Document:

EX-10.3

 Exhibit 10.3 

Certain information has bee excluded from this agreement (indicated by “[***]”) because Taysha Gene Therapies, Inc. has determined
such information (i) is not material and (ii) would be competitively harmful if publicly disclosed. 
 LICENSE AGREEMENT

 This License Agreement (“Agreement”) is effective on this 21st day of February 2020
(the “Effective Date”). 
 Between: 

QUEEN’S UNIVERSITY AT KINGSTON 

(hereinafter referred to as “Licensor”) 

and 
 Taysha Gene Therapies
Inc. 
 (hereinafter referred to as “Licensee”) 

BACKGROUND: 
 Whereas the Licensed Technology (as defined
below) was made in the course of research at the Licensor (or an affiliated research institution or hospital) by the Principal Investigator(s) (as defined below). 

Whereas the Principal Investigators have assigned all right, title and interest in the Licensed Technology to the Licensor. 

Whereas Licensor has rights under the Licensed Patents and Licensed Technology (as defined below) to make, have made, use, offer for sale, sell and import
Licensed Product and otherwise exploit the Licensed Patents and Licensed Technology and to license to others under the Licensed Patents and Licensed Technology to make, have made, use, offer for sale, sell and import Licensed Product and otherwise
exploit the Licensed Patents and Licensed Technology. 
 Subject to the terms and conditions set out in this Agreement, Licensee desires to obtain from
Licensor and Licensor wishes to grant to Licensee an exclusive license under the Licensed Patents and Licensed Technology to make, have made, use, offer for sale, sell and import the Licensed Product and otherwise exploit the Licensed Patents and
Licensed Technology pursuant to the terms and conditions of this Agreement. 
 NOW THEREFORE, in consideration of the foregoing premises, the mutual
covenants and obligations hereinafter contained, and other good and valuable consideration, Licensor and Licensee agree as follows. 

 Article 1 – Definitions 

For the purposes of this Agreement, the following capitalized terms, words, and phrases, when used in either the singular or plural, shall have the following
meanings: 
  

	1.1	 “Affiliate” means, with respect to a party to this Agreement, any Entity which controls, is
controlled by, or is under common control with such party, in each case, for so long as such control exists, where the term “control” means direct or indirect possession of (a) at least fifty percent (50%) of the voting securities or
comparable equity interest by or in such Entity or (b) the power to direct affirmatively the management and policies of such Entity. 

  

	1.2	 “Calendar Quarter” means a period of three (3) months in the Gregorian Calendar ending on
the last day of March, June, September, or December. 

  

	1.3	 “Calendar Year” means the period of four Calendar Quarters ending on the last day of December.

  

	1.4	 “Clinical Trial” means a Phase I Study, a Phase I/II Study, a Phase II Study, or a Phase III
Study, or such other clinical study in human subjects that is permitted by the FDA or other applicable regulatory authority and is designed to generate data in support of or maintenance of an application for regulatory approval.

  

	1.5	 “Commercial Sale” means the sale or other transfer of a Licensed Product following Marketing
Approval by the appropriate and applicable governmental agency for the country in which the sale is to be made. The transfer of such Licensed Product to a third party for use in research and development (including in Clinical Trials for regulatory
approval), as marketing samples to develop or promote such Licensed Product, or for compassionate use or other donations shall not constitute a Commercial Sale. A transfer between any selling party, where the intent is to further sell, transfer or
provide services to others, shall not be considered a Commercial Sale of a Licensed Product. 

  

	1.6	 “Confidential Information” means any confidential or proprietary information of a party
disclosed under this Agreement by such party (the “Disclosing Party”) to the other party (the “Receiving Party”), whether or not designated as being confidential or proprietary, for which reasonable precautions have been taken to
maintain the secrecy of such information, including but not limited to information relating to any scientific or engineering information or research project, work in process, future developments, names of suppliers and customers, marketing and
business plans relating to either party or other confidential or proprietary information that a reasonable person would understand to be confidential or proprietary information of such Disclosing Party, whether in oral, written, graphic or
electronic form. Confidential Information of the Disclosing Party shall not include information that is, as demonstrated by written documentation: (i) known to the other party prior to disclosure by the Disclosing Party without a prior duty of
confidentiality to the Receiving Party; (ii) disclosed in published literature; (iii) generally known or available to industry; (iv) obtained by the Receiving 

	 	
Party from a third party who is not in breach of any confidentiality obligations to the Disclosing Party; or (v) independently developed by the Receiving Party without any reference to or
use of the Confidential Information of the Disclosing Party. 

  

	1.7	 “Covered by the Licensed Patents” means that, in respect of a Licensed Product, the
manufacture, use, or sale of such Licensed Product would infringe, but for the License granted hereunder, a Valid Claim in the Licensed Patents in the country in which such product is manufactured, used or sold. 

 

	1.8	 “Entity” means a corporation, an association, a joint venture, a partnership, a trust, a
business, an individual, a government or political subdivision thereof, including an agency, or any other organization which can exercise independent legal standing. 

 

	1.9	 “Fair Market Value” means the [***]. 

 

	1.10	 “Field of Use” means all fields of use. 

 

	1.11	 “Foundation” means New Hope Research Foundation, Inc. 

 

	1.12	 “Gross Revenues” means all amounts [***] by Licensee, any of its Affiliates or
Sublicensees arising from a Commercial Sale. 

  

	1.13	 “Improvements” means any improvement, idea, design, concept, technique,
discovery or invention encumbered by the specification of the Licensed Patents or the Licensed Technology, including for the treatment of Tay-Sachs disease or Sandhoff’s Disease, whether or not
patentable, copyrightable, or otherwise protectable as intellectual property, developed by the Principal Investigator during the Principal Investigator’s employment by Queen’s University at any time during the term of this Agreement.

  

	1.14	 “Know-How” means trade secrets, Confidential
Information of Licensor, and other useful, technical information, including without limitation knowledge, know-how, procedures, devices, methods, formulas, software, designs, techniques, processes, and
inventions not known to the public, related to the Licensed Patents as described in Schedule B. “Know-How” does not include the Licensed Patents claiming any of the foregoing. 

 

	1.15	 “License” means the license rights granted in Article 2 of this Agreement.

  

	1.16	 “Licensed Patents” means the patents or patent applications identified in Schedule A, all
patents and patent applications that claim priority (directly or indirectly, in whole or in part) thereto, any and all Canadian and foreign applications or patents corresponding thereto, continuations, continuations-in-part, divisions, patents of addition, reissues, re-examinations, supplementary protection certificates, substitutions, renewals, term restorations,
revalidations, or extensions of the foregoing. 

	1.17	 “Licensed Product” means any product for use in the Field of Use whose development, making,
having made, use, sale, offer for sale, import, export, and distribution would, in the absence of the License from Licensor, infringe one or more Valid Claims of the Licensed Patents and/or uses the Licensed Technology. 

  

	1.18	 “Licensed Technology” means all of the technology, information and intellectual property
related to the Licensed Patents that is owned or controlled by Licensor, including without limitation all Know-How and Improvements, as described in Schedule B. 

 

	1.19	 “Marketing Approval” means all approvals, licenses, registrations or
authorizations of the applicable governmental or regulatory authority(ies) in a jurisdiction necessary for the manufacture, use, storage, import, marketing and sale of a Licensed Product in such jurisdiction. For jurisdictions where governmental or
other similar approval of pricing and/or reimbursement is reasonably necessary for marketing in such jurisdiction, Marketing Approval shall not be deemed to occur until such pricing or reimbursement approval is obtained. 

 

	1.20	 “Net Sales” means [***]. 

 

	1.21	 “Phase I Study” means a clinical study of a drug candidate in human patients with the primary
objective of characterizing its safety, tolerability, and pharmacokinetics and identifying a recommended dose and regimen for future studies as described in 21 C.F.R. §312.21(a), or a comparable clinical study prescribed by the relevant
regulatory authority in a country other than the United States. The drug candidate can be administered to patients as a single agent or in combination with other investigational or marketed agents. 

 

	1.22	 “Phase I/II Study” means a clinical study of a drug candidate in diseased human patients that
satisfies the requirements of a Phase 1 Study and a Phase 2 Study. 

  

	1.23	 “Phase II Study” means a clinical study of a drug candidate in human patients with the primary
objective of characterizing its activity in a specific disease state as well as generating more detailed safety, tolerability, and pharmacokinetics information as described in 21 C.F.R. §312.21(b), or a comparable clinical study prescribed by
the relevant regulatory authority in a country other than the United States including a human clinical study that is also designed to satisfy the requirements of 21 C.F.R. §312.21(a) or corresponding foreign regulations and is subsequently
optimized or expanded to satisfy the requirements of 21 C.F.R. §312.21(b) (or corresponding foreign regulations) or otherwise to enable a Phase III Clinical Study (e.g., a Phase I/II Study). The relevant drug candidate may be administered to
patients as a single agent or in combination with other investigational or marketed agents. 

	1.24	 “Phase III Study” means a clinical study of a drug candidate in human patients that
incorporates accepted endpoints for confirmation of statistical significance of efficacy and safety with the aim to obtain Marketing Approval in any country as described in 21 C.F.R. 312.21(c), or a comparable clinical study prescribed by the
relevant regulatory authority in a country other than the United States. The relevant drug candidate may be administered to patients as a single agent or in combination with other investigational or marketed agents. 

 

	1.25	 “Principal Investigator” means the inventor of the Licensed Technology whom are or were
faculty members, cross-appointees, employees and/or students enrolled at Licensor when the Licensed Technology was created and the named inventor of the Licensed Patents. 

 

	1.26	 “Queen’s” means Queen’s University at Kingston, Ontario.

  

	1.27	 “Registration Study” means clinical study of a drug candidate in human patients
that satisfies both of the following ((i) and (ii)): (i) such clinical study establishes that such Licensed Product has an acceptable safety and efficacy profile for its use, and to determine warnings, precautions, or adverse reactions that are
associated with such Licensed Product and is intended to support a Marketing Approval of such Licensed Product; and (ii) such clinical study is sufficient to support the filing of Marketing Approval for such Licensed Product in the United
States pursuant to the requirements of the United States Food and Drug Administration or Marketing Approval granted by a regulatory authority in any country. 

  

	1.28	 “Regulatory Exclusivity” means, with respect to any country, legal exclusive marketing rights
granted by a regulatory authority in such country with respect to a Licensed Product, including but not limited to data exclusivity, pediatric exclusivity, chemical entity exclusivity and/or orphan drug designation/exclusivity.

  

	1.29	 “ROFN Improvements” means other than Improvements, any improvement, idea, design, concept,
technique, discovery or invention, whether or not patentable, copyrightable, or otherwise protectable as intellectual property that has been assigned, or contractually committed to be assigned pursuant to an intellectual property agreement
(“IPA”) or similar agreement, to Licensor. For clarity, ROFN Improvements include next generation technology or improvements to the Licensed Patents or Licensed Technology that are not Improvements but conceived or reduced to practice
during the term of the Agreement by Principal Investigator of the Licensed Patents or Licensed Technology for the treatment of Tay-Sachs disease or Sandhoff’s Disease. 

 

	1.30	 “Royalty Term” means, on a Licensed Product-by-Licensed Product and country-by-country basis, the period beginning on the first Commercial Sale of a Licensed
Product in a country and ending on the later of (a) the expiration of the last Valid Claim covering such Licensed Product in such country and (b) the expiration of Regulatory Exclusivity for such Licensed Product in such country.

	1.31	 “Sublicensee” means any Entity that is granted a sublicense under the Licensed Technology
and/or the Licensed Patents by Licensee. 

  

	1.32	 “Sublicensing Revenue” means [***]. 

 

	1.33	 “Territory” means worldwide. 

 

	1.34	 “Valid Claim” means: (a) a claim in an issued and unexpired patent that has not been held
invalid or unenforceable by the final, unappealable decision of a court, or similar legal entity, of competent jurisdiction, or (b) a claim in a pending patent application within the Licensed Patents that is actively being prosecuted and has
not been abandoned, expired or rejected without the possibility of appeal or refiling. A patent application pending for more than [***] shall not be considered to have a Valid Claim for purposes of this Agreement unless and until a patent with
respect to such patent application issues with such claim. 

  

	1.35	 Other Terms. The definition of each of the following terms is set forth in the section of the Agreement
indicated below: 

  

			
	 Defined Term
	  	Section
	 Agreement
	  	Preamble
	 Applicable Laws
	  	6.2
	 Effective Date
	  	Preamble
	 Force Majeure Event
	  	12.6
	 Insurance Coverage
	  	8.5
	 Licensee
	  	Preamble
	 Licensor
	  	Preamble
	 Licensor Patent
	  	7.1
	 Maximum Anti-Stacking Reduction
	  	4.2
	 Overdue Payment
	  	5.3
	 Priority Review
	  	4.5
	 Priority Review Voucher
	  	4.5
	 ROFN
	  	2.6.1
	 Sublicense Agreement
	  	2.5.1
	 Sublicensing Revenue
	  	4.4

 Article 2– Grant of Rights 

 

	2.1	 License - Subject to the terms and conditions of this Agreement, and where Licensor may lawfully grant
such license rights, Licensor hereby grants to Licensee the exclusive, perpetual, royalty-bearing right and license (with the right to sublicense through multiple tiers), in the Territory, under Licensed Technology and the Licensed Patents in the
Field of Use, (i) to develop Licensed Products, (ii) to use and otherwise exploit the Licensed Technology and the Licensed Patents, and (iii) to make, have made, use, sell, offer for sale, import, export and distribute Licensed
Products. 

  

	2.2	 Third Party Compulsory License. In the event that Licensor is required pursuant to an order, ruling of
finding of any court, regulatory entity or other governmental entity within a jurisdiction (other than Licensor) to grant a third party a license under the Licensed Technology to make, have made, use, sell, offer for sale, import, export and
distribute a Licensed Product, then Licensor shall immediately notify Licensee in writing. The Parties shall adjust the amounts set forth in Article 4 commensurate with the impact of value decrease resulting from conversion of such
license grant from an exclusive license to co-exclusive license or non-exclusive license pursuant to the terms of the license granted to such third party.

  

	2.3	 Rights Retained by Licensor - Notwithstanding the foregoing, Licensor retains the right to use and
practice the Licensed Technology and the Licensed Patents within the Field of Use for non-commercial research including non-commercial preclinical research, and/or
academic purposes only (including publishing scientific findings from research related to the Licensed Technology), which right it may transfer only to Queen’s and Kingston Health Sciences Centre or any institutions Queen’s or KHSC is
performing collaborative research with for the same purposes, so long as Licensor, in mutual agreement with Licensee, reasonably determines that such transfer to collaborative researchers would not compromise the objectives of any Clinical Trials
for the Licensed Products. Notwithstanding the foregoing, in all cases clinical research may not be conducted by Licensor, Queen’s and Kingston Health Sciences Centre or any institutions Queen’s or KHSC with a specific vector and transgene
combination once such is identified for a Licensed Product, except as permitted in a clinical study agreement between the Parties or otherwise permitted by the Licensee in writing. 

 

	2.4	 No right in Licensed Patents and Licensed Technology - Licensee agrees and acknowledges that it acquires
no rights in the Licensed Patents or the Licensed Technology except the License expressly granted under this Agreement. 

  

	2.5	 Rights to Sublicense -The License granted under this Agreement
specifically includes the right of Licensee to grant sublicenses through multiple tiers. Licensee agrees that any sublicense it grants to any third party shall be granted under the following conditions: 

2.5.1 Any sublicense grant of rights under the Licensed Technology and/or the Licensed Patents shall be restricted to the Field of Use and
shall be under terms and conditions as set out in this Agreement (the “Sublicense Agreement”).    Each Sublicense Agreement 

 
shall specifically reference this Agreement and all rights retained by Licensor and contain the following: 
  

	 	(i)	 Sublicensee’s acknowledgement of the Licensor’s rights under Sections 2.3, 8.1, 8.3 and 8.4; and

  

	 	(ii)	 A provision that upon expiry or termination of this Agreement, the rights granted to any Sublicensee shall
terminate; provided, however, that any validly issued sublicense shall survive any expiration or termination of this Agreement provided that the Sublicensee agrees to be bound by the applicable terms of the Agreement with respect to activities of
the Sublicensee under such Sublicense Agreement. 

 2.5.2 Within [***] after the execution of the Sublicense Agreement,
Licensee shall forward to Licensor a fully executed copy of the Sublicense Agreement, which may be redacted to the extent the terms thereof are not necessary to determine compliance with this Agreement. Should the Sublicense Agreement be written in
a language other than English, Licensee shall provide Licensor with an English translation of the Sublicense Agreement. Should the Licensee grant sublicenses that includes terms and conditions that are not consistent with this Agreement, the
sublicense shall be null and void. 
  

