Document:

MOXIAN,
inc.

 

Investor
Package

 

This
Investor Package contains the documents listed below in connection with an offering by Moxian, Inc, a Nevada corporation (the
“Company”), of 2,000,000 shares of Common Stock, par value $.001 per share (“Common Stock”) for
$1.25 per share and an option to purchase 690,000 shares of Common Stock for an exercise price of $1.25 per share.

 

Subscription
Agreement; Schedules & Exhibits

 

	Schedule
    3.1(a)	Subsidiaries
	Schedule
    3.1(g)	Capitalization
	Schedule
    4.6	Use
    of Proceeds

 

    	 

    	 

    

 

MOXIAN,
Inc.

 

SUBSCRIPTION
AGREEMENT

 

June
20, 2019

 

Mr.
Hao Qinghu

CEO

Moxian,
Inc.

Units
B & C, Block D

Fuhua
Tower

8
Chaoyangmen North Street

Dongcheng
District, Beijing, Peoples’ Republic of China.

 

This
Subscription Agreement (this “Agreement”) is dated as of June 20, 2019 by and between Moxian, Inc, a Nevada
corporation (the “Company”), and the investor identified on the signature pages hereto ( “the Investor”).

 

RECITALS:

 

WHEREAS,
subject to the terms and conditions set forth in this Agreement and pursuant to exemptions from registration under the Securities
Act (as defined below), the Company desires to issue and sell to the Investor, and the Investor desires (a) to purchase from the
Company, 2,000,000 of shares of the Company’s Common Stock, par value $0.001 per share (the “Common Stock”)
as set forth on the signature page hereof, at a price of $1.25 per share (the “Purchase Price”) for aggregate
gross proceeds of $2,500,000 (the “Investment Amount”) and (b) to acquire from the Company a call option (the
“Option”) to purchase up to 690,000 shares of Common Stock at a price per share of $1.25, such Option to expire if
not exercised on or before September 30, 2019 (together, the “Offering”).

 

NOW
THEREFORE, in consideration of the mutual covenants contained in this Agreement, and for other good and valuable consideration
the receipt and adequacy of which are hereby acknowledged, the Company and the Investors agree as follows:

 

    	 

    	 

    

 

ARTICLE
1.

DEFINITIONS

 

1.1
Definitions. In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms
shall have the meanings indicated in this Section 1.1:

 

“Action”
means any action, suit, inquiry, notice of violation, proceeding (including any partial proceeding such as a deposition) or
investigation pending or threatened in writing against or affecting the Company, any subsidiary or any of their respective properties
before or by any court, arbitrator, governmental or administrative agency, regulatory or self-regulatory authority (federal, state,
county, local or foreign), stock market, stock exchange or trading facility.

 

“Affiliate”
means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under
common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Business
Day” means any day except Saturday, Sunday and any day which is a federal legal holiday or a day on which banking institutions
in the State of New York are authorized or required by law or other governmental action to close.

 

“Call
Option” means the option to purchase, from time to time, for readily available funds up to an aggregate of 690,000 shares
of Common Stock for a per-share price of $1.25, such option expiring if not exercised on or before September 30, 201920.

 

“Closing”
means the closing of the purchase and sale of the Securities pursuant to Article 2.

 

“Closing
Date” means the Trading Day on which all of the conditions set forth in Sections 5.1 and 5.2 hereof are satisfied, or
such other date as the parties may agree. The parties intend that the Closing Date will be on or before August 30, 2019.

 

“Commission”
means the Securities and Exchange Commission.

 

“Common
Stock” means the common stock of the Company, par value $0.001 per share, and any securities into which such common
stock may hereafter be reclassified or for which it may be exchanged as a class.

 

“Common
Stock Equivalents” means any securities of the Company or any Subsidiary which entitle the holder thereof to acquire
Common Stock at any time, including without limitation, any debt, preferred stock, rights, options, warrants or other instrument
that is at any time convertible into or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock or
other securities that entitle the holder to receive, directly or indirectly, Common Stock.

 

“Company”
has the meaning set forth in the preamble to this Agreement.

 

“Company
Deliverables” has the meaning set forth in Section 2.2(a).

 

    	 

    	 

    

 

“Disclosure
Materials” has the meaning set forth in Section 3.2(e).

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“GAAP”
means U.S. generally accepted accounting principles.

 

“Investment
Amount” means the Investment Amount indicated on the Investor’s signature page to this Agreement.

 

“Investor
Deliverables” has the meaning set forth in Section 2.2(b).

 

“Investor
Party” has the meaning set forth in Section 4.5.

 

“Lien”
means any lien, charge, encumbrance, security interest, pre-emptive right, right of first refusal, right of participation
or any other restrictions of any kind.

 

“Losses”
means any loss, liability, obligation, claim, contingency, damage, cost or expense, including all judgments, amounts paid
in settlements, court costs and reasonable attorneys’ fees and costs of investigation related thereto.

 

“Material
Adverse Effect” means any of (i) a material and adverse effect on the legality, validity or enforceability of any Transaction
Documents, (ii) a material and adverse effect on the results of operations, assets, properties, prospects, business or condition
(financial or otherwise) of the Company and the Subsidiaries, taken as a whole, or (iii) an adverse impairment to the Company’s
ability to perform on a timely basis its obligations under any Transaction Documents.

 

“New
York Courts” means the state and federal courts sitting in the City of New York, Borough of Manhattan.

 

“Per
Share Purchase Price” shall mean $1.25 per share.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited
liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Proceeding”
means an action, claim, suit, investigation or proceeding (including, without limitation, an investigation or partial proceeding,
such as a deposition), whether commenced or threatened.

 

“Rule
144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from time
to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such rule.

 

“SEC
Reports” means reports required to be filed by it under the Securities Act and the Exchange Act, including pursuant
to Section 13(a) or 15(d) thereof.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

    	 

    	 

    

 

“Securities”
means the shares and Call Option being offered and sold to the Investor by the Company pursuant to this Agreement herein.

 

“Short
Sales” include, without limitation, all “short sales” as defined in Rule 200 promulgated under Regulation
SHO under the Exchange Act and all types of direct and indirect stock pledges, forward sale contracts, options, puts, calls, swaps
and similar arrangements (including on a total return basis), and sales and other transactions through non-US broker dealers or
foreign regulated brokers.

 

“Subsidiary”
of any Person means any “significant subsidiary” as defined in Rule 1-02(w) of the Regulation S-X promulgated
by the Commission under the Exchange Act of such Person.

 

“Trading
Day” means a day on which the principal Trading Market is open for trading.

 

“Trading
Market” any of the following markets or exchanges on which the Common Stock is
listed or quoted for trading on the date in question: the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq
Global Select Market or the New York Stock Exchange (or any successors to any of the foregoing).

 

“Transaction
Documents” means this Agreement and any other documents or agreements executed in connection with the transactions contemplated
hereunder.

 

ARTICLE
2.

PURCHASE
AND SALE

 

2.1.       Closing.
The closing of the purchase and sale of the Securities for the Investor’s Investment Amount (“Closing”) shall
take place as soon as practicable following the satisfaction of the conditions to the Closing set forth herein (or such later
date as is mutually agreed to by the Company and the Investor(s)).

 

2.2.       Closing
Deliveries. (i) The Company shall deliver or cause to be delivered to the Investor the following (the “Company Deliverables”):

 

(a)       Within
90 days following the Closing, an original certificate representing that number of aggregate shares to be issued and sold at Closing
to the Investor, determined under Section 2.1(a), registered in the name of the Investor.

 

(b)       an
original signed copy of the call option agreement.

 

(ii)
Upon receiving the documents specified in clause 2.2(i)(a) and 2.2 (i)(b) herein, the Investor shall deliver or cause to be delivered
the following to the Company (collectively, the “Investors Deliverables”):

 

    	 

    	 

    

 

(i)       reasonable
evidence that the Investor has paid the sumof $500,000 (in part payment of the Gross Proceeds) ) to the Company’s subsidiary’s
Hong Kong bank account that is approved by the Investor (the “Approved Account”) by 19 July 2019;

 

(ii)       Within
90 days following the Closing, the Investor shall have paid the balance of the Investment Amount in immediately available funds
to the Company to the Approved Account.

 

provided
that (i) the Investor has satisfied all conditions set forth herein, and (ii) the Company has accepted and executed this Agreement.

 

ARTICLE
3.

REPRESENTATIONS
AND WARRANTIES

 

3.1.       Representations
and Warranties of the Company. The Company hereby represents and warrants to each Investor the following:

 

(i)       Organization
and Standing. The Company is duly incorporated and validly existing under the laws of the State of Nevada, and has all requisite
corporate power and authority to own or lease its properties and assets and to conduct its business as it is presently being conducted.
The Company is in good standing in the State of Nevada. The Company is qualified to do business and is in good standing in each
jurisdiction in which the failure to so qualify could reasonably be expected to have a Material Adverse Effect upon its assets,
properties, financial condition, results of operations or business. Except as provided in Schedule 3.1(a) attached herein,
the Company does not own or control any subsidiaries as of the date of this Agreement.

 

(ii)       Authorization;
Enforcement. The Company has full corporate power and authority to execute and deliver this Agreement and any documents and instruments
related to or contemplated by each of the foregoing agreements (each a “Transaction Document” and collectively, the
“Transaction Documents”) to which it is or will be a party and to perform its obligations hereunder and thereunder,
and to consummate the transactions contemplated hereby and thereby. The execution and delivery by the Company of each of the Transaction
Documents and the performance by the Company of its obligations thereunder, have been duly and validly authorized by the Board
of Directors, no other corporate action on the part of the Company or its stockholders being necessary. Each of the Transaction
Documents has been or will be duly and validly executed and delivered by the Company, and constitutes, or will constitute a legal,
valid and binding obligation of the Company enforceable against the Company in accordance with their respective terms except as
enforceability may be limited by bankruptcy, insolvency and other laws of general application affecting the enforcement of creditors’
rights and except that any granting of equitable relief is in the discretion of the court.

 

    	 

    	 

    

 

(iii)       No
Conflicts. The execution, delivery and performance of the Transaction Documents by the Company and the consummation by the Company
of the transactions contemplated thereby do not and will not (i) conflict with or violate any provision of the Company’s
certificate or articles of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute
a default (or an event that with notice or lapse of time or both would become a default) under, or give to others any rights of
termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit
facility, debt or other instrument or other understanding to which the Company is a party or by which any property or asset of
the Company is bound or affected, or (iii) result in a violation of any law, rule, regulation, order, judgment, injunction, decree
or other restriction of any court or governmental authority to which the Company is subject (including United States federal and
state securities laws and regulations), or by which any property or asset of the Company is bound or affected; except in the case
of each of clauses (ii) and (iii), such as could not, individually or in the aggregate, have or reasonably be expected to result
in a Material Adverse Effect.

 

(iv)       Filings,
Consents and Approvals. The Company is not required to obtain any consent, waiver, authorization, approval or order of, give any
notice to, or make any filing or registration with, any federal, provincial, state, local or other governmental authority or any
other Person in connection with the execution, delivery and performance by the Company to the extent a party thereto of the Transaction
Documents, other than (i) filings required by state securities laws, (ii) the filing of a Notice of Sale of Securities on Form
D with the Commission under Regulation D of the Securities Act, (iii) filings, consents and approvals required by the rules and
regulations of the applicable Trading Market and (iv) those that have been made or obtained prior to the date of this Agreement.

 

(v)       Issuance
of the Securities. The Securities have been duly authorized and, when issued and paid for in accordance with the Transaction Documents,
will be duly and validly issued, fully paid and nonassessable, free and clear of any and all Liens. For the issuance of the Securities,
the Company has reserved from its duly authorized capital stock the number shares of Common Stock representing the Securities
that are issuable pursuant to this Agreement.

 

(vi)       Capitalization.
The number of shares of all authorized, issued and outstanding capital stock of the Company, and all shares of Common Stock reserved
for issuance under the Company’s various option and incentive plans is specified in Schedule 3.1(g). No securities of the
Company are entitled to preemptive or similar rights, and no Person has any right of first refusal, preemptive right, right of
participation, or any similar right to participate in the transactions contemplated by the Transaction Documents. Except as set
forth on Schedule 3.1(g), there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any
character whatsoever relating to, or securities, rights or obligations convertible into or exchangeable for, or giving any Person
any right to subscribe for or acquire, any shares of Common Stock, or contracts, commitments, understandings or arrangements by
which the Company is or may become bound to issue additional shares of Common Stock, or securities or rights convertible or exchangeable
into shares of Common Stock. The issue and sale of the Securities hereunder will not, immediately or with the passage of time,
obligate the Company or any Subsidiary to issue shares of Common Stock or other securities to any Person (other than the Investors)
and will not result in a right of any holder of Company or Subsidiary securities to adjust the exercise, conversion, exchange
or reset price under such securities.

 

    	 

    	 

    

 

(vii)       Litigation.
There is no Action which (i) adversely affects or challenges the legality, validity or enforceability of any of the Transaction
Documents or the Securities or (ii) except as specifically disclosed in the SEC Reports, could, if there were an unfavorable decision,
individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect. Neither the Company nor
any director or officer thereof (in his or her capacity as such), is or has been the subject of any Action involving a claim of
violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty, except as specifically
disclosed in the SEC Reports. There has not been, and to the knowledge of the Company, there is not any pending investigation
by or before the Commission or any other court, arbitrator, governmental or administrative agency, regulatory or self-regulatory
authority (federal, state, county, local or foreign), stock market, stock exchange or trading facility involving the Company or
any of their respective current or former directors or officers (in his or her capacity as such). The Commission has not issued
any stop order or other order suspending the effectiveness of any registration statement filed by the Company under the Exchange
Act or the Securities Act.

 

(viii)       Investment
Company. The Company is not, and is not an Affiliate of, and immediately following the Closing will not have become, an “investment
company” within the meaning of the Investment Company Act of 1940, as amended.

 

(ix)       Shell
Status. The Company has previously been a “shell” company as that term is defined in Rule 144(i)(1)(i) of the Securities
Act and accordingly, under Rule 144, the Company is unable to remove the legend from the Securities unless the Securities are
registered, otherwise exempt from registration or in connection with the actual sale of the Securities in accordance with Rule
144(i)(2) of the Securities Act. The Investor understands that this limitation cannot be lifted, regardless of how long the Company
is not a “shell” company.

