Document:

EX-10.15

 Exhibit 10.15 

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

This Non-Exclusive License Agreement for Antibodies (“Agreement”) is made and entered
into as of July 7, 2016 (the “Effective Date”) by and between: The Washington University, a corporation established by special act of the Missouri General Assembly approved February 22, 1853 and acts amendatory
thereto, through its Office of Technology Management having its principal offices at 4240 Duncan Avenue, Suite 110, St. Louis, MO 63110 (hereinafter referred to as “WU”); and Oncorus, Inc., a corporation organized and
existing under the laws of the State of Delaware, having its principal offices at 450 Kendall Street, Cambridge, MA 02142 (hereinafter referred to as “Licensee”). WU and Licensee are each a “Party” or collectively
the “Parties” of this Agreement. 
 SUMMARY OF TERMS 

The terms set forth below shall be interpreted in accordance with Schedules A – B appended hereto, which are hereby expressly
incorporated by reference into this Agreement. 
  

	 	•	 	 Field: Prevention and treatment of any disease or condition in humans and/or animals.

  

	 	•	 	 Territory: Worldwide 

 

	 	•	 	 License Issue Fee: $[***] 

 

	 	•	 	 License Maintenance Fee: $[***] 

 

	 	•	 	 Royalty Rate: [***]% 

The signatures of the undersigned indicate that they have read, understand, and agree with the terms of this Agreement, including its appended
Schedules A – B, and have the authority to execute this Agreement on behalf of and to bind their represented Party. 
  

									
		 	WASHINGTON UNIVERSITY	    		    		 	LICENSEE
					
	Signature:	 	/s/ Nichole Mercier	    		    	Signature:	 	/s/ Thomas W. Chalberg
	    Name:	 	Nichole Mercier, PhD	    		    	    Name:	 	Thomas W. Chalberg, PhD
	    Title:	 	Managing Director, OTM	    		    	    Title:	 	Chief Operating Officer
					
	    Date:	 	8-23-16	    		    	    Date:	 	27 July 2016

 SCHEDULE A 

TERMS AND CONDITIONS 
  

	1.	 Definitions. 

As used in this Agreement, the following terms have the meaning ascribed to them below: 

1.1 “Affiliate” means an entity that now or hereafter, directly or indirectly, controls or is controlled by or is under
common control with a Party to this Agreement whether by beneficial ownership, contract, or otherwise. 
 1.2 “Calendar
Half” means each six-month period of a calendar year, or portion thereof, beginning on January 1 or July 1. 

1.3 “Field” means the field, as described in the Summary of Terms, in which Licensee is authorized to use the Tangible
Research Property under this Agreement. 
 1.4 “First Commercial Sale” means the date on which Licensee transfers a
Licensed Product for compensation (including equivalent cash value for trades or other non-cash payments). 

1.5 “License Issue Fee” means the license issue fee listed in the Summary of Terms. 

1.6 “Licensed Product” means any product that contains, is made or derived from, and/or requires the use of any
Tangible Research Property or Modifications. 
 1.7 “Modifications” shall mean Replication-Competent Modifications
and Replication-Incompetent Modifications. 
 1.8 “Net Sales” means the [***]. 

1.9 “Permissible Deductions” means [***]. 

1.10 “Sale” means [***]. 

1.11 “Replication-Competent Modifications” means derivatives which (i) contain/incorporate the Tangible Research
Property and are not produced at WU and (ii) comprise replication-competent herpes viral vectors. 
 1.12
“Replication-Incompetent Modifications” means derivatives which (i) contain/incorporate the Tangible Research Property and are not produced at WU and (ii) do not comprise replication-competent herpes viral vectors. 

1.13 “Royalty Rate” means the royalty rate listed in the Summary of Terms, which shall apply to Net Sales of Licensed
Products. 
 1.14 “Tangible Research Property” means the materials and other property that WU, either directly or
through third parties, provides to Licensee pursuant to this Agreement, including without limitation the materials listed in Schedule B, their progeny, and unmodified derivatives. 

 1.15 “Term” means the duration of this Agreement, which shall
commence on the Effective Date and terminate on the 10th anniversary of the First Commercial Sale. 

1.16 “Territory” means the countries and other territories listed in the Summary of Terms, but excluding those
countries and territories to which export of technology or goods is prohibited by applicable U.S. export control laws or regulations. 
  

	2.	 License Grants and Restrictions. 

2.1 Subject to the terms and conditions of this Agreement, WU hereby grants to Licensee, and Licensee hereby accepts, (i) a non-transferable (subject to Sections 2.6 and 13.6), non-exclusive, royalty-bearing, sub-licensable license under the Tangible Research
Property and (ii) a non-transferable (subject to Sections 2.6 and 13.6), non-exclusive, sub-licensable (subject to
Section 2.6), royalty-bearing license under the Replication-Incompetent Modifications and (iii) a non-transferable (subject to Sections 2.6 and 13.6), exclusive,
sub-licensable (subject to Section 2.6), royalty-bearing license under the Replication-Competent Modifications, in each case of (i) through (iii), to research, develop, make, have made, sell, offer
for sale, use, import, and export Licensed Products in the Field and in The Territory. Upon the expiration (but not the early termination) of this Agreement, WU hereby grants to Licensee, and Licensee hereby accepts, a
non-exclusive, sublicenseable, perpetual, irrevocable, fully paid-up license under the Tangible Research Property and Modifications to research, develop, make, have
made, sell, offer for sale, use, import, and export Licensed Products in the Territory and in the Field. 
 2.2 WU agrees to deliver,
or cause to be delivered, the Tangible Research Property to Licensee within [***] of the Effective Date of this Agreement. 
 2.3
Licensee agrees and acknowledges that: (a) in accordance with Public Laws 96-517, 97-256, and 98-620, codified at 35 U.S.C.
§§ 200-212, the United States government retains certain rights to inventions arising from federally supported research or business; (b) under such laws and implementing regulations, the
government may impose requirements on such inventions; (c) Licensed Products embodying inventions subject to such laws and regulations sold in the United States must be substantially manufactured in the United States; and (d) the license
rights granted in this Agreement are expressly made subject to such laws and regulations as amended from time to time. Licensee agrees to abide by all such laws and regulations. 

2.4 Licensee hereby grants to WU and WU hereby accepts, a non-transferable, non-exclusive, perpetual, irrevocable, fully paid up license, for research and education purposes only, under any and all application patents, copyright registrations or other intellectual property rights, to make
and use any and all inventions, discoveries or improvements conceived of or reduced to practice by Licensee during the Term of this Agreement and relating to the Tangible Research Property so long as these inventions, discoveries or improvements
were independently developed at WU. 
 2.5 WU retains all ownership rights in the Tangible Research Property. The risk of loss of all
Tangible Research Property shall pass to Licensee upon delivery. For the avoidance of doubt, Licensee’s rights in any Tangible Research Property extend only to the specific Tangible Research Property delivered by WU to Licensee. Accordingly,
Licensee shall have no right to any tangible research property retained by WU including, without limitation, any original tangible research property that may be retained by WU and on which the Tangible Research Property delivered to Licensee may be
based. Other than the license expressly granted in Section 2.1 above, all rights in and to the Tangible Research Property are hereby reserved by WU. Licensee agrees not to practice or use the Tangible Research Property or do any act in respect
thereof outside the scope of the license expressly granted above including, without limitation, providing any Tangible Research Property to any third party, other than as expressly permitted under this Agreement. Licensee further agrees that it will
not do any act or thing which would in any way contest WU’s ownership in, or otherwise derogate from the ownership by WU, of any rights in the Tangible Research Property. Licensee further agrees not to register or attempt to register in the
Territory or elsewhere any rights in the Tangible Research Property or to assist any third party to do so. 

 2.6 Sublicensing 

2.6.1 Subject to the further provisions of this Section 2.6, Licensee may grant sublicenses of the licenses granted to Licensee in
Sections 2.1 above to third parties by entering into a written agreement with any such third party (each such agreement shall be referred to herein as a “Sublicense”). In addition, each such Sublicensee (“Sublicensee” means a
third party that has received a sublicense under the license rights granted to Licensee in Section 2.1 of this Agreement) shall have the right to grant additional Sublicenses under the rights granted in Section 2.1. For avoidance of doubt,
the term “Sublicensee” includes any sublicensee of a Sublicensee as permitted pursuant to Section 2.6.1. Licensee agrees that it will require all Sublicensees to comply with all applicable terms and conditions set forth in this
Agreement. 
 2.6.2 Licensee agrees that it will require all Sublicensees to comply with the terms and conditions set forth in this
Agreement and applicable to Licensee. In furtherance of the foregoing but without limiting the generality thereof, each Sublicense shall, for the express benefit of WU, bind the Sublicensee to terms and conditions no less favorable to WU than those
between WU and Licensee contained in this Agreement. In addition, Licensee shall confirm or have its’ Sublicensees, in the case of sub-Sublicensees, confirm that each such Sublicensee is in compliance with all export control provisions as set
forth in Section 13.1. To the extent that any term, condition, or limitation of any Sublicense is inconsistent with the terms, conditions and limitations contained in this Agreement, such term, condition, and/or limitation shall be null and
void against WU. Without in any way narrowing or limiting the scope of the foregoing provisions of this Section 2.5.2, all Sublicenses shall contain the terms and conditions set forth in Exhibit C hereto. Within [***] after the effective date
of any Sublicense, Licensee shall provide WU a complete copy of the Sublicense including, without limitation, any and all exhibits and/or attachments thereto. If the Sublicense is written in a language other than English, the copy of the Sublicense
shall be accompanied by a complete translation written in English. Upon delivery of such translation to WU, Licensee shall be deemed to represent and warrant to WU that such translation is a true and accurate translation of the Sublicense. 

2.6.3 Primary Liability. Licensee will be primarily liable to WU for all acts, errors or omissions of a
Sublicensee. Any act, error or omission of a Sublicensee that would be a breach of this Agreement if imputed to Licensee will be deemed to be a breach of this Agreement by Licensee. 

 

	3.	 Royalties and License Fee. 

3.1 Within [***] after the Effective Date, Licensee agrees to pay the License Issue Fee to WU. Such License Issue Fee shall be non-refundable and shall not be credited against any other payments that may be due hereunder. 

3.2 Licensee will pay WU the Royalty Rate of Net Sales, for each Sale of a Licensed Product sold by or for Licensee. A Sale of a
Licensed Product will be deemed to have been made at the time Licensee first invoices, [***] after the end of each Calendar Half in which the Sale of the Licensed Products to which such earned royalties occurs. 

 3.3 On or before every anniversary of the Effective Date, Licensee agrees to pay the
License Maintenance Fee to WU. All License Maintenance Fees shall be non-refundable and shall not be credited against any other payments that may be due hereunder. 

 

	4.	 Diligence. 

Licensee shall exercise commercially reasonable efforts to sell Licensed Product, and will continue to exercise commercially reasonable efforts to sell
Licensed Products in the Territory for the duration of the Term. Licensee agrees that it will notify WU in writing within [***] if Licensee will no longer make Licensed Product available in the Field. WU reserves the right to terminate this
Agreement in the event Licensee decides not to make Licensed Product available in the Field. 
  