	2.6	 Right of First Negotiation. 

 

	 	2.6.1	 Licensor hereby grants Licensee an exclusive right of first negotiation (“Right of First
Negotiation” or “ROFN”) during the term of this Agreement to license the right to under ROFN Improvements in the Field of Use, (i) to develop licensed products, (ii) to use and otherwise exploit the ROFN
Improvements, and (iii) to make, have made, use, sell, offer for sale, import, export and distribute licensed products (“ROFN Products”). 

 

	 	2.6.2	 Licensor shall not license, sell, assign, transfer, covenant or otherwise grant any rights to a the ROFN
Product in the Field of Use in any country without first offering Licensee in writing the right to include such ROFN Improvements in a ROFN Product or a Licensed Product under this Agreement, including the license grants of Section 2.1, as
provided in this Section 2.6 (“ROFN Offer Notice”). Licensee may exercise its ROFN for a ROFN Product by providing written notice to Licensor of its exercise of the ROFN within [***] of receipt of the ROFN Offer Notice
from Licensor. Prior to Licensor negotiating with or entertaining offers from a Third Party to license, sell, assign, transfer, covenant or otherwise grant any rights to, or otherwise seeking directly or indirectly to exploit, any ROFN Product,
Licensor shall first notify Licensee with a ROFN Offer Notice and shall negotiate solely and in good faith with Licensee to grant Licensee a license pursuant of similar scope to the license grants of Section 2.1 for such ROFN Product for a
period commencing with the date Licensee provides notice to Licensor of its exercise of the ROFN and expiring [***] thereafter. 

	 	2.6.3	 If the Parties are unable to agree on substantive terms within the [***] period of negotiation (the
“ROFN Period”) despite good faith efforts, Licensor shall be free to enter into an agreement with a Third Party for the license of Licensor’s rights in the ROFN Products by such Third Party, as applicable, provided that the
financial terms of such agreement shall be more favorable to Licensor in the aggregate than those financial terms last offered by or to Licensee (or substantially similar terms). 

Article 3– Term 
  

	3.1	 Term - The term of this Agreement shall commence on the Effective Date and, unless otherwise terminated
under this Agreement, shall extend until the expiration of the last Royalty Term (the “Term”). Following expiration of the Term (but not earlier termination), the License shall survive and become
non-exclusive, perpetual, irrevocable, fully paid-up and royalty-free. 

Article 4 – Licensing Consideration 
  

	4.1	 License Issue Fee – Licensee shall pay Licensor a one-time,
non-refundable license fee of Three Million ($3,000,000 USD) within [***]. The license issue fee shall be non-refundable and may not be credited towards the payment of
other consideration that Licensee is obligated to pay Licensor under this Agreement. 

  

	4.2	 Annual Earned Royalties – In partial consideration for the License granted in this Agreement,
Licensee shall pay to Licensor, on a Licensed Product-by-Licensed Product and
country-by-country basis, during the Royalty Term, an annual earned royalty of [***] of Net Sales of Licensed Products. 

For clarity, the foregoing royalties shall only be payable during the applicable Royalty Term. If the Licensee, its Affiliate or a Sublicensee
becomes obligated to pay additional amounts to third parties with respect to a Licensed Product, the Licensee may deduct [***] of the amount owing to such third parties from the royalties owing to the Licensor with respect to such Licensed Product;
provided that under no circumstance shall the royalties due to the Licensor be less than [***] of the royalties otherwise owed to the Licensor without such deduction. 
  

	4.3	 Milestone Payments - In partial consideration for the license granted herein, Licensee shall pay to
Licensor the following amounts within [***] of achievement of the following development milestones. For clarity, all milestones shall be payable only once regardless of whether milestones are achieved for multiple Licensed Products.

					
	 Date or Event
	  	Amount	 
	 [***]
	  	 	[***	] 

  

	4.4	 Sublicensing Revenue - In addition to all other royalties, fees and payments payable hereunder, Licensee
will pay to Licensor a percentage of the Sublicensing Revenue as follows: [***]. Licensee shall make such payment to Licensor within [***] after Licensee’s receipt of such payment from such Sublicensee. 

 

	4.5	 Revenues From Sale of FDA Priority Review Voucher – In addition to all other royalties, fees and
payments payable hereunder, Licensee will pay to Licensor [***], capped at [***] (within [***] following any such sale), of all amounts received by Licensee or Sublicensee, where such consideration is exchanged for the sale of a granted FDA issued
Priority Review Voucher or successor program. “Priority Review Voucher” means the Priority Review (as defined below) voucher issued by the United States Secretary of Health and Human Services to the Licensee in connection with Marketing
Approval of a Licensed Product as evidenced by publication in the Federal Register (or successor publication) that entitles the holder of such voucher to Priority Review of a single human drug application submitted to the FDA. “Priority
Review” means a priority review of and action upon a human drug application by the FDA not later than six (6) months after the filing of such application to the FDA, as defined in and pursuant to the Federal Food, Drug and Cosmetic Act and
regulations promulgated thereunder. 

  

	4.6	 Right of First Negotiation to Purchase Royalty Stream – Licensor shall grant Licensee a
[***] Right of First Negotiation to match any third-party offer to purchase the royalty stream from any Licensed Product. 

  

	4.7	 Payment of Plasmid- Licensee shall reimburse Licensor $221,300 USD to cover the cost of plasmid
production by Aldevron within [***] following [***]. 

  

	4.8	 Taxes - All amounts set out above in this Article 4 are exclusive of taxes such as Goods and Services
Tax, Provincial Sales Tax, Harmonized Sales Tax or any other tax eligible thereon, which shall be payable by Licensee to Licensor. Licensee will withhold only the minimum amount of taxes specified by Licensee’s country of taxation and any tax
treaty between Canada and Licensee’s country of taxation. If applicable, Licensee will cooperate with Licensor in completing all prescribed forms to claim a reduced amount of taxes withheld under the tax treaty, if any, between Canada and
Licensee’s country of taxation. Licensee will immediately notify Licensor of any change in the residence status or upon registration for the purposes of the Canadian excise Tax Act. 

	4.9	 Offset. In the event that Foundation, its directors, trustees, officers, employees, successors or
assigns threatens or brings a claim, action or dispute against Licensee relating to the Licensed Patents, Licensed Technology or Licensed Product, Licensee may offset all amounts expended by Licensee and any sublicensee in responding to, defending
and settling such claim, action or dispute (including, but not limited to, attorneys’ fees and settlement amounts) against amounts due and payable to Licensor from Licensee and its sublicensees under this Article 4. 

Article 5 – Payments and Reports 
  

	5.1	 Payments - Unless otherwise specified in this Agreement, all undisputed amounts due to Licensor shall be
paid within [***] following the end of the Calendar Quarter in which such payment accrues or Licensee otherwise incurs the obligation to pay such undisputed amounts. All such payments shall be remitted to Licensor’s address given in the
notification provision of this Agreement or to such other address as Licensor shall direct. All payments to Licensor shall be remitted using the following payment information: 

[***] 
  

	5.2	 Currency - All amounts due to Licensor under this Agreement are in USD and are to be paid in USD. With
respect to Net Sales received by Licensee in currency other than USD, calculations required to ascertain amounts due Licensor and any currency conversions necessary to make payment of amounts due Licensor shall be made using an average of the
official closing exchange rate quoted by the Wall Street Journal on the last day of each month in the applicable Calendar Quarter. If such currency conversion is not reasonably possible, Licensee shall immediately inform Licensor and Licensee, shall
deposit any amounts owed to Licensor, in the currency of the Net Sales received, in the bank or trust association of the country of such currency designated by Licensor. 

 

	5.3	 Late Fees - If any undisputed payment is made more than [***] late after the date such payment is due
(an “Overdue Payment”), Licensee shall pay to Licensor interest on an Overdue Payment at a rate of [***]. Such interest will accrue on an Overdue Payment from the [***] after the payment was due. Accrued interest will be due and payable on
the first day of each month after interest begins to accrue, until full payment of all Overdue Payments and accrued interest. 

  

	5.4	 Reports - During the term of this Agreement and for [***] thereafter, Licensee shall keep, at its own
expense, accurate books of account using accepted accounting procedures, detailing the data necessary to calculate any payments due Licensor from Licensee under this Agreement. Each payment made to Licensor shall be accompanied by a written report
summarizing the data used to calculate the amounts 

	 	
paid. Each report pertaining to royalty payments for the applicable accounting period shall specifically include the following, as applicable: 

 

	 	(i)	 Gross Revenue amounts; 

 

	 	(ii)	 Net Sales; and 

  

	 	(iii)	 Amount of royalties due, broken down by category and country; and 

All reports under this Agreement will be treated as Licensee’s Confidential Information. If during any reporting period, no Net Sales are
invoiced, billed, or received and no payment is due Licensor, Licensee shall nevertheless timely submit a written report to Licensor stating that no Net Sales were invoiced, billed, or received and no funds are due Licensor. 

 

	5.5	 Examination of Records - Upon at least [***] written notice, Licensor, at its own cost and expense,
through an independent auditor reasonably acceptable to Licensee, may inspect and examine such records and books of account of Licensee as are necessary, and where Licensee grants sublicenses or any other grant of rights in the Licensed Technology,
it shall obtain a right for Licensor’s independent auditor reasonably acceptable to such Sublicensee, to examine such records and books of account of Sublicensees on Licensor’s behalf, as are necessary to verify the accuracy of
Licensee’s royalty payments. Such right may be exercised [***] during any twelve-month period. Such examination may be performed at any time within [***] after the end of the reporting period to which the books of account pertain, and shall be
performed during normal business hours at the major place of business or at such other site as may be agreed upon by Licensor and Licensee or the party who is subject to the inspection. Licensor may make abstracts or copies of such books of account
solely for its use in performing the examination and such copies shall be considered the Confidential Information of Licensee. 

  

	5.6	 Result of Examination - If any examination of Licensee’s records shows that Licensee has paid more
than required under this Agreement, any excess amounts shall, at Licensee’s option, be promptly refunded or credited against future royalties with interest from the date of overpayment [***]. If any examination of Licensee’s records shows
that Licensee has paid less than required under this Agreement, Licensee shall promptly pay the additional amount due together with interest as required under this Agreement for late payments. If the amount of underpayment exceeds [***] of the
amount which should have been paid, Licensee shall also pay all reasonable, out-of-pockets costs incurred by Licensor with respect to such examination.

  

	5.7	 Reimbursement of plasmid materials – The proposed Sponsored Research Agreement shall contain a
provision for the reimbursement of $221,300 USD with respect to the cost of manufacturing the plasmid material. In the event a Sponsored Research Agreement is not executed within [***] of the Effective Date, Licensee agrees to reimburse Licensor
directly in the amount of $221,300 USD. 

 Article 6 – Performance 

 

	6.1	 Licensee Efforts - During the term of this Agreement, Licensee shall use commercially reasonable efforts
to exploit the Licensed Technology in the Field of Use in the Territory in countries where it is commercially reasonable to develop Licensed Products hereunder. As a minimum, Licensee agrees to achieve the following: 

[***]. 
  

	6.2	 Notwithstanding the foregoing, any delays arising from unexpected scientific difficulties or regulatory delays
shall be reasonably excused, provided that the Licensee provides timely notice of such situation and promptly uses commercially reasonable efforts to mitigate such situation. 

If Licensee is unable to perform any of the above provisions in Article 6.1, then Licensor, after providing Licensee with written notice of
Licensee’s failure to perform such obligations and Licensee failing within [***] of receiving such notice to cure such failure or otherwise reach agreement with Licensor on a procedure to remedy the failure, has the right and option to either:

  

	 	(i)	 terminate this Agreement; or 

 

	 	(ii)	 reduce Licensee’s Field of Use; or 

 

	 	(iii)	 convert this exclusive license to a non-exclusive license,

 and this right, if exercised by Licensor, supersedes the rights granted in Article 2. 

[***], Licensee shall provide an annual report to Licensor summarizing progress achieved on commercializing the Licensed Technology. 

Licensee shall comply with all applicable international, federal, national, state, provincial, and local laws and regulations, including, for
certainty, any applicable export control, embargo, anti-corruption, and international treaties regulating the sale or use of Licensed Products or containing the Licensed Technology (“Applicable Laws”). Without limiting the generality of
the above, Licensee acknowledges that the Licensed Products and any related Licensed Technology may be subject to export controls imposed by Canada, the United States and other Applicable Laws, and may require disclosure to and permits or licenses
to be issued by the government of Canada, the government of the United States and/or other applicable government agencies and departments (“Government”). Licensee shall obtain, maintain and comply with all required Government
licenses and permits in connection with its use of the Licensed Technology and any manufacturing, marketing, sale, transportation and delivery of Licensed Products. Licensee acknowledges that its covenant to comply with Applicable Laws and obtain,
maintain and comply with all requisite Government permits is fundamental condition of the entering into of this License by the Licensor. 

 Licensee shall not take any actions to invalidate the Licensed Patents or have them declared
unenforceable. 
 Article 7 Intellectual Property 
  

	7.1	 Licensed Patents – Unless otherwise provided herein, the Licensed Patents will be held in the name
of Licensor and obtained with counsel or patent agent(s) authorized to represent Licensor and mutually agreed upon by the parties. Licensor shall provide Licensee with (a) copies of all relevant documentation related to the prosecution of the
Licensed Patents so that Licensee may be informed and appraised of and meaningfully consulted as to their filing, continuing prosecution and maintenance and (b) reasonable opportunity to advise Licensor on the filing, continuing prosecution and
maintenance, and to comment on all relevant matters relating thereto, including review of filings and draft responses prior to filing with the applicable patent office. In the event of a disagreement between Licensor and Licensee regarding the
filing, prosecution or maintenance of the Licensed Patent Rights, Licensee shall have final decision making authority with respect to such disputed issue. In the event that Licensee does not agree that any given patent application or patent should
be made, prosecuted or maintained (hereinafter referred to as a “Licensor Patent”), Licensor shall have the right unilaterally to make, prosecute and maintain such Licensor Patent, and Licensee shall not have any rights to such Licensor
Patent. In the event that Licensor elects to abandon any patent or patent application within the Licensed Patents, it shall notify Licensee at least [***] in advance of the associated statutory deadline with the applicable patent office. In the
event Licensee disagrees with such abandonment, Licensor shall continue prosecution or maintenance, as the case may be, of such patent or patent application. 

7.1.1 Licensor shall use its reasonable efforts to amend any patent application to include claims reasonably requested by Licensee and
required to protect the Licensed Products. 
 7.1.2 Licensee agrees to pay all costs and legal fees incurred by Licensor on behalf of
Licensee for the filing, prosecution, maintenance and taxes for the Licensed Patents (other than Licensor Patents). Such costs will include the reasonable and documented -of Licensor’s internal patent
agents, out-of-pocket costs for the filing, prosecution and maintenance of the Licensed Patents, including in the event of an Inter Partes Review by the US patent office
(or similar process in a country outside the US) reasonable and documented attorneys’ fees, expenses, official and filing fees. All reasonable and documented expenses incurred after the Effective Date for such prosecution, maintenance and taxes
shall be reimbursed to Licensor by Licensee within [***] of invoicing. 
  

	7.2	 Patent Markings - Licensee shall comply with all applicable United States and foreign statutes
relating to the marking of Licensed Product(s) and/or related packaging with patent pending, patent number(s), copyrights, or other intellectual property notices and legends required to maintain the intellectual property rights licensed under this
Agreement. 

 Article 8 – Warranties 
  

	8.1	 Licensor Warranties - Licensor represents and warrants as of the Effective Date: 

 

	 	8.1.1	 to the best of its knowledge after due inquiry, applying a standard of care consistent with the practices of
other Canadian public research and educational institutions, and not the standard of care exercised by or in a pharmaceutical industry research facility: 

  

	 	(i)	 Licensor has identified all inventors of the Licensed Patents and Licensed Technology and the entire right and
title to the Licensed Technology and the Licensed Patents have been properly assigned by the inventors and developers of such technology and patent applications to Licensor; 

 

	 	(ii)	 Licensor is the owner or agent of the entire right, title and interest in and to the Licensed Patents; and

  

	 	(iii)	 Licensor has the right to grant the License hereunder, subject to the provisions of Article 2.

  

	 	8.1.2	 Licensor has not granted any rights under the Licensed Patents and Licensed Technology prior to the Effective
Date that would be inconsistent with the rights granted to Licensee herein, subject to the provisions of Article 2; 

  

	 	8.1.3	 Licensor has not received any written notice that any of the Licensed Patents are invalid or unenforceable; and

  

	 	8.1.4	 Licensor has not received any written notice of any actual or threatened claims from any Entity other than the
Foundation that the use of or practice of the Licensed Patents or Licensed Technology infringes or misappropriates (or has infringed or misappropriated) the intellectual property of any third party. 