 

(x)       Disclosure.
Neither the Company nor any Person acting on its behalf has provided any Investor or its respective agents or counsel with any
information that the Company believes constitutes material, non-public information concerning the Company or its respective businesses,
except insofar as the existence and terms of the proposed transactions contemplated hereunder may constitute such information.
The Company understands and confirms that the Investors will rely on the foregoing representations and covenants in effecting
transactions in securities of the Company. All disclosure provided to the Investors regarding the Company and their respective
businesses and the transactions contemplated hereby, furnished by or on behalf of the Company (including their respective representations
and warranties set forth in this Agreement) are true and correct and do not contain any untrue statement of a material fact or
omit to state any material fact necessary in order to make the statements made therein, in light of the circumstances under which
they were made, not misleading. Each Investor acknowledges and agrees that the Company makes no representations or warranties
with respect to their respective businesses or the transactions contemplated hereby other than those specifically set forth in
this Section 3.1 and each of the Investors have relied solely on those representations and review of the SEC Reports in making
its investment decision.

 

    	 

    	 

    

 

3.2.       Representations
and Warranties of the Investor. The Investor hereby represents and warrants to the Company as follows:

 

(i)       Organization;
Authority. The Investor is an entity duly organized, validly existing and in good standing under the laws of the jurisdiction
of its organization with the requisite corporate or partnership power and authority to enter into and to consummate the transactions
contemplated by the applicable Transaction Documents and otherwise to carry out its obligations thereunder. The execution, delivery
and performance by such Investor of the transactions contemplated by this Agreement has been duly authorized by all necessary
corporate or, if such Investor is not a corporation, such partnership, limited liability company or other applicable like action,
on the part of such Investor. Each of this Agreement and other Transaction Documents has been duly executed by such Investor,
and when delivered by such Investor in accordance with the terms hereof, will constitute the valid and legally binding obligation
of such Investor, enforceable against it in accordance with its terms, except as such enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally the enforcement
of, creditors’ rights and remedies or by other equitable principles of general application.

 

(ii)       Investment
Intent. The Investor is acquiring the Securities as principal for its own account for investment purposes only and not with a
view to or for distributing or reselling such Securities or any part thereof, without prejudice, however, to such Investor’s
right at all times to sell or otherwise dispose of all or any part of such Securities in compliance with applicable federal and
state securities laws. Subject to the immediately preceding sentence, nothing contained herein shall be deemed a representation
or warranty by such Investor to hold the Securities for any period of time. Such Investor is acquiring the Securities hereunder
in the ordinary course of its business. Such Investor does not have any agreement or understanding, directly or indirectly, with
any Person to distribute any of the Securities.

 

(iii)       Investor
Status.

 

(i)       The
Investor agrees and acknowledges that it was not, a “U.S. Person” (as defined below) at the time the Investor was
offered the Securities and as of the date hereof:

 

(A)       Any
natural person resident in the United States;

 

(B)       Any
partnership or corporation organized or incorporated under the laws of the United States;

 

(C)       Any
estate of which any executor or administrator is a U.S. person;

 

(D)       Any
trust of which any trustee is a U.S. person;

 

(E)       Any
agency or branch of a foreign entity located in the United States;

 

(F)       Any
non-discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary for the benefit
or account of a U.S. person;

 

    	 

    	 

    

 

(G)       Any
discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary organized, incorporated,
or (if an individual) resident of the United States; and

 

(H)       Any
partnership or corporation if (i) organized or incorporated under the laws of any foreign jurisdiction and (ii) formed by a U.S.
person principally for the purpose of investing in securities not registered under the 1933 Act, unless it is organized or incorporated,
and owned, by accredited Investors (as defined in Rule 501(a) of Regulation D promulgated under the 1933 Act) who are not natural
persons, estates or trusts.

 

“United
States” or “U.S.” means the United States of America, its territories and possessions, any State of the United
States, and the District of Columbia.

 

(ii)       The
Investor understands that no action has been or will be taken in any jurisdiction by the Company that would permit a public offering
of the Securities in any country or jurisdiction where action for that purpose is required.

 

(iii)       The
Investor (i) as of the execution date of this Agreement is not located within the United States, and (ii) is not purchasing the
Securities for the account or benefit of any U.S. Person, except in accordance with one or more available exemptions from the
registration requirements of the 1933 Act or in a transaction not subject thereto.

 

(iv)       The
Investor will not resell the Securities except in accordance with the provisions of Regulation S (Rule 901 through 905 and Preliminary
Notes thereto), pursuant to a registration statement under the 1933 Act, or pursuant to an available exemption from registration;
and agrees not to engage in hedging transactions with regard to such securities unless in compliance with the 1933 Act.

 

(v)       The
Investor will not engage in hedging transactions with regard to shares of the Company prior to the expiration of the distribution
compliance period specified in Category 2 or 3 (paragraph (b)(2) or (b)(3)) in Rule 903 of Regulation S, as applicable, unless
in compliance with the 1933 Act; and as applicable, shall include statements to the effect that the securities have not been registered
under the 1933 Act and may not be offered or sold in the United States or to U.S. persons (other than distributors) unless the
securities are registered under the 1933 Act, or an exemption from the registration requirements of the 1933 Act is available.

 

(vi)       No
form of “directed selling efforts” (as defined in Rule 902 of Regulation S under the 1933 Act), general solicitation
or general advertising in violation of the 1933 Act has been or will be used nor will any offers by means of any directed selling
efforts in the United States be made by the Investor or any of their representatives in connection with the offer and sale of
the Purchased Securities.

 

    	 

    	 

    

 

(iv)       General
Solicitation. Such Investor is not purchasing the Securities as a result of any advertisement, article, notice or other communication
regarding the Securities published in any newspaper, magazine or similar media or broadcast over television or radio or presented
at any seminar or any other general solicitation or general advertisement.

 

(v)       Access
to Information. Such Investor acknowledges that it has reviewed the Disclosure Materials and has been afforded (i) the opportunity
to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the
terms and conditions of the offering of the Securities and the merits and risks of investing in the Securities; (ii) access to
information about the Company and the Subsidiaries and their respective financial condition, results of operations, business,
properties, management and prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity to obtain such
additional information that the Company possesses or can acquire without unreasonable effort or expense that is necessary to make
an informed investment decision with respect to the investment. Neither such inquiries nor any other investigation conducted by
or on behalf of such Investor or its representatives or counsel shall modify, amend or affect such Investor’s right to rely
on the truth, accuracy and completeness of the Disclosure Materials and the Company’s representations and warranties contained
in the Transaction Documents.

 

The
Investor understands that the offering of the Securities has not been registered under the Securities Act, in reliance on an exemption
for private offerings provided pursuant to Section 4(a)(2) of the Securities Act and that, as a result, the Securities will be
“restricted securities” as that term is defined in Rule 144 under the Securities Act and, accordingly, under Rule
144 as currently in effect, that the Securities must be held for the time period required by Rule 144 (or indefinitely if the
Investor is deemed an “affiliate” within the meaning of such rule) unless the Securities is subsequently registered
under the Securities Act and qualified under any other applicable securities law or exemptions from such registration and qualification
are available. The Investor understands that the Company is under no obligation to register the Securities under the Securities
Act or to register or qualify the Securities under any other applicable securities law, or to comply with any other exemption
under the Securities Act or any other securities law, and that the Investor has no right to require such registration.

 

The
Investor understands that the Offering of the Securities has not been qualified or registered under any foreign or state securities
laws in reliance upon the representations made and information furnished by the Investor herein and any other documents delivered
by the Investor in connection with this subscription; that the Offering has not been reviewed by the Commission or by any foreign
or state securities authorities; that the Investor’s rights to transfer the Securities will be restricted, which includes
restrictions against transfers unless the transfer is not in violation of the Securities Act and applicable state securities laws
(including investor suitability standards); and that the Company may in its sole discretion require the Investor to provide at
Investor’s own expense an opinion of its counsel to the effect that any proposed transfer is not in violation of the Securities
Act or any state securities laws. Notwithstanding the foregoing, the parties understand and agree that the Company will use its
reasonable best efforts to register as soon as practicable the resale of the Investor’s Securities using Form S-3 or such
other registration statement as may be available to the Company. The parties acknowledge and agree that there can be no guarantee
the Company will ultimately be successful in registering all or any of such Securities for resale.

 

    	 

    	 

    

 

(vi)       Certain
Trading Activities. The Investor has not directly or indirectly, nor has any Person acting on behalf of or pursuant to any understanding
with such Investor, engaged in any transactions in the securities of the Company (including, without limitation, any Short Sales
involving the Company’s securities) since the earlier to occur of (1) the time that such Investor was first contacted by
the Company or the placement agent regarding an investment in the Company and (2) the 30th day prior to the date of this Agreement.
Such Investor covenants that neither it nor any Person acting on its behalf or pursuant to any understanding with it will engage
in any transactions in the securities of the Company (including Short Sales) prior to the time that the transactions contemplated
by this Agreement are publicly disclosed.

 

(vii)       Independent
Investment Decision. The Investor has independently evaluated the merits of its decision to purchase the Securities pursuant to
the Transaction Documents, and such Investor confirms that it has not relied on the advice of any other Investor’s business
and/or legal counsel in making such decision. Such Investor has not relied on the business or legal advice of the Company or any
of its agents, counsel or Affiliates in making its investment decision hereunder, and confirms that none of such Persons has made
any representations or warranties to such Investor in connection with the transactions contemplated by the Transaction Documents.

 

The
Company acknowledges and agrees that no Investor has made or makes any representations or warranties with respect to the transactions
contemplated hereby other than those specifically set forth in this Section 3.2.

 

ARTICLE
4.

OTHER
AGREEMENTS OF THE PARTIES

 

4.1.       (i)       Securities
may only be disposed of in compliance with state and federal securities laws. In connection with any transfer of the Securities
other than pursuant to an effective registration statement, to the Company, to an Affiliate of an Investor or in connection with
a pledge as contemplated in Section 4.1(b), the Company may require the transferor thereof to provide to the Company an opinion
of counsel selected by the transferor, the form and substance of which opinion shall be reasonably satisfactory to the Company,
to the effect that such transfer does not require registration of such transferred Securities under the Securities Act.

 

    	 

    	 

    

 

(ii)       Certificates
evidencing the Securities will contain the following legend:

 

THESE
SECURITIES HAVE NOT BEEN REGISTERED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF
ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH
EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. NOTWITHSTANDING THE FOREGOING, THESE SECURITIES
MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT SECURED BY SUCH SECURITIES.

 

The
Company acknowledges and agrees that the Investor may from time to time pledge, and/or grant a security interest in some or all
of the Securities pursuant to a bona fide margin agreement in connection with a bona fide margin account and, if required under
the terms of such agreement or account, such Investor may transfer pledged or secured Securities to the pledgees or secured parties.
Such a pledge or transfer would not be subject to approval or consent of the Company and no legal opinion of legal counsel to
the pledgee, secured party or pledgors shall be required in connection with the pledge, but such legal opinion may be required
in connection with a subsequent transfer following default by the Investor transferee of the pledge. No notice shall be required
of such pledge. At the appropriate Investor’s expense, the Company will execute and deliver such reasonable documentation
as a pledgee or secured party of Securities may reasonably request in connection with a pledge or transfer of the Securities,
including the preparation and filing of any required prospectus supplement under Rule 424(b) under the Securities Act or other
applicable provision of the Securities Act to appropriately amend the list of selling stockholders thereunder. Any Securities
subject to a pledge or security interest as contemplated by this Section 4.1(b) shall continue to bear the legend set forth in
this Section 4.1(b) and be subject to the restrictions on transfer set forth in Section 4.1(a).

 

4.2.       Furnishing
of Information. As long as the Investor owns the Securities, the Company covenants to timely file (or obtain extensions in respect
thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant
to the Exchange Act. As long as any Investor owns Securities, if the Company is not required to file reports pursuant to such
laws, it will prepare and furnish to the Investors and make publicly available in accordance with Rule 144(c) such information
as is required for the Investors to sell the Securities under Rule 144. The Company further covenants that it will take such further
action as any holder of Securities may reasonably request, all to the extent required from time to time to enable such Person
to sell the Securities without registration under the Securities Act within the limitation of the exemptions provided by Rule
144.

 

    	 

    	 

    

 

4.3.       Integration.
The Company shall not, and shall use its best efforts to ensure that no Affiliate of the Company shall, sell, offer for sale or
solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of the Securities Act) that would
be integrated with the offer or sale of the Securities in a manner that would require the registration under the Securities Act
of the sale of the Securities to the Investors, or that would be integrated with the offer or sale of the Securities for purposes
of the rules and regulations of any Trading Market in a manner that would require stockholder approval of the sale of the Securities
to the Investors.

 

4.4.       Indemnification
of Investors. The Company Entities will jointly and severally, indemnify and hold the Investors and their directors, officers,
shareholders, members, partners, employees and agents (each, an “Investor Party”) harmless from any and all
losses, liabilities, obligations, claims, contingencies, damages, costs, disbursements and expenses, including all judgments,
arbitral awards, amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation (collectively,
“Losses”) that any such Investor Party may suffer or incur as a result of or relating to any misrepresentation,
breach or inaccuracy of any representation, warranty, covenant or agreement made by any Company Entities in any Transaction Document.
In addition to the indemnity contained herein, the Company Entities will jointly and severally, reimburse each Investor Party
for its reasonable legal and other expenses (including the cost of any investigation, preparation and travel in connection therewith)
incurred in connection therewith, as such expenses are incurred.

 

4.5.       Non-Public
Information. The Company covenants and agrees that neither it, any Company Entity nor any other Person acting on its or their
behalf will provide any Investor or its agents or counsel with any information that the Company believes constitutes material
non-public information, unless prior thereto such Investor shall have executed a written agreement regarding the confidentiality
and use of such information. The Company understands and confirms that each Investor shall be relying on the foregoing representations
in effecting transactions in securities of the Company.

 

4.6.       Use
of Proceeds. The Company will use the net proceeds from the sale of the Securities hereunder for working capital purposes and
such other purposes as set forth on Schedule 4.6 hereto.

 

4.7.       Further
Assurances. The Company will, and will cause all of the Company Entities and their management to, use their best efforts to satisfy
all of the closing conditions under Section 5.1, and will not take any action which could frustrate or delay the satisfaction
of such conditions. In addition, either prior to or following the Closing, the Company signatory hereto will, and will cause each
other Company Entity and its management to, perform, or cause to be done and performed, all such further acts and things, and
shall execute and deliver all such other agreements, certificates, instruments and documents, as any other party may reasonably
request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions
contemplated hereby

 

    	 

    	 

    

 

ARTICLE
5.

