Document:

Warrant to Purchase Shares of Series C2 Preferred Stock

 EXHIBIT 4.7 
 THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR ANY STATE SECURITIES LAWS. NO SALE OR DISPOSITION MAY BE EFFECTED WITHOUT (i) EFFECTIVE REGISTRATION STATEMENTS RELATED THERETO, (ii) AN OPINION
OF COUNSEL OR OTHER EVIDENCE, REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATIONS ARE NOT REQUIRED, (iii) RECEIPT OF NO-ACTION LETTERS FROM THE APPROPRIATE GOVERNMENTAL AUTHORITIES, OR (iv) OTHERWISE COMPLYING WITH THE
PROVISIONS OF SECTION 7 OF THIS WARRANT. 
 NEUROGESX, INC. 
 WARRANT TO PURCHASE 150,000 SHARES 
 OF SERIES C-2 PREFERRED STOCK 
 THIS CERTIFIES THAT, for value received, OXFORD FINANCE CORPORATION and its assignees are entitled to subscribe for and purchase 150,000 of the fully
paid and nonassessable shares of Series C-2 Preferred Stock (as adjusted pursuant to Section 4 hereof, the “Shares”) of NEUROGESX, INC., a Delaware corporation (the “Company”), at the price of $0.75 per share (such price and
such other price as shall result, from time to time, from the adjustments specified in Section 4 hereof is herein referred to as the “Warrant Price”), subject to the provisions and upon the terms and conditions hereinafter set forth.
As used herein, (a) the term “Series Preferred” shall mean the Company’s Series C-2 Preferred Stock and any stock into or for which such Series C-2 Preferred Stock may hereafter be converted or exchanged, and after the conversion
of the Series C-2 Preferred Stock to Common Stock shall mean the Company’s Common Stock, (b) the term “Date of Grant” shall mean July 7, 2006, and (c) the term “Other Warrants” shall mean any other warrants
issued by the Company in connection with the transaction with respect to which this Warrant was issued, and any warrant issued upon transfer or partial exercise of or in lieu of this Warrant. The term “Warrant” as used herein shall be
deemed to include Other Warrants unless the context clearly requires otherwise. 
 1. Term. The purchase right represented by this
Warrant is exercisable, in whole or in part, at any time and from time to time from the Date of Grant through seven (7) years after the Date of Grant. The purchase right represented by this Warrant is exercisable, in whole or in part, at any
time and from time to time from the Date of Grant through seven (7) years after the Date of Grant. Notwithstanding the term of this Warrant fixed pursuant to this Section 1, upon the consummation of an Acquisition (as defined below), this
Warrant shall automatically be exercised pursuant to Section 10.2 hereof, without any action by holder. “Acquisition” means: (i) a sale of all or substantially all of the Company’s assets to an Unaffiliated Entity (as
defined below), or (ii) the merger, consolidation or acquisition of the Company with, into or by an Unaffiliated Entity (other than a merger or consolidation for the principle purpose of changing the domicile of the Company or a bona fide round
of preferred stock equity financing), that results in the transfer of more than fifty percent (50%) of the outstanding voting power of the Company, and where the consideration for the assets of the Company or the Company is cash or securities
of a publicly traded company with a market capitalization of not less than Three Hundred Fifty Million Dollars ($350,000,000). “Unaffiliated 

 
Entity” means any entity that is owned or controlled by parties who own less than twenty percent (20%) of the combined voting power of the voting
securities of the Company immediately prior to such merger, consolidation or acquisition. 
 2. Method of Exercise; Payment; Issuance of
New Warrant. Subject to Section 1 hereof, the purchase right represented by this Warrant may be exercised by the holder hereof, in whole or in part and from time to time, at the election of the holder hereof, by (a) the surrender of
this Warrant (with the notice of exercise substantially in the form attached hereto as Exhibit A-1 duly completed and executed) at the principal office of the Company and by the payment to the Company, by certified or bank check, or by wire
transfer to an account designated by the Company (a “Wire Transfer”) of an amount equal to the then applicable Warrant Price multiplied by the number of Shares then being purchased; (b) if in connection with a registered public
offering of the Company’s securities, the surrender of this Warrant (with the notice of exercise form attached hereto as Exhibit A-2 duly completed and executed) at the principal office of the Company together with notice of arrangements
reasonably satisfactory to the Company for payment to the Company either by certified or bank check or by Wire Transfer from the proceeds of the sale of shares to be sold by the holder in such public offering of an amount equal to the then
applicable Warrant Price per share multiplied by the number of Shares then being purchased; or (c) exercise of the “net issuance” right provided for in Section 10.2 hereof. The person or persons in whose name(s) any
certificate(s) representing shares of Series Preferred shall be issuable upon exercise of this Warrant shall be deemed to have become the holder(s) of record of, and shall be treated for all purposes as the record holder(s) of, the shares
represented thereby (and such shares shall be deemed to have been issued) immediately prior to the close of business on the date or dates upon which this Warrant is exercised. In the event of any exercise of the rights represented by this Warrant,
certificates for the shares of stock so purchased shall be delivered to the holder hereof as soon as possible and in any event within thirty (30) days after such exercise and, unless this Warrant has been fully exercised or expired, a new
Warrant representing the portion of the Shares, if any, with respect to which this Warrant shall not then have been exercised shall also be issued to the holder hereof as soon as possible and in any event within such thirty-day period; provided,
however, at such time as the Company is subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, if requested by the holder of this Warrant, the Company shall cause its transfer agent to deliver the certificate
representing Shares issued upon exercise of this Warrant to a broker or other person (as directed by the holder exercising this Warrant) within the time period required to settle any trade made by the holder after exercise of this Warrant.

 3. Stock Fully Paid; Reservation of Shares. All Shares that may be issued upon the exercise of the rights represented by this
Warrant will, upon issuance pursuant to the terms and conditions herein, be fully paid and nonassessable, and free from all preemptive rights and taxes, liens and charges with respect to the issue thereof. During the period within which the rights
represented by this Warrant may be exercised, the Company will at all times have authorized, and reserved for the purpose of the issue upon exercise of the purchase rights evidenced by this Warrant, a sufficient number of shares of its Series
Preferred to provide for the exercise of the rights represented by this Warrant and a sufficient number of shares of its Common Stock to provide for the conversion of the Series Preferred into Common Stock. 
  

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 4. Adjustment of Warrant Price and Number of Shares. The number and kind of securities purchasable
upon the exercise of this Warrant and the Warrant Price shall be subject to adjustment from time to time upon the occurrence of certain events, as follows: 
 (a) Reclassification or Merger. Subject to termination pursuant to Section 1, hereof, in case of any reclassification or change of securities of the class issuable upon exercise of this Warrant (other than
a change in par value, or from par value to no par value, or from no par value to par value, or as a result of a subdivision or combination), or in case of any merger of the Company with or into another corporation (other than a merger with another
corporation in which the Company is the acquiring and the surviving corporation and which does not result in any reclassification or change of outstanding securities issuable upon exercise of this Warrant), the Company, or such successor or
purchasing corporation, as the case may be, shall duly execute and deliver to the holder of this Warrant a new Warrant (in form and substance satisfactory to the holder of this Warrant), so that the holder of this Warrant shall have the right to
receive upon exercise of this Warrant, at a total purchase price not to exceed that payable upon the exercise of the unexercised portion of this Warrant, and in lieu of the shares of Series Preferred theretofore issuable upon exercise of this
Warrant the kind and amount of shares of stock, other securities, money and property receivable upon such reclassification, change, merger or sale by a holder of the number of shares of Series Preferred then purchasable under this Warrant. Any
new Warrant shall provide for adjustments that shall be as nearly equivalent as may be practicable to the adjustments provided for in this Section 4. The provisions of this Section 4(a) shall similarly apply to successive
reclassifications, changes, mergers and sales. 
 (b) Subdivision or Combination of Shares. If the Company at any time while this
Warrant remains outstanding and unexpired shall subdivide or combine its outstanding shares of Series Preferred, the Warrant Price shall be proportionately decreased and the number of Shares issuable hereunder shall be proportionately increased in
the case of a subdivision and the Warrant Price shall be proportionately increased and the number of Shares issuable hereunder shall be proportionately decreased in the case of a combination. 
 (c) Stock Dividends and Other Distributions. If the Company at any time while this Warrant is outstanding and unexpired shall (i) pay a
dividend with respect to Series Preferred payable in Series Preferred, then the Warrant Price shall be adjusted, from and after the date of determination of shareholders entitled to receive such dividend or distribution, to that price determined by
multiplying the Warrant Price in effect immediately prior to such date of determination by a fraction (A) the numerator of which shall be the total number of shares of Series Preferred outstanding immediately prior to such dividend or
distribution, and (B) the denominator of which shall be the total number of shares of Series Preferred outstanding immediately after such dividend or distribution; or (ii) make any other distribution with respect to Series Preferred
(except any distribution specifically provided for in Sections 4(a) and 4(b)), then, in each such case, provision shall be made by the Company such that the holder of this Warrant shall receive upon exercise of this Warrant a proportionate
share of any such dividend or distribution as though it were the holder of the Series Preferred (or Common Stock issuable upon conversion thereof) as of the record date fixed for the determination of the shareholders of the Company entitled to
receive such dividend or distribution. 
  