	5.	 Payments, Records, and Audits. 

5.1 All dollar ($) amounts referred to in this Agreement are expressed in United States dollars. All payments to WU shall be made in
United States dollars by check or electronic transfer payable to “Washington University.” Any Sales revenues for Licensed Products in currency other than United States dollars shall be converted to United States dollars at the conversion
rate for the foreign currency as published in the Eastern edition of The Wall Street Journal as of the last business day in the United States of the applicable Calendar Half. 

5.2 Checks shall reference WU Contract Number [***] and shall be sent to: 

[***] 
 All payments shall include the WU Contract
Number to ensure accurate crediting to Licensee’s account. Electronic transfers shall be made to a bank account designated in writing by WU. 

5.3 Within [***] after the end of each Calendar Half in which a Licensed Product is Sold or made, Licensee shall deliver to WU, a
written report setting forth the calculation of all amounts due to Licensee under Sections 5.3 and 5.5 above for such Calendar Half. For LicensedProducts, each such report shall show, at a minimum, (a) the number of Licensed Products in
inventory at the beginning of such Calendar Half, (b) the number of Licensed Products Sold and amount of Sales by country during such Calendar Half, (c) the number of Licensed Products in inventory at the end of such Calendar Half,
(d) the gross receipts for Sales of Licensed Products during such Calendar Half including total amounts invoiced and received, (e) any Permissible Deductions giving totals by each type for such Calendar Half, (f) Net Sales of Licensed
Products by country for such Calendar Half, (g) royalties, fees and payments due to WU for such Calendar Half, giving totals for each category, and (h) earned royalty amounts credited against minimum royalty payments for such Calendar
Half. 
 5.4 Licensee shall maintain complete and accurate books of account and records that would enable an independent auditor to
verify the amounts paid as royalties, fees and payments under this Agreement. The books and records must be maintained for [***] following the Calendar Half after submission of the reports required by this Agreement. Upon reasonable notice by WU,
Licensee must give WU (or auditors or inspectors appointed by and representing WU) access to all books and records relating to Sales of Licensed Products by Licensee by Licensee to conduct, at WU’s expense, an audit or review of those books and
records. This access must be available at least [***], during regular business hours, during the term of this Agreement and for the [***] following the year in which termination or expiration of this Agreement occurs. If any such audit or review
determines that Licensee has underpaid royalties by [***]% or more for any Calendar Half, Licensee shall (a) reimburse WU for the costs and expenses of the accountants and auditors in connection with the review and audit, and
(b) immediately pay WU the amount of such underpayment along with interest on the past due amount as provided in Section 5.5 below. 

 5.5 Any amounts not paid by Licensee to WU when due shall accrue interest, from the
date [***] after the balance is due at an interest rate of [***]. In addition, [***]. 
 5.6 Payments shall be paid to WU free and
clear of all foreign taxes. If laws, rules or regulations require withholding of income taxes of other rates imposed upon payments set forth in this Agreement, Licensee shall make such withholding payments as required and without subtracting such
withholding payments from such payments to WU. Licensee shall submit appropriate proof of payment of the withholding rates to WU within a reasonable period of time. Licensee shall use efforts consistent with its usual business practices to minimize
the extent of any withholding taxes imposed under the provisions of the current or any future double taxation treaties or agreement between foreign countries, and the Parties shall cooperate with each other with respect thereto, with the appropriate
Party under the circumstances providing the documentation required under such treaty or agreement to claim benefits thereunder. 
  

	6.	 Confidentiality. 

6.1 The Parties acknowledge that, prior to and during the Term of this Agreement, the Parties may disclose to one another scientific,
technical, business, or other information which is treated by the disclosing Party as confidential or proprietary, including but not limited to Tangible Research Property and reports provided by Licensee to WU under this Agreement (hereinafter
referred to as “Confidential Information”). Both Parties agree that in order to ensure that each Party understands which information is deemed to be confidential, all Confidential Information will be in written form and clearly marked as
“Confidential,” and if the Confidential Information is initially disclosed in oral or some other non-written form, it will be confirmed and summarized in writing and clearly marked as
“Confidential” within thirty (30) days of disclosure. The receiving Party shall hold such Confidential Information in confidence and shall treat such information in the same manner as it treats its own confidential information but not
less than with a reasonable degree of care. In recognition that WU is a non-commercial, academic institution, Licensee agrees to limit to the extent possible the delivery of Licensee Confidential Information
to WU. Each Party retains the right to refuse to accept any such information or data from the other Party which it does not consider to be essential to this Agreement or which it believes to be improperly designated. The Confidential Information
provided to the receiving Party will remain the property of the disclosing Party, and will be disclosed only to those persons necessary for the performance of this Agreement. The Parties agree that no indirect or consequential damages, or damages
based on loss of profits or lost market share, are contemplated or recoverable for breach of the confidentiality obligations of this Agreement. 

6.2 Confidential Information does not include information that (a) was known to the receiving Party prior to receipt from the
disclosing Party as evidenced by the receiving Party’s records; (b) is or becomes part of the public domain through no act by or on behalf of the receiving Party; (c) is lawfully received by the receiving Party from a third party
without any restrictions, and/or (d) comprises identical subject matter to that which had been originally and independently developed by the receiving Party personnel without knowledge or use of any Confidential Information as evidenced by the
receiving Party’s records. 
 6.3 The receiving Party may, to the extent necessary, disclose the disclosing Party’s
Confidential Information in accordance with a judicial or other governmental order, provided that the receiving Party either (a) gives the disclosing Party reasonable notice prior to such disclosure to allow the disclosing Party a reasonable
opportunity to seek a protective order or equivalent, or (b) obtains written assurance from the applicable judicial or governmental entity that it will afford the Confidential Information an appropriate level of protection afforded under
applicable law or regulation. 

 6.4 Licensee may, to the extent necessary, use and disclose the Confidential
Information to secure governmental approval to market a Licensed Product, or in connection with the sale of all, or substantially all, of the Licensee’s assets to which this Agreement relates. Licensee will, in any such event, take all
reasonably available steps to maintain the confidentiality of the disclosed Confidential Information and to guard against any further disclosure. 
  

	7.	 Representations and Warranties. 

7.1 Each of WU and Licensee represents and warrants to the other that (a) this Agreement has been duly executed and delivered and
constitutes a valid and binding agreement enforceable against such Party in accordance with its terms, (b) no authorization or approval from any third party is required in connection with such Party’s execution, delivery, or performance of
this Agreement, and (c) the execution, delivery, and performance of this Agreement does not violate the laws of any jurisdiction or the terms or conditions of any other agreement to which it is a party or by which it is otherwise bound. 

7.2 Licensee represents and warrants that it will (a) use the Tangible Research Property only in accordance with the provisions of
this Agreement and with such laws, rules, regulations, government permissions and standards as may be applicable thereto in the Territory and in the Field, and (b) otherwise comply with all laws, rules, regulations, government permissions and
standards as may be applicable to Licensee in the Territory with respect to the performance by Licensee of its obligations hereunder. Licensee further represents and warrants that (i) it has obtained the insurance coverage required by
Section 10 below, and (ii) there is no pending litigation and no threatened claims against it that could impair its ability or capacity to perform and fulfill its duties and obligations under this Agreement. Licensee warrants that all
reports and/or statements provided by Licensee hereunder are true and correct and are certified true and correct by Licensee upon delivery to WU. 
  

	8.	 Infringement 

Throughout the Term of this Agreement, Licensee agrees to give WU prompt notice of (a) any known or suspected infringement or misappropriation of the
Tangible Research Property in the Territory, and (b) any claim that a Licensed Product infringes the intellectual property rights of a third party. 
  

	9.	 Indemnification. 

Licensee agrees to indemnify, defend, reimburse and hold harmless WU, WU personnel, WU’s Affiliates, and each of their respective trustees, faculty,
staff, employees, students, directors, officers, agents, successors and assigns (altogether the “WU lndemnitee”) from, for and against any and all judgments, settlements, losses, expenses, damages and/or liabilities and any and all court
costs, attorneys’ fees, and expert witness fees and expenses that a WU Indemnitee may incur from any and all allegations, claims, suits, actions or proceedings (the “Claims”) arising out of, relating to, or incidental to
Licensee’s breach of this Agreement or Licensee’s or Sublicensee’s use, development, commercialization, or other exploitation of Licensed Products and Tangible Research Property, whether by or through Licensee, and including all
Claims for infringement, injury to business, personal injury, and product liability. The obligations set forth in this Section shall survive termination of this Agreement, shall continue even after assignment of rights and responsibilities, and
shall not be limited by any provision of this Agreement outside this Section. 
  

	10.	 Insurance. 

10.1 Throughout the Term of this Agreement and for a period of [***] thereafter, Licensee shall obtain and maintain comprehensive
general liability and product liability insurance, naming WU as an additional insured, with carrier(s) having at least AM. Best ratings/class sizes of A/VII and in the following minimum annual limits: 

	 	•	 [***]. 

10.2 Licensee will provide WU with a certificate of insurance within [***] of execution of this Agreement and annually thereafter. The
certificates must provide that Licensee’s insurer will notify WU in writing at least [***] prior to cancellation or material change in coverage. The specified minimum insurance coverage and limits do not constitute a limitation on
Licensee’s liability or obligation to indemnify or defend under this Agreement. 
  

	11.	 Term and Termination. 

11.1 The Term of this Agreement is defined in Section 1.15 and is subject to earlier termination as provided herein. 

11.2 Licensee may terminate this Agreement without cause by giving notice thereof to WU. Licensee shall pay to WU all amounts due and
owing to WU under this Agreement on the date of termination. Any such termination shall be effective on the date such notice is given. 

11.3 WU may terminate this Agreement by giving notice thereof to Licensee upon the occurrence of any one or more of the following events
(in which event this Agreement shall terminate on the date such notice is given): (a) Licensee exercises, or attempts or offers to exercise, any rights with respect to the Tangible Research Property outside the scope of the licenses granted to
Licensee in Article 2 above, (b) Licensee breaches any provision of Article 5 above, and/or (c) Licensee (i) becomes insolvent, bankrupt, or is otherwise unable to pay its debt(s) to WU by the due date(s), or (ii) Licensee suffers the
appointment of a receiver, receiver and manager, or administrative receiver of the whole or any part of its assets or undertaking, or (iii) an order is made or a notice issued convening a meeting of shareholders to consider the passing of a
resolution, or (iv) a resolution is passed, for its winding up (other than for the purpose of amalgamation or reconstruction), or (v) it enters into any arrangement with its creditors or suffers any distress or execution to be levied on
its goods. 
 11.4 WU may terminate this Agreement by giving notice thereof to Licensee in the event Licensee commits a breach of any
provision of this Agreement (other than a breach of the type contemplated by Section 11.3 above) and fails to cure such breach within [***] after the day that WU gives Licensee notice of such breach. Such termination shall be effective on the
date such notice of termination is given. Licensee may terminate this Agreement by giving notice thereof to WU in the event WU commits a breach of any provision of this Agreement and fails to cure such breach within [***] after the day that Licensee
gives notice to WU of such breach, and such termination shall be effective on the date such notice of termination is given. 
 11.5 On
the date of early termination of this Agreement, all license rights granted to Licensee under Article 2 above shall terminate. Upon early termination of this Agreement, Licensee agrees to, promptly deliver to WU all originals, copies, reproductions
and summaries of all Tangible Research Property and Confidential Information, in each instance in the format in which it exists at the time of early termination of this Agreement, or in another mutually agreed format. Within [***] after such early
termination, Licensee agrees to deliver a written report to WU of all Licensed Products in inventory. If this Agreement terminates early before the expiration of the Term, then, upon the termination of this Agreement, Licensee agrees (a) to
immediately discontinue the exportation of Licensed Products, (b) to immediately discontinue the manufacture, Sale and distribution of the Licensed Products in the Territory, (c) to immediately destroy all Licensed Products in inventory,
and (d) not to manufacture, sell and/or distribute Licensed Products. 