CONDITIONS
PRECEDENT TO CLOSING

 

5.1.       Conditions
Precedent to the Obligations of the Investors to Purchase Securities. The obligation of the Investor to acquire Securities
at the Closing is subject to the satisfaction or waiver by such Investor, at or before the Closing, of each of the following conditions:

 

(i)       Representations
and Warranties. The representations and warranties of the Company contained herein shall be true and correct in all material respects
as of the date when made and as of the Closing as though made on and as of such date;

 

(ii)       Performance.
The Company shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions
required by the Transaction Documents to be performed, satisfied or complied with by it at or prior to the Closing;

 

(iii)       No
Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by any court or governmental authority of competent jurisdiction that prohibits the consummation of any of the transactions
contemplated by the Transaction Documents;

 

(iv)       Adverse
Changes. Since the date of execution of this Agreement, no event or series of events shall have occurred that reasonably could
have or result in a Material Adverse Effect or a material adverse change with respect to the Subsidiaries;

 

(v)       Company
Deliverables. The Company shall have delivered the Company Deliverables in accordance with Section 2.2(a); and

 

(vi)       Termination.
This Agreement shall not have been terminated as to such Investor in accordance with Section 6.4.

 

5.2.       Conditions
Precedent to the Obligations of the Company to Sell Securities. The obligation of the Company to sell Securities at the Closing
is subject to the satisfaction or waiver by the Company, at or before the Closing, of each of the following conditions:

 

(i)       Representations
and Warranties. The representations and warranties of the Investor contained herein shall be true and correct in all material
respects as of the date when made and as of the Closing Date as though made on and as of such date;

 

    	 

    	 

    

 

(ii)       Performance.
The Investor shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions
required by the Transaction Documents to be performed, satisfied or complied with by such Investor at or prior to the Closing;

 

(iii)       No
Injunction. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by any court or governmental authority of competent jurisdiction that prohibits the consummation of any of the transactions
contemplated by the Transaction Documents;

 

(iv)       Investors
Deliverables. The Investor shall have delivered its Investors Deliverables in accordance with Section 2.2(b) , including without
limitation, payment of any amounts due hereunder; and

 

(f)       Termination.
This Agreement shall not have been terminated as to such Investor in accordance with Section 6.4.

 

ARTICLE
6.

MISCELLANEOUS

 

6.1.       Entire
Agreement. The Transaction Documents, together with the Exhibits and Schedules thereto, contain the entire understanding of the
parties with respect to the subject matter hereof and supersede all prior agreements, understandings, discussions and representations,
oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and
schedules.

 

6.2.       Notices.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and
shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication is delivered
via facsimile (provided the sender receives a machine-generated confirmation of successful transmission) at the facsimile number
specified in this Section prior to 6:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the date of
transmission, if such notice or communication is delivered via facsimile at the facsimile number specified in this Section on
a day that is not a Trading Day or later than 6:30 p.m. (New York City time) on any Trading Day, or (c) upon actual receipt by
the party to whom such notice is required to be given, if sent by any means other than facsimile transmission. The address for
such notices and communications shall be as follows:

 

If
to the Company:

Moxian,
Inc.

Units
B & C, Block D, Fuhua Tower, 8 North Chaoyangmen Street, Dongcheng District, Beijing (Attention: Hao Qinghu/Tan Wanhong

 

If
to the Investor:

Joyful Corporation Limired

Vistra
Corporate Services Centre, Ground Floor, NOF Building, Beach Road, Apia, Samoa

Attention:
Chow Chun Yin

 

    	 

    	 

    

 

6.3.       Amendments;
Waivers; No Additional Consideration. No provision of this Agreement may be waived or amended except in a written instrument signed
by the Company and the Investors holding a majority of the Securities. No waiver of any default with respect to any provision,
condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent
default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of either party to
exercise any right hereunder in any manner impair the exercise of any such right. No consideration shall be offered or paid to
any Investor to amend or consent to a waiver or modification of any provision of any Transaction Document unless the same consideration
is also offered to all Investors who then hold Securities. The Company shall pay for any fees, including reasonable attorney’s
fees for one counsel representing the Investors, incurred by the Investors in connection with any amendment to a Transaction Document.

 

6.4.       Termination.
This Agreement may be terminated prior to Closing:

 

(i)       by
the Investor upon written notice to the Company, if the Closing shall not have taken place by 6:30 p.m. Eastern time on August
31, 2019; provided, that the right to terminate this Agreement under this Section 6.4(b) shall not be available to any Person
whose failure to comply with its obligations under this Agreement has been the cause of or resulted in the failure of the Closing
to occur on or before such time.

 

In
the event of a termination pursuant to Section 6.4(a) and Section 6.4(b), theInvestor shall have the right to a return of up to
its entire Investment Amount without interest or deduction. The Company covenants and agrees to cooperate with such Investor in
obtaining the return of its Investment Amount. In the event of a termination pursuant to this Section, the Company shall promptly
notify all non-terminating Investors. Upon a termination in accordance with this Section 6.4, the Company and the terminating
Investor(s) shall not have any further obligation or liability (including as arising from such termination) to the other and no
Investor will have any liability to any other Investor under the Transaction Documents as a result therefrom.

 

6.5.       Construction.
The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect
any of the provisions hereof. The language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against any party. This Agreement shall be construed
as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue
of the authorship of any provisions of this Agreement or any of the Transaction Documents.

 

    	 

    	 

    

 

6.6.       Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns.
The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of the Investors.
Any Investor may assign any or all of its rights under this Agreement to any Person to whom such Investor assigns or transfers
any Securities, provided such transferee agrees in writing to be bound, with respect to the transferred Securities, by the provisions
hereof that apply to the “Investors.” Notwithstanding anything to the contrary herein, for the avoidance of doubt,
each Investor may freely transfer any Securities to any Person (including its Affiliates or any investment fund sponsored or advised
by such Investor) without the consent of any of the Company or any other Investor.

 

6.7.       No
Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective successors and
permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as otherwise
set forth in Section 4.5 (as to each Investor Party).

 

6.8.       Governing
Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by
and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of
conflicts of law thereof. Each party agrees that all Proceedings concerning the interpretations, enforcement and defense of the
transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its
respective Affiliates, employees or agents) shall be commenced exclusively in the New York Courts. Each party hereto hereby irrevocably
submits to the exclusive jurisdiction of the New York Courts for the adjudication of any dispute hereunder or in connection herewith
or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of the any of the Transaction
Documents), and hereby irrevocably waives, and agrees not to assert in any Proceeding, any claim that it is not personally subject
to the jurisdiction of any such New York Court, or that such Proceeding has been commenced in an improper or inconvenient forum.
Each party hereto hereby irrevocably waives personal service of process and consents to process being served in any such Proceeding
by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at
the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process
in any manner permitted by law. Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable law,
any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated
hereby. If either party shall commence a Proceeding to enforce any provisions of a Transaction Document, then the prevailing party
in such Proceeding shall be reimbursed by the other party for its reasonable attorneys’ fees and other costs and expenses
incurred with the investigation, preparation and prosecution of such Proceeding.

 

    	 

    	 

    

 

6.9.       Survival.
The representations, warranties, agreements and covenants contained herein shall survive the Closing and the delivery of the Securities.

 

6.10.       Execution.
This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being
understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission,
such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed)
with the same force and effect as if such facsimile signature page were an original thereof.

 

6.11.       Severability.
If any provision of this Agreement is held to be invalid or unenforceable in any respect, the validity and enforceability of the
remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby and the parties will attempt
to agree upon a valid and enforceable provision that is a reasonable substitute therefor, and upon so agreeing, shall incorporate
such substitute provision in this Agreement.

 

6.12.       Rescission
and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of) the
Transaction Documents, whenever any Investor exercises a right, election, demand or option under a Transaction Document and the
Company does not timely perform its related obligations within the periods therein provided, then such Investor may rescind or
withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant notice, demand or election
in whole or in part without prejudice to its future actions and rights.

 

6.13.       Replacement
of Securities. If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed, the Company
shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof, or in lieu of and substitution
therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of such loss,
theft or destruction and customary and reasonable indemnity, if requested. The applicants for a new certificate or instrument
under such circumstances shall also pay any reasonable third-party costs associated with the issuance of such replacement Securities.
If a replacement certificate or instrument evidencing any Securities is requested due to a mutilation thereof, the Company may
require delivery of such mutilated certificate or instrument as a condition precedent to any issuance of a replacement.

 

6.14.       Remedies.
In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of
the Investors and the Company will be entitled to specific performance under the Transaction Documents. The parties agree that
monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations described in the
foregoing sentence and hereby agrees to waive in any action for specific performance of any such obligation the defense that a
remedy at law would be adequate.

 

6.15.       Payment
Set Aside. To the extent that the Company makes a payment or payments to the Investor pursuant to any Transaction Document or
the Investor enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or
exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from,
disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other person
under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action),
then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived
and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK SIGNATURE PAGES FOLLOW]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Subscription Agreement to be duly executed by their respective authorized
signatories as of date first written above.

 

	 	Moxian, Inc.
	 	 
	 	:	
	 	Name:	Hao
    Qinghu
	 	Title:	Chief
    Executive Officer

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Subscription Agreement to be duly executed by their respective authorized
signatories as the date set forth above.

 

	 	Joyful Corporation Limited
	 	 
	 	 	
	 	Name:	Chow
    Chun Yin
	 	Designation:	Director

 

    	 

    	 

    

 

Schedule
3.1(a)

 

Subsidiaries

 

List
of Subsidiaries

 

	Name	 	Jurisdiction	 	Equity
        Owners and Percentage

        of
        Equity Securities Held

	 	 	 	 	 
	Moxian
    Intellectual Property Limited	 	Samoa	 	100%
    owned by Moxian, Inc.
	 	 	 	 	 
	Moxian
    CN Group Limited	 	Samoa	 	100%
    owned by Moxian, Inc.
	 	 	 	 	 
	Moxian
    Group Limited	 	British
    Virgin Islands	 	100%
    owned by the Moxian CN Group Limited
	 	 	 	 	 
	Moxian
    (Hong Kong) Limited	 	Hong
    Kong	 	100%
    owned by Moxian Group Limited
	 	 	 	 	 
	Moxian
    Technologies (Shenzhen) Co., Ltd.	 	PRC	 	100%
    owned by Moxian (Hong Kong) Limited
	 	 	 	 	 
	Moxian
    Technologies (Beijing) Co. Ltd.	 	PRC	 	100%
    owned by Moxian Technologies (Shenzhen) Co. Ltd.
	 	 	 	 	 
	Moxian
    Malaysia Sdn. Bhd.	 	Malaysia	 	100%
    owned by Moxian (Hong Kong) Limited

 

    	 

    	 

    

 

Schedule
3.1(g)

 

Capitalization

 

As
of the date of this Agreement, the Company is authorized to issue a total of 50,000,000 shares of Common Stock, with 13,471,529
shares issued and outstanding and the Company is authorized to issue 100,000,000 shares of preferred stock, par value $0.001 per
share with no share issued or outstanding. There are no warrants or options or any obligation to issue the Company’s securities
issued and outstanding as of the date of this Agreement.

 

    	 

    	 

    

 

Schedule
4.6

 

Use
of Proceeds

 

We
intend to use the estimated net proceeds of the Offering for working capital.EX-4.2

 Exhibit 4.2 

MIRUM PHARMACEUTICALS, INC. 

INVESTORS’ RIGHTS AGREEMENT 

This Investors’ Rights Agreement (this “Agreement”) is made and entered into as of November 5, 2018 by and
among Mirum Pharmaceuticals, Inc., a Delaware corporation (the “Company”), each of the investors listed on Schedule A hereto, each of which is referred to in this Agreement as an “Investor” and
any additional investor that becomes a party to this Agreement in accordance with Section 7.10 hereof, and Shire International GmbH (“Shire”), provided that Shire shall only be party to this Agreement for the limited
purposes of Subsection 2.1, Subsection 2.4 (in the capacity as an Investor) and Subsections 3.2 and 3.11 (in the capacity as a Holder), and, for the avoidance of doubt, shall not have any rights as an Investor for purposes of Subsections 2.2 and
2.3, Subsection 3.1, Section 4 and Section 5. 
 RECITALS 

WHEREAS, the Company and the Investors are parties to that certain Series A Preferred Stock Purchase Agreement dated of even date herewith by
and among the Company and the Investors, as amended from time to time (the “Purchase Agreement”); and 
 WHEREAS, in
order to induce the Company to enter into the Purchase Agreement and to induce the Investors to invest funds in the Company pursuant to the Purchase Agreement, the Investors and the Company hereby agree that this Agreement shall govern the rights of
the Investors to cause the Company to register shares of Common Stock (as defined below) issuable to the Investors, to receive certain information from the Company, and to participate in future equity offerings by the Company, and shall govern
certain other matters as set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the foregoing recitals and the mutual promises
hereinafter set forth, the parties hereto hereby agree as follows: 
 1. DEFINITIONS. For purposes of this
Agreement: 
 “Affiliate” means, with respect to any specified Person, any other Person who or which, directly or
indirectly, controls, is controlled by, or is under common control with such Person including, without limitation, any general partner, managing partner, managing member, officer or director of such Person or any venture capital fund now or
hereafter existing that is controlled by one or more general partners or managing members of, or shares the same management company with, such Person. For purposes of this definition, the terms “controlling,”
“controlled by,” or “under common control with” shall mean the possession, directly or indirectly, of (a) the power to direct or cause the direction of the management and policies of a Person,
whether through the ownership of voting securities, by contract, or otherwise, or (b) the power to elect or appoint at least 50% of the directors, managers, general partners, or persons exercising similar authority with respect to such Person.

 “Automatic Shelf Registration Statement” shall have the meaning given to that term in SEC Rule 405. 

 “Board” means the Company’s Board of Directors. 

“business day” means a weekday on which banks are open for general banking business in New York City, New York. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Common Stock” means shares of the Company’s common stock. 

“Damages” means any loss, damage, or liability (joint or several) to which a party hereto may become subject under the
Securities Act, the Exchange Act, or other federal or state law, insofar as such loss, damage, or liability (or any action in respect thereof) arises out of or is based upon (a) any untrue statement or alleged untrue statement of a material
fact contained in any registration statement of the Company, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, and any free-writing prospectus and any issuer information (as defined
in Rule 433 of the Securities Act) filed or required to be filed pursuant to Rule 433(d) under the Securities Act or any other document incident to such registration prepared by or on behalf of the Company or used or referred to by the Company;
(b) an omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; or (c) any violation or alleged violation by the indemnifying party (or any of
its agents or Affiliates) of the Securities Act, the Exchange Act, any state securities law, or any rule or regulation promulgated under the Securities Act, the Exchange Act, or any state securities law. 

“Deemed Liquidation Event” has the meaning set forth for such term in the Restated Certificate. 