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 (d) Adjustment of Number of Shares. Upon each adjustment in the Warrant Price, the number of
Shares of Series Preferred purchasable hereunder shall be adjusted, to the nearest whole share, to the product obtained by multiplying the number of Shares purchasable immediately prior to such adjustment in the Warrant Price by a fraction, the
numerator of which shall be the Warrant Price immediately prior to such adjustment and the denominator of which shall be the Warrant Price immediately thereafter. 
 (e) Antidilution Rights. The other antidilution rights applicable to the Shares of Series Preferred purchasable hereunder are set forth in the Company’s Fourth Amended and Restated Articles of
Incorporation, as amended through the Date of Grant (the “Charter”). The Company shall promptly provide the holder hereof with any restatement, amendment, modification or waiver of the Charter promptly after the same has been made.

 5. Notice of Adjustments. Whenever the Warrant Price or the number of Shares purchasable hereunder shall be adjusted pursuant to
Section 4 hereof, the Company shall make a certificate signed by its chief financial officer setting forth, in reasonable detail, the event requiring the adjustment, the amount of the adjustment, the method by which such adjustment was
calculated, and the Warrant Price and the number of Shares purchasable hereunder after giving effect to such adjustment, and shall cause copies of such certificate to be mailed (without regard to Section 13 hereof, by first class mail, postage
prepaid) to the holder of this Warrant. In addition, whenever the conversion price or conversion ratio of the Series Preferred shall be adjusted, the Company shall make a certificate signed by its chief financial officer setting forth, in reasonable
detail, the event requiring the adjustment, the amount of the adjustment, the method by which such adjustment was calculated, and the conversion price or ratio of the Series Preferred after giving effect to such adjustment, and shall cause copies of
such certificate to be mailed (without regard to Section 13 hereof, by first class mail, postage prepaid) to the holder of this Warrant. 
 6. Fractional Shares. No fractional shares of Series Preferred will be issued in connection with any exercise hereunder, but in lieu of such fractional shares the Company shall make a cash payment therefor based on the fair market
value of the Series Preferred on the date of exercise as reasonably determined in good faith by the Company’s Board of Directors. 
 7.
Compliance with Act; Disposition of Warrant or Shares of Series Preferred. 
 (a) Compliance with Act. The holder of this
Warrant, by acceptance hereof, agrees that this Warrant, and the shares of Series Preferred to be issued upon exercise hereof and any Common Stock issued upon conversion thereof are being acquired for investment and that such holder will not offer,
sell or otherwise dispose of this Warrant, or any shares of Series Preferred to be issued upon exercise hereof or any Common Stock issued upon conversion thereof except under circumstances which will not result in a violation of the Securities Act
of 1933, as amended (the “Act”) or any applicable state securities laws. Upon exercise of this Warrant, unless the Shares being acquired are registered under the Act and any applicable state securities laws or an exemption from such
registration is available, the holder hereof shall confirm in writing that the shares of Series Preferred so purchased (and any shares of Common Stock issued upon conversion thereof) are being acquired for investment and not with a view toward
distribution or resale in violation of the Act and 

  

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shall confirm such other matters related thereto as may be reasonably requested by the Company. This Warrant and all shares of Series Preferred issued upon
exercise of this Warrant and all shares of Common Stock issued upon conversion thereof (unless registered under the Act and any applicable state securities laws) shall be stamped or imprinted with a legend in substantially the following form:

 “THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. NO SALE OR
DISPOSITION MAY BE EFFECTED WITHOUT (i) EFFECTIVE REGISTRATION STATEMENTS RELATED THERETO, (ii) AN OPINION OF COUNSEL OR OTHER EVIDENCE, REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATIONS ARE NOT REQUIRED, (iii) RECEIPT
OF NO-ACTION LETTERS FROM THE APPROPRIATE GOVERNMENTAL AUTHORITIES, OR (iv) OTHERWISE COMPLYING WITH THE PROVISIONS OF SECTION 7 OF THE WARRANT UNDER WHICH THESE SECURITIES WERE ISSUED, DIRECTLY OR INDIRECTLY.” 
 Said legend shall be removed by the Company, upon the request of a holder, at such time as the restrictions on the transfer of the applicable security
shall have terminated. In addition, in connection with the issuance of this Warrant, the holder specifically represents to the Company by acceptance of this Warrant as follows: 
 (1) The holder is aware of the Company’s business affairs and financial condition, and has acquired information about the Company sufficient to
reach an informed and knowledgeable decision to acquire this Warrant. The holder is acquiring this Warrant for its own account for investment purposes only and not with a view to, or for the resale in connection with, any “distribution”
thereof in violation of the Act. 
 (2) The holder understands that this Warrant has 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. 
 (3) The holder further understands that this Warrant must be held indefinitely unless subsequently registered under the Act and qualified under any applicable state securities laws, or unless exemptions from
registration and qualification are otherwise available. The holder is aware of the provisions of Rule 144, promulgated under the Act. 
 (4) The holder is an “accredited investor” as such term is defined in Rule 501 of Regulation D promulgated under the Act. 
 (b) Disposition of Warrant or Shares. With respect to any offer, sale or other disposition of this Warrant or any shares of Series Preferred acquired pursuant to the exercise of this Warrant prior to
registration of such Warrant or shares, the holder hereof agrees to give written notice to the Company prior thereto, describing briefly the manner thereof, together with a written opinion of such holder’s counsel, or other evidence, if
reasonably satisfactory to the Company, to the effect that such offer, sale or other disposition may be effected without registration or qualification (under the Act as then in effect or any federal or state securities law then in effect) of this
Warrant or 

  

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such shares of Series Preferred or Common Stock and indicating whether or not under the Act certificates for this Warrant or such shares of Series Preferred
to be sold or otherwise disposed of require any restrictive legend as to applicable restrictions on transferability in order to ensure compliance with such law. Upon receiving such written notice and reasonably satisfactory opinion or other
evidence, the Company, as promptly as practicable but no later than fifteen (15) days after receipt of the written notice, shall notify such holder that such holder may sell or otherwise dispose of this Warrant or such shares of Series
Preferred or Common Stock, all in accordance with the terms of the notice delivered to the Company. If a determination has been made pursuant to this Section 7(b) that the opinion of counsel for the holder or other evidence is not reasonably
satisfactory to the Company, the Company shall so notify the holder promptly with details thereof after such determination has been made. Notwithstanding the foregoing, this Warrant or such shares of Series Preferred or Common Stock may, as to such
federal laws, be offered, sold or otherwise disposed of in accordance with Rule 144 or 144A under the Act, provided that the Company shall have been furnished with such information as the Company may reasonably request to provide a reasonable
assurance that the provisions of Rule 144 or 144A have been satisfied. Each certificate representing this Warrant or the shares of Series Preferred thus transferred (except a transfer pursuant to Rule 144 or 144A) shall bear a legend as to
the applicable restrictions on transferability in order to ensure compliance with such laws, unless in the aforesaid opinion of counsel for the holder, such legend is not required in order to ensure compliance with such laws. The Company may issue
stop transfer instructions to its transfer agent in connection with such restrictions. It shall be a condition to any transfer of this Warrant, that the transferee shall agree in writing to be bound by the terms of this Warrant as if an original
holder hereof. 
 (c) Lock-Up Period; Agreement. In connection with the initial public offering of the Company’s securities and
upon request of the Company or the underwriters managing such offering of the Company’s securities, the holder of this Warrant agrees not to sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any
securities of the Company, however or whenever acquired (other than those included in the registration) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed 180 days) from
the effective date of such registration as may be requested by the Company or such managing underwriters and to execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the Company’s initial public
offering. The obligations described in Section 7(c) shall not apply to a registration relating solely to employee benefit plans, or to a registration relating solely to a transaction pursuant to Rule 145 under the Securities Act. In order to
enforce the foregoing covenants, the Company may impose stop-transfer instructions with respect to the securities of the Company held by the holder of this Warrant. The holder of this Warrant agrees that it will not transfer this Warrant or any
shares received directly or indirectly as a result of the exercise of this Warrant unless the transferee(s) agrees in writing to be bound by all of the provisions of this Section 7(c). Each certificate representing any securities of the Company
held by the holder of this Warrant shall be stamped or otherwise imprinted with a legend substantially similar to the following: 
 “THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A LOCK-UP PERIOD OF UP TO 180 DAYS IN THE EVENT OF A PUBLIC OFFERING, AS SET FORTH IN AN AGREEMENT AMONG THE COMPANY AND THE ORIGINAL HOLDERS OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT
THE PRINCIPAL OFFICE OF THE COMPANY.” 
  