 11.6 For the avoidance of doubt, the expiration or earlier termination of this
Agreement shall not relieve Licensee of its obligation to account for and make payment to WU of any amount due hereunder including, without limitation, any royalties accrued during the Term of this Agreement. 

 

	12.	 Disclaimer and Limitation of Liability. 

NOTWITHSTANDING ANYTHING HEREIN TO THE CONTRARY, EVERYTHING PROVIDED BY WU UNDER THIS AGREEMENT IS UNDERSTOOD TO BE EXPERIMENTAL IN NATURE, MAY HAVE HAZARDOUS
PROPERTIES, AND IS PROVIDED WITHOUT ANY WARRANTY OF ANY KIND, EXPRESSED OR IMPLIED, INCLUDING WITHOUT LIMITATION, WARRANTIES OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE, OR NON-INFRINGEMENT OF ANY
THIRD-PARTY PATENT, TRADEMARK, COPYRIGHT OR ANY OTHER THIRD-PARTY RIGHT. WU MAKES NO WARRANTIES REGARDING THE QUALITY, ACCURACY, COMMERCIAL VIABILITY OR ANY OTHER ASPECT OF ITS PERFORMANCE PURSUANT TO THIS AGREEMENT OR REGARDING THE PERFORMANCE,
VALIDITY, SAFETY, EFFICACY OR COMMERCIAL VIABILITY OF ANYTHING PROVIDED BY WU UNDER THIS AGREEMENT. IN NO EVENT SHALL WU OR LICENSEE BE LIABLE FOR ANY INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS
AGREEMENT, WHETHER IN BREACH OF CONTRACT, TORT OR OTHERWISE, EVEN IF THE PARTY IS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. EXCEPT FOR THEIR RESPECTIVE INDEMNITY OBLIGATIONS, EACH OF WU’S AND LICENSEE’S AGGREGATE LIABILITY TO THE OTHER
UNDER THIS AGREEMENT SHALL NOT EXCEED THE PAYMENTS MADE OR PAYMENTS DUE UNDER THIS AGREEMENT, RESPECTIVELY. 
  

	13.	 General Provisions. 

13.1 In performing their respective obligations under the Agreement, the Parties will comply with United States export control and asset
control laws, regulations, and orders, as they may be amended from time to time, applicable to the export or re-export of goods or services, including software, processes, or technical data. Such regulations
include without limitation the Export Administration Regulations (“EAR”), International Traffic in Arms Regulations (“ITAR”), and regulations and orders administered by the Treasury Department’s Office of Foreign Assets
Control (collectively, “Export Control Laws”). WU is not transferring any information or material outside of the United States under this Agreement and is providing no representation regarding the export control status or classification of
any information or materials provided hereunder. 
 13.2 This Agreement embodies the entire understanding of the Parties and
supersedes all other past and present communications and agreements relating to the subject matter. No amendment or modification of this Agreement shall be valid unless made in writing and signed by authorized representatives of both Parties. 

13.3 This Agreement shall be governed by and construed in accordance with the laws of the State of Missouri, without regard to its rules
or procedures involving conflicts of laws. All actions relating to this Agreement shall be brought exclusively in the United States District Court for the Eastern District of Missouri or the Circuit Court of St. Louis County, Missouri, if no federal
subject matter jurisdiction exists. The Parties irrevocably waive all present and future objections to personal jurisdiction, forum or venue in such courts. 

 13.4 Each provision of this Agreement that would by its nature or terms survive,
shall survive any termination or expiration of this Agreement, regardless of the cause. Such provisions include, without limitation, Sections 3, 5, 6, 7, 9, 10 and 12. 

13.5 Notices pursuant to this Agreement shall be effective when sent, if delivered by a commercial carrier’s overnight delivery
service or when received if sent otherwise. Notices to WU and Licensee should be sent to the addresses set forth in the preamble of this Agreement, or such other address as a Party so notifies the other Party pursuant to this Section 13.5. 

13.6 This Agreement shall be personal to Licensee, and it is not assignable by Licensee to any other person or entity without the prior
written consent of WU, such consent to be in WU’s sole discretion. Notwithstanding the foregoing, Licensee shall be free to assign this Agreement and its rights and obligations hereunder without WU’s consent (a) to any Affiliate or
(b) in connection with any sale of substantially all of Licensee’s assets or business (or that portion of its assets or business related to the subject matter of this Agreement), merger, acquisition, consolidation, reorganization, or other
similar transaction, provided that (i) Licensee shall not be released of its obligations existing at the time of such assignment and (ii) the assignee or successor to this Agreement confirms, in writing, that it will be subject to and must
comply with all terms, conditions, and obligations of this Agreement. 
 13.7 The recitals and preamble to this Agreement, if any, are
hereby incorporated as an integral part of this Agreement as if restated herein in full. Headings are included for convenience and reference only and are not incorporated as an integral part of this Agreement. This Agreement may be executed in any
number of counterparts each of which shall be deemed an original and as executed shall constitute one agreement, binding on both parties, even though both parties do not sign the same counterpart. 

13.8 Each Party is an independent contractor and not a partner or agent of the other Party. This Agreement will not be interpreted or
construed as creating or evidencing any partnership or agency between the Parties or as imposing any partnership or agency obligation or liability upon either Party. Further, neither Party is authorized to, and will not, enter into or incur any
agreement, contract, commitment, obligation or liability in the name of or otherwise on behalf of the other Party. 
 13.9 If any
provision in this Agreement is held invalid, illegal, or unenforceable in any respect, such holding shall not affect any other provisions of this Agreement, and this Agreement shall be construed as if it had never contained the invalid, illegal, or
unenforceable provisions. 
 13.10 The failure of either Party to insist upon or enforce strict performance by the other Party of any
provision of this Agreement, or to exercise any right or remedy under this Agreement will not be interpreted or construed as a waiver or relinquishment of that Party’s right to assert or rely upon any such provision, right or remedy in that or
any other instance; rather, the same will be and remain in full force and effect. All rights and remedies under this Agreement are cumulative of every other such right or remedy and may be exercised concurrently or separately from time-to-time. 
 13.11 Neither Party may use the trademarks
or name of the other Party or its employees for any commercial, advertisement, or promotional purposes without the prior written consent of an authorized corporate officer of the other Party. If either Party is required by law, governmental
regulation, or its own authorship or conflict of interest policies to disclose its relationship with the other Party, including, but not limited to, in SEC filings, scientific publications or grant submissions, it shall provide the other Party with
a copy of the disclosure. Notwithstanding the provisions of this Section either party may publicize the existence of, and the Parties to, this Agreement. 

 13.12 Neither WU nor Licensee will be liable for failure of or delay in performing
obligations set forth in this Agreement, and neither will be deemed in breach of its obligations, other than for payments, if such failure or delay is due Jo natural disasters or other causes reasonably beyond the control of a Party and reasonable
notice of the delay is provided to the other Party. 
 13.13 Licensee agrees that for all WU faculty or staff members who serve
Licensee in the capacity of consultant, officer, employee, board member, advisor, or otherwise through a personal relationship with Licensee (a “Consultant”) (a) such Consultant shall serve the Licensee in his or her individual
capacity, as an independent contractor, and not as an agent, employee or representative of WU; (b) WU exercises no authority or control over such Consultant while acting in such capacity; (c) WU receives no benefit from such activity;
(d) neither Licensee nor the Consultant may use WU resources in the course of such service; (e) WU makes no representations or warranties regarding such service and otherwise assumes no liability or obligation in connection with any such
work or service undertaken by such Consultant; and (f) any breach, error, or omission by a Consultant acting in the capacity set forth in this Section shall not be imputed or otherwise attributed to WU, and shall not constitute a breach of this
Agreement by WU. 
 13.14 Each Party shall, at the reasonable request of the other, execute and deliver to the other such instruments
and/or documents and shall take such actions as may be required to more effectively carry out the terms of this Agreement. 
 13.15
[***]. 
 13.16 This Agreement may be executed in counterparts, each of which shall be deemed an original and as executed shall
constitute one agreement, binding on both Parties, even though both Parties do not sign the same counterpart. 

 SCHEDULE B 

TANGIBLE RESEARCH PROPERTY 

[***] 
 It is expressly understood that the
above Tangible Research Properties are to be delivered to Licensee by the University of Pittsburgh on behalf of WU. 

 SCHEDULE C 

SUBLICENSE AGREEMENT PROVISIONS 

Sublicensee agrees to indemnify and hold harmless WU Indemnitees to the same extent and under terms no less favorable to WU Indemnitees as
Licensee’s obligations under Article 11 of this Agreement. 
 Sublicensee agrees to maintain insurance for WU’s benefit to the same
extent and under terms no less favorable to WU as Licensee’s obligations under Article 12 of this Agreement. 
 Sublicensee agrees to
maintain books and records and allow audits for WU’s benefit to the same extent and under terms no less favorable to WU as Licensee’s obligations under this Agreement. 

If Licensee enters bankruptcy or receivership, voluntarily or involuntarily, sublicensing revenue then or thereafter due to Licensee will, upon
notice from WU to any Sublicensee, become directly due and owing to WU for the account of Licensee. WU will remit to Licensee any amounts received that exceed the sum actually owed by Licensee to WU. 

Washington University is a third party beneficiary of this Sublicense Agreement. Accordingly, Washington University may enforce this Agreement
against Sublicensee to the same extent as the Sublicensor.EX-10.16

 Exhibit 10.16 

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

This License Agreement (“Agreement”) made this eleventh day of December, 2018 (the “Effective Date”) by and
between Northwestern University, an Illinois corporation having a principal office at 633 Clark Street, Evanston, Illinois 60208 (hereinafter referred to as “Northwestern”) and Oncorus, Inc., a Delaware corporation having a
principal office at 50 Hampshire St., Suite 401, Cambridge, MA 02139 (hereinafter referred to as “Licensee”) (each of Northwestern and Licensee individually a “Party” and collectively the
“Parties”). 
 WITNESSETH 

WHEREAS, Northwestern, Trustees of Tufts College and NUTech Ventures, (collectively “Institutions”) are the owners of
certain patent rights relating to Non-neuroinvasive herpes viruses (NU2014-106) and have the right to grant licenses hereunder, subject only to a royalty-free, nonexclusive license heretofore granted to the
United States Government; 
 WHEREAS, Institutions desire to have the Patent Rights (as defined below) developed and commercialized
to benefit the public and is willing to grant a license hereunder; 
 WHEREAS, pursuant to an agreement between Northwestern,
Trustees of Tufts College and NUTech Ventures, Northwestern on behalf of Trustees of Tufts College and NUTech Ventures, has been granted the rights to grant licenses to the Patent Rights hereunder; 

WHEREAS, Licensee has represented to Northwestern that Licensee has the expertise, experience, and resources necessary to enable
Licensee to commit itself to a thorough, vigorous and diligent program to develop and subsequently manufacture, market and sell products utilizing the Patent Rights; and 

WHEREAS, Licensee desires to obtain a license under the Patent Rights upon the terms and conditions hereafter set forth. 