“Demand Notice” means notice sent by the Company to the Holders specifying that a demand registration has been
requested as provided in Section 3.1.1. 
 “Derivative Securities” means any securities or rights convertible
into, or exercisable or exchangeable for (in each case, directly or indirectly), Common Stock, including options and warrants. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder. 
 “Excluded Registration” means (a) a registration relating to the sale of securities to employees
of the Company or a subsidiary pursuant to an equity incentive, stock option, stock purchase, or similar plan; (b) a registration relating to an SEC Rule 145 transaction; (c) a registration on any form that does not include substantially
the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities; or (d) a registration in which the only Common Stock being registered is Common Stock issuable upon conversion
of debt securities that are also being registered. 

  
 2 

 “Form S-1” means such form
under the Securities Act as in effect on the date of this Agreement or any successor registration form under the Securities Act subsequently adopted by the SEC. 

“Form S-3” means such form under the Securities Act as in effect on the date
of this Agreement or any registration form under the Securities Act subsequently adopted by the SEC that permits incorporation of substantial information by reference to other documents filed by the Company with the SEC. 

“Free Writing Prospectus” means a free-writing prospectus, as defined in Rule 405 under the Securities Act. 

“Fully Exercising Investor” shall have the meaning set forth in Section 4.2. 

“GAAP” means generally accepted accounting principles in the United States. 

“Holder” means any holder of Registrable Securities who is a party to this Agreement. 

“Immediate Family Member” means a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law,
son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, of a natural person referred to herein. 

“Initiating Holders” means, collectively, Holders who properly initiate a registration request under this Agreement.

 “Investor Notice” shall have the meaning set forth in Section 4.2. 

“IPO” means the Company’s first underwritten public offering of its Common Stock under the Securities Act. 

“Major Investor” means any Investor that, individually or together with such Investor’s Affiliates, holds at
least 2,400,000 shares of Preferred Stock (as adjusted for any stock split, stock dividend, combination, or other recapitalization or reclassification effected after the date of this Agreement). 

“New Securities” means, collectively, equity securities of the Company, whether or not currently authorized,
Derivative Securities and any rights, options, or warrants to purchase such equity securities, or securities of any type whatsoever that are, or may become, convertible or exchangeable into or exercisable for (in each case, directly or indirectly)
such equity securities; provided, however, that “New Securities” shall exclude: (a) Exempted Securities (as defined in the Restated Certificate), other than clause (x) of such definition, which shall not be excluded
from this definition of New Securities; and (b) shares or other securities specifically exempted by the vote or written consent of the Major Investors holding a majority of the Registrable Securities held by all Major Investors. 

“Offer Notice” shall have the meaning set forth in Section 4.1. 

  
 3 

 “Person” means any individual, corporation, partnership, trust,
limited liability company, association or other entity. 
 “Preferred Directors” shall have the meaning set forth in
the Restated Certificate. 
 “Preferred Stock” means shares of the Company’s Series A Preferred Stock. 

“Pro Rata Amount” means, for each Major Investor, that portion of the New Securities identified in an Offer Notice
which equals the proportion that the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the Preferred Stock and any other Derivative Securities then held, by such Major Investor
bears to the total Common Stock of the Company then outstanding (assuming full conversion and/or exercise, as applicable, of all Preferred Stock and other outstanding Derivative Securities). 

“Qualified IPO” shall have the meaning set forth in the Restated Certificate. 

“Registrable Securities” means (a) the Common Stock issuable or issued upon conversion of shares of the Preferred
Stock held by the Investors (excluding any Common Stock issued upon conversion of the Series A Preferred Stock pursuant to the “Special Mandatory Conversion” provisions of the Restated Certificate), (b) the Common Stock held by Shire and
(c) 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 for or in replacement of, the shares
referenced in clause (a); excluding in all cases, however, any Registrable Securities sold by a Person in a transaction in which the applicable rights under this Agreement are not assigned pursuant to Section 7.1, and excluding for purposes of
Section 3 any shares for which registration rights have terminated pursuant to Section 6.2 of this Agreement. Notwithstanding the foregoing, the Company shall in no event be obligated to register any Preferred Stock of the Company, and
Holders of Registrable Securities will not be required to convert their Preferred Stock into Common Stock in order to exercise the registration rights granted hereunder, until immediately before the closing of the offering to which the registration
relates. 
 “Registrable Securities then outstanding” means the number of shares determined by adding the number of
shares of outstanding Common Stock that are Registrable Securities and the number of shares of Common Stock issuable (directly or indirectly) pursuant to then exercisable and/or convertible securities that are Registrable Securities. 

“Restated Certificate” means the Company’s Amended and Restated Certificate of Incorporation (as may be amended
from time to time). 
 “Restricted Securities” means the securities of the Company required to bear the legend set
forth in Section 3.12.2 hereof. 
 “SEC” means the Securities and Exchange Commission. 

“SEC Rule 144” means Rule 144 promulgated by the SEC under the Securities Act. 

  
 4 

 “SEC Rule 145” means Rule 145 promulgated by the SEC under the
Securities Act. 
 “SEC Rule 405” means Rule 405 promulgated by the SEC under the Securities Act. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 “Selling Expenses” means all underwriting discounts, selling commissions, and stock transfer taxes applicable to
the sale of Registrable Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of the Selling Holder Counsel borne and paid by the Company as provided in Section 3.6, not to exceed $50,000. 

“Selling Holder Counsel” means one counsel for the selling Holders. 

“Series A Preferred Stock” means shares of the Company’s Series A Preferred Stock. 

“Standoff Period” means the period commencing on the date of the final prospectus relating to the IPO and ending on
the date specified by the Company and the managing underwriter (such period not to exceed 180 days or such other period as the underwriters or the Company shall request in order to facilitate compliance with NASD Rule 2711 or NYSE Member Rule 472 or
any successor or similar rule or regulation, but in no event shall such period exceed 210 days). 
 2. INFORMATION RIGHTS.

 2.1 Delivery of Financial Statements. 

2.1.1 Information to be Delivered. The Company shall deliver the following to Shire and to each Major Investor; provided that
the Board has not reasonably determined that such Major Investor is a competitor of the Company; provided further, that the parties hereby agree that each of the Major Investors that is a professional investment fund and/or venture capital
fund (each, a “Fund Investor” and collectively, the “Fund Investors”), shall be deemed not to be a competitor of the Company for purposes of this Agreement: 

(a) Within 120 days after the end of each fiscal year of the Company, the Company shall deliver, (i) a balance sheet as of the end
of such year, (ii) statements of operations and of cash flows for such year, and (iii) a statement of stockholders’ equity as of the end of such year, all of which shall be audited and certified by independent public accountants of
nationally recognized standing approved by Board (including a majority of the Preferred Directors); provided that for the Company’s 2018 fiscal year, such financial statements shall be unaudited. 

(b) As soon as practicable, but in any event within 45 days after the end of each of the first three quarters of each fiscal year of the
Company, the Company shall deliver unaudited statements of income and an unaudited balance sheet as of the end of such fiscal quarter, all prepared in accordance with GAAP (except that such financial statements may (i) be subject to normal year-end audit adjustments and (ii) not contain all notes thereto that may be required in accordance with GAAP). 

  
 5 

 (c) As soon as practicable, but in any event within 30 days of the end of each month, the
Company shall deliver unaudited statements of income and an unaudited balance sheet as of the end of such month, all prepared in accordance with GAAP (except that such financial statements may (i) be subject to normal year-end audit adjustments and (ii) not contain all notes thereto that may be required in accordance with GAAP) and a comparison between (x) the actual amounts as of and for such months and (y) the
comparable amounts in the Operating Plan (as defined below). 
 (d) At least 30 days prior to the beginning of each fiscal year, the Company
shall deliver an operating plan for the next fiscal year, prepared on a monthly basis (the “Operating Plan”). 

2.1.2 Consolidation. If, for any period, the Company has any subsidiary whose accounts are consolidated with those of the Company, then
in respect of such period the financial statements delivered pursuant to Section 2.1.1 shall be the consolidated and consolidating financial statements of the Company and all such consolidated subsidiaries. 

2.1.3 Suspension or Termination. Notwithstanding anything else in this Section 2.1 to the contrary but subject to
Section 6.1, the Company may cease providing the information set forth in this Section 2.1 during the period starting with the date 90 days before the Company’s good-faith estimate of the date of filing of a registration statement if
it reasonably concludes it must do so to comply with the SEC rules applicable to such registration statement and related offering; provided that the Company’s covenants under this Section 2.1 shall be reinstated at such time as the
Company is no longer actively employing its reasonable efforts to cause such registration statement to become effective. 
 2.2
Inspection. The Company shall permit each Major Investor, at such Major Investor’s expense, and on such Major Investor’s written request, to visit and inspect the Company’s properties; examine its books of
account and records; and discuss the Company’s affairs, finances, and accounts with its officers, during normal business hours of the Company as may be reasonably requested by the Major Investor; provided, however, that the Company shall
not be obligated pursuant to this Section 2.2 to provide (a) access to any information that it reasonably and in good faith considers to be a trade secret or the disclosure of which would adversely affect the attorney-client privilege
between the Company and its counsel or (b) access to any information to any Major Investor that the Board has reasonably determined is a competitor of the Company; provided that the parties hereby agree that none of the Fund Investors
shall be deemed to be a competitor of the Company for purposes of this Agreement. 
 2.3 Observer Rights. The Company
shall invite a representative of each of New Enterprise Associates 16, Limited Partnership and its Affiliates (“NEA”), and Frazier Life Sciences IX, L.P. and its Affiliates (“Frazier”), to attend all
meetings of its Board and its committees in a nonvoting observer capacity and, in this respect, shall give such representatives copies of all notices, minutes, consents, and other materials that it provides to its directors at the same time and in
the same manner as provided to such directors; provided, however, that such representatives shall agree to hold in confidence and trust with respect to all information so provided; provided, further, that the Company reserves the right
to withhold any information and to exclude such representatives from any meeting or portion thereof if access to such information or attendance at such meeting could adversely affect the attorney-client privilege between the Company and its counsel
or result in disclosure of trade secrets or a conflict of interest. 

  
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 2.4 Confidentiality. Each Investor agrees that such Investor
will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor its investment in the Company) any confidential information obtained from the Company pursuant to the terms of this Section 2 unless such
confidential information (a) is known or becomes known to the public in general (other than as a result of a breach of this Section 2.4 by such Investor), (b) is or has been independently developed or conceived by the Investor without use
of the Company’s confidential information (as evidenced by contemporaneous written materials), or (c) is or has been made known or disclosed to the Investor by a third party without a breach of any obligation of confidentiality such third
party may have to the Company; provided, however, that an Investor may disclose confidential information (i) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in
connection with monitoring its investment in the Company, provided that such Persons are under a contractual or legal obligation to preserve the confidentiality of such information, (ii) to any existing or prospective partner, executive
officer or director of such Investor in the ordinary course of business, but only if such Investor informs such Person that such information is confidential and such Person agrees to be bound by the confidentiality provisions of this
Section 2.4 or comparable restrictions and to maintain the confidentiality of such information, or (iii) as may otherwise be required by law if the Investor promptly notifies the Company of such disclosure and takes reasonable steps to
minimize the extent of any such required disclosure. The Company acknowledges that the Investors, and any of their respective representatives currently may be invested in, may invest in or may consider investments in public and private companies
some of which may compete either directly or indirectly with the Company, and that the execution of this Agreement, the terms hereof and the access to confidential information hereunder shall in no way be construed to prohibit or restrict Investors
or any of their representatives from maintaining, making or considering such investments or from otherwise operating in the ordinary course of business. Further, the Company understands and acknowledges that the confidential information may be used
by the Investors or any of their representatives in connection with evaluating investment opportunities, trading securities in the public markets and participating in private investment transactions; provided, however, that the foregoing
shall not relieve (x) any of the Investors from liability associated with the unauthorized disclosure of the Company’s confidential information obtained pursuant to this Agreement, or (y) any director or officer of the Company from
any liability associated with his or her fiduciary duties to the Company. 
 3. REGISTRATION RIGHTS. 

3.1 Demand Registration. 

3.1.1 Form S-1 Demand. If at any time after the earlier of (a) the five year anniversary
of the date of this Agreement and (b) 180 days after the effective date of the registration statement for the Qualified IPO, the Company receives a request from Holders of a majority of the Registrable Securities then outstanding that the Company
file a Form S-1 registration statement with respect to any Registrable Securities then outstanding (and the 

  
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 Registrable Securities subject to such request have an anticipated aggregate offering price, net of Selling
Expenses, of at least $10,000,000), then the Company shall (i) within 10 days after the date such request is given, give a Demand Notice to all Holders other than the Initiating Holders; and (ii) use its best efforts to as soon as
practicable, and in any event within 90 days after the date such request is given by the Initiating Holders, file a Form S-1 registration statement under the Securities Act covering all Registrable Securities
that the Initiating Holders requested to be registered and any additional Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within 20 days after
the date the Demand Notice is given, and in each case, subject to the limitations of Section 3.1.3 and Section 3.3. 
 3.1.2
Form S-3 Demand. If at any time when it is eligible to use a Form S-3 registration statement, the Company receives a request from Holders of a majority of the
Registrable Securities then outstanding that the Company file a Form S-3 registration statement with respect to outstanding Registrable Securities of such Holders having an anticipated aggregate offering
price, net of Selling Expenses, of at least $1,000,000, then the Company shall (a) within 10 days after the date such request is given, give a Demand Notice to all Holders other than the Initiating Holders; and (b) use reasonable best
efforts to as soon as practicable, and in any event within 45 days after the date such request is given by the Initiating Holders, file a Form S-3 registration statement under the Securities Act covering all
Registrable Securities requested to be included in such registration by any other Holders, as specified by notice given by each such Holder to the Company within 20 days of the date the Demand Notice is given, and in each case, subject to the
limitations of Section 3.1.3 and Section 3.3. 
 3.1.3 Delay. Notwithstanding the foregoing obligations, if the Company
furnishes to Holders requesting a registration pursuant to this Section 3.1 a certificate signed by the Company’s chief executive officer stating that in the good faith judgment of the Board it would be materially detrimental to the
Company and its stockholders for such registration statement to either become effective or remain effective for as long as such registration statement otherwise would be required to remain effective, because such action would (a) materially
interfere with a significant acquisition, corporate reorganization, or other similar transaction involving the Company; (b) require premature disclosure of material information that the Company has a bona fide business purpose for preserving as
confidential; or (c) render the Company unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall have the right to defer taking action with respect to such filing, and any time periods with respect to
filing or effectiveness thereof shall be tolled correspondingly, for a period of not more than 90 days after the request of the Initiating Holders is given; provided, however, that (i) the Company may not invoke this right more than
twice in any 12-month period and (ii) the Company shall not register any securities for its own account or that of any other stockholder during such 90-day period
other than an Excluded Registration. 

  
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 3.1.4 Limitations. 