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 (d) Applicability of Restrictions. Neither any restrictions of any legend described in this
Warrant nor the requirements of Section 7(b) above shall apply to any transfer of, or grant of a security interest in, this Warrant (or the Series Preferred or Common Stock obtainable upon exercise thereof) or any part hereof (i) to a
partner of the holder if the holder is a partnership or to a member of the holder if the holder is a limited liability company, (ii) to a partnership of which the holder is a partner or to a limited liability company of which the holder is a
member, or (iii) to any affiliate of the holder if the holder is a corporation (“affiliate” for purposes herein shall include but not be limited to a business development company (as such term is defined in Section 2(a)(48) of
the Investment Company Act of 1940, as amended) in which, either prior to such transaction or transactions or as a result thereof, any one or more members of the Warrant holder has an equity ownership interest (individually or together with other
such members) of more than 5%); provided, however, in any such transfer, if applicable, the transferee shall agree in writing as a condition of such transfer to be bound by the terms of this Warrant as if an original holder hereof.

 8. Rights as Shareholders; Information. No holder of this Warrant, as such, shall be entitled to vote or receive dividends or be
deemed the holder of Series Preferred or any other securities of the Company which may at any time be issuable upon the exercise hereof for any purpose, nor shall anything contained herein be construed to confer upon the holder of this Warrant, as
such, any of the rights of a shareholder of the Company or any right to vote for the election of directors or upon any matter submitted to shareholders at any meeting thereof, or to receive notice of meetings, or to receive dividends or subscription
rights or otherwise until this Warrant shall have been exercised and the Shares purchasable upon the exercise hereof shall have become deliverable, as provided herein. Notwithstanding the foregoing, the Company will transmit to the holder of this
Warrant such information, documents and reports as are generally distributed to the holders of such class or series of the securities of the Company for which this Warrant is exerciseable concurrently with the distribution thereof to such
shareholders. 
 9. Registration Rights. The holder of this Warrant (including any permitted transferees or assigns) shall be added as
a party to the Company’s Third Amended and Restated Investors’ Rights Agreement dated as of November 14, 2005 (the “Rights Agreement”) so that the holder shall have those rights as set forth in the Joinder Agreement attached
hereto as Exhibit A-3. 
 10. Additional Rights. 
 10.1 Acquisition Transactions. The Company shall provide the holder of this Warrant with at least ten (10) days’ written notice prior to closing thereof of the terms and conditions of an Acquisition
transaction. 
  

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 10.2 Right to Convert Warrant into Stock: Net Issuance. 
 (a) Right to Convert. In addition to and without limiting the rights of the holder under the terms of this Warrant, the holder shall have the right
to convert this Warrant or any portion thereof (the “Conversion Right”) into shares of Series Preferred as provided in this Section 10.2 at any time or from time to time during the term of this Warrant. Upon exercise of the Conversion
Right with respect to a particular number of shares subject to this Warrant (the “Converted Warrant Shares”), the Company shall deliver to the holder (without payment by the holder of any exercise price or any cash or other consideration)
that number of shares of fully paid and nonassessable Series Preferred as is determined according to the following formula: 
 X = B - A
 
                     Y 
  

					
	Where:	 	X =	  	the number of shares of Series Preferred that shall be issued to holder
			
		 	Y =	  	the fair market value of one share of Series Preferred
			
		 	A =	  	the aggregate Warrant Price of the specified number of Converted Warrant Shares immediately prior to the exercise of the Conversion Right (i.e., the number of Converted Warrant Shares
multiplied by the Warrant Price)
			
		 	B =	  	the aggregate fair market value of the specified number of Converted Warrant Shares (i.e., the number of Converted Warrant Shares multiplied by the fair market value of one
Converted Warrant Share)

 No fractional shares shall be issuable upon exercise of the Conversion Right, and, if the number
of shares to be issued determined in accordance with the foregoing formula is other than a whole number, the Company shall pay to the holder an amount in cash equal to the fair market value of the resulting fractional share on the Conversion Date
(as hereinafter defined). For purposes of Section 10 of this Warrant, shares issued pursuant to the Conversion Right shall be treated as if they were issued upon the exercise of this Warrant. 
 (b) Method of Exercise. The Conversion Right may be exercised by the holder by the surrender of this Warrant at the principal office of the
Company together with a written statement (which may be in the form of Exhibit A-1 or Exhibit A-2 hereto) specifying that the holder thereby intends to exercise the Conversion Right and indicating the number of shares subject to this
Warrant which are being surrendered (referred to in Section 10.2(a) hereof as the Converted Warrant Shares) in exercise of the Conversion Right. Such conversion shall be effective upon receipt by the Company of this Warrant together with the
aforesaid written statement, or on such later date as is specified therein (the “Conversion Date”), and, at the election of the holder hereof, may be made contingent upon the closing of the sale of the Company’s Common Stock to the
public in a public offering pursuant to a Registration Statement under the Act (a “Public Offering”) or Acquisition. Certificates for the shares issuable upon exercise of the Conversion Right and, if applicable, a new warrant evidencing
the balance of the shares remaining subject to this Warrant, shall be issued as of the Conversion Date and shall be delivered to the holder within thirty (30) days following the Conversion Date. 
  

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 (c) Determination of Fair Market Value. For purposes of this Section 10.2, “fair market
value” of a share of Series Preferred (or Common Stock if the Series Preferred has been automatically converted into Common Stock) as of a particular date (the “Determination Date”) shall mean: 
 (i) If the Conversion Right is exercised in connection with and contingent upon a Public Offering, and if the Company’s Registration Statement
relating to such Public Offering (“Registration Statement”) has been declared effective by the Securities and Exchange Commission, then the initial “Price to Public” specified in the final prospectus with respect to such
offering. 
 (ii) If the Conversion Right is not exercised in connection with and contingent upon a Public Offering, then as follows:

 (A) If traded on a securities exchange, the fair market value of the Common Stock shall be deemed to be the average of the closing prices
of the Common Stock on such exchange over the five trading days immediately prior to the Determination Date, and the fair market value of the Series Preferred shall be deemed to be such fair market value of the Common Stock multiplied by the number
of shares of Common Stock into which each share of Series Preferred is then convertible; 
 (B) If traded on the Nasdaq Stock Market or other
over-the-counter system, the fair market value of the Common Stock shall be deemed to be the average of the closing bid prices of the Common Stock over the five trading days immediately prior to the Determination Date, and the fair market value of
the Series Preferred shall be deemed to be such fair market value of the Common Stock multiplied by the number of shares of Common Stock into which each share of Series Preferred is then convertible; and 
 (C) If there is no public market for the Common Stock, then fair market value shall be determined by the Board of Directors of the Company in good faith.