NOW THEREFORE, in consideration of the premises and mutual covenants contained herein, the Parties hereto agree as follows: 

ARTICLE I – DEFINITIONS 

1.1 “Affiliate” shall mean any corporation, firm, partnership or other entity which controls, is controlled by or is under
common control with a Party. For the purposes of this definition, “control” shall mean any right or collection of rights that together allow direction on any vote with respect to any action by an entity or the direction of management and
operations of that entity. Such right or collection of rights includes without limitation (a) the authority to act as sole member or shareholder or partner with a majority interest in an entity; (b) a majority interest in an entity; and
(c) the authority to appoint, elect, or approve at least a majority of the governing board of that entity. 
 1.2 “Commercially
Reasonable Efforts” shall mean [***]. 

 1.3 “Confidential Information” shall have the meaning set forth in Article
III. 
 1.4 “Development Plan” shall have the meaning set forth in Section 4.1. 

1.5 “FDA” shall mean the United States Food & Drug Administration and any successor agency thereto. 

1.6 “Field” shall mean Oncolytic viruses for the treatment and prevention of cancer in humans and animals. The Field
specifically excludes diagnostics, human and animal vaccine development and use, and veterinary use. 
 1.7 “First Commercial
Sale” means with respect to a Licensed Product, the first commercial sale in a country in the Territory of such Licensed Product; provided, that First Commercial Sale does not include (a) any use of such Licensed Product in clinical
trials, pre-clinical studies or other development activities, or (b) the disposal or transfer of such Licensed Product for a bona fide charitable purpose, including expanded access, compassionate use or
named patient use. 
 1.8 “Follow-On Patent Rights” shall mean any patents or patent
applications filed by the Institutions within [***] of the Effective Date, and any divisions, provisionals, continuations or continuations-in-part thereof, which claim
or cover an invention that is a modification or improvement to any subject matter that is claimed in the Original Patent Rights. Follow-On Patent Rights shall not include research or discoveries that arise
from collaborations between the inventors of the Original Patent Rights and other faculty investigators at Institutions or outside Institutions who are not inventors of the Original Patent Rights. 

1.9 “IND” shall mean an Investigational New Drug Application suitable for obtaining approval to ship a Licensed Product for
the purpose of safety and effectiveness testing of such Licensed Product. 
 1.10
“Know-How” shall mean certain proprietary know-how or non-public technical information, existing as of the
Effective Date of this Agreement, owned by the Institutions and that the Institutions have a legal right to convey and which has been necessary or useful to practice the Patent Rights in the Field. 

1.11 “Licensed Products” shall mean any product or service, the manufacture, use or sale of which is covered or claimed by a
Valid Claim at the time and in the country of manufacture, use or sale or that incorporates or is developed or made using the Patent Rights in the Field. 

1.12 “Major Market Country” shall mean [***]. 

1.13 “NDA” shall mean an application suitable for obtaining Regulatory Approval, the approval of which is necessary to market
Licensed Products in the United States, whether such application is pending or approved or is to be filed with respect to the Licensed Products, submitted or to be submitted to the FDA under applicable United States Law. 

 1.14 “Net Sales” shall mean [***]. 

1.15 “Non-Commercial Research Purposes” means the use or practice of Patent Rights
solely for academic research and other not-for-profit or scholarly purposes which are undertaken at a non-profit or governmental
institution that does not involve any use in clinical trials in the Field, the production or manufacture of products for sale or the performance of services for a fee in the Field, or the granting of any right or license under the Patent Rights in
the Field or providing any materials claimed in the Patent Rights in the Field for use in development or commercialization to any for-profit or commercial third party. Without limiting the foregoing: (i)
“academic research and other not-for-profit or scholarly purposes” includes, in non-limiting fashion, research that
leads, or may lead, to patentable or unpatentable inventions that may be licensed or otherwise transferred, either directly or indirectly, to third parties; and (ii) neither (A) receipt of license revenues on account of such inventions or
receipt of reimbursements for the costs of preparation and shipping of samples of materials provided to third parties as a professional courtesy, in response to post-publication requests or otherwise in accordance with academic custom nor
(B) receipt of funding to cover the direct and/or indirect costs of research, shall constitute sale of products or performance of service for a fee. 

1.16 “Original Patent Rights” shall mean the patents and patent applications listed on Exhibit A attached hereto and
incorporated herein by reference, and any patents which issue from the patent applications listed on Exhibit A attached hereto and incorporated herein by reference, and all divisions, continuations and continuations-in-part thereof (but only to the extent of the subject matter that is described and enabled by a disclosure in a patent or patent application listed in Exhibit A that is sufficient to meet the
requirements of 35 U.S.C. § 112) and any foreign counterparts thereto. 
 1.17 “Patent Rights” shall mean the Original
Patent Rights and any Follow-On Patent Rights. 
 1.18 “Phase II Clinical Trial”
shall mean a human clinical trial that would satisfy the requirements of 21 C.F.R §312.21(b). 
 1.19 “Phase III Clinical
Trial” shall mean a controlled human clinical trial designed to support an applicable for Regulatory Approval. 
 1.20
“Prosecuting Party” shall have the meaning set forth in Section 8.2.3. 
 1.21 “Regulatory Approval”
shall mean the approval of either the FDA or a foreign counterpart thereto required to commence commercial sale of a Licensed Product in such country in the Territory. 

1.22 “Sublicense Payments” shall mean [***]. 

1.23 “Sublicensee” shall mean any person or entity, including an Affiliate, to whom Licensee directly or indirectly, other
than by assignment of this Agreement in whole or in part pursuant to Section 12.1, grants or otherwise conveys Northwestern’s rights in any Patent Rights. 

1.24 “Term” shall have the meaning set forth in Section 11.1. 

1.25 “Territory” shall mean entire world. 

1.26 “Valid Claim” shall mean in the applicable country, any claim of: (a) a pending application within the Patent Rights
which has not been pending for more than [***]; and/or (b) an issued and unexpired patent included in the Patent Rights that has not been abandoned, lapsed, or held unenforceable, unpatentable or invalid by a decision of a court or tribunal of
competent jurisdiction, that is unappealable or unappealed within the time allowed for appeal. 

 ARTICLE II – GRANT 

2.1 In reliance upon the representations made to Northwestern by Licensee that Licensee has the unique experience, expertise and resources
necessary to enable Licensee to perform its obligations hereunder, Northwestern hereby grants to Licensee and its Affiliates (a) an exclusive license, with the right to grant sublicenses (pursuant to Section 2.5) under Patent Rights to
make, have made, use, import, offer for sale and sell Licensed Products in the Territory in the Field, and (b) a non-exclusive, sublicensable (pursuant to Section 2.5 and only when sublicensed in
connection with the Patent Rights) under any Know-How to make, have made, use, import, offer for sale and sell Licensed Products in the Territory in the Field. 

2.2 The grant under Section 2.1 shall be subject to the obligations of Northwestern and of Licensee to the United States Government under
any and all applicable laws, regulations, and executive orders including those set forth in 35 U.S.C. §200, et seq. Licensee shall enable Northwestern to comply with its reporting obligations, including satisfying the requirements under such
legislation for making practical application of each subject invention and by substantially manufacturing all Licensed Products or products produced through use of Licensed Products in the U.S. unless this requirement is waived by the Federal Agency
per 35 U.S.C. §204 or any other provision. Licensee reserves full rights to request that Northwestern pursue waiver of any U.S. manufacturing requirement at the expense solely of Licensee. 

2.3 Institutions reserve the rights, for themselves and others, to (a) make and use the subject matter described and claimed in Patent
Rights; and (b) provide to others any materials claimed in the Patent Rights; each solely for Non-Commercial Research Purposes. 

2.4 The grant of this license does not obligate Northwestern or any inventor of Patent Rights to make available to Licensee, its Sublicensees
or Affiliates for their own use and benefit, Northwestern space, facilities, students and services, unless otherwise stated herein or in a separate contractual agreement between Northwestern and Licensee. 

2.5 The license granted in Section 2.1 includes the right to grant sublicense of the rights licensed to Licensee under this Agreement. All
sublicense agreements with Sublicensees shall be consistent with all terms and conditions of this Agreement or shall be null and void. If this Agreement is terminated for any reason, Northwestern agrees to enter into a license agreement for Patent
Rights and Know-How directly with each Sublicensee then in compliance with its obligations under a sublicense agreement, provided in all cases the obligations of Northwestern under such license agreement with
a Sublicensee will not be greater than the obligations of Northwestern under this Agreement, and the rights of the Sublicensee under such license agreement with Northwestern will not be less than the rights of Licensee under this Agreement,
including all financial consideration and other rights of Northwestern. Northwestern agrees not to pursue any infringement claims against any Sublicensee with respect to the Patent Rights in the Field while Northwestern and such Sublicensee are
actively negotiating a license agreement in good faith. Licensee shall provide Northwestern prompt notification and a copy of each sublicense agreement within [***] of execution. Any Affiliate of Licensee that desires to practice any of the rights
licensed by Northwestern hereunder must enter into a sublicense agreement unless Licensee assigns its assets to such Affiliate, including its rights and obligations under this Agreement, in whole or exclusively in a field of use within the Field
pursuant to Article XII. Any such Affiliate that enters into a sublicense agreement with Licensee shall be deemed an “Affiliate” and not a “Sublicensee” for purposes of Article 5. Licensee shall have the same responsibility for
the activities of any Sublicensee as if the 

 
activities were directly those of Licensee and shall be liable for Sublicensees’ compliance with the terms and conditions of this Agreement. Sublicenses granted hereunder shall not be
transferable, including by direct assignment or by further sublicensing, or indirectly by operation of law or transfer of voting control of a Sublicensee, without prior written approval of Northwestern. In all cases, Licensee shall remain
responsible for ensuring that all Sublicensees comply with the financial and reporting obligations in this Agreement, and Licensee shall be responsible for collecting requisite payments and information from Sublicensees and providing such
information to Northwestern in accordance with the terms of this Agreement. Each sublicense agreement shall name Institutions as a third party beneficiary. 

2.6 Licensee shall have the exclusive right to prepare all filings and applications for Regulatory Approvals necessary or appropriate in any
country to obtain any Regulatory Approvals required to market Licensed Products in any such country. [***]. 
 2.7 Licensee agrees that it
and its Affiliates will not, and will contractually require their Sublicensees to not, assert any patent arising from Licensee’s use of the Patent Rights, against the Institutions to prevent the Institutions from using any of the Patent Rights
for its internal Non-Commercial Research Purposes. 
 2.8 Northwestern represents and warrants to Licensee that (a) it has the full
power and right to enter into this Agreement on behalf of itself, the Trustees of Tufts College and NUTech Ventures, (b) the execution and delivery of this Agreement by Northwestern has been authorized by the Institutions, and (c) this
Agreement is and will remain a valid and binding obligation of the Institutions, enforceable in accordance with its terms. 
 ARTICLE
III – CONFIDENTIAL INFORMATION 
 3.1 Northwestern and Licensee each agree that all information contained in documents marked
“Confidential” (“Confidential Information”) which are forwarded to one by the other shall be received in strict confidence, used only for the purposes of this Agreement, and not disclosed by the recipient (except as
required by law or regulation or by court or administrative agency order), its agents or employees to any third party without the prior written consent of an authorized officer of the disclosing Party, unless such information (a) was in the
public domain at the time of disclosure, (b) later became part of the public domain through no act or omission of the recipient, its employees, agents, successors or assigns, (c) was lawfully disclosed to the recipient by a third party
having the right to disclose it, (d) was already known by the recipient at the time of disclosure, (e) was independently developed, or (f) is required to be submitted to a government agency to obtain and maintain the approvals and
clearances of Licensed Products. Disclosure may also be made to Affiliates, distributors, customers, and agents, to nonclinical and clinical investigators, and to consultants, advisors and existing or bona fide potential investors, acquirers or
collaborators, where necessary or desirable with appropriate confidentiality agreements in place with comparable binding obligations of confidentiality to protect the Confidential Information. Northwestern and Licensee also agree that Confidential
Information may be orally disclosed by one Party to the other Party. Such information shall be confirmed in writing and designated “Confidential” within thirty (30) days of disclosure for the provisions of this Article III to
apply. 
 3.2 Each Party’s obligation of confidence hereunder shall be fulfilled by using at least the same degree of care with the
other Party’s Confidential Information as it uses to protect its own Confidential Information, but in no event less than a reasonable degree of care. This obligation shall exist while this Agreement is in force and for a period of two
(2) years thereafter. 