 

	8.2	 Licensee Warranties - Licensee represents and warrants: 

 

	 	(i)	 Licensee has full right and authority to enter into and fully perform its rights and obligations under this
Agreement; and 

  

	 	(ii)	 entering into this Agreement will not conflict with any other obligation of Licensee. 

 

	8.3	 Limitation on Licensor’s Warranties – Other than the representations and warranties provided
in this Article 8, LICENSOR MAKES NO REPRESENTATIONS OR 

	 	
WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, WITH RESPECT TO THE LICENSED TECHNOLOGY. ALL LICENSOR DELIVERABLES ARE MADE AVAILABLE TO LICENSEE STRICTLY ON AN “AS IS” BASIS. LICENSOR DOES
NOT WARRANT THAT THE LICENSED TECHNOLOGY IS ERROR FREE OR THAT IT WILL MEET LICENSEE’S REQUIREMENTS. ALL IMPLIED WARRANTIES AND CONDITIONS OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE ARE EXPRESSLY DISCLAIMED AND EXCLUDED. THE ENTIRE
RISK AS TO THE RESULTS AND PERFORMANCE OF THE LICENSED TECHNOLOGY, DELIVERABLES, AND ANY PRODUCTS, SERVICES OR METHODS BASED ON THE LICENSED TECHNOLOGY IS ASSUMED BY LICENSEE. OTHER THAN AS EXPRESSLY SET OUT IN THIS ARTICLE 8, LICENSOR DOES NOT MAKE
ANY WARRANTIES OR REPRESENTATIONS, EXPRESS OR IMPLIED, CONCERNING THE PATENTABILITY OF ANY LICENSED TECHNOLOGY, THE VALIDITY OF ANY LICENSED PATENT(S), THE SCOPE OF ANY LICENSED PATENT(S) CLAIMS, OR WHETHER OR NOT THE EXERCISE OF THE RIGHTS LICENSED
UNDER THIS AGREEMENT WILL OR WILL NOT RESULT IN INFRINGEMENT OF ANY INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES. 

  

	8.4	 Licensee’s Indemnification 

 

	 	8.4.1	 Licensee hereby indemnifies and undertakes to defend Licensor, its shareholders, directors, trustees, officers,
employees, students and agents and hold them harmless against all third party claims, suits, proceedings, demands, actions of any nature or kind whatsoever including any actions for infringement of a third party’s intellectual property rights,
as referred to in Article 9.1 by a third party (other than the Foundation, its directors, trustees, officers, employees, successors or assigns), damages, judgments, costs, expenses and fees (including but without limitation, reasonable legal
expenses) or liability of any kind brought by a third party or otherwise related to third party claims arising out of or in any way associated with the development, sub-licensing, use, manufacture, marketing
and sale of the Licensed Products or with the use of Licensed Technology, except, in each case, to the extent such third party claim or liability arises out of or is in any way associated with the gross negligence or willful misconduct of Licensor
or breach of this Agreement by Licensor. The obligations of Licensee under this Section 8.4 shall survive the termination of this Agreement. 

  

	 	8.4.2	 As a condition to a Licensor right to receive indemnification under Section 8.4.1, Licensor shall:
(i) promptly notify Licensee as soon as it becomes aware of a claim or suit for which indemnification may be sought; (ii) reasonably cooperate, and cause the individual Licensor indemnitees to reasonably cooperate, with Licensee in the
defense, settlement or compromise of such claim or suit; and (iii) permit Licensee to control the defense, settlement or compromise of such claim or suit, including the right to select defense counsel. In no event, however, may

	 	
Licensee compromise or settle any claim or suit in a manner which (A) admits fault or negligence on the part of Licensor or any other Licensor indemnitee; (B) commits Licensor or any
other Licensor indemnitee to take, or forbear to take, any action, without the prior written consent of Licensor, or (C) grant any rights under the Licensed Patents except for Sublicenses as permitted herein. Licensor shall reasonably cooperate
with Licensee and its counsel in the course of the defense of any such suit, claim or demand, such cooperation to include without limitation using reasonable efforts to provide or make available documents, information and witnesses.

  

	8.5	 Insurance - Licensee shall obtain and maintain, at its sole cost and expense, general liability
insurance, product and product liability insurance in an amount reasonably sufficient to protect against activities related to this Agreement, including coverage for, without limitation, its indemnification obligations under Article 8.4 (the
“Insurance Coverage”). Prior to any distribution or Commercial Sale of a Licensed Product Licensee shall obtain and maintain Insurance Cover at a minimum face amount of $[***] per occasion and an aggregate of $[***]. Upon request, Licensee
shall furnish to Licensor a certificate evidencing compliance with these insurance obligations and coverages. 

  

	8.6	 Limitation of Liability -  

 

	 	8.6.1	 Subject to Sections 8.6.2 and 8.6.3, the liability of either party in relation to this Agreement shall in all
circumstances be limited to direct damages and neither party shall be liable for any special, consequential, indirect, incidental, exemplary or punitive damages, whether in contract, tort or otherwise resulting from any cause of action whatsoever,
including negligence, gross negligence, negligent misrepresentation, loss of profit, strict liability, operation of law, and/or fundamental breach or other theory of law. 

 

	 	8.6.2	 Section 8.6.1 shall not apply in respect of damages arising from a breach of Article 10 or willful
misconduct. 

  

	 	8.6.3	 Except for a breach of Article 10 or willful misconduct, in no event shall Licensor’s aggregate liability
for claims arising out of or in connection with this Agreement exceed an amount equal to the amounts paid under Article 4 of this Agreement. 

Article 9 Infringement 
  

	9.1	 Licensed Technology Infringes Third-Party’s Rights - Should any third party threaten or make a
claim that the manufacture, use, or sale of a Licensed Product or the use of the Licensed Technology by Licensee infringes or constitutes wrongful use of such third party’s intellectual property rights, Licensee shall give Licensor prompt
written notice detailing as many facts as possible concerning such claim. Licensor agrees, at its own 

	 	
expense, to provide all reasonable and necessary documents, in the possession of Licensor, and reasonable access at Licensor’s offices during business hours to personnel of Licensor with a
knowledge of the dispute, to Licensee in any attempt by Licensee to resolve such claims. 

  

	9.2	 Third-Party Infringement - Licensor and Licensee agree that, should either party become aware of any
actual or potential infringement or wrongful or unauthorized use of the Licensed Technology or the Licensed Patents, that party becoming aware will give the other party prompt written notice detailing as many facts as possible concerning such
infringement or potential infringement. During the Term, Licensee, at its own expense, shall have the right to prosecute infringement or wrongful or unauthorized use of the Licensed Technology and/or the Licensed Patents in the Field of Use in the
Territory. Licensee shall have the right to join Licensor as a party plaintiff in any action brought by Licensee to enforce the Licensed Technology and/or Licensed Patents. Should Licensee join Licensor, Licensee shall pay all out-of-pocket expenses incurred by Licensor in its participation in the action. Licensee shall recover and retain any and all damages recovered from such an action. Licensor
shall provide to Licensee all information reasonably required to assist with the prosecution of such action. The foregoing rights shall be subject to the continuing right of Licensor to intervene in an action commenced by Licensee at Licensor’s
own expense. 

  

	9.3	 Licensor Enforcement - Should Licensee not commence an action against a third party that is infringing
or wrongfully using the Licensed Technology and/or Licensed Patents within 180 days of receiving or giving notice of such infringement, then Licensor may commence an action in its own name against such third party. Licensor shall have the right to
join Licensee as a party plaintiff in any action brought by Licensor to enforce the Licensed Technology and/or Licensed Patents intellectual property rights. Should Licensor join Licensee, Licensor shall pay all out-of-pocket expenses incurred by Licensee in its participation in the action. Licensee shall provide to Licensor all information reasonably required to assist with the prosecution of such action. Licensor
shall recover and retain any and all damages recovered from such an action. 

 Article 10 - Confidential Information 

 

	10.1	 Confidential Information - The parties may exchange Confidential Information to each other in connection
with this Agreement. The Receiving Party shall safeguard the Confidential Information received from the Disclosing Party and shall not disclose it to anyone within the Receiving Party’s organization without a “need to know” and
without being bound to a written confidentiality agreement signed on terms no less stringent than set out herein, or, if to third parties, without appropriate written confidentiality agreements being signed on terms no less stringent than set out
herein. Each party agrees to take reasonable precautions to protect the other party’s Confidential Information and preserve and shall use at least the same degree of care 

	 	
and precaution as is customarily used to protect its own Confidential Information and which in any event shall be a prudent and reasonable degree of care. Each party agrees not to use the other
party’s Confidential Information other than as expressly set forth herein. 

  

	10.2	 Notwithstanding Section 10.1, a Party may disclose Confidential Information (a) to regulatory
authorities as reasonably needed to develop and/or obtain or maintain regulatory approvals of Licensed Products, (b) to its Sublicensees as reasonably needed to research, develop and/or commercialize Licensed Products, under terms of
confidentiality that are no less restrictive than those set forth in this Agreement, (c) to prospective sublicensees, strategic partners, merger partners or acquirers, existing and potential investors and in each case, their respective
professional advisors, in connection with evaluation and/or negotiation of possible sublicense, corporate partnering, merger, asset purchase or other similar transactions, provided that any such disclosure shall be subject to a written
confidentiality agreement with terms of non-disclosure no less restrictive than those set forth in this Agreement, or (d) as reasonably needed to conduct or defend any litigation relating to this
Agreement, the Licensed Products or such party’s rights hereunder. Furthermore, if the Receiving Party of Confidential Information becomes legally compelled to disclose any Confidential Information in order to comply with applicable law or with
an order issued by a court or regulatory body with competent jurisdiction, the recipient shall (i) provide prompt written notice to the Disclosing Party so that the Disclosing Party may seek a protective order or other appropriate remedy or
waive its rights under this Section; and (ii) disclose only that portion of Confidential Information that is legally required to furnish; provided that, in connection with such disclosure, the recipient shall use commercially reasonable efforts
to obtain assurance that confidential treatment will be given with respect to such Confidential Information. If any party is required to file this Agreement with any governmental body, such party shall redact the terms of this Agreement to the
extent possible in order to keep particularly sensitive provisions confidential. 

 Article 11 – Termination 

 

	11.1	 Licensor’s Right to Terminate - Licensor may, at its option, terminate this
Agreement immediately and without notice if [***], or (b) Licensee files in any court or agency, pursuant to any statute or regulation of any state or country, a petition in bankruptcy or other Insolvency Event or for reorganization or for an
arrangement or for the appointment of a receiver or trustee of Licensee, or if Licensee is served with an involuntary petition against it, filed in any insolvency proceeding, and such petition shall not be dismissed within [***] after the filing
thereof. For purposes of this Section 11.1, an “Insolvency Event” shall mean Licensee (a) commenced a voluntary proceeding under any insolvency law, or (b) had an involuntary proceeding commenced against it under any
insolvency law which has continued undismissed or 

	 	
unstayed for [***], or (c) had a receiver, trustee or similar official appointed for it or for any substantial part of its property, or (d) had an order for relief entered with respect
to it by a court of competent jurisdiction under any insolvency law. 

  

	11.2	 Mutual Termination. Either party may, at its option, terminate this Agreement if the other party:
(a) becomes subject to, any proceeding under any Bankruptcy and Insolvency Act or any other statute of any state or country relating to insolvency or the protection of creditor’s rights; or (b) is in material breach or default of any
obligation under this Agreement and fails to cure such breach or default, or satisfy that such breach or default has been cured, or otherwise reach agreement with the non-breaching party on a procedure to
remedy the breach or default within [***] after receiving notice from the non-breaching party to cure. 

  

	11.3	 Licensee’s Right to Terminate - Licensee may, at its option, terminate this Agreement on a Licensed
Product-by-Licensed Product, country-by-country basis or in its entirety upon providing
Licensor [***] written notice. 

  

	11.4	 Obligations on Termination - Termination of this Agreement shall not release Licensor or Licensee from
any obligation or liability to the other which shall have matured or accrued prior to termination. The following rights and obligations, in addition to others as expressly provided herein, shall survive termination: 

 

	 	(i)	 Licensee shall make all reports as required herein prior to termination and shall submit a termination report
as reasonably requested by Licensor within [***] of such request; 

  

	 	(ii)	 Licensee shall pay all royalties or other payments due Licensor accrued for payment prior to termination,
within [***] of the effective date of termination and shall promptly remit royalties or other payments due Licensor; 

  

	 	(iii)	 Licensee shall maintain all records required to be kept herein for the period before termination, and shall
allow Licensor examination privileges as set forth in Article 5; 

  

	 	(iv)	 any licenses, releases, or agreements of non-assertion running in
favour of end users of Licensed Products; 

  

	 	(v)	 all claims and causes of action one party may have against the other; and 

 

	 	(vi)	 all obligations to preserve and maintain the confidentiality of Confidential Information, except as required by
court orders or by law or to satisfy government regulations. 

 Upon termination of this Agreement: (i) Licensee shall
cease making, using, selling, marketing any Licensed Product (subject to the sell-off rights); and (ii) both parties shall destroy any Confidential Information disclosed by the other party and provide a
certificate to such other party verifying such destruction. In addition, Licensee shall have the right, upon termination of this Agreement, to sell-off any inventory of Licensed Product for a period of [***],
or as mutually agreed upon by the parties in writing. 

 Article 12 - General Provisions 

 

	12.1	 Assignment - This Agreement shall be binding upon and enure to the benefit of the parties hereto and
their respective successor and permitted assigns. Except as may be expressly permitted in this Agreement, neither party may assign this Agreement or any of its rights, duties or obligations to any person or entity without first obtaining the written
consent of the other party, which consent shall not be unreasonably withheld; provided, however, that either party may assign this agreement without such consent (a) to an affiliate or (b) in connection with the sale of all or
substantially all of its business or assets to which this agreement relates, whether by merger, consolidation, reorganization, stock sale, change of control, operation of law or otherwise. 

 

	12.2	 Intentionally Omitted. 

 

	12.3	 Counterparts - This agreement may be executed in any number of counterparts, each of which together
shall be deemed an original, but all of which together shall constitute one and the same instrument. For purposes of executing this agreement, a facsimile (including a PDF delivered via email) copy of this agreement, including the signature pages,
will be deemed an original. 

  

	12.4	 Dispute Resolution - Licensor and Licensee shall provide the other party with prompt written notice of
any controversy or dispute arising out of or in connection with this Agreement, its interpretation, performance or termination. Both parties do hereby agree to make best efforts to amicably resolve any such dispute within a reasonable time after
receiving written notice of the existence of such dispute. 

  

	12.5	 Entire Agreement - This Agreement (including without limitation the Background section and the schedules
and exhibits attached hereto) and any documents incorporated by reference herein, constitute the entire agreement and understanding between Licensor and Licensee pertaining to the subject matter hereof and supersede all prior or collateral
agreements, understandings, negotiations and discussions pertaining to such subject matter, whether oral or written or in electronic form. Except as specifically set out herein, there are no conditions, representations, warranties, undertakings,
promises, inducements, or agreements whether direct, indirect, collateral, express or implied made by Licensor to Licensee. No modification, supplement or waiver of this Agreement shall be binding unless executed in writing by authorized officers of
each party. 

	12.6	 Force Majeure - Neither Licensor nor Licensee shall be in default of the terms of this Agreement because
the party delays performance or fails to perform such terms; provided such delay or failure is not the result of the party’s intentional or negligent acts or omissions, but the result of causes beyond the reasonable control of such party (any
such cause is a “Force Majeure Event”). Causes reasonably beyond the control of Licensor and Licensee shall include, but not be limited to, revolutions; civil disobedience; fires; acts of God, war, or public enemies; blockades; embargoes;
strikes; labour disputes; governmental, administrative or judicial orders, delays in transit or deliveries. In the event of a Force Majeure Event, each party shall be allowed a reasonable period of time to fulfil its obligations hereunder, however,
where such Force Majeure Event continues more than 180 days, the party not seeking to rely on the Force Majeure Event to excuse its non-performance, may terminate this Agreement. 

 

	12.7	 Further Assurances - The parties agree that each of them shall, upon reasonable request of the other, do
or cause to be done all further lawful acts, deeds and assurances whatsoever required for the better performance of the terms and conditions of this Agreement. 

 

	12.8	 Headings - The article, section and subsection titles and headings contained in this Agreement are for
convenience and reference only. Such titles and headings do not form a part of this Agreement, shall not define or limit the scope of the articles, sections or subsections, and shall not affect the construction or interpretation of any of the
articles, sections or subsections. 

  

	12.9	 Notices - All notices, reports, payments, requests, consents, demands and other communications between
Licensor and Licensee, pertaining to subjects related to this Agreement, shall be in writing and shall be deemed duly given and effective: when actually received by mail or personal delivery; or when mailed by prepaid registered or certified mail to
the receiving party at the address set forth below, or to such other address as may be later designated by written notice from either party to the other party: 

 

	
	 Licensor’s notification address:

	
	
                       
       Queen’s University – Office of Partnerships & Innovation

	
                       
       [***]

	
	 Licensee’s notification address:

	
	
                       
       Taysha Gene Therapies, Inc.