(a) The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to Section 3.1.1: (i) if,
within 30 days after receipt of a request for registration by Initiating Holders pursuant to this Section 3.1.1, the Company delivers notice to such Initiating Holder of its intent to cause such registration statement to become effective within
60 days of the date on which the Company received such request and the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective during such time period, during such 60-day period; (ii) during the period commencing from the effective date of the Qualified IPO and ending on a date that is 180 days after the effective date of the Qualified IPO (iii) after the Company has
effected two registrations pursuant to Section 3.1.1; or (iv) if the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately registered on Form S-3 pursuant
to a request made pursuant to Section 3.1.2. 
 (b) The Company shall not be obligated to effect, or to take any action to effect, any
registration pursuant to Section 3.1.2: (i) during the period that is 30 days before the Company’s good faith estimate of the date of filing of, and ending on a date that is 90 days after the effective date of, a Company-initiated
registration, provided that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; or (ii) if the Company has effected two registrations pursuant to
Section 3.1.2 within the 12-month period immediately preceding the date of such request. 
 (c)
A registration shall not be counted as “effected” for purposes of this Section 3.1.4 until such time as the applicable registration statement has been declared effective by the SEC, unless the Initiating Holders withdraw their request
for such registration, elect not to pay the registration expenses therefor, and forfeit their right to one registration on Form S-1 or S-3, as applicable, pursuant to
Section 3.6, in which case such withdrawn registration statement shall be counted as “effected” for purposes of this Section 3.1.4.  

3.2 Company Registration. If the Company proposes to register (including, for this purpose, a registration effected
by the Company for stockholders other than the Holders) any of its Common Stock under the Securities Act in connection with the public offering of such securities solely for cash (other than in an Excluded Registration), the Company shall, at such
time, promptly give each Holder notice of such registration. Upon the request of each Holder given within 20 days after such notice is given by the Company, the Company shall, subject to the provisions of Section 3.3, cause to be registered all
of the Registrable Securities that each such Holder has requested to be included in such registration. The Company shall have the right to terminate or withdraw any registration initiated by it under this Section 3.2 before the effective date
of such registration, whether or not any Holder has elected to include Registrable Securities in such registration. The expenses (other than Selling Expenses) of such withdrawn registration shall be borne by the Company in accordance with
Section 3.6. 
 3.3 Underwriting Requirements. 

3.3.1 Inclusion. If, pursuant to Section 3.1, the Initiating Holders intend to distribute the Registrable Securities covered by
their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to Section 3.1, and the Company shall include such information in the Demand Notice. The underwriter(s) will be selected by the
Company, subject only to the reasonable approval of the holders of a majority of Registrable Securities held by the Initiating Holders. In such event, the right of any Holder to 

  
 9 

 include such Holder’s Registrable Securities in such registration shall be conditioned upon such
Holder’s participation in such underwriting. All Holders proposing to distribute their securities through such underwriting shall (together with the Company as provided in Section 3.4(e)) enter into an underwriting agreement with the
underwriter(s) selected for such underwriting. Notwithstanding any other provision of this Section 3.3, if the managing underwriter(s) advise(s) the Initiating Holders in writing that marketing factors require a limitation on the number of
shares to be underwritten, then the Initiating Holders shall so advise all Holders of Registrable Securities that otherwise would be underwritten pursuant hereto, and the number of Registrable Securities that may be included in the underwriting
shall be allocated among such Holders of Registrable Securities, including the Initiating Holders, in proportion (as nearly as practicable) to the number of Registrable Securities owned or held by each Holder or in such other proportion as shall
mutually be agreed to by all such selling Holders; provided, however, that the number of Registrable Securities owned or held by the Initiating Holders to be included in such underwriting shall not be reduced unless all other
securities are first entirely excluded from the underwriting. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest 100
shares. 
 3.3.2 Underwriter Cutback. In connection with any offering involving an underwriting of shares of the Company’s
capital stock pursuant to Section 3.2, the Company shall not be required to include any of the Holders’ Registrable Securities in such underwriting unless the Holders accept the terms of the underwriting as agreed upon between the Company
and its underwriters. If the total number of securities, including Registrable Securities, requested by stockholders to be included in such offering exceeds the number of securities to be sold (other than by the Company) that the underwriters in
their reasonable discretion determine is compatible with the success of the offering, then the Company shall be required to include in the offering only that number of such securities, including Registrable Securities, which the underwriters and the
Company in their sole discretion determine will not jeopardize the success of the offering. If the underwriters determine that less than all of the Registrable Securities requested to be registered can be included in such offering, then the
Registrable Securities that are included in such offering shall be allocated among the selling Holders in proportion (as nearly as practicable to) the number of Registrable Securities owned or held by each selling Holder or in such other proportions
as shall mutually be agreed to by all such selling Holders. To facilitate the allocation of shares in accordance with the above provisions, the Company or the underwriters may round the number of shares allocated to any Holder to the nearest 100
shares. Notwithstanding the foregoing, in no event shall (a) the number of Registrable Securities included in the offering be reduced unless all other securities (other than securities to be sold by the Company) are first entirely excluded from
the offering, or (b) the number of Registrable Securities included in the offering be reduced below 25% of the total number of securities included in such offering, unless such offering is the IPO, in which case the selling Holders may be
excluded entirely if the underwriters make the determination described above and no other stockholder’s securities are included in such offering. For purposes of the provision in this Section 3.3.2 concerning apportionment, for any selling
Holder that is a partnership, limited liability company, or corporation, the partners, members, retired partners, retired members, stockholders, and Affiliates of such Holder, or the estates and Immediate Family Members of any such partners, retired
partners, members, and retired members and any trusts for the benefit of any of the foregoing 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 number of Registrable Securities owned or held by all Persons included in such “selling Holder,” as defined in this sentence. 

  
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 3.3.3 Registration Not Effected. For purposes of Section 3.1, a registration
shall not be counted as “effected” if, as a result of an exercise of the underwriter’s cutback provisions in Section 3.3.1, fewer than 25% of the total number of Registrable Securities that Holders have requested to be included
in such registration statement are actually included. 
 3.4 Obligations of the Company. Whenever required under this
Section 3 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 commercially
reasonable efforts to cause such registration statement to become effective as promptly as practicable, and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement
effective for a period of up to 120 days or, if earlier, until the distribution contemplated in the registration statement has been completed; provided, however, that (i) such 120-day period shall
be extended for a period of time equal to the period the Holder refrains, at the request of an underwriter of Common Stock (or other securities) of the Company, from selling any securities included in such registration, and (ii) in the case of
any registration of Registrable Securities on Form S-3 that are intended to be offered on a continuous or delayed basis, subject to compliance with applicable SEC rules, such
120-day period shall be extended for up to 90 days, if necessary, to keep the registration statement effective until all such Registrable Securities are sold; 

(b) prepare and file with the SEC such amendments and supplements to such registration statement, the prospectus and, if required, any
Free Writing Prospectus used in connection with such registration statement as may be necessary to comply with the Securities Act in order to enable the disposition of all securities covered by such registration statement; 

(c) furnish to the selling Holders such numbers of copies of a prospectus, including a preliminary prospectus and any Free Writing
Prospectus, as required by the Securities Act, and such other documents as the Holders may reasonably request in order to facilitate their disposition of their Registrable Securities; 

(d) use its commercially reasonable efforts to register and qualify the securities covered by such registration statement under such
other securities or blue-sky laws of such jurisdictions as shall be reasonably requested by the selling Holders; provided that the Company shall not be required to qualify to do business or to file a
general consent to service of process in any such states or jurisdictions, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act; 

(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 underwriter(s) of such offering; 

  
 11 

 (f) use its reasonable efforts to cause all such Registrable Securities covered by such
registration statement to be listed on a national securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities issued by the Company are then listed; 

(g) provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and provide a CUSIP
number for all such Registrable Securities, in each case not later than the effective date of such registration; 
 (h) promptly make
available for inspection by the selling Holders, any managing underwriter(s) participating in any disposition pursuant to such registration statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the
selling Holders, all financial and other records, pertinent corporate documents, and properties of the Company, and cause the Company’s officers, directors, employees, and independent accountants to supply all information reasonably requested
by any such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify the accuracy of the information in such registration statement and to conduct appropriate due diligence in connection therewith; 

(i) notify each selling Holder, promptly after the Company receives notice thereof, of the time when such registration statement has been
declared effective or a supplement to any prospectus or Free-Writing Prospectus forming a part of such registration statement has been filed; 

(j) after such registration statement becomes effective, notify each selling Holder of any request by the SEC that the Company amend or
supplement such registration statement or prospectus or Free-Writing Prospectus; 
 (k) use its commercially reasonable efforts to
obtain for the underwriters one or more “cold comfort” letters, dated the effective date of the related registration statement (and, if such registration includes an underwritten public offering, dated the date of the closing under the
underwriting agreement), signed by the Company’s independent public accountants in customary form and covering such matters of the type customarily covered by “cold comfort” letters; 

(l) use its commercially reasonable efforts to obtain for the underwriters on the date such securities are delivered to the underwriters
for sale pursuant to such registration a legal opinion of the Company’s outside counsel with respect to the registration statement, each amendment and supplement thereto, the prospectus included therein (including the preliminary prospectus)
and such other documents relating thereto in customary form and covering such matters of the type customarily covered by legal opinions of such nature; 

(m) to the extent the Company is a well-known seasoned issuer (as defined in SEC Rule 405) at the time any request for registration is
submitted to the Company in accordance with Section 3.1, if so requested, file an Automatic Shelf Registration Statement to effect such registration; and 

  
 12 

 (n) if at any time when the Company is required to
re-evaluate its well-known seasoned issuer status for purposes of an outstanding Automatic Shelf Registration Statement used to effect a request for registration in accordance with Section 3.1.2 the
Company determines that it is not a well-known seasoned issuer and (i) the registration statement is required to be kept effective in accordance with this Agreement and (ii) the registration rights of the applicable Holders have not
terminated, use commercially reasonable efforts to promptly amend the registration statement on a form the Company is then eligible to use or file a new registration statement on such form, and keep such registration statement effective in
accordance with the requirements otherwise applicable under this Agreement. 
 3.5 Furnish Information. It shall
be a condition precedent to the obligations of the Company to take any action pursuant to this Section 3 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding
itself, the Registrable Securities held by it, and the intended method of disposition of such securities as is reasonably required to effect the registration of such Holder’s Registrable Securities. 

3.6 Expenses of Registration. All expenses (other than Selling Expenses) incurred in connection with registrations,
filings, or qualifications pursuant to Section 3, including all registration, filing, and qualification fees; printers’ and accounting fees; fees and disbursements of counsel for the Company; and the reasonable fees and disbursements of
one Selling Holder Counsel, not to exceed $50,000, shall be borne and paid by the Company; provided, however, that (a) the Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to
Section 3.1 if the registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all selling Holders shall bear such expenses pro rata based upon the
number of Registrable Securities that were to be included in the withdrawn registration), unless the Holders of a majority of the Registrable Securities agree to forfeit their right to one registration pursuant to Section 3.1.1 or
Section 3.1.2, as the case may be, and (b) if, at the time of such withdrawal, the Holders shall have learned of a material adverse change in the condition, business, or prospects of the Company not known to the Holders at the time of
their request and have withdrawn the request with reasonable promptness after learning of such information, then the Holders shall not be required to pay any of such expenses and shall not forfeit their right to one registration pursuant to
Section 3.1.1 or Section 3.1.2. All Selling Expenses relating to Registrable Securities registered pursuant to this Section 3 shall be borne and paid by the Holders pro rata on the basis of the number of Registrable Securities
registered on their behalf.  
 3.7 Delay of Registration. No Holder shall have any right to obtain or
seek an injunction restraining or otherwise delaying any registration pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 3. 

3.8 Indemnification. If any Registrable Securities are included in a registration statement under this
Section 3: 

  
 13 

 3.8.1 Company Indemnification. To the extent permitted by law, the Company will
indemnify and hold harmless each selling Holder, and the partners, members, officers, directors, and stockholders of each such Holder; legal counsel and accountants for each such Holder; any underwriter (as defined in the Securities Act) for each
such Holder; and each Person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act, against any Damages, and the Company will pay to each such Holder, underwriter, controlling Person, or other
aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such expenses are incurred; provided, however, that the
indemnity agreement contained in this Section 3.8.1 shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the consent of the Company, which consent shall not be unreasonably
withheld, conditioned, or delayed nor shall the Company be liable for any Damages to the extent that they arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf
of any such Holder, underwriter, controlling Person, or other aforementioned Person expressly for use in connection with such registration. 

3.8.2 Selling Holder Indemnification. To the extent permitted by law, each selling Holder, severally and not jointly, will indemnify
and hold harmless the Company, and each of its directors, each of its officers who has signed the registration statement, each Person (if any), who controls the Company within the meaning of the Securities Act, legal counsel and accountants for the
Company, any underwriter (as defined in the Securities Act), any other Holder selling securities in such registration statement, and any controlling Person of any such underwriter or other Holder, against any Damages, in each case only to the extent
that such Damages arise out of or are based upon actions or omissions made in reliance upon and in conformity with written information furnished by or on behalf of such selling Holder expressly for use in connection with such registration; and each
such selling Holder will pay to the Company and each other aforementioned Person any legal or other expenses reasonably incurred thereby in connection with investigating or defending any claim or proceeding from which Damages may result, as such
expenses are incurred; provided, however, that (a) the indemnity agreement contained in this Section 3.8.2 shall not apply to amounts paid in settlement of any such claim or proceeding if such settlement is effected without the
consent of the Holder, which consent shall not be unreasonably withheld, conditioned or delayed, and (b) that in no event shall the aggregate amounts payable by any Holder by way of indemnity or contribution under Sections 3.8.2 and 3.8.4
exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of fraud or willful misconduct by such Holder. 