 3.3 This Agreement may be distributed solely (a) to those employees, agents and
independent contractors of Northwestern and Licensee who have a need to know its contents, (b) to those persons whose knowledge of its contents will facilitate performance of the obligations of the Parties under this Agreement, (c) to
those persons, if any, whose knowledge of its contents is essential in order to permit Licensee or Northwestern to maintain or secure the benefits under policies of insurance, (d) to officers, directors, partners, shareholders, agents,
attorneys, accountants, investors or advisors of the Parties, or (e) as may be required by law or regulation or by court or administrative agency order. 

ARTICLE IV – MILESTONES AND DUE DILIGENCE 

4.1 Licensee hereby represents that Licensee has the unique experience, expertise and resources necessary to enable Licensee to perform its
obligations hereunder. Licensee shall, within [***] following the Effective Date, submit to Northwestern a preliminary development and business plan that sets forth an outline of Licensee’s intended efforts to develop and commercialize Licensed
Products (“Development Plan”). Such Development Plan shall include a summary of proposed personnel, expenditures and estimated timing for the development of Licensed Products and estimates of the market potential for Licensed
Products. Northwestern acknowledges that due to long development times, scientific, potential safety and development hurdles and challenges and regulatory requirements and processes, such Development Plan will necessarily rely on and utilize
estimates and assumptions that may or may not be realized due to such factors or to future market demands or conditions. 
 4.2 Licensee
shall, by itself or through Sublicensees or other strategic relationships, use Commercially Reasonable Efforts to meet the following milestone events for at least one Licensed Product: 

[***] 
 4.3 Licensee shall be
entitled, from time to time, to make such adjustments to the then applicable Development Plan as Licensee believes, in its good faith judgment, are needed in order to improve Licensee’s ability to meet the milestone events set forth in
Section 4.2. 
 4.4 Licensee agrees to provide annual progress reports to Northwestern describing Licensee’s research and
development efforts in the development of Licensed Products during the preceding year. Such progress reports shall be due each January, beginning January 2019, until the date of First Commercial Sale of a Licensed Product. 

4.5 If, despite using Commercially Reasonable Efforts, Licensee believes that it will be delayed in meeting one or more milestone events set
forth in Section 4.2, then Licensee will notify Northwestern and the Parties shall discuss in good faith the key reasons for any such delay. Where any such delay or failure to meet the goals set forth above is due to any key scientific,
regulatory or technical challenges or complexities, or unexpected development costs, challenges or complexities or safety issues, manufacturing hurdles, commercial factors, intellectual property issues or any other key aspects of development and
commercialization, the Parties shall discuss the matter in good faith and after such discussions, Licensee shall propose in good faith [***] in order to remedy or overcome any such challenges. Northwestern shall [***] in good faith; provided,
however, that in the event that after Licensee initiates [***] Licensee or its Sublicensee is not using [***] to achieve the objectives set forth in [***] Northwestern shall have the right and option to either terminate this Agreement or change
Licensee’s exclusive license to a nonexclusive license in accordance with Section 11.3. 

 ARTICLE V – PAYMENT 

In consideration of the license granted by Northwestern to Licensee under this Agreement, Licensee shall pay to Northwestern the following:

 5.1 License Fees. 

(a) Upfront Fee. A non-creditable,
non-refundable licensing fee of $[***] within [***] of execution of this Agreement or the Effective Date. 

(b) License Maintenance Fee. A [***] non-creditable (except as provided below), non-refundable maintenance fee, beginning [***] from the Effective Date, and on each one (1) year anniversary of the Effective Date. Such maintenance fee will increase to [***] starting on the [***] anniversary
of the Effective Date. Such fee shall will remain in effect until first full calendar year after [***] of the first Licensed Product(s), at which time section 5.3 shall apply. 

5.2 Milestone Payments. Licensee shall pay to Northwestern the following non-creditable and non-refundable milestone payments upon the first achievement of particular milestones in the development and sale of Licensed Products: 

[***] 
 For clarity, each milestone payment set
forth above shall be paid only once under this Agreement for the first Licensed Product to achieve such milestone event, regardless of the number of Licensed Products developed by licensee or a Sublicensee which achieve such event. 

5.3 Royalties. 

(a) Minimum Royalties. Beginning the first full calendar year after First Commercial Sale of a Licensed Product in a
Major Market Country and extending for the Term, Licensee shall pay to Northwestern minimum royalty payments of $[***] in the first full calendar year after such First Commercial Sale of a Licensed Product and $[***] per calendar year thereafter.
The minimum royalty payments shall be credited towards the running royalties earned during the same year, as set forth in Section 5.3(b). Licensee shall make all royalty payments on a quarterly basis as provided in Section 6.1. If
royalties due on Net Sales (plus the credit due under Section 5.2, if any) have not reached the minimum by Dec. 31 in any calendar year, Licensee shall pay the balance due with the royalty payment due on fourth (4th) quarter Net Sales of that year. 
 (b) Running Royalties. On a country-by-country and Licensed Product-by-Licensed Product basis, Licensee shall pay to
Northwestern a running royalty of (a) [***] of annual worldwide Net Sales of Licensed Products. Royalties shall be paid beginning on the date of First Commercial Sale of Licensed Products provided that the Licensed Product is covered by a Valid
Claim in the Patent Rights at the time of First Commercial Sale, and continuing until the later of (i) ten (10) years after the First Commercial Sale of the Licensed Product in such country or (ii) the expiration in such country of the
last Valid Claim covering such Licensed Products. In the case of (i) above, if all Valid Claims within the Patent Rights expire during the ten (10) years following the First Commercial Sale of the Licensed Product, then for the remaining
duration of such ten (10) year period after expiration of all Valid Claims within the Patent Rights, the royalty rate shall be reduced by [***]. 

 5.4 Sublicense Payments. In addition to the running royalties under Paragraph 5.3(b)
(which shall remain in effect with respect to Sublicensees’ Licensed Products), if Licensee enters into a sublicense agreement with a Sublicensee with respect to a Licensed Product where such sublicense agreement includes commercial rights,
(including in the case of an option to license; but specifically excluding research licenses and licenses to enable contract research and contract manufacturing), Licensee shall pay Northwestern one of the following: 

(a) $[***] if the sublicense agreement is executed prior to Regulatory Approval for the Licensed Product; or 

(b) if the sublicense agreement is executed after Regulatory Approval for a Licensed Product, [***] of any Sublicense Payments
received by Licensee during the Term of the Agreement. Where any sublicense is part of a broader transaction that involves the sublicense, license or assignment of other intellectual property rights or assets owned by Licensee or licensed or
otherwise controlled by Licensee from a third party in addition to the Patent Rights, Licensee will propose in good faith an appropriate relative apportionment between the value of the Patent Rights being sublicensed and the value of the other
rights being sublicensed, licensed or assigned by Licensee that were owned or controlled by Licensee or obtained from such third party and the Sublicense Payments required hereunder shall be based solely upon that portion of the total value that
represents the value of the sublicense of the Patent Rights. However, at no time shall the appropriate relative apportionment of the Patent Rights be less than [***] of the total value. 

5.5 Patent Expenses. 

(a) Licensee will reimburse Northwestern for [***] of Institutions’ out of pocket patent expenses incurred prior to the
Effective Date to prepare, file and prosecute the Original Patent Rights, such expenses totaling $[***] as of December 7, 2018, an amount subject to change as Northwestern receives invoices for additional such patent expenses incurred prior to
the Effective Date. 
 (b) Licensee will pay [***]% of all out of pocket patent expenses incurred by Institutions after the
Effective Date for the patent preparation, filing, prosecution and maintenance of the Patent Rights, including without limitation any interference or other proceeding before the United States Patent and Trademark Office, provided that
Licensee’s share of out of pocket patent expenses will be reduced on a pro rata basis beginning on the date that Northwestern grants a commercial license to the Patent Rights to more than one third party for use outside the Field. Such
reimbursements shall be due within [***] of receipt of an invoice by Licensee from Northwestern. All payments are due within [***] of receiving an invoice. 

5.6 Tax Withholding. The fees payable to Northwestern are on a “net of tax” basis. It is intended that any applicable taxes in
any country (either by way of withholding taxes or by way of any indirect taxes, by whatever name called) will be to the account of and will be borne fully by Licensee and will not be withheld from the fees payable to Northwestern. 

5.7 All fees associated with wire transfers shall be borne by Licensee. 

 ARTICLE VI – PAYMENT, REPORTS AND RECORDS 

6.1 Payment Dates and Reports. Within [***] after the end of each calendar quarter of each year during the Term of this Agreement
(including the last day of any calendar quarter following the expiration of this Agreement), Licensee shall pay to Northwestern, all fees and royalties accruing during such calendar quarter. Any payments of royalties shall be accompanied by a
statement showing the Net Sales of each Licensed Product by Licensee and its Sublicensees in each country, the applicable royalty rate and the calculation of the amount of royalty due. 

6.2 Accounting. 

(a) Payments in U.S. Dollars. All dollar sums referred to in this Agreement are expressed in U.S. dollars and the Net
Sales used for calculating the royalties and other sums payable to Northwestern by Licensee pursuant to Section 6.1 shall be computed in U.S. dollars. All payments of such sums and royalties shall be made in U.S. dollars. For purposes of
determining the amount of royalties due, the amount of Net Sales in any foreign currency shall be computed by converting such amount into U.S. dollars at the prevailing commercial rate of exchange for purchasing U.S. dollars with such foreign
currency in question as quoted by Citibank in New York on the last business day of the calendar quarter for which the relevant royalty payment is to be made by Licensee. 

(b) Blocked Royalties. Notwithstanding the foregoing, if by reason of any restrictive exchange laws or regulations
Licensee or any Affiliate or Sublicensee hereunder shall be unable to convert to U.S. dollars an amount equivalent to the fee or royalty payable by Licensee hereunder in respect of Licensed Product sold for funds other than U.S. dollars, Licensee
shall notify Northwestern promptly with an explanation of the circumstances. In such event, all royalties due hereunder in respect of the transaction so restricted (or the balance thereof due hereunder and not paid in funds other than U.S. dollars
as hereinafter provided) shall be deferred and paid in U.S. dollars as soon as reasonably possible after, and to the extent that such restrictive exchange laws or regulations are lifted so as to permit such conversion to United States dollars, of
which lifting Licensee shall promptly notify Northwestern. At its option, Northwestern shall meanwhile have the right to request the payment (to it or to a nominee), and upon such request Licensee shall pay, or cause to be paid, all such amounts (or
such portions thereof as are specified by Northwestern) in funds, other than U.S. dollars, designated by Northwestern and legally available to Licensee under such then existing restrictive exchange laws or regulations. 