	
                       
       [***]

	
	
                      
        With copy to:

	
                       
       [***]

	12.10	 Publicity - Neither party will use the name of the other party, or of Licensor, in any publicity without
the prior written approval of the party being so named. Such approval from either party shall not be unreasonably withheld or delayed. Notwithstanding the foregoing, Licensee may use the name of Licensor in a
non-misleading and factual manner solely in (a) executive summaries, business plans, offering memoranda and other similar documents used by Licensee for the purpose of raising financing for the operations
of Licensee as related to Licensed Products, or entering into commercial contracts with third parties, but in such case only to the extent necessary to inform a reader that the Licensed Patents and Licensed Technology have been licensed by Licensee
from Licensor, and to inform a reader of the identity and published credentials of inventors of intellectual property, and (b) any securities reports required to be filed with the Securities and Exchange Commission. Licensor may use the name of
Licensee in a non-misleading and factual manner to provide aggregate technology transfer revenues in University public reports. 

 

	12.11	 Severability - In the event that any provision or term of this Agreement shall be held by a court to be
illegal or unenforceable, all of the other terms and provisions hereof shall remain in full force and effect, except that if the provision or term held to be illegal or unenforceable is also held to be a material part of this Agreement such that the
party in whose favour the material term or provision was stipulated herein would not have entered into this Agreement without such term or provision, then the party in whose favour the material term or provision was stipulated shall have the option
upon such a holding, to terminate this Agreement. 

  

	12.12	 Waiver of Rights - In order to be effective, any waiver, by either party, of any right under this
Agreement, must be in writing signed by an authorized representative of the party making the waiver. No such waiver or failure of Licensor or Licensee to enforce a right or strict performance under this Agreement shall be deemed to be a waiver or
forbearance which would in any way prevent Licensor or Licensee from subsequently asserting or exercising any such rights, making a claim not specifically waived, or requiring strict performance of this Agreement. No such waiver or failure to
enforce shall affect the validity of this Agreement or be a continuing waiver excusing compliance with any provision of this Agreement in the future. 

- Signatures Follow - 

 IN WITNESS WHEREOF, Licensor and Licensee have caused this Agreement to be executed by their duly authorized
representative: 
  

									
		 	Queen’s:	  	 /s/ James Banting
	  		  	Feb. 21, 2020        
		 		  	Name: James Banting	  		  	 Date

		 		  	 Title: Assistant Vice-Principal
 (Partnerships
and Innovation)
	  	
					
		 	Licensor:	  	 /s/ RA Session II
	  		  	2/25/2020            
		 		  	Name: RA Session II	  		  	 Date

		 		  	Title: Founder	  	

 Schedule A 

List of Patents and Applications 
 [***] 

 Schedule B 

List of Know-How 

“Know-How” means trade secrets, Confidential Information, and other useful, technical information,
including without limitation knowledge, know-how, procedures, devices, methods, formulas, software, designs, techniques, processes, and inventions not known to the public, related to the Licensed Patents. Know-How will include all public and non-public data and be available to Licensee sufficient detail to support regulatory filings.
Know-How shall include, but is not limited to the following: 
 [***]EX-10.4

 Exhibit 10.4 

Certain information has been excluded from this agreement (indicated by “[***]”) because Taysha Gene Therapies, Inc. has determined such information
(i) is not material and (ii) would be competitively harmful if publicly disclosed. 
 LICENSE AGREEMENT 

DATED AS OF AUGUST 14, 2020 

BY AND BETWEEN 

ABEONA THERAPEUTICS, INC. 

AND 

TAYSHA GENE THERAPIES, INC. 

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
			
	 ARTICLE 1
	  	DEFINITIONS	  	 	1	 
			
	 ARTICLE 2
	  	LICENSES AND OTHER RIGHTS	  	 	7	 
			
	 2.1
	  	Grant of License to Company	  	 	7	 
			
	 2.2
	  	Grant of Sublicense by Company	  	 	7	 
			
	 2.3
	  	Technology Transfer	  	 	7	 
			
	 2.4
	  	Manufacturing Technology Transfer	  	 	7	 
			
	 2.5
	  	Regulatory Technology Transfer	  	 	8	 
			
	 2.6
	  	Procedures for Technology Transfer	  	 	8	 
			
	 2.7
	  	UNC Agreement	  	 	8	 
			
	 2.8
	  	No Implied Licenses	  	 	8	 
			
	 2.9
	  	Negative Covenant	  	 	8	 
			
	 ARTICLE 3
	  	DEVELOPMENT, MANUFACTURE AND COMMERCIALIZATION OF PRODUCT	  	 	8	 
			
	 3.1
	  	Development of the Licensed Product by Company	  	 	8	 
			
	 3.2
	  	Licensor Support in Development	  	 	9	 
			
	 3.3
	  	Commercialization	  	 	9	 
			
	 3.4
	  	Clinical and Commercial Manufacturing	  	 	9	 
			
	 3.5
	  	Diligence by Company	  	 	9	 
			
	 3.6
	  	Trademarks	  	 	9	 
			
	 3.7
	  	Reporting	  	 	9	 
			
	 ARTICLE 4
	  	REGULATORY MATTERS	  	 	9	 
			
	 4.1
	  	Regulatory Filings	  	 	9	 
			
	 4.2
	  	Communications with Authorities	  	 	9	 
			
	 4.3
	  	Recalls	  	 	10	 
			
	 ARTICLE 5
	  	FINANCIAL PROVISIONS	  	 	10	 
			
	 5.1
	  	Initial Fee	  	 	10	 
			
	 5.2
	  	Milestone Payments	  	 	10	 
			
	 5.3
	  	Commercial Event Payments	  	 	10	 
			
	 5.4
	  	Royalty Payments for Licensed Product	  	 	11	 
			
	 5.5
	  	Existing Third-Party Agreements	  	 	11	 
			
	 5.6
	  	Timing of Payment	  	 	11	 
			
	 5.7
	  	Mode of Payment and Currency; Invoices	  	 	11	 
			
	 5.8
	  	Royalty Reports	  	 	12	 

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 5.9
	  	Late Payments	  	 	12	 
			
	 5.10
	  	Audits	  	 	12	 
			
	 5.11
	  	Taxes	  	 	13	 
			
	 ARTICLE 6
	  	INVENTIONS AND PATENTS	  	 	13	 
			
	 6.1
	  	Further Assurances	  	 	13	 
			
	 6.2
	  	Patent Prosecution and Maintenance	  	 	13	 
			
	 6.3
	  	Enforcement and Defense	  	 	14	 
			
	 ARTICLE 7
	  	CONFIDENTIALITY	  	 	15	 
			
	 7.1
	  	Confidentiality Obligations	  	 	15	 
			
	 7.2
	  	Use	  	 	16	 
			
	 7.3
	  	Required Disclosure	  	 	16	 
			
	 7.4
	  	Publications	  	 	16	 
			
	 7.5
	  	Press Releases and Disclosure	  	 	17	 
			
	 ARTICLE 8
	  	REPRESENTATIONS, WARRANTIES AND COVENANTS	  	 	17	 
			
	 8.1
	  	Representations and Warranties	  	 	17	 
			
	 8.2
	  	Additional Representations and Warranties of Licensor	  	 	18	 
			
	 8.3
	  	Licensor Covenants	  	 	19	 
			
	 ARTICLE 9
	  	INDEMNIFICATION AND INSURANCE	  	 	20	 
			
	 9.1
	  	Indemnification by Company	  	 	20	 
			
	 9.2
	  	Indemnification by Licensor	  	 	20	 
			
	 9.3
	  	No Consequential Damages	  	 	20	 
			
	 9.4
	  	Notification of Claims; Conditions to Indemnification Obligations	  	 	21	 
			
	 9.5
	  	Insurance	  	 	21	 
			
	 ARTICLE 10
	  	TERM AND TERMINATION	  	 	21	 
			
	 10.1
	  	Term and Expiration	  	 	21	 
			
	 10.2
	  	Termination of the Agreement for Convenience	  	 	21	 
			
	 10.3
	  	Termination upon Material Breach	  	 	21	 
			
	 10.4
	  	Effects of Termination	  	 	22	 
			
	 10.5
	  	Termination on Bankruptcy or Insolvency	  	 	24	 
			
	 10.6
	  	Other Remedies	  	 	24	 
			
	 ARTICLE 11
	  	DISPUTE RESOLUTION	  	 	25	 
			
	 11.1
	  	Escalation to Executive Officers	  	 	25	 

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 11.2
	  	Injunctive Relief	  	 	25	 
			
	 ARTICLE 12
	  	MISCELLANEOUS PROVISIONS	  	 	25	 
			
	 12.1
	  	Relationship of the Parties	  	 	25	 
			
	 12.2
	  	Assignment	  	 	25	 
			
	 12.3
	  	Performance and Exercise by Affiliates	  	 	25	 
			
	 12.4
	  	Further Actions	  	 	25	 
			
	 12.5
	  	Force Majeure	  	 	25	 
			
	 12.6
	  	No Trademark Rights	  	 	26	 
			
	 12.7
	  	Entire Agreement of the Parties; Amendments	  	 	26	 
			
	 12.8
	  	Captions	  	 	26	 
			
	 12.9
	  	Governing Law	  	 	26	 
			
	 12.10
	  	Notices and Deliveries	  	 	26	 
			
	 12.11
	  	Waiver	  	 	26	 
			
	 12.12
	  	Severability	  	 	27	 
			
	 12.13
	  	No Implied License	  	 	27	 
			
	 12.14
	  	Interpretation	  	 	27	 
			
	 12.15
	  	Counterparts	  	 	27	 

  

  
 iii 

 LICENSE AGREEMENT 

This License Agreement (this “Agreement”) is dated as of August 14, 2020 (the “Effective Date”) by and
between Abeona Therapeutics Inc., a Delaware corporation having its principal place of business at 1330 Avenue of the Americas, Suite 33A, New York, NY 10019 (“Licensor”), and Taysha Gene Therapies, Inc., a Delaware corporation
having a place of business at 2280 Inwood Road, Dallas, TX 75325 (“Company”). Licensor and Company may be referred to herein as a “Party” or, collectively, as “Parties”. 

RECITALS: 

WHEREAS, Licensor is a fully integrated gene and cell therapy company engaged, inter alia, in the development of gene therapy
technologies relating to CLN1 Disease; 
 WHEREAS, Company is engaged in the research, development, manufacturing and
commercialization of gene therapy products and is interested in Developing, manufacturing and Commercializing Licensed Products; and 

WHEREAS, Company desires to license from Licensor, and Licensor wishes to exclusively license to Company rights to Develop, manufacture
and Commercialize Licensed Products in the Field in the Territory. 
 NOW, THEREFORE, in consideration of the various promises and
undertakings set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows: 

ARTICLE 1 
 DEFINITIONS

 Unless otherwise specifically provided herein, the following terms shall have the following meanings: 

 

	1.1	 “Affiliate” means a Person who controls, is controlled by or is under common control with a
Party, but only for so long as such control exists. For the purposes of this Section 1.1, the word “control” (including, with correlative meaning, the terms “controlled by” or “under the common
control with”) means the actual power, either directly or indirectly through one or more intermediaries, to direct the management and policies of such Person or entity, whether by the ownership of more than fifty percent (50%) of the voting
stock of such entity, or by contract or otherwise. 

  

	1.2	 “BLA” means a Biologics License Application submitted pursuant to the requirements of the FDA,
as more fully defined in 21 C.F.R. § 601, and any equivalent application submitted in any country in the Territory, including all additions, deletions or supplements thereto, and as any and all such requirements may be amended, or supplanted,
at any time. 

  

	1.3	 “Calendar Quarter” means each three (3) month period commencing January 1,
April 1, July 1 or October 1 of any year; provided, however, that (a) the first Calendar Quarter of the Term shall extend from the Effective Date to the end of the first full Calendar Quarter thereafter, and (b) the last
Calendar Quarter of the Term shall end upon the expiration or termination of this Agreement. 

  

	1.4	 “Calendar Year” means the period beginning on the 1st of January and ending on the 31st of December of the same year; provided, however, that (a) the first Calendar Year of the Term shall
commence on the Effective Date and end on the 31st of December of the same year and (b) the last Calendar Year of the Term shall commence on the
1st of January of the Calendar Year in which this Agreement terminates or expires and end on the date of termination or expiration of this Agreement. 

  
 1 

	1.5	 “CLN1 Disease” means infantile neuronal ceroid lipofuscinosis, also known as infantile Batten
disease, caused by mutations in the palmitoyl protein thioesterase 1 (PPT1) gene. 

  

	1.6	 “cGMP Inventory” means Licensor’s inventory of CLN1 Plasmid that has been manufactured in
accordance with (a) standards promulgated by any Regulatory Authority having jurisdiction over the manufacture of Licensed Product, including those Current Good Manufacturing Practices promulgated by the FDA and related regulations, as amended,
or any successor laws thereto (“cGMP”), required to be followed in connection with the manufacture of biopharmaceutical products; (b) standards promulgated by any Regulatory Authority having jurisdiction over the manufacture of
Licensed Product, in the form of draft or final guidance documents (including advisory opinions, compliance policy guides and guidelines); and (c) such other industry standards as may be agreed upon by the Parties as applicable to Licensed
Product. 

  

	1.7	 “Clinical Trial” means a clinical trial in human subjects that has been approved by a
Regulatory Authority and Institutional Review Board or Ethics Committee, and is designed to measure the safety and/or efficacy of Licensed Product. Clinical Trials shall include, but are not limited to, Pivotal Trials. 

 

	1.8	 “Combination Product” means any product comprised of a combination of a Licensed Product and
at least one other product where the other product is an active ingredient, device, delivery system or other separately sold product co-packaged such that the Licensed Product and other product is integrated
in a singular product. 

  

	1.9	 “Commercialization” or “Commercialize” means any and all activities
undertaken before and after Regulatory Approval of a BLA for the Licensed Product that relate to the marketing, promoting, distributing, importing or exporting for sale, offering for sale, and selling of the Licensed Product, and interacting with
Regulatory Authorities regarding the foregoing. 

  

	1.10	 “Commercially Reasonable Efforts” means: (a) with respect to the efforts to be expended
by a Party with respect to any objective, such reasonable, diligent, and good faith efforts as such Party would normally use to accomplish a similar objective under similar circumstances; and (b) with respect to any objective relating to
Development or Commercialization of the Licensed Product by a Party, the application by such Party, consistent with the exercise of its prudent scientific and business judgment, of diligent efforts and resources to fulfill the obligation in issue,
consistent with the level of efforts a similarly situated pharmaceutical company would devote to a product at a similar stage in its product life as the Licensed Product and having profit potential and strategic value comparable to that of the
Licensed Product, taking into account, without limitation, commercial, legal and regulatory factors, target product profiles, product labeling, past performance, the regulatory environment and competitive market conditions in the therapeutic area,
safety and efficacy of the Licensed Product, the strength of its proprietary position and such other factors as such Party may reasonably consider, all based on conditions then prevailing. For clarity, Commercially Reasonable Efforts will not mean
that a Party guarantees that it will actually accomplish the applicable task or objective. 

  

	1.11	 “Confidential Information” of a Party, means information relating to the business, operations
or products of a Party or any of its Affiliates, including any Know-How, that such Party discloses to the other Party under this Agreement, or otherwise becomes known to the other Party by virtue of this
Agreement. 

  
 2 

	1.12	 “Controlled” means, with respect to (a) Patents, (b)
Know-How or (c) biological, chemical or physical material, that a Party or one of its Affiliates owns or has a license or sublicense to such Patents, Know-How or
material (or in the case of material, has the right to physical possession of such material) and has the ability to grant a license or sublicense to, or assign its right, title and interest in and to, such Patents,
Know-How or material as provided for in this Agreement without violating the terms of any agreement or other arrangement with any Third Party. 

 

	1.13	 “Cover”, “Covering” or “Covered” means, with respect to
Licensed Product, that the making, using, selling, or offering for sale of Licensed Product would, but for a license granted in this Agreement under the Licensed Patents, infringe a Valid Claim of the Licensed Patents. 

 

	1.14	 “Development” or “Develop” means, with respect to the Licensed Product, the
performance of all pre-clinical and clinical development (including toxicology, pharmacology, test method development and stability testing, process development, formulation development, quality control
development, statistical analysis), Clinical Trials (excluding Clinical Trials conducted after Regulatory Approval of a BLA), manufacturing and regulatory activities that are required to obtain Regulatory Approval of Licensed Product in the
Territory. 

  

	1.15	 “Executive Officers” means, together, [***] of Company and the [***] of Licensor.