 In making a determination under clauses (A) or (B) above, if on the Determination Date, five trading days had not passed since the
Company’s initial public offering of its Common Stock (“IPO”) effected pursuant to a Registration Statement on Form S-1 (or its successor) filed under the Act, then the fair market value of the Common Stock shall be the average
closing prices or closing bid prices, as applicable, for the shorter period beginning on and including the date of the IPO and ending on the trading day prior to the Determination Date (or if such period includes only one trading day the closing
price or closing bid price, as applicable, for such trading day). 
 10.3 Exercise Prior to Expiration. To the extent this Warrant is
not previously exercised as to all of the Shares subject hereto, and if the fair market value of one share of the Series Preferred is greater than the Warrant Price then in effect, this Warrant shall be deemed automatically exercised pursuant to
Section 10.2 above (even if not surrendered) immediately before its expiration. For 

  

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purposes of such automatic exercise, the fair market value of one share of the Series Preferred upon such expiration shall be determined pursuant to
Section 10.2(c). To the extent this Warrant or any portion thereof is deemed automatically exercised pursuant to this Section 10.3, the Company agrees to promptly notify the holder hereof of the number of Shares, if any, the holder hereof
is to receive by reason of such automatic exercise. 
 11. Representations and Warranties. The Company represents and warrants to the
holder of this Warrant as follows: 
 (a) This Warrant has been duly authorized and executed by the Company and is a valid and binding
obligation of the Company enforceable in accordance with its terms, subject to laws of general application relating to bankruptcy, insolvency and the relief of debtors and the rules of law or principles at equity governing specific performance,
injunctive relief and other equitable remedies. 
 (b) The Shares have been duly authorized and reserved for issuance by the Company and,
when issued in accordance with the terms hereof, will be validly issued, fully paid and nonassessable and free from preemptive rights. 
 (c)
The rights, preferences, privileges and restrictions granted to or imposed upon the Series Preferred and the holders thereof are as set forth in the Charter, and on the Date of Grant, each share of the Series Preferred represented by this Warrant is
convertible into one share of Common Stock. 
 (d) The shares of Common Stock issuable upon conversion of the Shares have been duly
authorized and reserved for issuance by the Company and, when issued in accordance with the terms of the Charter will be validly issued, fully paid and nonassessable. 
 (e) The execution and delivery of this Warrant are not, and the issuance of the Shares upon exercise of this Warrant in accordance with the terms hereof will not be, inconsistent with the Company’s Charter or
by-laws, do not and will not contravene any law, governmental rule or regulation, judgment or order applicable to the Company, and do not and will not conflict with or contravene any provision of, or constitute a default under, any indenture,
mortgage, contract or other instrument of which the Company is a party or by which it is bound (except as would not reasonably be expected to have a material adverse effect on the Company) or require the consent or approval of, the giving of notice
to, the registration or filing with or the taking of any action in respect of or by, any Federal, state or local government authority or agency or other person, except for the filing of notices pursuant to federal and state securities laws, which
filings will be effected by the time required thereby. 
 (f) There are no actions, suits, audits, investigations or proceedings pending or,
to the knowledge of the Company, threatened against the Company in any court or before any governmental commission, board or authority which, if adversely determined, could have a material adverse effect on the ability of the Company to perform its
obligations under this Warrant. 
  

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 (g) The number of shares of Common Stock of the Company outstanding on the date hereof, on a fully
diluted basis (assuming the conversion of all outstanding convertible securities and the exercise of all outstanding options and warrants), does not exceed 144,000,000 shares. 
 12. Modification and Waiver. This Warrant and any provision hereof may be changed, waived, discharged or terminated only by an instrument in
writing signed by the party against which enforcement of the same is sought. 
 13. Notices. Any notice, request, communication or
other document required or permitted to be given or delivered to the holder hereof or the Company shall be delivered, or shall be sent by certified or registered mail, postage prepaid, to each such holder at its address as shown on the books of the
Company or to the Company at the address indicated therefor on the signature page of this Warrant. 
 14. Binding Effect on
Successors. This Warrant shall be binding upon any corporation succeeding the Company by merger, consolidation or acquisition of all or substantially all of the Company’s assets, and all of the covenants and agreements of the Company shall
inure to the benefit of the successors and assigns of the holder hereof. 
 15. Lost Warrants or Stock Certificates. The Company
covenants to the holder hereof that, upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant or any stock certificate and, in the case of any such loss, theft or destruction, upon
receipt of an indemnity reasonably satisfactory to the Company, or in the case of any such mutilation upon surrender and cancellation of such Warrant or stock certificate, the Company will make and deliver a new Warrant or stock certificate, of like
tenor, in lieu of the lost, stolen, destroyed or mutilated Warrant or stock certificate. 
 16. Descriptive Headings. The descriptive
headings of the various Sections of this Warrant are inserted for convenience only and do not constitute a part of this Warrant. The language in this Warrant shall be construed as to its fair meaning without regard to which party drafted this
Warrant. 
 17. Governing Law. This Warrant shall be construed and enforced in accordance with, and the rights of the parties shall be
governed by, the laws of the State of Delaware. 
 18. Survival of Representations, Warranties and Agreements. All representations and
warranties of the Company and the holder hereof contained herein shall survive the Date of Grant, the exercise or conversion of this Warrant (or any part hereof) or the termination or expiration of rights hereunder. All agreements of the Company and
the holder hereof contained herein shall survive indefinitely until, by their respective terms, they are no longer operative. 
 19.
Remedies. In case any one or more of the covenants and agreements contained in this Warrant shall have been breached, the holders hereof (in the case of a breach by the Company), or the Company (in the case of a breach by a holder), may
proceed to protect and enforce their or its rights either by suit in equity and/or by action at law, including, but not limited to, an action for damages as a result of any such breach and/or an action for specific performance of any such covenant
or agreement contained in this Warrant. 
  

 -11- 

 20. No Impairment of Rights. The Company will not, by amendment of its Charter or through any
other means, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or
appropriate in order to protect the rights of the holder of this Warrant against impairment. 
 21. Severability. The invalidity or
unenforceability of any provision of this Warrant in any jurisdiction shall not affect the validity or enforceability of such provision in any other jurisdiction, or affect any other provision of this Warrant, which shall remain in full force and
effect. 
 22. Recovery of Litigation Costs. If any legal action or other proceeding is brought for the enforcement of this Warrant,
or because of an alleged dispute, breach, default, or misrepresentation in connection with any of the provisions of this Warrant, the successful or prevailing party or parties shall be entitled to recover reasonable attorneys’ fees and other
costs incurred in that action or proceeding, in addition to any other relief to which it or they may be entitled. 
 23. Entire Agreement;
Modification. This Warrant constitutes the entire agreement between the parties pertaining to the subject matter contained in it and supersedes all prior and contemporaneous agreements, representations, and undertakings of the parties, whether
oral or written, with respect to such subject matter. 
 The Company has caused this Warrant to be duly executed and delivered as of the Date
of Grant specified above. 
  

			
	NEUROGESX, INC.
		
	By:	 	 /s/ Stephen Ghiglieri

	Name:	 	Stephen Ghiglieri
	Title:	 	CFO
		
	Address:	 	 981F Industrial Road
 San Carlos, CA
94070

  

 -12- 

 EXHIBIT A-1 
 NOTICE OF EXERCISE 
 To: NEUROGESX, INC. (the “Company”) 
 1. The undersigned hereby: 
  

	 	 ̈	elects to purchase              shares of [Series Preferred Stock] [Common Stock] of the Company pursuant to the
terms of the attached Warrant, and tenders herewith payment of the purchase price of such shares in full, or 

  

	 	 ̈	elects to exercise its net issuance rights pursuant to Section 10.2 of the attached Warrant with respect to
             Shares of [Series Preferred Stock] [Common Stock]. 

 2. Please issue a certificate or certificates representing              shares in the name of the undersigned or in such other name or names as are specified below:

  

	
	 
                                        
                                       
 

	 (Name)

	
	 
                                        
                                       
 

	
	 
                                        
                                       
 

	 (Address)

 3. The undersigned represents that the aforesaid shares are being acquired for the account of the
undersigned for investment and not with a view to, or for resale in connection with, the distribution thereof and that the undersigned has no present intention of distributing or reselling such shares, all except as in compliance with applicable
securities laws. 
  

	
	
 (Signature)

 
                     
     (Date) 

 EXHIBIT A-2 
 NOTICE OF EXERCISE 
 To: NEUROGESX, INC. (the “Company”) 
 1. Contingent upon and effective immediately prior to the closing (the “Closing”) of the Company’s public offering contemplated by the
Registration Statement on Form S    , filed             , 200    , the undersigned hereby: 
  ̈ elects to purchase
             shares of [Series Preferred Stock] [Common Stock] of the Company (or such lesser number of shares as may be sold on behalf of the undersigned at the Closing) pursuant to
the terms of the attached Warrant, or 
  ̈ elects to exercise its net issuance rights pursuant to Section 10.2 of the attached Warrant with respect to              Shares of [Series Preferred Stock] [Common
Stock]. 
 2. Please deliver to the custodian for the selling shareholders a stock certificate representing such
             shares. 
 3. The undersigned has instructed the custodian
for the selling shareholders to deliver to the Company $             or, if less, the net proceeds due the undersigned from the sale of shares in the aforesaid public offering. If
such net proceeds are less than the purchase price for such shares, the undersigned agrees to deliver the difference to the Company prior to the Closing. 
  