3.8.3 Procedures. Promptly after receipt by an indemnified party under this Section 3.8 of notice of the commencement of any
action (including any governmental action) for which a party may be entitled to indemnification hereunder, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 3.8, give the
indemnifying party notice of the commencement thereof. The indemnifying party shall have the right to participate in such action and, to the extent the indemnifying party so desires, participate jointly with any other indemnifying party to which
notice has been given, and to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties that may be represented 

  
 14 

 
without conflict by one counsel) shall have the right to retain one separate counsel, with the fees and expenses to be paid by the indemnifying party, if representation of such indemnified party
by the counsel retained by the indemnifying 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 action. The failure to give notice to the
indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of any liability to the indemnified party under this Section 3.8, solely to the extent that such failure materially
prejudices the indemnifying party’s ability to defend such action. 
 3.8.4 Contribution. To provide for just and equitable
contribution to joint liability under the Securities Act in any case in which either (a) any party otherwise entitled to indemnification hereunder makes a claim for indemnification pursuant to this Section 3.8 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 3.8 provides for indemnification in such case, or (b) contribution under the Securities Act may be required on the part of any party hereto for which indemnification is provided under this Section 3.8, then,
and in each such case, such parties will contribute to the aggregate losses, claims, damages, liabilities, or expenses to which they may be subject (after contribution from others) in such proportion as is appropriate to reflect the relative fault
of each of the indemnifying party and the indemnified party in connection with the statements, omissions, or other actions that resulted in such loss, claim, damage, liability, or expense, as well as to reflect any other relevant equitable
considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or allegedly untrue statement of a material fact, or the omission or alleged
omission of a material fact, relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or
omission; provided, however, that: 
 (i) in any such case, (A) no Holder will be required to contribute any amount in
excess of the public offering price of all such Registrable Securities offered and sold by such Holder pursuant to such registration statement, and (B) no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of the Securities Act) will be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation; and 

(ii) in no event shall a Holder’s liability pursuant to this Section 3.8.4, when combined with the amounts paid or payable by
such Holder pursuant to Section 3.8.2, exceed the proceeds from the offering received by such Holder (net of any Selling Expenses paid by such Holder), except in the case of fraud or willful misconduct by such Holder. 

3.8.5 Underwriting Agreement Controls. Notwithstanding the foregoing, to the extent that the provisions on indemnification and
contribution contained in the underwriting agreement entered into in connection with the underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

  
 15 

 3.8.6 Survival. Unless otherwise superseded by an underwriting agreement entered
into in connection with the underwritten public offering, the obligations of the Company and Holders under this Section 3.8 shall survive the completion of any offering of Registrable Securities in a registration under this Section 3, and
otherwise shall survive the termination of this Agreement. 
 3.9 Reports under the Exchange Act. With a view to
making available to the Holders the benefits of SEC Rule 144 and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form S-3, the Company shall: 
 (a) use commercially reasonable efforts to make and keep available
adequate current public information, as those terms are understood and defined in SEC Rule 144, at all times after the effective date of the registration statement filed by the Company for the IPO; 

(b) use commercially reasonable efforts to file with the SEC in a timely manner all reports and other documents required of the Company
under the Securities Act and the Exchange Act (at any time after the Company has become subject to such reporting requirements); and 

(c) furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) to the extent accurate,
a written statement by the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after 90 days after the effective date of the registration statement filed by the Company for the IPO), the Securities Act, and the
Exchange Act (at any time after the Company has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after the
Company so qualifies); and (ii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC that permits the selling of any such securities without registration (at any time after the
Company has become subject to the reporting requirements under the Exchange Act) or pursuant to Form S-3 (at any time after the Company so qualifies to use such form). 

3.10 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 a majority of the Registrable Securities then outstanding, enter into any agreement with any holder or prospective holder of any securities of the Company that would allow such holder or
prospective holder to include such securities in any registration if such agreement (a) would allow such holder or prospective holder to include a portion of its securities in any “piggyback” registration if such inclusion could
reduce the number of Registrable Securities that selling Holders could be entitled to include in such registration under Sections 3.2 and 3.3.2 hereof or (b) would allow such holder or prospective holder to initiate a demand for registration of
any of its securities at a time earlier than the Holders of Registrable Securities can demand registration under Section 3.1 hereof; provided that this limitation shall not apply to any additional Investor who becomes a party to this
Agreement in accordance with Section 7.10. 

  
 16 

 3.11 “Market Stand-off”
Agreement. Each Holder hereby agrees that, during the Standoff Period, such Holder will not, without the prior written consent of the Company or the managing underwriter, 

(a) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant
any option, right, or warrant to purchase or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock, or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Common Stock, held
immediately before the effective date of the registration statement for such offering; or 
 (b) enter into any swap or other
arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such securities, whether any such transaction described in clause (a) or (b) above is to be settled by delivery of Common Stock or
other securities, in cash, or otherwise. 
 The foregoing provisions of this Section 3.11 shall apply only to the IPO and shall not apply to the sale
of any shares to an underwriter pursuant to an underwriting agreement, and shall be applicable to the Holders only if all officers, directors, and stockholders individually owning more than 1% of the Company’s outstanding Common Stock (after
giving effect to conversion into Common Stock of all outstanding Preferred Stock) are similarly bound. For purposes of this Section 3.11, the term “Company” shall include any wholly-owned subsidiary of the Company into which the
Company merges or consolidates. Any discretionary waiver or termination of the restrictions of any or all such agreements by the Company or the underwriters shall apply pro rata to all Holders subject to such agreements, based on the number of
shares subject to such agreements. In order to enforce the foregoing covenant, the Company shall have the right to place restrictive legends on the certificates representing the shares subject to this Section 3.11 and to impose stop transfer
instructions with respect to such shares until the end of such period. The underwriters in connection with such registration are intended third-party beneficiaries of this Section 3.11 and shall have the right, power, and authority to enforce
the provisions hereof as though they were a party hereto. Each Holder further agrees to execute such agreements as may be reasonably requested by the underwriters in connection with such registration that are consistent with this Section 3.11
or that are necessary to give further effect thereto. 
 Notwithstanding the foregoing, for so long as Deerfield Healthcare Innovations Fund, L.P. and/or
Deerfield Private Design Fund IV, L.P. (collectively, “Deerfield”), Frazier and NEA own any Registrable Securities, in addition to any consent requirements described above in this Section or elsewhere in this Agreement, the
obligations in this Section 3.11 may only be amended, waived or terminated with the prior written consent of Deerfield, Frazier and NEA with respect to any shares of the Company’s Common Stock that are (i) acquired in the IPO,
(ii) acquired in any of the Company’s public offerings that occur after the IPO or (iii) acquired in the open market at any time after the IPO. 

  
 17 

 3.12 Restrictions on Transfer. 

3.12.1 Agreement Binding. The Preferred Stock and the Registrable Securities shall not be sold, pledged, or otherwise transferred, and
the Company shall not recognize and shall issue stop-transfer instructions to its transfer agent with respect to any such sale, pledge, or transfer, except upon the conditions specified in this Agreement, which conditions are intended to ensure
compliance with the provisions of the Securities Act. A transferring Holder will cause any proposed purchaser, pledgee, or transferee of the Preferred Stock and the Registrable Securities held by such Holder to agree to take and hold such securities
subject to the provisions and upon the conditions specified in this Agreement.  
 3.12.2 Legends. Each certificate or
instrument representing (a) the Preferred Stock, (b) the Registrable Securities, and (c) any other securities issued in respect of the securities referenced in clauses (a) and (b), upon any stock split, stock dividend,
recapitalization, merger, consolidation, or similar event, shall (unless otherwise permitted by the provisions of Section 3.12.3) be stamped or otherwise imprinted with a legend substantially in the following form:  

THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND HAVE BEEN ACQUIRED FOR
INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO TRANSFER MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM REASONABLY SATISFACTORY TO THE
COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 
 THE SHARES REPRESENTED BY THIS
CERTIFICATE MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. 

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A MARKET STAND-OFF RESTRICTION AS SET
FORTH IN AN AGREEMENT BETWEEN THE COMPANY AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. 
 The
Holders consent to the Company making a notation in its records and giving instructions to any transfer agent of the Restricted Securities in order to implement the restrictions on transfer set forth in this Section 3.12. 

3.12.3 Procedure. The holder of each certificate representing Restricted Securities, by acceptance thereof, agrees to comply in all
respects with the provisions of this Section 3. Before any proposed sale, pledge, or transfer of any Restricted Securities, unless there is in effect a registration statement under the Securities Act covering the proposed transaction, the
Holder thereof shall give notice to the Company of such Holder’s intention to effect such sale, 

  
 18 

 
pledge, or transfer. Each such notice shall describe the manner and circumstances of the proposed sale, pledge, or transfer in sufficient detail and, if reasonably requested by the Company, shall
be accompanied at such Holder’s expense by either (a) 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
transaction may be effected without registration under the Securities Act; (b) a “no action” letter from the SEC to the effect that the proposed sale, pledge, or transfer of such Restricted Securities without registration will not
result in a recommendation by the staff of the SEC that action be taken with respect thereto; or (c) any other evidence reasonably satisfactory to counsel to the Company to the effect that the proposed sale, pledge, or transfer of the
Restricted Securities may be effected without registration under the Securities Act, whereupon the Holder of such Restricted Securities shall be entitled to sell, pledge, or transfer such Restricted Securities in accordance with the terms of the
notice given by the Holder to the Company. The Company will not require such a legal opinion or “no action” letter (i) in any transaction in compliance with SEC Rule 144 or (ii) in any transaction in which such Holder distributes
Restricted Securities to an Affiliate of such Holder for no consideration; provided that each transferee agrees in writing to be subject to the terms of this Section 3.12. Each certificate or instrument evidencing the Restricted
Securities transferred as above provided shall bear, except if such transfer is made pursuant to SEC Rule 144, the appropriate restrictive legend set forth in Section 3.12.2, 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 in order to establish compliance with any provisions of the Securities Act. 

4. RIGHTS TO FUTURE STOCK ISSUANCES. Subject to the terms and conditions of this Section 4 and applicable
securities laws, if the Company proposes to sell any New Securities, the Company shall offer to sell a portion of New Securities to each Major Investor as described in this Section 4. A Major Investor shall be entitled to apportion the right of
first refusal hereby granted to it among itself and its Affiliates in such proportions as it deems appropriate, provided that each such Affiliate agrees to enter into this Agreement and each of the Voting Agreement (the “Voting
Agreement”) and Right of First Refusal and Co-Sale Agreement dated as of even date herewith among the Company, the Investors and the other parties named therein, as an “Investor” under
each agreement. The right of first refusal in this Section 4 shall not be applicable with respect to any Major Investor, if at the time of such subsequent securities issuance, the Major Investor is not an “accredited investor,” as
that term is then defined in Rule 501(a) under the Securities Act. 
 4.1 Company Notice. The Company shall give
notice (the “Offer Notice”) to each Major Investor, stating (a) its bona fide intention to sell such New Securities, (b) the number of such New Securities to be sold and (c) the price and terms, if any, upon
which it proposes to sell such New Securities. 
 4.2 Investor Right. By written notice (the “Investor
Notice”) to the Company within 20 calendar days after the Offer Notice is given, each Major Investor may elect to purchase or otherwise acquire, at the price and on the terms specified in the Offer Notice, up to such Major
Investor’s Pro Rata Amount. In addition, each Major Investor that elects to purchase or acquire all of its Pro Rata Amount (each, a “Fully Exercising Investor”) may, in the Investor Notice, elect to purchase or acquire,
in addition to its Pro Rata Amount, a portion of the New Securities, if any, for 

  
 19 

 which other Major Investors were entitled to subscribe but that are not subscribed for by such Major
Investors. The amount of such overallotment that each Fully Exercising Investor shall be entitled to purchase is equal to the proportion that the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as
applicable, of Preferred Stock and any other Derivative Securities then held, by such Fully Exercising Investor bears to the Common Stock issued and held, or issuable (directly or indirectly) upon conversion and/or exercise, as applicable, of the
Preferred Stock and any other Derivative Securities then held, by all Fully Exercising Investors who wish to purchase such unsubscribed shares. A Major Investor’s election may be conditioned on the consummation of the transaction described in
the Offer Notice. The closing of any sale pursuant to this Section 4.2 shall occur on the earlier of 120 days after the date that the Offer Notice is given and the date of initial sale of New Securities pursuant to Section 4.3. 

4.3 Sale of Securities. If all New Securities referred to in the Offer Notice are not elected to be purchased or
acquired as provided in Section 4.2, the Company may, during the 120 day period following the expiration of the periods provided in Section 4.2, offer and sell the remaining unsubscribed portion of such New Securities to any Person or
Persons at a price not less than, and upon other terms not materially more favorable to the offeree than, those specified in the Offer Notice. If the Company does not enter into an agreement for the sale of the New Securities within such period, or
if such agreement is not consummated within 30 days of the execution thereof, the right provided hereunder shall be deemed to be revived and such New Securities shall not be offered unless first reoffered to the Major Investors in accordance with
this Section 4. 
 5. ADDITIONAL COVENANTS. 

5.1 Insurance. The Company shall, as promptly as practicable following the Initial Closing (as defined in the
Purchase Agreement), obtain directors and officers liability insurance from a financially sound and reputable insurer for $3 million in coverage (or such other amount as agreed to by the Board, including a majority of the Preferred Directors),
on terms and conditions satisfactory to the Board, and will cause such insurance policies to be maintained until such time as the Board (including all of the Preferred Directors) determines that such insurance should be discontinued. 

5.2 Employee Agreements. The Company will cause each person now or hereafter employed by it or by any subsidiary
(or engaged by the Company or any subsidiary as a consultant/independent contractor) to enter into a customary nondisclosure and proprietary rights assignment agreement or an employment or consulting agreement providing that (i) he is either an
at-will employee or a consultant of the Company, as the case may be, (ii) he will maintain all Company proprietary information in confidence, (iii) he will assign all inventions created by him as an
employee or consultant during his employment or service to the Company, and (iv) he will not disclose any information related to the Company’s work force and will not solicit any employees from the Company for a period of 12 months should
his employment or service to the Company be terminated for any reason.  

  
 20 

 5.3 Employee Vesting. All stock options issued after the date of
this Agreement to employees, directors, consultants and other service providers shall require approval of the Board, including a majority of the Preferred Directors, and unless otherwise approved by the Board, including a majority of the Preferred
Directors, all employees and consultants of the Company or its subsidiaries who purchase, receive options to purchase, or receive awards of shares of the Company’s capital stock after the date of this Agreement shall be required to execute
restricted stock or option agreements, as applicable, providing for (i) vesting of shares over a four year period, with the first 25% of such shares vesting following 12 months of continued employment or service (or the date of grant in the
case of a grant to an existing employee or consultant), and the remaining shares vesting in equal monthly installments over the following 36 months.  