  

	1.16	 “Existing Third-Party Agreement(s)” means the agreement(s) set forth on Schedule 1.16.

  

	1.17	 “FDA” means the United States Food and Drug Administration or a successor federal agency
thereto. 

  

	1.18	 “Field” means, and is limited to, the practice of the Licensed Patents, Licensed Material, and
Licensed Know-How for gene therapy for the prevention, treatment or diagnosis of CLN1 Disease in humans. 

  

	1.19	 “First Commercial Sale” of Licensed Product(s) means any transfer for value in an arms-length
transaction to an independent Third Party distributor, agent or end user in a country after obtaining all Regulatory Approvals from applicable Regulatory Authorities required for the manufacture, importation, marketing, promotion, pricing,
reimbursement and sale of the Licensed Product(s) in such country. 

  

	1.20	 “Governmental Body” means any: (a) nation, principality, state, commonwealth, province,
territory, county, municipality, district or other jurisdiction of any nature; (b) federal, state, local, municipal, foreign or other government; (c) governmental or quasi-governmental authority of any nature (including any governmental
division, subdivision, department, agency, bureau, branch, office, commission, council, board, instrumentality, officer, official, representative, organization, unit, body or entity and any court or other tribunal); (d) multi-national or
supranational organization or body; or (e) individual, entity, or body exercising, or entitled to exercise, any executive, legislative, judicial, administrative, regulatory, police, military or taxing authority or power of any nature.

  

	1.21	 “IND” means an investigational new drug application submitted to applicable Regulatory
Authorities for approval to commence Clinical Trials in a given jurisdiction. 

  
 3 

	1.22	 “Know-How” means any: (a) scientific or technical
information, results or data of any type whatsoever, in any tangible or intangible form whatsoever, that is not in the public domain or otherwise publicly known, including, without limitation, discoveries, inventions, trade secrets, devices,
databases, practices, protocols, regulatory filings, methods, processes (including manufacturing processes, specification and techniques), techniques, concepts, ideas, specifications, formulations, formulae, data (including pharmacological,
biological, chemical, toxicological, clinical and analytical information, quality control, trial and stability data), case reports forms, medical records, data analyses, reports, studies and procedures, designs for experiments and tests and results
of experimentation and testing (including results of research or development), summaries and information contained in submissions to and information from ethical committees, or Regulatory Authorities, and manufacturing process and development
information, results and data, whether or not patentable, all to the extent not claimed or disclosed in a patent or patent application; and (b) compositions of matter including, without limitation, plasmids, viruses, cells, cell lines, assays,
animal models and physical, biological or chemical material, including drug substance samples, intermediates of drug substance samples, drug product samples and intermediates of drug product samples. The fact that an item is known to the public
shall not be taken to exclude the possibility that a compilation including the item, and/or a development relating to the item, is (and remains) not known to the public. “Know-How” includes any
rights including copyright, database or design rights protecting such Know-How. “Know-How” excludes Patents. 

 

	1.23	 “Law” or “Laws” means all applicable laws, statutes, rules, regulations,
ordinances and other pronouncements having the binding effect of law of any Governmental Body. 

  

	1.24	 “Licensed Know-How” means all Know-How that is Controlled by Licensor or any of its Affiliates, as of the Effective Date that is necessary or useful in the research, Development, manufacture, use, or Commercialization of Licensed Products. The
Licensed Know-How shall include all Know-How set forth on Schedule 1.24. 

 

	1.25	 “Licensed Materials” means the chemical, biological or physical materials that are set forth
on Schedule 1.25. 

  

	1.26	 “Licensed Patents” means the Patents listed on Schedule 1.26, (b) the Patent Rights (as
defined by the UNC Agreement) to the extent not already set forth on Schedule 1.26, and (c) any Patents Controlled by Licensor or its Affiliates as of the Effective Date (to the extent not already set forth on Schedule 1.26 as of
the Effective Date) or during the Term that are necessary or useful to research, Develop, manufacture, use or Commercialize a Licensed Product with an AAV vector containing a nucleic acid transgene encoding a PPT1 polypeptide. Licensor shall update
Schedule 1.26 from time-to-time to include any new Patents Controlled by Licensor during the Term pursuant to clauses (b) and (c).. 

 

	1.27	 “Licensed Product” means any product, or component part thereof for which the manufacture,
use, importation or sale of which, absent the license granted under this Agreement, would infringe a Valid Claim of a Licensed Patent and/or that incorporate the Licensed Material. 

 

	1.28	 “Licensed Technology” means the Licensed Patents, the Licensed
Know-How and the Licensed Materials. For the avoidance of doubt, the Licensed Technology includes any Licensed Patents, Licensed Know-How and/or Licensed Materials
Controlled by Licensor pursuant to any Existing Third-Party Agreement. 

  

	1.29	 “Market Exclusivity” means an exclusive benefit by grant or an exclusion under or from the
FDA, European Medicines Agency or other similar Regulatory Authority, relating to a Licensed Product, including orphan drug protection or data exclusivity. 

  

	1.30	 “Net Sales” means [***]. 

  
 4 

	1.31	 “Out-of-Pocket
Expenses” means expenses actually paid by a Party or its Affiliate to any Third Party; provided, that “Out-of-Pocket Expenses” shall not
include expenses paid to any consultants (or service providers of like kind), except for travel expenses associated with a consultant (or service provider of like kind). 

 

	1.32	 “Patents” means: (a) an issued or granted patent, including any extension, supplemental
protection certificate, registration, confirmation, reissue, reexamination or renewal thereof; (b) a pending patent application, including any continuation, divisional,
continuation-in-part, substitute or provisional application thereof; and (c) all counterparts or foreign equivalents of any of the foregoing issued by or filed in
any country or other jurisdiction. 

  

	1.33	 “Person” means any natural person, corporation, firm, business trust, joint venture,
association, organization, company, partnership or other business entity, or any government or agency or political subdivision thereof. 

  

	1.34	 “Pivotal Trial” means either (a) a Clinical Trial, the principal purpose of which is to
demonstrate clinically and statistically the efficacy and safety of a Licensed Product as a basis for obtaining Regulatory Approval, and has been recognized and approved as such by the Regulatory Authority, or (b) a Clinical Trial of a Licensed
Product on a sufficient number of subjects that satisfies both of the following (i) and (ii): (i) such trial is designed to establish that such Licensed Product has an acceptable safety and efficacy profile for its intended use, and to
determine warnings, precautions, and adverse reactions that are associated with such Licensed Product, which trial is intended to support Regulatory Approval of such Licensed Product; and (ii) such trial is a registration trial intended to be
sufficient to support the filing of an application for Regulatory Approval for such Licensed Product in the US, or applicable country, as evidenced by (A) an agreement with or statement from the FDA or its foreign equivalent, or (B) other
guidance or minutes issued by the FDA or its foreign equivalent, for such registration trial. 

  

	1.35	 “Price Approvals” means, in those countries in the Territory where Regulatory Authorities may
approve or determine pricing and/or pricing reimbursement for pharmaceutical products, such pricing and/or pricing reimbursement approval or determination. 

  

	1.36	 “Regulatory Authority” means the FDA or any foreign equivalent. 

 

	1.37	 “Regulatory Approval” means any and all approvals, licenses, registrations, or authorizations
of the relevant Regulatory Authority, including Price Approvals, necessary for the Development, manufacture, use, storage, import, transport or Commercialization of Licensed Product in a particular country or jurisdiction. For the avoidance of
doubt, Regulatory Approval to Commercialize Licensed Product shall include Price Approval. 

  

	1.38	 “Royalty Term” means, on a Licensed Product-by-Licensed Product and country-by-country basis, the period from the First Commercial Sale of such Licensed Product in
such country until the later of (a) the expiration or revocation or complete rejection of the last to expire or to be revoked or to be completely rejected of any Licensed Patent Covering such Licensed Product in the country in which the
Licensed Product is sold, (b) the loss of Market Exclusivity in the country in which such Licensed Product is sold, or (c) if no Licensed Patent exists in the country where the Licensed Product is sold Covering the manufacture, use or sale
of the Licensed Product and no Market Exclusivity exists in the country in which the Licensed Product is sold, ten (10) years from the First Commercial Sale of such Licensed Product in such country. 

  
 5 

	1.39	 “Sublicensee” means any Person other than an Affiliate of Company to which Company (or its
Affiliates) grants a sublicense under Licensed Patents or Licensed Know-How. 

  

	1.40	 “Tax” or “Taxes” means any federal, state, local or foreign income, gross
receipts, license, payroll, employment, excise, severance, stamp, occupation, premium, windfall profits, environmental, customs duties, capital stock, franchise, profits, withholding, social security, unemployment, disability, real property,
personal property, sales, use, transfer, registration, value added, alternative or add-on minimum, estimated, or other tax of any kind whatsoever, including any interest, penalty, or addition thereto, whether
disputed or not. 

  

	1.41	 “Territory” means all the countries of the world. 

 

	1.42	 “Third Party” means any Person other than Licensor, Company or any of their respective
Affiliates. 

  

	1.43	 “Third Party License Agreement” means any agreement entered into by a Party or its Affiliate
with a Third Party, or any amendment or supplement thereto, in each case following the Effective Date, whereby royalties, fees or other payments are to be made by a Party or its Affiliate to such Third Party in connection with the grant of rights
under intellectual property rights Controlled by such Third Party, which rights are necessary or useful to research, Develop, manufacture, have made, import, export, use or Commercialize Licensed Product. 

 

	1.44	 “United States” or “US” means the United States of America, its territories
and possessions. 

  

	1.45	 “USD” or “$” means the lawful currency of the United States.

  

	1.46	 “UNC Agreement” means the license agreement entered into by Licensor and the University of
North Carolina at Chapel Hill (“University”) dated September 16, 2016 and referencing “CLN1 Genome Designs for AAV Vectors, University File 16-0076,” as attached hereto as
Schedule 1.46. 

  

	1.47	 “Valid Claim” means, with respect to the Licensed Patents, (a) any unexpired claim of an
issued Patent that has not been found to be unpatentable, unenforceable or invalid by a court or other governmental agency of competent jurisdiction that is unappealable or unappealed in the time allowed for appeal; or (b) a claim of a pending
application, which application claims a first priority no more than [***] prior to the date upon which pendency is determined. For purposes of clarification, if a claim in an application has been pending for more than [***] from its priority date,
and a Patent subsequently issues containing such claim, then upon issuance of the Patent, the claim shall thereafter be considered a Valid Claim. 

  

	1.48	 Other Terms. The definition of each of the following terms is set forth in the section of the Agreement
indicated below: 

  

			
	 Defined Term
	  	 Section

	 “Action”
	  	6.3(b)(i)
	 “Agreement”
	  	Preamble
	 “cGMP”
	  	1.6
	 “CM&C Know-How”
	  	2.4
	 “Company”
	  	Preamble
	 “Company Indemnitees”
	  	9.2
	 “Company IP”
	  	10.4(b)(ii)(6)
	 “Company Patent”
	  	6.2(d)

  
 6 

			
	 “Development Support”
	  	3.2
	 “Effective Date”
	  	Preamble
	 “Existing IND”
	  	2.5
	 “Insolvency Event”
	  	10.3.2
	 “Licensor”
	  	Preamble
	 “Licensor Indemnitees”
	  	9.1
	 “Manufacturing Technology Transfer”
	  	2.4
	 “Manufacturing Technology Transfer Plan”
	  	2.4
	 “Party” and “Parties”
	  	Preamble
	 “Representatives”
	  	3.2
	 “Sales Milestone”
	  	5.3
	 “Suspension IND”
	  	5.2
	 “Term”
	  	10.1
	 “University”
	  	1.46

 ARTICLE 2 

LICENSES AND OTHER RIGHTS 
  

	2.1	 Grant of License to Company. Subject to the terms and conditions of this Agreement, Licensor hereby
grants to Company and its Affiliates an exclusive (even as to Licensor), worldwide, royalty-bearing right and license (with the right to sublicense, subject to the provisions of Section 2.2) under the Licensed Technology to
research, Develop, manufacture, have manufactured, use and Commercialize Licensed Product in the Field in the Territory. 

  

	2.2	 Grant of Sublicense by Company. Company shall have the right, in its sole discretion, to grant
sublicenses, in whole or in part, under the licenses granted in Section 2.1; provided, however, that (a) the terms and conditions of each sublicense shall be consistent with the terms and conditions of this Agreement
and the UNC Agreement and (b) the granting by Company of a sublicense shall not relieve Company of any of its obligations hereunder. 

  

	2.3	 Technology Transfer. As soon as reasonably practicable after the Effective Date, but in no event later
than [***] following the Effective Date (provided that Company shall have the right to reasonably extend such time period of time to the extent reasonably necessary to enable Company to receive the foregoing transfer), Licensor will transfer to
Company, at Licensor’s cost and expense, the Licensed Know-How set forth on Schedule 1.24 and Licensed Materials (except for Licensed Know-How and Licensed
Materials relating to the manufacture of Licensed Product, which are the subject of Section 2.4). 

  

	2.4	 Manufacturing Technology Transfer. The technology transfer described in this
Section 2.4 shall be referred to as the “Manufacturing Technology Transfer” and shall be conducted in accordance with a manufacturing technology transfer plan to be mutually agreed upon in writing by the
Parties within [***] after the Effective Date (the “Manufacturing Technology Transfer Plan”). The Manufacturing Technology Transfer Plan will: (a) specify goals and estimated time lines for the achievement of the Manufacturing
Technology Transfer; (b) identify certain of the technology to be transferred; (c) specify the activities related to implementation of such technology in Company’s facilities; and (d) set forth those obligations assigned to each
Party with respect to such technology transfer. Manufacturing Technology Transfer Plan shall also include an obligation for Licensor to transfer to Company a copy of all Licensed Know-How and all Licensed
Materials, including such Know-How as is specifically identified in the Manufacturing Technology Transfer Plan, including, without limitation, toxicity data related to Licensed Product, as is reasonably
necessary to complete 

  
 7 

	 	
part of the Chemistry, Manufacturing and Controls section of a regulatory submission document included in a BLA (collectively, “CM&C
Know-How”). Each Party will bear its costs and expenses associated with performing the Manufacturing Technology Transfer. In conjunction with the execution of this Agreement, Licensor and Company are
entering into a Purchase and Reimbursement Agreement, dated on or about the Effective Date (the form of which is attached hereto as Schedule 2.4), pursuant to which (i) Licensor shall sell, and Company shall purchase, the cGMP Inventory as set
forth therein for a total consideration of [***] as set forth in the Purchase and Reimbursement Agreement. 

  

	2.5	 Regulatory Technology Transfer. Upon Company’s written request, Licensor shall, at Licensor’s
cost and expense, assign to Company all applications and filings made by or on behalf of Licensor with any Regulatory Authority with respect to Licensed Product, including any IND (including the IND existing as of the Effective Date (the
“Existing IND”)), BLA or orphan drug designations or any other application for regulatory consultations or consideration, including sponsorship thereof, as more fully detailed in Schedule 2.5. Notwithstanding the foregoing,
the Parties acknowledge the assignment and transfer of all regulatory materials pursuant to this Section 2.5 is subject to the acceptance of the applicable Regulatory Authority. Accordingly, until such acceptance by each
applicable Regulatory Authority, Licensor shall remain responsible for performing any tasks required by a Regulatory Authority, including, but not limited to, responding to any requests or communications with a Regulatory Authority; provided,
however, that Licensor shall consult with Company regarding such obligations prior to taking any actions and Company shall have the final decision-making authority with respect to any such actions to be taken by Licensor.

  

	2.6	 Procedures for Technology Transfer. The technology transfers set forth in Sections 2.3,
2.4 and 2.5 shall occur in an orderly fashion and in a manner such that the value, usefulness and confidentiality of the transferred Licensed Know-How, Licensed Materials and regulatory
documentation are preserved in all material respects. During the Term, Licensor shall, upon Company’s written request, provide full and prompt disclosure of, and shall license, and hereby does license, to Company as a part of Licensed Know-How, any Know-How (including CM&C Know-How) that becomes Controlled by Licensor or any of its Affiliates after the Effective
Date that is reasonably necessary for Company to manufacture Licensed Product or complete the Chemistry, Manufacturing and Controls section of a regulatory submission document included in a BLA. 

 

	2.7	 UNC Agreement. Company hereby (a) acknowledges the [***]. 

 

	2.8	 No Implied Licenses. Except as explicitly set forth in this Agreement, neither Party shall be deemed by
estoppel or implication to have granted the other Party any license or other right to any intellectual property of such Party. For clarity, notwithstanding anything contained in this Agreement to the contrary, Licensor retains all rights under the
Licensed Technology for any and all uses outside of the Field. 

  

	2.9	 Negative Covenant. Company covenants that it will not, and will not permit any of its Affiliates or
Sublicensees to, use or practice any Licensed Technology outside the scope of the license granted to it under Section 2.1. 