	
	
 (Signature)

 
                     
       (Date) 

 EXHIBIT A-3 
 JOINDER AGREEMENT 
 WHEREAS, the undersigned
             (the “Joining Parties”) and NeurogesX, Inc., a California corporation (the “Company”), have entered into a certain Venture Loan and
Security Agreement (the “LSA”), dated as of                  , 2006, and certain other related agreements contemplated thereby, pursuant
to which, among other things, the Company will issue to the Joining Parties Warrants (the “Warrant”) to purchase an aggregate of up to 840,000 shares of the Company’s Series C-2 Preferred Stock, at an exercise price of $0.75
per share (the “Shares”); 
 WHEREAS, the parties hereto desire the Joining Parties to have certain registration rights with
respect to the shares of Common Stock of the Company issuable upon conversion of the Shares pursuant to Sections 1.1 - 1.14 of that certain Amended and Restated Investors’ Rights Agreement, dated as of November 14, 2005, by and among the
Company and the other parties named therein, as the same may be amended and/or restated from time to time (the “Rights Agreement”), and that the Joining Parties be added to the Rights Agreement as parties thereto for the purpose of
granting such registration rights; 
 WHEREAS, Section 4.3 of the Rights Agreement allows the amendment or waiver of such Rights
Agreement with the written consent of the Company and the holders of at least a majority Registrable Securities, as defined therein, outstanding (the “Majority Holders”); and 
 NOW, THEREFORE, in consideration of the promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which is
hereby mutually acknowledged by the parties hereto, the parties hereby covenant and agree as follows: 
 1. The shares of Common Stock
of the Company issuable upon conversion of the Shares shall constitute “Registrable Securities,” as such term is defined in Section 1.1(g) of the Rights Agreement, for all intents and purposes of the registration rights and related
provisions and obligations set forth in Sections 1.1 through 1.14 inclusive and Section 4 of the Rights Agreement. 
 2. The
Joining Parties shall be treated for all purposes under Section 1.1 through 1.14 inclusive, and Section 4 of the Rights Agreement as “Holders,” as such term is defined in Section 1.01(d) of the Rights Agreement; provided
however, that the Joining Parties shall not be considered “Initiating Holders” as such term is defined in Section 1.1(e). 
 3. The Joining Parties agree to be bound by the terms and conditions of Sections 1.1 through 1.14 inclusive and Section 4 of the Rights Agreement and shall succeed to and assume all of the rights and obligations of Holders of
Registrable Securities for all intents and purposes of such Sections, provided that, the Joining Parties shall not be deemed to possess any rights set forth in Sections 2 or 3 of the Rights Agreement. 

 4. All notices and other communications under the Rights Agreement shall be made to the Joining
Parties at the addresses specified below and thereafter at such other address, notice of which is given in accordance with Section 4.4 of the Rights Agreement: 
  

			
	If to Horizon or Agent:	  	 Horizon Technology Funding Company LLC
 76 Batterson
Park Road
 Farmington, CT 06032
 Attention: Legal
Department
 Fax: (860) 676-8655
 Ph: (860)
676-8654

		
	If to Oxford:	  	 Oxford Finance Corporation
 133 N.Fairfax
Street
 Alexandria, VA 22314
 Attn: Mike Altenburger, Chief
Financial Officer
 Fax: (703) 519-4910
 Ph: (703)
519-6017

 5. The Rights Agreement as modified herein shall remain in full force and effect as
so modified. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date first written above. 
  

			
	 NEUROGESX, INC.

		
	 By:
	 	  

		
	 Name:
	 	  

		
	 Title:
	 	  

 JOINING PARTIES: 
 [TO COME] 
 INVESTORS: 
 See attached pages. 
 Agreed and Accepted:Form of First Warrant to Purchase Series C2 Preferred Stock

 Exhibit 4.8 
 THE SECURITIES REPRESENTED BY AND UNDERLYING THIS WARRANT HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. SUCH SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION
UNLESS THE TRANSFER IS IN ACCORDANCE WITH RULE 144 OR SIMILAR RULE OR UNLESS THE COMPANY RECEIVES AN OPINION OF COUNSEL REASONABLY ACCEPTABLE TO IT STATING THAT SUCH SALE OR TRANSFER IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY
REQUIREMENTS OF SAID ACT. 
 “FIRST WARRANT” 
 STOCK PURCHASE WARRANT 
 To Purchase Shares of Series C2 Preferred Stock of 
 NeurogesX, Inc. 
 WHEREAS, This Warrant is
being delivered as one of the “First Warrants” as such term is defined in the Series C2 Preferred Stock Purchase Agreement, dated as of
                    , 2005 (the “SPA”). 
 WHEREAS, All terms undefined herein shall have the meaning for such terms as set forth in the SPA. 
 THIS
CERTIFIES that, for value received, «Name» or its registered assigns (the “Holder”), is entitled, upon the terms and subject to the conditions hereinafter set forth, at any time on or prior to the Termination Date (as defined
below), but not thereafter, to subscribe for and purchase, from NeurogesX, Inc., a California corporation (the “Company”), up to an aggregate number of shares of Series C2 Preferred Stock of the Company (the “Shares”) equal to
one-half of the number of Initial Closing Shares, First Mandatory Closing Shares, Second Mandatory Closing Shares and Milestone Closing Shares purchased by the Holder (or the original holder of this First Warrant) at a price per Share of $0.75 (the
“Exercise Price”). Until such time as this Warrant is exercised in full or expires, the Exercise Price and the number of securities issuable upon exercise of this Warrant are subject to adjustment as hereinafter provided. The term
“Termination Date” shall mean March 31, 2007. 
 1. Title to Warrant. Prior to the expiration hereof and subject to
compliance with applicable laws, this Warrant and all rights hereunder are transferable in accordance with the terms of this Warrant upon delivery of this Warrant by the holder hereof together with the Assignment Form annexed hereto as Attachment
C properly endorsed to the office or agency of the Company, referred to in Sections 2 and 3 hereof. 
 2. Exercise of
Warrant. 
 (a) Subject to Section 10 hereof, the purchase rights represented by this Warrant are exercisable by the registered
holder hereof, in whole or in part, at any time before the close of business on the Termination Date by the delivery of this Warrant and the Notice of Exercise form annexed hereto as Attachment A duly executed to the office of the Company in
San Carlos, California (or such other office or agency of the Company as it may designate by notice in writing to 

 
the registered holder hereof at the address of such holder appearing on the books of the Company), and upon payment of the Exercise Price for the Shares
thereby purchased (by (i) cash, (ii) by check or bank draft payable to the order of the Company, (iii) by cancellation of indebtedness of the Company to the holder hereof, if any, at the time of exercise in an amount equal to the
aggregate purchase price of the Shares thereby purchased, or (iv) any combination of the foregoing); whereupon the holder of this Warrant shall be entitled to receive a certificate for the number of Shares so purchased. The Company agrees that
if at the time of the surrender of this Warrant and purchase the holder hereof shall be entitled to exercise this Warrant, the Shares so purchased shall be and be deemed to be issued to such holder as the record owner of such Shares at the close of
business on the date on which this Warrant shall have been exercised as aforesaid. 
 (b) If this Warrant is exercised in part, the holder of
this Warrant shall be entitled to receive a new warrant, which shall be dated as of the date of this Warrant, covering the number of Shares in respect of which this Warrant shall not have been exercised. 
 3. Right to Convert Warrant. The registered holder hereof shall have the right to convert this Warrant, without the payment of any consideration
in addition to the consideration provided for in this Section 3, by the delivery of this Warrant and the Notice of Conversion form annexed hereto as Attachment B duly executed to the office of the Company in San Carlos, California (or
such other office or agency of the Company as it may designate by notice in writing to the registered holder hereof at the address of such holder appearing on the books of the Company), in whole or in part, at any time before the close of business
on the Termination Date, into the Shares as provided for in this Section 3. Upon exercise of this conversion right, the holder hereof shall be entitled to receive that number of Shares determined in accordance with the following formula:

  

			
	X=	 	Y(A-B)
		 	A

 Where: 
  

					
	A	  	=	  	the Fair Market Value (as defined below) of one (1) Share as of the date a conversion of this Warrant is made.
			
	B	  	=	  	the Exercise Price for one (1) Share under this Warrant in effect as of the time of such conversion.
			
	X	  	=	  	the number of Shares issuable to the holder pursuant to this Section 3.
			
	Y	  	=	  	the number of Shares covered by this Warrant that the holder of this warrant elects to convert pursuant to this Section 3.

