 EXHIBIT E 

SCHEDULE OF SERIES C HOLDERS 
  

					
	 Name and Address
	  	Number of Shares
of Series C-1 Stock	 
	 Zeneca, Inc.
	  	 	17,182,130	 
		
	 Johnson & Johnson Innovation – JJDC, Inc.
	  	 	943,494	 
		
	 410 George Street

New Brunswick, NJ 08901

Attn: Asish K. Xavier, Ph.D.

Telephone: (732)-524-3218

Fax: (732)-247-5309

 
 With copies to:

 
 Johnson & Johnson

One Johnson & Johnson Plaza

New Brunswick, NJ 08933

Attn: Jayne C. Zall, Assistant General Counsel

Telephone: (732) 524-6192

Fax: (732) 524-2788

 
 and:

Pepper Hamilton LLP

899 Cassatt Road

400 Berwyn Park

Berwyn, PA 19312

Attn: Christopher S. Miller, Esq.

Telephone: (610) 640-7837

Fax: (610) 640-7835
	  			

  
 Exh E-1 

					
	 Name and Address
	  	Number of Shares
of Series C-1 Stock	 
	 Fletcher Spaght Ventures II, LP
	  	 	415,211	 
		
	 c/o Fletcher Spaght, Inc.

500 Boylston Street

Boston, MA 02116

Attn: Linda Tufts, General Manager

Telephone: (617) 850-6703

Fax: (617) 247-7757

lt@fletcherspaght.com
  

With a copy to:
  

Pepper Hamilton LLP

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312-1183

Attn: Christopher S. Miller, Esq.

Telephone: (610)-640-7837

Fax: (610)-640-7835
	  			
		
	 FSV II, LP
	  	 	41,814	 
		
	 c/o Fletcher Spaght, Inc.

500 Boylston Street

Boston, MA 02116

Attn: Linda Tufts, General Manager

Telephone: (617) 850-6703

Fax: (617) 247-7757

lt@fletcherspaght.com
  

With a copy to:
  

Pepper Hamilton LLP

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312-1183

Attn: Christopher S. Miller, Esq.

Telephone: (610)-640-7837

Fax: (610) 640-7835
	  			

  
 Exh E-2 

					
	 Name and Address
	  	Number of Shares
of Series C-1 Stock	 
	 FSV II-B, LP
	  	 	197,766	 
		
	 c/o Fletcher Spaght, Inc.

500 Boylston Street

Boston, MA 02116

Attn: Linda Tufts, General Manager

Telephone: (617) 850-6703

Fax: (617) 247-7757

lt@fletcherspaght.com
  

With a copy to:
  

Pepper Hamilton LLP

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312-1183

Attn: Christopher S. Miller, Esq.

Telephone: (610)-640-7837

Fax: (610) 640-7835
	  			
		
	 Hatteras Venture Partners III, LP
	  	 	1,139,548	 
		
	 c/o Hatteras Venture Partners

280 S. Mangum Street, Suite 350

Durham, NC 27701

Telephone: (919)-484-0730

Fax:
  

With a copy to:
  

Pepper Hamilton LLP

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312-1183

Attn: Christopher S. Miller, Esq.

Telephone: (610)-640-7837

Fax: (610)-640-7835
	  			

  
 Exh E-3 

					
	 Name and Address
	  	Number of Shares
of Series C-1 Stock	 
	 Hatteras Venture Affiliates III, LP
	  	 	103,482	 
		
	 c/o Hatteras Venture Partners

280 S. Mangum Street, Suite 350

Durham, NC 27701

Telephone: (919)-484-0730

Fax:
  

With a copy to:
  

Pepper Hamilton LLP

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312-1183

Attn: Christopher S. Miller, Esq.

Telephone: (610)-640-7837

Fax: (610)-640-7835
	  			
		
	 New Enterprise Associates 13, L.P.

1119 St. Paul Street

Baltimore, MD 21202
	  	 	2,886,059	 
		
	 With a copy to:
  

Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP

610 Lincoln Street

Waltham, MA 02451

Attn: Richard R. Hesp

Telephone: (781) 890-8800

Fax: (781) 622-1622
	  			
		
	 Syno Ventures Master Fund, LP
	  			
	 c/o Syno Capital, LLC

122 E 42nd St, Suite 825

New York, NY 10168
	  	 	1,145,475	 

  
 Exh E-4 

 EXHIBIT F 

SCHEDULE OF INVESTORS 
  

					
	 Name and Address
	  	Number of Shares
of Series D Stock	 
	 Venture Capital Multiplier Fund
	  	 	2,501,010	 
		
	 c/o Hatteras Venture Partners

280 S. Mangum Street, Suite 350

Durham, NC 27701

Telephone: (919)-484-0730
	  			
		
	 Rock Springs Capital Master Fund LP
	  			
	 650 South Exeter Street, Suite 1070

Baltimore, Maryland 21202

Attention: General Counsel
	  	 	4,009,163	 
		
	 MGC Venture Partners 2018 Warehoused
	  			
	 Investments, LLC, a Delaware limited liability company

3835 Cleghorn Ave.

Suite 300

Nashville, TN 37215
	  	 	2,863,688	 
		
	 Joe Cook, Jr.
	  			