ARTICLE 3 
 DEVELOPMENT,
MANUFACTURE AND COMMERCIALIZATION OF PRODUCT 
  

	3.1	 Development of the Licensed Product by Company. Company shall have the exclusive right, and sole
responsibility and decision-making authority, to research and Develop Licensed Product and to conduct (either itself or through its Affiliates, agents, subcontractors and/or Sublicensees) all Clinical Trials and
non-clinical studies Company believes appropriate to obtain Regulatory Approval for Licensed Product in the Field. 

  
 8 

	3.2	 Licensor Support in Development. Until the [***], Licensor shall make its employees, consultants,
contractors, advisors and agents (“Representatives”) that are knowledgeable regarding the Licensed Technology or Licensed Product (including the properties and functions thereof), available to Company for scientific and technical
explanations, and advice that may reasonably be required by Company relating to the Development of Licensed Products (the “Development Support”). The Development Support shall be provided by Licensor
free-of-charge up to [***]. Thereafter, any Development Support will be reimbursed by Company at a mutually agreed upon (in writing) hourly rate. 

 

	3.3	 Commercialization. Company shall have the exclusive right, and sole responsibility and decision-making
authority, to Commercialize Licensed Product itself or through one or more Affiliates or Sublicensees or other Third Parties selected by Company and shall have the sole decision-making authority and responsibility in all matters relating to the
Commercialization of the Licensed Product. 

  

	3.4	 Clinical and Commercial Manufacturing. Company shall have the exclusive right to manufacture Licensed
Product itself or through one or more Affiliates or Sublicensees or other Third Parties selected by Company. 

  

	3.5	 Diligence by Company. Subject to Licensor’s fulfillment of its obligations under this Agreement,
Company shall use Commercially Reasonable Efforts to (a) Develop at least one Licensed Product and (b) Commercialize at least one (1) Licensed Product in the United States. Activities by Company’s Affiliates and Sublicensees will
be considered as Company’s activities under this Agreement for purposes of determining whether Company has complied with its obligation to use Commercially Reasonably Efforts. 

 

	3.6	 Trademarks. As between Licensor and Company, Company shall have the sole authority to select trademarks
for the Licensed Product and shall own all such trademarks. 

  

	3.7	 Reporting. Company shall, within plus or minus [***] of each anniversary of the Effective Date, provide
Licensor with a written report summarizing in reasonable detail its major Development and, as applicable, Commercialization activities conducted during the prior Calendar Year. All information and reports provided to Licensor pursuant to this
Section 3.7 shall be without any commitment from Company and shall be treated as Confidential Information of Company hereunder. Notwithstanding the foregoing, Company’s obligation to provide reports under this
Section 3.7 shall expire upon First Commercial Sale in the United States. 

 ARTICLE 4

 REGULATORY MATTERS 
  

	4.1	 Regulatory Filings. As between Company and Licensor, Company shall own and maintain all regulatory
filings and Regulatory Approvals for the Licensed Product, including all INDs and BLAs. 

  

	4.2	 Communications with Authorities. Company (or one of its Affiliates or Sublicensees) shall be
responsible, and act as the sole point of contact, for communications with Regulatory Authorities in connection with the Development, Commercialization, and manufacturing of Licensed Product.

  
 9 

	 	
Following the Effective Date, Licensor shall not initiate, with respect to Licensed Product, any meetings or contact with Regulatory Authorities without Company’s prior written consent. To
the extent Licensor receives any written or oral communication from any Regulatory Authority relating to Licensed Product, Licensor shall (a) refer such Regulatory Authority to Company, and (b) as soon as reasonably practicable (but in any
event within [***] after becoming aware of such communication), notify Company and provide Company with a copy of any written communication received by Licensor or, if applicable, complete and accurate minutes of such oral communication.

  

	4.3	 Recalls. Company shall have the sole right to determine whether and how to implement a recall or other
market withdrawal of the Licensed Product. 

 ARTICLE 5 

FINANCIAL PROVISIONS 
  

	5.1	 Initial Fee. Company shall pay, or cause to be paid, to Licensor a fee of Three Million USD (USD
3,000,000), within [***] following the Effective Date. Payment of the initial fee shall be subject to any withholding tax obligations set forth in Section 5.11. 

 

	5.2	 Milestone Payments. Company shall pay to Licensor the following milestone payments upon the first
achievement of the milestone events described below for each Licensed Product, whether achieved by Company, its Affiliates or their respective Sublicensees. Company shall notify Licensor in writing of the achievement of any such milestone event,
within [***] of such achievement, and Licensor shall issue Company an invoice for the amount of the corresponding milestone payment, which invoice Company shall pay within [***] following receipt of such invoice. 

 

			
	 Milestone event for each Licensed Product
	  	Milestone Payment
USD
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]
	 [***]
	  	[***]

 For the avoidance of doubt, the total foregoing milestones shall be payable once per Licensed Product. 

With respect to the IND Milestone set forth in the table above, the Parties acknowledge and agree that (a) as of the Effective Date,
Licensor is transferring the Existing IND to Company, and (b) Company shall elect to either Develop and Commercialize Licensed Product under the Existing IND or submit its own IND for a Licensed Product based on a suspension re-formulation of such Licensed Product (the “Suspension IND”). In the event that Company elects to Develop and Commercialize Licensed Product under the Existing IND by providing express written
notice to Licensor of such election, the process for payment of the milestone payment for the IND Milestone shall be triggered as of the date of such notice from Company. In the event that Company elects to file the Suspension IND, the process for
the milestone payment for the IND Milestone shall be triggered upon the date of filing of the Suspension IND. 
  

	5.3	 Commercial Event Payments. Company shall pay Licensor the following amounts for the first and only the
first achievement of the following sales event milestones (each, a “Sales Milestone”). 

  
 10 

			
	 Sales Milestones for each Licensed Product
	  	Milestone Payment USD
	 [***]
	  	[***]
	 [***]
	  	[***]

 Company shall deliver written notice to Licensor within [***] of the end of the Calendar Year in which a Sales
Milestone occurs and Licensor shall issue Company an invoice for the amount of the corresponding Sales Milestone payment, which invoice Company shall pay within [***] following receipt of such invoice. 

For the avoidance of doubt, each aforementioned Sales Milestone payment shall be made only once for each Licensed Product that achieves such
Sales Milestone. 
  

	5.4	 Royalty Payments for Licensed Product. 

(a) Royalty Rate. During the Royalty Term, Company shall pay to Licensor a [***] royalty on worldwide aggregate annual Net Sales of
Licensed Product for each Calendar Year (subject to Section 5.5 below): 
 (b) Net Sales Subject to Royalty
Payments. For purposes of determining whether a royalty threshold or a Sales Milestone has been attained, only Net Sales that are subject to a royalty payment shall be included in the total amount of Net Sales and any Net Sales that are not
subject to a royalty payment shall be excluded. For clarity, Company’s obligation to pay royalties to Licensor under this ARTICLE 5 is imposed only once with respect to the same unit of Licensed Product regardless of the number of
Licensed Patents pertaining thereto. 
  

	5.5	 Existing Third-Party Agreements. Licensor shall be responsible for the timely payment of any amounts due
under any Existing Third-Party Agreement, and in the event that Licensor shall fail to make any payment when due under such Existing Third-Party Agreement, Company shall have the right to make such payment on behalf of Licensor. In such event,
Licensor shall promptly reimburse Company any such amounts paid by Company or, at Company’s election, Company may offset such amounts paid by Company against any amounts payable to Licensor hereunder. 

 

	5.6	 Timing of Payment. Royalties payable under Section 5.4(a) shall be payable on actual Net Sales and
shall accrue at the time the invoice for the sale of Licensed Product is delivered. Royalty obligations that have accrued during a particular Calendar Quarter shall be paid, on a Calendar Quarter basis, within [***] after the end of each Calendar
Quarter during which the royalty obligation accrued. 

  

	5.7	 Mode of Payment and Currency; Invoices. 

(a) Currency. All payments to Licensor hereunder shall be made by deposit of USD in the requisite amount to such bank account as
Licensor may from time to time designate by written notice to Company. With respect to sales not denominated in USD, Company shall convert applicable sales in foreign currency into USD by using the then current and reasonable standard exchange rate
methodology applied to its external reporting. Based on the resulting sales in USD, the then applicable royalties shall be calculated. The Parties may vary the method of payment set forth herein at any time upon mutual written agreement, and any
change shall be consistent with the local Law at the place of payment or remittance. 

  
 11 

 (b) Invoices. Licensor shall submit its invoices to
accountspayable@pbmcap.com. 
  

	5.8	 Royalty Reports. Within [***] after the end of each Calendar Quarter during which Licensed Product has
been sold, Company shall deliver to Licensor, together with the applicable royalty payment due for such Calendar Quarter, a written report, on a Licensed
Product-by-Licensed Product basis, of Net Sales subject to royalty payments for such Calendar Quarter. Such report shall be deemed “Confidential Information”
of Company subject to the obligations of ARTICLE 8 of this Agreement. 

  

	5.9	 Late Payments. Any failure by Company to make a payment within [***] after the date when due shall
obligate Company to pay computed interest, the interest period commencing on the due date and ending on the actual payment date, to Licensor at a rate of [***] per month, or the highest rate allowed by Law, whichever is lower. 

 

	5.10	 Audits. 

(a) Audits Generally. During the Royalty Term and for [***] thereafter, and not more than once in each Calendar Year, Company shall
permit, and shall cause its Affiliates or Sublicensees to permit, an independent certified public accounting firm of nationally recognized standing selected by Licensor, and reasonably acceptable to Company or such Affiliate or Sublicensee, to have
access to and to review, during normal business hours upon reasonable prior written notice, the applicable records of Company and its Affiliates or Sublicensees to verify the accuracy of the royalty reports and payments under this ARTICLE 5.
Such review may cover the records for sales made in any Calendar Year ending not more than [***] prior to the date of such request. The accounting firm shall disclose to Licensor and Company only whether the royalty reports are correct or incorrect
and the specific details concerning any discrepancies. No other information shall be provided to Licensor. 
 (b) Audit-Based
Reconciliation. If such accounting firm concludes that additional royalties were owed during such period, and Company agrees with such calculation, Company shall pay the additional undisputed royalties within [***] after the date Licensor
delivers to Company such accounting firm’s written report, together with any interest payable under Section 5.9. If such accounting firm concludes that an overpayment was made, such overpayment shall be fully
creditable against amounts payable in subsequent payment periods or, at Company’s request, shall be promptly reimbursed to Company. If Company disagrees with such calculation, it may retain its own independent certified public accounting firm
of recognized standing and reasonably acceptable to Licensor, to conduct a review, and if such firm concurs with the other accounting firm, Company shall make the required payment within [***] after the date Company receives the report of its
accounting firm. If Company’s accounting firm does not concur, Company and Licensor shall meet and negotiate in good faith a resolution of the discrepancies between the two firms. Licensor shall pay for the cost of any audit, unless Company has
underpaid Licensor by more than [***], in which case Company shall pay for the costs of audit. 
 (c) Audit Confidentiality. Each
Party shall treat all information that it receives under this Section 5.10 in accordance with the confidentiality provisions of ARTICLE 7 of this Agreement, and shall cause its accounting firm to enter into an
acceptable confidentiality agreement with the other Party obligating such firm to retain all such financial information in confidence pursuant to such confidentiality agreement, except to the extent necessary for such Party to enforce its rights
under this Agreement. The terms of this Section 5.10 shall apply mutatis mutandis with respect to Company’s right to audit Licensor’s records related to those Out-of-Pocket Expenses for which Licensor seeks reimbursement hereunder. 

  
 12 

	5.11	 Taxes. Licensor shall be responsible for the payment of any and all Taxes levied on account of the
royalties and other payments paid to Licensor by Company or its Affiliates or Sublicensees under this Agreement. If Law requires that Taxes be deducted and withheld from royalties or other payments paid under this Agreement, Company shall
(a) deduct those Taxes and interests and penalties assessed thereon from the payment or from any other payment owed by Company hereunder; (b) pay the Taxes to the proper Governmental Body; (c) send evidence of the obligation together
with proof of Tax payment to Licensor within [***] following such payment; (d) remit the net amount, after deductions or withholding made under this Section 5.11; and (e) cooperate with Licensor in any way reasonably requested by
Licensor, to obtain available reductions, credits or refunds of such Taxes; provided, however, that Licensor shall reimburse Company for Company’s Out-of-Pocket
Expenses incurred in providing such assistance. 

 ARTICLE 6 

INVENTIONS AND PATENTS 
  

	6.1	 Further Assurances. Licensor shall require all of its employees, and use its best efforts to require its
contractors and agents, and any Affiliates and Third Parties working on its behalf under this Agreement (and their respective employees, contractors and agents), to assign to Licensor any Licensed Technology. 

 

	6.2	 Patent Prosecution and Maintenance. 

(a) Licensed Patents. As between the Parties, and subject to the UNC Agreement, Licensor shall have the first right, and the obligation,
to file, prosecute and maintain Licensed Patents in Licensor’s name. Licensor shall keep Company informed of the status of the filing and prosecution of Licensed Patents or related proceedings (e.g., interferences, oppositions, reexaminations,
reissues, revocations or nullifications) in a timely manner, and will take into consideration the advice and recommendations of Company. 

(b) Election Not to file and Prosecute Licensed Patents. As between the Parties, and subject to the UNC Agreement, if Licensor elects
not to file or to continue to prosecute or maintain a Licensed Patent in Licensor’s name, then it shall notify Company in writing at least [***] before any deadline applicable to the filing, prosecution or maintenance of such Licensed Patent,
as the case may be, or any other date by which an action must be taken to establish or preserve such Licensed Patent in such country or possession. In such case, Company shall have the right to pursue the filing or support the continued prosecution
or maintenance of such Licensed Patent. If Company elects to continue prosecution or maintenance of any of the Licensed Patents, Licensor shall provide Company with all relevant information, documentation and assistance in this respect as may
reasonably be requested by Company. If Company fails to continue prosecution or maintenance of any of the Licensed Patents, then such abandoned Licensed Patents shall not extend the Royalty Term (i.e., no royalty payments shall be due under this
Agreement on account of such abandoned Licensed Patents). 

  
 13 

 (c) Patent Term Extension. As between the Parties, and subject to the UNC Agreement,
Company shall be responsible for obtaining patent term extensions wherever available for Licensed Patents, but Company has no obligation to seek any patent term extension. Licensor shall provide Company with all relevant information, documentation
and assistance in this respect as may reasonably be requested by Company. Any such assistance, supply of information and consultation shall be provided promptly and in a manner that will ensure that all patent term extensions for Licensed Patents
are obtained wherever legally permissible, and to the maximum extent available. 
 (d) Company Patents. Company shall own any
inventions, discoveries, Know-How and intellectual property rights developed by Company or any of its Affiliates or a Third Party on behalf of Company and shall have the right, but not the obligation, to file,
prosecute and maintain Patent Rights covering or claiming any such inventions, discoveries, Know-How or intellectual property (“Company Patent”). Company shall bear all costs and expenses of
filing, prosecuting and maintaining Company Patents and Licensor shall have no particular rights with respect thereto. 
  

	6.3	 Enforcement and Defense. 

 

	 	(a)	 Notice. 

(i) If either Party believes that an infringement, unauthorized use, misappropriation or ownership claim or threatened
infringement or other such activity by a Third Party with respect to any Licensed Technology, or if a Third Party claims that any Licensed Patent is invalid or unenforceable, the Party possessing such knowledge or belief shall notify the other Party
and provide it with details of such infringement or claim that are known by such Party. 
 (ii) In the event that Licensor
believes that a Company Patent, if any, is being infringed by a Third Party or if a Third Party claims that any Company Patent is invalid or unenforceable, Licensor shall notify Company and provide it with details of such infringement or claim. 

 

	 	(b)	 Actions. 

(i) As between the Parties, and subject to the UNC Agreement, Licensor shall have the first right to attempt to resolve any
infringement or claim, including by filing an infringement suit, defending against such claim or taking other similar action, with respect to a Licensed Patent (each, an “Action”) and to compromise or settle any such infringement or
claim subject to Section 6.3(c). Company shall provide reasonable assistance to Licensor at Licensor’s cost and expense, including by providing access to relevant documents and other evidence and making its employees
reasonably available. All amounts recovered by Licensor shall be allocated, first, to the costs and expenses of the Parties incurred to enforce the Licensed Patents and, second, to Company (provided that such remaining amounts shall be deemed Net
Sales for royalty and Sales Milestone calculation purposes). 
 (ii) As between the Parties, and subject to the UNC
Agreement, if Licensor elects not to exercise its first right with respect to an Action as set forth in Section 6.3(b)(i), then it shall promptly notify Company in writing (but in any event with at least [***] before any
deadline applicable to such Action or any other date by which an action must be taken to establish or preserve such right bring or defend such Action). In such case, Company shall have the right to pursue the Action to enforce or defend such
Licensed Patent. Licensor shall provide Company with all relevant information, documentation and assistance in this respect as may reasonably be requested by Company. Licensor shall join Company in such Action upon Company’s written request.
All amounts recovered by Company shall be retained by Company. 