6.3 Records. Licensee shall keep, and shall cause its Affiliates and Sublicensees to keep, for [***] from the date of payment of
royalties, complete and accurate records of sales of each Licensed Product by Licensee; its Affiliates and its Sublicensees in sufficient detail to enable the accruing royalties to be determined accurately. Northwestern shall have the right during
this period of [***] after receiving any report with respect to royalties due and payable to appoint, at its expense, an independent certified public accountant to inspect the relevant records of Licensee, its Affiliates and its Sublicensees to
verify such report. Northwestern shall submit the name of said accountant to Licensee for approval; said approval shall not be unreasonably withheld. Licensee shall make its records and those of its Affiliates and Sublicensees available for
inspection by such independent certified public accountant during regular business hours at such place or places where such records are customarily kept, upon reasonable notice from Northwestern, to the extent necessary to verify the accuracy of the
payments paid by Licensee under this Agreement, and the audit report from the accountant shall be limited to the amounts owed, if any, with not more than [***]. Northwestern agrees to hold in strict confidence all information concerning royalty
payments and reports, and all information learned in the course of any audit or inspection, except to the extent necessary for Northwestern to reveal such information in order to enforce its rights under this Agreement or as may be required by law.
If royalties are understated by [***] or more in Licensee’s favor, the Licensee shall, within [***] of receipt of the audit report, pay the balance due Northwestern plus all reasonable costs of the audit or inspection and [***]. If royalties
are understated by less than [***], Licensee shall include such understated amount with the next scheduled payment pursuant to Section 6.1. 

 ARTICLE VII – PUBLICATION 

Institutions will be free to publish the results of any research related to Patent Rights or Licensed Products and use any information for
purposes of research, teaching, and other educationally-related matters. Institutions agree, however, that during the Term of this Agreement and for [***] thereafter, that Licensee shall have [***] to review and comment on any proposed publication.
Should Licensee believe that any part of such publication would constitute the disclosure of Confidential Information as defined in Article III above, or contain information that might be patentable as a result of this research, Licensee will notify
Northwestern in writing within such [***] review period of the relevant material. At the instruction and discretion of Licensee, Northwestern shall ensure either (a) the delay of publication of such article for up to an additional [***] in
order to allow Licensee to coordinate with Northwestern to diligently pursue the filing of a patent application in accordance with the provisions in Article VIII; or (b) the redaction or removal certain Licensee Confidential Information from
any proposed publication as instructed by Licensee. Northwestern agrees that any Confidential Information supplied to it by Licensee will not be included in any published material without prior written approval by Licensee. 

ARTICLE VIII – PATENT PROSECUTION 

8.1 Payment of Patent Costs. Payment of all fees and costs relating to the filing, prosecution, and maintenance of Patent Rights prior
to the Effective Date shall be reimbursed by Licensee as set forth in Section 5.5. Payment of fees and costs relating to the filing, prosecution, and maintenance of Patent Rights incurred after the Effective Date by Licensee or by Northwestern
at the request of Licensee shall be the responsibility of Licensee as set forth in Section 5.5. Any payments of such fees and costs by Northwestern shall be reimbursed by Licensee within [***] of Licensee’s receipt of an invoice from
Northwestern or Northwestern’s patent counsel. 
 8.2 Patent Prosecution. Northwestern, on behalf of Licensee shall retain the
right to apply for, seek prompt issuance of, and maintain during the Term of this Agreement the Patent Rights listed in Exhibit A in Northwestern’s name, in the United States and in foreign countries. Exhibit A may be amended by verbal
agreement of both Parties, such agreement to be confirmed in writing. The Parties agree to use reasonable efforts to update Exhibit A on a semi-annual basis as new applications are filed and prosecution status changes. Northwestern shall keep
Licensee informed in all matters of filing and prosecution, shall give Licensee reasonable opportunities to consult with and advise Northwestern concerning Northwestern’s prosecution, filing and maintenance activities by notifying Licensee
[***] in advance of any such activity if Northwestern has been given such notice, and shall provide Licensee with copies of all documents related to patent filing, prosecution, and maintenance. 

8.3 Northwestern, on behalf of Licensee through its patent counsel will take the lead on patent prosecution for additional filings falling
within the scope of the Patent Rights listed in Exhibit A, keeping Licensee informed with opportunity to consult as described above. 
 8.4
In the event that Institutions elect (i) not to file a United States patent application which may claim priority from a patent application filed in another jurisdiction included within the Patent Rights, (ii) not to file a PCT application
which may claim priority from a United States patent application included within the Patent Rights, or (iii) to abandon a patent or patent application included within the Patent Rights in a specific country, it shall promptly notify Licensee in
writing, no later than [***] prior to the date by which an action must be taken to avoid a) abandonment of the patent or patent application included within the Patent Rights or b) payment of extension fees. In the event that Institutions notify
Licensee of its decision not to file a non-provisional patent application claiming priority to a provisional patent application listed in Exhibit A or to abandon a U.S. patent or patent application covering
any potentially patentable subject matter relating to the Patent Rights, Licensee shall have the right, but not 

 
the obligation, to file, prosecute, or maintain such patent or patent application at its sole discretion, control and expense and such patent or patent application shall be removed from the
Patent Rights licensed hereunder. In the event that Institutions notify Licensee of their decision to abandon or not to file a PCT or national phase patent or patent application in any foreign country based on a U. S. provisional or utility
application in the Patent Rights, Licensee shall have the right, but not the obligation, to file, prosecute, or maintain such PCT or foreign patent or patent application at its sole discretion and control. 

ARTICLE IX – INFRINGEMENT 

9.1 Each Party agrees to provide prompt written notice to the other Party of any alleged infringement of the Patent Rights by a third party,
and of any available evidence thereof, of which it becomes aware. 
 9.2 During the Term of this Agreement, Licensee, to the extent permitted
by law, shall have the right, but shall not be obligated, to prosecute at its own expense all infringements of the Patent Rights and, in furtherance of such right, Northwestern hereby agrees that Licensee may include Northwestern as a party
plaintiff in such suit, without expense to Northwestern, provided, however, that such right to bring such infringement action shall remain in effect only for so long as the license granted herein remains exclusive. Prior to commencing any such
action, Licensee shall consult with Northwestern and shall consider the view of Northwestern regarding the advisability of the proposed action and its effect on the public interest. No settlement, consent judgment or other voluntary final
disposition of the suit may be entered into without the prior written consent of Northwestern, which shall not be unreasonably withheld. If it is determined that Licensee does not have the right to prosecute an infringement of the Patent Rights, and
Licensee notifies Northwestern of its desire to have such infringement action pursued, Northwestern agrees to prosecute such infringement of the Patent Rights on Licensee’s behalf and at Licensee’s sole expense, and Northwestern shall
consult with Licensee on any such infringement action. Licensee shall indemnify Northwestern against any order for costs that may be made against Northwestern in any such proceedings. Any recovery resulting from an action brought by Licensee shall
be distributed as follows: (a) each Party shall be reimbursed for any expenses it incurred in the action; (b) as to ordinary damages for past infringement, Licensee shall receive an amount equal to either (i) its lost profits,
(ii) a reasonable royalty on the infringing sales, or (iii) whatever alternative measure of such damages the court shall have applied, and such amount shall be treated as Net Sales for the purpose of calculating running royalties under
Section 5.3(b). 
 9.3 If [***] after having become aware of any alleged infringement Licensee has been unsuccessful in persuading the
alleged infringer to desist and either has not brought or is not diligently prosecuting an infringement action, or if Licensee shall notify Northwestern at any time of its intention not to bring suit against any alleged infringer, then Northwestern
shall have the right, at its sole discretion, to prosecute such infringement of the Patent Rights under its sole control and at its sole expense. In the event Northwestern elects to prosecute an infringement of any Patent Rights as set forth in this
Section 9.3, then (a) Northwestern shall keep any recovery or damages for past infringement derived therefrom, and (b) Licensee shall not offer to sublicense the infringed Patent Rights to the alleged infringer without
Northwestern’s written consent. 
 9.4 In the event that a declaratory judgment action alleging invalidity, unenforceability, or
noninfringement of any of the Patent Rights shall be brought against Northwestern or Licensee, Northwestern, at its option, shall have the right, within [***] after it receives notice of the commencement of such action, to intervene and take over
the sole defense of the action (but only to the extent of the Patent Rights) at its own expense. If Northwestern does not exercise this right, Licensee may take over the sole defense of the action at Licensee’s sole expense. No settlement,
consent judgment or other voluntary final disposition of the action may be entered into without the prior written consent of Northwestern, which shall not be unreasonably withheld. 

 9.5 In any infringement suit that either Party may institute to enforce the Patent Rights
pursuant to this Agreement and in any declaratory judgment action that one Party is defending, the other Party hereto shall, at the request and expense of the Party initiating or defending such suit, cooperate in all reasonable respects (including
joining as a party if required by law) and, to the extent possible, have its employees testify when requested and make available relevant records, papers, information, samples, specimens, and the like. 

9.6 For so long as the license granted herein remains exclusive during the Term of this Agreement, Licensee shall have the sole right to
sublicense any alleged infringer for future use of the Patent Rights in accordance with the terms and conditions of this Agreement relating to sublicenses, provided, however, as set forth in Section 9.3 above for any alleged infringer against
whom Northwestern is pursuing an infringement action, Licensee shall not offer to sublicense the infringed Patent Rights to such alleged infringer without Northwestern’s written consent. Any upfront fees as part of such a sublicense shall be
shared equally between Licensee and Northwestern (such upfront payments will not also be subject to payments to Northwestern under Section 5.4 in addition to this equal sharing); other revenues to Licensee resulting from such a sublicense shall
be treated pursuant to Sections 5.3 and 5.4. 
 ARTICLE X – PRODUCT LIABILITY 

10.1 Licensee shall at all times during the Term of this Agreement and thereafter, indemnify, defend and hold Institutions, their trustees,
directors, officers, employees and Affiliates (“Institution Indemnitees”), harmless against all third party claims, proceedings, demands and liabilities of any kind whatsoever, including legal expenses and reasonable attorneys’
fees, arising out of the death of or injury to any person or persons or out of any damage to property, or resulting from the production, manufacture, sale, use, lease, consumption or advertisement of the Licensed Product(s) or arising from any
obligation of Licensee hereunder. 
 10.2 Licensee shall obtain and carry in full force and effect commercial, general liability insurance,
which shall protect Licensee and Institutions with respect to events covered by Section 10.1 above. Such insurance shall be written by an insurance company authorized to do business in the State of Illinois, shall list Northwestern as an
additional insured thereunder, and shall require [***] written notice to be given to Northwestern prior to any cancellation or material change thereof. The limits of such insurance shall not be less than [***]. Licensee shall provide Northwestern
with Certificates of Insurance evidencing the same. Northwestern shall have the right to ascertain from time to time that such coverage exists, such right to be exercised in a reasonable manner. In the event that Licensee or its Affiliates or
Sublicensees: (a) initiates human clinical trials of Licensed Products, (b) undertakes the commercial level production or manufacture of Licensed Products intended for general public consumption or use, or (c) sells, leases, uses,
consumes or advertises such Licensed Products, Licensee shall provide written notification to Northwestern prior to entering into such activity. If either Party reasonably believes that the insurance limits set forth above are inappropriate for the
industry in which Licensed Products are to be sold, or if Northwestern reasonably believes that such limits are inadequate to provide reasonable protection for Northwestern, the Parties shall then negotiate in good faith to determine appropriate
limits. 
 10.3 EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT, INSTITUTIONS, THEIR TRUSTEES, DIRECTORS, OFFICERS, EMPLOYEES,
AND AFFILIATES MAKE NO REPRESENTATIONS AND EXTEND NO WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, 