 “Fair Market Value” of a Share shall mean: 
 (a) if the conversion right is being exercised contemporaneously with occurrence of the Company’s initial public offering, the product of
(i) initial public offering price per share (before deducting underwriting commissions and discounts and offering expenses) and (ii) the number of shares of Common Stock issuable upon conversion of one (1) Share issuable upon exercise
of this Warrant; 
  

 -2- 

 (b) if the conversion right is being exercised at a time where there exists a public market for the
Company’s Common Stock at the time of such exercise, the product of (i) the average of the closing price quoted on the exchange on which the Common Stock is listed as published in the Wall Street Journal for the five (5) trading days
prior to the date of determination of Fair Market Value and (ii) the number of shares of Common Stock that would have been issued with respect to such Share had such Share been converted into shares of Common Stock as of the consummation of the
initial public offering (as equitably adjusted for all stock splits, recapitalizations and the like after the date of conversion). 
 (c) in
all other cases, the fair value as determined in good faith by the Company’s Board of Directors. 
 Upon conversion of this Warrant in
full, the registered holder hereof shall be entitled to receive a certificate for the number of Shares determined in accordance with this Section 3. Upon conversion of this Warrant in part, the registered holder hereof shall be entitled to
receive a certificate for the number of Shares determined in accordance with this Section 3, and a new warrant, which shall be dated as of the date of this Warrant, covering the number of Shares remaining under this Warrant after a conversion
pursuant to this Section 3. 
 4. Issuance of Stock; No Fractional Shares or Scrip. Certificates for the stock purchased
hereunder or issuable upon conversion hereof shall be delivered to the holder hereof promptly after the date on which this Warrant shall have been exercised or converted as aforesaid. The Company covenants that all Shares which may be issued upon
the exercise of rights represented by this Warrant will, upon exercise of the rights represented by this Warrant, be fully paid and nonassessable and free from all taxes, liens and charges in respect of the issue thereof (other than taxes in respect
of any transfer occurring contemporaneously with such issue). The Company agrees that, if at the time of the surrender of this Warrant and exercise of the rights represented hereby, the holder hereof shall be entitled to exercise such rights, the
Shares so issued shall be and be deemed to be issued to such holder as the record owner of such Shares as of the close of business on the date on which this Warrant shall have been exercised or converted as aforesaid. No fractional shares or scrip
representing fractional shares shall be issued upon the exercise or conversion of this Warrant. If upon any exercise of this Warrant a fraction of a share results, the Company may in its sole discretion, either (i) round down to the nearest
whole share and pay the cash value of any such fractional share or (ii) round up to the nearest whole share. 
 5. Charges, Taxes and
Expenses. Issuance of certificates for the Shares upon the exercise or conversion of this Warrant shall be made without charge to the holder hereof for any issue or transfer tax or other incidental expense in respect of the issuance of such
certificate, all of which taxes and expenses shall be paid by the Company, and such certificates shall be issued in the name of the holder of this Warrant or in such name or names as may be directed by the holder of this Warrant; provided,
however, that in the event certificates for Shares are to be issued in a name other than the name of the holder of this Warrant, this Warrant when surrendered for exercise or conversion shall be accompanied by the Assignment Form attached
hereto duly executed by the 

  

 -3- 

 
holder hereof; and provided further, that upon any transfer involved in the issuance or delivery of any certificates for the Shares, the Company may
require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. 
 6. No Rights
as Shareholders. This Warrant does not entitle the holder hereof to any voting rights or other rights as a shareholder of the Company prior to the exercise or conversion hereof. 
 7. Exchange and Registry of Warrant. This Warrant is exchangeable, upon the surrender hereof by the registered holder at the above-mentioned
office or agency of the Company, for a new Warrant of like tenor and dated as of such exchange. 
 The Company shall maintain at the
above-mentioned office or agency a registry showing the name and address of the registered holder of this Warrant. This Warrant may be surrendered for exchange, transfer or exercise, in accordance with its terms, at such office or agency of the
Company, and the Company shall be entitled to rely in all respects, prior to written notice to the contrary, upon such registry. 
 8.
Loss, Theft, Destruction or Mutilation of Warrant. Upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant, and in case of loss, theft or destruction, of indemnity or
security reasonably satisfactory to it, and upon reimbursement to the Company of all reasonable expenses incidental thereto, and upon surrender and cancellation of this Warrant, if mutilated, the Company will make and deliver a new Warrant of like
tenor and dated as of such cancellation, in lieu of this Warrant. 
 9. Saturdays, Sundays, Holidays, etc. If the last or appointed
day for the taking of any action or the expiration of any right required or granted herein shall be a Saturday or a Sunday or shall be a legal holiday, then such action may be taken or such right may be exercised on the next succeeding day not a
legal holiday. 
 10. Acquisition and Dilution. 
 (a) Merger, Sale of Assets, etc. 
 (i) “Acquisition.” For the purpose of this
Warrant, “Acquisition” means any sale, license, or other disposition of all or substantially all of the assets of the Company (including a sale of all or substantially all of the intellectual property of the Company), or any
reorganization, consolidation, acquisition or merger of the Company where the holders of the Company’s securities before the transaction own less than 50% of the outstanding voting securities of the surviving entity after the transaction.

 (ii) If at any time after the date hereof the Company proposes to consummate an Acquisition in which the shareholders of the Company
shall receive cash or publicly traded securities in exchange for their shares of stock in the Company pursuant to such transaction, then the Company shall give the holder of this Warrant written notice (the “Merger Notice”) of such
impending transaction not later than fifteen (15) days prior to the shareholders’ meeting called to approve such transaction, or fifteen (15) days prior to the closing of such transaction, whichever is 

  

 -4- 

 
earlier, and shall also notify the holder of this Warrant of the final approval of such transaction. The first of such notices shall describe the material
terms and conditions of the impending transaction, and the Company shall thereafter give the holder of this Warrant prompt notice of any material changes. To the extent this Warrant has not been exercised or converted in full by the closing of such
transaction then this Warrant shall automatically be terminated upon the closing of such transaction. In such event, the holder may provide an exercise notice hereunder that is contingent upon consummation of any such Acquisition. 
 (iii) If either (x) this Warrant is not terminated in an Acquisition pursuant to the provisions of Section 10(a)(ii), (a “Non-Terminating
Acquisition”) or (y) upon any reorganization, consolidation, acquisition or merger of the Company where the holders of the Company’s securities before the transaction own at least 50% of the outstanding voting securities of the
surviving entity after the transaction (a “Non Qualifying Acquisition”), then, as a condition of such Non- Terminating Acquisition or Non-Qualifying Acquisition, as applicable, lawful and adequate provisions shall be made by the Company
whereby the Holder shall thereafter have the right to purchase and receive (in lieu of the shares of the Preferred Stock or Common Stock, as applicable, of the Company immediately theretofore purchasable and receivable upon the exercise of the
rights represented by this Warrant) such shares of stock, securities or other assets or property as may be issued or payable with respect to or in exchange for a number of outstanding shares of such Preferred Stock or Common Stock, as applicable,
equal to the number of shares of such stock immediately theretofore purchasable and receivable upon the exercise of the rights represented by this Warrant. In the event of any Non- Terminating Acquisition or Non-Qualifying Acquisition, as
applicable,, appropriate provision shall be made by the Company with respect to the rights and interests of the Holder that the provisions hereof (including, without limitation, provisions for adjustments of the Exercise Price and of the number of
shares purchasable and receivable upon the exercise of this Warrant) shall thereafter be applicable, in relation to any shares of stock, securities or assets thereafter deliverable upon the exercise hereof. 
 (b) Reclassification, etc. If the Company at any time shall, by subdivision, combination or reclassification of security or otherwise, change any
of the securities to which purchase rights under this Warrant exist into the same or a different number of securities of any class or classes, this Warrant shall thereafter be to acquire such number and kind of securities as would have been issuable
as the result of such change with respect to the securities which were subject to the purchase rights under this Warrant immediately prior to such subdivision, combination, reclassification or other change. If the Company shall subdivide the Shares,
by split-up or otherwise, or combine the Shares, or issue additional shares of its Series C2 Preferred Stock in payment of a stock dividend on the Shares, the number of shares issuable on the exercise of this Warrant shall forthwith be
proportionately increased in the case of a subdivision or stock dividend, or proportionately decreased in the case of a combination, and the Exercise Price shall forthwith be proportionately decreased in the case of a subdivision or stock dividend,
or proportionately increased in the case of a combination. 
 (c) Conversion of Stock. In case all the authorized Shares are converted
into other securities or property, or the Shares otherwise ceases to exist, then, in such case, the Holder, upon exercise of this First Warrant at any time after the date on which the Shares is so converted or ceases to exist (the “Conversion
Date”), shall receive, in lieu of the number of Shares that would have been 