  
 14 

 (c) No Settlement without Consent. Neither Party shall settle or otherwise compromise
any Action by admitting that any Licensed Patent is invalid or unenforceable without the other Party’s prior written consent, and, in the case of Licensor, Licensor may not settle or otherwise compromise an Action without Company’s prior
written consent. 
 (d) Company Patents. Company shall have the sole right and authority, but not the obligation, to enforce Company
Patents against any Third Party infringer and defend Company Patents against any Third Party; provided, that Licensor shall provide reasonable assistance to Company with respect thereto, including providing access to relevant documents and other
evidence and making its employees available, subject to Company’s reimbursement of any Out-of-Pocket Expenses incurred on an
on-going basis in providing such assistance. 
 ARTICLE 7 

CONFIDENTIALITY 
  

	7.1	 Confidentiality Obligations. Each Party agrees that, for the Term and for [***] thereafter, such Party
shall, and shall ensure that its Representatives hold in confidence all Confidential Information disclosed to it by the other Party pursuant to this Agreement, unless such information, as demonstrated by competent evidence of the recipient:

 (i) is or becomes generally available to the public other than as a result of disclosure by the
recipient; 
 (ii) is already known by or in the possession of the recipient at the time of disclosure by the disclosing
Party; 
 (iii) is independently developed by recipient without use of or reference to the disclosing Party’s
Confidential Information; or 
 (iv) is obtained by recipient from a Third Party that has not breached any obligations of
confidentiality. 
 The recipient shall not disclose any of the Confidential Information, except to Representatives of the recipient who need
to know the Confidential Information for the purpose of performing the recipient’s obligations, or exercising its rights, under this Agreement and who are bound by obligations of non-use and non-disclosure substantially similar to those set forth herein. The recipient shall be responsible for any disclosure or use of the Confidential Information by such Representatives. The recipient shall protect
Confidential Information using not less than the same care with which it treats its own confidential information, but at all times shall use at least reasonable care. Each Party shall: (a) implement and maintain appropriate security measures to
prevent unauthorized access to, or disclosure of, the other Party’s Confidential Information; (b) promptly notify the other Party of any unauthorized access or disclosure of such other Party’s Confidential Information; and
(c) cooperate with such other Party in the investigation and remediation of any such unauthorized access or disclosure. 

  
 15 

	7.2	 Use. Notwithstanding Section 7.1, a Party may use the Confidential Information
of the other Party for the purpose of performing its obligations, or exercising its rights, under this Agreement, including for purposes of: 

(i) filing or prosecuting patent applications, subject to the terms of Section 6.2; 

(ii) prosecuting or defending litigation; 

(iii) conducting pre-clinical studies or Clinical Trials pursuant to this Agreement;

 (iv) seeking or maintaining Regulatory Approval of the Licensed Product; or 

(v) complying with Law, including securities Law and the rules of any securities exchange or market on which a Party’s
securities are listed or traded. 
 In addition to the foregoing, Company may, in furtherance of its rights under this Agreement, disclose
Confidential Information of Licensor to any Third Party, provided that such Third Party is bound by obligations of confidentiality at least as stringent as the ones herein. 

In making any disclosures set forth in clauses (i) through (v) above, the disclosing Party shall, where reasonably practicable, give such
advance notice to the other Party of such disclosure requirement as is reasonable under the circumstances and will use its reasonable efforts to cooperate with the other Party in order to secure confidential treatment of such Confidential
Information required to be disclosed. In addition, in connection with any permitted filing by either Party of this Agreement with any Governmental Body the filing Party shall endeavor to obtain confidential treatment of economic, trade secret
information and such other information as may be requested by the other Party, and shall provide the other Party with the proposed confidential treatment request with reasonable time for such other Party to provide comments, and shall include in
such confidential treatment request all reasonable comments of the other Party. 
  

	7.3	 Required Disclosure. The recipient may disclose the Confidential Information to the extent required by
Law or court order; provided, however, that the recipient promptly provides to the disclosing party, to the extent legally permissible, prior written notice of such disclosure and provides reasonable assistance in obtaining an order or other remedy
protecting the Confidential Information from public disclosure. 

  

	7.4	 Publications. Licensor shall not publish any information relating to Licensed Product without the prior
written consent of Company (which consent may be withheld or given in Company’s sole discretion), unless such information has already been publicly disclosed either prior to the Effective Date or after the Effective Date through no fault of
Licensor or otherwise not in violation of this Agreement. Company shall have the right to make such publications as it chooses, in its sole discretion, without the approval of Licensor. Licensor shall submit to Company for Company’s written
approval (which approval be granted or denied in Company’s sole discretion) any publication or presentation (including in any seminars, symposia or otherwise) of information related directly or indirectly to the Licensed Product for review and
approval at least [***] prior to submission for the proposed date of publication or presentation. 

  
 16 

	7.5	 Press Releases and Disclosure. 

(a) Initial Press Release. Following the Effective Date, the Parties shall work in good faith to issue a mutually agreeable joint public
announcement of the execution of this Agreement. 
 (b) Public Disclosures By Licensor. Except as provided in
Section 7.5(d), Licensor may not make any subsequent press release or public announcement regarding the terms of this Agreement or any matter covered by this Agreement, including the Development or Commercialization of
Licensed Products, without the prior written consent of Company. 
 (c) Public Disclosures by Company. Except as provided in
Section 7.5(d), Company may not make any subsequent press release or public announcement regarding the terms of this Agreement; provided, however, that Company shall have the right to make such press releases
as it chooses, in its sole discretion, regarding the status of its Development or Commercialization of Licensed Products without the approval of Licensor. 

(d) Securities Filings and Regulatory Communications. Notwithstanding anything in this Agreement, either Party shall have the right without the
approval of the other Party to make disclosures related to this Agreement or the Licensed Product, including (i) securities filings that such Party determines are required under applicable securities laws and regulations (provided, that it
provides the text of such planned disclosure to the non-disclosing Party no less than [***] prior to disclosure, and has used reasonable efforts to incorporate all reasonable comments of the non-disclosing Party regarding such disclosure) and (ii) regulatory communications to the extent such Party determines that such disclosures are necessary or useful in connection with such regulatory
communication (including, but not limited to, regulatory filings). 
 ARTICLE 8 

REPRESENTATIONS, WARRANTIES AND COVENANTS 
  

	8.1	 Representations and Warranties. Each Party represents and warrants to the other Party that, as of the
Effective Date: 

 (i) such Party is duly organized and validly existing under the Laws of the jurisdiction
of its incorporation or organization; 
 (ii) such Party has taken all action necessary to authorize the execution and
delivery of this Agreement and the performance of its obligations under this Agreement; 
 (iii) this Agreement is a legal
and valid obligation of such Party, binding upon such Party and enforceable against such Party in accordance with the terms of this Agreement, except as enforcement may be limited by applicable bankruptcy, fraudulent conveyance, insolvency,
reorganization, moratorium and other laws relating to or affecting creditors’ rights generally and by general equitable principles. The execution, delivery and performance of this Agreement by such Party does not conflict with, breach or create
in any Third Party the right to accelerate, terminate or modify any agreement or instrument to which such Party is a party or by which such Party is bound, and does not violate any Law of any Governmental Body having authority over such Party; 

  
 17 

 (iv) no consent by any Third Party or Governmental Body is required with
respect to the execution and delivery of this Agreement by such Party or the consummation by such Party of the transactions contemplated hereby; and 

(v) such Party has all right, power and authority to enter into this Agreement, to perform its obligations under this
Agreement. 
  

	8.2	 Additional Representations and Warranties of Licensor. Licensor represents and warrants to Company that,
as of the Effective Date: 

 (i) no claims have been asserted, or, to Licensor’s knowledge, threatened
by any Person, nor, to Licensor’s knowledge, are there any valid grounds for any claim of any such kind (a) challenging the validity, effectiveness, or ownership of Licensed Technology, and/or (b) to the effect that the use,
reproduction, modification, manufacturing, distribution, licensing, sublicensing, sale or any other exercise of rights in any of Licensed Technology infringes or will infringe on any intellectual property right of any Person; 

(ii) to the knowledge of Licensor, there is no unauthorized use, infringement or misappropriation of any of Licensed Technology
by any employee or former employee of Licensor, or any other Third Party; 
 (iii) the Licensed Patents are subsisting and
are not the subject of any litigation procedure, discovery process, interference, reissue, reexamination, opposition, appeal proceedings or any other legal dispute; 

(iv) the Licensed Patents constitute all Patents Controlled by Licensor as of the Effective Date that are directly related to,
or are necessary or useful for, the research, Development, manufacture, use or Commercialization of Licensed Product; 
 (v)
the Licensed Know-How (a) constitutes all Know-How Controlled by Licensor as of the Effective Date that is reasonably necessary for the research, Development,
manufacture, use or Commercialization of Licensed Product and (b) constitutes all Know-How that is, to Licensor’s knowledge, reasonably necessary for the research, Development, manufacture, use or
Commercialization of Licensed Product; 
 (vi) it has the full right to provide the Licensed Materials to Company; 

(vii) all Representatives of Licensor who have performed any activities on its behalf in connection with research regarding
Licensed Product have assigned to Licensor in all material respects their rights in any intellectual property made, discovered or developed by them as a result of such research, and no Third Party has any rights to any such intellectual property;

 (viii) Licensor has the right, power and authority to grant to Company the rights granted to Company hereunder, including,
but not limited to, with respect to the Existing Third-Party Agreements. In particular, the grant of such sublicense requires no consent, waiver or other action by any party to the Existing Third-Party Agreements and the rights and obligations of
Company set forth in this Agreement do not contravene nor are they inconsistent with or in conflict with the terms of any Existing Third-Party Agreement; 

  
 18 

 (ix) The Existing Third-Party Agreements constitute all agreements with
Third Parties pursuant to which Licensor has in-licensed, or otherwise obtained rights, with respect to Licensed Product. Licensor has provided to Company an accurate, true and complete copy of each of the
Existing Third Party Agreements, as amended to-date and each of the Existing Third Party Agreements is in full force and effect and Licensor is not in breach or default in the performance of its obligations
under any of the Existing Third Party Agreements. Licensor has not received any notice from any Third Party of any breach, default or non-compliance of Licensor under the terms of any of the Existing
Third-Party Agreements. There have been no amendments or other modification to any Existing Third-Party Agreements, except as have been disclosed to Company in writing; 

(x) Licensor has not received any communication from University regarding any failure to achieve any milestone set forth on
Appendix B of the UNC Agreement, including any failure to achieve any milestone within the time period set forth therein; 

(xi) all tangible information and data provided by or on behalf of Licensor to Company on or before the Effective Date in
contemplation of this Agreement was and is true, accurate and complete in all material respects, and Licensor has not failed to disclose, or cause to be disclosed, any information or data that would cause the information and data that has been
disclosed to be misleading in any material respect; 
 (xii) Licensor (and its Affiliates) has not employed or otherwise used
in any capacity the services of any Person debarred under United States law, including under 21 USC §335a or any foreign equivalent thereof, with respect to Licensed Product; 

(xiii) all research and development (including non-clinical studies and Clinical
Trials) related to Licensed Product prior to the Effective Date has been conducted in accordance with all Laws; and 
 (xiv)
the cGMP Inventory to be provided to Company in connection herewith was (and at all times up until delivery of such materials hereunder shall remain) stored and handled in accordance with cGMP and all Laws and specifications (including, to the
extent applicable, release specifications as provided by Licensor to Company in writing prior to the Effective Date) during the period in which such cGMP Inventory was in the possession or control of Licensor. Such cGMP Inventory is not adulterated
or misbranded within the meaning of any Law and is not articles that could not, under the provisions of Law, be introduced into interstate commerce. All such cGMP Inventory is free and clear of all encumbrances (including through lien, charge,
security interest, mortgage, encumbrance or otherwise). 
  

	8.3	 Licensor Covenants. Licensor covenants to Company that: 

(i) Licensor shall fulfill all of its obligations, (other than any obligations that Licensor cannot fulfill itself without
breaching its obligations, or infringing the license and rights granted, to Company pursuant to this Agreement), including but not limited to its payment obligations, under any Existing Third-Party Agreement or any Third-Party License Agreement;

  
 19 

 (ii) Licensor shall not amend or waive, or take any action or omit to taking
any action that would alter, any of Licensor’s rights under any Existing Third-Party Agreement or any Third-Party License Agreement in any manner that adversely affects, or would reasonably be expected to adversely affect, Company’s rights
and benefits under this Agreement. Licensor shall promptly notify Company of any default under, termination or amendment of, any Existing Third-Party Agreement or Third-Party License Agreement; and 

(iii) [***]. 

ARTICLE 9 

INDEMNIFICATION AND INSURANCE 
  

	9.1	 Indemnification by Company. Company shall indemnify, defend and hold harmless Licensor and its
Affiliates and each of their respective agents, employees, officers and directors (the “Licensor Indemnitees”) from and against any and all liability, damage, loss, cost or expense (including reasonable attorneys’ fees) to the
extent arising out of Third Party claims or suits related to: (a) Company’s negligence or willful misconduct; (b) Company’s exploitation, including Development or Commercialization, of Licensed Products; or (c) breach by
Company of this Agreement; provided, however, that Company’s obligations pursuant to this Section 9.1 shall not apply (i) to the extent such claims or suits result from the negligence or willful misconduct of any
of the Licensor Indemnitees, or (ii) with respect to claims or suits arising out of breach by Licensor of this Agreement. 

  

	9.2	 Indemnification by Licensor. Licensor shall indemnify, defend and hold harmless Company and its
Affiliates and each of their respective agents, employees, officers and directors (the “Company Indemnitees”) from and against any and all liability, damage, loss, cost or expense (including reasonable attorney’s fees) to the
extent arising out of Third Party claims or suits (including Actions) related to: (a) Licensor’s negligence or willful misconduct; (b) Licensor’s provision of the cGMP Inventory (provided, that Licensor’s indemnification
obligations with respect to the manufacture of such cGMP Inventory by the Third Party manufacturer shall be limited to such recoveries that Licensor is entitled to obtain from the Third Party manufacturer that manufactured such cGMP Inventory); or
(c) breach by Licensor of this Agreement; provided, however, that Licensor’s obligations pursuant to this Section 9.2 shall not apply (i) to the extent that such claims or suits result from the negligence or
willful misconduct of any of Company Indemnitees or (ii) with respect to claims or suits arising out of a breach by Company of this Agreement. 

  

	9.3	 No Consequential Damages. EXCEPT WITH RESPECT TO A PARTY’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT
OR EACH PARTY’S INDEMNIFICATION OBLIGATIONS UNDER SECTION 9.1 OR SECTION 9.2, AS APPLICABLE, IN NO EVENT SHALL EITHER PARTY OR ANY OF ITS AFFILIATES BE LIABLE TO THE OTHER PARTY OR ANY OF ITS AFFILIATES FOR SPECIAL, INDIRECT,
INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES, INCLUDING LOSS OF PROFITS, WHETHER IN CONTRACT, WARRANTY, TORT, NEGLIGENCE, STRICT LIABILITY OR OTHERWISE ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREIN OR ANY BREACH
HEREOF. NOTWITHSTANDING THE FOREGOING, NOTHING IN THIS AGREEMENT SHALL LIMIT EITHER PARTY FROM SEEKING OR OBTAINING ANY REMEDY AVAILABLE UNDER LAW FOR ANY BREACH OF BY THE OTHER PARTY OF ITS CONFIDENTIALITY AND
NON-USE OBLIGATIONS UNDER ARTICLE 8. 

  
 20 

	9.4	 Notification of Claims; Conditions to Indemnification Obligations. As a condition to a Party’s
right to receive indemnification under this ARTICLE 9, it shall: (a) promptly notify the other Party as soon as it becomes aware of a claim or suit for which indemnification may be sought pursuant hereto; (b) cooperate, and cause
the individual indemnitees to cooperate, with the indemnifying Party in the defense, settlement or compromise of such claim or suit; and (c) permit the indemnifying Party to control the defense, settlement or compromise of such claim or suit,
including the right to select defense counsel. In no event, however, may the indemnifying Party compromise or settle any claim or suit in a manner which admits fault or negligence on the part of the indemnified Party or any indemnitee without the
prior written consent of the indemnified Party. Each Party shall reasonably cooperate with the other Party and its counsel in the course of the defense of any such suit, claim or demand, such cooperation to include without limitation using
reasonable efforts to provide or make available documents, information and witnesses. The indemnifying Party shall have no liability under this ARTICLE 9 with respect to claims or suits settled or compromised without its prior written
consent. 