5.4 Board Matters. The Company shall reimburse the nonemployee directors and observers for all reasonable out-of-pocket travel expenses incurred in connection with attending meetings of the Board or committee meetings or any other activities, which are required and/or requested by
the Company and that involve expenses. 
 5.5 Compensation Committee. The Board shall, within 90 days of the date
hereof, establish and will maintain, a compensation committee, which shall be comprised of at least two Preferred Directors for the purpose of, among other things, reviewing and determining the compensation of the Company’s executive
officers. 
 5.6 Right to Conduct Activities. The Company hereby agrees and acknowledges that each
of the Fund Investors is a professional investment fund, and as such invests in numerous portfolio companies, some of which may be deemed competitive with the Company’s business (as currently conducted or as currently propose to be conducted).
The Company hereby agrees that, to the extent permitted under applicable law, each Fund Investor shall not be liable to the Company for any claim arising out of, or based upon, (i) the investment by a Fund Investor in any entity competitive
with the Company, or (ii) actions taken by any partner, officer or other representative of a Fund Investor to assist any such competitive company, whether or not such action was taken as a member of the board of directors of such competitive
company or otherwise, and whether or not such action has a detrimental effect on the Company; provided, however, that the foregoing shall not relieve (x) any of the Investors from liability associated with the unauthorized disclosure of
the Company’s confidential information obtained pursuant to this Agreement, or (y) any director or officer of the Company from any liability associated with his or her fiduciary duties to the Company. Nothing in this Agreement shall
preclude, create an obligation or duty, or in any way restrict any Investor from evaluating or purchasing securities, including publicly traded securities, of a particular enterprise, or investing or participating in any particular enterprise,
whether or not such enterprise has products or services which compete with those of the Company; provided, however, that the foregoing shall not relieve (x) any of the Investors from liability associated with the unauthorized disclosure
of the Company’s confidential information obtained pursuant to this Agreement, or (y) any director or officer of the Company from any liability associated with his or her fiduciary duties to the Company. 

5.7 Indemnification Matters. The Company hereby acknowledges that each of the Preferred Directors may have certain rights
to indemnification, advancement of expenses and/or insurance provided by one or more of the Investors and/or certain of its Affiliates (collectively, the “Fund Indemnitors”). The Company hereby agrees (i) that it is the
indemnitor of first resort (i.e., its obligations to a Preferred Director are primary and any obligation of the 

  
 21 

 Fund Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities
incurred by a Preferred Director are secondary), (ii) that it shall be required to advance the full amount of expenses incurred by a Preferred Director and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts
paid in settlement by or on behalf of any such Preferred Director to the extent legally permitted and as required by the Restated Certificate or Bylaws (or any agreement between the Company and a Preferred Director), without regard to any rights a
Preferred Director may have against the Fund Indemnitors, and, (iii) that it irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all claims against the Fund Indemnitors for contribution, subrogation or any other
recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Fund Indemnitors on behalf of a Preferred Director with respect to any claim for which a Preferred Director has sought indemnification from the
Company shall affect the foregoing and the Fund Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of a Preferred Director against the Company. If the
Company or any of its successors or assignees consolidates with or merges into any other entity and is not the continuing or surviving corporation or entity of such consolidation or merger, then to the extent necessary, proper provision shall be
made so that the successors and assignees of the Company assume the obligations of the Company with respect to indemnification of members of the Board as in effect immediately before such transaction, whether such obligations are contained in the
Company’s Restated Certificate, Bylaws, or elsewhere, as the case may be. 
 5.8 Qualified Small Business Stock.
The Company shall use commercially reasonable efforts to cause the shares of Series A Preferred Stock, as well as any shares into which such shares are converted, within the meaning of Section 1202(f) of the Code, to constitute “qualified
small business stock” as defined in Section 1202(c) of the Code; provided, however, that such requirement shall not be applicable if the Board of Directors of the Company determines, in its good-faith business judgment, that such
qualification is inconsistent with the best interests of the Company. The Company shall submit to its stockholders (including the Investors) and to the Internal Revenue Service any reports that may be required under Section 1202(d)(1)(C) of the
Code and the regulations promulgated thereunder. In addition, within 20 business days after any Investor’s written request therefor, the Company shall, at its option, either (i) deliver to such Investor a written statement indicating
whether (and what portion of) such Investor’s interest in the Company constitutes “qualified small business stock” as defined in Section 1202(c) of the Code or (ii) deliver to such Investor such factual information in the
Company’s possession as is reasonably necessary to enable such Investor to determine whether (and what portion of) such Investor’s interest in the Company constitutes “qualified small business stock” as defined in
Section 1202(c) of the Code. 
 5.9 Expenses of Counsel. In the event of a transaction which is a Sale of
the Company (as defined in the Voting Agreement), the reasonable fees and disbursements, not to exceed $100,000, of one counsel for the Major Investors in their capacities as stockholders, shall be borne and paid by the Company. 

  
 22 

 5.10 FIRPTA Compliance. The Company shall provide prompt notice
to each party hereto 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, within 10 days of a written request from any party hereto, the Company shall provide such party with a written statement informing such party whether such party’s 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
obligation to furnish such written statement shall continue notwithstanding the fact that a class of the Company’s stock may be traded on an established securities market or the fact that there is no preferred stock then outstanding. 

5.11 Critical Technology Matters. 

5.11.1 To the extent that any pre-existing products or services provided by the Company are re-categorized by the U.S. government as critical technologies within the meaning of the Defense Production Act of 1950, as amended, including all implementing regulations thereof (the
“DPA”), or would reasonably be considered to constitute the design, fabrication, development, testing, production or manufacture of critical technologies after a re-categorization of
selected technologies by the U.S. government, the Company shall provide at least 60-days notice to Novo Holdings A/S (“Novo”) in advance of a Closing other than the Initial Closing
and/or any other financing or investment of a type contemplated by the DPA in the Company by Novo or any other party. 
 5.11.2 If and only
if (i) the Committee on Foreign Investment in the United States (“CFIUS”) requests or requires that any Investor or the Company file a notice or declaration with CFIUS pursuant to the DPA with respect to the
Investor’s investment in the Company (the “Covered Transactions”) or (ii) any Investor or the Company determine that a filing with CFIUS is required with respect to the Covered Transactions pursuant to 31 C.F.R.
Part 801, then in either case, (i) or (ii): (x) the Company and each Investor shall, and shall cause its affiliates to, cooperate with the other parties hereto and shall promptly file a CFIUS filing in the requested form in accordance with the
DPA; and (y) the Company and each Investor shall, and shall cause its affiliates to, use commerially reasonable efforts to obtain, as applicable, the CFIUS Satisfied Condition as defined in the Purchase Agreement, provided that agreement to any
mitigation terms shall be at the reasonable discretion of the affected party. 
 6. TERMINATION. 

6.1 Generally. The covenants set forth in Section 2.1, Section 2.2, Section 2.3, Section 4 and
Section 5 shall terminate and be of no further force or effect upon the earliest to occur of: (a) immediately before the consummation of a Qualified IPO; or (b) upon a Deemed Liquidation Event, in which the consideration is cash
and/or freely-tradeable and marketable securities. 
 6.2 Registration Rights. The right of any Holder to request
registration or inclusion of Registrable Securities in any registration pursuant to Section 3.1 or Section 3.2 shall terminate upon the earliest to occur of: (a) any time following an IPO when the holder holds less than 1% of the
outstanding securities of the Company and all of such Holder’s Registrable Securities may be sold without any restriction on volume or manner of sale in any three-month period under SEC Rule 144 or any successor; and (b) the fifth
anniversary of the Qualified IPO.  

  
 23 

 7. GENERAL PROVISIONS. 

7.1 Successors and Assigns. The rights under this Agreement may be assigned (but only with all related obligations)
by a Holder to a transferee of Registrable Securities that (a) is an Affiliate of a Holder; (b) is a Holder’s Immediate Family Member or trust for the benefit of an individual Holder or one or more of such Holder’s Immediate
Family Members; (c) after such transfer, holds at least 2% of the shares of Registrable Securities (or if the transferring Holder owns less than 2% of the Registrable Securities, then all Registrable Securities held by the transferring Holder);
or (d) is a venture capital fund that is controlled by or under common control with one or more general partners or managing partners or managing members of, or shares the same management company with, the Holder; provided, however, that
(i) the Company is, prior to such transfer, furnished with written notice of the name and address of such transferee and the Registrable Securities with respect to which such rights are being transferred; and (ii) such transferee agrees in
a written instrument delivered to the Company to be bound by and subject to the terms and conditions of this Agreement, including the provisions of Section 3.11. For the purposes of determining the number of shares of Registrable Securities
held by a transferee, the holdings of a transferee (A) that is an Affiliate of a Holder; (B) who is a Holder’s Immediate Family Member; or (C) that is a trust for the benefit of an individual Holder or such Holder’s
Immediate Family Member shall be aggregated together and with those of the transferring Holder. The terms and conditions of this Agreement inure to the benefit of and are binding upon the respective successors and permitted assignees of the parties.
Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assignees any rights, remedies, obligations or liabilities under or by reason of this
Agreement, except as expressly provided herein. 
 7.2 Governing Law. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws.  

7.3 Counterparts; Electronic Signatures. This Agreement may be executed and delivered by electronic signature and 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. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature
complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes. 

 7.4 Titles and Subtitles. The titles and subtitles used in this Agreement are for convenience only and are not
to be considered in construing or interpreting this Agreement.  

  
 24 

 7.5 Notices. All notices, requests, and other communications
given, made or delivered pursuant to this Agreement shall be in writing and shall be deemed effectively given, made or delivered upon the earlier of actual receipt or: (a) personal delivery to the party to be notified; (b) when sent, if
sent by electronic mail during the recipient’s normal business hours, and if not sent during normal business hours, then on the recipient’s next business day; (c) five days after having been sent by registered or certified mail,
return receipt requested, postage prepaid; or (d) one business day after the business day of deposit with a nationally recognized overnight courier, freight prepaid, specifying next-day delivery, with
written verification of receipt. All communications shall be sent to the respective parties at their addresses as set forth on Schedule A hereto, or to the principal office of the Company and to the attention of the Chief Executive Officer, in the
case of the Company, or to such address or electronic mail address as subsequently modified by written notice given in accordance with this Section 7.5. If notice is given to the Company, it shall be sent to Mirum Pharmaceuticals, Inc., 12230
El Camino Real, Suite 230, San Diego, California 92130, Attention: Chief Executive Officer; and a copy (which shall not constitute notice) shall also be sent to Cooley LLP, 4401 Eastgate Mall, San Diego, California 92121, Attention: Jason L. Kent.
If notice is given to NEA, a copy (which shall not constitute notice) shall also be sent to Hogan Lovells US LLP, Columbia Square, 555 Thirteenth Street, NW, Washington, DC 20004, Attention: Kevin Clayton. If notice is given to RiverVest Venture
Fund IV, L.P., a copy (which shall not constitute notice) shall also be sent to Holland & Knight LLP, 263 Tresser Boulevard, 14th Floor, Stamford, CT 06901, Attention: Gloria M.
Skigen.  
 7.6 Amendments and Waivers. This Agreement may only be amended or terminated and the
observance of any term hereof may be waived (either generally or in a particular instance, and either retroactively or prospectively) only by a written instrument executed by (a) the Company and (b) (i) with respect to Sections 2 and 4 and
any other provision of this Agreement to the extent such provision pertains to Section 2 or 4, the holders of a majority of the Registrable Securities then outstanding and held by the Major Investors or (ii) with respect to Sections 3 and
5 and any other provision of this Agreement to the extent such provision pertains to Section 3 or 5, the holders of a majority of the Registrable Securities then outstanding and held by the Investors; provided that (A) the Company
may in its sole discretion waive compliance with Section 3.12; (B) any provision hereof may be waived by any waiving party on such party’s own behalf, without the consent of any other party; (C) Section 2.3 may not be amended,
terminated or waived without the prior written consent of Frazier and NEA; (D) Section 5.11 may not be amended, terminated or waived without the prior written consent of Novo; (E) the Company may, without the consent or approval of
any other party hereto, cause additional persons to become party to this Agreement as Investors pursuant to Section 7.10 hereto and amend Schedule A hereto accordingly and (F) this Agreement may not be amended or terminated and the
observance of any term hereof may not be waived with respect to any Holder or Major Investor without the written consent of such Holder or Major Investor, unless such amendment, termination, or waiver applies to all Holders or Major Investors, as
the case may be, in the same fashion. Any amendment, termination, or waiver effected in accordance with this Section 7.6 shall be binding on each party hereto and all of such party’s successors and permitted assigns, regardless of whether
or not any such party, successor or assignee entered into or approved such amendment, termination, or waiver. 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. Notwithstanding the foregoing, in the event that (A) (1) Section 4 of this Agreement is waived pursuant to the consent required by Sections 7.6(a) and
7.6(b)(i) above or (2) the definition of “Additional Shares of Common Stock” under the Restated 

  
 25 

 
Certificate is amended, waived or excluded, and (B) any Major Investor participates in such transaction by agreement with the Company (each such Investor, a “Participating
Investor”), then the Company shall provide to each other Major Investor whose rights were waived or amended a right to purchase the same proportion (up to 100%) of such Major Investor’s pro rata share of the New Securities being
offered by the Company in the relevant transaction as is being purchased by the Participating Investor purchasing the largest portion of such Participating Investor’s pro rata share, subject to the notice and election periods set forth in
Section 4. 
 7.7 Severability. In case any one or more of the provisions contained in this Agreement is for
any reason 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, or unenforceable provision shall be reformed
and construed so that it will be valid, legal, and enforceable to the maximum extent permitted by law.  
 7.8
Aggregation of Stock. All shares of Registrable Securities held or acquired by affiliates shall be aggregated together for the purpose of determining the availability of any rights under this Agreement and such affiliated
persons may apportion such rights as among themselves in any manner they deem appropriate. 
 7.9 Entire
Agreement. This Agreement (including any Schedules and Exhibits hereto), the Purchase Agreement and the other documents delivered pursuant thereto constitutes the full and entire understanding and agreement among the parties with
respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties is expressly canceled and replaced with this Agreement.  

7.10 Additional Investors. Notwithstanding anything to the contrary contained herein, if the Company issues
additional shares of the Preferred Stock after the date of this Agreement pursuant to the Purchase Agreement, any purchaser of such shares of Preferred 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 Investors shall be required for such joinder to this Agreement by such additional Investor, so long as
such additional Investor has agreed in writing to be bound by all of the obligations as an “Investor” hereunder. 
 7.11
Third Parties. Other than as set forth in Section 3.11, nothing in this Agreement, express or implied, is intended to confer upon any person, other than the parties hereto and their successors and assigns, any rights or
remedies under or by reason of this Agreement.  
 7.12 Delays or Omissions. No delay or omission to
exercise any right, power, or remedy accruing to any party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power, or remedy of such nonbreaching or nondefaulting party, nor shall
it be construed to be a waiver of or acquiescence to any such breach or default, or to any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default
theretofore or thereafter occurring. All remedies, whether under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative.  