  

 -5- 

 
issuable upon such exercise immediately prior to the Conversion Date (the “Former Number of Shares”), the stock and other securities and property
which the Holder would have been entitled to receive upon the Conversion Date if the Holder had exercised this First Warrant with respect to the Former Number of Shares immediately prior to the Conversion Date (all subject to further adjustment as
provided in this First Warrant). 
 (d) Cash Distributions. No adjustment on account of cash dividends on the Shares issuable upon the
exercise of this Warrant will be made to the purchase price or the number of Shares under this Warrant. 
 (e) Authorized Shares. The
Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Preferred Stock and Common Stock a sufficient number of shares to provide, respectively, for the exercise or conversion of this
Warrant in full, and the conversion into shares of Common Stock of all Shares receivable upon such exercise or conversion. The Company further covenants that such shares as may be issued pursuant to such exercise or conversion will, upon issuance
after the exercise or conversion in accordance with the terms of Section 2 or 3 above, be duly and validly issued, fully paid and nonassessable and free from all taxes, liens and charges with respect to the issuance thereof, but only to the
extent that the Company is required to pay such taxes, liens and charges pursuant to the terms of this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the
duty of executing stock certificates to execute and issue the necessary certificates for the Shares upon the exercise of the purchase rights under this Warrant. 
 (f) Conversion Price Adjustments. The rate at which the Shares are convertible into shares of Common Stock of the Company is subject to adjustment as set forth in the Company’s articles of incorporation,
as amended from time to time. Any adjustment to the conversion rate of the Shares issuable upon the exercise of this Warrant effected prior to any exercise or conversion of this Warrant shall apply to any Shares thereafter issued pursuant to the
terms hereof. 
 (g) Certificate of Adjustment. Whenever the Exercise Price is adjusted, as herein provided, the Company shall
promptly deliver to the holder of the Warrant a certificate of the President of the Company setting forth the Exercise Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment. 
 (h) No Impairment. The Company will not, by amendment of its articles of incorporation or through any reclassification, capital reorganization,
consolidation, merger, sale or conveyance of assets, dissolution, liquidation, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times
in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate in order to protect the rights and obligations that the holder of this Warrant possesses pursuant to this Warrant.

 11. Restrictions on Transferability of Securities. 
 (a) Restrictions on Transferability. This Warrant, the Shares issuable upon exercise of this Warrant, and the shares of Common Stock issuable upon conversion of the Shares 

  

 -6- 

 
(collectively the “Securities”) shall not be sold, assigned, transferred or pledged except upon the conditions specified in this Section 11,
which conditions are intended to ensure compliance with the provisions of the Securities Act. Each holder of any of the Securities will cause any proposed purchaser, assignee, transferee, or pledgee of the Securities held by such holder to agree in
writing to take and hold such Securities subject to the provisions and upon the conditions specified in this Warrant as if such purchaser, assignee, transferee or pledgee were the Holder hereunder. 
 (b) Restrictive Legends. Each certificate representing the Securities and any other securities issued in respect of the Securities upon any stock
split, stock dividend, recapitalization, merger, consolidation or similar event, shall (unless otherwise permitted by the provisions of Section 11(c) below) be stamped or otherwise imprinted with legends in substantially the following form (in
addition to any legend required under applicable state securities laws): 
 (i) 33 Act Legend. 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. SUCH
SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION UNLESS THE TRANSFER IS IN ACCORDANCE WITH RULE 144 OR SIMILAR RULE OR UNLESS THE COMPANY RECEIVES AN OPINION OF COUNSEL REASONABLY ACCEPTABLE TO IT STATING THAT SUCH
SALE OR TRANSFER IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SAID ACT. 
 (ii) Lock-Up Legend.

 UPON THE REQUEST OF THE COMPANY OR THE UNDERWRITERS, THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, SHORT SOLD, LOANED,
MADE SUBJECT TO AN OPTION TO PURCHASE SUCH SECURITIES OR OTHERWISE DISPOSED OF FOR A PERIOD NOT TO EXCEED 180 DAYS FOLLOWING THE EFFECTIVE DATE OF A REGISTRATION STATEMENT FILED BY THE COMPANY FOR ITS INITIAL PUBLIC OFFERING, WITHOUT THE PRIOR
WRITTEN CONSENT OF THE COMPANY OR THE UNDERWRITERS. 
 The Holder and each holder of Securities and each subsequent assignee, transferee or
pledgee (hereinafter collectively, including the Holder, referred to as a “Holder”) consents to the Company making a notation on its records and giving instructions to any transfer agent of the Securities in order to implement the
restrictions on transfer established in Sections 11 and 14. 
 (c) Notice of Proposed Transfers. Each Holder of a certificate
representing the Securities, by acceptance thereof, agrees to comply in all respects with the provisions of Sections 11 and 14. Prior to any proposed sale, assignment, transfer or pledge (a “Transfer”) of any Securities (other than
(i) a transfer not involving a change in beneficial ownership, (ii) in transactions involving the distribution without consideration of Securities by a Holder to any of its affiliates, equityholders, members, retired members, partners, or
retired partners, or to the estate of any of its equityholders, 

  

 -7- 

 
members, retired members, partners or retired partners, (iii) a transfer to an affiliated fund, partnership or company, which is not a competitor of the
Company (as determined in good faith by the Company’s Board of Directors), subject to compliance with applicable securities laws or (iv) transfers in compliance with Rule 144, so long as the Company is furnished with satisfactory
evidence of compliance with such Rule), unless there is in effect a registration statement under the Securities Act covering the proposed transfer, the Holder thereof shall give prior 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
either (i) an opinion of counsel (who shall, and whose opinion shall be, addressed to the Company and reasonably satisfactory to the Company) to the effect that the proposed transfer of the Securities may be effected without registration under
the Securities Act or (ii) a “no action” letter from the Securities and Exchange Commission (the “Commission”) to the effect that the transfer of such securities without registration will not result in a recommendation by
the staff of the Commission that action be taken with respect thereto, whereupon the Holder of such Securities shall be entitled to transfer such Securities in accordance with the terms of the notice delivered by such Holder to the Company. Each
certificate evidencing the Securities transferred as above provided shall bear (except if such transfer is made pursuant to Rule 144, in which case the legend set forth in Section 11(b)(i) shall not be required) the restrictive legends set
forth in Section 11(b) above, except that each such certificate shall not bear the legend set forth in Section 11(b)(i) if in the opinion of counsel for such Holder and in the opinion of counsel for the Company such legend is not required
in order to establish compliance with any provision of the Securities Act. Notwithstanding the foregoing, upon exercise of this First Warrant, in the event that the Holder is a party to, and or subject to the provisions of, that certain Third
Amended and Restated Investors’ Rights Agreement dated as of the original date of issuance of this First Warrant, as the same may be amended from time to time, then (x) the provisions of this Section 11(c) shall be inapplicable to the
Transfer of any of the Shares issuable upon exercise or conversion of this First Warrant and (y) the terms and conditions of Section 3.9 of the SPA shall apply to the Transfer of any of the Shares issuable upon exercise or conversion of
this First Warrant as though the Holder were an Investor (as defined therein). 
 (d) Removal of Restrictions on Transfer of
Securities. The legend referred to in Section 11(b)(i) hereof stamped on a certificate evidencing the Securities and the stock transfer instructions and record notations with respect to the Securities shall be removed, and the Company shall
issue a certificate without such legend to the Holder of the Securities, if the Securities are registered under the Securities Act, or if such Holder provides the Company with an opinion of counsel (which may be counsel for the Company) reasonably
satisfactory to the Company to the effect that a public sale or transfer of such security may be made without registration under the Securities Act or such Holder provides the Company with reasonable assurances, which may, at the option of the
Company, include an opinion of counsel (which may be counsel for the Company) reasonably satisfactory to the Company, that such security can be sold pursuant to paragraph (k) of Rule 144 (or any successor provision) under the Securities
Act. After the expiration of the Lock-Up Period (as defined in Section 14 below), and upon request of the Holder, the legend referred to in Section 11(b)(ii) hereof stamped on a certificate evidencing the Securities and the stock transfer
instructions and record notations with respect to the Securities shall be removed, and the Company shall issue a certificate without such legend to the Holder of the Securities. 
  