  

	9.5	 Insurance. During the Term, each Party shall obtain and maintain, at its sole cost and expense,
insurance (including any self-insured arrangements) in types and amounts, that are reasonable and customary in the United States pharmaceutical and biotechnology industry for companies engaged in comparable activities. It is understood and agreed
that this insurance shall not be construed to limit either Party’s liability with respect to its indemnification obligations hereunder. Each Party will, except to the extent self-insured, provide to the other Party upon request a certificate
evidencing the insurance such Party is required to obtain and keep in force under this Section 9.5. 

ARTICLE 10 
 TERM AND
TERMINATION 
  

	10.1	 Term and Expiration. The term of this Agreement (the “Term”) shall commence on the
Effective Date and, unless earlier terminated as provided in this ARTICLE 10, shall continue in full force and effect, on a country-by-country and Licensed Product-by-Licensed Product basis until the date on which the Royalty Term in such country with respect to such Licensed Product expires, at which time this Agreement shall
expire in its entirety with respect to such Licensed Product in such country and the terms of Section 10.4(b)(i) shall apply. 

 

	10.2	 Termination of the Agreement for Convenience. At any time during the Term, Company may, at its
convenience, upon [***] prior written notice to Licensor, terminate this Agreement in its entirety. 

  

	10.3	 Termination upon Material Breach. 

 

	 	10.3.1	 If a Party breaches any of its material obligations under this Agreement, the Party not in default may give to
the breaching Party written notice specifying the nature of the default, requiring it to cure such breach, and stating its intention to terminate this Agreement if such breach is not cured within [***]. If such breach is not cured within [***] after
the receipt of such notice, the Party not in default shall be entitled to terminate this Agreement immediately by written notice to the other Party. Any dispute regarding an alleged material breach of this Agreement shall be resolved in accordance
with ARTICLE 11 hereof. 

  

	 	10.3.2	 Either Party may terminate this Agreement if, at any time, (a) voluntary or involuntary proceedings by or
against the other Party are instituted in bankruptcy under any insolvency Law, which proceedings, if involuntary, shall not have been dismissed within [***] after the date of 

  
 21 

	 	
filing; (b) a receiver or custodian is appointed for the other Party; (c) proceedings are instituted by or against the other Party for corporate reorganization, dissolution, liquidation
or winding-up of the other Party, which proceedings, if involuntary, shall not have been dismissed within [***] after the date of filing; or (d) substantially all of the assets of the other Party are
seized or attached and not released within [***] thereafter (each individual event set forth in clauses (a) through (d), an “Insolvency Event”). 

 

	10.4	 Effects of Termination. 

 

	 	(a)	 Survival. 

(i) Notwithstanding the expiration or termination of this Agreement, the following provisions shall survive: Articles
1, 4, 7 and 12; and Sections 2.7(a)-(c), 5.10, 5.11, 6.3(d), 9.1, 9.2, 9.3, 9.4, 10.4, 10.5 and 10.6. 

(ii) Expiration or termination of this Agreement shall not relieve the Parties of any liability that accrued hereunder prior
to the effective date of such termination. In addition, except for the termination events addressed in Section 10.3, termination of this Agreement shall not preclude either Party from pursuing all rights and remedies it may
have hereunder or at Law or in equity with respect to any breach of this Agreement nor prejudice either Party’s right to obtain performance of any obligation. 
  

	 	(b)	 Licenses. 

(i) As of the effective date of expiration of the Royalty Term with respect to a given Licensed Product and country, the
license from Licensor to Company under Section 2.1 shall convert to a fully paid, royalty free, irrevocable, perpetual, exclusive, and sublicensable license under the Licensed Technology to research, Develop, manufacture,
have manufactured, use and Commercialize such Licensed Product in the Field in such country. 
 (ii) Upon termination of
this Agreement by Company pursuant to Section 10.2 or by Licensor pursuant to Section 10.3, the following terms and conditions shall apply: 

(1) all licenses granted to Company under Section 2.1 shall terminate; 

(2) Company shall, upon written request by Licensor and subject to Licensor assuming legal responsibility for any Clinical Trials of such
Licensed Product(s) then ongoing, transfer to Licensor all regulatory documentation and Regulatory Approvals prepared or obtained by or on behalf of Company prior to the date of such termination, solely to the extent (A) Controlled by Company
as of the effective date of termination and (B) related to such Licensed Product(s) and country(ies) and transferable, and Company shall have the right to retain one copy of such transferred documentation and Regulatory Approvals for solely
record-keeping purposes; 

  
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 (3) Company shall, upon written request of Licensor, return to Licensor or, at
Licensor’s option, destroy, all relevant records and materials in its possession or control containing or comprising the Licensed Know-How and the Licensed Materials, or such other Confidential
Information of Licensor; provided, however, that Company shall have the right to retain one sample of Licensed Materials for regulatory purposes and one copy of such Licensed Know-How and such other
Confidential Information of Licensor solely for record-keeping purposes; 
 (4) To the extent not prohibited by Law, Company shall wind down
any ongoing Clinical Trials with respect to such Licensed Product(s), or at Licensor’s option, transfer such Clinical Trials to Licensor at Licensor’s cost and expense; 

(5) Licensor shall have the right, but not the obligation, to purchase any and all of the inventory of Licensed Product held by Company as of
the date of termination, at a price equal to the cost of goods of such inventory, together with any applicable external costs of transportation, storage and insurance, and import and export taxes and fees, plus [***]. If Licensor does not elect to
purchase such inventory from Company, Company shall have the right to continue to sell such inventory in the Territory for [***] after the date of termination of this Agreement, subject to Company’s continued payment of royalties on Net Sales
of Licensed Product during such period; and 
 (6) Upon Licensor’s written request, Company and Licensor may enter into a negotiation
for Company to license to Licensor, (A) Know-How Controlled by Company, its Affiliates, or Sublicensees as of the effective date of termination of this Agreement that has been generated by or on behalf of
Company, its Affiliates or Sublicensees that is specific solely to the Licensed Product, (B) any inventions generated by or on behalf of Company, its Affiliates or Sublicensees that is specific to the Licensed Product, and (C) Patents
Controlled by Company or its Affiliates that Cover the Licensed Product in the Territory, in each case that are necessary or reasonably useful to enable Licensor to Develop and Commercialize Licensed Product (collectively, the “Company
IP”). The Parties shall negotiate the terms of such license in good faith for a period not to exceed [***]. 
 (iii)
Upon termination of this Agreement by Company pursuant to Section 10.3, the following terms and conditions shall apply with respect to such Licensed Product(s) and country(ies) as are the subject of such termination: 

(1) all licenses granted to Company under Section 2.1 shall terminate; 

(2) Company shall, upon written request of Licensor, return to Licensor or, at Licensor’s option and cost and expense, destroy, all
relevant records and materials in its possession or control containing or comprising the Licensed Know-How and the Licensed Materials, or such other Confidential Information of Licensor; provided, however,
that Company shall have the right to retain one copy of such Licensed Know-How and such other Confidential Information of Licensor solely for record-keeping purposes; 

  
 23 

 (3) To the extent not prohibited by Law, Company shall, at Licensor’s sole cost and
expense, wind down any ongoing Clinical Trials with respect to such Licensed Product(s), or at Licensor’s option, transfer such Clinical Trials to Licensor; and 

(4) Company shall have the right to continue to sell in the Territory any inventory of Licensed Products for [***] after the date of
termination of this Agreement, without any obligation to continue payment of royalties on Net Sales of Licensed Product during such period (provided, that Company shall be obligated to pay any and all amounts payable to University by Licensor
pursuant to Section 3.4 of the UNC Agreement as a result of such sale). 
 (iv) Upon any termination of this Agreement
and subject, to the extent applicable, to compliance with Section 6.5 of the UNC Agreement, Company, and each of Company’s Sublicensees, shall continue to have the rights set forth in Section 6.5 of the UNC Agreement; provided,
however, that such Sublicensee is not then in breach of any of its material obligations under its sublicense agreements. 

(v) Immediately following Company’s notification of termination to Licensor pursuant to Sections 10.2 or
10.3, the diligence obligations in Section 3.5 shall no longer apply and Company shall have the right to wind-down all then on-going Development, manufacturing and/or
Commercialization activities. 
  

	10.5	 Termination on Bankruptcy or Insolvency. All rights and licenses granted under or pursuant to this
Agreement by Licensor are, and shall otherwise be deemed to be, for purposes of Section 365(n) of the U.S. Bankruptcy Code, if applicable, licenses of right to “intellectual property” as defined under Section 101 of the U.S.
Bankruptcy Code. The Parties agree that Company, as licensor of such rights under this Agreement, shall retain and may fully exercise all of its rights and elections under the U.S. Bankruptcy Code. The Parties further agree that, in the event of an
Insolvency Event with respect to Licensor, Company shall be entitled to a complete duplicate of (or complete access to, as appropriate) any such intellectual property and all embodiments of such intellectual property, which, if not already in
Company’s possession, shall be promptly delivered to it (i) following any such commencement of a bankruptcy proceeding upon Company’s written request therefor, unless Licensor elects to continue to perform all of its obligations under
this Agreement or (ii) if not delivered under clause (a), following the rejection of this Agreement by Licensor upon written request therefor by Company. 

 

	10.6	 Other Remedies. Termination of this Agreement for any reason shall not release either Party from any
liability or obligation that already has accrued prior to such termination. Termination of this Agreement for any reason shall not constitute a waiver or release of, or otherwise be deemed to prejudice or adversely affect or limit, any rights or
remedies that otherwise may be available at Law or in equity. 

  
 24 

 ARTICLE 11 

DISPUTE RESOLUTION 
  

	11.1	 Escalation to Executive Officers. Either Party may, by written notice to the other Party, request that a
dispute arising between the Parties in connection with this Agreement, or a dispute relating to material breach, be resolved by the Executive Officers, within [***] after referral of such dispute to them. If the Executive Officers cannot resolve
such dispute within [***] after referral of such dispute to them, then, at any time after such [***] period, either Party may proceed to enforce any and all of its rights with respect to such dispute. 

 

	11.2	 Injunctive Relief. Subject to Section 10.3, no provision herein shall be
construed as precluding a Party from bringing an action for injunctive relief or other equitable relief prior to the initiation or completion of the above procedure. 

ARTICLE 12 

MISCELLANEOUS PROVISIONS 
  

	12.1	 Relationship of the Parties. Nothing in this Agreement is intended or shall be deemed, for financial,
tax, legal or other purposes, to constitute a partnership, agency, joint venture or employer-employee relationship between the Parties. 

  

	12.2	 Assignment. Except as expressly provided herein, neither this Agreement nor any interest hereunder shall
be assignable, nor any other obligation delegable, by a Party without the prior written consent of the other Party, not to be unreasonably withheld or delayed; provided, however, that either Party may assign this Agreement, in whole or in part,
without the consent of the other Party to (a) any Affiliate or (b) a Third Party in connection with a merger, acquisition of all or substantially all of the business or assets of such Party to which this Agreement relates, consolidation,
change of control or other similar transaction. This Agreement shall be binding upon the successors and permitted assigns of the Parties. Any assignment not in accordance with this Section 12.2 shall be void. Licensor shall
have the right to assign or transfer all, but not less than all, Licensed Technology to an Affiliate without the prior written consent of Company solely to the extent that Licensor also assigns and transfers this Agreement to such Affiliate.

  

	12.3	 Performance and Exercise by Affiliates. Company shall have the right to have any of its obligations
hereunder performed, or its rights hereunder exercised, by, any of its Affiliates and the performance of such obligations by any such Affiliate shall be deemed to be performance by Company; provided, however, that Company shall be responsible for
ensuring the performance of its obligations under this Agreement and that any failure of any Affiliate performing obligations of Company hereunder shall be deemed to be a failure by Company to perform such obligations. For clarity, the foregoing
means that Company may designate an Affiliate to perform its obligations hereunder or to be the recipient of Licensor’s performance obligations hereunder. 

 

	12.4	 Further Actions. Each Party agrees to execute, acknowledge and deliver such further instruments and to
do all such other acts as may be necessary or appropriate in order to carry out the purposes and intent of this Agreement. 

  

	12.5	 Force Majeure. Neither Party shall be liable to the other Party or be deemed to have breached or
defaulted under this Agreement for failure or delay in the performance of any of its obligations under this Agreement for the time and to the extent such failure or delay is caused by or results from acts of God, pandemic, earthquake, riot, civil
commotion, terrorism, war, strikes or other labor disputes, fire, flood, failure or delay of transportation, omissions or delays in acting by a governmental authority, acts of a government or an agency thereof or judicial orders or decrees or
restrictions or any other reason which is beyond the control of the respective Party. The Party affected by force majeure shall provide the other Party with full particulars thereof as soon as it becomes aware of the same (including its best
estimate of the likely extent and duration of the interference with its activities), and will use Commercially Reasonable Efforts to overcome the difficulties created thereby and to resume performance of its obligations hereunder as soon as
practicable. 

  
 25 

	12.6	 No Trademark Rights. No right, express or implied, is granted by this Agreement to a Party to use in any
manner the name or any other trade name or trademark of the other Party in connection with the performance of this Agreement or otherwise. 

  

	12.7	 Entire Agreement of the Parties; Amendments. This Agreement and the Schedules hereto constitute and
contain the entire understanding and agreement of the Parties respecting the subject matter hereof and cancel and supersede any and all prior negotiations, correspondence, understandings and agreements between the Parties, whether oral or written,
regarding such subject matter. No waiver, modification or amendment of any provision of this Agreement shall be valid or effective unless made in a writing referencing this Agreement and signed by a duly authorized officer of each Party.

  

	12.8	 Captions. The captions to this Agreement are for convenience only, and are to be of no force or effect
in construing or interpreting any of the provisions of this Agreement. 

  

	12.9	 Governing Law. This Agreement shall be governed by and interpreted in accordance with the laws of the
State of Delaware, excluding application of any conflict of laws principles that would require application of the Law of a jurisdiction outside of the State of Delaware, and will be subject to the exclusive jurisdiction of the courts of competent
jurisdiction located in the State of Delaware. 

  

	12.10	 Notices and Deliveries. Any notice, request, approval or consent required or permitted to be given under
this Agreement shall be in writing and shall be deemed to have been sufficiently given if delivered in person, transmitted by facsimile (receipt verified) or by express courier service (signature required) to the Party to which it is directed at its
address or facsimile number shown below or such other address or facsimile number as such Party shall have last given by notice to the other Party. 

If to Company, addressed to: 

Taysha Gene Therapies 
 [***]

 With a copy, which shall not constitute notice, to: 

[***] 
 If to Licensor,
addressed to: 
 Abeona Therapeutics Inc. 

[***] 
  

	12.11	 Waiver. A waiver by either Party of any of the terms and conditions of this Agreement in any instance
shall not be deemed or construed to be a waiver of such term or condition for the future, or of any other term or condition hereof. All rights, remedies, undertakings, obligations and agreements contained in this Agreement shall be cumulative and
none of them shall be in limitation of any other remedy, right, undertaking, obligation or agreement of either Party. 

  
 26 

	12.12	 Severability. When possible, each provision of this Agreement will be interpreted in such manner as to
be effective and valid under Law, but if any provision of this Agreement is held to be prohibited by or invalid under Law, such provision will be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of
this Agreement. The Parties shall make a good faith effort to replace the invalid or unenforceable provision with a valid one which in its economic effect is most consistent with the invalid or unenforceable provision. 

 

	12.13	 No Implied License. No right or license is granted to Licensor hereunder by implication, estoppel, or
otherwise to any know-how, patent or other intellectual property right owned or controlled by Company or its Affiliates. 

 

	12.14	 Interpretation. The words “include,” “includes” and “including” shall be
deemed to be followed by the phrase “without limitation.” All references herein to Articles, Sections, and Schedules shall be deemed references to Articles and Sections of, and Schedules to, this Agreement unless the context shall
otherwise require. Unless the context otherwise requires, countries shall include territories. 

  

	12.15	 Counterparts. This Agreement may be executed in counterparts, each of which will be deemed an original,
and all of which together will be deemed to be one and the same instrument. A facsimile or a portable document format (PDF) copy of this Agreement, including the signature pages, will be deemed an original. 

[SIGNATURE PAGE FOLLOWS] 

  
 27 

 IN WITNESS WHEREOF, duly authorized representatives of the Parties have executed this
Agreement as of the date first above written. 
  

			
	 ABEONA THERAPEUTICS INC.
  

Signature: /s/ João
Siffert                                    

Printed Name: João Siffert, M.D.
 Title: Chief Executive
Officer
	  	 TAYSHA GENE THERAPIES, INC.
  

Signature: /s/ RA Session
II                                    

Printed Name: RA Session II
 Title: President &
CEO

 [Signature Page to License Agreement]

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