  
 26 

 7.13 Dispute Resolution. The parties (a) hereby irrevocably
and unconditionally submit to the jurisdiction of the federal or state courts located in the State of Delaware for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement, (b) agree not to commence any
suit, action or other proceeding arising out of or based upon this Agreement except in the federal or state courts located in the State of Delaware, and (c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in
any such suit, action or proceeding, any claim that a party is not subject to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution based upon judgment or order of such court(s), that any
suit, action or proceeding arising out of or based upon this Agreement commenced in the federal or state courts located in the State of Delaware is brought in an inconvenient forum, that the venue of such suit, action or proceeding is improper or
that this Agreement or the subject matter hereof may not be enforced in or by such court. Should any party commence a suit, action or other proceeding arising out of or based upon this Agreement in a forum other than the federal or state courts
located in the State of Delaware, or should any party otherwise seek to transfer or dismiss such suit, action or proceeding from such court(s), that party shall indemnify and reimburse the other party for all legal costs and expenses incurred in
enforcing this provision. 
 7.14 Attorneys’ Fees. If any action at law or in equity is necessary to enforce
or interpret the terms of this Agreement, the non-prevailing party shall pay all costs and expenses incurred by the prevailing party, including, without limitation, all reasonable attorneys’ fees. 

[SIGNATURE PAGES FOLLOW] 

  
 27 

 IN WITNESS WHEREOF, the parties hereto have executed this Investors’ Rights
Agreement as of the date first written above. 
  

			
	COMPANY:
	
	MIRUM PHARMACEUTICALS, INC.
		
	By:	 	 /s/ Michael Grey

	Name:	 	Michael Grey
	Title:	 	Chief Executive Officer

 [SIGNATURE PAGE TO MIRUM
PHARMACEUTICALS, INC. INVESTORS’ RIGHTS AGREEMENT] 

  

 IN WITNESS WHEREOF, the parties hereto have executed this Investors’ Rights
Agreement as of the date first written above. 
  

			
	INVESTORS:
	
	NEW ENTERPRISE ASSOCIATES 16, LIMITED PARTNERSHIP

			
		
	By:	 	 /s/ Louis S. Citron

	Name:	 	Louis S. Citron
	Title:	 	Chief Legal Officer

 [SIGNATURE PAGE TO MIRUM
PHARMACEUTICALS, INC. INVESTORS’ RIGHTS AGREEMENT] 

  

 IN WITNESS WHEREOF, the parties hereto have executed this Investors’ Rights
Agreement as of the date first written above. 
  

			
	INVESTORS:
	
	NEA VENTURES 2018, L.P.
		
	By:	 	 /s/ Louis S. Citron

	Name:	 	Louis S. Citron
	Title:	 	Vice President

 [SIGNATURE PAGE TO MIRUM
PHARMACEUTICALS, INC. INVESTORS’ RIGHTS AGREEMENT] 

  

 IN WITNESS WHEREOF, the parties hereto have executed this Investors’ Rights
Agreement as of the date first written above. 
  

			
	INVESTORS:
	
	Frazier Life Sciences IX, L.P.
	
	By: FHMLS IX, L.P.
	Its general partner
	
	By: FHMLS IX, L.L.C.
	Its general partner
		
	By:	 	 /s/ Patrick Heron

	Name: Patrick Heron
	Title: Managing Director

 [SIGNATURE PAGE TO MIRUM
PHARMACEUTICALS, INC. INVESTORS’ RIGHTS AGREEMENT] 

  

 IN WITNESS WHEREOF, the parties hereto have executed this Investors’ Rights
Agreement as of the date first written above. 
  

									
	INVESTORS:
	
	DEERFIELD PRIVATE DESIGN FUND IV, L.P.
	By:	 	Deerfield Mgmt IV, L.P.
		 	General Partner
		 	By:	 	J.E. Flynn Capital IV, LLC
		 		 	General Partner
				
		 		 	By:	 	 /s/ David J. Clark

		 		 		 	Name: David J. Clark
		 		 		 	Title: Authorized Signatory

 [SIGNATURE PAGE TO MIRUM
PHARMACEUTICALS, INC. INVESTORS’ RIGHTS AGREEMENT] 

  

 IN WITNESS WHEREOF, the parties hereto have executed this Investors’ Rights
Agreement as of the date first written above. 
  

									
	INVESTORS:
	
	DEERFIELD HEALTHCARE INNOVATIONS FUND, L.P.

									
	By:	 	Deerfield Mgmt HIF, L.P.
		 	General Partner
		 	By:	 	J.E. Flynn Capital HIF, LLC
		 		 	General Partner
				
		 		 	By	 	 /s/ David J. Clark

		 		 		 	Name: David J. Clark
		 		 		 	Title:   Authorized Signatory

 [SIGNATURE PAGE TO MIRUM
PHARMACEUTICALS, INC. INVESTORS’ RIGHTS AGREEMENT] 

  

 IN WITNESS WHEREOF, the parties hereto have executed this Investors’ Rights
Agreement as of the date first written above. 
  

			
	INVESTORS:
	
	NOVO HOLDINGS A/S
		
	By:	 	 /s/ Thomas Dyrberg

	Name:	 	Thomas Dyrberg, under specific power of attorney
	Title:	 	Managing Partner

			
		
	Address:	 	
	Tuborg Havnevej 19
	DK-2900 Hellerup
	Denmark
	Attn: Heather Ludvigsen
	 Email: [...***...]@novo.dk
  

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

	 Novo Ventures (US), Inc.
 501 2nd
Street, Suite 300

	San Francisco, CA 94107
	Attention: Junie Lim
	Email: [...***...]@novo.dk

 [SIGNATURE PAGE TO MIRUM
PHARMACEUTICALS, INC. INVESTORS’ RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the parties hereto have executed this Investors’ Rights
Agreement as of the date first written above. 
  

			
	INVESTORS:
	
	RiverVest Venture Fund IV, L.P.
		
	By:	 	RiverVest Venture Partners IV, L.P., its General Partner
	By:	 	RiverVest Venture Partners IV, LLC, its sole General Partner
		
	By:	 	 /s/ NIALL O’DONNELL

	Name:	 	NIALL O’DONNELL
	Title:	 	MANAGER

 [SIGNATURE PAGE TO MIRUM
PHARMACEUTICALS, INC. INVESTORS’ RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the parties hereto have executed this Investors’ Rights
Agreement as of the date first written above. 
  

			
	 INVESTORS:

	
	 A.M. PAPPAS LIFE SCIENCE VENTURES V, LP

	 By: AMP&A Management V, LLC, its General Partner

		
	By:	 	 /s/ Arthur M. Pappas

	Name:	 	Arthur M. Pappas
	Title:	 	Managing Partner

 [SIGNATURE PAGE TO MIRUM
PHARMACEUTICALS, INC. INVESTORS’ RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the parties hereto have executed this Investors’ Rights
Agreement as of the date first written above. 
  

			
	 INVESTORS:

	
	 PV V CEO FUND, LP

	 By: AMP&A Management V, LLC, its General Partner

		
	By:	 	 /s/ Arthur M. Pappas

	Name:	 	Arthur M. Pappas
	Title:	 	Managing Partner

 [SIGNATURE PAGE TO MIRUM
PHARMACEUTICALS, INC. INVESTORS’ RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the parties hereto have executed this Investors’ Rights
Agreement as of the date first written above. 
  

			
	 INVESTORS:

	
	 CHIESI VENTURES, LP

	 By:
	 	Chiesi Ventures, Inc., its General Partner
	 By:
	 	Pappas Capital, LLC, its Management Company

			
		
	By:	 	 /s/ Arthur M. Pappas

	Name:	 	Arthur M. Pappas
	Title:	 	Managing Partner

 [SIGNATURE PAGE TO MIRUM
PHARMACEUTICALS, INC. INVESTORS’ RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the parties hereto have executed this Investors’ Rights
Agreement as of the date first written above. 
  

			
	 INVESTORS:

	
	 Rock Springs Capital Master Fund LP

	 By:
	 	Rock Springs General Partner LLC, its General Partner

			
		
	By:	 	 /s/ Kris Jenner

	Name:	 	Kris Jenner
	Title:	 	Managing Member

 [SIGNATURE PAGE TO MIRUM
PHARMACEUTICALS, INC. INVESTORS’ RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the parties hereto have executed this Investors’ Rights
Agreement as of the date first written above. 
  

			
	 INVESTORS:

	
	THE GREY FAMILY TRUST DATED NOVEMBER 12, 1999

			
		
	By:	 	 /s/ M G Grey

	Name:	 	M G Grey
	Title:	 	Trustee

 [SIGNATURE PAGE TO MIRUM
PHARMACEUTICALS, INC. INVESTORS’ RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the parties hereto have executed this Investors’ Rights
Agreement as of the date first written above. 
  

	
	 INVESTORS:

	
	MATT MCAVINEY
	
	 /s/ Matt Mcaviney

 IN WITNESS WHEREOF, the parties hereto have executed this Investors’ Rights
Agreement as of the date first written above. 
  

	
	 INVESTORS:

	
	JASON FULLER
	
	 /s/ Jason Fuller

 [SIGNATURE PAGE TO MIRUM
PHARMACEUTICALS, INC. INVESTORS’ RIGHTS AGREEMENT] 

 IN WITNESS WHEREOF, the parties hereto have executed this Investors’ Rights
Agreement as of the date first written above. 
 Signing for the limited purposes of Subsection 2.1, Subsection 2.4 (in the capacity
as an Investor) and Subsections 3.2 and 3.11 (in the capacity as a Holder): 
  

			
	SHIRE INTERNATIONAL GMBH
		
	By:	 	 /s/ Ramy Riad

	Name:	 	Ramy Riad
	Title:	 	Head of Finance International

 [SIGNATURE PAGE TO MIRUM
PHARMACEUTICALS, INC. INVESTORS’ RIGHTS AGREEMENT] 

 SCHEDULE A 

List of Investors 
  

			
	 Name and Address of Investor
	  	 Number of Shares of Series A

Preferred Stock Initially Held

	 New Enterprise Associates 16, Limited Partnership
	  	14,928,765
		
	 c/o New Enterprise Associates

1954 Greenspring Drive, Suite 600
	  	
	 Timonium, MD 21093
	  	
	 Attn: Louis Citron and Edward Mathers
	  	
	 Email: [...***...]@NEA.com; [...***...]@NEA.com
	  	
		
	 NEA Ventures 2018, L.P.
	  	12,467
		
	 c/o New Enterprise Associates

1954 Greenspring Drive, Suite 600
	  	
	 Timonium, MD 21093
	  	
	 Attn: Louis Citron and Edward Mathers
	  	
	 Email: [...***...]@NEA.com; [...***...]@NEA.com
	  	
		
	 Frazier Life Sciences IX, L.P.
	  	12,467,650
		
	 Attention: Patrick Heron
	  	
	 Menlo Park Office

70 Willow Road, Suite 200
	  	
	 Menlo Park, CA 94025
	  	
		
	 With a copy to:
	  	
		
	 Attention: Steve Bailey
	  	
	 Chief Financial Officer
	  	
	 Two Union Square

601 Union Street, Suite 3200
	  	
	 Seattle, WA 98101
	  	
		
	 Deerfield Private Design Fund IV, L.P.
	  	6,233,825
		
	 Address:
	  	
		
	 Deerfield Healthcare Innovations Fund, L.P.
	  	6,233,825
		
	 Address:
	  	

			
	 Name and Address of Investor
	  	 Number of Shares of Series A

Preferred Stock Initially Held

	 Novo Holdings A/S
	  	7,480,590
		
	 Address:
	  	
	 Tuborg Havnevej 19
	  	
	 DK-2900 Hellerup
	  	
	 Denmark
	  	
	 Attn: Heather Ludvigsen
	  	
	 Email: [...***...]@novo.dk

 
 with a copy (which shall not constitute notice)
to:
  
	  	
	 Novo Ventures (US), Inc.

501 2nd Street, Suite 300
	  	
	 San Francisco, CA 94107
	  	
	 Attention: Junie Lim
	  	
	 Email: [...***...]@novo.dk
	  	
		
	 RiverVest Venture Fund IV, L.P.
	  	5,984,472
		
	 101 South Hanley Road, Suite 1850
	  	
	 St. Louis, Missouri 63105
	  	
	 Attn: Niall O’Donnell
	  	
		
	 With a copy to:
	  	
	 Attention: Gloria M. Skigen
	  	
	 Holland & Knight LLP

263 Tresser Boulevard, 14th Floor
	  	
	 Stamford, CT 06901
	  	
		
	 A. M. Pappas Life Science Ventures V, LP
	  	1,845,430
		
	 A.M. PAPPAS LIFE SCIENCE VENTURES V, LP

c/o Ford S. Worthy
	  	
	 Pappas Capital, LLC

2520 Meridian Parkway, Suite 400
	  	
	 Durham, NC 27713

[...***...]@pappas-capital.com
	  	
	 (919) 998-3300
	  	
		
	 PV V CEO Fund, LP
	  	149,384
		
	 PV V CEO FUND, LP

c/o Ford S. Worthy
	  	
	 Pappas Capital, LLC

2520 Meridian Parkway, Suite 400    
	  	
	 Durham, NC 27713
	  	
	 [...***...]@pappas-capital.com
	  	
	 (919) 998-3300
	  	

			
	 Name and Address of Investor
	  	 Number of Shares of Series A

Preferred Stock Initially Held

	 Chiesi Ventures, LP
	  	1,994,813
		
	 CHIESI VENTURES, LP

c/o Ford S. Worthy
	  	
	 Pappas Capital, LLC

2520 Meridian Parkway, Suite 400
	  	
	 Durham, NC 27713
	  	
	 [...***...]@pappas-capital.com
	  	
	 (919) 998-3300
	  	
		
	 Rock Springs Capital Master Fund LP
	  	2,493,530
		
	 Rock Springs Capital

650 South Exeter Street
	  	
	 Suite 1070
	  	
	 Baltimore, Maryland. 21202
	  	
	 Attention: General Counsel
	  	
		
	 With copies by email as follows:
	  	
	 Ops@rockspringscapital.com
	  	
	 [...***...]@rockspringscapital.com
	  	
	 [...***...]@rockspringscapital.com
	  	
		
	 The Grey Family Trust dated November 12, 1999
	  	63,585
		
	 P.O. Box 675614
	  	
	 Rancho Santa Fe, CA 92067
	  	
		
	 Matt McAviney
	  	9,974
		
	 c/o New Enterprise Associates

1954 Greenspring Drive, Suite 600
	  	
	 Timonium, MD 21093
	  	
	 Attn: Matt McAviney
	  	
	 Email: [...***...]@NEA.com
	  	

			
	 Name and Address of Investor
	  	 Number of Shares of Series A

Preferred Stock Initially Held

	 Jason Fuller
	  	9,974
		
	 c/o New Enterprise Associates

1954 Greenspring Drive, Suite 600
	  	
	 Timonium, MD 21093
	  	
	 Attn: Jason Fuller
	  	
	 Email: [...***...]@NEA.com

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