 
VALIDITY OF PATENT RIGHTS CLAIMS, ISSUED OR PENDING AND THE ABSENCE OF LATENT OR OTHER DEFECTS, WHETHER OR NOT DISCOVERABLE. [***], NOTHING IN THIS AGREEMENT SHALL BE CONSTRUED AS A
REPRESENTATION MADE OR WARRANTY GIVEN BY INSTITUTIONS THAT THE PRACTICE BY LICENSEE OF THE LICENSE GRANTED HEREUNDER SHALL NOT INFRINGE THE PATENT RIGHTS OF ANY THIRD PARTY. IN NO EVENT SHALL INSTITUTIONS, THEIR TRUSTEES, DIRECTORS, OFFICERS,
EMPLOYEES AND AFFILIATES BE LIABLE FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES OF ANY KIND, INCLUDING ECONOMIC DAMAGE OR INJURY TO PROPERTY AND LOST PROFITS, REGARDLESS OF WHETHER NORTHWESTERN SHALL BE ADVISED, SHALL HAVE OTHER REASON TO KNOW, OR IN
FACT SHALL KNOW OF THE POSSIBILITY. 
 10.4 Licensee, by execution hereof, acknowledges, covenants and agrees that Licensee has not been
induced in any way by Institutions or employees or students thereof to enter into this Agreement, and further warrants and represents that (a) Licensee has conducted sufficient due diligence with respect to all items and issues pertaining to
this Agreement; and (b) Licensee has adequate knowledge and expertise, or has used knowledgeable and expert consultants, including but not limited to competent legal counsel, to adequately conduct such due diligence, and agrees to accept all
risks inherent herein. 
 ARTICLE XI – TERM AND TERMINATION 

11.1 This Agreement shall become effective on the Effective Date. Unless sooner terminated as provided for below, this Agreement shall
continue in effect, on a country-by-country basis, until the later of (a) ten (10) years after the first commercial sale of the Licensed Product in such country
provided that the Licensed Product is covered by a Valid Claim in the Patent Rights at the time of first commercial sale or (b) the expiration in such country of the last Valid Claim in the Patent Rights covering such Licensed Products as
outlined in Section 5.4(b) (“Term”). 
 11.2 Licensee shall have the right to terminate this Agreement for any reason
or merely for convenience in whole or in part anytime by giving Northwestern ninety (90) days written notice. 
 11.3 Northwestern shall
have the right to terminate or render this license non-exclusive at any time if Licensee fails to use Commercially Reasonable Efforts as set forth in Section 4.2. Northwestern shall provide [***] notice
in advance of such termination or rendering the license non-exclusive. If Northwestern elects to render this license non-exclusive, then all payments due to Northwestern
under Sections 5.1, 5.2 and 5.3 shall be reduced by [***]. Unless Licensee undertakes activities to put it in compliance with this Section 11.3 during the [***], the Agreement shall terminate or the exclusivity will terminate, accordingly, at
the end of the [***] period. [***]. 
 11.4 The provisions of Section 2.5 shall survive termination of this Agreement in accordance with
its terms and the provisions of Article III (Confidentiality), Article V (Payment), Article VI (Payments, Reports and Records), Article X (Product Liability), Article XI (Term and Termination), Article XIII (Dispute Resolution), Article XIV (Notices
and Payments) and Article XV (General) shall survive termination or expiration of this Agreement in accordance with their terms. 

 11.5 If (a) Licensee makes any general assignment for the benefit of its creditors;
(b) a petition is filed by or against Licensee, or any proceeding is initiated against Licensee as a debtor, under any bankruptcy or insolvency law, unless the laws then in effect void the effectiveness of this provision; or (c) a
receiver, trustee, or any similar officer is appointed to take possession, custody, or control of all or any part of Licensee’s assets or property, then Northwestern may immediately terminate the license granted by this Agreement upon written
notice to Licensee of such termination. 
 11.6 If either Party breaches any material obligation imposed by this Agreement then the other
Party may at its option, send a written notice to the Party in breach that it intends to terminate the license granted by this Agreement. If the Party in breach does not cure the breach, within [***] from the notice date, then the other Party shall
have the right to terminate the license granted immediately upon the date of mailing of a written notice of termination to the Party in breach. 

11.7 Upon termination of this Agreement for any cause, nothing herein shall be construed to release either Party of any obligation that has
matured prior to the effective date of such termination. Licensee may, after the date of such termination, sell all Licensed Products that it may have on hand at the date of termination, provided that it pays the earned royalty thereon as provided
in this Agreement. All Confidential Information provided to a Party hereunder shall be returned or destruction certified to the disclosing Party, at the disclosing Party’s election. 

11.8 In the event of termination for breach by Licensee, Licensee agrees to no longer use any of the Patent Rights under which it has been
granted a license. In the event Licensee terminates this Agreement pursuant to Section 11.2 or Northwestern terminates this Agreement pursuant to Sections 11.3, 11.5 or 11.6, Licensee and Northwestern may, for a period of [***] thereafter,
negotiate in good faith for the terms to be applicable to a potential license or assignment agreement, under which Licensee would license or assign to Northwestern and provide Northwestern with the right to reference, cross-reference, review, have
access to, incorporate and use all documents and other materials filed by or on behalf of Licensee and its Affiliates with any regulatory authority in furtherance of applications for Regulatory Approval in the relevant country with respect to
Licensed Products; provided, however, that neither Party shall be under any obligation to enter into any such license or assignment agreement, and Licensee shall not be required to grant any such rights to Northwestern unless the Parties enter into
a mutually acceptable definitive agreement, at the sole discretion of each Party. 
 ARTICLE XII – ASSIGNMENT 

12.1 Due to the nature and purpose of this Agreement, the Parties agree that a material element of this Agreement is that Northwestern has
selected Licensee to serve as the licensee under this Agreement based on the representations made by Licensee that it has the unique experience, expertise and resources necessary to enable it to perform the obligations of the license hereunder.
Accordingly, the Parties agree that this Agreement, the license granted hereunder, and the obligations of Licensee hereunder shall not be assigned, sublicensed (unless herein granted), or otherwise transferred by the Licensee without the prior
written consent of Northwestern, which shall not be unreasonably withheld, provided, however, that such consent shall not be required if Licensee assigns this Agreement in its entirety (either by contract or by operation of law) to an Affiliate or
in connection with a merger, acquisition, sale or other change of control of Licensee, or in connection with the sale, transfer or other disposition of all or substantially all of Licensee’s business or assets relating to the rights licensed
hereunder, so long as such of its Affiliates, or any successor or transferee do not have any of the qualities or statuses set forth in the following sentence and further provided that Licensee is in good standing with

 
respect to this Agreement. Licensee shall not assign this Agreement to a third party which (a) does not have the necessary resources to commercially develop the licensed Patent Rights,
(b) which is in active litigation, arbitration proceedings or other contractual dispute with Northwestern at the time of assignment, (c) which is controlled by one or more organizations known to be affiliated with countries that are
considered by the U.S. government as rogue, (d) which is considered as a business that does not seek to actively make technology available to the public in commerce, (e) which is engaged in “patent troll” activities, or
(f) whose association with Northwestern will materially negatively impact Northwestern’s reputation as an academic institution. In all cases the assignee or transferee entity must have agreed in writing to assume and comply with
Licensee’s obligations under, and be bound by, this Agreement and any applicable sublicense granted by Licensee under this Agreement. Any proposed assignment, delegation or transfer in contravention with this Agreement shall be null and void.
This Agreement shall be binding on and shall inure to the sole benefit of the Parties and their permitted successors and assigns. 
 12.2 It
is the understanding of the Parties that in the event a bankruptcy petition is filed by or against Licensee, or any proceeding is initiated against Licensee as a debtor under any bankruptcy or insolvency law, applicable law excuses Northwestern from
accepting performance from or rendering performance to an entity other than Licensee, and Licensee, or trustee operating on behalf of the Licensee, shall be prohibited from assigning, sublicensing, or otherwise transferring the license granted
hereunder and/or the obligations of Licensee hereunder without the prior written consent of Northwestern. 
 ARTICLE XIII –
DISPUTE RESOLUTION 
 13.1 The Parties agree to effect all reasonable efforts to resolve any and all disputes between them in
connection with this Agreement in an amicable manner. 
 13.2 The Parties agree that any dispute that arises in connection with this
Agreement and which cannot be amicably resolved by the Parties shall be resolved by binding Alternative Dispute Resolution (ADR) in the manner set forth in Section 13.3 through Section 13.5. 

13.3 If a Party intends to begin ADR to resolve a dispute, such Party shall provide written notice to the other Party informing the other Party
of such intention and the issues to be resolved. Within [***] after its receipt of such notice, the other Party may, by written notice to the Party initiating ADR, add additional issues to be resolved. If the Parties cannot agree upon the selection
of a neutral within [***] following receipt of the original ADR notice, a neutral shall be selected by the International Institute for Conflict Prevention & Resolution, Inc., 575 Lexington Avenue, 21st Floor, New York, NY 10022 http://www.cpradr.org/. The neutral shall be a single individual having experience in the biological therapeutics industry and university technology transfer who shall
preside in resolution of any disputes between the Parties. The neutral selected shall not be an employee, director or shareholder of either Party or an Affiliate or Sublicensee. 

13.4 Each Party shall have [***] from the date the neutral is selected to object in good faith to the selection of that person. If either Party
makes such an objection, the then President of the CPR shall, as soon as possible thereafter, select another neutral under the same conditions as set forth above. This second selection shall be final. 

13.5 The ADR shall be conducted in the following manner: 

(a) No later than [***] after selection, the neutral shall hold a hearing to resolve each of the issues identified by the
Parties. 

 (b) [***]. 

(c) The neutral shall not require or permit any discovery by any means, including depositions, interrogatories or production of
documents. 
 (d) Each Party shall be entitled to no more than [***] of hearing to present testimony or documentary evidence.
The testimony of both Parties shall be presented during consecutive calendar days. Such time limitation shall apply to any direct, cross or rebuttal testimony, but such time limitation shall only be charged against the Party conducting such direct,
cross or rebuttal testimony. It shall be the responsibility of the neutral to determine whether the Parties have had the [***] to which each is entitled. 

(e) Each Party shall have the right to be represented by counsel. The neutral shall have the sole discretion with regard to the
admissibility of any evidence. 
 (f) The neutral shall rule on each disputed issue within [***] following the completion of
the testimony of both Parties. Such ruling shall adopt in its entirety the proposed ruling of one of the Parties on each disputed issue. 

(g) ADR shall take place in [***]. All costs incurred for a hearing room shall be shared equally between the Parties. 