	 3835 Cleghorn Ave.

Suite 300

Nashville, TN 37215
	  	 	400,916	 
		
	 Joe Cook, III
	  			
	 3835 Cleghorn Ave.

Suite 300

Nashville, TN 37215
	  	 	286,368	 
		
	 Byron Smith
	  			
	 3835 Cleghorn Ave.

Suite 300

Nashville, TN 37215
	  	 	286,368	 

  
 Exh F-1 

					
	 Name and Address
	  	Number of Shares
of Series D Stock	 
	 Steven Singleton
	  			
	 3835 Cleghorn Ave.

Suite 300

Nashville, TN 37215
	  	 	114,547	 
		
	 Tyler Whitmore
	  			
	 3835 Cleghorn Ave.

Suite 300

Nashville, TN 37215
	  	 	57,273	 
		
	 Cormorant Private Healthcare Fund I, LP
	  			
	 200 Clarendon Street, 52nd Floor

Boston, MA 02116
	  	 	1,392,096	 
		
	 Cormorant Private Healthcare Fund II, LP
	  			
	 200 Clarendon Street, 52nd Floor

Boston, MA 02116
	  	 	1,670,446	 
		
	 Cormorant Global Healthcare Master Fund, LP
	  			
	 200 Clarendon Street, 52nd Floor

Boston, MA 02116
	  	 	373,863	 
		
	 New Enterprise Associates 13, L.P.

1119 St. Paul Street

Baltimore, MD 21202
	  	 	12,438,593	 
		
	 With a copy to:
  

Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP

610 Lincoln Street

Waltham, MA 02451

Attn: Richard R. Hesp

Telephone: (781) 890-8800

Fax: (781) 622-1622
	  			

  
 Exh F-2 

					
	 Name and Address
	  	Number of Shares
of Series D Stock	 
	 Hatteras Venture Partners III, LP
	  	 	3,010,431	 
		
	 c/o Hatteras Venture Partners

280 S. Mangum Street, Suite 350

Durham, NC 27701

Telephone: (919)-484-0730

Fax:
  

With a copy to:
  

Pepper Hamilton LLP

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312-1183

Attn: Christopher S. Miller, Esq.

Telephone: (610)-640-7837

Fax: (610)-640-7835
	  			
		
	 Hatteras Venture Affiliates III, LP
	  	 	273,375	 
		
	 c/o Hatteras Venture Partners

280 S. Mangum Street, Suite 350

Durham, NC 27701

Telephone: (919)-484-0730

Fax:
  

With a copy to:
  

Pepper Hamilton LLP

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312-1183

Attn: Christopher S. Miller, Esq.

Telephone: (610)-640-7837

Fax: (610)-640-7835
	  			
		
	 Zeneca, Inc.
	  	 	8,190,649	 

  
 Exh F-3 

					
	 Name and Address
	  	Number of Shares
of Series D Stock	 
	 Johnson & Johnson Innovation – JJDC, Inc.
	  	 	3,131,188	 
		
	 410 George Street

New Brunswick, NJ 08901

Attn: Asish K. Xavier, Ph.D.

Telephone: (732)-524-3218

Fax: (732)-247-5309

 
 With copies to:

 
 Johnson & Johnson

One Johnson & Johnson Plaza

New Brunswick, NJ 08933

Attn: Jayne C. Zall, Assistant General Counsel

Telephone: (732) 524-6192

Fax: (732) 524-2788

 
 and:

Pepper Hamilton LLP

899 Cassatt Road

400 Berwyn Park

Berwyn, PA 19312

Attn: Christopher S. Miller, Esq.

Telephone: (610) 640-7837

Fax: (610) 640-7835
	  			

  
 Exh F-4 

					
	 Name and Address
	  	Number of Shares
of Series D Stock	 
	 Fletcher Spaght Ventures II, LP
	  	 	704,609	 
		
	 c/o Fletcher Spaght, Inc.

500 Boylston Street

Boston, MA 02116

Attn: Linda Tufts, General Manager

Telephone: (617) 850-6703

Fax: (617) 247-7757

lt@fletcherspaght.com
  

With a copy to:
  

Pepper Hamilton LLP

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312-1183

Attn: Christopher S. Miller, Esq.

Telephone: (610)-640-7837

Fax: (610)-640-7835
	  			
		
	 FSV II, LP
	  	 	70,957	 
		
	 c/o Fletcher Spaght, Inc.

500 Boylston Street

Boston, MA 02116

Attn: Linda Tufts, General Manager

Telephone: (617) 850-6703

Fax: (617) 247-7757

lt@fletcherspaght.com
  

With a copy to:
  

Pepper Hamilton LLP

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312-1183

Attn: Christopher S. Miller, Esq.

Telephone: (610)-640-7837

Fax: (610) 640-7835
	  			

  
 Exh F-5 

					
	 Name and Address
	  	Number of Shares
of Series D Stock	 
	 FSV II-B, LP
	  	 	335,608	 
		
	 c/o Fletcher Spaght, Inc.

500 Boylston Street

Boston, MA 02116

Attn: Linda Tufts, General Manager

Telephone: (617) 850-6703

Fax: (617) 247-7757

lt@fletcherspaght.com
  

With a copy to:
  

Pepper Hamilton LLP

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312-1183

Attn: Christopher S. Miller, Esq.

Telephone: (610)-640-7837

Fax: (610) 640-7835
	  			
		
	 Syno Ventures Master Fund, LP

c/o Syno Capital, LLC

122 E 42nd St, Suite 825

New York, NY 10168
	  	 	1,292,516	 

  
 Exh F-6

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