 -8- 

 12. Investment Representations of the Holder. With respect to the acquisition of any of the
Securities, the Holder hereby represents and warrants to the Company as follows: 
 (a) Experience. The Holder has substantial
experience in evaluating and investing in private placement transactions of securities in companies similar to the Company so that it is capable of evaluating the merits and risks of its investment in the Company and has the capacity to protect its
own interests. The Holder is an “accredited investor” within the meaning of Regulation D promulgated under the Securities Act. 
 (b) Investment. The Holder is acquiring the Securities for investment for its own account, not as a nominee or agent, and not with the view to, or for resale in connection with, any distribution thereof. The Holder understands that
the Securities have not been, and will not be, registered under the Securities Act by reason of a specific exemption from the registration provisions of the Securities Act, the availability of which depends upon, among other things, the bona fide
nature of the investment intent and the accuracy of the Holder’s representations as expressed herein. 
 (c) Rule 144. The
Holder acknowledges that the Securities must be held indefinitely unless subsequently registered under the Securities Act, or unless an exemption from such registration is available. The Holder is aware of the provisions of Rules 144 and 144A
promulgated under the Securities Act that permit limited resale of securities purchased in a private placement subject to satisfaction of certain conditions. 
 (d) No Public Market. The Holder understands that no public market now exists for any of the securities issued by the Company and that the Company has made no assurances that a public market will ever exist for
the Securities. 
 (e) Access to Data. The Holder has had an opportunity to discuss the Company’s business, management and
financial affairs with the Company’s management and has also had an opportunity to ask questions of the Company’s officers, which questions were answered to the Holder’s satisfaction. 
 13. Notices. If at any time prior to the exercise or conversion of this Warrant in full the Company takes a record of the holders of the
Company’s stock for the purpose of determining the holders thereof who are entitled to receive any dividend or other distribution, any right to subscribe for, purchase or otherwise acquire any shares of stock of any class or any other
securities or property, or to receive any other right, the Company will give to the holder of this Warrant, at least thirty (30) days prior to the date specified therein, written notice specifying the date on which any such record is to be
taken for the purpose of such dividend, distribution or right, and the amount and character of such dividend, distribution or right. 
 14.
Lock-Up Agreement. If requested by the Company and an underwriter of Common Stock (or other securities) of the Company, no Holder shall sell (including, without limitation, any short sale) or otherwise transfer or dispose of any Common Stock
and options (or other securities) of the Company held by such Holder (other than those included in the registration) during the one hundred eighty (180) day period following the effective date of a registration statement of the Company filed
under the Securities Act (the “Lock-Up Period”), provided that: (i) such one hundred 

  

 -9- 

 
eighty (180) day “market stand-off” agreement shall only apply to the first such registration statement of the Company, including securities
to be sold on its behalf to the public in an underwritten offering; and (ii) all Holders, as such term is defined in the Third Amended and Restated Holders’ Rights Agreement, dated as of October __, 2005, as the same may be amended and/or
restated from time to time, and officers and directors of the Company enter into similar agreements. The Company may impose stop-transfer instructions with respect to Securities of a Holder to enforce the provisions of this Section 14.

 15. Miscellaneous. 
 (a) Issue Date. The provisions of this Warrant shall be construed and shall be given effect in all respect as if it had been issued and delivered by the Company on the date hereof. This Warrant shall be binding upon any successors or
assigns of the Company. This Warrant shall be governed in all respects by the laws of the State of California. 
 (b) Waivers and
Amendments. Any term of this Warrant may be amended and the observance of any term of this Warrant may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the
Company and the holders of more than a majority of the Common Stock issued or issuable upon conversion of the Series C2 Preferred Stock issued pursuant to the SPA and the Warrants, provided that no amendment or waiver which, by its express
terms, affects the express rights or obligations hereunder of the Holder differently than the express rights or obligations of the First Warrants held by all Holders shall be binding as to the Holder unless the Holder consents in writing to such
amendment or waiver. Any amendment or waiver effected in accordance with this paragraph shall be binding upon each holder of any securities issued under this Warrant at the time outstanding (including securities into which such securities have been
converted), each future holder of all such securities and the Company. The Holder acknowledges that by the operation of this Section (and subject to the limitations set forth herein) hereof the holders of more than a majority of the Common Stock
issued or issuable upon conversion of the Series C2 Preferred Stock issued pursuant to the SPA and the Warrants will have the right and power to diminish or eliminate all rights of the Holder under this Warrant. 
 (c) Notices. All notices and other communications required or permitted to be given under this Warrant shall be in writing and shall be deemed
effectively given upon personal delivery, delivery by nationally recognized courier or upon deposit with the United States Post Office (by first class mail, postage prepaid) addressed as follows: (i) if to the Company, at the address of its
principal office in the State of California, or at such other address as the Company shall have furnished Holder in writing, and (ii) if to the Holder, to the address set forth for such Holder on Exhibit A to the SPA, or such other
address as the Holder shall have furnished the Company in writing. 
 (d) Survival. The provisions of Sections 11 and 14 hereof
shall survive the exercise or conversion of this Warrant and shall remain in effect until such time as the Holder or any Holder no longer holds Securities. 
  

 -10- 

 (e) Binding Effect on Successors. This Warrant shall be binding upon any corporation succeeding
the Company by merger, consolidation or acquisition of all or substantially all of the Company’s assets. All of the covenants and agreements of the Company shall inure to the benefit of successors and assigns of the holder hereof. 

 

 -11- 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officers thereunto duly
authorized. 
 Dated:                     , 2005

  

			
	NEUROGESX, INC.
		
	Name:	 	  

	By:	 	  

	Title:	 	  

 Agreed and Accepted: 
 HOLDER: 
  
  

			
	Name:	 	«Name»
	By:	 	  

	Title:	 	  

 ATTACHMENT A 
 NOTICE OF EXERCISE 
 To: NeurogesX, Inc. 
 (1) The undersigned hereby elects to purchase
                     shares of [Series C2 Preferred Stock] of NeurogesX, Inc. pursuant to the terms of the attached Warrant, and tenders
herewith payment of the purchase price in full for such shares, together with all applicable transfer taxes, if any. 
 (2) Please issue a
certificate of certificates representing said shares of [Series C2 Preferred Stock] in the name of the undersigned or in such other name as is specified below: 
 (Name) 
 (Address) 
 (3) The undersigned represents that the aforesaid shares of [Series C2 Preferred Stock] are being acquired for the account of the undersigned for investment and not with a view to, or for resale in connection with,
the distribution thereof and that the undersigned has no present intention of distributing or reselling such shares. 
  

			
		  	  

	        (Date)	  	(Signature)

 ATTACHMENT B 
 NOTICE OF CONVERSION 
 To: NeurogesX, Inc. 
 (1) The undersigned hereby elects to convert
                     shares of the attached Warrant into such number of shares of [Series C2 Preferred Stock] of NeurogesX, Inc. as is
determined pursuant to Section 3 of such Warrant, which conversion shall be effected pursuant to the terms of the attached Warrant. 
 (2) Please issue a certificate or certificates representing said shares of NeurogesX, Inc. [Series C2 Preferred Stock] in the name of the undersigned or in such other name as is specified below: 
 (Name) 
 (Address) 
 (3) The undersigned represents that the aforesaid shares of NeurogesX, Inc. [Series C2 Preferred Stock] are being acquired for the account of the
undersigned for investment and not with a view to, or for resale in connection with, the distribution thereof and that the undersigned has no present intention of distributing or reselling such shares. 
  

			
		  	  

	        (Date)	  	(Signature)

  

 -2- 

 ATTACHMENT C 
 ASSIGNMENT FORM 
 (To assign the foregoing warrant, execute this form and supply the 
 required information. Do not use this form to purchase shares.) 
 FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to 
  

					
	  

	(Please Print)
		
	whose address is 	 	  

	(Please Print)

 Dated:
                    , 20     
  

			
	Transferring Holder’s Signature:	 	  

		
	Transferring Holder’s Address:	 	  

		 	  

  

	
	Signed in the presence of:
	
	  

 NOTE: The signature to this Assignment Form set forth above must correspond with the name of the Holder as it
appears on the face of the Warrant, without alteration or enlargement or any change whatever. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing
Warrant. 
 In connection with the transfer of the Warrant (or a portion thereof) to the undersigned, the undersigned hereby agrees to be
bound by and comply with all of the provisions and obligations applicable to the Holder contained in the Warrant and to execute any further documentation necessary to carry out the intent of the foregoing agreement to be bound. 
  

			
	Transferee Holder’s Signature:	 	  

		
	Transferee Holder’s Name (printed):	 	  

		
	Transferee Holder’s Address:

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