(h) The neutral shall be paid a reasonable fee plus expenses, which fees and expenses shall be shared equally by the Parties.

 (i) The ruling shall be binding on the Parties and may be entered as an enforceable judgment by a state or federal court
having jurisdiction of the Parties. 
 ARTICLE XIV – NOTICES AND PAYMENTS 

Any payment, notice or other communication pursuant to this Agreement shall be sufficiently made or given on the date of mailing if sent to
such Party by certified first class mail, postage prepaid, addressed to it at its address below or as it shall designate by written notice given to the other Party: 

 

			
	 In the case of Northwestern:
	 	Executive Director
		 	Innovation and New Ventures Office
		 	 Northwestern University
 1800 Sherman Avenue,
Suite 504

		 	Evanston, Illinois 60201
		
	 With a copy to:
	 	Office of General Counsel
		 	 Northwestern University
 633 Clark
Street

		 	Evanston, Illinois 60208
		 	Attention: John Haugen
		
	 In the case of Licensee:
	 	Oncorus, Inc.
		 	Attention: Stephanie Duncanson
		 	 50 Hampshire St., Suite 401
 Cambridge, MA
02139

 ARTICLE XV – GENERAL 

15.1 Force Majeure. Neither Party shall be liable to the other for its failure to perform any of its obligations under this Agreement,
except for payment obligations, during any period in which such performance is delayed because rendered impracticable or impossible due to circumstances beyond its reasonable control, including without limitation earthquakes, governmental
regulation, fire, flood, labor difficulties, interruption of supply of key raw materials, civil disorder, and acts of God, provided that the Party experiencing the delay promptly notifies the other Party of the delay. 

15.2 Severability. In the event any provision of this Agreement is held to be invalid or unenforceable, the valid or enforceable portion
thereof and the remaining provisions of this Agreement will remain in full force and effect. 
 15.3 Applicable Law. This Agreement is
made in accordance with and shall be governed and construed under the laws of the State of Illinois, excluding its choice of law rules. 

15.4 Entire Agreement. This Agreement and the exhibits attached hereto constitute the entire, final, complete and exclusive agreement
between the Parties and supersede all previous agreements or representations, written or oral, with respect to the subject matter of this Agreement. This Agreement may not be modified or amended except in a writing signed by a duly authorized
representative of each Party. 
 15.5 Headings. The headings for each article and section in this Agreement have been inserted for
convenience or reference only and are not intended to limit or expand on the meaning of the language contained in the particular article or section. 

15.6 Independent Contractors. The Parties are not employees or legal representatives of the other Party for any purpose. Neither Party
shall have the authority to enter into any contracts in the name of or on behalf of the other Party. 
 15.7 Advertising. Licensee
shall not use the name of the inventor listed in this Agreement, of any institution with which the inventor has been or is connected, nor the name of Northwestern, Trustees of Tufts College or NUTech Ventures in any advertising, promotional or sales
literature, without prior written consent obtained from Northwestern, Trustees of Tufts College or NUTech Ventures in each case. 
 15.8
Waiver. Any waiver (express or implied) by either Party of any breach of this Agreement shall not constitute a waiver of any other or subsequent breach. 

15.9 Counterparts. This Agreement may be executed in counterparts with the same force and effect as if each of the signatories had
executed the same instrument. 
 15.10 Export Controls. It is understood that Northwestern is subject to United States laws and
regulations controlling the export of technical data, computer software, laboratory prototypes, and other commodities that may require a license from the applicable agency of the United States Government and/or may require written assurances by
Licensee that it will not export data or commodities to certain foreign countries without prior approval of such agency. Northwestern neither represents that a license is required, nor that, if required, it will be issued. 

15.11 Patent Marking. Licensee agrees to mark the Licensed Products sold in the United States with all applicable United States patent
numbers. All Licensed Products shipped to or sold in other countries shall be marked in such a manner as to conform with the patent laws and practice of the country of manufacture or sale. 

 In Witness Whereof, the Parties have executed this Agreement effective as of the Effective Date.

 Oncorus, Inc. 

 

			
	 Signature:
	 	/s/ Ted Ashburn
		
	    Date:	 	12/11/2018
		
	    Name:	 	Ted Ashburn, MD, Ph.D.
		
	    Title:	 	President & CEO
		
	Company:	 	Oncorus, Inc.
		
	Location:	 	Cambridge, MA

 

 Northwestern University 

 

			
	 Signature:
	 	/s/ Alicia Löffler, Ph.D.
		
	    Date:	 	12/13/18
		
	    Name:	 	Alicia Löffler, Ph.D.
		
	    Title:	 	Associate Vice President & Executive Director
		
		 	Innovation & New Ventures Office
		
		 	Evanston, Illinois

 
 

 Exhibit A 

[***] 

 FIRST AMENDMENT TO THE LICENSE AGREEMENT 

BY AND BETWEEN 

NORTHWESTERN UNIVERSITY AND ONCORUS, INC. 

This FIRST AMENDMENT (“Amendment”), effective as of September 26, 2019 (the “First Amendment Effective
Date”), is entered into by and between NORTHWESTERN UNIVERSITY, an Illinois not-for-profit corporation having a principal office located at 633 Clark Street,
Evanston, Illinois 60208 (“Northwestern”) and ONCORUS INC., a Delaware corporation having a principle office at 50 Hampshire Street, Suite 401, Cambridge, Massachusetts 02139 (“Licensee”). 

RECITALS 

WHEREAS, Northwestern and Licensee entered into that certain License Agreement dated December 11, 2018 pursuant to which
Northwestern granted a Field exclusive license to Licensee for the purpose of commercializing certain Patent Rights and non-exclusive license to Know How (hereinafter, the “Original License”);

 WHEREAS, the Original License shall be referred to as the “License”; and 

WHEREAS, Northwestern and Licensee wish to further amend the License with regard to Follow-On
Patent Rights, payments, publication, and product liability. 
 NOW, THEREFORE, in consideration of the mutual promises and
covenants set forth below, IT IS AGREED: 
 ARTICLE I – DEFINITIONS 

Section 1.8 shall be replaced in its entirety with the following: 

“Follow-On Patent Rights” shall mean any patents or patent applications, including divisionals,
provisionals, continuations or continuations-in-part thereof, that meet all of the following conditions: (a) list all, or substantially all, the inventors listed
in the Original Patent Rights, (b) are in the Field. (c) are filed by the Institutions within [***] of the Effective Date, and (d) dominated by the Original Patent Rights.
Follow-On Patent Rights shall not include research or discoveries that arise from collaborations between the inventors of the Original Patent Rights and other faculty investigators at Institutions or outside
Institutions who are not inventors of the Original Patent Rights. 
 Section 1.14 shall be replaced in its entirety with the following: 

“Net Sales” shall mean [***] 

ARTICLE V – PAYMENT 

Section 5.4 shall be replaced in its entirety with the following: 

In addition to the running royalties on Net Sales under Paragraph 5.3(b) (which shall remain in effect with respect to Sublicensees’ Licensed
Products), if Licensee enters into a sublicense agreement with a Sublicensee with respect to a Licensed Product where such sublicense agreement includes commercial rights, (including in the case of an option to license; but specifically excluding
research licenses and licenses to enable contract research and contract manufacturing), Licensee shall pay Northwestern one of the following: 

 (a) $[***] if the sublicense agreement is executed prior to Regulatory Approval for the
Licensed Product; or 
  
 (b) if the sublicense agreement is executed
after Regulatory Approval for a Licensed Product, [***] of any Sublicense Payments received by Licensee during the Term of the Agreement. Where any sublicense is part of a broader transaction that involves the sublicense, license or assignment of
other intellectual property rights or assets owned by Licensee or licensed or otherwise controlled by Licensee from a third party in addition to the Patent Rights, Licensee will propose in good faith an appropriate relative apportionment between the
value of the Patent Rights being sublicensed and the value of the other rights being sublicensed, licensed or assigned by Licensee that were owned or controlled by Licensee or obtained from such third party and the Sublicense Payments required
hereunder shall be based solely upon that portion of the total value that represents the value of the sublicense of the Patent Rights. However, at no time shall the appropriate relative apportionment of the Patent Rights be less than [***] of the
total value. 
 ARTICLE VII – PUBLICATION 

Article VII shall be replaced in its entirety with the following: 

Institutions will be free to publish the results of any research related to Patent Rights or Licensed Products and use any information for purposes of
research, teaching, and other educationally-related matters. Institutions agree, however, that during the Term of this Agreement and for [***] thereafter, that Licensee shall have [***] to review and comment on proposed
publications that are both related to Patent Rights and by all or substantially all of the inventors listed in the Original Patent Rights. For clarity, the aforementioned proposed publications will be in the subject area of herpes viruses that
are engineered to have decreased neuroinvasive properties. Should Licensee believe that any part of such publication would constitute the disclosure of Confidential Information as defined in Article III above, or contain information that might be
patentable as a result of this research, Licensee will notify Northwestern in writing within such [***] review period of the relevant material. At the instruction and discretion of Licensee, Northwestern shall ensure either (a) the delay of
publication of such article for up to an additional [***] in order to allow Licensee to coordinate with Northwestern to diligently pursue the filing of a patent application in accordance with the provisions in Article VIII; or (b) the redaction
or removal certain Licensee Confidential Information from any proposed publication as instructed by Licensee. Northwestern agrees that any Confidential Information supplied to it by Licensee will not be included in any published material without
prior written approval by Licensee. 
 ARTICLE X – PRODUCT LIABILITY 

Section 10.1 shall be replaced in its entirety with the following: 

Licensee shall and shall cause Affiliates and Sublicensees to at all times during the Term of this Agreement and thereafter, indemnify, defend and hold
Institutions, their trustees, directors, officers, employees and Affiliates (“Institution Indemnitees”), harmless against all third party claims, proceedings, demands and liabilities of any kind whatsoever, including legal expenses
and reasonable attorneys’ fees, arising out of the death of or injury to any person or persons or out of any damage to property, or resulting from the production, manufacture, sale, use, lease, consumption or advertisement of the Licensed
Product(s) or arising from any obligation or right of Licensee under this agreement. 

 Except as set forth herein, all terms and conditions of the License shall remain in full force and effect.
Unless otherwise defined in this Amendment, capitalized terms used in this Amendment shall have the same meaning as set forth in the License. This Amendment, together with the License, constitute the entire agreement of the Parties with respect to
the subject matter hereof, and supersedes any other agreements, promises, representations or discussions, written or oral, concerning such subject matter 

This Amendment may be executed in counterparts, each of which shall be deemed an original, and all of which taken together shall constitute one and the same
document. Execution of the Amendment by a facsimile signature or other electronic delivery of an image file (e.g., PDF) shall be deemed an original signature. 

[Signature Page Follows] 

 IN WITNESS WHEREOF, the Northwestern and Licensee acknowledge their acceptance of this
Amendment effective as of the date and year first set forth above. 

 ONCORUS, INC. 

 

			
	 By:
	 	/s/ John McCabe
		
	 Name:
	 	John McCabe
		
	 Title:
	 	Chief Financial Officer
		
	 Date:
	 	9/26/2019

 

 NORTHWESTERN 

 

			
	 By:
	 	/s/ Alicia Loffler
		
	 Name:
	 	Alicia Loffler
		
	 Title:
	 	Executive Director, Associate Provost for Innovation and New Ventures, Assoc. Vice President, Research
		
	 Date:
	 	9/27/19

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